8-K - ARE - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 28, 2025

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

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

26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

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

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2025, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports First Quarter Ended March 31, 2025 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 First Quarter Ended March 31, 2025

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.
April 28, 2025	By:	/s/ Joel S. Marcus
		Joel S. Marcus
		Executive Chairman
	By:	/s/ Peter M. Moglia
		Peter M. Moglia
		Chief Executive Officer and <br>Chief Investment Officer
	By:	/s/ Marc E. Binda
		Marc E. Binda
		Chief Financial Officer and Treasurer

1Q25 EX 99.1 SUPP

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | | --- || Table of Contents | | --- | | March 31, 2025 | | COMPANY HIGHLIGHTS | Page | | | | --- | --- | --- | --- | | Mission and Cluster Model ..................................................................... | iii | | | | EARNINGS PRESS RELEASE | Page | | Page | | First Quarter Ended March 31, 2025Financial and Operating Results ................................................................................................... | 1 | Consolidated Statements of Operations .......................................... | 8 | | Guidance ................................................................................................... | 4 | Consolidated Balance Sheets ............................................................ | 9 | | Dispositions and Sales of Partial Interests .......................................... | 6 | Funds From Operations and Funds From Operations per Share | 10 | | Earnings Call Information and About the Company ........................... | 7 | | | | SUPPLEMENTAL INFORMATION | Page | | Page | | Company Profile ....................................................................................... | 13 | External Growth / Investments in Real Estate | | | Investor Information ................................................................................. | 14 | Investments in Real Estate ................................................................ | 31 | | Financial and Asset Base Highlights ..................................................... | 15 | New Class A/A+ Development and Redevelopment Properties: | | | High-Quality and Diverse Client Base ................................................. | 17 | Recent deliveries ............................................................................ | 33 | | Internal Growth | | Current Projects .............................................................................. | 34 | | Key Operating Metrics ............................................................................. | 19 | Summary of Pipeline ...................................................................... | 38 | | Same Property Performance .................................................................. | 20 | Construction Spending and Capitalization of Interest .................... | 43 | | Leasing Activity ......................................................................................... | 21 | Joint Venture Financial Information ................................................... | 48 | | Contractual Lease Expirations ............................................................... | 22 | Balance Sheet Management | | | Top 20 Tenants ......................................................................................... | 23 | Investments .......................................................................................... | 50 | | Summary of Properties and Occupancy .............................................. | 24 | Key Credit Metrics ............................................................................... | 51 | | Property Listing ........................................................................................ | 25 | Summary of Debt ................................................................................. | 52 | | | | Definitions and Reconciliations | | | | | Definitions and Reconciliations .......................................................... | 56 || CONFERENCE CALL INFORMATION: | | --- | | Tuesday, April 29, 2025 3:00 p.m. Eastern Time | | 12:00 p.m. Pacific Time | | (833) 366-1125 or (412) 902-6738 | | Ask to join the conference call for Alexandria Real Estate Equities, Inc. | | CONTACT INFORMATION: | | Alexandria Real Estate Equities, Inc. corporateinformation@are.com | | JOEL S. MARCUS Executive Chairman & Founder | | PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer | | MARC E. BINDA Chief Financial Officer & Treasurer | | PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790 | | Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 | iii | | --- | --- |

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

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

not previously been approved by the FDA.

(2)Source: PhRMA, “Medicines in Development for Chronic Diseases 2024 Report,” September 30, 2024.

(3)Source: OECD, Key biotechnology indicators: “Economies’ share in biotechnology-related patents, OECD countries, 2000–2021,” updated November 2024.

(4)Source: PhRMA, “The Economic Impact of the U.S. Biopharmaceutical Industry: 2022 National and State Estimates,” May 2024.

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

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

(2)Source: American Cancer Society, “Cancer Facts & Figures 2025.” Represents U.S. projection for 2025.

(3)Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Reflects the latest published data, which represents U.S. estimate as of 2022.

(4)Source: Alzheimer’s Association, “2024 Alzheimer’s Disease Facts and Figures.” Reflects the latest published data, which represents U.S. estimate as of 2024.

(5)Source: National Multiple Sclerosis Society, “Prevalence of MS.” Reflects the latest published data, which represents U.S. estimate as of 2019.

(6)Source: Centers for Disease Control and Prevention, “Provisional Drug Overdose Death Counts.” Based on data available for analysis on April 6, 2025. Represents predicted U.S. figure for the 12-month period ended November 2024.

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

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

LARGEST, HIGHEST-QUALITY<br><br>ASSET BASE CLUSTERED IN<br><br>THE BEST LOCATIONS
SECTOR-LEADING CLIENT<br><br>BASE OF ~750 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY<br><br>EXPERIENCED MANAGEMENT TEAM

LIFE SCIENCE REAL ESTATE

WE INVENTED IT.

WE DOMINATE IT.

THE MOST TRUSTED BRAND IN

LIFE SCIENCE REAL ESTATE

ALEXANDRIA’S<br><br>MEGACAMPUS™<br><br>PLATFORM
75%
OF OUR ANNUAL RENTAL REVENUE
71%
OF OUR OPERATING RSF

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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

ALEXANDRIA’S

MEGACAMPUS™ PLATFORM

DRIVES SUPERIOR

OPERATING RESULTS

ALEXANDRIA’S<br><br>MEGACAMPUS PLATFORM
	75%
	of Annual Rental Revenue
	71%
	of Operating RSF
	71%
	of Total Development and<br><br>Redevelopment Pipeline RSF	ALEXANDRIA’S MEGACAMPUS<br><br>OCCUPANCY OUTPERFORMANCE
---	---
Average Occupancy(1) Since 2021
95%	91%
Megacampus<br><br>Properties	Non-Megacampus<br><br>Properties
4%<br><br>Occupancy Outperformance

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the average occupancy percentage of operating properties as of each December 31, 2021 through 2024 and March 31, 2025.

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

ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY

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

Multinational

Pharmaceutical

Life Science

Product,

Service, and

Device

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other Investment-Grade

or Large Cap Tech

Other(2)

Biomedical

Institutions(1)

87%

of Top 20 Tenant Annual Rental

Revenue as of 1Q25 Is From

Investment-Grade or Publicly

Traded Large Cap Tenants

89%

of Leasing Activity During the

Three Months Ended March 31,

2025 Was Generated From

Alexandria’s Existing Client Base

PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE

Government

Institutions

Annual rental revenue represents amounts in effect as of March 31, 2025. 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)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.

(2)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

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

ALEXANDRIA’S STRONG, BROAD, AND DIVERSE LIFE SCIENCE

TENANT BASE DRIVES CONSISTENT LEASING AND

LONG-DURATION REMAINING LEASE TERMS

LONG-DURATION<br><br>LEASE TERMS
	REMAINING<br><br>LEASE TERM<br><br>(in years)(2)
Multinational<br><br>Pharmaceutical	7.3
Life Science Product,<br><br>Service, and Device	6.6
Government Institutions	5.3
Biomedical Institutions	7.7
Private Biotechnology	7.3
Public Biotechnology	7.5

PERCENTAGE

OF LIFE SCIENCE

LEASING

ACTIVITY BY RSF

(1Q25)(1)

Multinational

Pharmaceutical

13%

Public

Biotechnology

27%

Life Science

Product,

Service, and

Device

38%

Biomedical

Institutions

10%

Private

Biotechnology

12%

Government

Institutions

(1)Represents the percentage of RSF for leases executed during the three months ended March 31, 2025 for each respective life science business type, excluding technology and other business types.

(2)Based the average remaining lease term of leases based on annual rental revenue in effect as of March 31, 2025.

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

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to March 31, 2025

FTSE NAREIT EQUITY<br><br>HEALTH CARE INDEX
S&P 500
FTSE ALL<br><br>EQUITY REITS
MSCI US<br><br>REIT INDEX
RUSSELL 2000

1,427%

1,001%

919%

881%

671%

1,149%

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

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

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

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

PER SHARE COMPARED TO FTSE NAREIT EQUITY HEALTH CARE REITS

FIVE-YEAR GROWTH IN

FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED

(2020–2025)

Source: S&P Global Market Intelligence data for REITs within the FTSE NAREIT Equity Health Care REIT Index, including FFO per share consensus for 2025, available as of April 25, 2025. FFO per-share growth is calculated as the ratio of

FFO per share for projected 2025 to that for 2020. For ARE, includes 2025 FFO per share – diluted, as adjusted, at the midpoint of our 2025 guidance range disclosed on April 28, 2025. Refer to “Definitions and reconciliations” in the

Supplemental Information for additional details.

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

ALEXANDRIA’S SECTOR-LEADING

CLIENT BASE OF APPROXIMATELY

750 TENANTS DRIVES STABLE,

RESILIENT, AND LONG-DURATION

CASH FLOWS

	HIGH-QUALITY CASH FLOWS
	STRONG MARGINS(1)
	70%	71%
	Operating	Adjusted EBITDA
	LONG-DURATION LEASE TERMS
	Top 20 Tenants	All Tenants
	9.6	7.6
	Weighted-Average Remaining Term (in Years)(2)
FAVORABLE LEASE STRUCTURE(3)

98%

Contain Annual

Base Rent

Escalations

91%

Are Triple

Net Leases

93%

Require Tenants

to Pay for Capital

Expenditures

HIGH-CREDIT TENANT BASE
INVESTMENT-GRADE OR<br><br>PUBLICLY TRADED LARGE CAP TENANTS
87%	51%
of ARE’s Top 20 Tenant<br><br>Annual Rental Revenue(3)	of ARE’s<br><br>Annual Rental Revenue(3)

(1)For the three months ended March 31, 2025.

