8-K - ARE - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 2025

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland	1-12993	95-4502084
(State or other jurisdiction of<br>incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (626) 578-0777

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	ARE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On January 27, 2025, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results.” The press release referred to certain supplemental information that is available on the Company’s website at www.are.com. A copy of the press release and supplemental information are attached hereto as Exhibit 99.1.

The information contained in this Item 2.02, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Alexandria Real Estate Equities, Inc.’s Earnings Press Release and Supplemental Information for the Fourth Quarter and Year Ended December 31, 2024

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include words such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of these words or similar words. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the factors described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The Company does not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALEXANDRIA REAL ESTATE EQUITIES, INC.
January 27, 2025	By:	/s/ Joel S. Marcus
		Joel S. Marcus
		Executive Chairman
	By:	/s/ Peter M. Moglia
		Peter M. Moglia
		Chief Executive Officer and <br>Chief Investment Officer
	By:	/s/ Marc E. Binda
		Marc E. Binda
		Chief Financial Officer and Treasurer

4Q24 EX 99.1 SUPP

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | | --- || Table of Contents | | --- | | December 31, 2024 | | COMPANY HIGHLIGHTS | Page | | Page | | --- | --- | --- | --- | | Mission and Cluster Model ..................................................................... | iii | Industry and Corporate Responsibility Leadership ......................... | xxv | | EARNINGS PRESS RELEASE | Page | | Page | | Fourth Quarter and Year Ended December 31, 2024Financial and Operating Results ................................................................................ | 1 | Earnings Call Information and About the Company ....................... | 8 | | Guidance ................................................................................................... | 4 | Consolidated Statements of Operations .......................................... | 9 | | Acquisitions ............................................................................................... | 5 | Consolidated Balance Sheets ............................................................ | 10 | | Dispositions ............................................................................................... | 6 | Funds From Operations and Funds From Operations per Share | 11 | | SUPPLEMENTAL INFORMATION | Page | | Page | | Company Profile ....................................................................................... | 14 | External Growth / Investments in Real Estate | | | Investor Information ................................................................................. | 15 | Investments in Real Estate ................................................................ | 33 | | Financial and Asset Base Highlights ..................................................... | 16 | New Class A/A+ Development and Redevelopment Properties: | | | High-Quality and Diverse Client Base ................................................. | 18 | Recent deliveries ............................................................................ | 35 | | Occupancy ................................................................................................ | 20 | Current Projects .............................................................................. | 37 | | Internal Growth | | Summary of Pipeline ...................................................................... | 41 | | Key Operating Metrics ............................................................................. | 21 | Construction Spending and Capitalization of Interest .................... | 46 | | Same Property Performance .................................................................. | 22 | Joint Venture Financial Information ................................................... | 48 | | Leasing Activity ......................................................................................... | 23 | Balance Sheet Management | | | Contractual Lease Expirations ............................................................... | 24 | Investments .......................................................................................... | 50 | | Top 20 Tenants ......................................................................................... | 25 | Key Credit Metrics ............................................................................... | 51 | | Summary of Properties and Occupancy .............................................. | 26 | Summary of Debt ................................................................................. | 52 | | Property Listing ........................................................................................ | 27 | Definitions and Reconciliations | | | | | Definitions and Reconciliations .......................................................... | 56 || CONFERENCE CALL INFORMATION: | | --- | | Tuesday, January 28, 2025 3:00 p.m. Eastern Time | | 12:00 p.m. Pacific Time | | (833) 366-1125 or (412) 902-6738 | | Ask to join the conference call for Alexandria Real Estate Equities, Inc. | | CONTACT INFORMATION: | | Alexandria Real Estate Equities, Inc. corporateinformation@are.com | | JOEL S. MARCUS Executive Chairman & Founder | | PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer | | DANIEL J. RYAN Co-President & Regional Market Director – San Diego | | HUNTER L. KASS Co-President & Regional Market Director – Greater Boston | | MARC E. BINDA Chief Financial Officer & Treasurer | | PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790 | | SARA M. KABAKOFF Senior Vice President – Chief Content Officer | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | iii | | --- | --- |

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	iv

(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	v

IRREPLACEABLE

LABSPACE® REAL ESTATE

PLATFORM THAT LEADS THE

ASSET CLASS WE PIONEERED

THE ALEXANDRIA<br><br>MEGACAMPUS™ PLATFORM
77%	71%
OF OUR ANNUAL<br><br>RENTAL REVENUE	OF OUR<br><br>OPERATING RSF	CLUSTERED IN THE<br><br>BEST LOCATIONS
---
LARGEST, HIGHEST-QUALITY<br><br>LABORATORY PLATFORM
SECTOR-LEADING CLIENT<br><br>BASE OF ~800 TENANTS
HIGH-QUALITY CASH FLOWS
FORTRESS BALANCE SHEET
HIGHLY EXPERIENCED<br><br>MANAGEMENT TEAM
PROVEN UNDERWRITING

ALEXANDRIA’S

COMPETITIVE ADVANTAGES

As of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	vi

ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES

SUPERIOR OPERATING RESULTS

77%	71%	68%
of Alexandria’s<br><br>Annual Rental Revenue	of Alexandria’s<br><br>Operating RSF	of Total Development<br><br>and Redevelopment<br><br>Pipeline RSF		MEGACAMPUS PLATFORM	MEGACAMPUS OCCUPANCY OUTPERFORMANCE
---	---
	Average Occupancy(1) Since 2020		96%	92%	4%
---	---	---
Alexandria’s<br><br>Megacampus<br><br>Properties	Alexandria’s<br><br>Non-Megacampus<br><br>Properties	Occupancy<br><br>Outperformance

As of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2020 through 2024.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	vii

ALEXANDRIA’S DEMONSTRATED STRONG FUNDS FROM OPERATIONS

PER-SHARE GROWTH

FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED, BY YEAR

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	viii

ALEXANDRIA’S STRONG FIVE-YEAR GROWTH IN FUNDS FROM OPERATIONS

PER SHARE COMPARED TO FTSE NAREIT EQUITY HEALTH CARE REITS

FIVE-YEAR GROWTH IN

FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED

(2019-2024)

Source: S&P Global Market Intelligence data for peers within the FTSE NAREIT Equity Health Care REITs, available as of January 23, 2025. ARE results represent the five-year period for the years ended December 31, 2019 thought 2024.

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	ix

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE

HEALTHCARE

REALTY TRUST

WELLTOWER	2,801%
FTSE NAREIT EQUITY<br><br>HEALTH CARE INDEX	1,241%
NATIONAL HEALTH<br><br>INVESTORS	1,149%
LTC<br><br>PROPERTIES	1,086%
UNIVERSAL HEALTH<br><br>REALTY INCOME TRUST	1,068%
VENTAS	1,031%
MSCI US<br><br>REIT INDEX	870%
OMEGA HEALTHCARE<br><br>INVESTORS	706%
HEALTHPEAK<br><br>PROPERTIES	632%

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to December 31, 2024

Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.

The REITs presented individually in the chart above are only those constituents of the FTSE NAREIT Equity Health Care Index as of December 31, 2024 for which total shareholder return information since May 27, 1997 is available.

(1)Alexandria’s initial public offering was priced at $20.00 per share on May 27, 1997.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	x

ALEXANDRIA’S

INTERNAL

GROWTH

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xi

ALEXANDRIA’S CONTINUED SOLID LEASING VOLUME IN 2024

UP 19% OVER 2014–2020 AVERAGE

4.3M RSF

Annual Average

(2014–2020)

RSF OF LEASES EXECUTED

5.1M

RSF

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xii

ALEXANDRIA’S 4Q24 LEASING VOLUME REPRESENTS FOURTH CONSECUTIVE QUARTER

ABOVE 1 MILLION RSF AND IS UP 19% OVER PRECEDING FIVE-QUARTER AVERAGE

1.3M RSF

1.1M RSF

Quarterly Average

(3Q23–3Q24)

RSF OF LEASES EXECUTED

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xiii

ALEXANDRIA’S OPERATIONAL EXCELLENCE DRIVES STEADY

AND CONSISTENTLY HIGH OCCUPANCY

OCCUPANCY PERCENTAGE(1)

(1)Represents occupancy percentage of operating properties in North America as of each year-end.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xiv

ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY

800 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other Investment-Grade

or Large Cap Tech

Other(1)

Biomedical and

Government

Institutions

92%

of Top 20 Tenant Annual Rental

Revenue as of 4Q24 Is From

Investment-Grade or Publicly

Traded Large Cap Tenants

84%

of Leasing Activity During the

Last Twelve Months Was

Generated From Alexandria’s

Existing Client Base

PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE

Annual rental revenue represents amounts in effect as of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from

unconsolidated real estate joint ventures.

(1)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than

1.0% of our annual rental revenue.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xv

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND

STRENGTH IN TENANT COLLECTIONS

99.8%

Average Tenant

Collections

1Q21–4Q24

Tenant Receivables

Represent

0.8%

of 4Q24

Rental Revenues

TENANT RENTS AND RECEIVABLES COLLECTED(1)

(1)Represents tenant rents and receivables collected for each quarter-end as of each respective earnings release date.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xvi

ALEXANDRIA’S FORTRESS

BALANCE SHEET AND

STRONG EXECUTION OF

CAPITAL RECYCLING

STRATEGY

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xvii

2024

ALEXANDRIA’S

IMPRESSIVE KEY

BALANCE SHEET

ACCOMPLISHMENTS

CAPITAL RECYCLINGthrough 1.4B ofdispositions

1.0BBOND ISSUANCEat 5.48% with a 23-year term(2)

EXTENDED5.0B lineof credit

All values are in US Dollars.

As of December 31, 2024.

(1)Net Debt and Preferred Stock to Adjusted EBITDA Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(2)Debt rate and term are based on weighted averages.

(3)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of September 30, 2024” or company filings as of September 30 2024, except for ARE, which is as of December 31, 2024.

(4)Represents projected capital contributions from existing consolidated real estate joint venture partners to fund their share of construction from 1Q25 through 2028.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xviii

TOP 10%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(4)

ALEXANDRIA’S STRONG AND FLEXIBLE BALANCE SHEET

WITH SIGNIFICANT LIQUIDITY

Baa1

Stable

PERCENTAGE OF<br><br>DEBT MATURING<br><br>IN NEXT 3 YEARS	REMAINING<br><br>DEBT TERM	INTEREST<br><br>RATE
14%	12.7	3.86%

BBB+

Stable

SIGNIFICANT<br><br>LIQUIDITY(1)	4Q24 NET DEBT AND<br><br>PREFERRED STOCK TO<br><br>ADJUSTED EBITDA(2)	PERCENTAGE OF<br><br>FIXED-RATE DEBT<br><br>SINCE 2020(3)
5.7B	5.2x	98.4%

YEARS

WEIGHTED AVERAGE

As of December 31, 2024.

(1)Refer to “Key credit metrics” in the Supplemental Information for additional details.

(2)Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(3)Represents the average percentage fixed-rate debt as of each December 31 from 2020 through 2024.

(4)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from Moody’s Ratings and S&P Global Ratings for publicly

traded U.S. REITs, from Bloomberg Professional Services and Nareit.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xix

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND INCREASING

DIVIDENDS WITH A FOCUS ON RETAINING SIGNIFICANT CASH FLOWS FROM

OPERATING ACTIVITIES AFTER DIVIDENDS FOR REINVESTMENT

For 4Q24, we declared a cash dividend of $1.32 per common share

5.4%

Dividend Yield

5.4%

Average Annual Dividend

Per-Share Growth

$2.2B

Net Cash Provided by

Operating Activities

After Dividends

(1)

(2)

ANNUAL COMMON STOCK DIVIDEND PER SHARE

55%

4Q24 Payout Ratio

(1)Dividend yield is calculated as the dividend declared for the three months ended December 31, 2024 of $1.32 per common share annualized divided by the closing price of our common stock on December 31, 2024 of $97.55.

(2)Represents the aggregate sum for the years ended December 31, 2020 through 2024.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xx

ALEXANDRIA’S

STRONG EXECUTION

OF CAPITAL

RECYCLING

STRATEGY

STRATEGIC DISPOSITIONS

AND SALES OF PARTIAL

INTERESTS 2019–2024

$9.6B

TOTAL SALES

$2.9B

NET GAIN

(1)

(3)

TOTAL TRANSACTIONS

5.4%
CAPITALIZATION RATE
5.1%
CAPITALIZATION RATE
(Cash Basis)(2)

(2)

(1)Includes amounts related to real estate dispositions and partial interest sales completed from January 1, 2019 through December 31, 2024.

(2)Represents the weighted-average capitalization rate and capitalization rate (cash basis) for dispositions and partial interest sales (excluding land) completed during the years ended December 31, 2019 through 2024.

(3)Represents the net gain and loss for outright sales as well as consideration in excess of book value for partial interest sales.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xxi

ALEXANDRIA: AT THE

VANGUARD AND HEART

OF THE $5.5 TRILLION

SECULARLY GROWING

LIFE SCIENCE INDUSTRY

(1)Source: Evaluate Pharma. Represents aggregate total market capitalization for the life science industry, including global major, regional major,

and specialty pharmaceutical companies and excluding specialty pharmaceutical consumer companies, as of November 22, 2024.

(1)

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xxii

Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research (“CDER”)) include new molecular entities and new biologics defined as products containing active moieties that have

not previously been approved by the FDA.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xxiii

Source: U.S. Food and Drug Administration. Innovative medicine approvals by the FDA (Center for Biologics Evaluation and Research (“CBER”)) include novel vaccines and next-generation modalities such as cell therapies, gene therapies,

mRNA products, live biotherapeutics, and oncolytic viruses.

(1)2024 represents the period from January 1, 2024 through December 18, 2024.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xxiv

(1)Source: PhRMA, “Understanding Prescription Medicine Spending,” 2022.

(2)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.

(3)Source: Centers for Medicare & Medicaid Services, “National Health Expenditures 2022 Highlights,” 2022.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xxv

ALEXANDRIA’S INDUSTRY

AND CORPORATE

RESPONSIBILITY

LEADERSHIP

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	xxvi

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	1

Alexandria Real Estate Equities, Inc. Reports:

4Q24 and 2024 Net (Loss) Income per Share – Diluted of $(0.38) and $1.80, respectively;

4Q24 and 2024 FFO per Share – Diluted, as Adjusted, of $2.39 and $9.47, respectively

PASADENA, Calif. – January 27, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the fourth quarter and year ended December 31,

2024.

Key highlights
Operating results	4Q24	4Q23	2024	2023
Total revenues:
In millions	$788.9	$757.2	$3,116.4	$2,885.7
Growth	4.2%		8.0%
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions	$(64.9)	$(91.9)	$309.6	$92.4
Per share	$(0.38)	$(0.54)	$1.80	$0.54
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$411.8	$389.8	$1,629.1	$1,532.3
Per share	$2.39	$2.28	$9.47	$8.97

A sector-leading REIT with a high-quality, diverse tenant base and strong margins

(As of December 31, 2024, unless stated otherwise)
Occupancy of operating properties in North America	94.6%
Percentage of annual rental revenue in effect from Megacampus™ platform	77%
Percentage of annual rental revenue in effect from investment-grade or publicly<br><br>traded large cap tenants	52%
Operating margin	70%
Adjusted EBITDA margin	72%
Percentage of leases containing annual rent escalations	97%
Weighted-average remaining lease term:
Top 20 tenants	9.3	years
All tenants	7.5	years
Sustained strength in tenant collections:
January 2025 tenant rents and receivables collected as of January 27, 2025	99.5%
4Q24 tenant rents and receivables collected as of January 27, 2025	99.9%

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all

publicly traded U.S. REITs

•Net debt and preferred stock to Adjusted EBITDA of 5.2x and fixed-charge coverage ratio of

4.3x for 4Q24 annualized.

•Significant liquidity of $5.7 billion.

•32% of our total debt matures in 2049 and beyond.

•12.7 years weighted-average remaining term of debt.

•Since 2020, an average of 98.4% of our year-end debt balances have been fixed rate.

•Total debt and preferred stock to gross assets of 28%.

•$684.1 million of capital contribution commitments from existing real estate joint venture

partners to fund construction from 1Q25 through 2028.

Continued solid leasing volume and rental rate increases

•Continued solid leasing volume:

•1.3 million RSF for 4Q24, up 19% compared to our previous five-quarter average.

•Fourth consecutive quarter with leasing volume exceeding 1 million RSF.

•5.1 million RSF for 2024, up 19% compared to our 2014–2020 average of 4.3 million RSF.

•Rental rate increases on lease renewals and re-leasing of space were 18.1% and 3.3% (cash

basis) for 4Q24 and 16.9% and 7.2% (cash basis) for 2024.

•84% of our leasing activity during the last twelve months was generated from our existing

tenant base.

•Tenant improvements and leasing commissions on renewed and re-leased space executed

during the year ended December 31, 2024 represented only 8.4% of total lease term rents,

the second lowest percentage of total lease term rents in the past five years.

	4Q24		2024
Total leasing activity – RSF	1,310,999		5,053,954
Leasing of development and redevelopment space – RSF	12,999	(1)	493,341
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)	1,024,862		3,888,139
Rental rate increase	18.1%		16.9%
Rental rate increase (cash basis)	3.3%		7.2%

(1)As of December 31, 2024, our projects expected to stabilize in 2025 were 89% leased/negotiating.

Attractive dividend strategy to share net cash flows from operating activities with stockholders

while retaining a significant portion for reinvestment

•Common stock dividend declared for 4Q24 of $1.32 per common share aggregating $5.19

per common share for the year ended December 31, 2024, up 23 cents, or 5%, over the year

ended December 31, 2023.

•Dividend yield of 5.4% as of December 31, 2024.

•Dividend payout ratio of 55% for the three months ended December 31, 2024.

•Average annual dividend per-share growth of 5.4% from 2020 through 2024.

•Significant net cash flows from operating activities after dividends retained for reinvestment

aggregating $2.2 billion for the years ended December 31, 2020 through 2024.

Strong execution of Alexandria’s 2024 capital strategy

Our 2024 capital plan included $1.4 billion in funding from strategic dispositions that focused on

a portfolio of diversified assets, of which $1.1 billion was completed during 4Q24. Refer to

“Dispositions” in the Earnings Press Release for additional details.

(in millions)
YTD 3Q24	$239
4Q24	1,128
Total 2024 dispositions	$1,367

•As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated

$539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoint

of our 2025 guidance range for dispositions and sales of partial interests.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 2 | | --- | --- || Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results (continued) | | --- | | December 31, 2024 |

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating

income of $55 million commencing during 4Q24 and is expected to deliver incremental annual net

operating income aggregating $395 million by 2Q28

•During 4Q24, we placed into service Megacampus development and redevelopment projects

aggregating 602,593 RSF that are 98% occupied across multiple submarkets and delivered

incremental annual net operating income of $55 million. Key 4Q24 deliveries included:

•171,102 RSF at 4155 Campus Point Court located on the Campus Point by Alexandria

Megacampus in our University Town Center submarket;

•139,984 RSF at 840 Winter Street located on the Alexandria Center® for Life Science –

Waltham Megacampus in our Route 128 submarket; and

•93,492 RSF at 10935, 10945, and 10955 Alexandria Way located on the One Alexandria

Square Megacampus in our Torrey Pines submarket.

•Annual net operating income (cash basis) is expected to increase by $70 million upon the

burn-off of initial free rent, with a weighted-average burn-off period of approximately

three months, from recently delivered projects.

•68% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment Projects	Incremental Annual Net Operating Income	RSF
(dollars in millions)
Placed into service:
YTD 3Q24	63	945,118	100%
4Q24	55	602,593	98
Placed into service in 2024	118	1,547,711	98%
Expected to be placed into service:
2025	83	4,357,276
1Q26 through 2Q28	312
	395

All values are in US Dollars.

(1)Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and

(ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. Refer to

the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties:

current projects” in the Supplemental Information for additional details.

Continued solid net operating income and internal growth

•Net operating income (cash basis) growth:

•$2.1 billion for 4Q24 annualized, up $177.9 million, or 9.5%, compared to 4Q23

annualized.

•$2.0 billion for 2024, up $176.9 million, or 9.8%, compared to 2023.

•Same property net operating income growth of 0.6% and 6.3% (cash basis) for 4Q24 over

4Q23 and 1.2% and 4.6% (cash basis) for 2024 over 2023.

•97% of our leases contain contractual annual rent escalations approximating 3%.

Continued rigorous focus on management of general and administrative costs

•General and administrative expenses as a percentage of net operating income of 7.6% for

2024, compared to 9.8% for 2023.

•We expect general and administrative cost savings of approximately $32 million in 2025,

based on the midpoint of our guidance, compared to 2024, from a variety of cost-control and

efficiency initiatives, including:

•Personnel-related matters: reduction in headcount over the last two years and restructuring

of compensation plans.

•Streamlining of business processes: systems upgrades, process improvements, and cost

reduction in legal, technology, and operational support services.

Strong balance sheet management

Key metrics as of or for the three months ended December 31, 2024

•$29.0 billion in total market capitalization.

•$16.8 billion in total equity capitalization.

	4Q24		Target
	Quarter	Trailing	4Q25
	Annualized	12 Months	Annualized
Net debt and preferred stock to<br><br>Adjusted EBITDA	5.2x	5.3x	Less than or equal to 5.2x
Fixed-charge coverage ratio	4.3x	4.5x	4.0x to 4.5x

Key capital events

•On December 9, 2024, we announced that our board of directors authorized a common stock

repurchase program under which we may repurchase up to $500.0 million of our common

stock through December 31, 2025. Repurchases are expected to be funded on a leverage-

neutral basis.

