Alexandria Real Estate Equities, Inc. (ARE) vs NNN REIT, Inc. (NNN)
A side-by-side comparison of Alexandria Real Estate Equities, Inc. and NNN REIT, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — ARE vs NNN
growth of $100 · dividends reinvested · last 10yARE vs NNN: by the numbers
- •ARE is the larger company ($8.70B vs $7.86B market cap).
- •NNN is profitable (40.35% net margin) while ARE runs a net loss (-30.57%).
- •ARE grew revenue faster over the past five years (8.23% vs 6.97% CAGR).
- •ARE pays the higher dividend yield (6.80% vs 5.52%).
Metrics side by side
Valuation
| Metric | ARE | NNN |
|---|---|---|
| P/E ratio | N/A | 20.25 |
| Forward P/E | 32.93 | 20.10 |
| P/S ratio | 2.94 | 8.24 |
| P/B ratio | 0.56 | 1.76 |
| EV / EBITDA | N/A | 14.80 |
| FCF yield | 10.07% | 3.10% |
For REITs like Alexandria Real Estate Equities, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like NNN REIT, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | ARE | NNN |
|---|---|---|
| Gross margin | 69.46% | 38.00% |
| Operating margin | -45.72% | 62.03% |
| Net margin | -30.57% | 40.35% |
| ROE | -5.81% | 8.62% |
| ROIC | -4.23% | 6.18% |
Dividends
| Metric | ARE | NNN |
|---|---|---|
| Dividend yield | 6.80% | 5.52% |
| Payout ratio | N/A | 118.63% |
Alexandria Real Estate Equities, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
NNN REIT, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | ARE | NNN |
|---|---|---|
| Revenue CAGR (5Y) | 8.23% | 6.97% |
| EPS CAGR (5Y) | N/A | 11.15% |
| FCF CAGR (5Y) | 9.89% | 8.18% |
| Total return CAGR (5Y) | -20.40% | 4.80% |
Frequently asked
- Which has grown faster, ARE or NNN?
- Over the past five years, ARE grew revenue faster — ARE at a 8.23% CAGR versus NNN at 6.97%.
- Does ARE or NNN pay a bigger dividend?
- ARE yields 6.80% and NNN yields 5.52% based on trailing dividends and the latest price.
- Is ARE or NNN more profitable?
- NNN runs the higher net margin — ARE at -30.57% versus NNN at 40.35%.
- How have ARE and NNN total returns compared?
- Over the past 10 years, ARE delivered -3.64% and NNN delivered 3.99% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Alexandria Real Estate Equities & NNN REIT appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.