(2)Remaining term weighted by annual rental revenue for leases in effect as of March 31, 2025.

(3)Percentages calculated based on annual rental revenue in effect as of March 31, 2025.

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

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND

STRENGTH IN TENANT COLLECTIONS

99.8%

Average Tenant

Collections

1Q21–1Q25

Tenant Receivables

at March 31, 2025

Represent

0.9%

of 1Q25

Rental Revenues

TENANT RENTS AND RECEIVABLES COLLECTED(1)

(1)Represents tenant collections for each quarter-end as of each respective earnings release date.

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

TOP 10%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(4)

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT<br><br>LIQUIDITY(1)	4Q25 TARGET NET DEBT<br><br>AND PREFERRED STOCK<br><br>TO ADJUSTED EBITDA(2)	PERCENTAGE OF<br><br>FIXED-RATE DEBT<br><br>SINCE 2021(3)
$5.3B	≤5.2x	97.9%
PERCENTAGE OF<br><br>DEBT MATURING<br><br>IN NEXT 3 YEARS	REMAINING<br><br>DEBT TERM<br><br>(IN YEARS)	DEBT<br><br>INTEREST<br><br>RATE
13%	12.2	3.95%
One of the Lowest Debt Maturities<br><br>for 2025–2027<br><br>among S&P 500 REITs(5)

Baa1

Stable

BBB+

Stable

WEIGHTED AVERAGE

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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

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

(3)Represents the average percentage fixed-rate debt as of each December 31 from 2021 through 2024 and as of March 31, 2025.

(4)Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2025.

(5)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of December 31, 2024” or company filings as of December 31, 2024, except ARE, which is as of March 31, 2025.

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

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM

AMONG S&P 500 REITS AT 2X THE AVERAGE DEBT TERM FOR THESE REITS

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

(in years)

6.1 Years

S&P 500 REIT Average

as of December 31, 2024

Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2024 (data not disclosed for PSA at the time of analysis as of April 25, 2025), except for ARE, which is as of March 31, 2025.

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

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND

INCREASING DIVIDENDS

Focus on retaining for reinvestment significant cash flows from operating activities after dividends

5.7%	Dividend<br><br>Yield
4.5%	Average Annual<br><br>Dividend Per-Share<br><br>Growth
57%	1Q25 Payout<br><br>Ratio
$2.3B	Net Cash Provided by<br><br>Operating Activities<br><br>After Dividends

ANNUAL COMMON STOCK DIVIDEND PER SHARE

(1)

(2)

(3)

(4)

(1)Dividend yield is calculated as the dividend declared for the three months ended March 31, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on March 31, 2025 of $92.51.

(2)Represents the average annual growth in annual dividends declared per share for the five years ended December 31, 2020 through December 31, 2024 and the three months ended March 31, 2025 annualized.

(3)Represents the aggregate sum for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.

(4)Represents the common stock dividend declared of $1.32 per share for the three months ended March 31, 2025 annualized.

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

Alexandria Real Estate Equities, Inc. Reports:

1Q25 Net Loss per Share – Diluted of $(0.07); and

1Q25 FFO per Share – Diluted, as Adjusted, of $2.30

PASADENA, Calif. – April 28, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the first quarter ended March 31, 2025.

Key highlights
Operating results	1Q25	1Q24
Total revenues:
In millions	$758.2	$769.1
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions	$(11.6)	$166.9
Per share	$(0.07)	$0.97
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$392.0	$403.9
Per share	$2.30	$2.35

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

(As of March 31, 2025, unless stated otherwise)
Occupancy of operating properties in North America	91.7%	(1)
Percentage of annual rental revenue in effect from Megacampus™ platform	75%
Percentage of annual rental revenue in effect from investment-grade or publicly<br><br>traded large cap tenants	51%
Operating margin	70%
Adjusted EBITDA margin	71%
Percentage of leases containing annual rent escalations	98%
Weighted-average remaining lease term:
Top 20 tenants	9.6	years
All tenants	7.6	years
Sustained strength in tenant collections:
April 2025 tenant rents and receivables collected as of April 28, 2025	99.8%
1Q25 tenant rents and receivables collected as of April 28, 2025	99.9%

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

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 5.9x and fixed-charge coverage ratio of

4.3x for 1Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x,

respectively.

•Significant liquidity of $5.3 billion.

•Only 13% of our total debt matures through 2027.

•12.2 years weighted-average remaining term of debt, longest among S&P 500 REITs.

•Since 2021, an average of 97.9% of our year-end debt balances have been fixed rate.

•Total debt and preferred stock to gross assets of 30%.

•$414.9 million of capital contribution commitments from existing real estate joint venture

partners to fund construction from 2Q25 through 2027 and beyond, including $166.8 million

from 2Q25 to 4Q25.

Continued solid leasing volume and rental rate increases

•Continued solid leasing volume of 1.0 million RSF during 1Q25, the fifth consecutive quarter

with leasing volume exceeding 1 million RSF.

•Solid rental rate increases on lease renewals and re-leasing of space of 18.5% and 7.5%

(cash basis) for 1Q25.

•89% of our leasing activity during the three months ended March 31, 2025 was generated

from our existing tenant base.

	1Q25
Total leasing activity – RSF	1,030,553
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)	884,408
Rental rate increase	18.5%
Rental rate increase (cash basis)	7.5%
Leasing of development and redevelopment space – RSF	6,430	(1)

(1)As of March 31, 2025, our construction projects expected to stabilize in 2025 and 2026 were 75% leased/

negotiating.

Dividend strategy to share net cash flows from operating activities with stockholders while

retaining a significant portion for reinvestment

•Common stock dividend declared for 1Q25 of $1.32 per share aggregating $5.24 per

common share for the twelve months ended March 31, 2025, up 22 cents, or 4%, over the

twelve months ended March 31, 2024.

•Dividend yield of 5.7% as of March 31, 2025.

•Dividend payout ratio of 57% for the three months ended March 31, 2025.

•Average annual dividend per-share growth of 4.5% from 2021 through 1Q25 annualized.

•Significant net cash flows provided by operating activities after dividends retained for

reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024

and the midpoint of our 2025 guidance range.

Ongoing execution of Alexandria’s 2025 capital recycling strategy

We plan to continue funding a significant portion of our capital requirements for the year ending

December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and

sales to owner/users.

(in millions)
Completed dispositions	176
Our share of pending transactions subject to non-refundable deposits,<br><br>signed letters of intent, and/or purchase and sale agreement<br><br>negotiations	433
Our share of completed and pending 2025 dispositions	609
Additional targeted dispositions	1,341
2025 guidance midpoint for dispositions and sales of partial interests	1,950

All values are in US Dollars.

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

income of $37 million commencing during 1Q25, with an additional $171 million of incremental

annual net operating income anticipated to deliver by 4Q26

•During 1Q25, we placed into service development and redevelopment projects aggregating

309,494 RSF that are 100% leased across multiple submarkets and delivered incremental

annual net operating income of $37 million. A significant 1Q25 delivery was 285,346 RSF at

230 Harriet Tubman Way located at the Alexandria Center® for Life Science – Millbrae in our

South San Francisco submarket.

•Our active development and redevelopment projects under construction, primarily related to

our Megacampus ecosystems, have an estimated $2.4 billion of remaining costs to complete,

of which $1.3 billion is not under contract as of March 31, 2025. Additionally, we estimate that

30%–40% of the costs not under contract represent costs for materials that may be subject to

inflationary pressure and/or potential tariffs. As such, we estimate that each 10% increase in

these costs for materials may result in incremental costs aggregating $40–$50 million and a

corresponding decline in initial stabilized yields of approximately 2.5 to 3.5 basis points for

our existing active development and redevelopment projects. This estimate does not account

for the cost of potential delays that may occur in receiving or replacing materials subject to

tariffs.

•Annual net operating income (cash basis) from recently delivered projects is expected to

increase by $61 million by 4Q25 upon the burn-off of initial free rent, which have a weighted-

average burn-off period of approximately four months.

•71% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment Projects	Incremental Annual Net Operating Income	RSF
(dollars in millions)
Placed into service in 1Q25	37	309,494		100%
Expected to be placed into service:
2Q25 through 4Q26	171	1,597,920	(2)	75%	(3)
2027 through 2Q28	179	2,449,862		16%

All values are in US Dollars.

(1)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.

Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment

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

(2)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries

through 4Q26 from projects expected to stabilize in 2027 and beyond.

(3)Represents the leased/negotiating percentage of development and redevelopment projects that are expected

to stabilize during 2025 and 2026.

Significant leasing progress on 1Q25 temporary vacancy, including previously disclosed 1Q25 key

lease expirations

Occupancy as of December 31, 2024			94.6%
Lease expirations which became vacant as of March 31, 2025:
Re-leased with future delivery or subject to ongoing negotiations	(1.3)	(1)
Marketing	(1.6)		(2.9)	(2)
Occupancy as of March 31, 2025			91.7%

(1)Includes 0.7% of RSF that is re-leased with a weighted-average commencement date around the end of 2025

and 0.6% of RSF that is subject to ongoing negotiations.

(2)Includes 768,080 RSF of previously disclosed 1Q25 key lease expirations. Refer to “Summary of properties

and occupancy” in the Supplemental Information for additional details. The balance of the 1Q25 lease

expirations that became vacant was spread across multiple submarkets, with no individual space aggregating

greater than 62,000 RSF.

