8-K

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): July 22, 2024

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 July 22, 2024, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Second Quarter Ended June 30, 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 Second Quarter Ended June 30, 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.
July 22, 2024	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

2Q24 EX 99.1 SUPP

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024
COMPANY HIGHLIGHTS	Page		Page
---	---	---	---
Mission and Cluster Model .....................................................................	iii	Corporate Responsibility ....................................................................	xxvi
EARNINGS PRESS RELEASE	Page		Page
Second Quarter Ended June 30, 2024Financial and Operating<br><br>Results ...................................................................................................	1	Earnings Call Information and About the Company .......................	7
Guidance ...................................................................................................	4	Consolidated Statements of Operations ..........................................	8
Acquisitions ...............................................................................................	5	Consolidated Balance Sheets ............................................................	9
Dispositions and Sales of Partial Interests ..........................................	6	Funds From Operations and Funds From Operations per Share	10
SUPPLEMENTAL INFORMATION	Page		Page
Company Profile .......................................................................................	13	External Growth / Investments in Real Estate
Investor Information .................................................................................	14	Investments in Real Estate ................................................................	32
Financial and Asset Base Highlights .....................................................	15	New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Client Base .................................................	17	Recent deliveries ............................................................................	34
Occupancy ................................................................................................	19	Current Projects ..............................................................................	35
Internal Growth		Summary of Pipeline ......................................................................	39
Key Operating Metrics .............................................................................	20	Construction Spending and Capitalization of Interest ....................	44
Same Property Performance ..................................................................	21	Joint Venture Financial Information ...................................................	46
Leasing Activity .........................................................................................	22	Balance Sheet Management
Contractual Lease Expirations ...............................................................	23	Investments ..........................................................................................	48
Top 20 Tenants .........................................................................................	24	Key Credit Metrics ...............................................................................	49
Summary of Properties and Occupancy ..............................................	25	Summary of Debt .................................................................................	50
Property Listing ........................................................................................	26	Definitions and Reconciliations
		Definitions and Reconciliations ..........................................................	54		CONFERENCE CALL<br><br>INFORMATION:
---
Tuesday, July 23, 2024<br><br>3:00 p.m. Eastern Time
12:00 p.m. Pacific Time
(833) 366-1125 or<br><br>(412) 902-6738
Ask to join the conference call for<br><br>Alexandria Real Estate Equities, Inc.
CONTACT INFORMATION:
Alexandria Real Estate Equities, Inc.<br><br>corporateinformation@are.com
JOEL S. MARCUS<br><br>Executive Chairman &<br><br>Founder
PETER M. MOGLIA<br><br>Chief Executive Officer &<br><br>Chief Investment Officer
DANIEL J. RYAN<br><br>Co-President & Regional Market<br><br>Director – San Diego
HUNTER L. KASS<br><br>Co-President & Regional Market<br><br>Director – Greater Boston
MARC E. BINDA<br><br>Chief Financial Officer &<br><br>Treasurer
PAULA SCHWARTZ<br><br>Managing Director,<br><br>Rx Communications Group<br><br>(917) 633-7790
SARA M. KABAKOFF<br><br>Senior Vice President –<br><br>Chief Content Officer
Table of Contents
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June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024
---

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ALEXANDRIA’S

COMPETITIVE

ADVANTAGES

First mover advantage in the

top life science clusters

High-quality assets aggregated

in desirable and well-amenitized

mega campuses

High-quality cash flows and

substantial embedded future

net operating income

Longstanding tenant

relationships that demonstrate

stellar brand loyalty

Fortress balance sheet with

significant liquidity

Unique and deep life science

industry expertise

Long-tenured and highly

experienced management team

IRREPLACEABLE

LABSPACE® REAL ESTATE

PLATFORM THAT LEADS THE

ASSET CLASS WE PIONEERED

42.1M

OPERATING RSF

Alexandria mega campuses

encompass 74% of our

annual rental revenue

As of June 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE

HEALTHCARE

REALTY TRUST

WELLTOWER	2,274%
NATIONAL HEALTH<br><br>INVESTORS	1,092%
FTSE NAREIT EQUITY<br><br>HEALTH CARE INDEX	1,091%
LTC<br><br>PROPERTIES	1,048%
VENTAS	862%
MSCI US<br><br>REIT INDEX	790%
OMEGA HEALTHCARE<br><br>INVESTORS	605%
HEALTHPEAK<br><br>PROPERTIES	589%

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to June 30, 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 June 30, 2024 for which TSR information since May 27, 1997 is available.

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

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ALEXANDRIA’S

INTERNAL

GROWTH

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ALEXANDRIA’S SOLID LEASING VOLUME IN 2024 REMAINS IN LINE WITH

OUR HISTORICAL ANNUAL AVERAGE FROM 2013 THROUGH 2020

Annualized

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ALEXANDRIA’S OPERATIONAL EXCELLENCE DRIVES STEADY

AND CONSISTENTLY HIGH OCCUPANCY

(1)Represents the average of acquired vacancy percentages as of each years ended December 31, 2020 through 2023.

(2)Represents the midpoint of our 2024 guidance range for occupancy percentage in North America as of December 31, 2024. Refer to “Guidance” in the Earnings Press Release for additional details.

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

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ALEXANDRIA’S REIT INDUSTRY-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(3)

Investment-Grade or

Large Cap Tech

Future Change in

Use(2)

Biomedical and

Government

Institutions

92%

of Top 20 Tenant Annual Rental

Revenue as of 2Q24 Is From

Investment-Grade or Publicly

Traded Large Cap Tenants (1)

79%

of Leasing Activity During the

Last Twelve Months Was

Generated From Alexandria’s

Existing Client Base

As of June 30, 2024. Annual rental revenue represents amounts in effect as of June 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants.

(2)Represents the percentage of our annual rental revenue generated from space that is currently targeted for a future change in use to laboratory space, including 1.0% of annual rental revenue that is generated from covered land play

projects for future development opportunities. The weighted-average remaining term of these leases is 2.9 years.

(3)Represents the percentage of our annual rental revenue generated by “Other” tenants, which comprise technology, professional services, finance, telecommunications, and construction/real estate companies, and (by less than 1.0% of

our annual rental revenue) retail-related tenants.

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ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND

STRENGTH IN TENANT COLLECTIONS

99.8%

Average Tenant

Collections

1Q21–2Q24

Tenant Receivables

Represent

0.9%

of 2Q24

Rental Revenues

TENANTS RENTS AND RECEIVABLES COLLECTED(1)

As of June 30, 2024.

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

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ALEXANDRIA’S

EXTERNAL

GROWTH

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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 3Q24 through 1Q28 is projected to be $380 million.

(2)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years.

(3)Includes 1.5 million RSF that is expected to stabilize through 2025 and is 87% leased, and partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. In addition to the projects represented, we are evaluating

one priority anticipated development project that could commence active construction in 2H24 and may have initial delivery in 2025. 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.

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ALEXANDRIA’S STRONG

EXECUTION OF OUR

ASSET RECYCLING

PROGRAM

STRATEGIC DISPOSITIONS

AND SALES OF PARTIAL

INTERESTS SINCE 2019

$8.4 BILLION

IN SALES

$3.0 BILLION

IN GAINS

(1)

(2)

(1)Includes amounts related to real estate dispositions and sales of partial interests completed from January 1, 2019 through June 30, 2024.

(2)Represents aggregate gains on real estate sales and associated real estate impairments and consideration in excess of book value of partial interests sold that were accounted as equity transactions.

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ALEXANDRIA’S

FORTRESS

BALANCE SHEET

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TOP 10%

CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS (1)

ALEXANDRIA’S STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

WEIGHTED AVERAGE

4Q24 TARGET

YEARS

Baa1

Stable

BBB+

Stable

SIGNIFICANT<br><br>LIQUIDITY (2)	PERCENTAGE OF<br><br>DEBT MATURING<br><br>2049 & BEYOND	PERCENTAGE<br><br>OF DEBT AT<br><br>FIXED RATES
$5.6B	32%	97.3%		NET DEBT AND<br><br>PREFERRED STOCK TO<br><br>ADJUSTED EBITDA(3)	REMAINING<br><br>DEBT TERM	INTEREST<br><br>RATE
---	---	---
≤5.1x	13.0	3.89%

As of June 30, 2024.

(1)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 S&P Global Ratings and Moody’s Investors Service

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

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

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

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	xviii

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND INCREASING

DIVIDENDS WITH A FOCUS ON RETAINING SIGNIFICANT CASH FLOWS FROM

OPERATING ACTIVITIES AFTER DIVIDENDS FOR REINVESTMENT

For 2Q24, we declared a cash dividend of $1.30 per common share

4.4%

Dividend Yield

5.4%

Average Annual Dividend

Per-Share Growth

$2.1B

Net Cash Provided by

Operating Activities

After Dividends

(1)

(2)

(3)

ANNUAL COMMON STOCK DIVIDEND PER SHARE

(4)

(1)Dividend yield is calculated as the dividend declared for the three months ended June 30, 2024 of $1.30 per common share annualized divided by the closing price of our common stock on June 30, 2024 of $116.97.

(2)Represents the years ended December 31, 2020 through 2023 and the three months ended June 30, 2024 annualized.

(3)Represents the years ended December 31, 2020 through 2023 and the midpoint of our 2024 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.

(4)Represents common stock dividend declared for the three months ended June 30, 2024 annualized.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	xix

ALEXANDRIA: AT THE

VANGUARD AND HEART

OF THE $5 TRILLION(1)

SECULARLY GROWING LIFE

SCIENCE INDUSTRY

(1)Source: YCharts. Represents the aggregate market capitalization for the life science industry, including companies in the biotechnology and pharmaceutical sectors, as of July 12, 2024.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	xx

(1)Source: YCharts. Represents the aggregate market capitalization for the life science industry, including companies in the biotechnology and pharmaceutical sectors, as of July 12, 2024.

(2)Source: Evaluate Pharma, March 2024. Represents consensus forecast for global biopharma R&D spend in 2023.

(3)Sources: PitchBook, BioCentury, and NASDAQ. Includes venture capital investments in U.S.-based life science companies and IPOs, follow-ons, and public equity financings raised by U.S. listed biopharma companies in 2023.

(4)Sources: National Institutes of Health (“NIH”) and National Science Foundation (“NSF”). Includes FY2023 NIH funding and FY2023 NSF research and related activities.

(5)Source: The Giving Institute, “Giving USA 2024: The Annual Report on Philanthropy for the Year 2023.”

(6)Dollar amount represents aggregate funding from all sources presented, and percentage represents the aggregate increase in funding compared to the previous five-year period (2014–2018).

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	xxi

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. mRESVIA was approved under the FDA Center for Biologics Evaluation and Research ("CBER") pathway.

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Source: Evaluate Pharma, March 2024. Total corporate R&D spend by global biopharma companies. Includes analyst forecast values for companies that have not reported 2023 full-year results. Top 20 companies ranked by pharma R&D

spend in 2023.

(1)Source: Evaluate Pharma, “World Preview 2022 Outlook to 2028: Patents and Pricing.”

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Source: BioCentury, June 2024. Represents public follow-on and private investment in public equity (“PIPE”) financings completed by U.S. listed biopharma companies.

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Source: PitchBook, July 2024.

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ALEXANDRIA’S

CORPORATE

RESPONSIBILITY

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Alexandria Real Estate Equities, Inc. Reports:

2Q24 and 1H24 Net Income per Share – Diluted of $0.25 and $1.22, respectively; and

2Q24 and 1H24 FFO per Share – Diluted, as Adjusted, of $2.36 and $4.71, respectively

PASADENA, Calif. – July 22, 2024 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the second quarter ended June 30, 2024.

Key highlights
Operating results	2Q24	2Q23	1H24	1H23
Total revenues:
In millions	$766.7	$713.9	$1,535.8	$1,414.7
Growth	7.4%		8.6%
Net income attributable to Alexandria’s common stockholders – diluted:
In millions	$42.9	$87.3	$209.8	$162.5
Per share	$0.25	$0.51	$1.22	$0.95
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$405.5	$382.4	$809.4	$756.1
Per share	$2.36	$2.24	$4.71	$4.43

An operationally excellent, industry-leading REIT with a high-quality, diverse client base to support

growing revenues, stable cash flows, and strong margins

(As of June 30, 2024, unless stated otherwise)
Percentage of annual rental revenue in effect from mega campuses	74%
Percentage of annual rental revenue in effect from investment-grade or publicly<br><br>traded large cap tenants	53%
Sustained strength in tenant collections:
Tenant receivables as a percentage of 2Q24 rental revenues	0.9%
July 2024 tenant rents and receivables collected as of July 22, 2024	99.7%
2Q24 tenant rents and receivables collected as of July 22, 2024	99.9%
Occupancy of operating properties in North America	94.6%
Operating margin	72%
Adjusted EBITDA margin	72%
Percentage of leases containing annual rent escalations	96%
Weighted-average remaining lease term:
Top 20 tenants	9.4	years
All tenants	7.4	years

Strong leasing volume and solid rental rate increases

•Strong leasing volume aggregating 1.1 million RSF during 2Q24.

•Solid rental rate increases of 7.4% and 3.7% (cash basis) for 2Q24 and 26.2% and 15.0%

(cash basis) for 1H24.

•79% of our leasing activity during the last twelve months was generated from our existing

tenant base.

	2Q24	1H24
Total leasing activity – RSF	1,114,001	2,256,858
Leasing of development and redevelopment space – RSF	340,989	441,221
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)	589,650	1,584,420
Rental rate increase	7.4%	26.2%
Rental rate increase (cash basis)	3.7%	15.0%

Continued solid net operating income and internal growth

•Net operating income (cash basis) of $1.9 billion for 2Q24 annualized, up $122.7 million, or

6.9%, compared to 2Q23 annualized.

•Same property net operating income growth of 1.5% and 3.9% (cash basis) for 2Q24 over

2Q23 and 1.1% and 3.7% (cash basis) for 1H24 over 1H23.

•96% of our leases contain contractual annual rent escalations approximating 3%.

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 5.4x and fixed-charge coverage ratio of

4.5x for 2Q24 annualized.

•Significant liquidity of $5.6 billion.

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

•13.0 years weighted-average remaining term of debt.

•97.3% of our debt has a fixed rate.

•Total debt and preferred stock to gross assets of 29%.

•$1.1 billion of expected capital contribution commitments from existing consolidated real

estate joint venture partners to fund construction from 3Q24 through 2027.

Consistent dividend strategy with a focus on retaining significant net cash flows from operating

activities after dividends for reinvestment

•Common stock dividend declared for 2Q24 of $1.30 per common share aggregating $5.08

per common share for the twelve months ended June 30, 2024, up 24 cents, or 5%, over the

twelve months ended June 30, 2023.

•Dividend yield of 4.4% as of June 30, 2024.

•Dividend payout ratio of 55% for the three months ended June 30, 2024.

•Average annual dividend per-share growth of 5% from 2020 through 2Q24 annualized.

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

aggregating $2.1 billion for the years ended December 31, 2020 through 2023 and including

the midpoint of our 2024 guidance range for net cash provided by operating activities after

dividends.

Ongoing execution of Alexandria’s 2024 capital strategy

We expect to continue pursuing our strategy to fund a significant portion of our capital

requirements for the year ending December 31, 2024 with dispositions and sales of partial

interests and are actively pursuing several dispositions and partial interest sale opportunities.

(in millions)
Completed dispositions of 100% interest in properties not integral to our mega campus<br><br>strategy	77
Pending transactions subject to letters of intent or purchase and sale agreement<br><br>negotiations	807
Forward equity sales agreements expected to be settled in 2024	27
	911
Additional targeted dispositions, sales of partial interests, and common equity	639
2024 guidance midpoint for dispositions, sales of partial interests, and common equity	1,550

All values are in US Dollars.

(1)Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	1

Alexandria’s highly leased value-creation pipeline delivered incremental annual net operating

income of $16 million commencing during 2Q24 and is expected to deliver incremental annual net

operating income aggregating $480 million by 1Q28

•During 2Q24, we placed into service development and redevelopment projects aggregating

284,982 RSF that are 100% leased across multiple submarkets and delivered incremental

annual net operating income of $16 million. 2Q24 deliveries included:

•195,435 and 25,655 RSF at 9810 Darnestown Road and 9808 Medical Center Drive,

respectively, located on the Alexandria Center® for Life Science – Shady Grove mega

campus  in our Rockville submarket.

