Alexandria Real Estate Equities, Inc. (ARE) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of Alexandria Real Estate Equities, Inc. and Terreno Realty Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of August 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — ARE vs TRNO
growth of $100 · dividends reinvested · last 10yARE vs TRNO: by the numbers
- •ARE is the larger company ($8.39B vs $7.26B market cap).
- •TRNO is profitable (77.27% net margin) while ARE runs a net loss (-30.57%).
- •TRNO grew revenue faster over the past five years (20.25% vs 8.23% CAGR).
- •ARE pays the higher dividend yield (7.20% vs 3.04%).
Metrics side by side
Valuation
| Metric | ARE | TRNO |
|---|---|---|
| P/E ratio | N/A | 18.38 |
| Forward P/E | 23.94 | 35.12 |
| P/S ratio | 3.08 | 14.50 |
| P/B ratio | 0.59 | 1.65 |
| EV / EBITDA | 298.17 | 27.41 |
| FCF yield | 9.62% | 3.46% |
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 Terreno Realty Corporation, 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 | TRNO |
|---|---|---|
| Gross margin | 69.46% | 75.84% |
| Operating margin | -45.72% | 40.39% |
| Net margin | -30.57% | 77.27% |
| ROE | -5.81% | 8.77% |
| ROIC | -4.85% | 3.22% |
Dividends
| Metric | ARE | TRNO |
|---|---|---|
| Dividend yield | 7.20% | 3.04% |
| Payout ratio | N/A | 52.93% |
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.
Terreno Realty Corporation'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 | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 8.23% | 20.25% |
| EPS CAGR (5Y) | N/A | 35.52% |
| FCF CAGR (5Y) | 9.89% | 26.49% |
| Total return CAGR (5Y) | -21.67% | 3.32% |
Frequently asked
- Which has grown faster, ARE or TRNO?
- Over the past five years, TRNO grew revenue faster — ARE at a 8.23% CAGR versus TRNO at 20.25%.
- Does ARE or TRNO pay a bigger dividend?
- ARE yields 7.20% and TRNO yields 3.04% based on trailing dividends and the latest price.
- Is ARE or TRNO more profitable?
- TRNO runs the higher net margin — ARE at -30.57% versus TRNO at 77.27%.
- How have ARE and TRNO total returns compared?
- Over the past 10 years, ARE delivered -4.60% and TRNO delivered 12.56% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Alexandria Real Estate Equities & Terreno Realty 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 August 11, 2026.