Maintained solid operating metrics

•Net operating income (cash basis) of $2.0 billion for 1Q25 annualized, up $83.8 million, or

4.4%, compared to 1Q24 annualized.

•Same property net operating income changes of (3.1)% and 5.1% (cash basis) for 1Q25 over

1Q24 includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties

across four submarkets. Excluding the impact of these lease expirations, same property net

operating income changes for 1Q25 would have been 0.1% and 9.0% (cash basis).

•General and administrative expenses of $30.7 million, savings of $16.4 million or 35%, for

1Q25, compared to 1Q24 is primarily the result of cost-control and efficiency initiatives on

personnel-related costs and streamlining of business processes.

•As a percentage of net operating income, our general and administrative expenses for the

trailing twelve months ended March 31, 2025 were 6.9%, representing the lowest level in the

past ten years, compared to 9.5% for the trailing twelve months ended March 31, 2024.

Strong and flexible balance sheet

Key metrics as of or for the three months ended March 31, 2025

•$28.8 billion in total market capitalization.

•$15.7 billion in total equity capitalization.

	1Q25		Target
	Quarter	Trailing	4Q25
	Annualized	12 Months	Annualized
Net debt and preferred stock to<br><br>Adjusted EBITDA	5.9x	5.7x	Less than or equal to 5.2x
Fixed-charge coverage ratio	4.3x	4.4x	4.0x to 4.5x
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	3
---	---		First Quarter Ended March 31, 2025 Financial and Operating Results (continued)
---
March 31, 2025

Strong and flexible balance sheet (continued)

Key capital events

•In February 2025, we issued $550.0 million of unsecured senior notes payable, due in 2035,

with an interest rate of 5.50%. This issuance marked our tightest-ever spread to the 10-year

treasury rate, surpassing our previous record in September 2019 by 25 bps.

•Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured

senior notes payable.

•In 1Q25, our unconsolidated real estate joint venture at 1655 and 1725 Third Street, in which

we own a 10% interest, located in our Mission Bay submarket, refinanced $500 million of an

existing fixed-rate secured note payable with a new secured note payable, which bears a

fixed weighted-average interest rate of 6.37% and matures in 2035.

•Under our common stock repurchase program authorized in December 2024, we may

repurchase up to $500.0 million of our common stock through December 31, 2025.

•During 1Q25, we repurchased 2.2 million shares of common stock for an aggregate value

of $208.1 million at an average price per share of $96.71.

•As of April 28, 2025, the approximate value of shares authorized and remaining under this

program was $241.8 million.

Investments

•As of March 31, 2025:

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

•Unrealized gains presented in our consolidated balance sheet were $31.9 million,

comprising gross unrealized gains and losses aggregating $204.9 million and

$173.1 million, respectively.

•Investment loss of $50.0 million for 1Q25 presented in our consolidated statement of

operations consisted of $29.3 million of realized gains, $68.1 million of unrealized losses, and

$11.2 million of impairment charges.

Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:
	1Q25	1Q24	1Q25	1Q24
(in millions, except per share amounts)	Amount		Per Share – Diluted
Unrealized (losses) gains on non-real estate<br><br>investments	$(68.1)	$29.2	$(0.40)	$0.17
Gain on sales of real estate	13.2	0.4	0.08	—
Impairment of non-real estate investments	(11.2)	(14.7)	(0.07)	(0.09)
Impairment of real estate(1)	(32.2)	—	(0.19)	—
Increase in provision for expected credit losses on<br><br>financial instruments(1)	(0.3)	—	—	—
Total	$(98.6)	$14.9	$(0.58)	$0.08

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

additional details.

Subsequent event

•In April 2025, an office property aggregating 182,276 RSF located in Carlsbad, San Diego

met the criteria for classification as held for sale based on current negotiations with the

prospective buyer and our decision to dispose of this property for an estimated sales price of

approximately $72.0 million. We expect to complete the sale within 12 months. Upon our

decision to commit to sell this property, we recognized an impairment charge of $35.4 million

to reduce the carrying amount of this asset to its estimated fair value less costs to sell.

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

positive change to benefit human health and society

•Alexandria was named one of the Most Trustworthy Companies in America by Newsweek for

the third consecutive year based on customer, investor, and employee trust. Alexandria is one

of only four S&P 500 REITs recognized in the real estate and housing category.

•During 1Q25, we received broad recognition for our operational excellence in leasing, design,

development, and asset management. Significant honors included the following:

•In our San Francisco Bay Area market, we earned a San Francisco Business Times 2024

Real Estate Deals of the Year Award for our 258,581 RSF long-term lease with Vaxcyte,

Inc. at 825 Industrial Road on the Alexandria Center® for Life Science – San Carlos

Megacampus.

•Alexandria earned two BOMA (Building Owners and Managers Association) TOBY (The

Outstanding Building of the Year) Awards in the Life Science category. The TOBY Awards

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

commercial building management and operations.

•201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco

campus in the San Francisco Bay Area was recognized by BOMA San Francisco.

•9605 Medical Center Drive on the Alexandria Center® for Life Science – Shady Grove

Megacampus in Maryland was recognized by local BOMA affiliate Apartment and Office

Building Association of Metropolitan Washington (AOBA).

About Alexandria Real Estate Equities, Inc.

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

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

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

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

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

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

March 31, 2025, Alexandria has a total market capitalization of $28.8 billion and an asset base in

North America that includes 39.6 million RSF of operating properties and 4.0 million RSF of Class

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

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

environments that enhance our tenants’ ability to successfully recruit and retain world-class talent

and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic

capital to transformative life science companies through our venture capital platform. We believe

our unique business model and diligent underwriting ensure a high-quality and diverse tenant

base that results in higher occupancy levels, longer lease terms, higher rental income, higher

returns, and greater long-term asset value. For more information on Alexandria, please visit

www.are.com.

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

amounts will not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current

U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion

relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press

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

The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by seven cents, or 75 bps. Key changes to our guidance assumptions include

the following:

•Slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio and our development and redevelopment pipeline, resulting in the following changes to

the midpoints of our guidance ranges:

•70 bps reduction in occupancy percentage in North America as of December 31, 2025,

•70 bps and 20 bps reduction in 2025 same property net operating income performance and same property net operating income performance (cash basis), respectively, and

•$15 million reduction in 2025 straight-line rent revenue.

•A $20 million reduction to the midpoint of our guidance range for 2025 capitalization of interest with a corresponding $20 million increase to the midpoint of our guidance range for 2025 interest

expense, primarily due to various current and future pipeline projects that are anticipated to cease construction activities in the latter part of the year.

•A $17 million reduction to the midpoint of our guidance range for 2025 general and administrative expenses from additional cost control initiatives, including personnel-related costs and

streamlining of business processes.

Refer to "Key assumptions” and “Key sources and uses of capital” on the following page.

Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
	As of 4/28/25	As of 1/27/25	Key Changes to Midpoint
Earnings per share(1)	1.36 to 1.56	2.57 to 2.77
Depreciation and amortization of real estate assets
Gain on sales of real estate			(2)
Impairment of real estate – rental properties			(3)
Allocation to unvested restricted stock awards
Funds from operations per share(4)	8.51 to 8.71	9.23 to 9.43
Unrealized losses on non-real estate investments
Impairment of non-real estate investments			(4)
Impairment of real estate
Allocation to unvested restricted stock awards
Funds from operations per share, as adjusted(5)	9.16 to 9.36	9.23 to 9.43
Midpoint	9.26	9.33	Reduction of 7-cents, or 75 bps

All values are in US Dollars.

(1)Excludes unrealized gains or losses on non-real estate investments after March 31, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

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

(3)Represents a $35.4 million impairment of real estate recognized in April 2025 related to an office property aggregating 182,276 RSF, located in Carlsbad, San Diego, upon meeting the criteria for classification as held for sale. Refer to

“Subsequent events” in the Earnings Press Release for additional details.

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

(5)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 5 | | --- | --- || Guidance (continued) | | --- | | March 31, 2025 | | (Dollars in millions) | | | As of 4/28/25 | | As of 1/27/25 | | Key Changes to Midpoint | | --- | --- | --- | --- | --- | --- | | Key Assumptions | Low | High | Low | High | | | Occupancy percentage in North America as of December 31, 2025 | 90.9% | 92.5% | 91.6% | 93.2% | 70 bps reduction | | Lease renewals and re-leasing of space: | | | | | | | Rental rate changes | 9.0% | 17.0% | 9.0% | 17.0% | No change | | Rental rate changes (cash basis) | 0.5% | 8.5% | 0.5% | 8.5% | | | Same property performance: | | | | | | | Net operating income | (3.7)% | (1.7)% | (3.0)% | (1.0)% | 70 bps reduction | | Net operating income (cash basis) | (1.2)% | 0.8% | (1.0)% | 1.0% | 20 bps reduction | | Straight-line rent revenue | $96 | $116 | $111 | $131 | $15 million reduction | | General and administrative expenses | $112 | $127 | $129 | $144 | $17 million reduction | | Capitalization of interest | $320 | $350 | $340 | $370 | $20 million reduction | | Interest expense | $185 | $215 | $165 | $195 | $20 million increase | | Realized gains on non-real estate investments(1) | $100 | $130 | $100 | $130 | No change || Key Credit Metrics Targets | As of 4/28/25 | As of 1/27/25 | Key Changes | | --- | --- | --- | --- | | Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized | Less than or equal to 5.2x | Less than or equal to 5.2x | No change | | Fixed-charge coverage ratio – 4Q25 annualized | 4.0x to 4.5x | 4.0x to 4.5x | | | | As of 4/28/25 | | | | As of 1/27/25 Midpoint | | --- | --- | --- | --- | --- | --- | | Key Sources and Uses of Capital | Range | | Midpoint | | | | Sources of capital: | | | | | | | Net reduction in debt | $(290) | $(290) | (290) | See below | (190) | | Net cash provided by operating activities after dividends(2) | 425 | 525 | 475 | | 475 | | Dispositions and sales of partial interests (refer to page 6) | 1,450 | 2,450 | 1,950 | (3) | 1,700 | | Total sources of capital | $1,585 | $2,685 | 2,135 | | 1,985 | | Uses of capital: | | | | | | | Construction | $1,450 | $2,050 | 1,750 | | 1,750 | | Acquisitions and other opportunistic uses of capital | — | 500 | 250 | 208 | 100 | | Ground lease prepayment | 135 | 135 | 135 | 135 | 135 | | Total uses of capital | $1,585 | $2,685 | 2,135 | | 1,985 | | Net reduction in debt (included above): | | | | | | | Issuance of unsecured senior notes payable | $550 | $550 | 550 | 550 | 600 | | Repayment of unsecured notes payable(6) | (600) | (600) | (600) | | (600) | | Unsecured senior line of credit, commercial paper, and other | (240) | (240) | (240) | | (190) | | Net reduction in debt | $(290) | $(290) | (290) | | (190) |