•Annual net operating income (cash basis) is expected to increase by $80 million upon the

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

months, from recently delivered projects.

•69% of the RSF in our total value-creation pipeline is within our mega campuses.

Development and Redevelopment Projects	Incremental Annual Net Operating Income	RSF	Leased/<br><br>Negotiating<br><br>Percentage
(dollars in millions)
Placed into service:
1Q24	26	343,445		100%
2Q24	16	284,982		100
Placed into service in 1H24	42	628,427		100%
Expected to be placed into service(1):
3Q24 through 4Q25	187	5,432,915		61%
1Q26 through 1Q28	293				(3)
	480

All values are in US Dollars.

(1)Represents expected incremental annual net operating income to be placed into service from deliveries of

projects undergoing construction and one committed near-term project expected to commence construction in

the next two years.

(2)Includes 1.5 million RSF that is expected to stabilize through 2025 and is 87% leased, and partial deliveries

through 4Q25 from projects expected to stabilize in 2026 and beyond. In addition to the projects represented,

we are evaluating one priority anticipated development project that could commence active construction in

2H24 and may have initial delivery in 2025. 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)71% of the leased RSF of our value-creation projects was generated from our existing tenant base.

Strong balance sheet management

Key metrics as of or for the three months ended June 30, 2024

•$32.5 billion in total market capitalization.

•$20.1 billion in total equity capitalization, which ranks in the top 10% among all publicly traded

U.S. REITs.

	2Q24		Target
	Quarter	Trailing	4Q24
	Annualized	12 Months	Annualized
Net debt and preferred stock to<br><br>Adjusted EBITDA	5.4x	5.6x	Less than or equal to 5.1x
Fixed-charge coverage ratio	4.5x	4.6x	Greater than or equal to 4.5x

Key capital events

•In July 2024, we executed an agreement with the lender group to amend and restate our

unsecured senior line of credit to, among other changes, extend the maturity date from

January 22, 2028 to January 22, 2030, including extension options that we control. We

expect that the amendment and restatement will become effective in September 2024 upon

the satisfaction of certain conditions.

•During 2Q24, we entered into new forward equity sales agreements aggregating $27.8 million

to sell 230 thousand shares of common stock under our ATM program at an average price of

$122.32 (before underwriting discounts). We expect to settle these forward equity sales

agreements in 2024. As of July 22, 2024, the remaining aggregate amount available under

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

Investments

•As of June 30, 2024:

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

•Unrealized gains presented in our consolidated balance sheet were $159.8 million,

comprising gross unrealized gains and losses aggregating $284.2 million and

$124.4 million, respectively.

•Investment loss of $43.7 million for 2Q24 presented in our consolidated statement of

operations consisted of $33.4 million of realized gains, partially offset by $12.8 million of

impairment charges and $64.2 million of unrealized losses.

Second Quarter Ended June 30, 2024 Financial and Operating Results (continued)
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	2
---	---

Other key highlights

•In June 2024, Alexandria was added to the Health Care REITs industry under the Global

Industry Classification Standard (GICS®) by S&P Dow Jones Indices and MSCI, and to the

FTSE NAREIT Equity Health Care Index.

Key items included in net income attributable to Alexandria’s common stockholders:
	2Q24	2Q23	2Q24	2Q23	1H24	1H23	1H24	1H23
(in millions, except per share<br><br>amounts)	Amount		Per Share –<br><br>Diluted		Amount		Per Share –<br><br>Diluted
Unrealized losses on non-real<br><br>estate investments	$(64.2)	$(77.9)	$(0.37)	$(0.46)	$(35.1)	$(143.8)	$(0.20)	$(0.84)
Gain on sales of real estate	—	214.8	—	1.26	0.4	214.8	—	1.26
Impairment of non-real estate<br><br>investments	(12.8)	(23.0)	(0.08)	(0.13)	(27.5)	(23.0)	(0.16)	(0.13)
Impairment of real estate	(30.8)	(168.6)	(0.18)	(0.99)	(30.8)	(168.6)	(0.18)	(0.99)
Total	$(107.8)	$(54.7)	$(0.63)	$(0.32)	$(93.0)	$(120.6)	$(0.54)	$(0.70)
Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional<br><br>details.

Subsequent event

•In July 2024, we executed an amendment to our existing ground lease agreement at the

Alexandria Technology Square® mega campus aggregating 1.2 million RSF in our Cambridge

submarket to extend the term by 24 years from January 1, 2065 to December 31, 2088. The

amendment requires that we prepay our entire rent obligation for the extended lease term

aggregating $270.0 million in two equal installments during the fourth quarter of 2024 and the

first quarter of 2025. This amount will be amortized on a straight-line basis over the remaining

lease term from July 2024 through December 2088, and the amended operating lease will

result in an incremental annual rent expense of approximately $3.6 million. Alexandria

Technology Square® is a foundational mega campus in the heart of the global life science

ecosystem in Cambridge and is the Greater Boston base of operations of key strategic long-

tenured tenants such as Novartis AG, GlaxoSmithKline plc, Massachusetts Institute of

Technology, and Mass General Brigham. Securing this ground lease through December 2088

significantly enhances the long-term value of our investment in this critical mega campus.

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

positive change to benefit human health and society

•In June 2024, we released our 2023 Corporate Responsibility Report, which reinforces our

longstanding operational excellence across our differentiated Labspace® platform and

highlights:

•Our new target to reduce operational greenhouse gas (GHG) emissions intensity by

advancing our energy efficiency, electrification, alternative energy, and renewable electricity

initiatives. As an example of our renewable electricity initiatives, a recent long-term power

purchase agreement in our Greater Boston market is expected to enable us to meet 100%

of the electricity needs for Alexandria-paid accounts in this market with renewable energy.

•Our pioneering corporate responsibility pillars, which aim to address the most pressing

issues facing our nation, including the mental health and addiction crises.

Industry and corporate responsibility leadership (continued)

•In April 2024, Alexandria earned several 2024 regional TOBY (The Outstanding Building of

the Year) Awards from BOMA (Building Owners and Managers Association). The TOBY

Awards are the commercial real estate industry’s highest recognition honoring excellence in

commercial building management and operations.

•In the BOMA Mid-Atlantic region, 60 Binney Street on the Alexandria Center® at Kendall

Square mega campus won in the Life Science category and Building 1400 on the

Alexandria Center® at One Kendall Square mega campus won in the Renovated Building

category.

•In the BOMA Pacific Southwest region, the Alexandria Center® for Life Science – San

Carlos mega campus won in the Life Science category.

•In the BOMA Pacific Northwest region, 1165 Eastlake Avenue East on the Alexandria

Center® for Life Science – Eastlake mega campus won in the Life Science category.

•Additionally, our innovative energy district at the Alexandria Center® for Life Science – South

Lake Union mega campus received the Seattle 2030 District’s 2024 Vision Award for Energy,

and 6040 George Watts Hill Drive, Phase II, in Research Triangle was recognized as the Best

Development Project in the 2024 Triangle Commercial Real Estate Women’s (TCREW)

Champion Awards.

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. As the pioneer

of the life science real estate niche with our founding in 1994, Alexandria is the preeminent and

longest-tenured owner, operator, and developer of collaborative life science mega campuses in

AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San

Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2024, Alexandria

has a total market capitalization of $32.5 billion and an asset base in North America that includes

42.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing

construction and one committed near-term project expected to commence construction in the next

two years. Alexandria has a longstanding and proven track record of developing Class A/A+

properties clustered in life science mega campuses that provide our 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. 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 additional information on

Alexandria, please visit www.are.com.

Second Quarter Ended June 30, 2024 Financial and Operating Results (continued)
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	3
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The following guidance for 2024 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2024. 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 7 of the Earnings Press Release for

additional details.

Changes to our guidance for 2024 key sources and uses of capital include a $150 million increase to the midpoint of our guidance range for dispositions, sales of partial interests, and common

equity primarily to fund the first $135 million installment of the ground lease prepayment at our Alexandria Technology Square® mega campus aggregating 1.2 million RSF in our Cambridge submarket

due in the fourth quarter of 2024 in connection with an amendment of our existing ground lease agreement to extend the term of the lease by 24 years from January 1, 2065 to December 31, 2088.

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

				2024 Guidance Midpoint
Summary of Key Changes in Guidance	As of 7/22/24	As of 4/22/24	Summary of Key Changes in Sources and Uses of Capital	As of 7/22/24	As of 4/22/24
EPS, FFO per share, and FFO per share, as adjusted	See updates below		Dispositions, sales of partial interests, and common equity	$1,550	$1,400
			Ground lease prepayment(1)	$135	$—
Projected 2024 Earnings per Share and Funds From Operations per Share Attributable to<br><br>Alexandria’s Common Stockholders – Diluted
---	---	---
	As of 7/22/24	As of 4/22/24
Earnings per share(3)	2.98 to 3.10	3.60 to 3.72
Depreciation and amortization of real estate assets
Impairment of real estate – rental properties and land
Allocation to unvested restricted stock awards
Funds from operations per share(2)	8.89 to 9.01	9.49 to 9.61
Unrealized losses (gains) on non-real estate investments
Impairment of non-real estate investments
Impairment of real estate
Allocation to unvested restricted stock awards
Funds from operations per share, as adjusted(2)	9.41 to 9.53	9.41 to 9.53
Midpoint	9.47	9.47

All values are in US Dollars.

Key Assumptions	Low	High
Occupancy percentage in North America as of December 31, 2024	94.6%	95.6%
Lease renewals and re-leasing of space:
Rental rate increases	11.0%	19.0%
Rental rate increases (cash basis)	5.0%	13.0%
Same property performance:
Net operating income increases	0.5%	2.5%
Net operating income increases (cash basis)	3.0%	5.0%
Straight-line rent revenue	$169	$184
General and administrative expenses	$181	$191
Capitalization of interest	$325	$355
Interest expense	$154	$184
Realized gains on non-real estate investments(6)	$95	$125		Key Credit Metric Targets(2)
---	---
Net debt and preferred stock to Adjusted EBITDA – 4Q24 annualized	Less than or equal to 5.1x
Fixed-charge coverage ratio – 4Q24 annualized	Greater than or equal to 4.5x
---	---	---	---
Key Sources and Uses of Capital	Range		Midpoint
Sources of capital:
Incremental debt	$885	$885	885
Net cash provided by operating activities after<br><br>dividends	400	500	450
Dispositions, sales of partial interests, and<br><br>common equity(4) (refer to page 6)	1,050	2,050	1,550
Total sources of capital	$2,335	$3,435	2,885
Uses of capital:
Construction	$1,950	$2,550	2,250
Acquisitions (refer to page 5)	250	750	500
Ground lease prepayment(1)	135	135	135
Total uses of capital	$2,335	$3,435	2,885
Incremental debt (included above):
Issuance of unsecured senior notes payable(5)	$1,000	$1,000	1,000
Unsecured senior line of credit, commercial<br><br>paper, and other	(115)	(115)	(115)
Net incremental debt	$885	$885	885

All values are in US Dollars.

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

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

(3)Excludes unrealized gains or losses on non-real estate investments after June 30, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(4)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2024 with dispositions and sales of partial interests in properties not integral to our mega campus

strategy and are actively pursuing several dispositions and partial interest sale opportunities. As of July 22, 2024, we completed dispositions aggregating $77.2 million, have additional pending transactions subject to letters of intent or

purchase and sale agreement negotiations aggregating $806.7 million, and entered into new forward equity sales agreements aggregating $27.8 million, which, in aggregate, represents 59% of the $1.55 billion midpoint of our guidance

range.

(5)Represents $1.0 billion of unsecured senior notes payable issued in February 2024. Subject to market conditions, we may seek additional opportunities in 2024 to fund the repayment of our $600.0 million of 3.45% unsecured senior notes

payable due on April 30, 2025 through issuance of additional unsecured senior notes payable, which is not assumed in our current 2024 guidance.

(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.

Guidance
June 30, 2024
(Dollars in millions, except per share amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	4
---	---
Property	Submarket/Market	Date of<br><br>Purchase	Operating<br><br>Occupancy	Future Development RSF(1)
---	---	---	---	---	---
Completed in 1Q24:
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
Other					39,490
					194,811
Completed in 2Q24:
Other					7,000
					201,811
Pending acquisitions subject to signed letters of intent or purchase and sale<br><br>agreements					47,600
					249,411
2024 guidance range				250,000 – 750,000

All values are in US Dollars.

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

Acquisitions
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	5
---	---
Property	Submarket/Market	Date of Sale	Interest Sold	RSF
---	---	---	---	---
Dispositions of 100% interest in properties not integral to our mega campus strategy
Completed in 1H24:
99 A Street(1)	Seaport Innovation District/Greater Boston	3/8/24	100%	235,000
Other
Completed in July 2024:
Other(2)
Pending transactions subject to letters of intent or purchase and sale agreement negotiations
Additional targeted dispositions and sales of partial interests
2024 guidance range for dispositions, sales of partial interests, and common equity				1,050,000 – 2,050,000

All values are in US Dollars.

(1)We completed the sale during the three months ended March 31, 2024 and recognized no gain or loss.

(2)The disposition completed in July 2024 was leased to a single tenant with a July 2024 lease expiration and had annual net operating income of $18.6 million based upon 2Q24 annualized. This asset was previously considered to be a

potential development project upon expiration of an in-place non-laboratory space lease in July 2024.

Dispositions and Sales of Partial Interests
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	6
---	---

We will host a conference call on Tuesday, July 23, 2024, 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 second quarter ended June 30, 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, July 23,

2024. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 8478776.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 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/2024q2.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. As the pioneer of the life

science real estate niche with our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science mega campuses in AAA innovation cluster locations,

including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2024, Alexandria has a total market capitalization of $32.5 billion and an

asset base in North America that includes 42.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence

construction in the next two years. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science mega campuses that provide our 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. 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 additional 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 2024 earnings per share, 2024 funds from operations per share, 2024 funds from operations per share, as adjusted, 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®, Labspace®, 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.