•In December 2024, we repurchased $50.1 million of common stock.

•From January 1, 2025 through January 27, 2025, we repurchased $150.0 million of

additional common stock.

•As of January 27, 2025, cumulative repurchases under the program aggregated

$200.1 million and 2.0 million shares of common stock at an average price per share of

$98.16.

•As of January 27, 2025, the approximate value of shares authorized and remaining under

this program was $299.9 million.

•During 4Q24, we settled all outstanding forward equity sales agreements by issuing

230 thousand shares of common stock at an average price per share of $120.93 and

received net proceeds of $27.8 million. As of January 27, 2025, the remaining aggregate

amount available for future sales of common stock under our ATM program was $1.47 billion.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 3 | | --- | --- || Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results (continued) | | --- | | December 31, 2024 |

Investments

•As of December 31, 2024:

•Our non-real estate investments aggregated $1.5 billion.

•Unrealized gains presented in our consolidated balance sheet were $83.6 million,

comprising gross unrealized gains and losses aggregating $228.1 million and

$144.5 million, respectively.

•Investment loss of $68.0 million for 4Q24 presented in our consolidated statement of

operations consisted of $32.1 million of realized gains, $79.8 million of unrealized losses, and

$20.3 million of impairment charges.

•Investment loss of $53.1 million for 2024 presented in our consolidated statement of

operations consisted of $117.2 million of realized gains, $112.2 million of unrealized losses,

and $58.1 million of impairment charges.

Other key highlights

Executive management change, effective December 31, 2024

Effective on December 31, 2024, Vincent Ciruzzi retired from his position as Chief Development

Officer after nearly 30 years of exemplary service. His responsibilities will be assumed by multiple

members within our Real Estate Development Team, which Mr. Ciruzzi formed and led over his

tenure with Alexandria.

Key items included in net income attributable to Alexandria’s common stockholders:
	4Q24	4Q23	4Q24	4Q23	2024	2023	2024	2023
(in millions, except per share<br><br>amounts)	Amount		Per Share –<br><br>Diluted		Amount		Per Share –<br><br>Diluted
Unrealized (losses) gains on<br><br>non-real estate investments	$(79.8)	$19.5	$(0.46)	$0.11	$(112.2)	$(201.5)	$(0.65)	$(1.18)
Gain on sales of real estate	101.8	62.2	0.59	0.36	129.3	277.0	0.75	1.62
Impairment of non-real estate<br><br>investments	(20.3)	(23.1)	(0.12)	(0.13)	(58.1)	(74.6)	(0.34)	(0.44)
Impairment of real estate(1)	(186.6)	(271.9)	(1.08)	(1.59)	(223.1)	(461.1)	(1.30)	(2.70)
Acceleration of stock<br><br>compensation expense due<br><br>to executive officer<br><br>resignations	—	(18.4)	—	(0.11)	—	(20.3)	—	(0.12)
Provision for expected credit<br><br>losses on financial<br><br>instruments(1)	0.4	—	—	—	0.4	—	—	—
Total	$(184.5)	$(231.7)	$(1.07)	$(1.36)	$(263.7)	$(480.5)	$(1.54)	$(2.82)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for<br><br>additional details.

Subsequent events

•In January 2025, pursuant to an amendment executed in July 2024 to our existing ground

lease agreement at the Alexandria Technology Square® Megacampus, we made the second

and final installment payment aggregating $135.0 million related to our rent obligation for the

extended ground lease term.

Industry and corporate responsibility leadership: catalyzing and leading the way for

positive change to benefit human health and society

•Alexandria’s longstanding sustainability leadership and performance was reinforced by our

achievements in the 2024 GRESB Real Estate Assessment. We received the GRESB Green

Star designation for the eighth consecutive year and an “A” disclosure score for the seventh

consecutive year, signifying best-in-class transparency regarding our sustainability practices

and reporting.

•325 Binney Street, a 462,100 RSF development on the Alexandria Center® at One Kendall

Square Megacampus in our Cambridge submarket, earned LEED Platinum certification, the

highest level of certification under the U.S. Green Building Council’s Core and Shell rating

system. Home to Moderna’s global headquarters and R&D center, the ultra-efficient building

is targeting LEED Zero Energy certification, reduced fossil fuel use through the

implementation of a geothermal system, and 100% renewable electricity, resulting in an

estimated 97% reduction of greenhouse gas emissions relative to the MA 2020 Stretch Code

baseline.

•8 Davis Drive on the Alexandria Center® for Advanced Technologies and AgTech – Research

Triangle Megacampus won a BOMA Raleigh-Durham TOBY (The Outstanding Building of the

Year) Award in the Life Science category. The TOBY Awards are the commercial real estate

industry’s highest recognition honoring excellence in commercial building management and

operations.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class,

mission-driven life science REIT making a positive and lasting impact on the world. With our

founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the

preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™

ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San

Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of

December 31, 2024, Alexandria has a total market capitalization of $29.0 billion and an asset base

in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of

Class A/A+ properties undergoing construction. Alexandria has a longstanding and proven track

record of developing Class A/A+ properties clustered in highly dynamic and collaborative

Megacampus environments that enhance our tenants’ ability to successfully recruit and retain

world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also

provides strategic capital to transformative life science companies through our venture capital

platform. We believe our unique business model and diligent underwriting ensure a high-quality

and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental

income, higher returns, and greater long-term asset value. For more information on Alexandria,

please visit www.are.com.

The following guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual

results will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 8 of the Earnings Press Release for additional details. Key updates to our

2025 guidance from December 4, 2024 are summarized in the tables below and include changes to the midpoints of our guidance ranges for key sources of capital as follows: (i) a $150 million increase in

dispositions and sales of partial interests representing pending transactions that were originally expected to close in 4Q24, and are now anticipated to be completed in 2025 and (ii) a corresponding $150 million

decrease in excess 2024 bond capital held as cash at December 31, 2024.

	2025 Guidance Midpoint			2025 Guidance Midpoint
Summary of Key Changes in Guidance	As of 1/27/25	As of 12/4/24	Summary of Key Changes in Sources and Uses of Capital	As of 1/27/25	As of 12/4/24
EPS, FFO per share, and FFO per share, as adjusted	No Change		Excess 2024 bond capital expected to be held as cash at<br><br>December 31, 2024	$—	$150
			Dispositions and sales of partial interests	$1,700	$1,550
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to<br><br>Alexandria’s Common Stockholders – Diluted
---	---
Earnings per share(2)	2.57 to 2.77
Depreciation and amortization of real estate assets
Allocation to unvested restricted stock awards
Funds from operations per share and funds from operations per share, as adjusted(1)	9.23 to 9.43
Midpoint	9.33

All values are in US Dollars.

Key Assumptions	Low	High
Occupancy percentage in North America as of December 31, 2025	91.6%	93.2%
Lease renewals and re-leasing of space:
Rental rate changes	9.0%	17.0%
Rental rate changes (cash basis)	0.5%	8.5%
Same property performance:
Net operating income	(3.0)%	(1.0)%
Net operating income (cash basis)	(1.0)%	1.0%
Straight-line rent revenue	$111	$131
General and administrative expenses	$129	$144
Capitalization of interest	$340	$370
Interest expense	$165	$195
Realized gains on non-real estate investments(6)	$100	$130		Key Credit Metric Targets(1)
---	---
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized	Less than or equal to 5.2x
Fixed-charge coverage ratio – 4Q25 annualized	4.0x to 4.5x		Key Sources and Uses of Capital	Range	Midpoint
---	---	---	---
Sources of capital:
Reduction in debt	$(40)	$(340)	$(190)
Net cash provided by operating activities after dividends	425	525	475
Dispositions and sales of partial interests(3) (refer to page 6)	1,200	2,200	1,700
Total sources of capital	$1,585	$2,385	$1,985
Uses of capital:
Construction	$1,450	$2,050	$1,750
Acquisitions and other opportunistic uses of capital(4)	—	200	100
Ground lease prepayment(5)	135	135	135
Total uses of capital	$1,585	$2,385	$1,985
Reduction in debt (included above):
Issuance of unsecured senior notes payable	$300	$900	$600
Repayment of secured notes payable	(600)	(600)	(600)
Unsecured senior line of credit, commercial paper, and other	260	(640)	(190)
Net reduction in debt	$(40)	$(340)	$(190)

(1)Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(2)Excludes unrealized gains or losses on non-real estate investments after December 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(3)As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated $539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoint of our 2025 guidance range for dispositions and

sales of partial interests.

(4)On December 9, 2024, we announced that our board of directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock in the open market or in privately negotiated

transactions through December 31, 2025. In January 2025, we repurchased common stock aggregating $150.0 million at an average price per share of $97.26. As of January 27, 2025, the approximate value of shares authorized and

remaining under this program was $299.9 million.

(5)Refer to “Subsequent event” in the Earnings Press Release for additional information.

(6)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to “Investments” in the Supplemental

Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 5 | | --- | --- || Acquisitions | | --- | | December 31, 2024 | | (Dollars in thousands) | | Property | Submarket/Market | Date of Purchase | Number of Properties | Operating Occupancy | | Square Footage | | | Purchase Price | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Future Development(1) | | Operating With Future Development/ Redevelopment(1) | | | Completed in 2024: | | | | | | | | | | | | 285, 299, 307, and 345 Dorchester Avenue (60% interest in consolidated JV) | Seaport Innovation District/Greater Boston | 1/30/24 | — | N/A | | 1,040,000 | | — | $ | 155,321 | | 428 Westlake Avenue North | Lake Union/Seattle | 10/1/24 | 1 | 100% | | — | | 90,626 | | 47,600 | | Other | | | | | | | | | | 46,490 | | Total 2024 acquisitions | | | | | | | | | $ | 249,411 |

(1)We expect to provide total estimated costs and related yields for development and significant redevelopment projects in the future, subsequent to the commencement of construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 6 | | --- | --- || 2024 Dispositions | | --- | | December 31, 2024 | | (Dollars in thousands) | | Property | Submarket/Market | Date of Sale | Interest Sold | RSF | Capitalization Rate | Capitalization Rate (Cash Basis) | Sales Price | Seller Financing | Gain on Sale of Real Estate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Completed in YTD 3Q24 | | | | | | | 238,709 | | 27,506 | | Completed in 4Q24: | | | | | | | | | | | Stabilized Properties | | | | | | | | | | | One Moderna Way | Route 128/Greater Boston | 12/17/24 | 100% | 722,130 | 8.5% | 6.3% | 369,439 | | — | | 14225 Newbrook Drive | Northern Virginia/Maryland | 10/15/24 | 100% | 248,186 | 7.6% | 7.4% | 80,500 | | 37,074 | | 6040 George Watts Hill Drive | Research Triangle/ Research Triangle | 12/10/24 | 100% | 149,585 | 8.0% | 7.1% | 93,500 | | 5,004 | | Other | | | | | | | 78,610 | | 4,042 | | | | | | | | | 622,049 | | | | Properties with vacancy or significant near-term capital requirements | | | | | | | | | | | 215 First Street | Cambridge/Greater Boston | 12/20/24 | 100% | 369,520 | (1) | (1) | 245,539 | | — | | 150 Second Street and 11 Hurley Street | Cambridge/Greater Boston | | | 182,993 | | | | | | 4755 and 4757 Nexus Center Drive and 4796 Executive Drive(2) | University Town Center/ San Diego | 12/30/24 | 100% | 177,804 | (2) | (2) | 120,000 | 79,166 | 47,511 | | Other | | | | | | | 47,243 | | — | | | | | | | | | 412,782 | | | | Land and other | | | | | | | | | | | 10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard | Sorrento Mesa/San Diego | 12/20/24 | 100% | 444,041 | (3) | (3) | 55,000 | 25,000 | — | | 9444 Waples Street (50% consolidated JV) | Sorrento Mesa/San Diego | 12/23/24 | (4) | 149,000 | (4) | (4) | 31,000 | | 8,175 | | Other(5) | | | (5) | | | | 22,913 | | (5) | | | | | | | | | 108,913 | | | | | | | | | | | 1,143,744 | | | | Total 2024 dispositions | | | | | | | 1,382,453 | 104,166 | 129,312 | | Our share of 2024 dispositions, including amounts recognized within equity in earnings | | | | | | | 1,366,953 | | 127,615 |

All values are in US Dollars.

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents properties that were 87% occupied as of 3Q24, with 61% of the aggregate RSF, primarily located at 215 First Street, scheduled to expire by 4Q25. These properties were not core to our Megacampus strategy due to their size,

location, or existing use. They are also expected to require significant re-leasing capital over the next few years, including at 215 First Street, a historical building with infrastructure limitations and challenging floor plates. Acquired in 2007,

215 First Street came with significant entitlements which were later used to develop new adjacent projects at Alexandria Center® at Kendall Square. Since then, this property has served as a reliable asset, providing primarily office space to

our tenants. However, given the low occupancy and the significant reinvestment required for upgrades, we plan to recycle the capital generated by the disposition into our development and redevelopment pipeline.

(2)Represents properties that were 65% occupied as of 3Q24, with 26% of the aggregate RSF scheduled to expire by 2Q25.

(3)Represents the sale of land parcels.

(4)Represents 100% of the contractual sales price. We held a 50% interest in this property through a consolidated real estate joint venture, and our share of the sales price and gain on real estate is $15.5 million and $3.2 million, respectively.

(5)Represents the disposition of an unconsolidated real estate joint venture for which we recognized a gain on sale of real estate of $3.3 million, which is classified as equity in earnings of unconsolidated real estate joint ventures in our

consolidated statement of operations.

(6)Dispositions completed during 4Q24 had annual net operating income of $97.9 million (based on 3Q24 annualized) with a weighted-average disposition date of December 10, 2024 (weighted by net operating income for 3Q24 annualized).

(7)Refer to footnotes 4 and 5.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 7 | | --- | --- || 2025 Dispositions and Sales of Partial Interests | | --- | | December 31, 2024 | | (Dollars in thousands) | | Property | Submarket/Market | Date of Expected Sale | Interest Expected to Be Sold | | --- | --- | --- | --- | | Pending 2025 dispositions and sales of partial interests expected to close subsequent to January 27, 2025: | | | | | Subject to non-refundable deposits: | | | | | Pending | San Diego | 1Q25 | 100% | | Pending | Texas | 1Q25 | 100% | | Pending | San Diego | 2H25 | 100% | | Other | | | | | | | | | | Subject to executed letters of intent and/or purchase and sale agreement negotiations: | | | | | 1450 Owens Street (25.1% consolidated JV) | Mission Bay/San Francisco Bay Area | 2H25 | (1) | | Other | Various | | | | | | | | | | | | | | Our share of 2025 dispositions | | | | | 2025 guidance range for dispositions and sales of partial interests | | | 1,200,000 – 2,200,000 |

All values are in US Dollars.

(1)Represents 100% of the contractual sales price. In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development

project. We own a 25% interest in this property through a consolidated real estate joint venture, and our share of the sales price is $36 million. We expect to complete the transaction in 2025.

We will host a conference call on Tuesday, January 28, 2025, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results

for the fourth quarter and year ended December 31, 2024. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for

Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on

Tuesday, January 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1012884.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 2024 is available in the “For Investors” section of our website at

www.are.com or by following this link: https://www.are.com/fs/2024q4.pdf.

For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,

chief financial officer and treasurer; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,

Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation

cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2024, Alexandria has a total market capitalization

of $29.0 billion and an asset base in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction. Alexandria has a longstanding and

proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent

and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business

model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For

more information on Alexandria, please visit www.are.com.

Forward-Looking Statements

This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per

share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,”

“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking

statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a

number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties,

assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without

limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real

estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or

redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace

expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to

obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned

not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated,

we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For

more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our

SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a

prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, Labspace®, Alexandria Summit®, At the Vanguard and Heart of the Life Science

Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All

other company names, trademarks, and logos referenced herein are the property of their respective owners.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 9 | | --- | --- || Consolidated Statements of Operations | | --- | | December 31, 2024 | | (Dollars in thousands, except per share amounts) | | | Three Months Ended | | | | | Year Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 12/31/24 | 12/31/23 | | Revenues: | | | | | | | | | Income from rentals | 763,249 | $775,744 | $755,162 | $755,551 | $742,637 | $3,049,706 | $2,842,456 | | Other income | 25,696 | 15,863 | 11,572 | 13,557 | 14,579 | 66,688 | 43,243 | | Total revenues | 788,945 | 791,607 | 766,734 | 769,108 | 757,216 | 3,116,394 | 2,885,699 | | Expenses: | | | | | | | | | Rental operations | 240,432 | 233,265 | 217,254 | 218,314 | 222,726 | 909,265 | 859,180 | | General and administrative | 32,730 | 43,945 | 44,629 | 47,055 | 59,289 | 168,359 | 199,354 | | Interest | 55,659 | 43,550 | 45,789 | 40,840 | 31,967 | 185,838 | 74,204 | | Depreciation and amortization | 330,108 | 293,998 | 290,720 | 287,554 | 285,246 | 1,202,380 | 1,093,473 | | Impairment of real estate | 186,564 | 5,741 | 30,763 | — | 271,890 | 223,068 | 461,114 | | Total expenses | 845,493 | 620,499 | 629,155 | 593,763 | 871,118 | 2,688,910 | 2,687,325 | | Equity in earnings of unconsolidated real estate joint ventures | 6,635 | 139 | 130 | 155 | 363 | 7,059 | 980 | | Investment (loss) income | (67,988) | 15,242 | (43,660) | 43,284 | 8,654 | (53,122) | (195,397) | | Gain on sales of real estate | 101,806 | 27,114 | — | 392 | 62,227 | 129,312 | 277,037 | | Net (loss) income | (16,095) | 213,603 | 94,049 | 219,176 | (42,658) | 510,733 | 280,994 | | Net income attributable to noncontrolling interests | (46,150) | (45,656) | (47,347) | (48,631) | (45,771) | (187,784) | (177,355) | | Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (62,245) | 167,947 | 46,702 | 170,545 | (88,429) | 322,949 | 103,639 | | Net income attributable to unvested restricted stock awards | (2,677) | (3,273) | (3,785) | (3,659) | (3,498) | (13,394) | (11,195) | | Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | (64,922) | $164,674 | $42,917 | $166,886 | $(91,927) | $309,555 | $92,444 | | Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | | | | | | | | | Basic | (0.38) | $0.96 | $0.25 | $0.97 | $(0.54) | $1.80 | $0.54 | | Diluted | (0.38) | $0.96 | $0.25 | $0.97 | $(0.54) | $1.80 | $0.54 | | Weighted-average shares of common stock outstanding – basic and diluted | 172,262 | 172,058 | 172,013 | 171,949 | 171,096 | 172,071 | 170,909 | | Dividends declared per share of common stock | 1.32 | $1.30 | $1.30 | $1.27 | $1.27 | $5.19 | $4.96 |

All values are in US Dollars.

(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.

(2)Refer to “2024 Dispositions” in the Earnings Press Release for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 10 | | --- | --- || Consolidated Balance Sheets | | --- | | December 31, 2024 | | (In thousands) | | | 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | | --- | --- | --- | --- | --- | --- | | Assets | | | | | | | Investments in real estate | $32,110,039 | $32,951,777 | $32,673,839 | $32,323,138 | $31,633,511 | | Investments in unconsolidated real estate joint ventures | 39,873 | 40,170 | 40,535 | 40,636 | 37,780 | | Cash and cash equivalents | 552,146 | 562,606 | 561,021 | 722,176 | 618,190 | | Restricted cash | 7,701 | 17,031 | 4,832 | 9,519 | 42,581 | | Tenant receivables | 6,409 | 6,980 | 6,822 | 7,469 | 8,211 | | Deferred rent | 1,187,031 | 1,216,176 | 1,190,336 | 1,138,936 | 1,050,319 | | Deferred leasing costs | 485,959 | 516,872 | 519,629 | 520,616 | 509,398 | | Investments | 1,476,985 | 1,519,327 | 1,494,348 | 1,511,588 | 1,449,518 | | Other assets | 1,661,306 | 1,657,189 | 1,356,503 | 1,424,968 | 1,421,894 | | Total assets | $37,527,449 | $38,488,128 | $37,847,865 | $37,699,046 | $36,771,402 | | Liabilities, Noncontrolling Interests, and Equity | | | | | | | Secured notes payable | $149,909 | $145,000 | $134,942 | $130,050 | $119,662 | | Unsecured senior notes payable | 12,094,465 | 12,092,012 | 12,089,561 | 12,087,113 | 11,096,028 | | Unsecured senior line of credit and commercial paper | — | 454,589 | 199,552 | — | 99,952 | | Accounts payable, accrued expenses, and other liabilities | 2,654,351 | 2,865,886 | 2,529,535 | 2,503,831 | 2,610,943 | | Dividends payable | 230,263 | 227,191 | 227,408 | 222,134 | 221,824 | | Total liabilities | 15,128,988 | 15,784,678 | 15,180,998 | 14,943,128 | 14,148,409 | | Commitments and contingencies | | | | | | | Redeemable noncontrolling interests | 19,972 | 16,510 | 16,440 | 16,620 | 16,480 | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | | | | | | | Common stock | 1,722 | 1,722 | 1,720 | 1,720 | 1,719 | | Additional paid-in capital | 17,933,572 | 18,238,438 | 18,284,611 | 18,434,690 | 18,485,352 | | Accumulated other comprehensive loss | (46,252) | (22,529) | (27,710) | (23,815) | (15,896) | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 17,889,042 | 18,217,631 | 18,258,621 | 18,412,595 | 18,471,175 | | Noncontrolling interests | 4,489,447 | 4,469,309 | 4,391,806 | 4,326,703 | 4,135,338 | | Total equity | 22,378,489 | 22,686,940 | 22,650,427 | 22,739,298 | 22,606,513 | | Total liabilities, noncontrolling interests, and equity | $37,527,449 | $38,488,128 | $37,847,865 | $37,699,046 | $36,771,402 | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 11 | | --- | --- || Funds From Operations and Funds From Operations per Share | | --- | | December 31, 2024 | | (In thousands) |

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in

accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations

attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

	Three Months Ended					Year Ended
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Net (loss) income attributable to Alexandria’s common stockholders – basic<br><br>and diluted	(64,922)	$164,674	$42,917	$166,886	$(91,927)	$309,555	$92,444
Depreciation and amortization of real estate assets	327,198	291,258	288,118	284,950	281,939	1,191,524	1,080,529
Noncontrolling share of depreciation and amortization from consolidated real<br><br>estate JVs	(34,986)	(32,457)	(31,364)	(30,904)	(30,137)	(129,711)	(115,349)
Our share of depreciation and amortization from unconsolidated real estate JVs	1,061	1,075	1,068	1,034	965	4,238	3,589
Gain on sales of real estate	(100,109)	(27,114)	—	(392)	(62,227)	(127,615)	(277,037)
Impairment of real estate – rental properties and land	184,532	5,741	2,182	—	263,982	192,455	450,428
Allocation to unvested restricted stock awards	(1,182)	(2,908)	(1,305)	(3,469)	(2,268)	(8,696)	(5,175)
Funds from operations attributable to Alexandria’s common stockholders –<br><br>diluted(3)	311,592	400,269	301,616	418,105	360,327	1,431,750	1,229,429
Unrealized losses (gains) on non-real estate investments	79,776	(2,610)	64,238	(29,158)	(19,479)	112,246	201,475
Impairment of non-real estate investments	20,266	10,338	12,788	14,698	23,094	58,090	74,550
Impairment of real estate	2,032	—	28,581	—	7,908	30,613	10,686
Acceleration of stock compensation expense due to executive officer resignations	—	—	—	—	18,436	—	20,295
Provision for expected credit losses on financial instruments	(434)	—	—	—	—	(434)	—
Allocation to unvested restricted stock awards	(1,407)	(125)	(1,738)	247	(472)	(3,188)	(4,121)
Funds from operations attributable to Alexandria’s common stockholders –<br><br>diluted, as adjusted	411,825	$407,872	$405,485	$403,892	$389,814	$1,629,077	$1,532,314

All values are in US Dollars.