All values are in US Dollars.

(1)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.

(2)Excludes the final installment of our ground lease payment aggregating $135.0 million at the Alexandria Technology Square® Megacampus. This amount has been separately presented as “Ground lease prepayment” under “Uses of

capital” in the table above.

(3)As of April 28, 2025, completed dispositions aggregated $176.4 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated

$432.5 million. As part of a completed transaction, we provided seller financing of $91.0 million. Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details.

(4)The increase to the midpoint of our guidance range for 2025 dispositions and sales of partial interests is primarily due to an increase in the midpoint of our guidance range for 2025 acquisitions and other opportunistic uses of capital by

$150 million.

(5)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 1Q25, we repurchased 2.2 million shares of common stock

for an aggregate value of $208.1 million at an average price per share of $96.71. As of April 28, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may

consider repurchasing additional shares of our common stock.

(6)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 6 | | --- | --- || Dispositions and Sales of Partial Interests | | --- | | March 31, 2025 | | (Dollars in thousands) | | Property | Submarket/Market | Date of Sale | Interest Sold | Future Development RSF | Gain on Sales of Real Estate | | --- | --- | --- | --- | --- | --- | | Completed in 1Q25: | | | | | | | Land and other | | | | | | | Costa Verde by Alexandria | University Town Center/San Diego | 1/31/25 | 100% | 537,000 | $— | | Other | | | | | 13,165 | | | | | | | $13,165 | | Our share of pending 2025 dispositions and sales of partial interests expected to close subsequent to April 28, 2025: | | | | | | | Subject to non-refundable deposits: | | | | | | | Pending | San Diego | 2H25 | 100% | | | | Pending | Texas | 2Q25 | 100% | | | | Other | | | | | | | | | | | | | | Subject to executed letters of intent and/or purchase and sale agreement negotiations | | | | | | | Our share of completed and pending 2025 dispositions and sales of partial interests | | | | | | | 2025 guidance range for dispositions and sales of partial interests | | | | 1,450,000 – 2,450,000 | |

All values are in US Dollars.

(1)As part of the transaction, we provided seller financing of $91.0 million, due in 2028, with an interest rate of 12.0%.

We will host a conference call on Tuesday, April 29, 2025, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for

the first quarter ended March 31, 2025. 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, April 29,

The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1950174.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2025 is available in the “For Investors” section of our website at www.are.com or by

following this link: https://www.are.com/fs/2025q1.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; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.

About the Company

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

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

cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of March 31, 2025, Alexandria has a total market capitalization of

$28.8 billion and an asset base in North America that includes 39.6 million RSF of operating properties and 4.0 million RSF of Class A/A+ properties undergoing construction. Alexandria has a longstanding and

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

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

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

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 8 | | --- | --- || Consolidated Statements of Operations | | --- | | March 31, 2025 | | (Dollars in thousands, except per share amounts) | | | Three Months Ended | | | | | | --- | --- | --- | --- | --- | --- | | | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | | Revenues: | | | | | | | Income from rentals | 743,175 | $763,249 | $775,744 | $755,162 | $755,551 | | Other income | 14,983 | 25,696 | 15,863 | 11,572 | 13,557 | | Total revenues | 758,158 | 788,945 | 791,607 | 766,734 | 769,108 | | Expenses: | | | | | | | Rental operations | 226,395 | 240,432 | 233,265 | 217,254 | 218,314 | | General and administrative | 30,675 | 32,730 | 43,945 | 44,629 | 47,055 | | Interest | 50,876 | 55,659 | 43,550 | 45,789 | 40,840 | | Depreciation and amortization | 342,062 | 330,108 | 293,998 | 290,720 | 287,554 | | Impairment of real estate | 32,154 | 186,564 | 5,741 | 30,763 | — | | Total expenses | 682,162 | 845,493 | 620,499 | 629,155 | 593,763 | | Equity in (losses) earnings of unconsolidated real estate joint ventures | (507) | 6,635 | 139 | 130 | 155 | | Investment (loss) income | (49,992) | (67,988) | 15,242 | (43,660) | 43,284 | | Gain on sales of real estate | 13,165 | 101,806 | 27,114 | — | 392 | | Net income (loss) | 38,662 | (16,095) | 213,603 | 94,049 | 219,176 | | Net income attributable to noncontrolling interests | (47,601) | (46,150) | (45,656) | (47,347) | (48,631) | | Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (8,939) | (62,245) | 167,947 | 46,702 | 170,545 | | Net income attributable to unvested restricted stock awards | (2,660) | (2,677) | (3,273) | (3,785) | (3,659) | | Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | (11,599) | $(64,922) | $164,674 | $42,917 | $166,886 | | Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | | | | | | | Basic | (0.07) | $(0.38) | $0.96 | $0.25 | $0.97 | | Diluted | (0.07) | $(0.38) | $0.96 | $0.25 | $0.97 | | Weighted-average shares of common stock outstanding: | | | | | | | Basic | 170,522 | 172,262 | 172,058 | 172,013 | 171,949 | | Diluted | 170,522 | 172,262 | 172,058 | 172,013 | 171,949 | | Dividends declared per share of common stock | 1.32 | $1.32 | $1.30 | $1.30 | $1.27 |

All values are in US Dollars.

(1)Decline in income from rentals relates primarily to $1.1 billion of dispositions completed during 4Q24.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 9 | | --- | --- || Consolidated Balance Sheets | | --- | | March 31, 2025 | | (In thousands) | | | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | | --- | --- | --- | --- | --- | --- | | Assets | | | | | | | Investments in real estate | $32,121,712 | $32,110,039 | $32,951,777 | $32,673,839 | $32,323,138 | | Investments in unconsolidated real estate joint ventures | 50,086 | 39,873 | 40,170 | 40,535 | 40,636 | | Cash and cash equivalents | 476,430 | 552,146 | 562,606 | 561,021 | 722,176 | | Restricted cash | 7,324 | 7,701 | 17,031 | 4,832 | 9,519 | | Tenant receivables | 6,875 | 6,409 | 6,980 | 6,822 | 7,469 | | Deferred rent | 1,210,584 | 1,187,031 | 1,216,176 | 1,190,336 | 1,138,936 | | Deferred leasing costs | 489,287 | 485,959 | 516,872 | 519,629 | 520,616 | | Investments | 1,479,688 | 1,476,985 | 1,519,327 | 1,494,348 | 1,511,588 | | Other assets | 1,758,442 | 1,661,306 | 1,657,189 | 1,356,503 | 1,424,968 | | Total assets | $37,600,428 | $37,527,449 | $38,488,128 | $37,847,865 | $37,699,046 | | Liabilities, Noncontrolling Interests, and Equity | | | | | | | Secured notes payable | $150,807 | $149,909 | $145,000 | $134,942 | $130,050 | | Unsecured senior notes payable | 12,640,144 | 12,094,465 | 12,092,012 | 12,089,561 | 12,087,113 | | Unsecured senior line of credit and commercial paper | 299,883 | — | 454,589 | 199,552 | — | | Accounts payable, accrued expenses, and other liabilities | 2,281,414 | 2,654,351 | 2,865,886 | 2,529,535 | 2,503,831 | | Dividends payable | 228,622 | 230,263 | 227,191 | 227,408 | 222,134 | | Total liabilities | 15,600,870 | 15,128,988 | 15,784,678 | 15,180,998 | 14,943,128 | | Commitments and contingencies | | | | | | | Redeemable noncontrolling interests | 9,612 | 19,972 | 16,510 | 16,440 | 16,620 | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | | | | | | | Common stock | 1,701 | 1,722 | 1,722 | 1,720 | 1,720 | | Additional paid-in capital | 17,509,148 | 17,933,572 | 18,238,438 | 18,284,611 | 18,434,690 | | Accumulated other comprehensive loss | (46,202) | (46,252) | (22,529) | (27,710) | (23,815) | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 17,464,647 | 17,889,042 | 18,217,631 | 18,258,621 | 18,412,595 | | Noncontrolling interests | 4,525,299 | 4,489,447 | 4,469,309 | 4,391,806 | 4,326,703 | | Total equity | 21,989,946 | 22,378,489 | 22,686,940 | 22,650,427 | 22,739,298 | | Total liabilities, noncontrolling interests, and equity | $37,600,428 | $37,527,449 | $38,488,128 | $37,847,865 | $37,699,046 | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 10 | | --- | --- || Funds From Operations and Funds From Operations per Share | | --- | | March 31, 2025 | | (In thousands) |