Earnings Call Information and About the Company
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	7
---	---
	Three Months Ended					Six Months Ended
---	---	---	---	---	---	---	---
	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	6/30/24	6/30/23
Revenues:
Income from rentals	$755,162	$755,551	$742,637	$707,531	$704,339	$1,510,713	$1,392,288
Other income	11,572	13,557	14,579	6,257	9,561	25,129	22,407
Total revenues	766,734	769,108	757,216	713,788	713,900	1,535,842	1,414,695
Expenses:
Rental operations	217,254	218,314	222,726	217,687	211,834	435,568	418,767
General and administrative	44,629	47,055	59,289	45,987	45,882	91,684	94,078
Interest	45,789	40,840	31,967	11,411	17,072	86,629	30,826
Depreciation and amortization	290,720	287,554	285,246	269,370	273,555	578,274	538,857
Impairment of real estate	30,763	—	271,890	20,649	168,575	30,763	168,575
Total expenses	629,155	593,763	871,118	565,104	716,918	1,222,918	1,251,103
Equity in earnings of unconsolidated real estate joint ventures	130	155	363	242	181	285	375
Investment (loss) income	(43,660)	43,284	8,654	(80,672)	(78,268)	(376)	(123,379)
Gain on sales of real estate	—	392	62,227	—	214,810	392	214,810
Net income (loss)	94,049	219,176	(42,658)	68,254	133,705	313,225	255,398
Net income attributable to noncontrolling interests	(47,347)	(48,631)	(45,771)	(43,985)	(43,768)	(95,978)	(87,599)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s<br><br>stockholders	46,702	170,545	(88,429)	24,269	89,937	217,247	167,799
Net income attributable to unvested restricted stock awards	(3,785)	(3,659)	(3,498)	(2,414)	(2,677)	(7,444)	(5,283)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s<br><br>common stockholders	$42,917	$166,886	$(91,927)	$21,855	$87,260	$209,803	$162,516
Net income (loss) per share attributable to Alexandria Real Estate Equities,<br><br>Inc.’s common stockholders:
Basic	$0.25	$0.97	$(0.54)	$0.13	$0.51	$1.22	$0.95
Diluted	$0.25	$0.97	$(0.54)	$0.13	$0.51	$1.22	$0.95
Weighted-average shares of common stock outstanding:
Basic	172,013	171,949	171,096	170,890	170,864	171,981	170,824
Diluted	172,013	171,949	171,096	170,890	170,864	171,981	170,824
Dividends declared per share of common stock	$1.30	$1.27	$1.27	$1.24	$1.24	$2.57	$2.45
Consolidated Statements of Operations
---
June 30, 2024
(Dollars in thousands, except per share amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	8
---	---
	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
---	---	---	---	---	---
Assets
Investments in real estate	$32,673,839	$32,323,138	$31,633,511	$31,712,731	$31,178,054
Investments in unconsolidated real estate joint ventures	40,535	40,636	37,780	37,695	37,801
Cash and cash equivalents	561,021	722,176	618,190	532,390	924,370
Restricted cash	4,832	9,519	42,581	35,321	35,920
Tenant receivables	6,822	7,469	8,211	6,897	6,951
Deferred rent	1,190,336	1,138,936	1,050,319	1,012,666	984,366
Deferred leasing costs	519,629	520,616	509,398	512,216	520,610
Investments	1,494,348	1,511,588	1,449,518	1,431,766	1,495,994
Other assets	1,356,503	1,424,968	1,421,894	1,501,611	1,475,191
Total assets	$37,847,865	$37,699,046	$36,771,402	$36,783,293	$36,659,257
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$134,942	$130,050	$119,662	$109,110	$91,939
Unsecured senior notes payable	12,089,561	12,087,113	11,096,028	11,093,725	11,091,424
Unsecured senior line of credit and commercial paper	199,552	—	99,952	—	—
Accounts payable, accrued expenses, and other liabilities	2,529,535	2,503,831	2,610,943	2,653,126	2,494,087
Dividends payable	227,408	222,134	221,824	214,450	214,555
Total liabilities	15,180,998	14,943,128	14,148,409	14,070,411	13,892,005
Commitments and contingencies
Redeemable noncontrolling interests	16,440	16,620	16,480	51,658	52,628
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock	1,720	1,720	1,719	1,710	1,709
Additional paid-in capital	18,284,611	18,434,690	18,485,352	18,651,185	18,812,318
Accumulated other comprehensive loss	(27,710)	(23,815)	(15,896)	(24,984)	(16,589)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	18,258,621	18,412,595	18,471,175	18,627,911	18,797,438
Noncontrolling interests	4,391,806	4,326,703	4,135,338	4,033,313	3,917,186
Total equity	22,650,427	22,739,298	22,606,513	22,661,224	22,714,624
Total liabilities, noncontrolling interests, and equity	$37,847,865	$37,699,046	$36,771,402	$36,783,293	$36,659,257
Consolidated Balance Sheets
---
June 30, 2024
(In thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	9
---	---

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					Six Months Ended
	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	6/30/24	6/30/23
Net income (loss) attributable to Alexandria’s common stockholders – basic<br><br>and diluted	42,917	$166,886	$(91,927)	$21,855	$87,260	$209,803	$162,516
Depreciation and amortization of real estate assets	288,118	284,950	281,939	266,440	270,026	573,068	532,150
Noncontrolling share of depreciation and amortization from consolidated real<br><br>estate JVs	(31,364)	(30,904)	(30,137)	(28,814)	(28,220)	(62,268)	(56,398)
Our share of depreciation and amortization from unconsolidated real estate JVs	1,068	1,034	965	910	855	2,102	1,714
Gain on sales of real estate	—	(392)	(62,227)	—	(214,810)	(392)	(214,810)
Impairment of real estate – rental properties and land	2,182	—	263,982	19,844	166,602	2,182	166,602
Allocation to unvested restricted stock awards	(1,305)	(3,469)	(2,268)	(838)	(872)	(4,736)	(2,220)
Funds from operations attributable to Alexandria’s common stockholders –<br><br>diluted(1)	301,616	418,105	360,327	279,397	280,841	719,759	589,554
Unrealized losses (gains) on non-real estate investments	64,238	(29,158)	(19,479)	77,202	77,897	35,080	143,752
Impairment of non-real estate investments	12,788	14,698	23,094	28,503	22,953	27,486	22,953
Impairment of real estate	28,581	—	7,908	805	1,973	28,581	1,973
Acceleration of stock compensation expense due to executive officer resignations	—	—	18,436	1,859	—	—	—
Allocation to unvested restricted stock awards	(1,738)	247	(472)	(1,330)	(1,285)	(1,528)	(2,164)
Funds from operations attributable to Alexandria’s common stockholders –<br><br>diluted, as adjusted	405,485	$403,892	$389,814	$386,436	$382,379	$809,378	$756,068

All values are in US Dollars.

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

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

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

(3)Primarily related to two potential acquisitions in our Greater Boston market, which aggregated 1.4 million of future development RSF. We initially expected to close these acquisitions after 2024 for an aggregate purchase price of

$366.8 million. Our intent for each site included the demolition of existing buildings upon expiration of the existing in-place leases and the development of life science properties. During the three months ended June 30, 2024, we

decided to no longer proceed with these acquisitions as a result of the current macroeconomic environment that negatively impacted the financial outlooks for these projects, and recognized this impairment charge.

Funds From Operations and Funds From Operations per Share
June 30, 2024
(In thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	10
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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					Six Months Ended
	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	6/30/24	6/30/23
Net income (loss) per share attributable to Alexandria’s common stockholders –<br><br>diluted	$0.25	$0.97	$(0.54)	$0.13	$0.51	$1.22	$0.95
Depreciation and amortization of real estate assets	1.50	1.48	1.48	1.40	1.42	2.98	2.80
Gain on sales of real estate	—	—	(0.36)	—	(1.26)	—	(1.26)
Impairment of real estate – rental properties and land	0.01	—	1.54	0.12	0.98	0.01	0.98
Allocation to unvested restricted stock awards	(0.01)	(0.02)	(0.01)	(0.01)	(0.01)	(0.02)	(0.02)
Funds from operations per share attributable to Alexandria’s common<br><br>stockholders – diluted	1.75	2.43	2.11	1.64	1.64	4.19	3.45
Unrealized losses (gains) on non-real estate investments	0.37	(0.17)	(0.11)	0.45	0.46	0.20	0.84
Impairment of non-real estate investments	0.08	0.09	0.13	0.17	0.13	0.16	0.13
Impairment of real estate	0.17	—	0.05	—	0.02	0.17	0.02
Acceleration of stock compensation expense due to executive officer resignations	—	—	0.11	0.01	—	—	—
Allocation to unvested restricted stock awards	(0.01)	—	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)
Funds from operations per share attributable to Alexandria’s common<br><br>stockholders – diluted, as adjusted	$2.36	$2.35	$2.28	$2.26	$2.24	$4.71	$4.43
Weighted-average shares of common stock outstanding – diluted	172,013	171,949	171,096	170,890	170,864	171,981	170,824

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

Funds From Operations and Funds From Operations per Share (continued)
June 30, 2024
(In thousands, except per share amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	11
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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. As the pioneer of the life science real estate niche with our founding in 1994,

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

collaborative life science mega campuses in AAA innovation cluster locations, including

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

Triangle, and New York City. As of June 30, 2024, Alexandria has a total market

capitalization of $32.5 billion and an asset base in North America that includes 42.1 million

RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing

construction and one committed near-term project expected to commence construction in

the next two years. Alexandria has a longstanding and proven track record of developing

Class A/A+ properties clustered in life science mega campuses that provide our 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. 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 additional information on Alexandria, please visit

www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 53% 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 life science

mega campuses in key 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

64 individuals, averaging 23 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	Vincent R. Ciruzzi
Chief Financial Officer &<br><br>Treasurer	Chief Development Officer
Lawrence J. Diamond	Joseph Hakman
Co-Chief Operating Officer & Regional<br><br>Market Director – Maryland	Co-Chief Operating Officer &<br><br>Chief Strategic Transactions Officer
Hart Cole	Jackie B. Clem
Executive Vice President – Capital<br><br>Markets/Strategic Operations &<br><br>Co-Regional Market Director – Seattle	General Counsel & Secretary
Gary D. Dean	Andres R. Gavinet
Executive Vice President –<br><br>Real Estate Legal Affairs	Chief Accounting Officer
Onn C. Lee	Kristina A. Fukuzaki-Carlson
Executive Vice President –<br><br>Accounting	Executive Vice President –<br><br>Business Operations
Madeleine T. Alsbrook
Executive Vice President –<br><br>Talent Management
Company Profile
---
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	13
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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.	Jefferies Research Services, LLC	RBC Capital Markets
---	---	---	---
Nate Crossett / Monir Koummal	Nicholas Joseph / Michael Griffin	Peter Abramowitz / Ahmed Mehri	Michael Carroll / Aditi Balachandran
(646) 342-1588 / (646) 342-1554	(212) 816-1909 / (212) 816-5871	(212) 336-7241 / (212) 778-8456	(440) 715-2649 / (212) 428-6200
BofA Securities	Citizens JMP Securities, LLC	J.P. Morgan Securities LLC	Robert W. Baird & Co. Incorporated
Jeff Spector / Joshua Dennerlein	Aaron Hecht	Anthony Paolone / Ray Zhong	Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1681	(415) 835-3963	(212) 622-6682 / (212) 622-5411	(216) 737-7510 / (414) 298-5053
BTIG, LLC	Evercore ISI	Mizuho Securities USA LLC	Wedbush Securities
Tom Catherwood / John Nickodemus	Steve Sakwa / James Kammert	Vikram Malhotra / Georgi Dinkov	Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 738-6050	(212) 446-9462 / (312) 705-4233	(212) 282-3827 / (617) 352-1721	(212) 931-7001 / (212) 938-9942
CFRA	Green Street
Michael Elliott	Dylan Burzinski
(646) 517-5742	(949) 640-8780
Fixed Income Research Coverage		Rating Agencies
Barclays Capital Inc.	J.P. Morgan Securities LLC	Moody’s Investors Service	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
Investor Information
---
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	14
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	Three Months Ended (unless stated otherwise)
---	---	---	---	---	---
	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Selected financial data from consolidated financial statements and related information
Rental revenues	576,835	$581,400	$561,428	$526,352	$537,889
Tenant recoveries	178,327	$174,151	$181,209	$181,179	$166,450
General and administrative expenses	44,629	$47,055	$59,289	$45,987	$45,882
General and administrative expenses as a percentage of net operating income –<br><br>trailing 12 months	9.2%	9.5%	9.8%	9.3%	9.7%
Operating margin	72%	72%	71%	70%	70%
Adjusted EBITDA margin	72%	72%	69%	69%	70%
Adjusted EBITDA – quarter annualized	2,216,144	$2,206,428	$2,094,988	$1,971,440	$1,986,760
Adjusted EBITDA – trailing 12 months	2,122,250	$2,064,904	$1,997,518	$1,935,505	$1,895,336
Net debt at end of period	11,940,144	$11,569,666	$10,731,200	$10,713,620	$10,303,736
Net debt and preferred stock to Adjusted EBITDA – quarter annualized	5.4x	5.2x	5.1x	5.4x	5.2x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months	5.6x	5.6x	5.4x	5.5x	5.4x
Total debt and preferred stock at end of period	12,424,055	$12,217,163	$11,315,642	$11,202,835	$11,183,363
Gross assets at end of period	43,305,279	$42,915,903	$41,756,421	$41,639,729	$41,306,090
Total debt and preferred stock to gross assets at end of period	29%	28%	27%	27%	27%
Fixed-charge coverage ratio – quarter annualized	4.5x	4.7x	4.5x	4.8x	4.7x
Fixed-charge coverage ratio – trailing 12 months	4.6x	4.7x	4.7x	4.9x	4.9x
Unencumbered net operating income as a percentage of total net operating income	99.1%	99.3%	99.8%	99.8%	99.8%
Closing stock price at end of period	116.97	$128.91	$126.77	$100.10	$113.49
Common shares outstanding (in thousands) at end of period	172,018	172,008	171,911	170,997	170,870
Total equity capitalization at end of period	20,120,907	$22,173,547	$21,793,107	$17,116,784	$19,392,011
Total market capitalization at end of period	32,544,962	$34,390,710	$33,108,749	$28,319,619	$30,575,374
Dividend per share – quarter/annualized	1.30/5.20	$1.27/$5.08	$1.27/$5.08	$1.24/$4.96	$1.24/$4.96
Dividend payout ratio for the quarter	55%	54%	56%	55%	55%
Dividend yield – annualized	4.4%	3.9%	4.0%	5.0%	4.4%
Amounts related to operating leases:
Operating lease liabilities at end of period	379,223	$381,578	$382,883	$384,958	$386,545
Rent expense	9,412	$8,683	$8,964	$8,317	$8,518
Capitalized interest	81,039	$81,840	$89,115	$96,119	$91,674
Average real estate basis capitalized during the period	7,936,612	$8,163,289	$9,116,700	$9,872,650	$9,580,655
Weighted-average interest rate for capitalization of interest during the period	3.96%	3.92%	3.92%	3.77%	3.77%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)  Decline in rental revenues from 1Q24 includes the temporary loss of revenues from 308,446 RSF at 311 Arsenal Street, which was placed into redevelopment during 1H24.

All values are in US Dollars.

Financial and Asset Base Highlights
June 30, 2024
(Dollars in thousands, except per share amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	15
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	Three Months Ended (unless stated otherwise)
---	---	---	---	---	---
	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue	$48,338	$48,251	$41,586	$29,805	$29,335
Amortization of acquired below-market leases	$22,515	$30,340	$23,684	$23,222	$24,789
Straight-line rent expense on ground leases	$341	$358	$366	$372	$373
Stock compensation expense	$14,507	$17,125	$34,592	$16,288	$15,492
Amortization of loan fees	$4,146	$4,142	$4,059	$4,059	$3,729
Amortization of debt discounts	$(328)	$(318)	$(309)	$(306)	$(304)
Non-revenue-enhancing capital expenditures:
Building improvements	$4,210	$4,293	$4,167	$4,510	$4,376
Tenant improvements and leasing commissions	$15,724	$21,144	$12,155	$7,560	$38,587
Funds from operations attributable to noncontrolling interests	$78,711	$79,535	$75,908	$72,799	$71,988
Operating statistics and related information (at end of period)
Number of properties – North America	408	410	411	419	414
RSF – North America (including development and redevelopment projects under construction)	47,085,993	47,206,639	47,228,485	47,089,826	46,408,793
Total square feet – North America	74,103,404	74,069,321	73,532,305	75,057,289	74,854,150
Annual rental revenue per occupied RSF – North America	$56.87	$56.86	$56.08	$53.34	$53.09
Occupancy of operating properties – North America	94.6%	94.6%	94.6%	93.7%	93.6%
Occupancy of operating and redevelopment properties – North America	89.9%	90.2%	90.2%	89.4%	89.2%
Weighted-average remaining lease term (in years)	7.4	7.5	7.4	7.0	7.2
Total leasing activity – RSF	1,114,001	1,142,857	889,737	867,582	1,325,326
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate increases	7.4%	33.0%	9.2%	28.8%	16.6%
Rental rate increases (cash basis)	3.7%	19.0%	5.5%	19.7%	8.3%
RSF (included in total leasing activity above)	589,650	994,770	477,142	396,334	1,052,872
Top 20 tenants:
Annual rental revenue	$805,751	$802,605	$769,066	$655,990	$629,362
Annual rental revenue from investment-grade or publicly traded large cap tenants	92%	92%	92%	91%	90%
Weighted-average remaining lease term (in years)	9.4	9.7	9.6	8.9	9.4
Same property – percentage change over comparable quarter from prior year:
Net operating income increases	1.5%	1.0%	0.7%	3.1%	3.0%
Net operating income increases (cash basis)	3.9%	4.2%	0.8%	4.6%	4.9%

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

Financial and Asset Base Highlights (continued)
June 30, 2024
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	16
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Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants
---	---
	Investment-Grade or Publicly Traded<br><br>Large Cap Tenants
	92%
	of ARE’s Top 20 Tenant<br><br>Annual Rental Revenue
	53%
Percentage of ARE’s Annual Rental Revenue	of ARE’s<br><br>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(2)

Investment-Grade or

Large Cap Tech

Future Change

in Use(1)

Biomedical and

Government

Institutions

As of June 30, 2024. Annual rental revenue represents amounts in effect as of June 30, 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 annual rental revenue generated from space that is currently targeted for a future change in use to laboratory space, including 1.0% of annual rental revenue that is generated from covered land play projects for future

development opportunities. The weighted-average remaining term of these leases is 2.9 years.