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Includes our share of gain on sale of real estate from one consolidated real estate joint venture and one unconsolidated real estate joint venture. Refer to “2024 Dispositions” in the Earnings Press Release for additional details.

(2)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 4Q24, including

(i) $102.8 million primarily related to land parcels in our Sorrento Mesa and University Town Center submarkets, including land parcels sold during 4Q24 for a sales price aggregating $55.0 million and additional land parcels expected

to be sold in 2025 with an approximate sales price aggregating approximately $243.0 million, and (ii) $40.9 million for four properties at One Moderna Way in our Route 128 submarket, which was sold during 4Q24.

(3)Calculated in accordance with standards established by the Nareit Board of Governors.

(4)Primarily related to three non-real estate investments in privately held entities that do not report NAV.

(5)Represents an adjustment to the provision for expected credit losses for a direct financing lease, as well as the initial recognition of a provision for expected credit losses for two notes receivable issued in connection with dispositions

completed during 4Q24.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 12 | | --- | --- || Funds From Operations and Funds From Operations per Share (continued) | | --- | | December 31, 2024 | | (In thousands, except per share amounts) |

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in

accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common

stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to

rounding.

	Three Months Ended					Year Ended
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Net (loss) income per share attributable to Alexandria’s common stockholders –<br><br>diluted	$(0.38)	$0.96	$0.25	$0.97	$(0.54)	$1.80	$0.54
Depreciation and amortization of real estate assets	1.70	1.51	1.50	1.48	1.48	6.20	5.67
Gain on sales of real estate	(0.58)	(0.16)	—	—	(0.36)	(0.74)	(1.62)
Impairment of real estate – rental properties and land	1.07	0.03	0.01	—	1.54	1.12	2.64
Allocation to unvested restricted stock awards	—	(0.01)	(0.01)	(0.02)	(0.01)	(0.06)	(0.04)
Funds from operations per share attributable to Alexandria’s common<br><br>stockholders – diluted	1.81	2.33	1.75	2.43	2.11	8.32	7.19
Unrealized losses (gains) on non-real estate investments	0.46	(0.02)	0.37	(0.17)	(0.11)	0.65	1.18
Impairment of non-real estate investments	0.12	0.06	0.08	0.09	0.13	0.34	0.44
Impairment of real estate	0.01	—	0.17	—	0.05	0.18	0.06
Acceleration of stock compensation expense due to executive officer resignations	—	—	—	—	0.11	—	0.12
Provision for expected credit losses on financial instruments	—	—	—	—	—	—	—
Allocation to unvested restricted stock awards	(0.01)	—	(0.01)	—	(0.01)	(0.02)	(0.02)
Funds from operations per share attributable to Alexandria’s common<br><br>stockholders – diluted, as adjusted	$2.39	$2.37	$2.36	$2.35	$2.28	$9.47	$8.97
Weighted-average shares of common stock outstanding – diluted	172,262	172,058	172,013	171,949	171,096	172,071	170,909

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

SUPPLEMENTAL

INFORMATION

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a

best-in-class, mission-driven life science REIT making a positive and lasting impact on the

world. With our founding in 1994, Alexandria pioneered the life science real estate niche.

Alexandria is the preeminent and longest-tenured owner, operator, and developer of

collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations,

including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,

Research Triangle, and New York City. As of December 31, 2024, Alexandria has a total

market capitalization of $29.0 billion and an asset base in North America that includes

39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties

undergoing construction. Alexandria has a longstanding and proven track record of

developing Class A/A+ properties clustered in highly dynamic and collaborative

Megacampus environments that enhance our tenants’ ability to successfully recruit and

retain world-class talent and inspire productivity, efficiency, creativity, and success.

Alexandria also provides strategic capital to transformative life science companies through

our venture capital platform. We believe our unique business model and diligent

underwriting ensure a high-quality and diverse tenant base that results in higher

occupancy levels, longer lease terms, higher rental income, higher returns, and greater

long-term asset value. For more information on Alexandria, please visit www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 52% of our

annual rental revenue being generated from tenants that are investment-grade rated or

publicly traded large cap companies. The quality, diversity, breadth, and depth of our

significant relationships with our tenants provide Alexandria with high-quality and stable

cash flows. Alexandria’s underwriting team and long-term industry relationships positively

distinguish us from all other publicly traded REITs and real estate companies.

Executive and senior management team

Alexandria’s executive and senior management team has unique experience and

expertise in creating, owning, and operating highly dynamic and collaborative

Megacampus real estate in key life science cluster locations to catalyze innovation. From

design to development to the management of our high-quality, sustainable real estate, as

well as our ongoing cultivation of collaborative environments with unique amenities and

events, the Alexandria team has a best-in-class reputation of excellence in life science real

estate. Alexandria’s highly experienced management team includes regional market

directors with leading reputations and longstanding relationships within the life science

communities in their respective innovation clusters. We believe that our experience,

expertise, reputation, and key relationships in the real estate and life science industries

provide Alexandria significant competitive advantages in attracting new business

opportunities.

Alexandria’s executive and senior management team consists of

62 individuals, averaging 24 years of real estate experience,

including 13 years with Alexandria. Our executive management

team alone averages 19 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus	Peter M. Moglia
Executive Chairman &<br><br>Founder	Chief Executive Officer &<br><br>Chief Investment Officer
Daniel J. Ryan	Hunter L. Kass
Co-President & Regional Market<br><br>Director – San Diego	Co-President & Regional Market<br><br>Director – Greater Boston
Marc E. Binda	Lawrence J. Diamond
Chief Financial Officer &<br><br>Treasurer	Co-Chief Operating Officer & Regional<br><br>Market Director – Maryland
Hart Cole	Joseph Hakman
Executive Vice President – Capital<br><br>Markets/Strategic Operations &<br><br>Co-Regional Market Director – Seattle	Co-Chief Operating Officer &<br><br>Chief Strategic Transactions Officer
Jackie B. Clem	Gary D. Dean
General Counsel & Secretary	Executive Vice President –<br><br>Real Estate Legal Affairs
Andres R. Gavinet	Onn C. Lee
Chief Accounting Officer	Executive Vice President –<br><br>Accounting
Kristina A. Fukuzaki-Carlson	Madeleine T. Alsbrook
Executive Vice President –<br><br>Business Operations	Executive Vice President –<br><br>Talent Management
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	15
---	---		Investor Information
---
December 31, 2024
Corporate Headquarters	New York Stock Exchange Trading Symbol	Information Requests
---	---	---	---
26 North Euclid Avenue	Common stock: ARE	Phone:	(626) 578-0777
Pasadena, California 91101		Email:	corporateinformation@are.com
www.are.com		Website:	investor.are.com		Equity Research Coverage
---		Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.<br><br>Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or<br><br>forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions,<br><br>estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to<br><br>time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
---		BNP Paribas Exane	Citigroup Global Markets Inc.	Green Street	Robert W. Baird & Co. Incorporated
---	---	---	---
Nate Crossett / Monir Koummal	Nicholas Joseph / Michael Griffin	Dylan Burzinski	Wesley Golladay / Nicholas Thillman
(646) 342-1588 / (646) 342-1554	(212) 816-1909 / (212) 816-5871	(949) 640-8780	(216) 737-7510 / (414) 298-5053
BofA Securities	Citizens JMP Securities, LLC	J.P. Morgan Securities LLC	Wedbush Securities
Jeff Spector / Joshua Dennerlein	Aaron Hecht / Linda Fu	Anthony Paolone / Ray Zhong	Richard Anderson / Jay Kornreich
(646) 855-1363 / (646) 855-1681	(415) 835-3963 / (415) 869-4411	(212) 622-6682 / (212) 622-5411	(212) 931-7001 / (212) 938-9942
BTIG, LLC	Deutsche Bank AG	Mizuho Securities USA LLC
Tom Catherwood / Michael Tompkins	Tayo Okusanya / Ohad Bregman	Vikram Malhotra / Georgi Dinkov
(212) 738-6140 / (212) 527-3566	(212) 250-9284 / (212) 250-1743	(212) 282-3827 / (617) 352-1721
CFRA	Evercore ISI	RBC Capital Markets
Nathan Schmidt	Steve Sakwa / James Kammert	Michael Carroll / Aditi Balachandran
(646) 517-1144	(212) 446-9462 / (312) 705-4233	(440) 715-2649 / (212) 428-6200
Fixed Income Research Coverage		Rating Agencies
Barclays Capital Inc.	J.P. Morgan Securities LLC	Moody’s Ratings	S&P Global Ratings
Srinjoy Banerjee / Japheth Otieno	Mark Streeter	(212) 553-0376	Alan Zigman
(212) 526-3521 / (212) 526-6961	(212) 834-5086		(416) 507-2556
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	16
---	---		Financial and Asset Base Highlights
---
December 31, 2024
(Dollars in thousands, except per share amounts)
	Three Months Ended (unless stated otherwise)
---	---	---	---	---	---
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Selected financial data from consolidated financial statements and related information
Rental revenues	$566,535	$579,569	$576,835	$581,400	$561,428
Tenant recoveries	$196,714	$196,175	$178,327	$174,151	$181,209
General and administrative expenses	$32,730	$43,945	$44,629	$47,055	$59,289
General and administrative expenses as a percentage of net operating income –<br><br>trailing 12 months	7.6%	8.9%	9.2%	9.5%	9.8%
Operating margin	70%	71%	72%	72%	71%
Adjusted EBITDA margin	72%	70%	72%	72%	69%
Adjusted EBITDA – quarter annualized	$2,273,480	$2,219,632	$2,216,144	$2,206,428	$2,094,988
Adjusted EBITDA – trailing 12 months	$2,228,921	$2,184,298	$2,122,250	$2,064,904	$1,997,518
Net debt at end of period	$11,762,176	$12,191,574	$11,940,144	$11,569,666	$10,731,200
Net debt and preferred stock to Adjusted EBITDA – quarter annualized	5.2x	5.5x	5.4x	5.2x	5.1x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months	5.3x	5.6x	5.6x	5.6x	5.4x
Total debt and preferred stock at end of period	$12,244,374	$12,691,601	$12,424,055	$12,217,163	$11,315,642
Gross assets at end of period	$43,152,628	$44,112,770	$43,305,279	$42,915,903	$41,756,421
Total debt and preferred stock to gross assets at end of period	28%	29%	29%	28%	27%
Fixed-charge coverage ratio – quarter annualized	4.3x	4.4x	4.5x	4.7x	4.5x
Fixed-charge coverage ratio – trailing 12 months	4.5x	4.5x	4.6x	4.7x	4.7x
Unencumbered net operating income as a percentage of total net operating income	99.9%	99.1%	99.1%	99.3%	99.8%
Closing stock price at end of period	$97.55	$118.75	$116.97	$128.91	$126.77
Common shares outstanding (in thousands) at end of period	172,203	172,244	172,018	172,008	171,911
Total equity capitalization at end of period	$16,798,446	$20,454,023	$20,120,907	$22,173,547	$21,793,107
Total market capitalization at end of period	$29,042,820	$33,145,624	$32,544,962	$34,390,710	$33,108,749
Dividend per share – quarter/annualized	$1.32/$5.28	$1.30/$5.20	$1.30/$5.20	$1.27/$5.08	$1.27/$5.08
Dividend payout ratio for the quarter	55%	55%	55%	54%	56%
Dividend yield – annualized	5.4%	4.4%	4.4%	3.9%	4.0%
Amounts related to operating leases:
Operating lease liabilities at end of period	$507,127	$648,338	$379,223	$381,578	$382,883
Rent expense	$10,685	$10,180	$9,412	$8,683	$8,964
Capitalized interest	$81,586	$86,496	$81,039	$81,840	$89,115
Average real estate basis capitalized during the period	$8,118,010	$8,281,318	$7,936,612	$8,163,289	$9,116,700
Weighted-average interest rate for capitalization of interest during the period	4.02%	3.98%	3.96%	3.92%	3.92%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	17
---	---		Financial and Asset Base Highlights (continued)
---
December 31, 2024
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
	Three Months Ended (unless stated otherwise)
---	---	---	---	---	---
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue	17,653	$29,087	$48,338	$48,251	$41,586
Amortization of acquired below-market leases	15,512	$17,312	$22,515	$30,340	$23,684
Amortization of deferred revenue related to tenant-funded and -built landlord improvements	1,214	$329	$—	$—	$—
Straight-line rent expense on ground leases	1,021	$789	$341	$358	$366
Cash payment for ground lease extension	(135,000)	$—	$—	$—	$—
Stock compensation expense	12,477	$15,525	$14,507	$17,125	$34,592
Amortization of loan fees	4,620	$4,222	$4,146	$4,142	$4,059
Amortization of debt discounts	333	$330	$328	$318	$309
Non-revenue-enhancing capital expenditures:
Building improvements	4,313	$4,270	$4,210	$4,293	$4,167
Tenant improvements and leasing commissions	81,918	$55,920	$15,724	$21,144	$12,155
Funds from operations attributable to noncontrolling interests	76,111	$78,113	$78,711	$79,535	$75,908
Operating statistics and related information (at end of period)
Number of properties – North America	391	406	408	410	411
RSF – North America (including development and redevelopment projects under construction)	44,124,001	46,748,734	47,085,993	47,206,639	47,228,485
Total square feet – North America	69,289,411	73,611,815	74,103,404	74,069,321	73,532,305
Annual rental revenue per occupied RSF – North America	56.98	$57.09	$56.87	$56.86	$56.08
Occupancy of operating properties – North America	94.6%	94.7%	94.6%	94.6%	94.6%
Occupancy of operating and redevelopment properties – North America	89.7%	89.7%	89.9%	90.2%	90.2%
Weighted-average remaining lease term (in years)	7.5	7.5	7.4	7.5	7.4
Total leasing activity – RSF	1,310,999	1,486,097	1,114,001	1,142,857	889,737
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes	18.1%	5.1%	7.4%	33.0%	9.2%
Rental rate changes (cash basis)	3.3%	1.5%	3.7%	19.0%	5.5%
RSF (included in total leasing activity above)	1,024,862	1,278,857	589,650	994,770	477,142
Top 20 tenants:
Annual rental revenue	741,965	$796,898	$805,751	$802,605	$769,066
Annual rental revenue from investment-grade or publicly traded large cap tenants	92%	92%	92%	92%	92%
Weighted-average remaining lease term (in years)	9.3	9.5	9.4	9.7	9.6
Same property – percentage change over comparable quarter from prior year:
Net operating income changes	0.6%	1.5%	1.5%	1.0%	0.7%
Net operating income changes (cash basis)	6.3%	6.5%	3.9%	4.2%	0.8%

All values are in US Dollars.

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents a ground lease payment related to an amendment to our existing ground lease agreement at the Alexandria Technology Square® Megacampus in our Cambridge submarket completed in July 2024, which required that

we prepay our entire rent obligation for a 24-year lease term extension aggregating $270.0 million, including $135.0 million in 4Q24.

(2)Includes tenant improvements and leasing commissions for leases aggregating 319,708 RSF related to (i) a 10-year lease with an anchor tenant expanding into its flagship building in our Greater Stanford submarket and (ii) a 10-

year lease, with rental rate increases of 83.3% and 42.3% (cash basis), in our Torrey Pines submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing commissions per RSF for

the three months and year ended December 31, 2024 were $28.40 and $32.83, respectively, which are consistent with the five-year quarterly average of $29.98 per RSF. Tenant improvements and leasing commissions on renewed

and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the past five years.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 18 | | --- | --- || High-Quality and Diverse Client Base | | --- | | December 31, 2024 | | Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants | | | --- | --- | | | Investment-Grade or Publicly Traded Large Cap Tenants | | | 92% | | | of ARE’s Top 20 Tenant Annual Rental Revenue | | | 52% | | Percentage of ARE’s Annual Rental Revenue | of ARE’s Annual Rental Revenue |

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public Biotechnology –

Preclinical or Clinical

Stage

Private

Biotechnology

Other(1)

Other Investment-Grade

or Large Cap Tech

Biomedical and

Government

Institutions

As of December 31, 2024. Annual rental revenue represents amounts in effect as of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating

annual rental revenue from unconsolidated real estate joint ventures.

1.0% of our annual rental revenue.

Long-Duration and Stable Cash Flows From

High-Quality and Diverse Tenants

Sustained Strength in Tenant Collections(1)
99.9%	99.5%
4Q24	January 2025
Long-Duration Lease Terms
9.3 Years	7.5 Years
Top 20 Tenants	All Tenants
Weighted-Average Remaining Term(2)

(1)Represents the portion of total receivables billed for each period collected as of January 27, 2025.

(2)Based on annual rental revenue in effect as of December 31, 2024.

Solid Historical Occupancy of 96% Over Past 10 Years(1) From

Historically Strong Demand for Our Class A/A+ Properties in AAA Locations

Annual Rental Revenue	Occupancy Across Key Locations
Percentage of ARE’s<br><br>Annual Rental Revenue

(2)

Megacampus™

Core and

Non-Core

(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2015 through 2024.

(2)Refer to footnote 1 under “Summary of occupancy” in “Summary of properties and occupancy” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 21 | | --- | --- || Key Operating Metrics | | --- | | December 31, 2024 | | Same Property Net Operating Income Growth | | | | | Rental Rate Growth: Renewed/Re-Leased Space | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Margins(1) | | | | | Favorable Lease Structure(2) | | | | Operating | Adjusted EBITDA | | | | Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems | | | | 70% | 72% | | | | Increasing cash flows | | | | | | | Percentage of leases containing annual rent escalations | | | 97% | | | | | Stable cash flows | | | | | Weighted-Average Lease Term of Executed Leases(3) | | | | | Percentage of triple net leases | | 92% | | 8.9 Years | | | | | Lower capex burden | | | | | | Percentage of leases providing for the recapture of capital expenditures | | 92% |

Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation

from the most directly comparable financial measure presented in accordance with GAAP.

(1)For the three months ended December 31, 2024.

(2)Percentages calculated based on our annual rental revenue in effect as of December 31, 2024.