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

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

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

	Three Months Ended
	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted	(11,599)	$(64,922)	$164,674	$42,917	$166,886
Depreciation and amortization of real estate assets	339,381	327,198	291,258	288,118	284,950
Noncontrolling share of depreciation and amortization from consolidated real estate JVs	(33,411)	(34,986)	(32,457)	(31,364)	(30,904)
Our share of depreciation and amortization from unconsolidated real estate JVs	1,054	1,061	1,075	1,068	1,034
Gain on sales of real estate	(13,165)	(100,109)	(27,114)	—	(392)
Impairment of real estate – rental properties and land	—	184,532	5,741	2,182	—
Allocation to unvested restricted stock awards	(686)	(1,182)	(2,908)	(1,305)	(3,469)
Funds from operations attributable to Alexandria’s common stockholders – diluted(1)	281,574	311,592	400,269	301,616	418,105
Unrealized losses (gains) on non-real estate investments	68,145	79,776	(2,610)	64,238	(29,158)
Impairment of non-real estate investments	11,180	20,266	10,338	12,788	14,698
Impairment of real estate	32,154	2,032	—	28,581	—
Increase (decrease) in provision for expected credit losses on financial instruments	285	(434)	—	—	—
Allocation to unvested restricted stock awards	(1,329)	(1,407)	(125)	(1,738)	247
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted	392,009	$411,825	$407,872	$405,485	$403,892

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 four non-real estate investments in privately held entities that do not report NAV.

(3)In 2021, we entered into a ground lease for a future development site in our San Francisco Bay Area market. As of December 31, 2024, we had a right-of-use-asset aggregating $32.4 million related to our investment into this ground

lease. During the three months ended March 31, 2025, based on our current financial outlook for this project, we made the determination to no longer proceed with this project. Consequently, we recognized an impairment charge

aggregating $32.2 million to write off our remaining balance in this right-of-use asset. We do not expect to make additional future payments in connection with this project.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 11 | | --- | --- || Funds From Operations and Funds From Operations per Share (continued) | | --- | | March 31, 2025 | | (In thousands, except per share amounts) |

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

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

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

rounding.

	Three Months Ended
	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted	$(0.07)	$(0.38)	$0.96	$0.25	$0.97
Depreciation and amortization of real estate assets	1.80	1.70	1.51	1.50	1.48
Gain on sales of real estate	(0.08)	(0.58)	(0.16)	—	—
Impairment of real estate – rental properties and land	—	1.07	0.03	0.01	—
Allocation to unvested restricted stock awards	—	—	(0.01)	(0.01)	(0.02)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted	1.65	1.81	2.33	1.75	2.43
Unrealized losses (gains) on non-real estate investments	0.40	0.46	(0.02)	0.37	(0.17)
Impairment of non-real estate investments	0.07	0.12	0.06	0.08	0.09
Impairment of real estate	0.19	0.01	—	0.17	—
Allocation to unvested restricted stock awards	(0.01)	(0.01)	—	(0.01)	—
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as<br><br>adjusted	$2.30	$2.39	$2.37	$2.36	$2.35
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted	170,522	172,262	172,058	172,013	171,949
Funds from operations – diluted, per share	170,599	172,262	172,058	172,013	171,949
Funds from operations – diluted, as adjusted, per share	170,599	172,262	172,058	172,013	171,949

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

SUPPLEMENTAL

INFORMATION

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

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

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

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

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

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

Research Triangle, and New York City. As of March 31, 2025, Alexandria has a total market

capitalization of $28.8 billion and an asset base in North America that includes 39.6 million

RSF of operating properties and 4.0 million RSF of Class A/A+ properties undergoing

construction. Alexandria has a longstanding and proven track record of developing Class

A/A+ properties clustered in highly dynamic and collaborative Megacampus environments

that enhance our tenants’ ability to successfully recruit and retain world-class talent and

inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic

capital to transformative life science companies through our venture capital platform. We

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

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

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

Alexandria, please visit www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 51% of our

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

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

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

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

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

Executive and senior management team

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

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

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

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

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

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

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

directors with leading reputations and longstanding relationships within the life science

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

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

provide Alexandria significant competitive advantages in attracting new business

opportunities.

Alexandria’s executive and senior management team consists of

62 individuals, averaging 24 years of real estate experience,

including 13 years with Alexandria. Our executive management

team alone averages 19 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus	Peter M. Moglia
Executive Chairman &<br><br>Founder	Chief Executive Officer &<br><br>Chief Investment Officer
Daniel J. Ryan	Hunter L. Kass
Co-President & Regional Market<br><br>Director – San Diego	Co-President & Regional Market<br><br>Director – Greater Boston
Marc E. Binda	Lawrence J. Diamond
Chief Financial Officer &<br><br>Treasurer	Co-Chief Operating Officer & Regional<br><br>Market Director – Maryland
Joseph Hakman	Hart Cole
Co-Chief Operating Officer &<br><br>Chief Strategic Transactions Officer	Executive Vice President – Capital<br><br>Markets/Strategic Operations &<br><br>Co-Regional Market Director – Seattle
Jackie B. Clem	Gary D. Dean
General Counsel & Secretary	Executive Vice President –<br><br>Real Estate Legal Affairs
Andres R. Gavinet	Onn C. Lee
Chief Accounting Officer	Executive Vice President –<br><br>Accounting
Kristina A. Fukuzaki-Carlson	Madeleine T. Alsbrook
Executive Vice President –<br><br>Business Operations	Executive Vice President –<br><br>Talent Management
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	14
---	---		Investor Information
---
March 31, 2025
Corporate Headquarters	New York Stock Exchange Trading Symbol	Information Requests
---	---	---	---
26 North Euclid Avenue	Common stock: ARE	Phone:	(626) 578-0777
Pasadena, California 91101		Email:	corporateinformation@are.com
www.are.com		Website:	investor.are.com		Equity Research Coverage
---		Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.<br><br>Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or<br><br>forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions,<br><br>estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to<br><br>time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
---		BNP Paribas Exane	Citigroup Global Markets Inc.	Green Street	RBC Capital Markets
---	---	---	---
Nate Crossett / Monir Koummal	Nicholas Joseph / Seth Bergey	Dylan Burzinski	Michael Carroll / Justin Haasbeek
(646) 342-1588 / (646) 342-1554	(212) 816-1909 / (212) 816-2066	(949) 640-8780	(440) 715-2649 / (440) 715-2651
BofA Securities	Citizens JMP Securities, LLC	J.P. Morgan Securities LLC	Robert W. Baird & Co. Incorporated
Jeff Spector / Farrell Granath	Aaron Hecht / Linda Fu	Anthony Paolone / Ray Zhong	Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1351	(415) 835-3963 / (415) 869-4411	(212) 622-6682 / (212) 622-5411	(216) 737-7510 / (414) 298-5053
BTIG, LLC	Deutsche Bank AG	Jefferies	Wedbush Securities
Tom Catherwood / Michael Tompkins	Tayo Okusanya / Samuel Ohiomah	Peter Abramowitz / Katie Elders	Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 527-3566	(212) 250-9284 / (212) 250-0057	(212) 336-7241 / (917) 421-1968	(212) 931-7001 / (212) 938-9942
CFRA	Evercore ISI	Mizuho Securities USA LLC
Nathan Schmidt	Steve Sakwa / James Kammert	Vikram Malhotra / Georgi Dinkov
(646) 517-1144	(212) 446-9462 / (312) 705-4233	(212) 282-3827 / (617) 352-1721
Fixed Income Research Coverage		Rating Agencies
Barclays Capital Inc.	J.P. Morgan Securities LLC	Moody’s Ratings	S&P Global Ratings
Srinjoy Banerjee / Japheth Otieno	Mark Streeter	(212) 553-0376	Alan Zigman
(212) 526-3521 / (212) 526-6961	(212) 834-5086		(416) 507-2556
Mizuho Securities USA LLC
Thierry Perrein
(212) 205-7665
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	15
---	---		Financial and Asset Base Highlights
---
March 31, 2025
(Dollars in thousands, except per share amounts)
	Three Months Ended (unless stated otherwise)
---	---	---	---	---	---
	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Selected financial data from consolidated financial statements and related information
Rental revenues	552,112	$566,535	$579,569	$576,835	$581,400
Tenant recoveries	191,063	$196,714	$196,175	$178,327	$174,151
General and administrative expenses	30,675	$32,730	$43,945	$44,629	$47,055
General and administrative expenses as a percentage of net operating income –<br><br>trailing 12 months	6.9%	7.6%	8.9%	9.2%	9.5%
Operating margin	70%	70%	71%	72%	72%
Adjusted EBITDA margin	71%	72%	70%	72%	72%
Adjusted EBITDA – quarter annualized	2,165,632	$2,273,480	$2,219,632	$2,216,144	$2,206,428
Adjusted EBITDA – trailing 12 months	2,218,722	$2,228,921	$2,184,298	$2,122,250	$2,064,904
Net debt at end of period	12,687,856	$11,762,176	$12,191,574	$11,940,144	$11,569,666
Net debt and preferred stock to Adjusted EBITDA – quarter annualized	5.9x	5.2x	5.5x	5.4x	5.2x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months	5.7x	5.3x	5.6x	5.6x	5.6x
Total debt and preferred stock at end of period	13,090,834	$12,244,374	$12,691,601	$12,424,055	$12,217,163
Gross assets at end of period	43,486,989	$43,152,628	$44,112,770	$43,305,279	$42,915,903
Total debt and preferred stock to gross assets at end of period	30%	28%	29%	29%	28%
Fixed-charge coverage ratio – quarter annualized	4.3x	4.3x	4.4x	4.5x	4.7x
Fixed-charge coverage ratio – trailing 12 months	4.4x	4.5x	4.5x	4.6x	4.7x
Unencumbered net operating income as a percentage of total net operating income	99.8%	99.9%	99.1%	99.1%	99.3%
Closing stock price at end of period	92.51	$97.55	$118.75	$116.97	$128.91
Common shares outstanding (in thousands) at end of period	170,130	172,203	172,244	172,018	172,008
Total equity capitalization at end of period	15,738,715	$16,798,446	$20,454,023	$20,120,907	$22,173,547
Total market capitalization at end of period	28,829,549	$29,042,820	$33,145,624	$32,544,962	$34,390,710
Dividend per share – quarter/annualized	1.32/5.28	$1.32/$5.28	$1.30/$5.20	$1.30/$5.20	$1.27/$5.08
Dividend payout ratio for the quarter	57%	55%	55%	55%	54%
Dividend yield – annualized	5.7%	5.4%	4.4%	4.4%	3.9%
Amounts related to operating leases:
Operating lease liabilities at end of period	371,412	$507,127	$648,338	$379,223	$381,578
Rent expense	11,666	$10,685	$10,180	$9,412	$8,683
Capitalized interest	80,065	$81,586	$86,496	$81,039	$81,840
Average real estate basis capitalized during the period	8,026,566	$8,118,010	$8,281,318	$7,936,612	$8,163,289
Weighted-average interest rate for capitalization of interest during the period	3.99%	4.02%	3.98%	3.96%	3.92%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1) Refer to “Consolidated statements of operations” in the Earnings Press Release for additional details.