(2)Represents the percentage of our annual rental revenue generated by “Other” tenants, which comprise technology, professional services, finance, telecommunications, and construction/real estate companies, and (by less than 1.0% of our

annual rental revenue) retail-related tenants.

High-Quality and Diverse Client Base
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	17
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Long-Duration and Stable Cash Flows From

High-Quality and Diverse Tenants

Sustained Strength in Tenant Collections(1)
99.9%	99.7%
2Q24	July 2024
Long-Duration Lease Terms
9.4 Years	7.4 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 July 22, 2024.

(2)Based on annual rental revenue in effect as of June 30, 2024.

High-Quality and Diverse Client Base (continued)
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	18
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Solid Historical Occupancy of 96% Over Past 10 Years(1) From

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

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

(2)

74%

Mega

Campuses

26%

Non-Mega

Campuses

As of June 30, 2024. Annual rental revenue represents amounts in effect as of June 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents average occupancy of operating properties as of each December 31 from 2015 through 2023 and as of June 30, 2024.

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

Occupancy
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	19
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Same Property<br><br>Net Operating Income Growth					Rental Rate Growth:<br><br>Renewed/Re-Leased Space
---	---	---	---	---	---	---	---
Margins(1)					Favorable Lease Structure(2)
Operating	Adjusted EBITDA				Strategic Lease Structure by Owner and Operator of Collaborative<br><br>Life Science Mega Campuses
72%	72%				Increasing cash flows
			Percentage of leases containing<br><br>annual rent escalations			96%
			Stable cash flows
Weighted-Average Lease Term<br><br>of Executed Leases(3)					Percentage of triple<br><br>net leases		94%
8.8 Years					Lower capex burden
		Percentage of leases providing for the<br><br>recapture of capital expenditures		93%

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 June 30, 2024.

(2)Percentages calculated based on our annual rental revenue in effect as of June 30, 2024.

(3)Represents the weighted-average lease term of executed leases for the 10-year period from December 31, 2015 through June 30, 2024.

Key Operating Metrics
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	20
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	June 30, 2024			June 30, 2024
---	---	---	---	---	---
Same Property Financial Data	Three Months<br><br>Ended	Six Months<br><br>Ended	Same Property Statistical Data	Three Months<br><br>Ended	Six Months<br><br>Ended
Percentage change over comparable period from prior year:			Number of same properties	350	346
Net operating income increase	1.5%	1.1%	Rentable square feet	35,626,897	34,775,838
Net operating income increase (cash basis)	3.9%	3.7%	Occupancy – current-period average	94.6%	94.2%
Operating margin	70%	70%	Occupancy – same-period prior-year average	94.4%	94.6%			Three Months Ended June 30,				Six Months Ended June 30,
---	---	---	---	---	---	---	---	---
	2024	2023	$ Change	% Change	2024	2023	$ Change	% Change
Income from rentals:
Same properties	$464,917	$454,603	$10,314	2.3%	$910,423	$893,008	$17,415	2.0%
Non-same properties	111,918	83,286	28,632	34.4	247,812	163,183	84,629	51.9
Rental revenues	576,835	537,889	38,946	7.2	1,158,235	1,056,191	102,044	9.7
Same properties	156,945	153,802	3,143	2.0	311,894	303,702	8,192	2.7
Non-same properties	21,382	12,648	8,734	69.1	40,584	32,395	8,189	25.3
Tenant recoveries	178,327	166,450	11,877	7.1	352,478	336,097	16,381	4.9
Income from rentals	755,162	704,339	50,823	7.2	1,510,713	1,392,288	118,425	8.5
Same properties	377	300	77	25.7	715	737	(22)	(3.0)
Non-same properties	11,195	9,261	1,934	20.9	24,414	21,670	2,744	12.7
Other income	11,572	9,561	2,011	21.0	25,129	22,407	2,722	12.1
Same properties	622,239	608,705	13,534	2.2	1,223,032	1,197,447	25,585	2.1
Non-same properties	144,495	105,195	39,300	37.4	312,810	217,248	95,562	44.0
Total revenues	766,734	713,900	52,834	7.4	1,535,842	1,414,695	121,147	8.6
Same properties	185,721	178,544	7,177	4.0	366,985	350,672	16,313	4.7
Non-same properties	31,533	33,290	(1,757)	(5.3)	68,583	68,095	488	0.7
Rental operations	217,254	211,834	5,420	2.6	435,568	418,767	16,801	4.0
Same properties	436,518	430,161	6,357	1.5	856,047	846,775	9,272	1.1
Non-same properties	112,962	71,905	41,057	57.1	244,227	149,153	95,074	63.7
Net operating income	$549,480	$502,066	$47,414	9.4%	$1,100,274	$995,928	$104,346	10.5%
Net operating income – same properties	$436,518	$430,161	$6,357	1.5%	$856,047	$846,775	$9,272	1.1%
Straight-line rent revenue	(17,856)	(26,981)	9,125	(33.8)	(32,773)	(51,793)	19,020	(36.7)
Amortization of acquired below-market leases	(15,910)	(15,619)	(291)	1.9	(30,910)	(30,758)	(152)	0.5
Net operating income – same properties (cash basis)	$402,752	$387,561	$15,191	3.9%	$792,364	$764,224	$28,140	3.7%

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.

Same Property Performance
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	21
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		Three Months Ended				Six Months Ended		Year Ended
---	---	---	---	---	---	---	---	---	---
		June 30, 2024				June 30, 2024		December 31, 2023
	Including<br><br>Straight-Line Rent		Cash Basis		Including<br><br>Straight-Line Rent
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes		7.4%		3.7%		26.2%	15.0%	29.4%	15.8%
New rates		46.56		47.92		69.43	68.20	52.35	$50.82
Expiring rates		43.34		46.23		55.02	59.32	40.46	$43.87
RSF		589,650				1,584,420		3,046,386
Tenant improvements/leasing commissions		31.83				25.32		26.09
Weighted-average lease term		4.4 years				8.0 years		8.7 years
Developed/redeveloped/previously vacant space leased(3)
New rates		67.96		65.59		68.85	66.73	65.66	$59.74
RSF		524,351				672,438		1,259,686
Weighted-average lease term		7.4 years				7.2 years		13.8 years
Leasing activity summary (totals):
New rates		57.55		56.99		69.26	67.78	56.09	$53.33
RSF		1,114,001				2,256,858		4,306,072
Weighted-average lease term		6.6 years				7.7 years		11.3 years
Lease expirations(1)
Expiring rates		46.19		48.02		52.27	55.24	43.84	$45.20
RSF		888,415				2,301,346		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 129,549 RSF and 86,092 RSF as of June 30, 2024 and December 31, 2023, respectively. During the trailing twelve months ended June 30, 2024, we granted free rent

concessions averaging 0.8 months per annum.

(2)Includes one renewal aggregating 34,611 RSF in our Greater Stanford submarket. Excluding this renewal, rental rate changes for 2Q24 were 13.6% and 9.1% (cash basis). Rental rate changes can experience volatility from

quarter to quarter based on the volume and mix of leases executed. Refer to “Guidance” in the Earnings Press Release for rental rate changes expected from leases executed for the year ending December 31, 2024.

(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.

Leasing Activity
June 30, 2024
(Dollars per RSF)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	22
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Year			RSF		Percentage of<br><br>Occupied RSF		Annual Rental Revenue<br><br>(per RSF)(1)
---	---	---	---	---	---	---	---	---	---
	2024	(2)		1,629,725		4.1%		52.61	3.9%
	2025			3,969,159		10.1%		52.32	9.4%
	2026			2,741,258		6.9%		52.81	6.6%
	2027			3,155,424		8.0%		52.84	7.6%
	2028			4,697,787		11.9%		51.91	11.1%
	2029			2,519,629		6.4%		51.26	5.9%
	2030			2,732,244		6.9%		46.39	5.8%
	2031			3,655,986		9.3%		54.89	9.1%
	2032			1,078,558		2.7%		59.67	2.9%
	2033			2,872,541		7.3%		51.57	6.7%
Thereafter				10,398,273		26.4%		65.96	31.0%

All values are in US Dollars.

Market	2024 Contractual Lease Expirations (in RSF)							Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)	2025 Contractual Lease Expirations (in RSF)						Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)
	Leased	Negotiating/<br><br>Anticipating	Targeted for Future<br><br>Development/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(3)	Remaining<br><br>Expiring<br><br>Leases(5)		Total
			Committed<br><br>Near-Term/<br><br>Priority<br><br>Anticipated	Future
Greater Boston	14,075	57,179	—	104,500	210,588		386,342	$78.66	44,332	38,705	25,312	890,639	(6)	998,988	$78.18
San Francisco Bay Area	—	58,517	107,250	—	252,300		418,067	55.48	35,797	83,980	—	491,082		610,859	71.91
San Diego	27,119	—	—	226,144	17,408		270,671	29.33	22,324	28,854	269,048	257,832		578,058	27.46
Seattle	18,107	—	—	—	111,263		129,370	20.78	—	14,058	50,552	215,294		279,904	31.76
Maryland	—	—	—	—	10,919		10,919	5.62	35,055	—	—	185,357		220,412	28.41
Research Triangle	—	10,478	—	—	18,439		28,917	37.70	—	—	—	320,957		320,957	51.34
New York City	—	5,896	—	—	355,792	(7)	361,688	53.71	—	—	—	67,215		67,215	106.25
Texas	—	—	—	—	—		—	—	—	357,136	198,972	247,246		803,354	36.27
Canada	13,321	—	—	—	—		13,321	26.58	—	—	—	88,412		88,412	20.31
Non-cluster/other markets	—	—	—	—	10,430		10,430	57.02	—	—	—	1,000		1,000	49.20
Total	72,622	132,070	107,250	330,644	987,139		1,629,725	$52.61	137,508	522,733	543,884	2,765,034		3,969,159	$52.32
Percentage of expiring<br><br>leases	4%	8%	7%	20%	61%		100%		3%	13%	14%	70%		100%

(1)Represents amounts in effect as of June 30, 2024.

(2)Excludes month-to-month leases aggregating 129,549 RSF as of June 30, 2024.

(3)Primarily represents assets that were recently acquired for future value-creation 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 June 30, 2024, annual rental revenue from these leases expiring in 2024 and 2025 is $42.98 per RSF and $32.71 per RSF, respectively. The weighted-average expiration date

of these leases expiring in 2024 and 2025 is September 29, 2024 and January 12, 2025, respectively. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details,

including value-creation square feet currently included in rental properties.

(4)Excluding the expiration described in footnote 7, the largest remaining contractual lease expiration in 2024 is 97,702 RSF in our Mission Bay submarket, where we are working to retain the current tenant.

(5)Key remaining expiring leases in 2025 include 600,477 RSF in three submarkets with a weighted-average expiration date of February 1, 2025 and annual rental revenue as of June 30, 2024 aggregating approximately $37 million

comprised of the following: (i) 248,700 RSF at our Alexandria Technology Square® mega campus in our Cambridge submarket, of which 171,945 RSF is expected to be repositioned from single-tenancy to multi-tenancy, and we are

evaluating options to reposition the remaining 76,755 RSF; (ii) 247,246 RSF of industrial and R&D space in our Austin submarket for which we are evaluating options to market for re-lease or reposition the space; and (iii) 104,531 RSF in

our Research Triangle market that is currently being marketed for re-lease. We expect downtime on these spaces to range from 12 to 24 months on a weighted average basis.

(6)Includes 816,048 RSF of contractual lease expirations in our Cambridge/Inner Suburbs submarket. Refer to footnote 5 for additional details.

(7)Includes 349,947 RSF at 219 East 42nd Street that was classified as held for sale as of June 30, 2024 and was sold in July 2024.

Contractual Lease Expirations
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	23
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92% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

	Tenant	Remaining Lease<br><br>Term(1) (in years)			Aggregate<br><br>RSF			Annual Rental<br><br>Revenue(1)		Percentage of<br><br>Annual Rental<br><br>Revenue(1)	Investment-Grade<br><br>Credit Ratings		Average<br><br>Market Cap(1)<br><br>(in billions)
							Moody’s		S&P
1	Moderna, Inc.		12.9			1,385,536			$127,122	5.7%	—	—	$40.5
2	Eli Lilly and Company		8.6			1,134,349			92,931	4.2	A2	A+	$620.0
3	Bristol-Myers Squibb Company		6.6			999,379			76,363	3.4	A2	A+	$107.4
4	Takeda Pharmaceutical Company Limited		10.9			549,759			47,899	2.2	Baa2	BBB+	$45.4
5	Roche		5.8			770,279			45,888	2.1	Aa2	AA	$224.0
6	Illumina, Inc.		6.6			955,669			41,588	1.9	Baa3	BBB	$21.4
7	Alphabet Inc.		3.0			724,223			39,155	1.8	Aa2	AA+	$1,805.5
8	2seventy bio, Inc.(2)		9.2			312,805			33,543	1.5	—	—	$0.2
9	Novartis AG		4.1			450,563			30,969	1.4	A1	AA-	$227.3
10	Harvard University		6.3			343,858			28,872	1.3	Aaa	AAA	$—
11	Cloud Software Group, Inc.		2.7	(3)		292,013			28,537	1.3	—	—	$—
12	United States Government		6.1			429,359			28,491	1.3	Aaa	AA+	$—
13	Uber Technologies, Inc.		58.3	(4)		1,009,188			27,765	1.3	—	—	$123.5
14	AstraZeneca PLC		5.3			450,848			27,156	1.2	A3	A	$213.0
15	Pfizer Inc.		0.7	(5)		504,716			23,730	1.1	A1	A+	$171.0
16	Sanofi		6.5			267,278			21,444	1.0	A1	AA	$126.0
17	Merck & Co., Inc.		9.0			337,703			21,401	1.0	A1	A+	$293.8
18	Amgen Inc.		8.5			428,227			21,314	1.0	Baa1	—	$148.0
19	New York University		7.6			218,983			21,056	0.9	Aa2	AA-	$—
20	Massachusetts Institute of Technology		5.0			246,725			20,527	0.9	Aaa	AAA	$—
	Total/weighted-average		9.4	(4)		11,811,460			$805,751	36.5%

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 June 30, 2024.

(2)As of March 31, 2024, 2seventy bio, Inc. held $181.4 million of cash, cash equivalents, and marketable securities. In March 2024, Regeneron Pharmaceuticals, Inc., a publicly traded biotechnology company with investment-grade credit

ratings of Baa1 and BBB+ assigned by Moody’s and S&P, respectively, entered into a sublease for approximately 195,000 RSF, or 69.6% of our annual rental revenue generated from 2seventy bio as of June 30, 2024. 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. Refer to footnote 1 for additional details. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.0 years as of June 30, 2024.

(5)Primarily relates to one office building in our New York City submarket aggregating 349,947 RSF with a contractual lease expiration in July 2024, which was classified as held for sale as of June 30, 2024 and sold in July 2024.

Top 20 Tenants
June 30, 2024
(Dollars in thousands, except average market cap amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	24
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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	10,751,016	764,036	1,638,878	(1)	13,153,930	28%	73	$848,799	38%	$83.84
San Francisco Bay Area	7,863,964	498,142	282,054		8,644,160	18	66	449,633	20	65.52
San Diego	7,757,132	1,186,104	—		8,943,236	19	88	328,872	15	44.60
Seattle	3,188,135	31,270	34,306		3,253,711	7	44	138,136	6	45.73
Maryland	3,804,438	292,946	—		4,097,384	9	51	135,978	6	37.45
Research Triangle	3,923,169	—	—		3,923,169	8	40	123,315	6	32.27
New York City	922,477	—	—		922,477	2	4	72,885	3	92.89
Texas	1,845,159	—	73,298		1,918,457	4	15	57,830	3	32.83
Canada	933,660	—	139,311		1,072,971	2	12	20,353	1	22.98
Non-cluster/other markets	347,806	—	—		347,806	1	10	15,180	1	57.70
Properties held for sale	808,692	—	—		808,692	2	5	25,994	1	N/A
North America	42,145,648	2,772,498	2,167,847		47,085,993	100%	408	$2,216,975	100%	$56.87
		4,940,345

(1)Primarily includes our active redevelopment projects aggregating 716,604 RSF at 40, 50, and 60 Sylvan Road and 840 Winter Street located on the Alexandria Center® for Life Science – Waltham mega campus,

which are 43% leased/negotiating on a combined basis. This mega campus project is expected to capture demand in our Route 128 submarket.