(3)Represents the weighted-average lease term of executed leases based on annual rental revenue for the 10-year period for the years ended December 31, 2015 through 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 22 | | --- | --- || Same Property Performance | | --- | | December 31, 2024 | | (Dollars in thousands) | | | December 31, 2024 | | | December 31, 2024 | | | --- | --- | --- | --- | --- | --- | | Same Property Financial Data | Three Months Ended | Year Ended | Same Property Statistical Data | Three Months Ended | Year Ended | | Percentage change over comparable period from prior year: | | | Number of same properties | 332 | 321 | | Net operating income changes | 0.6% | 1.2% | Rentable square feet | 33,512,862 | 31,670,359 | | Net operating income changes (cash basis) | 6.3% | 4.6% | Occupancy – current-period average | 94.8% | 94.2% | | Operating margin | 67% | 68% | Occupancy – same-period prior-year average | 94.0% | 93.9% || | Three Months Ended December 31, | | | | Year Ended December 31, | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | | Income from rentals: | | | | | | | | | | Same properties | $452,037 | $437,539 | $14,498 | 3.3% | $1,685,654 | $1,640,232 | $45,422 | 2.8% | | Non-same properties | 114,498 | 123,889 | (9,391) | (7.6) | 618,685 | 503,739 | 114,946 | 22.8 | | Rental revenues | 566,535 | 561,428 | 5,107 | 0.9 | 2,304,339 | 2,143,971 | 160,368 | 7.5 | | Same properties | 167,376 | 160,270 | 7,106 | 4.4 | 612,600 | 598,442 | 14,158 | 2.4 | | Non-same properties | 29,338 | 20,939 | 8,399 | 40.1 | 132,767 | 100,043 | 32,724 | 32.7 | | Tenant recoveries | 196,714 | 181,209 | 15,505 | 8.6 | 745,367 | 698,485 | 46,882 | 6.7 | | Income from rentals | 763,249 | 742,637 | 20,612 | 2.8 | 3,049,706 | 2,842,456 | 207,250 | 7.3 | | Same properties | 683 | 317 | 366 | 115.5 | 1,740 | 1,675 | 65 | 3.9 | | Non-same properties | 25,013 | 14,262 | 10,751 | 75.4 | 64,948 | 41,568 | 23,380 | 56.2 | | Other income | 25,696 | 14,579 | 11,117 | 76.3 | 66,688 | 43,243 | 23,445 | 54.2 | | Same properties | 620,096 | 598,126 | 21,970 | 3.7 | 2,299,994 | 2,240,349 | 59,645 | 2.7 | | Non-same properties | 168,849 | 159,090 | 9,759 | 6.1 | 816,400 | 645,350 | 171,050 | 26.5 | | Total revenues | 788,945 | 757,216 | 31,729 | 4.2 | 3,116,394 | 2,885,699 | 230,695 | 8.0 | | Same properties | 204,812 | 185,148 | 19,664 | 10.6 | 734,965 | 693,574 | 41,391 | 6.0 | | Non-same properties | 35,620 | 37,578 | (1,958) | (5.2) | 174,300 | 165,606 | 8,694 | 5.2 | | Rental operations | 240,432 | 222,726 | 17,706 | 7.9 | 909,265 | 859,180 | 50,085 | 5.8 | | Same properties | 415,284 | 412,978 | 2,306 | 0.6 | 1,565,029 | 1,546,775 | 18,254 | 1.2 | | Non-same properties | 133,229 | 121,512 | 11,717 | 9.6 | 642,100 | 479,744 | 162,356 | 33.8 | | Net operating income | $548,513 | $534,490 | $14,023 | 2.6% | $2,207,129 | $2,026,519 | $180,610 | 8.9% | | Net operating income – same properties | $415,284 | $412,978 | $2,306 | 0.6% | $1,565,029 | $1,546,775 | $18,254 | 1.2% | | Straight-line rent revenue | 72 | (24,271) | 24,343 | (100.3) | (31,326) | (85,412) | 54,086 | (63.3) | | Amortization of acquired below-market leases | (12,717) | (9,969) | (2,748) | 27.6 | (44,683) | (37,985) | (6,698) | 17.6 | | Net operating income – same properties (cash basis) | $402,639 | $378,738 | $23,901 | 6.3% | $1,489,020 | $1,423,378 | $65,642 | 4.6% |

Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also

contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 23 | | --- | --- || Leasing Activity | | --- | | December 31, 2024 | | (Dollars per RSF) | | | | Three Months Ended | | | Year Ended | | | Year Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | December 31, 2024 | | | December 31, 2024 | | | December 31, 2023 | | | | Including Straight-Line Rent | | Cash Basis | | | Cash Basis | | | | | Leasing activity: | | | | | | | | | | | Renewed/re-leased space(1) | | | | | | | | | | | Rental rate changes | | 18.1% | | 3.3% | 16.9% | | 7.2% | 29.4% | 15.8% | | New rates | | 71.14 | | 69.14 | 65.48 | | 64.18 | 52.35 | $50.82 | | Expiring rates | | 60.24 | | 66.96 | 56.01 | | 59.85 | 40.46 | $43.87 | | RSF | | 1,024,862 | | | 3,888,139 | | | 3,046,386 | | | Tenant improvements/leasing commissions | | 82.64 | | | 46.89 | | | 26.09 | | | Weighted-average lease term | | 8.0 years | | | 8.5 years | | | 8.7 years | | | Developed/redeveloped/previously vacant space leased(3) | | | | | | | | | | | New rates | | 44.06 | | 40.69 | 59.44 | | 57.34 | 65.66 | $59.74 | | RSF | | 286,137 | | | 1,165,815 | | | 1,259,686 | | | Weighted-average lease term | | 14.8 years | | | 10.0 years | | | 13.8 years | | | Leasing activity summary (totals): | | | | | | | | | | | New rates | | 65.46 | | 63.17 | 64.16 | | 62.68 | 56.09 | $53.33 | | RSF | | 1,310,999 | | | 5,053,954 | | | 4,306,072 | | | Weighted-average lease term | | 9.5 years | | | 8.9 years | | | 11.3 years | | | Lease expirations(1) | | | | | | | | | | | Expiring rates | | 59.52 | | 66.14 | 53.82 | | 57.24 | 43.84 | $45.20 | | RSF | | 1,204,079 | | | 5,005,638 | | | 5,027,773 | |

All values are in US Dollars.

Leasing activity includes 100% of results for properties in North America in which we have an investment.

(1)Excludes month-to-month leases aggregating 136,131 RSF and 86,092 RSF as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, we granted free rent concessions averaging 0.7

months per annum.

(ii) a 10-year lease, with rental rate increases of 83.3% and 42.3% (cash basis), in our Torrey Pines submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing

commissions per RSF for the three months and year ended December 31, 2024 were $28.40 and $32.83, respectively, which are consistent with the five-year quarterly average of $29.98 per RSF. Tenant improvements

and leasing commissions on renewed and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the

past five years.

(3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 24 | | --- | --- || Contractual Lease Expirations | | --- | | December 31, 2024 | | Year | | | RSF | | Percentage of Occupied RSF | | Annual Rental Revenue (per RSF)(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | (2) | | 3,708,195 | | 10.0% | | 45.91 | 8.2% | | | 2026 | | | 2,826,993 | | 7.7% | | 50.73 | 6.9% | | | 2027 | | | 3,302,598 | | 8.9% | | 53.80 | 8.6% | | | 2028 | | | 3,944,440 | | 10.7% | | 49.78 | 9.5% | | | 2029 | | | 2,385,914 | | 6.5% | | 51.30 | 5.9% | | | 2030 | | | 3,144,561 | | 8.5% | | 43.11 | 6.5% | | | 2031 | | | 3,433,958 | | 9.3% | | 54.76 | 9.1% | | | 2032 | | | 1,005,689 | | 2.7% | | 58.96 | 2.9% | | | 2033 | | | 2,585,813 | | 7.0% | | 47.77 | 5.9% | | | 2034 | | | 3,304,105 | | 8.9% | | 66.90 | 10.6% | | Thereafter | | | | 7,291,855 | | 19.8% | | 73.85 | 25.9% |

All values are in US Dollars.

Market	2025 Contractual Lease Expirations (in RSF)					Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)	2026 Contractual Lease Expirations (in RSF)					Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)
	Leased	Negotiating/<br><br>Anticipating	Targeted for<br><br>Future<br><br>Development/<br><br>Redevelopment(3)	Remaining<br><br>Expiring<br><br>Leases(4)	Total(2)		Leased	Negotiating/<br><br>Anticipating	Targeted for<br><br>Future<br><br>Development/<br><br>Redevelopment	Remaining<br><br>Expiring<br><br>Leases(4)	Total
Greater Boston	127,804	99,201	25,312	364,741	617,058	$42.40	46,858	9,874	—	391,196	447,928	$54.42
San Francisco Bay Area	245,347	184,286	—	308,637	738,270	73.49	1,619	4,753	—	511,665	518,037	66.72
San Diego	144,673	18,813	278,606	202,285	644,377	20.58	—	—	—	822,140	822,140	49.60
Seattle	—	12,237	—	177,932	190,169	25.16	—	18,205	—	102,551	120,756	43.62
Maryland	51,593	—	—	141,349	192,942	26.28	—	—	—	321,676	321,676	23.61
Research Triangle	11,632	16,334	—	170,938	198,904	44.71	—	19,753	—	115,221	134,974	45.64
New York City	—	27,912	—	40,347	68,259	110.42	—	104,157	—	71,470	175,627	93.58
Texas	—	—	198,972	—	198,972	N/A	—	—	—	—	—	—
Canada	22,991	—	—	65,873	88,864	20.03	—	247,743	—	—	247,743	22.24
Non-cluster/other markets	—	—	—	2,300	2,300	40.17	—	—	—	38,112	38,112	70.34
Subtotal	604,040	358,783	502,890	1,474,402	2,940,115	41.78	48,477	404,485	—	2,374,031	2,826,993	50.73
Key 1Q25 lease expirations(5)	23,522	112,831	—	631,727	768,080	61.67	—	—	—	—	—	—
Total	627,562	471,614	502,890	2,106,129	3,708,195	$45.91	48,477	404,485	—	2,374,031	2,826,993	$50.73
Percentage of expiring leases	17%	13%	14%	56%	100%		2%	14%	0%	84%	100%

Contractual lease expirations for properties classified as held for sale as of December 31, 2024 are excluded from the information on this page.

(1)Represents amounts in effect as of December 31, 2024.

(2)Excludes month-to-month leases aggregating 136,131 RSF as of December 31, 2024. Refer to “Leasing Activity” in the Supplemental Information for additional details.

(3)Primarily represents assets that were recently acquired for future development and redevelopment opportunities, for which we expect, subject to market conditions and leasing, to commence first-time conversion from non-laboratory space

to laboratory space, or to commence future ground-up development. As of December 31, 2024, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $7.0 million and February 18, 2025,

respectively. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(4)The largest remaining contractual lease expiration in 2025 is 98,741 RSF in our Sorrento Mesa submarket, where we are in early discussions to renew the tenant for a short-term extension, and in 2026 is 163,648 RSF in our University

Town Center submarket, where we have an ownership interest of 30.0% and are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy.

(5)Includes expected temporary vacancies aggregating 768,080 RSF in four submarkets with a weighted-average expiration date of January 21, 2025 and annual rental revenue aggregating approximately $47 million with our share of this

annual rental revenue aggregating $35 million comprising the following: (i) 182,054 RSF at Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street, where we have an ownership

interest of 25.0%, in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties aggregating 247,246 RSF in our Austin submarket. We expect downtime on the 768,080

RSF to range from 12 to 24 months on a weighted-average basis. Our guidance assumes these properties remain operating properties and are included in our same property pool for the year ending December 31, 2025. As of December

31, 2024, 23,522 RSF was leased, 112,831 RSF was under signed letters of intent to re-lease, 527,196 RSF was involved in ongoing discussions for re-lease, and we expect to favorably resolve the remaining 104,531 RSF over the next

several quarters.

92% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

	Tenant						Percentage of<br><br>Annual Rental<br><br>Revenue(1)	Investment-Grade<br><br>Credit Ratings		Average<br><br>Market Cap<br><br>(in billions)
					Moody’s	S&P
1	Eli Lilly and Company	8.4		1,122,777		$90,259	4.3%	A1	A+	$769.8
2	Moderna, Inc.	11.3		634,045		90,103	4.3	—	—	$35.1
3	Bristol-Myers Squibb Company	5.4		999,379		77,188	3.7	A2	A	$100.6
4	Takeda Pharmaceutical Company Limited	10.4		549,759		47,899	2.3	Baa1	BBB+	$44.2
5	Roche	8.2		647,069		37,405	1.8	Aa2	AA	$232.8
6	Illumina, Inc.	5.9		857,967		35,924	1.7	Baa3	BBB	$20.6
7	Alphabet Inc.	2.8		625,015		34,899	1.7	Aa2	AA+	$2,032.2
8	2seventy bio, Inc.(2)	8.7		312,805		33,543	1.6	—	—	$0.2
9	United States Government	5.6		429,359		28,861	1.4	Aaa	AA+	$—
10	Cloud Software Group, Inc.	2.2	(3)	292,013		28,537	1.4	—	—	$—
11	Novartis AG	3.5		448,690		27,958	1.3	Aa3	AA-	$235.1
12	Uber Technologies, Inc.	57.8	(4)	1,009,188		27,787	1.3	Baa2	BBB-	$147.7
13	AstraZeneca PLC	4.8		450,848		27,226	1.3	A2	A+	$226.6
14	Boston Children's Hospital	12.2		309,231		26,154	1.2	Aa2	AA	$—
15	The Regents of the University of California	6.4		372,647		23,515	1.1	Aa2	AA	$—
16	Sanofi	6.0		267,278		21,444	1.0	A1	AA	$127.9
17	Merck & Co., Inc.	8.5		337,703		21,401	1.0	A1	A+	$300.0
18	New York University	7.1		218,983		21,056	1.0	Aa2	AA-	$—
19	Charles River Laboratories, Inc.	10.3		255,635		20,578	1.0	—	—	$11.1
20	Massachusetts Institute of Technology	5.0		237,849		20,228	1.0	Aaa	AAA	$—
	Total/weighted-average	9.3	(4)	10,378,240		$741,965	35.4%

Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the

Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.

(1)Based on annual rental revenue in effect as of December 31, 2024.

(2)Includes approximately 195,000 RSF, or 62.8% of the annual rental revenue generated from 2seventy bio as of December 31, 2024, that is subleased to Regeneron Pharmaceuticals, Inc., an investment-grade publicly traded biotechnology

company. As of September 30, 2024, 2seventy bio, Inc. held $192.4 million of cash, cash equivalents, and marketable securities. Additionally, 90.2% of the annual rental revenue generated by 2seventy bio is guaranteed by another related

public biotechnology company.

(3)Consists of one lease at a property acquired in 2022 with future development and redevelopment opportunities. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we acquired the

property.

(4)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by our

unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue

from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.5 years as of December 31, 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 26 | | --- | --- || Summary of Properties and Occupancy | | --- | | December 31, 2024 | | (Dollars in thousands, except per RSF amounts) |

Summary of properties

Market	RSF					Number of<br><br>Properties	Annual Rental Revenue
	Operating	Development	Redevelopment	Total	% of Total		Total	% of Total	Per RSF
Greater Boston	9,260,235	632,850	1,601,010	11,494,095	26%	64	$760,564	36%	$86.67
San Francisco Bay Area	7,680,005	394,781	366,939	8,441,725	19	65	443,345	21	66.78
San Diego	7,382,450	921,510	—	8,303,960	19	79	326,925	16	45.97
Seattle	3,186,812	227,577	—	3,414,389	8	45	136,014	5	46.19
Maryland	3,849,928	—	—	3,849,928	9	50	144,032	7	39.53
Research Triangle	3,802,204	—	—	3,802,204	9	38	116,808	6	31.53
New York City	921,774	—	—	921,774	2	4	73,534	4	90.26
Texas	1,845,159	—	73,298	1,918,457	4	15	44,022	2	24.99
Canada	888,189	—	139,311	1,027,500	2	11	19,661	1	23.08
Non-cluster/other markets	349,099	—	—	349,099	1	10	15,027	1	59.35
Properties held for sale	600,870	—	—	600,870	1	10	13,056	1	N/A
North America	39,766,725	2,176,718	2,180,558	44,124,001	100%	391	$2,092,988	100%	$56.98
		4,357,276

Summary of occupancy

	Operating Properties				Operating and Redevelopment Properties
Market	12/31/24		9/30/24	12/31/23	12/31/24	9/30/24	12/31/23
Greater Boston	94.8%		94.6%	94.9%	80.8%	80.9%	84.7%
San Francisco Bay Area	93.3		94.1	94.8	89.1	91.1	91.4
San Diego	96.3		96.0	94.1	96.3	96.0	94.1
Seattle	92.4		92.3	95.2	92.4	91.3	90.7
Maryland	95.7		96.2	95.6	95.7	96.2	95.6
Research Triangle	97.4		97.5	97.8	97.4	97.5	97.8
New York City	88.4	(1)	85.1	85.3	88.4	85.1	85.3
Texas	95.5		95.5	95.1	91.8	91.8	91.5
Subtotal	94.8		94.9	94.9	90.0	90.0	90.7
Canada	95.9		95.5	87.1	82.9	82.6	73.0
Non-cluster/other markets	72.5		72.8	78.5	72.5	72.8	78.5
North America	94.6%	(2)	94.7%	94.6%	89.7%	89.7%	90.2%

(1)The Alexandria Center® for Life Science – New York City Megacampus is 98.7% occupied as of December 31, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for

Life Science – Long Island City property, which was 45.7% occupied as of December 31, 2024.

(2)Includes temporary vacancy as of December 31, 2024 aggregating 278,528 RSF that is leased and expected to be occupied upon completion of the tenant improvements to the spaces. The weighted-average

expected delivery date of these spaces is May 12, 2025.