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 16 | | --- | --- || Financial and Asset Base Highlights (continued) | | --- | | March 31, 2025 | | (Dollars in thousands, except annual rental revenue per occupied RSF amounts) | | | Three Months Ended (unless stated otherwise) | | | | | | --- | --- | --- | --- | --- | --- | | | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | | Amounts included in funds from operations and non-revenue-enhancing capital expenditures | | | | | | | Straight-line rent revenue | 22,023 | $17,653 | $29,087 | $48,338 | $48,251 | | Amortization of acquired below-market leases | 15,222 | $15,512 | $17,312 | $22,515 | $30,340 | | Amortization of deferred revenue related to tenant-funded and -built landlord improvements | 1,651 | $1,214 | $329 | $— | $— | | Straight-line rent expense on ground leases | 149 | $1,021 | $789 | $341 | $358 | | Cash payment for ground lease extension(1) | (135,000) | $(135,000) | $— | $— | $— | | Stock compensation expense | 10,064 | $12,477 | $15,525 | $14,507 | $17,125 | | Amortization of loan fees | 4,691 | $4,620 | $4,222 | $4,146 | $4,142 | | Amortization of debt discounts | 349 | $333 | $330 | $328 | $318 | | Non-revenue-enhancing capital expenditures: | | | | | | | Building improvements | 3,789 | $4,313 | $4,270 | $4,210 | $4,293 | | Tenant improvements and leasing commissions | 73,483 | $81,918 | $55,920 | $15,724 | $21,144 | | Funds from operations attributable to noncontrolling interests | 81,012 | $76,111 | $78,113 | $78,711 | $79,535 | | Operating statistics and related information (at end of period) | | | | | | | Number of properties – North America | 386 | 391 | 406 | 408 | 410 | | RSF – North America (including development and redevelopment projects under construction) | 43,687,343 | 44,124,001 | 46,748,734 | 47,085,993 | 47,206,639 | | Total square footage – North America | 68,518,184 | 69,289,411 | 73,611,815 | 74,103,404 | 74,069,321 | | Annual rental revenue per occupied RSF – North America | 58.38 | $56.98 | $57.09 | $56.87 | $56.86 | | Occupancy of operating properties – North America | 91.7% | 94.6% | 94.7% | 94.6% | 94.6% | | Occupancy of operating and redevelopment properties – North America | 86.9% | 89.7% | 89.7% | 89.9% | 90.2% | | Weighted-average remaining lease term (in years) | 7.6 | 7.5 | 7.5 | 7.4 | 7.5 | | Total leasing activity – RSF | 1,030,553 | 1,310,999 | 1,486,097 | 1,114,001 | 1,142,857 | | Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: | | | | | | | Rental rate changes | 18.5% | 18.1% | 5.1% | 7.4% | 33.0% | | Rental rate changes (cash basis) | 7.5% | 3.3% | 1.5% | 3.7% | 19.0% | | RSF (included in total leasing activity above) | 884,408 | 1,024,862 | 1,278,857 | 589,650 | 994,770 | | Top 20 tenants: | | | | | | | Annual rental revenue | 754,354 | $741,965 | $796,898 | $805,751 | $802,605 | | Annual rental revenue from investment-grade or publicly traded large cap tenants | 87% | 92% | 92% | 92% | 92% | | Weighted-average remaining lease term (in years) | 9.6 | 9.3 | 9.5 | 9.4 | 9.7 | | Same property – percentage change over comparable quarter from prior year: | | | | | | | Net operating income changes | (3.1)% | 0.6% | 1.5% | 1.5% | 1.0% | | Net operating income changes (cash basis) | 5.1% | 6.3% | 6.5% | 3.9% | 4.2% |

All values are in US Dollars.

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

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

we prepay our entire rent obligation for a 24-year lease term extension aggregating $270.0 million, including $135.0 million each in 1Q25 and 4Q24.

(2)Includes tenant improvements and leasing commissions for one 11.4-year lease at the Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 119,280 RSF. Excluding this lease, tenant

improvements and leasing commissions per RSF and as a percentage of total rents for the three months ended March 31, 2025 were $40.93 and 9.1%, which are consistent with the five-year quarterly averages of $37.53 and

10.5%, respectively.

(3)Refer to page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 17 | | --- | --- || High-Quality and Diverse Client Base | | --- | | March 31, 2025 | | Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 750 Tenants | | | --- | --- | | | Investment-Grade or Publicly Traded Large Cap Tenants | | | 87% | | | of ARE’s Top 20 Tenant Annual Rental Revenue | | | 51% | | Percentage of ARE’s Annual Rental Revenue | of ARE’s Annual Rental Revenue |

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public Biotechnology –

Preclinical or Clinical

Stage

Private

Biotechnology

Other(2)

Other Investment-Grade

or Large Cap Tech

Biomedical

Institutions(1)

Government

Institutions

As of March 31, 2025. Annual rental revenue represents amounts in effect as of March 31, 2025. 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)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.

(2)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

Long-Duration and Stable Cash Flows From

High-Quality and Diverse Tenants

Sustained Strength in Tenant Collections(1)
99.9%	99.8%
1Q25	April 2025
Long-Duration Lease Terms
9.6 Years	7.6 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 April 28, 2025.

(2)Based on annual rental revenue in effect as of March 31, 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 19 | | --- | --- || Key Operating Metrics | | --- | | March 31, 2025 | | Same Property Net Operating Income Performance | | | | | Rental Rate Growth: Renewed/Re-Leased Space | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Margins(2) | | | | | Favorable Lease Structure(3) | | | | Operating | Adjusted EBITDA | | | | Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems | | | | 70% | 71% | | | | Increasing cash flows | | | | | | | Percentage of leases containing annual rent escalations | | | 98% | | | | | Stable cash flows | | | | | Historical Weighted-Average Lease Term of Executed Leases(4) | | | | | Percentage of triple net leases | | 91% | | 8.9 Years | | | | | Lower capex burden | | | | | | Percentage of leases providing for the recapture of capital expenditures | | 93% |

(1)

(3.1)%

2024	3/31/25

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)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.

(2)For the three months ended March 31, 2025.

(3)Percentages calculated based on our annual rental revenue in effect as of March 31, 2025.