Summary of occupancy

	Operating Properties				Operating and Redevelopment Properties
Market	6/30/24		3/31/24	6/30/23	6/30/24	3/31/24	6/30/23
Greater Boston	94.2%		94.5%	92.5%	81.7%	83.3%	83.2%
San Francisco Bay Area	94.0		94.4	95.5	90.7	91.2	91.9
San Diego	95.1		95.2	92.8	95.1	95.2	92.8
Seattle	94.7		94.9	95.1	93.7	93.9	89.5
Maryland	96.5		95.4	96.2	96.5	95.4	94.9
Research Triangle	97.4		97.8	94.3	97.4	97.8	94.3
New York City	85.1	(1)	84.4	88.9	85.1	84.4	88.9
Texas	95.5		95.1	95.1	91.8	91.5	91.0
Subtotal	94.7		94.9	93.8	90.2	90.6	89.8
Canada	94.9		91.8	87.3	82.5	77.8	69.2
Non-cluster/other markets	75.6		75.4	81.3	75.6	75.4	81.3
North America	94.6%		94.6%	93.6%	89.9%	90.2%	89.2%

(1)The Alexandria Center® for Life Science – New York City mega campus is 95.5% occupied as of June 30, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life

Science – Long Island City property, which was 41.7% occupied as of June 30, 2024.

Summary of Properties and Occupancy
June 30, 2024
(Dollars in thousands, except per RSF amounts)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	25
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Mega Campuses Encompass 74% 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
		Mega Campus: Alexandria Center® at Kendall Square	2,856,042	—		—		2,856,042	11	$279,665	99.7%	99.7%
		50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 and 215 First Street,<br><br>150 Second Street, 300 Third Street(1), 11 Hurley Street, and 100 Edwin H.<br><br>Land Boulevard
		Mega Campus: Alexandria Center® at One Kendall Square	1,370,401	—		—		1,370,401	12	143,806	85.2	85.2
		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(2)
		Mega Campus: Alexandria Technology Square®	1,185,284	—		—		1,185,284	7	116,345	100.0	100.0
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Mega Campus: The Arsenal on the Charles	702,623	109,481		308,446		1,120,550	13	56,034	100.0	69.5
		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
		Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street	517,442	—		—		517,442	5	24,993	96.7	96.7
		99 Coolidge Avenue(1)	116,414	204,395		—		320,809	1	15,265	100.0	100.0
		Cambridge/Inner Suburbs	6,748,206	313,876		308,446		7,370,528	49	636,108	96.6	92.4
	Fenway
		Mega Campus: Alexandria Center® for Life Science – Fenway	1,218,257	450,160		159,959		1,828,376	3	93,450	89.3	78.9
		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	39,570	75.7	75.7
		Seaport Innovation District	441,396	—		—		441,396	2	39,570	75.7	75.7
	Route 128
		Mega Campus: Alexandria Center® for Life Science – Waltham	326,110	—		716,604		1,042,714	5	23,198	100.0	31.3
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		Mega Campus: One Moderna Way	721,988	—		—		721,988	4	31,135	100.0	100.0
		19, 225, and 235 Presidential Way	585,226	—		—		585,226	3	14,474	100.0	100.0
		Route 128	1,633,324	—		716,604		2,349,928	12	68,807	100.0	69.3
	Other		709,833	—		453,869		1,163,702	7	10,864	77.2	47.1
		Greater Boston	10,751,016	764,036		1,638,878		13,153,930	73	$848,799	94.2%	81.7%
	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)Subject to market conditions and leasing, we may consider options to redevelop our One Hampshire Street property into new Class A+ laboratory space.
Property Listing
---
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	26
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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
		Mega Campus: Alexandria Center® for Science and Technology –<br><br>Mission Bay(1)	2,009,054	212,796		—		2,221,850	10	$91,820	95.2%	95.2%
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450,<br><br>1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South
		Mission Bay	2,009,054	212,796		—		2,221,850	10	91,820	95.2	95.2
	South San Francisco
		Mega Campus: Alexandria Technology Center® – Gateway(1)	1,386,971	—		282,054		1,669,025	12	72,964	82.5	68.5
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)<br><br>Gateway Boulevard
		Mega Campus: Alexandria Center® for Advanced Technologies – South<br><br>San Francisco	919,703	—		—		919,703	5	57,788	100.0	100.0
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	503,388	—		—		503,388	3	32,134	92.2	92.2
		201 Haskins Way and 400 and 450 East Jamie Court
		Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	4,020	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	3,410,979	285,346		282,054		3,978,379	24	177,586	91.7	84.7
	Greater Stanford
		Mega Campus: Alexandria Center® for Life Science – San Carlos	739,157	—		—		739,157	9	49,891	97.4	97.4
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	703,843	—		—		703,843	9	65,462	97.4	97.4
		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	23,610	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	193,688	—		—		193,688	3	18,032	100.0	100.0
		2100, 2200, and 2400 Geng Road	78,501	—		—		78,501	3	4,803	100.0	100.0
		2425 Garcia Avenue/2400/2450 Bayshore Parkway	99,208	—		—		99,208	1	4,257	100.0	100.0
		3350 West Bayshore Road	61,431	—		—		61,431	1	4,770	100.0	100.0
		Greater Stanford	2,443,931	—		—		2,443,931	32	180,227	96.1	96.1
		San Francisco Bay Area	7,863,964	498,142		282,054		8,644,160	66	$449,633	94.0%	90.7%
	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.													Property Listing (continued)
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June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	27
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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
		Mega Campus: One Alexandria Square	748,573	334,996		—		1,083,569	10	$47,330	99.9%	99.9%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,<br><br>10935, 10945, and 10955 Alexandria Way, 10975 North Torrey Pines Road,<br><br>and 10996 Torreyana Road, and 3545 Cray Court
		ARE Torrey Ridge	296,290	—		—		296,290	3	14,045	85.8	85.8
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	218,459	—		—		218,459	4	12,743	86.3	86.3
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics<br><br>Court
		Torrey Pines	1,263,322	334,996		—		1,598,318	17	74,118	94.3	94.3
	University Town Center
		Mega Campus: Campus Point by Alexandria(1)	1,666,590	598,029		—		2,264,619	13	78,609	99.0	99.0
		9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point<br><br>Drive and 4135, 4155, 4161, 4224, 4242, and 4275(2) Campus Point Court
		Mega Campus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978	100.0	100.0
		ARE Esplanade	243,084	—		—		243,084	4	10,407	74.6	74.6
		4755, 4757, and 4767 Nexus Center Drive and 4796 Executive Drive
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	6,520	100.0	100.0
		Costa Verde by Alexandria	8,730	—		—		8,730	2	879	100.0	100.0
		8505 Costa Verde Boulevard and 4260 Nobel Drive
		University Town Center	2,874,739	598,029		—		3,472,768	26	126,393	97.3	97.3
	Sorrento Mesa
		Mega Campus: SD Tech by Alexandria(1)	1,066,607	253,079		—		1,319,686	15	41,227	87.1	87.1
		9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road,<br><br>5505 Morehouse Drive(2), and 10055, 10065, 10075, 10121(2), and 10151(2)<br><br>Barnes Canyon Road
		Mega Campus: 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	8,936	89.1	89.1
		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	—	100.0	100.0
		5871 Oberlin Drive	33,842	—		—		33,842	1	1,909	100.0	100.0
		Sorrento Mesa	3,156,005	253,079		—		3,409,084	38	$112,341	93.5%	93.5%
	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.													Property Listing (continued)
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June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	28
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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	108,812	—		—		108,812	3	$3,782	68.5%	68.5%
		11045 and 11055 Roselle Street	43,233	—		—		43,233	2	2,273	100.0	100.0
		Sorrento Valley	152,045	—		—		152,045	5	6,055	89.3	89.3
	Other		311,021	—		—		311,021	2	9,965	100.0	100.0
		San Diego	7,757,132	1,186,104		—		8,943,236	88	328,872	95.1	95.1
Seattle
	Lake Union
		Mega Campus: Alexandria Center® for Life Science – Eastlake	1,218,025	31,270		—		1,249,295	9	81,129	95.7	95.7
		1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and<br><br>199(1) East Blaine Street, and 1600 Fairview Avenue East
		Mega Campus: Alexandria Center® for Life Science – South Lake Union	290,754	—		—		290,754	1	17,856	100.0	100.0
		400 Dexter Avenue North(1)
		219 Terry Avenue North	33,242	—		—		33,242	1	614	92.7	92.7
		Lake Union	1,542,021	31,270		—		1,573,291	11	99,599	96.5	96.5
	SoDo
		830 4th Avenue South	42,380	—		—		42,380	1	698	32.1	32.1
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West	36,848	—		—		36,848	2	675	54.6	54.6
	Bothell
		Mega Campus: Alexandria Center® for Advanced Technologies – Canyon<br><br>Park	1,061,184	—		—		1,061,184	22	23,933	94.7	94.7
		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	429,143	—		34,306		463,449	6	12,415	97.5	90.3
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,490,327	—		34,306		1,524,633	28	36,348	95.5	93.3
	Other		76,559	—		—		76,559	2	816	100.0	100.0
		Seattle	3,188,135	31,270		34,306		3,253,711	44	$138,136	94.7%	93.7%
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.														Property Listing (continued)
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June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	29
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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
		Mega Campus: Alexandria Center® for Life Science – Shady Grove	1,399,020	292,946		—		1,691,966	20	$63,991	99.1%	99.1%
		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	4,210	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	3,073	100.0	100.0
		5 Research Court	51,520	—		—		51,520	1	1,779	100.0	100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,598	100.0	100.0
		Rockville	1,901,293	292,946		—		2,194,239	28	79,524	97.8	97.8
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	619,241	—		—		619,241	9	19,483	93.1	93.1
		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	18,788	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	3,340	100.0	100.0
		401 Professional Drive	63,154	—		—		63,154	1	1,931	100.0	100.0
		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	1,327,652	—		—		1,327,652	20	45,983	96.8	96.8
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	3,021	100.0	100.0
		101 West Dickman Street(1)	135,423	—		—		135,423	1	1,323	64.4	64.4
		Beltsville	327,307	—		—		327,307	2	4,344	85.3	85.3
	Northern Virginia
		14225 Newbrook Drive	248,186	—		—		248,186	1	6,127	100.0	100.0
		Maryland	3,804,438	292,946		—		4,097,384	51	135,978	96.5	96.5
Research Triangle
	Research Triangle
		Mega Campus: Alexandria Center® for Life Science – Durham	2,155,252	—		—		2,155,252	15	52,407	97.4	97.4
		6, 8, 10, 12, 14, 40, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31<br><br>Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
		Mega Campus: Alexandria Center® for Sustainable Technologies	364,493	—		—		364,493	7	12,201	93.7	93.7
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
		Alexandria Center® for AgTech	342,928	—		—		342,928	2	$16,862	98.2%	98.2%
		5 and 9 Laboratory 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.													Property Listing (continued)
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June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	30
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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)
		Mega Campus: Alexandria Center® for Advanced Technologies – Research<br><br>Triangle	344,539	—		—		344,539	4	16,343	99.8%
		6, 8, 10, and 12 Davis Drive
		Alexandria Technology Center® – Alston	155,533	—		—		155,533	3	3,895	90.9
		100, 800, and 801 Capitola Drive
		6040 George Watts Hill Drive	149,585	—		—		149,585	2	7,375	100.0
		Alexandria Innovation Center® – Research Triangle	136,692	—		—		136,692	3	4,260	100.0
		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	2,137	100.0
		6101 Quadrangle Drive	31,600	—		—		31,600	1	861	100.0
		Research Triangle	3,923,169	—		—		3,923,169	40	123,315	97.4
New York City
	New York City
		Mega Campus: Alexandria Center® for Life Science – New York City	743,377	—		—		743,377	3	67,607	95.5
		430 and 450 East 29th Street
		Alexandria Center® for Life Science – Long Island City	179,100	—		—		179,100	1	5,278	41.7
		30-02 48th Avenue
		New York City	922,477	—		—		922,477	4	72,885	85.1
Texas
	Austin
		Mega Campus: Intersection Campus	1,525,359	—		—		1,525,359	12	43,028	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	11,630	100.0
		Austin	1,724,331	—		—		1,724,331	14	54,658	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	57,830	91.8
Canada			933,660	—		139,311		1,072,971	12	20,353	82.5
Non-cluster/other markets			347,806	—		—		347,806	10	15,180	75.6
North America, excluding properties held for sale			41,336,956	2,772,498		2,167,847		46,277,301	403	2,190,981	89.9%
Properties held for sale			808,692	—		—		808,692	5	25,994	59.9%
Total – North America			42,145,648	2,772,498		2,167,847		47,085,993	408	2,216,975

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.

Property Listing (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	31
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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 3Q24 through 1Q28 is projected to be $380 million.

(2)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years.

(3)Includes 1.5 million RSF that is expected to stabilize through 2025 and is 87% leased, and partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. In addition to the projects represented, we are evaluating

one priority anticipated development project that could commence active construction in 2H24 and may have initial delivery in 2025. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and

redevelopment properties: current projects” in the Supplemental Information for details.

Investments in Real Estate
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	32
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Investments in real estate

		Development and Redevelopment
		Active and Near-Term Construction		Future Opportunities Subject to<br><br>Market Conditions and Leasing
	Operating	Under<br><br>Construction<br><br>61% Leased/<br><br>Negotiating	Committed<br><br>Near Term<br><br>51% Leased/<br><br>Negotiating(1)	Priority<br><br>Anticipated	Future	Subtotal	Total
Square footage
Operating	41,336,956	—	—	—	—	—	41,336,956
New Class A/A+ development and redevelopment properties	—	4,940,345	492,570	2,670,922	27,261,766	35,365,603	35,365,603
Value-creation square feet currently included in rental<br><br>properties(2)	—	—	(159,884)	(309,148)	(2,938,815)	(3,407,847)	(3,407,847)
Total square footage, excluding properties held for sale	41,336,956	4,940,345	332,686	2,361,774	24,322,951	31,957,756	73,294,712
Properties held for sale	808,692	—	—	—	—	—	808,692
Total square footage	42,145,648	4,940,345	332,686	2,361,774	24,322,951	31,957,756	74,103,404
Investments in real estate
Gross book value as of June 30, 2024(3)	$29,178,679	$3,888,714	$58,751	$762,507	$4,242,602	$8,952,574	$38,131,253

(1)Represents one committed near-term project expected to commence construction during the next two years after June 30, 2024.

(2)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.