Our Megacampus™ Properties Account for 77% of Our Annual Rental Revenue

Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Greater Boston
	Cambridge/Inner Suburbs
		Megacampus: Alexandria Center® at Kendall Square	2,199,030	—		—		2,199,030	7	$228,062	100.0%	100.0%
		50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 First Street, and 300<br><br>Third Street(1)
		Megacampus: Alexandria Center® at One Kendall Square	1,281,580	—		104,956		1,386,536	12	145,576	94.8	87.6
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800,<br><br>and 2000), 325 and 399 Binney Street, and One Hampshire Street
		Megacampus: Alexandria Technology Square®	1,185,190	—		—		1,185,190	7	110,969	97.7	97.7
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Megacampus: The Arsenal on the Charles	776,781	36,444		308,446		1,121,671	13	47,730	99.4	71.2
		311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,<br><br>1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
		Megacampus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street, and<br><br>99 Coolidge Avenue(1)	633,056	204,395		—		837,451	6	28,173	98.4	98.4
		Cambridge/Inner Suburbs	6,075,637	240,839		413,402		6,729,878	45	560,510	98.2	91.9
	Fenway
		Megacampus: Alexandria Center® for Life Science – Fenway	1,291,019	392,011		137,675		1,820,705	3	100,587	89.7	81.1
		401 and 421(1) Park Drive and 201 Brookline Avenue(1)
	Seaport Innovation District
		5 and 15(1) Necco Street	441,396	—		—		441,396	2	44,143	81.8	81.8
		Seaport Innovation District	441,396	—		—		441,396	2	44,143	81.8	81.8
	Route 128
		Megacampus: Alexandria Center® for Life Science – Waltham	466,094	—		596,064		1,062,158	5	36,659	100.0	43.9
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		19, 225, and 235 Presidential Way	585,226	—		—		585,226	3	13,937	100.0	100.0
		Route 128	1,051,320	—		596,064		1,647,384	8	50,596	100.0	63.8
	Other		400,863	—		453,869		854,732	6	4,728	59.7	28.0
		Greater Boston	9,260,235	632,850		1,601,010		11,494,095	64	$760,564	94.8%	80.8%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	28
---	---		Property Listing (continued)
---
December 31, 2024
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Francisco Bay Area
	Mission Bay
		Megacampus: Alexandria Center® for Science and Technology –<br><br>Mission Bay(1)	2,005,369	109,435		—		2,114,804	10	$90,452	95.1%	95.1%
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street,<br><br>1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard<br><br>South
		Mission Bay	2,005,369	109,435		—		2,114,804	10	90,452	95.1	95.1
	South San Francisco
		Megacampus: Alexandria Technology Center® – Gateway(1)	1,408,022	—		259,689		1,667,711	12	76,705	81.9	69.1
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)<br><br>Gateway Boulevard
		Megacampus: Alexandria Center® for Advanced Technologies – South San<br><br>Francisco	812,453	—		107,250		919,703	5	52,990	100.0	88.3
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	504,053	—		—		504,053	3	32,767	93.9	93.9
		201 Haskins Way and 400 and 450 East Jamie Court
		Megacampus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	3,829	100.0	100.0
		1122 and 1150 El Camino Real
		Alexandria Center® for Life Science – Millbrae(1)	—	285,346		—		285,346	1	—	N/A	N/A
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,680	100.0	100.0
		South San Francisco	3,325,445	285,346		366,939		3,977,730	24	176,971	91.4	82.3
	Greater Stanford
		Megacampus: Alexandria Center® for Life Science – San Carlos	738,038	—		—		738,038	9	41,671	94.5	94.5
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	704,560	—		—		704,560	9	75,771	98.5	98.5
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and<br><br>3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	340,103	—		—		340,103	5	23,603	82.9	82.9
		3875 Fabian Way	228,000	—		—		228,000	1	9,402	100.0	100.0
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	198,558	—		—		198,558	3	15,902	89.4	89.4
		2100, 2200, and 2400 Geng Road	78,501	—		—		78,501	3	4,803	100.0	100.0
		3350 West Bayshore Road	61,431	—		—		61,431	1	4,770	100.0	100.0
		Greater Stanford	2,349,191	—		—		2,349,191	31	175,922	94.5	94.5
		San Francisco Bay Area	7,680,005	394,781		366,939		8,441,725	65	$443,345	93.3%	89.1%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.<br><br>(2)We own 100% of this property.<br><br>(3)In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025.<br><br>Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. Refer to “New Class A/A+ development and<br><br>redevelopment properties: current projects” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	29
---	---		Property Listing (continued)
---
December 31, 2024
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Diego
	Torrey Pines
		Megacampus: One Alexandria Square	840,192	241,504		—		1,081,696	10	$47,915	99.0%	99.0%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,<br><br>10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road,<br><br>and 3545 Cray Court
		ARE Torrey Ridge	299,138	—		—		299,138	3	13,263	79.7	79.7
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	218,459	—		—		218,459	4	12,184	97.7	97.7
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics<br><br>Court
		Torrey Pines	1,357,789	241,504		—		1,599,293	17	73,362	94.5	94.5
	University Town Center
		Megacampus: Campus Point by Alexandria(1)	1,594,463	426,927		—		2,021,390	10	86,469	98.0	98.0
		9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135,<br><br>4155, 4161, 4224, and 4242 Campus Point Court
		Megacampus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978	100.0	100.0
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	6,520	100.0	100.0
		University Town Center	2,550,798	426,927		—		2,977,725	17	122,967	98.8	98.8
	Sorrento Mesa
		Megacampus: SD Tech by Alexandria(1)	878,805	253,079		—		1,131,884	12	39,988	93.6	93.6
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505<br><br>Morehouse Drive(2), and 10055, 10065, and 10075 Barnes Canyon Road
		Megacampus: Sequence District by Alexandria	801,575	—		—		801,575	7	28,766	100.0	100.0
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)	544,352	—		—		544,352	5	9,352	92.8	92.8
		9389, 9393, 9401, 9455, and 9477 Waples Street
		Summers Ridge Science Park(1)	316,531	—		—		316,531	4	11,521	100.0	100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		Scripps Science Park by Alexandria	144,113	—		—		144,113	1	11,379	100.0	100.0
		10102 Hoyt Park Drive
		ARE Portola	101,857	—		—		101,857	3	4,022	100.0	100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	4,581	100.0	100.0
		9877 Waples Street	63,774	—		—		63,774	1	2,680	100.0	100.0
		5871 Oberlin Drive	33,842	—		—		33,842	1	1,909	100.0	100.0
		Sorrento Mesa	2,968,203	253,079		—		3,221,282	35	$114,198	96.8%	96.8%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.<br><br>(2)We own 100% of this property.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	30
---	---		Property Listing (continued)
---
December 31, 2024
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Diego (continued)
	Sorrento Valley
		3911, 3931, and 3985 Sorrento Valley Boulevard	151,406	—		—		151,406	6	$3,970	54.0%	54.0%
		11045 and 11055 Roselle Street	43,233	—		—		43,233	2	2,203	100.0	100.0
		Sorrento Valley	194,639	—		—		194,639	8	6,173	64.2	64.2
	Other		311,021	—		—		311,021	2	10,225	100.0	100.0
		San Diego	7,382,450	921,510		—		8,303,960	79	326,925	96.3	96.3
Seattle
	Lake Union
		Megacampus: Alexandria Center® for Life Science – Eastlake	1,152,644	—		—		1,152,644	9	77,461	95.6	95.6
		1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and<br><br>199(1) East Blaine Street, and 1600 Fairview Avenue East
		Megacampus: Alexandria Center® for Life Science – South Lake Union	381,380	227,577		—		608,957	3	21,890	99.6	99.6
		400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North
		219 Terry Avenue North	31,797	—		—		31,797	1	1,339	56.9	56.9
		Lake Union	1,565,821	227,577		—		1,793,398	13	100,690	95.8	95.8
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West	20,101	—		—		20,101	2	710	100.0	100.0
	Bothell
		Megacampus: Alexandria Center® for Advanced Technologies – Canyon<br><br>Park	1,061,778	—		—		1,061,778	22	21,482	87.7	87.7
		22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,<br><br>22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522,<br><br>22722, and 22745 29th Drive Southeast, 21540, 22213 and 22309 30th<br><br>Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street<br><br>Southeast
		Alexandria Center® for Advanced Technologies – Monte Villa Parkway	463,449	—		—		463,449	6	12,290	90.3	90.3
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,525,227	—		—		1,525,227	28	33,772	88.5	88.5
	Other		75,663	—		—		75,663	2	842	98.5	98.5
		Seattle	3,186,812	227,577		—		3,414,389	45	$136,014	92.4%	92.4%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	31
---	---		Property Listing (continued)
---
December 31, 2024
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Maryland
	Rockville
		Megacampus: Alexandria Center® for Life Science – Shady Grove	1,692,350	—		—		1,692,350	20	$79,076	97.5%	97.5%
		9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950<br><br>Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward<br><br>Campus Drive, and 9810 and 9820 Darnestown Road
		1330 Piccard Drive	131,508	—		—		131,508	1	4,323	100.0	100.0
		1405 and 1450(1) Research Boulevard	114,849	—		—		114,849	2	3,029	73.3	73.3
		1500 and 1550 East Gude Drive	91,359	—		—		91,359	2	1,844	100.0	100.0
		5 Research Place	63,852	—		—		63,852	1	3,082	100.0	100.0
		5 Research Court	51,520	—		—		51,520	1	1,976	100.0	100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,598	100.0	100.0
		Rockville	2,194,623	—		—		2,194,623	28	94,928	96.7	96.7
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	619,061	—		—		619,061	9	19,603	93.6	93.6
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940<br><br>Clopper Road
		Alexandria Technology Center® – Gaithersburg II	486,301	—		—		486,301	7	18,816	100.0	100.0
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield<br><br>Road
		20400 Century Boulevard	81,006	—		—		81,006	1	2,107	100.0	100.0
		401 Professional Drive	63,154	—		—		63,154	1	1,949	90.1	90.1
		950 Wind River Lane	50,000	—		—		50,000	1	1,234	100.0	100.0
		620 Professional Drive	27,950	—		—		27,950	1	1,207	100.0	100.0
		Gaithersburg	1,327,472	—		—		1,327,472	20	44,916	96.6	96.6
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	2,974	97.7	97.7
		101 West Dickman Street(1)	135,949	—		—		135,949	1	1,214	69.9	69.9
		Beltsville	327,833	—		—		327,833	2	4,188	86.1	86.1
		Maryland	3,849,928	—		—		3,849,928	50	144,032	95.7	95.7
Research Triangle
	Research Triangle
		Megacampus: Alexandria Center® for Life Science – Durham	2,214,887	—		—		2,214,887	16	55,242	97.6	97.6
		6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31<br><br>Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
		Megacampus: Alexandria Center® for Advanced Technologies and AgTech<br><br>– Research Triangle	687,824	—		—		687,824	6	31,939	99.4	99.4
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Megacampus: Alexandria Center® for Sustainable Technologies	364,493	—		—		364,493	7	$11,979	91.8%	91.8%
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	32
---	---		Property Listing (continued)
---
December 31, 2024
(Dollars in thousands)
Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual Rental Revenue
---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Research Triangle (continued)
	Research Triangle (continued)
		Alexandria Technology Center® – Alston	155,731	—		—		155,731	3	4,126	94.7%
		100, 800, and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle	136,722	—		—		136,722	3	4,235	99.2
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,651	100.0
		407 Davis Drive	81,956	—		—		81,956	1	3,323	100.0
		601 Keystone Park Drive	77,595	—		—		77,595	1	2,313	100.0
		Research Triangle	3,802,204	—		—		3,802,204	38	116,808	97.4
New York City
	New York City
		Megacampus: Alexandria Center® for Life Science – New York City	742,586	—		—		742,586	3	67,864	98.7
		430 and 450 East 29th Street
		Alexandria Center® for Life Science – Long Island City	179,188	—		—		179,188	1	5,670	45.7
		30-02 48th Avenue
		New York City	921,774	—		—		921,774	4	73,534	88.4
Texas
	Austin
		Megacampus: Intersection Campus	1,525,359	—		—		1,525,359	12	39,955	99.2
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake<br><br>Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		1001 Trinity Street and 1020 Red River Street	198,972	—		—		198,972	2	895	100.0
		Austin	1,724,331	—		—		1,724,331	14	40,850	99.3
	Greater Houston
		Alexandria Center® for Advanced Technologies at The Woodlands	120,828	—		73,298		194,126	1	3,172	25.8
		8800 Technology Forest Place
		Texas	1,845,159	—		73,298		1,918,457	15	44,022	91.8
Canada			888,189	—		139,311		1,027,500	11	19,661	82.9
Non-cluster/other markets			349,099	—		—		349,099	10	15,027	72.5
North America, excluding properties held for sale			39,165,855	2,176,718		2,180,558		43,523,131	381	2,079,932	89.7%
Properties held for sale			600,870	—		—		600,870	10	13,056	39.6%
Total – North America			39,766,725	2,176,718		2,180,558		44,124,001	391	2,092,988

All values are in US Dollars.

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

ALEXANDRIA’S FUTURE GROWTH IN

ANNUAL NET OPERATING INCOME FROM

DEVELOPMENT AND REDEVELOPMENT DELIVERIES

$395 MILLION

(1)

Placed Into Service

Expected to Be Placed Into Service

2024	4Q24
$118M	$55M
1.5M RSF	602,593 RSF
98% Occupied
2025	1Q26–2Q28
---	---
$83M	$312M
89%<br><br>Leased/Negotiating
Aggregating 4.4M RSF

(2)

(3)

Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

(1)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 1Q25 through 2Q28 is projected to be $334 million.

(2)Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. Refer to the initial and stabilized

occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.

(3)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025.

Investments in real estate

		Development and Redevelopment
			Future Opportunities Subject to<br><br>Market Conditions and Leasing
	Operating	Under<br><br>Construction	Priority<br><br>Anticipated	Future	Subtotal	Total
Square footage
Operating	39,165,855	—	—	—	—	39,165,855
New Class A/A+ development and redevelopment properties	—	4,357,276	2,134,948	23,696,280	30,188,504	30,188,504
Future development and redevelopment square feet currently included in<br><br>rental properties(1)	—	—	(213,524)	(2,843,150)	(3,056,674)	(3,056,674)
Total square footage, excluding properties held for sale	39,165,855	4,357,276	1,921,424	20,853,130	27,131,830	66,297,685
Properties held for sale	600,870	—	—	2,390,856	2,390,856	2,991,726
Total square footage	39,766,725	4,357,276	1,921,424	23,243,986	29,522,686	69,289,411
Investments in real estate
Gross book value as of December 31, 2024(3)	$28,878,752	$3,893,557	$510,372	$4,452,537	$8,856,466	37,735,218

All values are in US Dollars.

(1)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.

(2)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2025 with dispositions and sales of partial interests primarily focused on sales of properties and

land parcels not integral to our Megacampus strategy.

(3)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint

ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 35 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Recent Deliveries | | --- | | December 31, 2024 | | 500 North Beacon Street and 4 Kingsbury Avenue(1) | 201 Brookline Avenue | 840 Winter Street | | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Fenway | Greater Boston/Route 128 | | 211,574 RSF | 512,749 RSF | 139,984 RSF | | 100% Occupancy | 98% Occupancy | 100% Occupancy || 10935, 10945, and 10955 Alexandria Way(2) | 4155 Campus Point Court | 9808 Medical Center Drive | | --- | --- | --- | | San Diego/Torrey Pines | San Diego/ University Town Center | Maryland/Rockville | | 93,492 RSF | 171,102 RSF | 95,061 RSF | | 100% Occupancy | 100% Occupancy | 69% Occupancy |

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.

(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 36 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) |

Incremental Annual Net Operating Income Generated From 2024 Deliveries

Aggregated $118 Million, Including $55 Million in 4Q24

Property/Market/Submarket		Our<br><br>Ownership<br><br>Interest	RSF Placed in Service								Total Project
	4Q24<br><br>Delivery<br><br>Date(1)		Prior to<br><br>1/1/24	1Q24	2Q24	3Q24	4Q24	Total		Initial<br><br>Stabilized
									RSF		Investment
Development projects
99 Coolidge Avenue/Greater Boston/<br><br>Cambridge/Inner Suburbs	N/A	75.0%	43,568	72,846	—	—	—	116,414	100%		320,809	468,000	7.1%		7.0%
500 North Beacon Street and 4<br><br>Kingsbury Avenue/Greater Boston/<br><br>Cambridge/Inner Suburbs	11/1/24	100%	—	100,624	37,913	—	73,037	211,574	100%		248,018	427,000	6.2		5.5
201 Brookline Avenue/Greater Boston/<br><br>Fenway	10/30/24	99.0%	451,967	—	—	—	60,782	512,749	98%		512,749	787,000	7.3		6.6
10935, 10945, and 10955 Alexandria<br><br>Way/San Diego/Torrey Pines	11/1/24	100%	—	—	—	—	93,492	93,492	100%		334,996	503,000	6.2		5.8
4155 Campus Point Court/San Diego/<br><br>University Town Center	11/7/24	55.0%	—	—	—	—	171,102	171,102	100%		171,102	184,000	8.0		6.4
1150 Eastlake Avenue East/Seattle/<br><br>Lake Union	N/A	100%	278,282	—	2,079	31,270	—	311,631	100%		311,631	442,000	6.6		6.7
9810 Darnestown Road/Maryland/<br><br>Rockville	N/A	100%	—	—	195,435	—	—	195,435	100%		195,435	135,000	7.1		6.2
9820 Darnestown Road/Maryland/<br><br>Rockville	N/A	100%	—	—	—	250,000	—	250,000	100%		250,000	177,000	8.7		5.6
9808 Medical Center Drive/Maryland/<br><br>Rockville	12/31/24	100%	26,460	—	25,655	13,056	29,890	95,061	69%		95,061	114,000	5.4		5.4
Redevelopment projects
840 Winter Street/Greater Boston/<br><br>Route 128	11/22/24	100%	—	—	—	—	139,984	139,984	100%		168,214	224,000	7.9	(3)	6.7	(3)
651 Gateway Boulevard/San Francisco<br><br>Bay Area/South San Francisco	N/A	50.0%	—	44,652	—	22,365	—	67,017	100%		326,706	487,000	5.0		5.1
Alexandria Center® for Advanced<br><br>Technologies – Monte Villa<br><br>Parkway/Seattle/Bothell	12/31/24	100%	65,086	115,598	—	—	34,306	214,990	90%		460,934	216,000	6.3		6.2
Canada	N/A	100%	44,862	9,725	23,900	—	—	78,487	100%		250,790	113,000	6.4		6.3
Weighted average/total	11/7/24		910,225	343,445	284,982	316,691	602,593	2,457,936			3,646,445	4,277,000	6.7%		6.2%

All values are in US Dollars.

Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.

(1)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.

(2)Occupancy relates to total operating RSF placed in service as of the most recent delivery.

(3)Represents initial stabilized yields upon completion and delivery of the project in 4Q24. However, we are actively negotiating with our existing anchor tenant to potentially relocate them to another Alexandria property to accommodate their

future growth, and if this occurs, our future returns on this asset could change as we backfill this building with a new tenant.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 37 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects | | --- | | December 31, 2024 | | 99 Coolidge Avenue | 500 North Beacon Street and 4 Kingsbury Avenue(1) | 311 Arsenal Street | 401 Park Drive | | --- | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Fenway | | 204,395 RSF | 36,444 RSF | 308,446 RSF | 137,675 RSF | | 62% Leased/Negotiating | 92% Leased/Negotiating | 21% Leased/Negotiating | —% Leased/Negotiating || 421 Park Drive | 40, 50, and 60 Sylvan Road | 1450 Owens Street | 651 Gateway Boulevard | | --- | --- | --- | --- | | Greater Boston/Fenway | Greater Boston/Route 128 | San Francisco Bay Area/ Mission Bay | San Francisco Bay Area/ South San Francisco | | 392,011 RSF | 596,064 RSF | 109,435 RSF | 259,689 RSF | | 13% Leased/Negotiating | 31% Leased/Negotiating(2) | —% Leased/Negotiating(3) | 21% Leased/Negotiating |

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.

(2)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket.

(3)Image represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership

interest of 75%, after which it will contribute its respective share of additional capital. Additionally, in 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or

approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to

be 25% at completion of the project.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 38 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) | | --- | | December 31, 2024 | | 230 Harriet Tubman Way | 269 East Grand Avenue | 10935, 10945, and 10955 Alexandria Way(1) | 4135 Campus Point Court | | --- | --- | --- | --- | | San Francisco Bay Area/ South San Francisco | San Francisco Bay Area/ South San Francisco | San Diego/Torrey Pines | San Diego/ University Town Center | | 285,346 RSF | 107,250 RSF | 241,504 RSF | 426,927 RSF | | 100% Leased | —% Leased/Negotiating | 100% Leased | 100% Leased || 10075 Barnes Canyon Road | 701 Dexter Avenue North | 8800 Technology Forest Place | | --- | --- | --- | | San Diego/Sorrento Mesa | Seattle/Lake Union | Texas/Greater Houston | | 253,079 RSF | 227,577 RSF | 73,298 RSF | | 70% Leased/Negotiating | —% Leased/Negotiating | 41% Leased/Negotiating |

(1)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 39 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) | | --- | | December 31, 2024 | | Property/Market/Submarket | | Square Footage | | | | Percentage | | | Occupancy(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Dev/Redev | In Service | | CIP | Total | Leased | Leased/ Negotiating | | Initial | | Stabilized | | Under construction | | | | | | | | | | | | | 2025 stabilization | | | | | | | | | | | | | 500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs | Dev | 211,574 | | 36,444 | 248,018 | 92% | 92% | | | 1Q24 | 2025 | | 230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco | Dev | — | | 285,346 | 285,346 | 100 | 100 | | | 1Q25 | 1Q25 | | Canada | Redev | 111,479 | | 139,311 | 250,790 | 73 | 75 | | | 3Q23 | 2025 | | | | 323,053 | | 461,101 | 784,154 | 89 | 89 | | | | | | 2026 and beyond stabilization | | | | | | | | | | | | | One Hampshire Street/Greater Boston/Cambridge | Redev | — | | 104,956 | 104,956 | — | — | | | 2027 | 2028 | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | Redev | 82,216 | (2) | 308,446 | 390,662 | 21 | 21 | | | 2027 | 2027 | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | Dev | 116,414 | | 204,395 | 320,809 | 40 | 62 | | | 4Q23 | 2026 | | 401 Park Drive/Greater Boston/Fenway(3) | Redev | — | | 137,675 | 137,675 | — | — | | | 2026 | 2026 | | 421 Park Drive/Greater Boston/Fenway | Dev | — | | 392,011 | 392,011 | 13 | 13 | | | 2026 | 2027 | | 40, 50, and 60 Sylvan Road/Greater Boston/Route 128 | Redev | — | | 596,064 | 596,064 | 31 | 31 | | | 2026 | 2027 | | Other/Greater Boston | Redev | — | | 453,869 | 453,869 | — | — | (4) | | 2027 | 2027 | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | Dev | — | | 109,435 | 109,435 | — | — | (5) | | 2026 | 2026 | | 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco | Redev | 67,017 | | 259,689 | 326,706 | 21 | 21 | | | 1Q24 | 2027 | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | Redev | — | | 107,250 | 107,250 | — | — | | | 2026 | 2027 | | 10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines | Dev | 93,492 | | 241,504 | 334,996 | 100 | 100 | | | 4Q24 | 2026 | | 4135 Campus Point Court/San Diego/University Town Center | Dev | — | | 426,927 | 426,927 | 100 | 100 | | | 2026 | 2026 | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | Dev | — | | 253,079 | 253,079 | 70 | 70 | | | 2025 | 2026 | | 701 Dexter Avenue North/Seattle/Lake Union | Dev | — | | 227,577 | 227,577 | — | — | | | 2026 | 2027 | | 8800 Technology Forest Place/Texas/Greater Houston | Redev | 50,094 | | 73,298 | 123,392 | 41 | 41 | | | 2Q23 | 2026 | | | | 409,233 | | 3,896,175 | 4,305,408 | 35 | 37 | | | | | | Total | | 732,286 | | 4,357,276 | 5,089,562 | 43% | 45% | | | | | | (1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)We expect to redevelop an additional 25,312 RSF of space occupied as of December 31, 2024 into laboratory space upon expiration of the existing leases through 1H25. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. (3)During 4Q24, we shifted the strategy of our 401 Park Drive redevelopment project to focus on the largest, most significant phase of the project. This phase aggregated 137,675 RSF and is expected to initially deliver and stabilize in 2026. Accordingly, we placed the less significant portion of the project that aggregated 22,284 RSF back into operations. (4)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses that will address demand from other non-Alexandria properties/campuses. (5)Represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership interest of 75%, after which it will contribute its respective share of additional capital. In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 40 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | | | At 100% | | | | Unlevered Yields | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property/Market/Submarket | In Service | | | | | | | Initial Stabilized (Cash Basis) | | | Under construction | | | | | | | | | | | 2025 stabilization | | | | | | | | | | | 500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs | | 378,021 | 37,026 | 11,953 | 427,000 | | 6.2% | | 5.5% | | 230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco | | — | 404,591 | 105,409 | 510,000 | | 7.4% | | 6.4% | | Canada | | 50,235 | 51,596 | 11,169 | 113,000 | | 6.4% | | 6.3% | | | | 428,256 | 493,213 | | | | | | | | 2026 and beyond stabilization(1) | | | | | | | | | | | One Hampshire Street/Greater Boston/Cambridge | | — | 164,957 | TBD | | | | | | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | | 60,649 | 240,342 | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | | 136,635 | 196,917 | 134,448 | 468,000 | | 7.1% | | 7.0% | | 401 Park Drive/Greater Boston/Fenway | | — | 151,301 | TBD | | | | | | | 421 Park Drive/Greater Boston/Fenway | | — | 463,079 | | | 40, 50, and 60 Sylvan Road/Greater Boston/Route 128 | | — | 449,484 | | | Other/Greater Boston | | — | 151,464 | | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | | — | 121,957 | | | 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco | | 87,376 | 258,708 | 140,916 | 487,000 | | 5.0% | | 5.1% | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | | — | 66,184 | TBD | | | | | | | 10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines | | 100,944 | 323,993 | 78,063 | 503,000 | | 6.2% | | 5.8% | | 4135 Campus Point Court/San Diego/University Town Center | | — | 347,039 | 176,961 | 524,000 | | 6.6% | | 6.2% | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | | — | 183,733 | 137,267 | 321,000 | | 5.5% | | 5.7% | | 701 Dexter Avenue North/Seattle/Lake Union | | — | 234,908 | TBD | | | | | | | 8800 Technology Forest Place/Texas/Greater Houston | | 59,794 | 46,278 | 5,928 | 112,000 | | 6.3% | | 6.0% | | | | 445,398 | 3,400,344 | | | | | | | | | | 873,654 | 3,893,557 | 2,740,000 | 7,510,000 | | | | | | Our share of investment(2)(3) | | 800,000 | 3,180,000 | 2,400,000 | 6,380,000 | | | | | | Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2026 and beyond over the next several quarters. (2)Represents dollar amount rounded to the nearest 10 million and includes preliminary estimated amounts for projects listed as TBD.(3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects. | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 41 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline | | --- | | December 31, 2024 | | (Dollars in thousands) |

68% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus™ Ecosystems

Market<br><br>Property/Submarket	Our<br><br>Ownership<br><br>Interest	Book Value	Square Footage

				Future Opportunities Subject to<br><br>Market Conditions and Leasing
				Priority<br><br>Anticipated		Future		Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge	100%	164,957	104,956		—		—		104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100%	288,993	344,890		25,312		34,157		404,359
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99<br><br>Coolidge Avenue/Cambridge/Inner Suburbs	(2)	285,870	204,395		—		902,000		1,106,395
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway	(3)	614,380	529,686		—		—		529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128	100%	512,996	596,064		—		515,000		1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: Alexandria Center® at Kendall Square/Cambridge	100%	204,128	—		—		174,500		174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge	100%	7,907	—		—		100,000		100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District	60.0%	288,527	—		—		1,040,000		1,040,000
10 Necco Street/Seaport Innovation District	100%	105,106	—		—		175,000		175,000
215 Presidential Way/Route 128	100%	6,816	—		—		112,000		112,000
Other development and redevelopment projects	(4)	405,145	453,869		—		1,365,496		1,819,365
		2,884,825	2,233,860		25,312		4,418,153		6,677,325
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have<br><br>future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real<br><br>estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.<br><br>(2)We have a 75.0% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF.<br><br>(3)We have a 100% interest in 401 Park Drive aggregating 137,675 RSF and a 99.8% interest in 421 Park Drive aggregating 392,011 RSF.<br><br>(4)Includes a property in which we own a partial interest through a real estate joint venture.