(4)Represents the weighted-average lease term of executed leases based on annual rental revenue for the approximate 10-year period for the years ended December 31, 2016 through 2024 and the three months ended

March 31, 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 20 | | --- | --- || Same Property Performance | | --- | | March 31, 2025 | | (Dollars in thousands) | | Same Property Financial Data | Three Months Ended March 31, 2025 | | Same Property Statistical Data | Three Months Ended March 31, 2025 | | --- | --- | --- | --- | --- | | Percentage change over comparable period from prior year: | | | Number of same properties | 333 | | Net operating income changes | (3.1)% | (1) | Rentable square feet | 34,099,158 | | Net operating income changes (cash basis) | 5.1% | (1)(2) | Occupancy – current-period average | 93.3% | | Operating margin | 68% | | Occupancy – same-period prior-year average | 94.3% || | Three Months Ended March 31, | | | | | | --- | --- | --- | --- | --- | --- | | | 2025 | 2024 | $ Change | % Change | | | Income from rentals: | | | | | | | Same properties | $469,387 | $476,074 | $(6,687) | (1.4)% | | | Non-same properties | 82,725 | 105,326 | (22,601) | (21.5) | | | Rental revenues | 552,112 | 581,400 | (29,288) | (5.0) | | | Same properties | 170,823 | 155,405 | 15,418 | 9.9 | | | Non-same properties | 20,240 | 18,746 | 1,494 | 8.0 | | | Tenant recoveries | 191,063 | 174,151 | 16,912 | 9.7 | | | Income from rentals | 743,175 | 755,551 | (12,376) | (1.6) | | | Same properties | 346 | 340 | 6 | 1.8 | | | Non-same properties | 14,637 | 13,217 | 1,420 | 10.7 | | | Other income | 14,983 | 13,557 | 1,426 | 10.5 | | | Same properties | 640,556 | 631,819 | 8,737 | 1.4 | | | Non-same properties | 117,602 | 137,289 | (19,687) | (14.3) | | | Total revenues | 758,158 | 769,108 | (10,950) | (1.4) | | | Same properties | 203,497 | 180,739 | 22,758 | 12.6 | | | Non-same properties | 22,898 | 37,575 | (14,677) | (39.1) | | | Rental operations | 226,395 | 218,314 | 8,081 | 3.7 | | | Same properties | 437,059 | 451,080 | (14,021) | (3.1) | | | Non-same properties | 94,704 | 99,714 | (5,010) | (5.0) | | | Net operating income | $531,763 | $550,794 | $(19,031) | (3.5)% | (3) | | Net operating income – same properties | $437,059 | $451,080 | $(14,021) | (3.1)% | | | Straight-line rent revenue | (6,396) | (39,287) | 32,891 | (83.7) | | | Amortization of acquired below-market leases | (10,002) | (11,525) | 1,523 | (13.2) | | | Net operating income – same properties (cash basis) | $420,661 | $400,268 | $20,393 | 5.1% | |

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.

(1)Includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties across four submarkets. Excluding the impact of the properties with these leases, same property net operating income changes for the three months

ended March 31, 2025 would have been 0.1% and 9.0% (cash basis). Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.

(2)Includes the impact of expiring initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool in

1Q25, including 15 Necco Street in our Seaport Innovation District submarket and 751 Gateway Boulevard in our South San Francisco submarket. Excluding the impact of these expiring initial free rent concessions, same property net

operating income change (cash basis) for the three months ended March 31, 2025 would have been 0.4%.

(3)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, the increase in net operating income for the three months ended March 31, 2025

would have been 2.2%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 21 | | --- | --- || Leasing Activity | | --- | | March 31, 2025 | | (Dollars per RSF) | | | | Three Months Ended | | | Year Ended | | | --- | --- | --- | --- | --- | --- | --- | | | | March 31, 2025 | | | December 31, 2024 | | | | Including Straight-Line Rent | | Cash Basis | | | | | Leasing activity: | | | | | | | | Renewed/re-leased space(1) | | | | | | | | Rental rate changes | | 18.5% | | 7.5% | 16.9% | 7.2% | | New rates | | 57.56 | | 55.04 | 65.48 | $64.18 | | Expiring rates | | 48.57 | | 51.18 | 56.01 | $59.85 | | RSF | | 884,408 | | | 3,888,139 | | | Tenant improvements/leasing commissions | | 83.09 | | | 46.89 | | | Weighted-average lease term | | 10.1 years | | | 8.5 years | | | Developed/redeveloped/previously vacant space leased(3) | | | | | | | | New rates | | 49.80 | | 49.51 | 59.44 | $57.34 | | RSF | | 146,145 | | | 1,165,815 | | | Weighted-average lease term | | 8.8 years | | | 10.0 years | | | Leasing activity summary (totals): | | | | | | | | New rates | | 56.46 | | 54.26 | 64.16 | $62.68 | | RSF | | 1,030,553 | | | 5,053,954 | | | Weighted-average lease term | | 10.0 years | | | 8.9 years | | | Lease expirations(1) | | | | | | | | Expiring rates | | 49.93 | | 51.55 | 53.82 | $57.24 | | RSF | | 1,923,048 | | | 5,005,638 | |

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 160,540 RSF and 136,131 RSF as of March 31, 2025 and December 31, 2024, respectively. During the trailing twelve months ended March 31, 2025, we granted free rent

concessions averaging 0.7 months per annum.

and 10.5%, respectively.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 22 | | --- | --- || Contractual Lease Expirations | | --- | | March 31, 2025 | | Year | | | RSF | | Percentage of Occupied RSF | | Annual Rental Revenue (per RSF)(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | (2) | | 2,005,741 | | 5.6% | | 46.91 | 4.6% | | | 2026 | | | 3,043,760 | | 8.5% | | 56.08 | 8.3% | | | 2027 | | | 3,130,452 | | 8.7% | | 51.23 | 7.8% | | | 2028 | | | 4,060,412 | | 11.3% | | 52.17 | 10.3% | | | 2029 | | | 2,429,749 | | 6.8% | | 50.67 | 6.0% | | | 2030 | | | 3,064,307 | | 8.6% | | 43.86 | 6.5% | | | 2031 | | | 3,579,117 | | 10.0% | | 54.84 | 9.5% | | | 2032 | | | 1,023,407 | | 2.9% | | 58.33 | 2.9% | | | 2033 | | | 2,539,851 | | 7.1% | | 48.14 | 5.9% | | | 2034 | | | 3,280,121 | | 9.2% | | 67.72 | 10.7% | | Thereafter | | | | 7,673,811 | | 21.3% | | 74.48 | 27.5% |

All values are in US Dollars.

Market	2025 Contractual Lease Expirations (in RSF)						Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)	2026 Contractual Lease Expirations (in RSF)					Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)
	Leased	Negotiating/<br><br>Anticipating	Targeted for<br><br>Future<br><br>Development/<br><br>Redevelopment(3)		Remaining<br><br>Expiring<br><br>Leases(4)	Total(2)		Leased	Negotiating/<br><br>Anticipating	Targeted for<br><br>Future<br><br>Development/<br><br>Redevelopment	Remaining<br><br>Expiring<br><br>Leases(4)	Total
Greater Boston	136,506	5,597	25,312		261,540	428,955	$45.19	47,439	11,565	—	399,436	458,440	$94.58
San Francisco Bay Area	293,051	110,549	—		346,927	750,527	71.21	25,511	—	—	623,634	649,145	76.43
San Diego	28,760	—	—		85,189	113,949	34.37	—	28,827	—	873,855	902,682	47.04
Seattle	—	—	—		67,114	67,114	31.33	26,266	—	—	166,491	192,757	31.57
Maryland	35,055	6,228	—		31,683	72,966	22.19	—	15,489	—	276,969	292,458	20.20
Research Triangle	173,888	—	—		78,625	252,513	27.98	19,753	—	—	167,805	187,558	38.98
New York City	—	—	—		42,002	42,002	99.58	—	—	—	72,052	72,052	104.17
Texas	—	—	198,972	(5)	—	198,972	N/A	—	—	—	—	—	—
Canada	22,991	—	—		54,752	77,743	18.35	—	247,743	—	—	247,743	21.23
Non-cluster/other markets	—	—	—		1,000	1,000	49.20	—	—	—	40,925	40,925	75.98
Total	690,251	122,374	224,284		968,832	2,005,741	$46.91	118,969	303,624	—	2,621,167	3,043,760	$56.08
Percentage of expiring leases	34%	6%	11%		49%	100%		4%	10%	0%	86%	100%

Contractual lease expirations for properties classified as held for sale as of March 31, 2025 are excluded from the information on this page.

(1)Represents amounts in effect as of March 31, 2025.

(2)Excludes month-to-month leases aggregating 160,540 RSF as of March 31, 2025.

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

to laboratory space, or to commence future ground-up development. As of March 31, 2025, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $1.6 million and May 27, 2025, respectively.

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

(4)The largest remaining contractual lease expiration in 2025 is 88,179 RSF in our Cambridge/Inner Suburbs submarket and in 2026 is 163,648 RSF in our University Town Center submarket, at a property in which we have an ownership

interest of 30.0% and are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy.

(5)Represents two properties with future development and redevelopment opportunities, located at 1001 Trinity Street and 1020 Red River Street in our Austin submarket, with contractual lease expirations in 2Q25.

87% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

	Tenant						Percentage of<br><br>Annual Rental<br><br>Revenue(1)	Investment-Grade<br><br>Credit Ratings		Average<br><br>Market Cap<br><br>(in billions)
					Moody’s	S&P
1	Eli Lilly and Company	9.7		1,070,953		89,599	4.3%	Aa3	A+	$797.9
2	Moderna, Inc.	11.1		496,814		89,347	4.3	—	—	$29.1
3	Bristol-Myers Squibb Company	5.2		999,379		77,188	3.7	A2	A	$104.1
4	Takeda Pharmaceutical Company Limited	10.2		549,759		47,899	2.3	Baa1	BBB+	$43.8
5	Eikon Therapeutics, Inc.(2)	13.7		311,806		36,783	1.8	—	—	$—
6	Roche	8.0		647,069		36,189	1.7	Aa2	AA	$242.8
7	Illumina, Inc.	5.6		857,967		35,924	1.7	Baa3	BBB	$19.5
8	Alphabet Inc.	2.6		625,015		34,899	1.7	Aa2	AA+	$2,143.6
9	2seventy bio, Inc.(3)	8.4		312,805		33,543	1.6	—	—	$0.2
10	United States Government	5.3		429,359		29,097	1.4	Aaa	AA+	$—
11	Uber Technologies, Inc.	57.5	(5)	1,009,188		27,799	1.3	Baa2	BBB	$148.3
12	Novartis AG	3.3		387,563		27,709	1.3	Aa3	AA-	$234.5
13	AstraZeneca PLC	4.6		450,848		27,226	1.3	A1	A+	$231.1
14	Cloud Software Group, Inc.	1.2	(6)	292,013		26,446	1.3	—	—	$—
15	Boston Children’s Hospital	12.0		309,231		26,212	1.3	Aa2	AA	$—
16	The Regents of the University of California	6.2		369,753		23,330	1.1	Aa2	AA	$—
17	Sanofi	5.8		267,278		21,851	1.1	A1	AA	$130.9
18	Charles River Laboratories, Inc.	10.1		256,066		21,202	1.0	—	—	$10.2
19	New York University	7.3		218,983		21,110	1.0	Aa2	AA-	$—
20	Merck & Co., Inc.	8.4		333,124		21,001	1.0	Aa3	A+	$281.3
	Total/weighted-average	9.6	(5)	10,194,973		754,354	36.2%

All values are in US Dollars.