(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 sheets. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Investments in Real Estate
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	33
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Incremental Annual Net Operating Income Generated From 1H24 Deliveries

Aggregated $42 Million, Including $16 Million in 2Q24

500 North Beacon Street and<br><br>4 Kingsbury Avenue(1)	1150 Eastlake Avenue East	9810 Darnestown Road	9808 Medical Center Drive
Greater Boston/<br><br>Cambridge/Inner Suburbs	Seattle/Lake Union	Maryland/Rockville	Maryland/Rockville
138,537 RSF	280,361 RSF	195,435 RSF	52,115 RSF
100% Occupancy	100% Occupancy	100% Occupancy	100% Occupancy
Property/Market/Submarket		Our<br><br>Ownership<br><br>Interest	RSF Placed in Service					Occupancy<br><br>Percentage(3)			Total Project
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2Q24<br><br>Delivery<br><br>Date(2)		Prior to<br><br>1/1/24		1Q24	2Q24	Total			Initial<br><br>Stabilized
									RSF		Investment
Development projects
99 Coolidge Avenue/Greater Boston/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 Kingsbury Avenue/Greater<br><br>Boston/Cambridge/Inner Suburbs	5/10/24	100%	—		100,624	37,913	138,537		100%		248,018	427,000	6.2	5.5
1150 Eastlake Avenue East/Seattle/Lake Union	4/13/24	100%	278,282		—	2,079	280,361		100%		311,631	443,000	6.6	6.7
9810 Darnestown Road/Maryland/Rockville	4/1/24	100%	—		—	195,435	195,435		100%		195,435	135,000	7.1	6.2
9808 Medical Center Drive/Maryland/Rockville	6/18/24	100%	26,460		—	25,655	52,115		100%		95,061	113,000	5.5	5.5
Redevelopment projects
651 Gateway Boulevard/San Francisco Bay Area/South San<br><br>Francisco	N/A	50.0%	—		44,652	—	44,652		100%		326,706	487,000	5.0	5.1
Alexandria Center® for Advanced Technologies – Monte Villa<br><br>Parkway/Seattle/Bothell	N/A	100%	65,086		115,598	—	180,684		100%		460,934	229,000	6.3	6.2
Canada	4/17/24	100%	44,862	—	9,725	23,900	78,487		100%		250,790	113,000	6.4	6.3
Weighted average/total	4/21/24		458,258		343,445	284,982	1,086,685				2,209,384	2,415,000	6.2%	6.1%

All values are in US Dollars.

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

(1)Image represents 500 North Beacon Street on the Arsenal on the Charles mega campus.

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

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

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	34
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99 Coolidge Avenue	500 North Beacon Street and<br><br>4 Kingsbury Avenue(1)	311 Arsenal Street	201 Brookline Avenue	401 Park Drive
---	---	---	---	---
Greater Boston/<br><br>Cambridge/Inner Suburbs	Greater Boston/<br><br>Cambridge/Inner Suburbs	Greater Boston/<br><br>Cambridge/Inner Suburbs	Greater Boston/Fenway	Greater Boston/Fenway
204,395 RSF	109,481 RSF	308,446 RSF	58,149 RSF	159,959 RSF
36% Leased	92% Leased/Negotiating	21% Leased	99% Leased/Negotiating	14% Leased		421 Park Drive	40, 50, and 60 Sylvan Road(2)	840 Winter Street	1450 Owens Street(3)	651 Gateway Boulevard
---	---	---	---	---
Greater Boston/Fenway	Greater Boston/Route 128	Greater Boston/Route 128	San Francisco Bay Area/<br><br>Mission Bay	San Francisco Bay Area/<br><br>South San Francisco
392,011 RSF	576,924 RSF	139,680 RSF	212,796 RSF	282,054 RSF
13% Leased	29% Leased	100% Leased	—% Leased/Negotiating	21% Leased

(1)Image represents 500 North Beacon Street on the Arsenal on the Charles mega campus.

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

(3)Image represents a single- or multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay mega campus, 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. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants.

New Class A/A+ Development and Redevelopment Properties: Current Projects
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	35
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230 Harriet Tubman Way	10935, 10945, and 10955<br><br>Alexandria Way(1)	4135 Campus Point Court	4155 Campus Point Court	10075 Barnes Canyon Road
---	---	---	---	---
San Francisco Bay Area/<br><br>South San Francisco	San Diego/Torrey Pines	San Diego/<br><br>University Town Center	San Diego/<br><br>University Town Center	San Diego/Sorrento Mesa
285,346 RSF	334,996 RSF	426,927 RSF	171,102 RSF	253,079 RSF
100% Leased	100% Leased	100% Leased	100% Leased	70% Leased		1150 Eastlake Avenue East	Alexandria Center® for Advanced<br><br>Technologies – Monte Villa Parkway(2)	9820 Darnestown Road	9808 Medical Center Drive	8800 Technology Forest Place
---	---	---	---	---
Seattle/Lake Union	Seattle/Bothell	Maryland/Rockville	Maryland/Rockville	Texas/Greater Houston
31,270 RSF	34,306 RSF	250,000 RSF	42,946 RSF	73,298 RSF
100% Leased	98% Leased	100% Leased	69% Leased	41% Leased

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

(2)Image represents 3755 Monte Villa Parkway.

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	36
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Property/Market/Submarket		Square Footage				Percentage			Occupancy(1)
---	---	---	---	---	---	---	---	---	---	---	---
	Dev/Redev	In Service		CIP	Total	Leased	Leased/<br><br>Negotiating		Initial		Stabilized
Under construction
2024 and 2025 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	Dev	116,414		204,395	320,809	36%	36%			4Q23	2025
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/<br><br>Cambridge/Inner Suburbs	Dev	138,537		109,481	248,018	85	92			1Q24	2025
201 Brookline Avenue/Greater Boston/Fenway	Dev	451,967		58,149	510,116	98	99			3Q22	4Q24
840 Winter Street/Greater Boston/Route 128	Redev	28,534		139,680	168,214	100	100			4Q24	2025
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco	Dev	—		285,346	285,346	100	100			1Q25	1Q25
4155 Campus Point Court/San Diego/University Town Center	Dev	—		171,102	171,102	100	100			4Q24	4Q24
1150 Eastlake Avenue East/Seattle/Lake Union	Dev	280,361		31,270	311,631	100	100			4Q23	3Q24
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell	Redev	426,628		34,306	460,934	98	98			1Q23	4Q24
9820 Darnestown Road/Maryland/Rockville	Dev	—		250,000	250,000	100	100			4Q24	4Q24
9808 Medical Center Drive/Maryland/Rockville	Dev	52,115		42,946	95,061	69	69			3Q23	4Q24
8800 Technology Forest Place/Texas/Greater Houston	Redev	50,094		73,298	123,392	41	41			2Q23	2025
Canada	Redev	111,479		139,311	250,790	73	73			3Q23	2025
		1,656,129		1,539,284	3,195,413	87	87
2026 and beyond stabilization
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs	Redev	82,216	(2)	308,446	390,662	21	21			2027	2027
401 Park Drive/Greater Boston/Fenway	Redev	—		159,959	159,959	14	14			2024	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	—		576,924	576,924	29	29			2025	2027
Other/Greater Boston	Redev	—		453,869	453,869	—	—	(3)		2027	2027
1450 Owens Street/San Francisco Bay Area/Mission Bay	Dev	—		212,796	212,796	—	—	(4)		2025	2026
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco	Redev	44,652		282,054	326,706	21	21			1Q24	2026
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines	Dev	—		334,996	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
		126,868		3,401,061	3,527,929	38	38
		1,782,997		4,940,345	6,723,342	61	61
Committed near-term project expected to commence construction in the next two years
4165 Campus Point Court/San Diego/University Town Center	Dev	—		492,570	492,570	—	51
Total		1,782,997		5,432,915	7,215,912	57%	61%
(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.<br><br>(2)We expect to redevelop an additional 25,312 RSF of space occupied as of June 30, 2024 into laboratory space upon expiration of the existing leases through 1H25. Refer to “Investments in real estate” under “Definitions and<br><br>reconciliations” in the Supplemental Information for additional details.<br><br>(3)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses and that will also address demand from other non-Alexandria properties/campuses.<br><br>(4)Represents a single- or multi-tenant project expanding our existing mega campus, 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<br><br>respective share of additional capital. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants.
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	37
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		At 100%				Unlevered Yields
---	---	---	---	---	---	---	---	---	---
Property/Market/Submarket	In Service							Initial Stabilized<br><br>(Cash Basis)
Under construction
2024 and 2025 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		135,922	184,887	147,191	468,000		7.1%		7.0%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs		279,029	110,110	37,861	427,000		6.2%		5.5%
201 Brookline Avenue/Greater Boston/Fenway		664,823	88,711	21,466	775,000		7.2%		6.5%
840 Winter Street/Greater Boston/Route 128		13,651	184,050	39,299	237,000		7.6%		6.5%
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco		—	312,344	197,656	510,000		7.4%		6.4%
4155 Campus Point Court/San Diego/University Town Center		—	124,823	48,177	173,000		7.4%		6.5%
1150 Eastlake Avenue East/Seattle/Lake Union		373,827	45,984	23,189	443,000		6.6%		6.7%
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell		193,641	11,144	24,215	229,000		6.3%		6.2%
9820 Darnestown Road/Maryland/Rockville		—	161,736	15,264	177,000		6.3%		5.6%
9808 Medical Center Drive/Maryland/Rockville		63,410	47,451	2,139	113,000		5.5%		5.5%
8800 Technology Forest Place/Texas/Greater Houston		57,055	45,377	9,568	112,000		6.3%		6.0%
Canada		49,303	44,036	19,661	113,000		6.4%		6.3%
		1,830,661	1,360,653
2026 and beyond stabilization(1)
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs		60,555	228,799	TBD
401 Park Drive/Greater Boston/Fenway		—	178,178
421 Park Drive/Greater Boston/Fenway		—	376,163
40, 50, and 60 Sylvan Road/Greater Boston/Route 128		—	419,034
Other/Greater Boston		—	141,776
1450 Owens Street/San Francisco Bay Area/Mission Bay		—	230,909
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco		59,265	275,841	151,894	487,000		5.0%		5.1%
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines		—	283,079	219,921	503,000		6.2%		5.8%
4135 Campus Point Court/San Diego/University Town Center		—	236,595	TBD
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		—	157,687	163,313	321,000		5.5%		5.7%
		119,820	2,528,061
		1,950,481	3,888,714
Committed near-term project expected to commence construction in the next two years
4165 Campus Point Court/San Diego/University Town Center		—	58,751	TBD
Total		1,950,481	3,947,465	3,840,000	9,740,000
Our share of investment(2)(3)		1,880,000	3,170,000	3,040,000	8,090,000
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.

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	38
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69% of Our Total Value-Creation Pipeline RSF Is Within Our Mega Campuses

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
				Committed<br><br>Near Term		Priority<br><br>Anticipated		Future		Total(1)
Greater Boston
Mega Campus: The Arsenal on the Charles/Cambridge/Inner<br><br>Suburbs	100%	350,306	417,927		—		25,312		34,157		477,396
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury<br><br>Avenue
99 Coolidge Avenue/Cambridge/Inner Suburbs	75.0%	184,887	204,395		—		—		—		204,395
Mega Campus: Alexandria Center® for Life Science – Fenway/<br><br>Fenway	(2)	643,052	610,119		—		—		—		610,119
201 Brookline Avenue and 401 and 421 Park Drive
Mega Campus: Alexandria Center® for Life Science – Waltham/<br><br>Route 128	100%	665,082	716,604		—		—		515,000		1,231,604
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter<br><br>Street
Mega Campus: Alexandria Center® at Kendall Square/<br><br>Cambridge	100%	124,868	—		—		—		216,455		216,455
100 Edwin H. Land Boulevard
Mega Campus: Alexandria Technology Square®/Cambridge	100%	7,881	—		—		—		100,000		100,000
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550<br><br>Arsenal Street/Cambridge/Inner Suburbs	100%	85,126	—		—		—		902,000		902,000
446, 458, 500, and 550 Arsenal Street
Mega Campus: 285, 299, 307, and 345 Dorchester Avenue/<br><br>Seaport Innovation District	60.0%	283,744	—		—		—		1,040,000		1,040,000
10 Necco Street/Seaport Innovation District	100%	104,966	—		—		—		175,000		175,000
Mega Campus: One Moderna Way/Route 128	100%	26,500	—		—		—		1,085,000		1,085,000
215 Presidential Way/Route 128	100%	6,816	—		—		—		112,000		112,000
Other value-creation projects	(3)	295,006	453,869		—		—		1,323,541		1,777,410
		2,778,234	2,402,914		—		25,312		5,503,153		7,931,379
Refer to “Mega campus” 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. Refer to “Investments in real estate” under “Definitions and reconciliations”<br><br>in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.<br><br>(2)We have a 99.0% interest in 201 Brookline Avenue aggregating 58,149 RSF, a 100% interest in 401 Park Drive aggregating 159,959 RSF, and a 99.7% interest in 421 Park Drive aggregating 392,011 RSF.<br><br>(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.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	39
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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
				Committed<br><br>Near Term		Priority<br><br>Anticipated		Future		Total(1)
San Francisco Bay Area
Mega Campus: Alexandria Center® for Science and Technology<br><br>– Mission Bay/Mission Bay	26.3%	230,909	212,796		—		—		—		212,796
1450 Owens Street
Alexandria Center® for Life Science – Millbrae/South San Francisco	47.7%	469,434	285,346		—		198,188		150,213		633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30<br><br>Rollins Road
Mega Campus: Alexandria Technology Center® – Gateway/<br><br>South San Francisco	50.0%	302,398	282,054		—		—		291,000		573,054
651 Gateway Boulevard
Mega Campus: Alexandria Center® for Advanced Technologies<br><br>– Tanforan/South San Francisco	100%	388,661	—		—		150,000		1,780,000		1,930,000
1122, 1150, and 1178 El Camino Real
Mega Campus: Alexandria Center® for Advanced Technologies<br><br>– South San Francisco/South San Francisco	100%	6,655	—		—		107,250		90,000		197,250
211(2) and 269 East Grand Avenue
Mega Campus: Alexandria Center® for Life Science – San<br><br>Carlos/Greater Stanford	100%	435,269	—		—		105,000		1,392,830		1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888<br><br>Bransten Road
3825 and 3875 Fabian Way/Greater Stanford	100%	151,762	—		—		—		478,000		478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford	100%	35,759	—		—		—		240,000		240,000
901 California Avenue/Greater Stanford	100%	18,640	—		—		—		56,924		56,924
Mega Campus: 88 Bluxome Street/SoMa	100%	388,020	—		—		—		1,070,925		1,070,925
Other value-creation projects	100%	—	—		—		—		25,000		25,000
		2,427,507	780,196		—		560,438		5,574,892		6,915,526
Refer to “Mega campus” 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. Refer to “Investments in real estate” under “Definitions and reconciliations”<br><br>in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.<br><br>(2)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.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	40
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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
				Committed<br><br>Near Term		Priority<br><br>Anticipated		Future		Total(1)
San Diego
Mega Campus: One Alexandria Square/Torrey Pines	100%	339,673	334,996		—		—		125,280		460,276
10935, 10945, and 10955 Alexandria Way and 10975 and 10995<br><br>Torreyana Road
Mega Campus: Campus Point by Alexandria/University Town<br><br>Center	55.0%	584,337	598,029		492,570		—		650,000		1,740,599
10010(2), 10140(2), and 10260 Campus Point Drive and 4135, 4155,<br><br>4161, 4165, and 4275(2) Campus Point Court
Mega Campus: SD Tech by Alexandria/Sorrento Mesa	50.0%	283,420	253,079		—		250,000		243,845		746,924
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines	100%	146,905	—		—		153,000		62,000		215,000
ARE Towne Centre/University Town Center	100%	19,163	—		—		230,000		—		230,000
9363, 9373, and 9393 Towne Centre Drive
Costa Verde by Alexandria/University Town Center	100%	135,662	—		—		—		537,000		537,000
8410-8750 Genesee Avenue and 4282 Esplanade Court
Mega Campus: 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
Mega Campus: 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%	118,800	—		—		—		598,349		598,349
10048, 10219, 10256, and 10260 Meanley Drive and 10277<br><br>Scripps Ranch Boulevard
Pacific Technology Park/Sorrento Mesa	50.0%	23,845	—		—		—		149,000		149,000
9444 Waples Street
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento<br><br>Valley	100%	43,064	—		—		—		247,000		247,000
Other value-creation projects	100%	74,588	—		—		—		475,000		475,000
		1,834,060	1,186,104		492,570		633,000		5,438,221		7,749,895
Refer to “Mega campus” 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. Refer to “Investments in real estate” under “Definitions and reconciliations”<br><br>in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.<br><br>(2)We have a 100% interest in this property.