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 42 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Future Opportunities Subject to Market Conditions and Leasing | | | | | | | | | | | Priority Anticipated | | Future | | Total(1) | | | San Francisco Bay Area | | | | | | | | | | | Megacampus: Alexandria Center® for Science and Technology – Mission Bay/ Mission Bay | 25.1% | 121,957 | 109,435 | (2) | — | | — | | 109,435 | | 1450 Owens Street | | | | | | | | | | | Alexandria Center® for Life Science – Millbrae/South San Francisco | 48.2% | 568,776 | 285,346 | | 198,188 | | 150,213 | | 633,747 | | 230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road | | | | | | | | | | | Megacampus: Alexandria Technology Center® – Gateway/ South San Francisco | 50.0% | 285,334 | 259,689 | | — | | 291,000 | | 550,689 | | 651 Gateway Boulevard | | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco | 100% | 72,839 | 107,250 | | — | | 90,000 | | 197,250 | | 211(3) and 269 East Grand Avenue | | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco | 100% | 406,586 | — | | — | | 1,930,000 | | 1,930,000 | | 1122, 1150, and 1178 El Camino Real | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford | 100% | 455,849 | — | | — | | 1,497,830 | | 1,497,830 | | 960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road | | | | | | | | | | | 3825 and 3875 Fabian Way/Greater Stanford | 100% | 156,602 | — | | — | | 478,000 | | 478,000 | | 2100, 2200, 2300, and 2400 Geng Road/Greater Stanford | 100% | 37,264 | — | | — | | 240,000 | | 240,000 | | Megacampus: 88 Bluxome Street/SoMa | 100% | 397,952 | — | | — | | 1,070,925 | | 1,070,925 | | Other development and redevelopment projects | 100% | — | — | | — | | 56,924 | | 56,924 | | | | 2,503,159 | 761,720 | | 198,188 | | 5,804,892 | | 6,764,800 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. (3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 43 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Future Opportunities Subject to Market Conditions and Leasing | | | | | | | | | | | Priority Anticipated | | Future | | Total(1) | | | San Diego | | | | | | | | | | | Megacampus: One Alexandria Square/Torrey Pines | 100% | 382,913 | 241,504 | | — | | 125,280 | | 366,784 | | 10935 and 10945 Alexandria Way and 10975 and 10995 Torreyana Road | | | | | | | | | | | Megacampus: Campus Point by Alexandria/University Town Center | 55.0% | 492,221 | 426,927 | | 333,414 | | 634,043 | | 1,394,384 | | 10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165, and 4224 Campus Point Court | | | | | | | | | | | Megacampus: SD Tech by Alexandria/Sorrento Mesa | 50.0% | 346,929 | 253,079 | | 250,000 | | 243,845 | | 746,924 | | 9805 Scranton Road and 10075 Barnes Canyon Road | | | | | | | | | | | 11255 and 11355 North Torrey Pines Road/Torrey Pines | 100% | 153,104 | — | | 153,000 | | 62,000 | | 215,000 | | Megacampus: 5200 Illumina Way/University Town Center | 51.0% | 17,443 | — | | — | | 451,832 | | 451,832 | | 9625 Towne Centre Drive/University Town Center | 30.0% | 837 | — | | — | | 100,000 | | 100,000 | | Megacampus: Sequence District by Alexandria/Sorrento Mesa | 100% | 46,323 | — | | — | | 1,798,915 | | 1,798,915 | | 6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive | | | | | | | | | | | Scripps Science Park by Alexandria/Sorrento Mesa | 100% | 42,417 | — | | — | | 154,308 | | 154,308 | | 10256 and 10260 Meanley Drive | | | | | | | | | | | 4075 Sorrento Valley Boulevard/Sorrento Valley | 100% | 19,130 | — | | — | | 144,000 | | 144,000 | | Other development and redevelopment projects | (3) | 76,843 | — | | — | | 475,000 | | 475,000 | | | | 1,578,160 | 921,510 | | 736,414 | | 4,189,223 | | 5,847,147 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in this property. (3)Includes a property in which we own a partial interest through a real estate joint venture. | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 44 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Future Opportunities Subject to Market Conditions and Leasing | | | | | | | | | | | Priority Anticipated | | Future | | Total(1) | | | Seattle | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – South Lake Union/Lake Union | (2) | 516,743 | 227,577 | | 869,000 | | 188,400 | | 1,284,977 | | 601 and 701 Dexter Avenue North and 800 Mercer Street | | | | | | | | | | | 1010 4th Avenue South/SoDo | 100% | 59,996 | — | | — | | 544,825 | | 544,825 | | 410 West Harrison Street/Elliott Bay | 100% | — | — | | — | | 91,000 | | 91,000 | | Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/ Bothell | 100% | 18,066 | — | | — | | 230,000 | | 230,000 | | 21660 20th Avenue Southeast | | | | | | | | | | | Other development and redevelopment projects | 100% | 144,644 | — | | — | | 706,087 | | 706,087 | | | | 739,449 | 227,577 | | 869,000 | | 1,760,312 | | 2,856,889 | | Maryland | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville | 100% | 22,593 | — | | — | | 296,000 | | 296,000 | | 9830 Darnestown Road | | | | | | | | | | | | | 22,593 | — | | — | | 296,000 | | 296,000 | | Research Triangle | | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/Research Triangle | 100% | 106,906 | — | | 180,000 | | 990,000 | | 1,170,000 | | 4 and 12 Davis Drive | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle | 100% | 158,277 | — | | — | | 2,060,000 | | 2,060,000 | | Megacampus: Alexandria Center® for NextGen Medicines/ Research Triangle | 100% | 109,368 | — | | — | | 1,055,000 | | 1,055,000 | | 3029 East Cornwallis Road | | | | | | | | | | | Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle | 100% | 53,941 | — | | — | | 750,000 | | 750,000 | | 120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive | | | | | | | | | | | 100 Capitola Drive/Research Triangle | 100% | — | — | | — | | 65,965 | | 65,965 | | Other development and redevelopment projects | 100% | 4,185 | — | | — | | 76,262 | | 76,262 | | | | 432,677 | — | | 180,000 | | 4,997,227 | | 5,177,227 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the priority anticipated development project at 800 Mercer Street aggregating 869,000 RSF. | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 45 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Future Opportunities Subject to Market Conditions and Leasing | | | | | | | | | | | Priority Anticipated | | Future | | Total(1) | | | New York City | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – New York City/New York City | 100% | 168,423 | — | | — | | 550,000 | (2) | 550,000 | | | | 168,423 | — | | — | | 550,000 | | 550,000 | | Texas | | | | | | | | | | | Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston | 100% | 49,118 | 73,298 | | — | | 116,405 | | 189,703 | | 8800 Technology Forest Place | | | | | | | | | | | 1001 Trinity Street and 1020 Red River Street/Austin | 100% | 10,533 | — | | 126,034 | | 123,976 | | 250,010 | | Other development and redevelopment projects | 100% | 56,798 | — | | — | | 344,000 | | 344,000 | | | | 116,449 | 73,298 | | 126,034 | | 584,381 | | 783,713 | | Canada | 100% | 51,596 | 139,311 | | — | | 371,743 | | 511,054 | | Other development and redevelopment projects | 100% | 121,396 | — | | — | | 724,349 | | 724,349 | | Total pipeline as of December 31, 2024, excluding properties held for sale | | 8,618,727 | 4,357,276 | | 2,134,948 | | 23,696,280 | | 30,188,504 | | Properties held for sale | | 237,739 | — | | — | | 2,390,856 | | 2,390,856 | | Total pipeline as of December 31, 2024 | | 8,856,466 | 4,357,276 | | 2,134,948 | | 26,087,136 | | 32,579,360 |

All values are in US Dollars.

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Total square footage includes 3,056,674 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”

under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(2)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our

option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our 2024 Form 10-K filed with the Securities and Exchange

Commission on January 27, 2025 for additional details.

(3)Includes $3.9 billion of projects that are currently under construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 46 | | --- | --- || Construction Spending and Capitalization of Interest | | --- | | December 31, 2024 | | (Dollars in thousands) | | Construction spending | Year Ended December 31, 2024 | | Projected Midpoint for the Year Ending December 31, 2025 | | | --- | --- | --- | --- | --- | | Construction of Class A/A+ properties: | | | | | | Active construction projects | | | | | | Under construction(1) | $ | 1,791,097 | | | | Future pipeline pre-construction | | | | | | Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) | | 426,948 | | | | Revenue- and non-revenue-enhancing capital expenditures | | 273,377 | | (2) | | Construction spend (before contributions from noncontrolling interests or tenants) | | 2,491,422 | | | | Contributions from noncontrolling interests (consolidated real estate joint ventures) | | (343,797) | | (3) | | Tenant-funded and -built landlord improvements | | (129,153) | | | | Total construction spending | $ | 2,018,472 | | | | 2025 guidance range for construction spending | | | 1,450,000 – 2,050,000 | |

All values are in US Dollars.

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing	Amount(3)
2025		$230,000
2026 through 2028		454,086
Total		$684,086
Average real estate basis used for capitalization of interest
---	---	---	---	---
	Average Real Estate Basis Capitalized During the Year Ended 2024	Percentage of Total<br><br>Average Real Estate Basis Capitalized
Key Categories of Real Estate Basis Capitalized		2024		2025(4)
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)	2,924,369		36%	35%
Future pipeline pre-construction
Priority anticipated projects	508,108		6	50
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)	3,710,741		46
Smaller redevelopments and repositioning capital projects	981,589		12	15
	8,124,807		100%	100%

All values are in US Dollars.

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Includes projects under construction aggregating 4.4 million RSF that are expected to generate $395 million in annual incremental net operating income primarily commencing from 1Q25 through 2Q28.

(2)Represents revenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements for the year ending December 31, 2025. Our

share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected to be $370 million at the midpoint of our guidance for 2025 construction.

(3)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.

(4)Based upon the midpoint of our guidance range for 2025 capitalization of interest.

(5)Average real estate basis capitalized related to our future pipeline pre-construction activities includes 29% from four key active and future Megacampus development and redevelopment projects. Refer to the next page for additional details.

Key Active and Future Megacampus™ Development and Redevelopment Projects

Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future

development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 48 | | --- | --- || Joint Venture Financial Information | | --- | | December 31, 2024 | | Consolidated Real Estate Joint Ventures | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property | Market | Submarket | Noncontrolling Interest Share(1) | | | Operating RSF at 100% | | | | 50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 66.0% | | | 532,395 | | | 75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 60.0% | | | 388,270 | | | 100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | | 70.0% | | | 870,106 | | | 99 Coolidge Avenue | Greater Boston | Cambridge/Inner Suburbs | | 25.0% | | | 116,414 | (2) | | 15 Necco Street | Greater Boston | Seaport Innovation District | | 43.3% | | | 345,996 | | | 285, 299, 307, and 345 Dorchester Avenue | Greater Boston | Seaport Innovation District | | 40.0% | | | — | (2) | | Alexandria Center® for Science and Technology – Mission Bay(3) | San Francisco Bay Area | Mission Bay | | 75.0% | | | 996,181 | | | 1450 Owens Street | San Francisco Bay Area | Mission Bay | | 74.9% | (4) | | — | (2) | | 601, 611, 651(2), 681, 685, and 701 Gateway Boulevard | San Francisco Bay Area | South San Francisco | | 50.0% | | | 851,991 | | | 751 Gateway Boulevard | San Francisco Bay Area | South San Francisco | | 49.0% | | | 230,592 | | | 211(2) and 213 East Grand Avenue | San Francisco Bay Area | South San Francisco | | 70.0% | | | 300,930 | | | 500 Forbes Boulevard | San Francisco Bay Area | South San Francisco | | 90.0% | | | 155,685 | | | Alexandria Center® for Life Science – Millbrae | San Francisco Bay Area | South San Francisco | | 51.8% | | | — | (2) | | 3215 Merryfield Row | San Diego | Torrey Pines | | 70.0% | | | 170,523 | | | Campus Point by Alexandria(5) | San Diego | University Town Center | | 45.0% | | | 1,496,181 | | | 5200 Illumina Way | San Diego | University Town Center | | 49.0% | | | 792,687 | | | 9625 Towne Centre Drive | San Diego | University Town Center | | 70.0% | | | 163,648 | | | SD Tech by Alexandria(6) | San Diego | Sorrento Mesa | | 50.0% | | | 798,860 | | | Pacific Technology Park | San Diego | Sorrento Mesa | | 50.0% | | | 544,352 | | | Summers Ridge Science Park(7) | San Diego | Sorrento Mesa | | 70.0% | | | 316,531 | | | 1201 and 1208 Eastlake Avenue East | Seattle | Lake Union | | 70.0% | | | 206,134 | | | 199 East Blaine Street | Seattle | Lake Union | | 70.0% | | | 115,084 | | | 400 Dexter Avenue North | Seattle | Lake Union | | 70.0% | | | 290,754 | | | 800 Mercer Street | Seattle | Lake Union | | 40.0% | | | — | (2) | | Unconsolidated Real Estate Joint Ventures | | | | | | | | | | Property | Market | Submarket | Our Ownership Share(8) | | | Operating RSF at 100% | | | | 1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | | 10.0% | | | 586,208 | | | 1450 Research Boulevard | Maryland | Rockville | | 73.2% | (9) | | 42,679 | | | 101 West Dickman Street | Maryland | Beltsville | | 58.4% | (9) | | 135,949 | |

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)In addition to the consolidated real estate joint ventures listed, various joint venture partners hold insignificant noncontrolling interests in three other real estate joint ventures in North America.

(2)Represents a property currently under construction or in our development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information for

additional details.

(3)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(4)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes equity to fund the construction of the project over time.

(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(6)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(8)In addition to the unconsolidated real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture in North America.

(9)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 49 | | --- | --- || Joint Venture Financial Information (continued) | | --- | | December 31, 2024 | | (In thousands) | | | | As of December 31, 2024 | | | | --- | --- | --- | --- | --- | | | Noncontrolling Interest Share of Consolidated Real Estate JVs | | Our Share of Unconsolidated Real Estate JVs | | | Investments in real estate | $ | 4,240,036 | $ | 109,756 | | Cash, cash equivalents, and restricted cash | | 163,799 | | 3,218 | | Other assets | | 416,997 | | 10,019 | | Secured notes payable | | (37,330) | | (77,345) | | Other liabilities | | (274,083) | | (5,775) | | Redeemable noncontrolling interests | | (19,972) | | — | | | $ | 4,489,447 | $ | 39,873 || | Noncontrolling Interest Share of Consolidated Real Estate JVs | | | | Our Share of Unconsolidated Real Estate JVs | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | December 31, 2024 | | | | December 31, 2024 | | | | | | Three Months Ended | | Year Ended | | Three Months Ended | | Year Ended | | | Total revenues | $ | 112,690 | $ | 448,476 | $ | 6,282 | $ | 15,754 | | Rental operations | | (35,776) | | (132,785) | | (994) | | (3,978) | | | | 76,914 | | 315,691 | | 5,288 | | 11,776 | | General and administrative | | (644) | | (2,912) | | (79) | | (159) | | Interest | | (361) | | (1,114) | | (841) | | (3,648) | | Depreciation and amortization of real estate assets | | (34,986) | | (129,711) | | (1,061) | | (4,238) | | Gain on sales of real estate | | 5,025 | | 5,025 | | 3,328 | | 3,328 | | Fixed returns allocated to redeemable noncontrolling interests(1) | | 202 | | 805 | | — | | — | | | $ | 46,150 | $ | 187,784 | $ | 6,635 | $ | 7,059 | | Straight-line rent and below-market lease revenue | $ | (2,821) | $ | 12,767 | $ | 159 | $ | 902 | | Funds from operations(2) | $ | 76,111 | $ | 312,470 | $ | 4,368 | $ | 7,969 |

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their

investment rather than participate in the operating results of the property.

(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.

We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income

(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.

	December 31, 2024		Year Ended December 31, 2023
	Three Months Ended	Year Ended
Realized gains	11,788	59,124	6,078
Unrealized losses	(79,776)	(112,246)	(201,475)
Investment loss	(67,988)	(53,122)	(195,397)

All values are in US Dollars.

	December 31, 2024
Investments	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	188,653	$24,262	$(107,248)	105,667
Entities that report NAV	518,074	126,077	(34,285)	609,866
Entities that do not report NAV:
Entities with observable price changes	99,932	77,761	(2,956)	174,737
Entities without observable price changes	400,487	—	—	400,487
Investments accounted for under the equity method	N/A	N/A	N/A	186,228
December 31, 2024	1,207,146	$228,100	$(144,489)	1,476,985
December 31, 2023	1,177,072	$320,445	$(123,497)	1,449,518

All values are in US Dollars.

Public/Private Mix (Cost)	Tenant/Non-Tenant Mix (Cost)

14%

Public

26%

Tenant

86%

Private

74%

Non-Tenant

(1)Consists of realized gains of $32.1 million and $117.2 million, partially offset by impairment charges of $20.3 million and $58.1 million during the three months and year ended December 31, 2024, respectively.

(2)Consists of realized gains of $80.6 million, offset by impairment charges of $74.6 million during the year ended December 31, 2023.

(3)Consists of unrealized losses of $43.6 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and $36.2 million resulting from accounting reclassifications of unrealized gains recognized in

prior periods into realized gains upon our realization of investments during the three months ended December 31, 2024.

(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024.

(5)Consists of unrealized losses of $111.6 million primarily resulting from the decrease in the fair value of our investments in privately held entities that report NAV and $89.9 million resulting from accounting reclassifications of unrealized

gains recognized in prior periods into realized gains upon our sales of investments during the year ended December 31, 2023.

(6)Represents 2.8% of gross assets as of December 31, 2024. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 51 | | --- | --- || Key Credit Metrics | | --- | | December 31, 2024 | | Liquidity | | --- | | | | 5.7B | | (in millions) | | Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program | | Cash, cash equivalents, and restricted cash | | Availability under our secured construction loan | | Investments in publicly traded companies | | Liquidity as of December 31, 2024 | | Net Debt and Preferred Stock to Adjusted EBITDA(1) |

All values are in US Dollars.

4.0x to 4.5x

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Quarter annualized.

Weighted-Average Remaining Term of 12.7 Years

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 53 | | --- | --- || Summary of Debt (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | Fixed-rate and variable-rate debt | Fixed-Rate Debt | Variable-Rate Debt | Total | Percentage | Weighted-Average | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Interest Rate(1) | Remaining Term (in years) | | | Secured notes payable | $587 | $149,322 | $149,909 | 1.2% | 7.51% | 1.9 | | | Unsecured senior notes payable | 12,094,465 | — | 12,094,465 | 98.8 | 3.81 | 12.8 | | | Unsecured senior line of credit(2) and commercial paper program(3) | — | — | — | — | N/A | 5.1 | (4) | | Total/weighted average | $12,095,052 | $149,322 | $12,244,374 | 100.0% | 3.86% | 12.7 | (4) | | Percentage of total debt | 98.8% | 1.2% | 100.0% | | | | |

(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)As of December 31, 2024, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a

maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue

commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at

SOFR+0.855%. As of December 31, 2024, we had no commercial paper notes outstanding.