All values are in US Dollars.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	41
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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
				Committed<br><br>Near Term		Priority<br><br>Anticipated		Future		Total(1)
Seattle
Mega Campus: Alexandria Center® for Life Science – Eastlake/<br><br>Lake Union	100%	45,984	31,270		—		—		—		31,270
1150 Eastlake Avenue East
Alexandria Center® for Advanced Technologies – Monte Villa<br><br>Parkway/Bothell	100%	11,144	34,306		—		50,552		—		84,858
3301 Monte Villa Parkway
Mega Campus: Alexandria Center® for Life Science – South<br><br>Lake Union/Lake Union	(2)	452,222	—		—		1,095,586		188,400		1,283,986
601 and 701 Dexter Avenue North and 800 Mercer Street
830 and 1010 4th Avenue South/SoDo	100%	58,530	—		—		—		597,313		597,313
Mega Campus: Alexandria Center® for Advanced Technologies<br><br>– Canyon Park/Bothell	100%	16,891	—		—		—		230,000		230,000
21660 20th Avenue Southeast
Other value-creation projects	100%	140,480	—		—		—		706,087		706,087
		725,251	65,576		—		1,146,138		1,721,800		2,933,514
Maryland
Mega Campus: Alexandria Center® for Life Science – Shady<br><br>Grove/Rockville	100%	230,578	292,946		—		—		296,000		588,946
9808 Medical Center Drive and 9820 and 9830 Darnestown Road
		230,578	292,946		—		—		296,000		588,946
Research Triangle
Mega Campus: Alexandria Center® for Advanced Technologies<br><br>– Research Triangle/Research Triangle	100%	101,026	—		—		180,000		990,000		1,170,000
4 and 12 Davis Drive
Mega Campus: Alexandria Center® for Life Science – Durham/<br><br>Research Triangle	100%	174,404	—		—		—		2,210,000		2,210,000
41 Moore Drive
Mega Campus: Alexandria Center® for NextGen Medicines/<br><br>Research Triangle	100%	106,777	—		—		—		1,055,000		1,055,000
3029 East Cornwallis Road
Refer to “Mega campus” 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. Refer to “Investments in real estate” under “Definitions and reconciliations”<br><br>in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.<br><br>(2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 414,986 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.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	42
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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
				Committed<br><br>Near Term		Priority<br><br>Anticipated		Future		Total(1)
Research Triangle (continued)
Mega Campus: Alexandria Center® for Sustainable<br><br>Technologies/Research Triangle	100%	52,777	—		—		—		750,000		750,000
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South<br><br>Triangle Drive
100 Capitola Drive/Research Triangle	100%	—	—		—		—		65,965		65,965
Other value-creation projects	100%	4,185	—		—		—		76,262		76,262
		439,169	—		—		180,000		5,147,227		5,327,227
New York City
Mega Campus: Alexandria Center® for Life Science – New York<br><br>City/New York City	100%	161,482	—		—		—		550,000	(2)	550,000
		161,482	—		—		—		550,000		550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/<br><br>Greater Houston	100%	48,250	73,298		—		—		116,405		189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin	100%	9,929	—		—		126,034		123,976		250,010
Other value-creation projects	100%	135,323	—		—		—		1,694,000		1,694,000
		193,502	73,298		—		126,034		1,934,381		2,133,713
Canada	100%	44,036	139,311		—		—		371,743		511,054
Other value-creation projects	100%	118,755	—		—		—		724,349		724,349
Total pipeline as of June 30, 2024		8,952,574	4,940,345		492,570		2,670,922		27,261,766		35,365,603

All values are in US Dollars.

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

(1)Total square footage includes 3,407,847 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction. Refer to “Investments in real estate” under “Definitions and reconciliations” in the

Supplemental Information for additional details, including value-creation square feet currently included in rental properties.

(2)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new life science building aggregating approximately 550,000 SF.

(3)Includes $3.9 billion of projects that are currently under construction and are 61% leased/negotiating. We also expect to commence construction on one committed near-term project aggregating $58.8 million, which is 51% leased/

negotiating, in the next two years after June 30, 2024.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	43
---	---
Construction spending	Six Months Ended<br><br>June 30, 2024		Projected Midpoint for the Year Ending December 31, 2024
---	---	---	---	---
Construction of Class A/A+ properties:
Active construction projects
Under construction and committed near-term projects(1) and projects expected to commence active construction in 2024(2)	$	888,641
Future pipeline pre-construction
Primarily mega campus expansion pre-construction work (entitlement, design, and site work)		257,218
Revenue- and non-revenue-enhancing capital expenditures		115,659
Construction spend (before contributions from noncontrolling interests)		1,261,518
Contributions from noncontrolling interests (consolidated real estate joint ventures)		(176,497)		(3)
Total construction spending	$	1,085,021
2024 guidance range			1,950,000 – 2,550,000

All values are in US Dollars.

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Projected Timing	Amount(4)
3Q24 through 4Q24		$253,503
2025 through 2027		804,528
Total		$1,058,031
Capitalization of interest
---	---	---	---	---	---
Key Categories of Interest Capitalized During 1H24	Average Real Estate Basis Capitalized During 1H24	Percentage of<br><br>Total Capitalized<br><br>Interest		RSF Upon<br><br>Completion of<br><br>Construction
Construction of Class A/A+ properties:					77%<br><br>Potential Growth<br><br>in Operating RSF
Active construction projects
Under construction and committed near-term projects(1)	2,723,268		34%	5,432,915
Future pipeline pre-construction
Priority anticipated projects	624,317		8	2,670,922
Primarily mega campus expansion pre-construction work (entitlement, design, and site work)	3,579,182		44	27,261,766
Smaller redevelopments and repositioning capital projects	1,123,183		14	N/A
	8,049,950		100%	35,365,603

All values are in US Dollars.

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

(1)Includes projects under construction aggregating 4.9 million RSF and one committed near-term project aggregating 492,570 RSF expected to commence construction during the next two years after June 30, 2024, which are 61% leased/

negotiating and expected to generate $480 million in annual incremental net operating income primarily commencing from 3Q24 through 1Q28.

(2)Includes certain priority anticipated development and redevelopment projects expected to commence active construction in 2024, subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and

reconciliations” in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.

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

(4)Represents reductions to our consolidated construction spending.

(5)Average real estate basis capitalized related to our future pipeline pre-construction includes 32% from four key active and future value-creation projects on mega campuses. See next page for additional details.

Construction Spending and Capitalization of Interest
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	44
---	---
Key Active and Future Value-Creation Projects on Mega Campuses
---	---
Alexandria Center® for Advanced Technologies – Tanforan	Alexandria Center® for Life Science – San Carlos
San Francisco Bay Area/South San Francisco	San Francisco Bay Area/Greater Stanford
1.9 million future SF	1.5 million future SF
Campus Point by Alexandria	Alexandria Center® for Life Science – South Lake Union
San Diego/University Town Center	Seattle/Lake Union
1.7 million active and future SF	1.3 million future SF

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

Construction Spending and Capitalization of Interest (continued)
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	45
---	---
Consolidated Real Estate Joint Ventures
---	---	---	---	---	---	---	---	---
Property	Market	Submarket	Noncontrolling<br><br>Interest Share(1)			Operating RSF<br><br>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%			388,269
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%			999,866
1450 Owens Street	San Francisco Bay Area	Mission Bay		73.7%	(4)		—	(2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard	San Francisco Bay Area	South San Francisco		50.0%			831,326
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		52.3%			—	(2)
3215 Merryfield Row	San Diego	Torrey Pines		70.0%			170,523
Campus Point by Alexandria(5)	San Diego	University Town Center		45.0%			1,342,164
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%			884,270
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 and 199 East Blaine Street	Seattle	Lake Union		70.0%			321,115
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<br><br>Share(8)			Operating RSF<br><br>at 100%
1655 and 1725 Third Street	San Francisco Bay Area	Mission Bay		10.0%			586,208
1401/1413 Research Boulevard	Maryland	Rockville		65.0%	(9)		(10)
1450 Research Boulevard	Maryland	Rockville		73.2%	(9)		42,679
101 West Dickman Street	Maryland	Beltsville		58.2%	(9)		135,423

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 value-creation 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, 9685, 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 other 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.

(10)Represents a joint venture with a distinguished retail real estate developer for a retail shopping center aggregating 84,837 RSF.

Joint Venture Financial Information
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	46
---	---
		As of June 30, 2024
---	---	---	---	---
	Noncontrolling Interest<br><br>Share of Consolidated<br><br>Real Estate JVs		Our Share of<br><br>Unconsolidated Real<br><br>Estate JVs
Investments in real estate	$	4,157,101	$	124,994
Cash, cash equivalents, and restricted cash		132,692		4,128
Other assets		431,584		12,752
Secured notes payable		(33,581)		(95,547)
Other liabilities		(279,550)		(5,792)
Redeemable noncontrolling interests		(16,440)		—
	$	4,391,806	$	40,535			Noncontrolling Interest Share of<br><br>Consolidated Real Estate JVs				Our Share of Unconsolidated Real Estate JVs
---	---	---	---	---	---	---	---	---
	June 30, 2024				June 30, 2024
	Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
Total revenues	$	111,210	$	222,307	$	3,156	$	6,331
Rental operations		(31,443)		(62,312)		(995)		(2,019)
		79,767		159,995		2,161		4,312
General and administrative		(1,004)		(1,682)		(30)		(70)
Interest		(253)		(469)		(933)		(1,855)
Depreciation and amortization of real estate assets		(31,364)		(62,268)		(1,068)		(2,102)
Fixed returns allocated to redeemable noncontrolling interests(1)		201		402		—		—
	$	47,347	$	95,978	$	130	$	285
Straight-line rent and below-market lease revenue	$	6,225	$	15,534	$	248	$	530
Funds from operations(2)	$	78,711	$	158,246	$	1,198	$	2,387

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.

Joint Venture Financial Information (continued)
June 30, 2024
(In thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	47
---	---

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

	June 30, 2024		Year Ended December 31, 2023
	Three Months Ended	Six Months Ended
Realized gains	20,578	34,704	6,078
Unrealized losses	(64,238)	(35,080)	(201,475)
Investment loss	(43,660)	(376)	(195,397)

All values are in US Dollars.

	June 30, 2024
Investments	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	201,321	$42,052	$(90,182)	153,191
Entities that report NAV	510,335	162,559	(33,254)	639,640
Entities that do not report NAV:
Entities with observable price changes	94,509	79,609	(1,007)	173,111
Entities without observable price changes	389,124	—	—	389,124
Investments accounted for under the equity method	N/A	N/A	N/A	139,282
June 30, 2024	1,195,289	$284,220	$(124,443)	1,494,348
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)

15%

Public

29%

Tenant

85%

Private

71%

Non-Tenant

(1)Consists of realized gains of $33.4 million and $62.2 million, partially offset by impairment charges of $12.8 million and $27.5 million during the three and six months ended June 30, 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 $20.2 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and $44.1 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 June 30, 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 six months ended June 30, 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 June 30, 2024. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Investments
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	48
---	---
Liquidity
---
5.6B
(in millions)
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program
Outstanding forward equity sales agreements(1)
Cash, cash equivalents, and restricted cash
Availability under our secured construction loan
Investments in publicly traded companies
Liquidity as of June 30, 2024
Net Debt and Preferred Stock to Adjusted EBITDA(2)

All values are in US Dollars.

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

(1)Represents expected net proceeds from the future settlement of 230 thousand shares of common stock under forward equity sales agreements after underwriter discounts.

(2)Quarter annualized.

Key Credit Metrics
June 30, 2024		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	49
---	---

Weighted-Average Remaining Term of 13.0 Years

(1)Refer to footnotes 2 through 4 on the next page under “Fixed-rate and variable-rate debt” for additional details.

Summary of Debt
June 30, 2024
(In millions)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	50
---	---
Fixed-rate and variable-rate debt	Fixed-Rate<br><br>Debt	Variable-Rate<br><br>Debt	Total	Percentage	Weighted-Average
---	---	---	---	---	---	---	---
					Interest Rate(1)	Remaining Term<br><br>(in years)
Secured notes payable	$619	$134,323	$134,942	1.1%	8.13%	2.4
Unsecured senior notes payable	12,089,561	—	12,089,561	97.3	3.81	13.3
Unsecured senior line of credit(2) and commercial<br><br>paper program(3)	—	199,552	199,552	1.6	5.57	3.6	(4)
Total/weighted average	$12,090,180	$333,875	$12,424,055	100.0%	3.89%	13.0	(4)
Percentage of total debt	97.3%	2.7%	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 June 30, 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 June 30, 2024, we had $199.6 million of commercial paper notes outstanding with a weighted-average interest rate of 5.57%.

(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 13.0 years. The commercial paper notes sold during the six months ended June 30, 2024 were issued at a weighted-average yield to maturity of 5.59% and had a weighted-

average maturity term of 16 days.

	Average Debt Outstanding		Weighted-Average Interest Rate
	June 30, 2024		June 30, 2024
	Three Months Ended	Six Months Ended	Three Months Ended	Six Months Ended
Long-term fixed-rate debt	$12,171,633	$11,927,318	3.79%	3.75%
Short-term variable-rate unsecured senior line of credit and commercial paper<br><br>program debt	335,917	433,681	5.56	5.61
Blended average interest rate	12,507,550	12,360,999	3.84	3.82
Loan fee amortization and annual facility fee related to unsecured senior line of credit	N/A	N/A	0.12	0.12
Total/weighted average	$12,507,550	$12,360,999	3.96%	3.94%
Summary of Debt (continued)
---
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	51
---	---
Debt covenants	Unsecured Senior Notes Payable		Unsecured Senior Line of Credit
---	---	---	---	---
Debt Covenant Ratios(1)	Requirement	June 30, 2024	Requirement	June 30, 2024
Total Debt to Total Assets	≤ 60%	30%	≤ 60.0%	29.2%
Secured Debt to Total Assets	≤ 40%	0.3%	≤ 45.0%	0.2%
Consolidated EBITDA to Interest Expense	≥ 1.5x	13.2x	≥ 1.50x	4.01x
Unencumbered Total Asset Value to Unsecured Debt	≥ 150%	328%	N/A	N/A
Unsecured Interest Coverage Ratio	N/A	N/A	≥ 1.75x	15.84x

(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)
1401/1413 Research Boulevard		12/23/24			2.70%			3.31%	$28,500	28,417
1655 and 1725 Third Street		3/10/25	(3)		4.50%			4.57%	600,000	599,718
101 West Dickman Street		11/10/26			SOFR+1.95%	(4)		7.39%	26,750	18,558
1450 Research Boulevard		12/10/26			SOFR+1.95%	(4)		7.45%	13,000	8,598
									$668,250	655,291

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 June 30, 2024.

(3)The unconsolidated joint venture is early in the process of working with prospective lenders to refinance this debt. As of June 30, 2024, our investment in this unconsolidated real estate joint venture was $11.2 million.

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

Summary of Debt (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	52
---	---
Debt	Stated<br><br>Rate	Interest<br><br>Rate(1)		Maturity<br><br>Date(2)		Principal Payments Remaining for the Periods Ending December 31,						Principal	Unamortized<br><br>(Deferred<br><br>Financing<br><br>Cost),<br><br>(Discount)/<br><br>Premium	Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
					2024
Secured notes payable
Greater Boston(3)	SOFR+2.70%	8.14%		11/19/26		—	—	134,648	—	—	$—	$134,648	$(325)	$134,323
San Francisco Bay Area	6.50%	6.50		7/1/36		32	34	36	38	41	438	619	—	619
Secured debt weighted-average interest rate/<br><br>subtotal		8.13				32	34	134,684	38	41	438	135,267	(325)	134,942
Unsecured senior line of credit and commercial<br><br>paper program(4)	(4)	5.57	(4)	1/22/28	(4)	—	—	—	—	200,000	—	200,000	(448)	199,552
Unsecured senior notes payable	3.45%	3.62		4/30/25		—	600,000	—	—	—	—	600,000	(739)	599,261
Unsecured senior notes payable	4.30%	4.50		1/15/26		—	—	300,000	—	—	—	300,000	(778)	299,222
Unsecured senior notes payable	3.80%	3.96		4/15/26		—	—	350,000	—	—	—	350,000	(899)	349,101
Unsecured senior notes payable	3.95%	4.13		1/15/27		—	—	—	350,000	—	—	350,000	(1,321)	348,679
Unsecured senior notes payable	3.95%	4.07		1/15/28		—	—	—	—	425,000	—	425,000	(1,523)	423,477
Unsecured senior notes payable	4.50%	4.60		7/30/29		—	—	—	—	—	300,000	300,000	(1,138)	298,862
Unsecured senior notes payable	2.75%	2.87		12/15/29		—	—	—	—	—	400,000	400,000	(2,269)	397,731
Unsecured senior notes payable	4.70%	4.81		7/1/30		—	—	—	—	—	450,000	450,000	(2,241)	447,759
Unsecured senior notes payable	4.90%	5.05		12/15/30		—	—	—	—	—	700,000	700,000	(5,121)	694,879
Unsecured senior notes payable	3.375%	3.48		8/15/31		—	—	—	—	—	750,000	750,000	(4,669)	745,331
Unsecured senior notes payable	2.00%	2.12		5/18/32		—	—	—	—	—	900,000	900,000	(7,428)	892,572
Unsecured senior notes payable	1.875%	1.97		2/1/33		—	—	—	—	—	1,000,000	1,000,000	(7,543)	992,457
Unsecured senior notes payable	2.95%	3.07		3/15/34		—	—	—	—	—	800,000	800,000	(7,613)	792,387
Unsecured senior notes payable	4.75%	4.88		4/15/35		—	—	—	—	—	500,000	500,000	(5,185)	494,815
Unsecured senior notes payable	5.25%	5.38		5/15/36		—	—	—	—	—	400,000	400,000	(4,280)	395,720
Unsecured senior notes payable	4.85%	4.93		4/15/49		—	—	—	—	—	300,000	300,000	(2,929)	297,071
Unsecured senior notes payable	4.00%	3.91		2/1/50		—	—	—	—	—	700,000	700,000	10,049	710,049
Unsecured senior notes payable	3.00%	3.08		5/18/51		—	—	—	—	—	850,000	850,000	(11,417)	838,583
Unsecured senior notes payable	3.55%	3.63		3/15/52		—	—	—	—	—	1,000,000	1,000,000	(13,892)	986,108
Unsecured senior notes payable	5.15%	5.26		4/15/53		—	—	—	—	—	500,000	500,000	(7,702)	492,298
Unsecured senior notes payable	5.625%	5.71		5/15/54		—	—	—	—	—	600,000	600,000	(6,801)	593,199
Unsecured debt weighted-average interest rate/<br><br>subtotal		3.84				—	600,000	650,000	350,000	625,000	10,150,000	12,375,000	(85,887)	12,289,113
Weighted-average interest rate/total		3.89%				32	600,034	784,684	350,038	625,041	$10,150,438	$12,510,267	$(86,212)	$12,424,055
Balloon payments						—	600,000	784,648	350,000	625,000	$10,150,068	$12,509,716	$—	$12,509,716
Principal amortization						32	34	36	38	41	370	551	(86,212)	(85,661)
Total debt						32	600,034	784,684	350,038	625,041	$10,150,438	$12,510,267	$(86,212)	$12,424,055
Fixed-rate debt						32	600,034	650,036	350,038	425,041	$10,150,438	$12,175,619	$(85,439)	$12,090,180
Variable-rate debt						—	—	134,648	—	200,000	—	334,648	(773)	333,875
Total debt						32	600,034	784,684	350,038	625,041	$10,150,438	$12,510,267	$(86,212)	$12,424,055
Weighted-average stated rate on maturing debt						N/A	3.45%	3.80%	3.95%	4.47%	3.68%

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 June 30, 2024, this joint venture has $60.7 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.

(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of Debt” for additional details. In July 2024, we executed an agreement with the lender group to amend and restate our unsecured senior line of credit to,

among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control. We expect that the amendment and restatement will become effective in September 2024 upon the

satisfaction of certain conditions.

Summary of Debt (continued)
June 30, 2024
(Dollars in thousands)		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	53
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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)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Net income (loss)	$94,049	$219,176	$(42,658)	$68,254	$133,705
Interest expense	45,789	40,840	31,967	11,411	17,072
Income taxes	1,182	1,764	1,322	1,183	2,251
Depreciation and amortization	290,720	287,554	285,246	269,370	273,555
Stock compensation expense	14,507	17,125	34,592	16,288	15,492
Gain on sales of real estate	—	(392)	(62,227)	—	(214,810)
Unrealized losses (gains) on non-real estate<br><br>investments	64,238	(29,158)	(19,479)	77,202	77,897
Impairment of real estate	30,763	—	271,890	20,649	168,575
Impairment of non-real estate investments	12,788	14,698	23,094	28,503	22,953
Adjusted EBITDA	$554,036	$551,607	$523,747	$492,860	$496,690
Total revenues	$766,734	$769,108	$757,216	$713,788	$713,900
Adjusted EBITDA margin	72%	72%	69%	69%	70%

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, 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, 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 fourth quarter net income 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, and impairment of non-real estate investments. Our

attempt to predict these amounts may produce significant but inaccurate estimates, which would be

potentially misleading for our investors.

Definitions and Reconciliations
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Annual rental revenue

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

accordance with GAAP, 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 June 30, 2024, approximately 94% 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. Class A/

A+ properties generally command higher annual rental rates than other classes of similar properties.

AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and

related businesses.

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, and property enhancements identified

during the underwriting of certain acquired properties, located in collaborative life science mega

campuses in AAA innovation clusters. 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 value-creation 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.

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.

Definitions and Reconciliations (continued)
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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)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Adjusted EBITDA	$554,036	$551,607	$523,747	$492,860	$496,690
Interest expense	$45,789	$40,840	$31,967	$11,411	$17,072
Capitalized interest	81,039	81,840	89,115	96,119	91,674
Amortization of loan fees	(4,146)	(4,142)	(4,059)	(4,059)	(3,729)
Amortization of debt discounts	(328)	(318)	(309)	(306)	(304)
Cash interest and fixed charges	$122,354	$118,220	$116,714	$103,165	$104,713
Fixed-charge coverage ratio:
– quarter annualized	4.5x	4.7x	4.5x	4.8x	4.7x
– trailing 12 months	4.6x	4.7x	4.7x	4.9x	4.9x

We are not able to forecast fourth quarter net income 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, and impairment of non-real estate

investments. 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, 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.

Definitions and Reconciliations (continued)
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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
	June 30, 2024		June 30, 2024
(In thousands)	Three Months<br><br>Ended	Six Months<br><br>Ended	Three Months<br><br>Ended	Six Months<br><br>Ended
Net income	$47,347	$95,978	$130	$285
Depreciation and amortization of<br><br>real estate assets	31,364	62,268	1,068	2,102
Funds from operations	$78,711	$158,246	$1,198	$2,387

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Total assets	$37,847,865	$37,699,046	$36,771,402	$36,783,293	$36,659,257
Accumulated depreciation	5,457,414	5,216,857	4,985,019	4,856,436	4,646,833
Gross assets	$43,305,279	$42,915,903	$41,756,421	$41,639,729	$41,306,090

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. Our initial stabilized yield excludes the benefit of

leverage. Our cash rents related to our value-creation 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.

•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 June 30, 2024, as reported by Bloomberg Professional Services.

Credit ratings from Moody’s Investors Service 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 industries. 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.

Definitions and Reconciliations (continued)
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Investments in real estate

The following table reconciles our investments in real estate as of June 30, 2024:

(In thousands)	Investments in<br><br>Real Estate
Gross investments in real estate	$38,131,253
Less: accumulated depreciation	(5,457,414)
Investments in real estate	$32,673,839

The following table presents our value-creation pipeline of new Class A/A+ development and

redevelopment projects, excluding properties held for sale, as a percentage of gross assets as of

June 30, 2024:

	Percentage of<br><br>Gross Assets
Under construction projects and one committed near-term project expected to commence<br><br>construction in the next two years (61% leased/negotiating)	9%
Income-producing/potential cash flows/covered land play(1)	7%
Land	5%

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

development rights associated with existing operating campuses. These projects aggregated 1.0% of annual

rental revenue as of June 30, 2024 and are included in our industry mix chart as targeted for a future change in

use to laboratory space. Refer to “High-quality and diverse client base” in the Supplemental Information for

additional details.

Space Intentionally Blank

The square footage presented in the table below is classified as operating as of June 30,

2024. 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		2024	2025	Thereafter(1)	Total
Committed near-term project:
4161 Campus Point Court/University Town Center	Dev	—	159,884	—	159,884
Priority anticipated projects:
311 Arsenal Street/Cambridge/Inner Suburbs	Redev	—	25,312	—	25,312
269 East Grand Avenue/South San Francisco	Redev	107,250	—	—	107,250
3301 Monte Villa Parkway/Bothell	Redev	—	50,552	—	50,552
1020 Red River Street/Austin	Redev	—	126,034	—	126,034
		107,250	201,898	—	309,148
Future projects:
100 Edwin H. Land Boulevard/Cambridge	Dev	104,500	—	—	104,500
446, 458, 500, and 550 Arsenal Street/Cambridge/<br><br>Inner Suburbs	Dev	—	—	376,698	376,698
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	226,144	109,164	—	335,308
Sequence District by Alexandria/Sorrento Mesa	Dev/<br><br>Redev	—	—	686,290	686,290
830 4th Avenue South/SoDo	Dev	—	—	42,380	42,380
Other/Seattle	Dev	—	—	76,559	76,559
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
		330,644	182,102	2,426,069	2,938,815
		437,894	543,884	2,426,069	3,407,847

(1)Includes vacant square footage as of June 30, 2024.

Definitions and Reconciliations (continued)
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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.

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 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.

Mega campus

Mega campuses are cluster campuses 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 value-creation pipeline

RSF as of June 30, 2024:

(Dollars in thousands)	Annual Rental<br><br>Revenue	Value-Creation<br><br>Pipeline RSF
Mega campus	$1,649,514	21,944,200
Non-mega campus	567,461	10,013,556
Total	$2,216,975	31,957,756
Mega campus as a percentage of annual rental revenue and<br><br>of total value-creation pipeline RSF	74%	69%

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.

Definitions and Reconciliations (continued)
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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)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Secured notes payable	$134,942	$130,050	$119,662	$109,110	$91,939
Unsecured senior notes payable	12,089,561	12,087,113	11,096,028	11,093,725	11,091,424
Unsecured senior line of credit and<br><br>commercial paper	199,552	—	99,952	—	—
Unamortized deferred financing costs	81,942	84,198	76,329	78,496	80,663
Cash and cash equivalents	(561,021)	(722,176)	(618,190)	(532,390)	(924,370)
Restricted cash	(4,832)	(9,519)	(42,581)	(35,321)	(35,920)
Preferred stock	—	—	—	—	—
Net debt and preferred stock	$11,940,144	$11,569,666	$10,731,200	$10,713,620	$10,303,736
Adjusted EBITDA:
– quarter annualized	$2,216,144	$2,206,428	$2,094,988	$1,971,440	$1,986,760
– trailing 12 months	$2,122,250	$2,064,904	$1,997,518	$1,935,505	$1,895,336
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	5.4x	5.2x	5.1x	5.4x	5.2x
– trailing 12 months	5.6x	5.6x	5.4x	5.5x	5.4x

We are not able to forecast fourth quarter net income 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, and

impairment of non-real estate investments. 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		Six Months Ended
(Dollars in thousands)	6/30/24	6/30/23	6/30/24	6/30/23
Net income	$94,049	$133,705	$313,225	$255,398
Equity in earnings of unconsolidated real estate<br><br>joint ventures	(130)	(181)	(285)	(375)
General and administrative expenses	44,629	45,882	91,684	94,078
Interest expense	45,789	17,072	86,629	30,826
Depreciation and amortization	290,720	273,555	578,274	538,857
Impairment of real estate	30,763	168,575	30,763	168,575
Gain on sales of real estate	—	(214,810)	(392)	(214,810)
Investment loss	43,660	78,268	376	123,379
Net operating income	549,480	502,066	1,100,274	995,928
Straight-line rent revenue	(48,338)	(29,335)	(96,589)	(62,526)
Amortization of acquired below-market leases	(22,515)	(24,789)	(52,855)	(46,425)
Net operating income (cash basis)	$478,627	$447,942	$950,830	$886,977
Net operating income (cash basis) – annualized	$1,914,508	$1,791,768	$1,901,660	$1,773,954
Net operating income (from above)	$549,480	$502,066	$1,100,274	$995,928
Total revenues	$766,734	$713,900	$1,535,842	$1,414,695
Operating margin	72%	70%	72%	70%

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 and amortization of acquired above- and below-market lease revenue 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.

Definitions and Reconciliations (continued)
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Net operating income, net operating income (cash basis), and operating margin (continued)

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, 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% 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
Definitions and Reconciliations (continued)
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Same property comparisons (continued)

The following table reconciles the number of same properties to total properties for the six

months ended June 30, 2024:

		Redevelopment – placed into
Development – under construction	Properties	service after January 1, 2023	Properties
201 Brookline Avenue	1	20400 Century Boulevard	1
1150 Eastlake Avenue East	1	140 First Street	1
9820 Darnestown Road	1	2400 Ellis Road, 40 Moore Drive, and 14<br><br>TW Alexander Drive	3
99 Coolidge Avenue	1
500 North Beacon Street and 4 Kingsbury<br><br>Avenue	2	9601 and 9603 Medical Center Drive	2
			7
9808 Medical Center Drive	1	Acquisitions after January 1, 2023	Properties
1450 Owens Street	1	Other	5
230 Harriet Tubman Way	1		5
4155 Campus Point Court	1	Unconsolidated real estate JVs	4
10935, 10945, and 10955 Alexandria<br><br>Way	3	Properties held for sale	5
		Total properties excluded from same<br><br>properties	62
10075 Barnes Canyon Road	1
421 Park Drive	1	Same properties	346
4135 Campus Point Court	1	Total properties in North America as of<br><br>June 30, 2024	408
	16
Development – placed into
service after January 1, 2023	Properties
751 Gateway Boulevard	1
15 Necco Street	1
325 Binney Street	1
6040 George Watts Hill Drive	1
9810 Darnestown Road	1
	5
Redevelopment – under construction	Properties
840 Winter Street	1
40, 50, and 60 Sylvan Road	3
Alexandria Center® for Advanced<br><br>Technologies – Monte Villa Parkway	6
651 Gateway Boulevard	1
401 Park Drive	1
8800 Technology Forest Place	1
311 Arsenal Street	1
Canada	4
Other	2
	20

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					Six Months Ended
(In thousands)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	6/30/24	6/30/23
Income from rentals	$755,162	$755,551	$742,637	$707,531	$704,339	$1,510,713	$1,392,288
Rental revenues	(576,835)	(581,400)	(561,428)	(526,352)	(537,889)	(1,158,235)	(1,056,191)
Tenant recoveries	$178,327	$174,151	$181,209	$181,179	$166,450	$352,478	$336,097

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.

Definitions and Reconciliations (continued)
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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)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23
Unencumbered net operating income	$544,268	$546,830	$533,382	$495,012	$500,923
Encumbered net operating income	5,212	3,964	1,108	1,089	1,143
Total net operating income	$549,480	$550,794	$534,490	$496,101	$502,066
Unencumbered net operating income as a<br><br>percentage of total net operating income	99.1%	99.3%	99.8%	99.8%	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 highly leased

development and redevelopment projects, and for general working capital purposes. We are required to

consider the potential dilutive effect of our Forward Agreements under the treasury stock method while

the Forward Agreements are outstanding. As of June 30, 2024, we had Forward Agreements

outstanding to sell an aggregate of 230 thousand shares of common stock.

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 restricted stock awards

used in calculating amounts allocable to unvested stock award holders for each of the respective

periods presented below:

	Three Months Ended					Six Months Ended
(In thousands)	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	6/30/24	6/30/23
Basic shares for earnings per<br><br>share	172,013	171,949	171,096	170,890	170,864	171,981	170,824
Forward Agreements	—	—	—	—	—	—	—
Diluted shares for earnings<br><br>per share	172,013	171,949	171,096	170,890	170,864	171,981	170,824
Basic shares for funds from<br><br>operations per share and<br><br>funds from operations per<br><br>share, as adjusted	172,013	171,949	171,096	170,890	170,864	171,981	170,824
Forward Agreements	—	—	—	—	—	—	—
Diluted shares for funds from<br><br>operations per share and<br><br>funds from operations per<br><br>share, as adjusted	172,013	171,949	171,096	170,890	170,864	171,981	170,824
Weighted-average unvested<br><br>restricted shares 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	2,878	2,987	2,734	2,124	2,163	2,933	2,219
Definitions and Reconciliations (continued)
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