(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the

consolidated weighted-average maturity of our debt is 12.7 years. The commercial paper notes sold during the year ended December 31, 2024 were issued at a weighted-average yield to maturity of 5.30% and had a weighted-

average maturity term of 18 days.

	Average Debt Outstanding		Weighted-Average Interest Rate
	December 31, 2024		December 31, 2024
	Three Months Ended	Year Ended	Three Months Ended	Year Ended
Long-term fixed-rate debt	$12,172,262	$12,049,708	3.79%	3.77%
Short-term variable-rate unsecured senior line of credit and commercial paper<br><br>program debt	1,160,969	643,545	4.90	5.40
Blended-average interest rate	13,333,231	12,693,253	3.89	3.85
Loan fee amortization and annual facility fee related to unsecured senior line of credit	N/A	N/A	0.13	0.12
Total/weighted average	$13,333,231	$12,693,253	4.02%	3.97%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	54
---	---		Summary of Debt (continued)
---
December 31, 2024
(Dollars in thousands)
Debt covenants	Unsecured Senior Notes Payable		Unsecured Senior Line of Credit
---	---	---	---	---
Debt Covenant Ratios(1)	Requirement	December 31, 2024	Requirement	December 31, 2024
Total Debt to Total Assets	≤ 60%	29%	≤ 60.0%	29.5%
Secured Debt to Total Assets	≤ 40%	0.4%	≤ 45.0%	0.3%
Consolidated EBITDA to Interest Expense	≥ 1.5x	11.0x	≥ 1.50x	3.91x
Unencumbered Total Asset Value to Unsecured Debt	≥ 150%	330%	N/A	N/A
Unsecured Interest Coverage Ratio	N/A	N/A	≥ 1.75x	10.38x

(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to

the computation of EBITDA as described in Exchange Act Release No. 47226.

Unconsolidated real estate joint ventures’ debt								At 100%
Unconsolidated Joint Venture	Maturity Date		Stated Rate			Interest Rate(1)		Aggregate<br><br>Commitment	Debt Balance(2)
1655 and 1725 Third Street(3)		3/10/25		4.50%			4.57%	$600,000	599,930
101 West Dickman Street		11/10/26		SOFR+1.95%	(4)		6.36%	26,750	18,884
1450 Research Boulevard		12/10/26		SOFR+1.95%	(4)		6.42%	13,000	8,637
								$639,750	627,451

All values are in US Dollars.

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2024.

(3)The unconsolidated real estate joint venture is in the process of refinancing approximately $500 million of this debt with a new secured note payable, which is expected to close in 1Q25. The remaining debt balance of

approximately $100 million will be repaid through contributions from the unconsolidated joint venture partners. We expect to contribute our share of approximately $10 million in 1Q25. As of December 31, 2024, our investment in

this unconsolidated real estate joint venture was $10.6 million.

(4)This loan is subject to a fixed SOFR floor of 0.75%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 55 | | --- | --- || Summary of Debt (continued) | | --- | | December 31, 2024 | | (Dollars in thousands) | | Debt | Stated Rate | Interest Rate(1) | | Maturity Date(2) | | Principal Payments Remaining for the Periods Ending December 31, | | | | | | Principal | Unamortized (Deferred Financing Cost), (Discount)/ Premium | Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025 | | | | | | | | | | | Secured notes payable | | | | | | | | | | | | | | | | Greater Boston(3) | SOFR+2.70% | 7.52% | | 11/19/26 | | — | 149,594 | — | — | — | $— | $149,594 | $(272) | $149,322 | | San Francisco Bay Area | 6.50% | 6.50 | | 7/1/36 | | 34 | 36 | 38 | 41 | 44 | 394 | 587 | — | 587 | | Secured debt weighted-average interest rate/ subtotal | | 7.51 | | | | 34 | 149,630 | 38 | 41 | 44 | 394 | 150,181 | (272) | 149,909 | | Unsecured senior line of credit and commercial paper program(4) | (4) | N/A | (4) | 1/22/30 | (4) | — | — | — | — | — | — | — | — | — | | Unsecured senior notes payable | 3.45% | 3.62 | | 4/30/25 | | 600,000 | — | — | — | — | — | 600,000 | (296) | 599,704 | | Unsecured senior notes payable | 4.30% | 4.50 | | 1/15/26 | | — | 300,000 | — | — | — | — | 300,000 | (532) | 299,468 | | Unsecured senior notes payable | 3.80% | 3.96 | | 4/15/26 | | — | 350,000 | — | — | — | — | 350,000 | (653) | 349,347 | | Unsecured senior notes payable | 3.95% | 4.13 | | 1/15/27 | | — | — | 350,000 | — | — | — | 350,000 | (1,067) | 348,933 | | Unsecured senior notes payable | 3.95% | 4.07 | | 1/15/28 | | — | — | — | 425,000 | — | — | 425,000 | (1,312) | 423,688 | | Unsecured senior notes payable | 4.50% | 4.60 | | 7/30/29 | | — | — | — | — | 300,000 | — | 300,000 | (1,027) | 298,973 | | Unsecured senior notes payable | 2.75% | 2.87 | | 12/15/29 | | — | — | — | — | 400,000 | — | 400,000 | (2,064) | 397,936 | | Unsecured senior notes payable | 4.70% | 4.81 | | 7/1/30 | | — | — | — | — | — | 450,000 | 450,000 | (2,057) | 447,943 | | Unsecured senior notes payable | 4.90% | 5.05 | | 12/15/30 | | — | — | — | — | — | 700,000 | 700,000 | (4,730) | 695,270 | | Unsecured senior notes payable | 3.375% | 3.48 | | 8/15/31 | | — | — | — | — | — | 750,000 | 750,000 | (4,348) | 745,652 | | Unsecured senior notes payable | 2.00% | 2.12 | | 5/18/32 | | — | — | — | — | — | 900,000 | 900,000 | (6,967) | 893,033 | | Unsecured senior notes payable | 1.875% | 1.97 | | 2/1/33 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (7,109) | 992,891 | | Unsecured senior notes payable | 2.95% | 3.07 | | 3/15/34 | | — | — | — | — | — | 800,000 | 800,000 | (7,236) | 792,764 | | Unsecured senior notes payable | 4.75% | 4.88 | | 4/15/35 | | — | — | — | — | — | 500,000 | 500,000 | (4,958) | 495,042 | | Unsecured senior notes payable | 5.25% | 5.38 | | 5/15/36 | | — | — | — | — | — | 400,000 | 400,000 | (4,109) | 395,891 | | Unsecured senior notes payable | 4.85% | 4.93 | | 4/15/49 | | — | — | — | — | — | 300,000 | 300,000 | (2,872) | 297,128 | | Unsecured senior notes payable | 4.00% | 3.91 | | 2/1/50 | | — | — | — | — | — | 700,000 | 700,000 | 9,985 | 709,985 | | Unsecured senior notes payable | 3.00% | 3.08 | | 5/18/51 | | — | — | — | — | — | 850,000 | 850,000 | (11,227) | 838,773 | | Unsecured senior notes payable | 3.55% | 3.63 | | 3/15/52 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (13,673) | 986,327 | | Unsecured senior notes payable | 5.15% | 5.26 | | 4/15/53 | | — | — | — | — | — | 500,000 | 500,000 | (7,592) | 492,408 | | Unsecured senior notes payable | 5.625% | 5.71 | | 5/15/54 | | — | — | — | — | — | 600,000 | 600,000 | (6,691) | 593,309 | | Unsecured debt weighted-average interest rate/ subtotal | | 3.81 | | | | 600,000 | 650,000 | 350,000 | 425,000 | 700,000 | 9,450,000 | 12,175,000 | (80,535) | 12,094,465 | | Weighted-average interest rate/total | | 3.86% | | | | 600,034 | 799,630 | 350,038 | 425,041 | 700,044 | $9,450,394 | $12,325,181 | $(80,807) | $12,244,374 | | Balloon payments | | | | | | 600,000 | 799,594 | 350,000 | 425,000 | 700,000 | $9,450,068 | $12,324,662 | $— | $12,324,662 | | Principal amortization | | | | | | 34 | 36 | 38 | 41 | 44 | 326 | 519 | (80,807) | (80,288) | | Total debt | | | | | | 600,034 | 799,630 | 350,038 | 425,041 | 700,044 | $9,450,394 | $12,325,181 | $(80,807) | $12,244,374 | | Fixed-rate debt | | | | | | 600,034 | 650,036 | 350,038 | 425,041 | 700,044 | $9,450,394 | $12,175,587 | $(80,535) | $12,095,052 | | Variable-rate debt | | | | | | — | 149,594 | — | — | — | — | 149,594 | (272) | 149,322 | | Total debt | | | | | | 600,034 | 799,630 | 350,038 | 425,041 | 700,044 | $9,450,394 | $12,325,181 | $(80,807) | $12,244,374 | | Weighted-average stated rate on maturing debt | | | | | | 3.45% | 3.78% | 3.95% | 3.95% | 3.50% | 3.69% | | | |

All values are in US Dollars.

(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)Reflects any extension options that we control.

(3)Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, of which we own a 75.0% interest. As of December 31, 2024, this joint venture has $45.7 million available under existing

lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. During 4Q24, we extended the maturity date of

the secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue to November 19, 2025. We have a one-year option to extend the maturity date to November 19, 2026, subject to certain conditions.

(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.

This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-

GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent

annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Adjusted EBITDA and Adjusted EBITDA margin

The following table reconciles net income (loss), the most directly comparable financial

measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the

Adjusted EBITDA margin:

	Three Months Ended
(Dollars in thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Net (loss) income	$(16,095)	$213,603	$94,049	$219,176	$(42,658)
Interest expense	55,659	43,550	45,789	40,840	31,967
Income taxes	1,855	1,877	1,182	1,764	1,322
Depreciation and amortization	330,108	293,998	290,720	287,554	285,246
Stock compensation expense	12,477	15,525	14,507	17,125	34,592
Gain on sales of real estate	(101,806)	(27,114)	—	(392)	(62,227)
Unrealized losses (gains) on non-real estate<br><br>investments	79,776	(2,610)	64,238	(29,158)	(19,479)
Impairment of real estate	186,564	5,741	30,763	—	271,890
Impairment of non-real estate investments	20,266	10,338	12,788	14,698	23,094
Provision for expected credit losses on<br><br>financial instruments	(434)	—	—	—	—
Adjusted EBITDA	$568,370	$554,908	$554,036	$551,607	$523,747
Total revenues	$788,945	$791,607	$766,734	$769,108	$757,216
Adjusted EBITDA margin	72%	70%	72%	72%	69%

We use Adjusted EBITDA as a supplemental performance measure of our operations, for

financial and operational decision-making, and as a supplemental means of evaluating period-to-period

comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes,

depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on

early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate,

provision for expected credit losses on financial instruments, and significant termination fees. Adjusted

EBITDA also excludes unrealized gains or losses and significant realized gains or losses and

impairments that result from our non-real estate investments. These non-real estate investment amounts

are classified in our consolidated statements of operations outside of total revenues.

We believe Adjusted EBITDA provides investors with relevant and useful information as it

allows investors to evaluate the operating performance of our business activities without having to

account for differences recognized because of investing and financing decisions related to our real

estate and non-real estate investments, our capital structure, capital market transactions, and variances

resulting from the volatility of market conditions outside of our control. For example, we exclude gains or

losses on the early extinguishment of debt to allow investors to measure our performance independent

of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and

gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real

estate investments, provision for expected credit losses on financial instruments, and significant

termination fees allows investors to evaluate performance from period to period on a consistent basis

without having to account for differences recognized because of investing and financing decisions

related to our real estate and non-real estate investments or other corporate activities that may not be

representative of the operating performance of our properties.

In addition, we believe that excluding charges related to stock compensation and unrealized

gains or losses facilitates for investors a comparison of our business activities across periods without the

volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a

measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future

requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant

measure of performance, it does not represent net income (loss) or cash flows from operations

calculated and presented in accordance with GAAP, and it should not be considered as an alternative to

those indicators in evaluating performance or liquidity.

In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total

revenues as presented in our consolidated statements of operations. We believe that this supplemental

performance measure provides investors with additional useful information regarding the profitability of

our operating activities.

We are not able to forecast the net income of future periods without unreasonable effort and

therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to

the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions

outside of our control, including the timing of dispositions, capital events, and financing decisions, as

well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-

real estate investments, impairment of real estate, impairment of non-real estate investments, and

provision for expected credit losses on financial instruments. Our attempt to predict these amounts may

produce significant but inaccurate estimates, which would be potentially misleading for our investors.

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in

accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and

tenant-built landlord improvements, for leases in effect as of the end of the period, related to our

operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our

consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint

ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of

100% of the RSF of our consolidated properties and our share of the RSF of properties held in

unconsolidated real estate joint ventures. As of December 31, 2024, approximately 92% of our leases

(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all

real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other

operating expenses (including increases thereto) in addition to base rent. Annual rental revenue

excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants

related to these operating expenses, along with base rent, are classified in income from rentals in our

consolidated statements of operations.

Capitalization rates

Capitalization rates are calculated based on net operating income and net operating income

(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter

preceding the date on which the property is sold, or near-term prospective net operating income.

Capitalized interest

We capitalize interest cost as a cost of a project during periods for which activities necessary

to develop, redevelop, or reposition a project for its intended use are ongoing, provided that

expenditures for the asset have been made and interest cost has been incurred. Activities necessary to

develop, redevelop, or reposition a project include pre-construction activities such as entitlements,

permitting, design, site work, and other activities preceding commencement of construction of

aboveground building improvements. The advancement of pre-construction efforts is focused on

reducing the time required to deliver projects to prospective tenants. These critical activities add

significant value for future ground-up development and are required for the vertical construction of

buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related

to such project are expensed as incurred.

Cash interest

Cash interest is equal to interest expense calculated in accordance with GAAP plus

capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition

of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable

financial measure calculated and presented in accordance with GAAP, to cash interest.

Class A/A+ properties and AAA locations

Class A/A+ properties are properties clustered in AAA locations that provide innovative

tenants with highly dynamic and collaborative environments that enhance their ability to successfully

recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These

properties are typically well-located, professionally managed, and well-maintained, offering a wide range

of amenities and featuring premium construction materials and finishes. Class A/A+ properties are

generally newer or have undergone substantial redevelopment and are generally expected to command

higher annual rental rates compared to other classes of similar properties. AAA locations are in close

proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is

important to note that our definition of property classification may not be directly comparable to other

equity REITs.

Development, redevelopment, and pre-construction

A key component of our business model is our disciplined allocation of capital to the

development and redevelopment of new Class A/A+ properties, as well as property enhancements

identified during the underwriting of certain acquired properties. These efforts are primarily concentrated

in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other

strategic locations that support innovation and growth. These projects are generally focused on

providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide

range of tenants. Upon completion, each development or redevelopment project is expected to generate

increases in rental income, net operating income, and cash flows. Our development and redevelopment

projects are generally in locations that are highly desirable to high-quality entities, which we believe

results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater

long-term asset value.

Development projects generally consist of the ground-up development of generic and

reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of

acquired office, warehouse, or shell space into laboratory space. We generally will not commence new

development projects for aboveground construction of new Class A/A+ laboratory space without first

securing significant pre-leasing for such space, except when there is solid market demand for high-

quality Class A/A+ properties.

Priority anticipated projects are those most likely to commence future ground-up development

or first-time conversion from non-laboratory space to laboratory space prior to our other future projects,

pending market conditions and leasing negotiations.

Pre-construction activities include entitlements, permitting, design, site work, and other

activities preceding commencement of construction of aboveground building improvements. The

advancement of pre-construction efforts is focused on reducing the time required to deliver projects to

prospective tenants. These critical activities add significant value for future ground-up development and

are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality

facilities and are expected to generate significant revenue and cash flows.

Development, redevelopment, and pre-construction spending also includes the following

costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified

during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion

of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and

growth-stage life science companies.

Development, redevelopment, and pre-construction (continued)

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

or significantly change the use of a property, including through improvement in the asset quality from

Class B to Class A/A+.

Non-revenue-enhancing capital expenditures represent costs required to maintain the current

revenues of a stabilized property, including the associated costs for renewed and re-leased space.

Dividend payout ratio (common stock)

Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends

on our common stock (shares of common stock outstanding on the respective record dates multiplied by

the related dividend per share) to funds from operations attributable to Alexandria’s common

stockholders – diluted, as adjusted.

Dividend yield

Dividend yield for the quarter represents the annualized quarter dividend divided by the

closing common stock price at the end of the quarter.

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of

Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a

supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.

Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,

less amortization of loan fees and debt premiums (discounts).

The following table reconciles interest expense, the most directly comparable financial

measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-

charge coverage ratio:

	Three Months Ended
(Dollars in thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Adjusted EBITDA	$568,370	$554,908	$554,036	$551,607	$523,747
Interest expense	$55,659	$43,550	$45,789	$40,840	$31,967
Capitalized interest	81,586	86,496	81,039	81,840	89,115
Amortization of loan fees	(4,620)	(4,222)	(4,146)	(4,142)	(4,059)
Amortization of debt discounts	(333)	(330)	(328)	(318)	(309)
Cash interest and fixed charges	$132,292	$125,494	$122,354	$118,220	$116,714
Fixed-charge coverage ratio:
– quarter annualized	4.3x	4.4x	4.5x	4.7x	4.5x
– trailing 12 months	4.5x	4.5x	4.6x	4.7x	4.7x

We are not able to forecast the net income of future periods without unreasonable effort and

therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This

is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market

conditions outside of our control, including the timing of dispositions, capital events, and financing

decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or

losses on non-real estate investments, impairment of real estate, impairment of non-real estate

investments, and provision for expected credit losses on financial instruments. Our attempt to predict

these amounts may produce significant but inaccurate estimates, which would be potentially misleading

for our investors.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s

common stockholders

GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes

that real estate values diminish over time. In an effort to overcome the difference between real estate

values and historical cost accounting for real estate assets, the Nareit Board of Governors established

funds from operations as an improved measurement tool. Since its introduction, funds from operations

has become a widely used non-GAAP financial measure among equity REITs. We believe that funds

from operations is helpful to investors as an additional measure of the performance of an equity

REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our

performance to the performance of other real estate companies on a consistent basis, without having to

account for differences recognized because of real estate acquisition and disposition decisions,

financing decisions, capital structure, capital market transactions, variances resulting from the volatility

of market conditions outside of our control, or other corporate activities that may not be representative of

the operating performance of our properties.

The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)

defines funds from operations as net income (computed in accordance with GAAP), excluding gains or

losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of

operating real estate assets, and after adjustments for our share of consolidated and unconsolidated

partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair

value over the recoverability period is less than the carrying value due to changes in general market

conditions and do not necessarily reflect the operating performance of the properties during the

corresponding period.

We compute funds from operations, as adjusted, as funds from operations calculated in

accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized

on non-real estate investments, unrealized gains or losses on non-real estate investments, impairment

of real estate primarily consisting of pre-acquisition costs incurred in connection with acquisitions we

decided to no longer pursue, gains or losses on early extinguishment of debt, provision for expected

credit losses on financial instruments, significant termination fees, acceleration of stock compensation

expense due to the resignations of executive officers, deal costs, the income tax effect related to such

items, and the amount of such items that is allocable to our unvested restricted stock awards. We

compute the amount that is allocable to our unvested restricted stock awards using the two-class

method. Under the two-class method, we allocate net income (after amounts attributable to

noncontrolling interests) to common stockholders and to unvested restricted stock awards by applying

the respective weighted-average shares outstanding during each quarter-to-date and year-to-date

period. This may result in a difference of the summation of the quarter-to-date and year-to-date

amounts. Neither funds from operations nor funds from operations, as adjusted, should be considered

as alternatives to net income (determined in accordance with GAAP) as indications of financial

performance, or to cash flows from operating activities (determined in accordance with GAAP) as

measures of liquidity, nor are they indicative of the availability of funds for our cash needs, including our

ability to make distributions.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s

common stockholders (continued)

The following table reconciles net income to funds from operations for the share of

consolidated real estate joint ventures attributable to noncontrolling interests and our share of

unconsolidated real estate joint ventures:

	Noncontrolling Interest Share of<br><br>Consolidated Real Estate JVs		Our Share of Unconsolidated<br><br>Real Estate JVs
	December 31, 2024		December 31, 2024
(In thousands)	Three Months<br><br>Ended	Year Ended	Three Months<br><br>Ended	Year Ended
Net income	$46,150	$187,784	$6,635	$7,059
Depreciation and amortization of<br><br>real estate assets	34,986	129,711	1,061	4,238
Gain on sales of real estate	(5,025)	(5,025)	(3,328)	(3,328)
Funds from operations	$76,111	$312,470	$4,368	$7,969

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Total assets	$37,527,449	$38,488,128	$37,847,865	$37,699,046	$36,771,402
Accumulated depreciation	5,625,179	5,624,642	5,457,414	5,216,857	4,985,019
Gross assets	$43,152,628	$44,112,770	$43,305,279	$42,915,903	$41,756,421

Incremental annual net operating income on development and redevelopment projects

Incremental annual net operating income represents the amount of net operating income, on

an annual basis, expected to be realized upon a project being placed into service and achieving full

occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied

by the project’s total cost at completion.

Initial stabilized yield (unlevered)

Initial stabilized yield is calculated as the estimated amounts of net operating income at

stabilization divided by our investment in the property. For this calculation, we exclude any tenant-

funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized

yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment

projects are generally expected to increase over time due to contractual annual rent escalations. Our

estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion

represent our initial estimates at the commencement of the project. We expect to update this information

upon completion of the project, or sooner if there are significant changes to the expected project yields

or costs.

•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent

concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any

amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.

•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental

concessions, if any, have elapsed and our total cash investment in the property.

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-

grade rated or publicly traded companies with an average daily market capitalization greater than $10

billion for the twelve months ended December 31, 2024, as reported by Bloomberg Professional

Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the

tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s

lease obligation upon such tenant’s default. We monitor the credit quality and related material changes

of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10

billion, which are not immediately reflected in the twelve-month average, may result in their exclusion

from this measure.

Investments

We hold investments in publicly traded companies and privately held entities primarily

involved in the life science industry. We recognize, measure, present, and disclose these investments as

follows:

		Statements of Operations
	Balance Sheet	Gains and Losses
	Carrying Amount	Unrealized	Realized
			Difference between<br><br>proceeds received upon<br><br>disposition and historical<br><br>cost
Publicly traded<br><br>companies	Fair value	Changes in fair<br><br>value
Privately held entities<br><br>without readily<br><br>determinable fair<br><br>values that:
Report NAV	Fair value, using NAV<br><br>as a practical<br><br>expedient	Changes in NAV, as<br><br>a practical expedient<br><br>to fair value
Do not report NAV	Cost, adjusted for<br><br>observable price<br><br>changes and<br><br>impairments(1)	Observable price<br><br>changes(1)	Impairments to reduce costs<br><br>to fair value, which result in<br><br>an adjusted cost basis and<br><br>the differences between<br><br>proceeds received upon<br><br>disposition and adjusted or<br><br>historical cost
Equity method<br><br>investments	Contributions,<br><br>adjusted for our share<br><br>of the investee’s<br><br>earnings or losses,<br><br>less distributions<br><br>received, reduced by<br><br>other-than-temporary<br><br>impairments	Our share of<br><br>unrealized gains or<br><br>losses reported by<br><br>the investee	Our share of realized gains<br><br>or losses reported by the<br><br>investee, and other-than-<br><br>temporary impairments

(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same

issuer. Observable price changes result from, among other things, equity transactions for the same issuer with

similar rights and obligations executed during the reporting period, including subsequent equity offerings or other

reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of December 31, 2024:

(In thousands)	Investments in<br><br>Real Estate
Gross investments in real estate	$37,735,218
Less: accumulated depreciation	(5,625,179)
Investments in real estate	$32,110,039

The following table presents our new Class A/A+ development and redevelopment pipeline,

excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental

revenue as of December 31, 2024:

		Percentage of
(Dollars in thousands)	Book Value	Gross<br><br>Assets	Annual Rental<br><br>Revenue
Under construction projects	$3,893,557	9%	—%
Income-producing/potential cash flows/covered land play(1)	2,965,853	7	1
Land	1,759,317	4	—
	$8,618,727	20%	1%

(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes

development rights associated with existing operating campuses.

Space Intentionally Blank

The square footage presented in the table below is classified as operating as of December 31,

These lease expirations or vacant space at recently acquired properties represent future

opportunities for which we have the intent, subject to market conditions and leasing, to commence first-

time conversion from non-laboratory space to laboratory space, or to commence future ground-up

development:

	Dev/<br><br>Redev	RSF of Lease Expirations Targeted for<br><br>Development and Redevelopment
Property/Submarket		2025	2026	Thereafter(1)	Total
Priority anticipated projects:
311 Arsenal Street/Cambridge/Inner Suburbs	Redev	25,312	—	—	25,312
10210 Campus Point Drive/University Town Center	Dev	9,558	—	52,620	62,178
1020 Red River Street/Austin	Redev	126,034	—	—	126,034
		160,904	—	52,620	213,524
Future projects:
446, 458, 500, and 550 Arsenal Street/Cambridge/<br><br>Inner Suburbs	Dev	—	—	375,898	375,898
Other/Greater Boston	Redev	—	—	167,549	167,549
1122 and 1150 El Camino Real/South San Francisco	Dev	—	—	375,232	375,232
3875 Fabian Way/Greater Stanford	Dev	—	—	228,000	228,000
2100, 2200, and 2400 Geng Road/Greater Stanford	Dev	—	—	78,501	78,501
960 Industrial Road/Greater Stanford	Dev	—	—	112,590	112,590
Campus Point by Alexandria/University Town Center	Dev	269,048	—	101,966	371,014
Sequence District by Alexandria/Sorrento Mesa	Dev/<br><br>Redev	—	—	686,290	686,290
410 West Harrison Street/Elliott Bay	Dev	—	—	17,205	17,205
Other/Seattle	Dev	—	—	75,663	75,663
100 Capitola Drive/Research Triangle	Dev	—	—	34,527	34,527
1001 Trinity Street/Austin	Dev	72,938	—	—	72,938
Canada	Redev	—	—	247,743	247,743
		341,986	—	2,501,164	2,843,150
		502,890	—	2,553,784	3,056,674

(1)Includes vacant square footage as of December 31, 2024.

Joint venture financial information

We present components of balance sheet and operating results information related to our real

estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.

We present the proportionate share of certain financial line items as follows: (i) for each real estate joint

venture that we consolidate in our financial statements, which are controlled by us through contractual

rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest

economic ownership percentage to each financial item to arrive at the amount of such cumulative

noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that

we do not control and do not consolidate, and are instead controlled jointly or by our joint venture

partners through contractual rights or majority voting rights, we apply our economic ownership

percentage to each financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate

joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,

the joint venture agreement generally determines what equity holders can receive upon capital events,

such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their

respective legal ownership of any residual cash from a joint venture only after all liabilities, priority

distributions, and claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating

results information related to our partially owned entities. Presenting this information provides a

perspective not immediately available from consolidated financial statements and one that can

supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in

our consolidated results.

The components of balance sheet and operating results information related to our real estate

joint ventures are limited as an analytical tool as the overall economic ownership interest does not

represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In

addition, joint venture financial information may include financial information related to the

unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for

investors a clear understanding of our operating results and our total assets and liabilities, joint venture

financial information should be examined in conjunction with our consolidated statements of operations

and balance sheets. Joint venture financial information should not be considered an alternative to our

consolidated financial statements, which are presented and prepared in accordance with GAAP.

Space Intentionally Blank

Key items included in net income attributable to Alexandria’s common stockholders

We present a tabular comparison of items, whether gain or loss, that may facilitate a high-

level understanding of our results and provide context for the disclosures included in this Supplemental

Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form

10-Q. We believe that such tabular presentation promotes a better understanding for investors of the

corporate-level decisions made and activities performed that significantly affect comparison of our

operating results from period to period. We also believe that this tabular presentation will supplement for

investors an understanding of our disclosures and real estate operating results. Gains or losses on sales

of real estate and impairments of assets classified as held for sale are related to corporate-level

decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to

corporate-level financing decisions focused on our capital structure strategy. Significant realized and

unrealized gains or losses on non-real estate investments, impairments of real estate and non-real

estate investments, and acceleration of stock compensation expense due to the resignation of an

executive officer are not related to the operating performance of our real estate assets as they result

from strategic, corporate-level non-real estate investment decisions and external market conditions.

Impairments of non-real estate investments and provision for expected credit losses on financial

instruments are not related to the operating performance of our real estate as they represent the write-

down of non-real estate investments when their fair values decrease below their respective carrying

values due to changes in general market or other conditions outside of our control. Significant items,

whether a gain or loss, included in the tabular disclosure for current periods are described in further

detail in this Supplemental Information and accompanying Earnings Press Release.

Megacampus™

A Megacampus ecosystem is a cluster campus that consist of approximately 1 million RSF or

more, including operating, active development/redevelopment, and land RSF less operating RSF

expected to be demolished. The following table reconciles our annual rental revenue and development

and redevelopment pipeline RSF as of December 31, 2024:

(Dollars in thousands)	Annual Rental<br><br>Revenue	Development and<br><br>Redevelopment<br><br>Pipeline RSF
Megacampus	$1,605,730	20,130,433
Core and non-core	487,258	9,392,253
Total	$2,092,988	29,522,686
Megacampus as a percentage of annual rental revenue<br><br>and of total development and redevelopment pipeline<br><br>RSF	77%	68%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends includes the deduction for

distributions to noncontrolling interests. For purposes of this calculation, changes in operating assets

and liabilities are excluded as they represent timing differences.

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we

believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net

debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and

restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of

Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted

EBITDA.

The following table reconciles debt to net debt and preferred stock and computes the ratio to

Adjusted EBITDA:

(Dollars in thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Secured notes payable	$149,909	$145,000	$134,942	$130,050	$119,662
Unsecured senior notes payable	12,094,465	12,092,012	12,089,561	12,087,113	11,096,028
Unsecured senior line of credit and<br><br>commercial paper	—	454,589	199,552	—	99,952
Unamortized deferred financing costs	77,649	79,610	81,942	84,198	76,329
Cash and cash equivalents	(552,146)	(562,606)	(561,021)	(722,176)	(618,190)
Restricted cash	(7,701)	(17,031)	(4,832)	(9,519)	(42,581)
Preferred stock	—	—	—	—	—
Net debt and preferred stock	$11,762,176	$12,191,574	$11,940,144	$11,569,666	$10,731,200
Adjusted EBITDA:
– quarter annualized	$2,273,480	$2,219,632	$2,216,144	$2,206,428	$2,094,988
– trailing 12 months	$2,228,921	$2,184,298	$2,122,250	$2,064,904	$1,997,518
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	5.2x	5.5x	5.4x	5.2x	5.1x
– trailing 12 months	5.3x	5.6x	5.6x	5.6x	5.4x

We are not able to forecast the net income of future periods without unreasonable effort and

therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a

forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of

items that depend on market conditions outside of our control, including the timing of dispositions,

capital events, and financing decisions, as well as quarterly components such as gain on sales of real

estate, unrealized gains or losses on non-real estate investments, impairment of real estate, impairment

of non-real estate investments, and provision for expected credit losses on financial instruments. Our

attempt to predict these amounts may produce significant but inaccurate estimates, which would be

potentially misleading for our investors.

Net operating income, net operating income (cash basis), and operating margin

The following table reconciles net income (loss) to net operating income and net operating

income (cash basis) and computes operating margin:

	Three Months Ended		Year Ended
(Dollars in thousands)	12/31/24	12/31/23	12/31/24	12/31/23
Net (loss) income	$(16,095)	$(42,658)	$510,733	$280,994
Equity in earnings of unconsolidated real estate joint<br><br>ventures	(6,635)	(363)	(7,059)	(980)
General and administrative expenses	32,730	59,289	168,359	199,354
Interest expense	55,659	31,967	185,838	74,204
Depreciation and amortization	330,108	285,246	1,202,380	1,093,473
Impairment of real estate	186,564	271,890	223,068	461,114
Gain on sales of real estate	(101,806)	(62,227)	(129,312)	(277,037)
Investment loss (income)	67,988	(8,654)	53,122	195,397
Net operating income	548,513	534,490	2,207,129	2,026,519
Straight-line rent revenue	(17,653)	(41,586)	(143,329)	(133,917)
Amortization of deferred revenue related to<br><br>tenant-funded and -built landlord<br><br>improvements	(1,214)	—	(1,543)	—
Amortization of acquired below-market leases	(15,512)	(23,684)	(85,679)	(93,331)
Provision for expected credit losses on financial<br><br>instruments	(434)	—	(434)	—
Net operating income (cash basis)	$513,700	$469,220	$1,976,144	$1,799,271
Net operating income (cash basis) – annualized	$2,054,800	$1,876,880	$1,976,144	$1,799,271
Net operating income (from above)	$548,513	$534,490	$2,207,129	$2,026,519
Total revenues	$788,945	$757,216	$3,116,394	$2,885,699
Operating margin	70%	71%	71%	70%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	63
---	---		Definitions and Reconciliations (continued)
---
December 31, 2024

Net operating income, net operating income (cash basis), and operating margin (continued)

Net operating income is a non-GAAP financial measure calculated as net income (loss), the

most directly comparable financial measure calculated and presented in accordance with GAAP,

excluding equity in the earnings of our unconsolidated real estate joint ventures, general and

administrative expenses, interest expense, depreciation and amortization, impairments of real estate,

gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment

income or loss. We believe net operating income provides useful information to investors regarding our

financial condition and results of operations because it primarily reflects those income and expense

items that are incurred at the property level. Therefore, we believe net operating income is a useful

measure for investors to evaluate the operating performance of our consolidated real estate assets. Net

operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line

rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue

related to tenant-funded and tenant-built landlord improvements, and provision for expected credit

losses on financial instruments adjustments required by GAAP. We believe that net operating income on

a cash basis is helpful to investors as an additional measure of operating performance because it

eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases

and tenant-funded and tenant-built landlord improvements.

Furthermore, we believe net operating income is useful to investors as a performance

measure of our consolidated properties because, when compared across periods, net operating income

reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not

immediately apparent from net income or loss. Net operating income can be used to measure the initial

stabilized yields of our properties by calculating net operating income generated by a property divided by

our investment in the property. Net operating income excludes certain components from net income in

order to provide results that are more closely related to the results of operations of our properties. For

example, interest expense is not necessarily linked to the operating performance of a real estate asset

and is often incurred at the corporate level rather than at the property level. In addition, depreciation and

amortization, because of historical cost accounting and useful life estimates, may distort comparability of

operating performance at the property level. Impairments of real estate have been excluded in deriving

net operating income because we do not consider impairments of real estate to be property-level

operating expenses. Impairments of real estate relate to changes in the values of our assets and do not

reflect the current operating performance with respect to related revenues or expenses. Our

impairments of real estate represent the write-down in the value of the assets to the estimated fair value

less cost to sell. These impairments result from investing decisions or a deterioration in market

conditions. We also exclude realized and unrealized investment gain or loss, which results from

investment decisions that occur at the corporate level related to non-real estate investments in publicly

traded companies and certain privately held entities. Therefore, we do not consider these activities to be

an indication of operating performance of our real estate assets at the property level. Our calculation of

net operating income also excludes charges incurred from changes in certain financing decisions, such

as losses on early extinguishment of debt and provision for expected credit losses on financial

instruments, as these charges often relate to corporate strategy. Property operating expenses included

in determining net operating income primarily consist of costs that are related to our operating

properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;

contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and

property-level salaries. General and administrative expenses consist primarily of accounting and

corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as

part of corporate office management. We calculate operating margin as net operating income divided by

total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating

results, net operating income should be examined in conjunction with net income or loss as presented in

our consolidated statements of operations. Net operating income should not be considered as an

alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows

as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of

properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end

of the period. We believe these measures are useful to investors because they facilitate an

understanding of certain trends for our properties. We compute the number of properties, RSF,

occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at

properties classified as held for sale, for all properties in which we have an investment, including

properties owned by our consolidated and unconsolidated real estate joint ventures. For operating

metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods

presented, including changes from assets acquired or sold, properties placed into development or

redevelopment, and development or redevelopment properties recently placed into service, the

consolidated total income from rentals, as well as rental operating expenses in our operating results, can

show significant changes from period to period. In order to supplement an evaluation of our results of

operations over a given quarterly or annual period, we analyze the operating performance for all

consolidated properties that were fully operating for the entirety of the comparative periods presented,

referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and

analysis of our financial condition and results of operations. These same properties are analyzed

separately from properties acquired subsequent to the first day in the earliest comparable quarterly or

year-to-date period presented, properties that underwent development or redevelopment at any time

during the comparative periods, unconsolidated real estate joint ventures, properties classified as held

for sale, and corporate entities (legal entities performing general and administrative functions), which are

excluded from same property results. Additionally, termination fees, if any, are excluded from the results

of same properties.

Space Intentionally Blank
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	64
---	---	Definitions and Reconciliations (continued)
---
December 31, 2024

Same property comparisons (continued)

The following table reconciles the number of same properties to total properties for the year

ended December 31, 2024:

		Redevelopment – placed into
Development – under construction	Properties	service after January 1, 2023	Properties
99 Coolidge Avenue	1	20400 Century Boulevard	1
500 North Beacon Street and 4 Kingsbury<br><br>Avenue	2	140 First Street	1
		2400 Ellis Road, 40 Moore Drive, and 14<br><br>TW Alexander Drive	3
1450 Owens Street	1
230 Harriet Tubman Way	1	9601 and 9603 Medical Center Drive	2
10935, 10945, and 10955 Alexandria<br><br>Way	3	840 Winter Street	1
		Alexandria Center® for Advanced<br><br>Technologies – Monte Villa Parkway	6
10075 Barnes Canyon Road	1
421 Park Drive	1		14
4135 Campus Point Court	1	Acquisitions after January 1, 2023	Properties
701 Dexter Avenue North	1	Other	6
	12		6
Development – placed into		Unconsolidated real estate JVs	4
service after January 1, 2023	Properties	Properties held for sale	10
751 Gateway Boulevard	1	Total properties excluded from same<br><br>properties	70
15 Necco Street	1
325 Binney Street	1	Same properties	321
9810 Darnestown Road	1	Total properties in North America as of<br><br>December 31, 2024	391
9820 Darnestown Road	1
1150 Eastlake Avenue East	1
4155 Campus Point Court	1
201 Brookline Avenue	1
9808 Medical Center Drive	1
	9
Redevelopment – under construction	Properties
40, 50, and 60 Sylvan Road	3
269 East Grand Avenue	1
651 Gateway Boulevard	1
401 Park Drive	1
8800 Technology Forest Place	1
311 Arsenal Street	1
One Hampshire Street	1
Canada	4
Other	2
	15

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which the project is expected

to reach occupancy of 95% or greater.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes,

insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses

and earned in the period during which the applicable expenses are incurred and the tenant’s obligation

to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real

estate assets within revenues in income from rentals in our consolidated statements of operations. We

provide investors with a separate presentation of rental revenues and tenant recoveries in “Same

property performance” in this Supplemental Information because we believe it promotes investors’

understanding of our operating results. We believe that the presentation of tenant recoveries is useful to

investors as a supplemental measure of our ability to recover operating expenses under our triple net

leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common

area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for

any significant variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

	Three Months Ended					Year Ended
(In thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Income from rentals	$763,249	$775,744	$755,162	$755,551	$742,637	$3,049,706	$2,842,456
Rental revenues	(566,535)	(579,569)	(576,835)	(581,400)	(561,428)	(2,304,339)	(2,143,971)
Tenant recoveries	$196,714	$196,175	$178,327	$174,151	$181,209	$745,367	$698,485

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the

closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

Unencumbered net operating income as a percentage of total net operating income

Unencumbered net operating income as a percentage of total net operating income is a non-

GAAP financial measure that we believe is useful to investors as a performance measure of the results

of operations of our unencumbered real estate assets as it reflects those income and expense items that

are incurred at the unencumbered property level. Unencumbered net operating income is derived from

assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or

other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total

net operating income:

	Three Months Ended
(Dollars in thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Unencumbered net operating income	$547,921	$553,589	$544,268	$546,830	$533,382
Encumbered net operating income	592	4,753	5,212	3,964	1,108
Total net operating income	$548,513	$558,342	$549,480	$550,794	$534,490
Unencumbered net operating income as a<br><br>percentage of total net operating income	99.9%	99.1%	99.1%	99.3%	99.8%

Weighted-average interest rate for capitalization of interest

The weighted-average interest rate required for calculating capitalization of interest pursuant

to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates

applicable to borrowings outstanding during the period, including expense/income related to interest rate

hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank

fees. A separate calculation is performed to determine our weighted-average interest rate for

capitalization for each month. The rate will vary each month due to changes in variable interest rates,

outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms

of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.

Space Intentionally Blank

Weighted-average shares of common stock outstanding – diluted

From time to time, we enter into capital market transactions, including forward equity sales

agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and

redevelopment projects, and for general working capital purposes. While the Forward Agreements are

outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under

the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted

stock awards (“RSAs”) with forfeitable rights to dividends in the calculation of diluted shares.

The weighted-average shares of common stock outstanding used in calculating EPS – diluted,

FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as

follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with

nonforfeitable rights to dividends used in calculating amounts allocable to these awards pursuant to the

two-class method for each of the respective periods presented below.

	Three Months Ended					Year Ended
(In thousands)	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Basic shares for earnings per<br><br>share	172,262	172,058	172,013	171,949	171,096	172,071	170,909
Unvested RSAs with<br><br>forfeitable rights to<br><br>dividends	—	—	—	—	—	—	—
Forward Agreements	—	—	—	—	—	—	—
Diluted shares for earnings<br><br>per share	172,262	172,058	172,013	171,949	171,096	172,071	170,909
Basic shares for funds from<br><br>operations per share and<br><br>funds from operations per<br><br>share, as adjusted	172,262	172,058	172,013	171,949	171,096	172,071	170,909
Unvested RSAs with<br><br>forfeitable rights to<br><br>dividends	—	—	—	—	—	—	—
Forward Agreements	—	—	—	—	—	—	—
Diluted shares for funds from<br><br>operations per share and<br><br>funds from operations per<br><br>share, as adjusted	172,262	172,058	172,013	171,949	171,096	172,071	170,909
Weighted-average unvested<br><br>RSAs with nonforfeitable<br><br>rights to dividends used in<br><br>calculating the allocations<br><br>of net income, funds from<br><br>operations, and funds from<br><br>operations, as adjusted	2,417	2,838	2,878	2,987	2,734	2,779	2,325