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 March 31, 2025.

(2)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharma executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over

$1.2 billion in private venture capital funding.

(3)In March 2025, 2seventy bio, Inc. announced a definitive merger agreement with Bristol-Myers Squibb Company, which is expected to close in the second quarter of 2025.

(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration. Approximately 3% of the annual rental revenue derived from our

leases with the United States Government is cancellable prior to the lease expiration date.

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

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

from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 6.9 years as of March 31, 2025.

(6)Represents one lease at a property acquired in 2022 with potential 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 24 | | --- | --- || Summary of Properties and Occupancy | | --- | | March 31, 2025 | | (Dollars in thousands, except per RSF amounts) |

Summary of properties

Market	RSF					Number of<br><br>Properties	Annual Rental Revenue
	Operating	Development	Redevelopment	Total	% of Total		Total	% of Total	Per RSF
Greater Boston	9,304,074	632,850	1,601,010	11,537,934	26%	65	$754,342	36%	$88.20
San Francisco Bay Area	7,971,965	109,435	366,939	8,448,339	19	65	455,516	22	68.28
San Diego	7,140,194	903,792	—	8,043,986	18	77	323,222	16	47.98
Seattle	3,179,033	227,577	—	3,406,610	9	45	137,539	6	47.27
Maryland	3,848,870	—	—	3,848,870	9	50	141,895	7	39.70
Research Triangle	3,801,564	—	—	3,801,564	9	38	109,002	5	30.71
New York City	921,894	—	—	921,894	2	4	74,571	4	92.34
Texas	1,845,159	—	73,298	1,918,457	4	15	37,754	2	24.93
Canada	895,182	—	132,881	1,028,063	2	11	18,525	1	21.86
Non-cluster/other markets	349,099	—	—	349,099	1	10	15,413	1	60.52
Properties held for sale	382,527	—	—	382,527	1	6	9,031	—	49.82
North America	39,639,561	1,873,654	2,174,128	43,687,343	100%	386	$2,076,810	100%	$58.38
		4,047,782

Summary of occupancy

	Operating Properties				Operating and Redevelopment Properties
Market	3/31/25		12/31/24	3/31/24	3/31/25	12/31/24	3/31/24
Greater Boston	91.8%	(1)	94.8%	94.5%	78.4%	80.8%	83.3%
San Francisco Bay Area	90.3	(1)	93.3	94.4	86.3	89.1	91.2
San Diego	94.3		96.3	95.2	94.3	96.3	95.2
Seattle	91.5		92.4	94.9	91.5	92.4	93.9
Maryland	94.1		95.7	95.4	94.1	95.7	95.4
Research Triangle	93.4	(1)	97.4	97.8	93.4	97.4	97.8
New York City	87.6	(2)	88.4	84.4	87.6	88.4	84.4
Texas	82.1	(1)	95.5	95.1	78.9	91.8	91.5
Subtotal	91.8		94.8	94.9	87.1	90.0	90.6
Canada	94.6		95.9	91.8	82.4	82.9	77.8
Non-cluster/other markets	73.0		72.5	75.4	73.0	72.5	75.4
North America	91.7%	(1)(3)	94.6%	94.6%	86.9%	89.7%	90.2%

(1)The decline in occupancy from December 31, 2024 includes certain previously disclosed 1Q25 lease expirations aggregating 768,080 RSF at six properties in four submarkets comprising the following: (i) 182,054

RSF at the Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our

Research Triangle market, and (iv) two properties aggregating 247,246 RSF in our Austin submarket.

(2)The Alexandria Center® for Life Science – New York City Megacampus is 97.7% occupied as of March 31, 2025. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life

Science – Long Island City property, which was 45.7% occupied as of March 31, 2025.

(3)Includes vacant spaces aggregating 250,925 RSF, or 0.7% impact to occupancy, which are leased with a weighted-average expected delivery date around the end of 2025 and 242,035 RSF, or 0.6% impact to

occupancy, which is subject to ongoing negotiations.

Our Megacampus™ Properties Account for 75% of Our Annual Rental Revenue

Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Greater Boston
	Cambridge/Inner Suburbs
		Megacampus: Alexandria Center® at Kendall Square	2,213,867	—		—		2,213,867	8	$223,621	97.4%	97.4%
		50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street, and<br><br>300 Third Street(1)
		Megacampus: Alexandria Center® at One Kendall Square	1,281,580	—		104,956		1,386,536	12	148,198	93.7	86.6
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800,<br><br>and 2000), 325 and 399 Binney Street, and One Hampshire Street
		Megacampus: Alexandria Technology Square®	1,193,634	—		—		1,193,634	7	106,901	83.9	83.9
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Megacampus: The Arsenal on the Charles	776,628	36,444		308,446		1,121,518	13	47,214	94.9	67.9
		311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,<br><br>1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
		Megacampus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street, and<br><br>99 Coolidge Avenue(1)	633,056	204,395		—		837,451	6	27,340	98.4	98.4
		Cambridge/Inner Suburbs	6,098,765	240,839		413,402		6,753,006	46	553,274	93.7	87.8
	Fenway
		Megacampus: Alexandria Center® for Life Science – Fenway	1,293,731	392,011		137,675		1,823,417	3	96,917	87.2	78.9
		401 and 421 Park Drive and 201 Brookline Avenue
	Seaport Innovation District
		5 and 15(1) Necco Street	459,395	—		—		459,395	2	46,743	92.7	92.7
		Seaport Innovation District	459,395	—		—		459,395	2	46,743	92.7	92.7
	Route 128
		Megacampus: Alexandria Center® for Life Science – Waltham	466,094	—		596,064		1,062,158	5	38,471	100.0	43.9
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		19, 225, and 235 Presidential Way	585,226	—		—		585,226	3	14,171	97.1	97.1
		Route 128	1,051,320	—		596,064		1,647,384	8	52,642	98.4	62.8
	Other		400,863	—		453,869		854,732	6	4,766	59.7	28.0
		Greater Boston	9,304,074	632,850		1,601,010		11,537,934	65	$754,342	91.8%	78.4%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	26
---	---		Property Listing (continued)
---
March 31, 2025
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Francisco Bay Area
	Mission Bay
		Megacampus: Alexandria Center® for Science and Technology –<br><br>Mission Bay(1)	2,010,469	109,435		—		2,119,904	10	$76,151	83.4%	83.4%
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street,<br><br>1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard<br><br>South
		Mission Bay	2,010,469	109,435		—		2,119,904	10	76,151	83.4	83.4
	South San Francisco
		Megacampus: Alexandria Technology Center® – Gateway(1)	1,409,365	—		259,689		1,669,054	12	75,819	82.3	69.5
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)<br><br>Gateway Boulevard
		Megacampus: Alexandria Center® for Advanced Technologies – South San<br><br>Francisco	812,453	—		107,250		919,703	5	52,990	100.0	88.3
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	504,235	—		—		504,235	3	32,780	88.0	88.0
		201 Haskins Way and 400 and 450 East Jamie Court
		Megacampus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	2,559	100.0	100.0
		1122 and 1150 El Camino Real
		Alexandria Center® for Life Science – Millbrae(1)	285,346	—		—		285,346	1	33,697	100.0	100.0
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,680	100.0	100.0
		South San Francisco	3,612,316	—		366,939		3,979,255	24	208,525	91.4	83.0
	Greater Stanford
		Megacampus: Alexandria Center® for Life Science – San Carlos	738,038	—		—		738,038	9	41,601	94.5	94.5
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	704,559	—		—		704,559	9	73,213	98.5	98.5
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and<br><br>3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	340,103	—		—		340,103	5	23,601	82.9	82.9
		3875 Fabian Way	228,000	—		—		228,000	1	9,402	100.0	100.0
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	198,548	—		—		198,548	3	13,450	89.4	89.4
		2100, 2200, and 2400 Geng Road	78,501	—		—		78,501	3	4,803	100.0	100.0
		3350 West Bayshore Road	61,431	—		—		61,431	1	4,770	100.0	100.0
		Greater Stanford	2,349,180	—		—		2,349,180	31	170,840	94.5	94.5
		San Francisco Bay Area	7,971,965	109,435		366,939		8,448,339	65	$455,516	90.3%	86.3%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.<br><br>(2)We own 100% of this property.<br><br>(3)Includes 109,435 RSF at our 1450 Owens Street development project, where we have a 25% interest. In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF,<br><br>or approximately 49% of the total 212,796 RSF development project. We expect to complete the transaction in 2H25. Accordingly, we adjusted the development project RSF to reflect the remaining 109,435 RSF. Refer to “New Class A/<br><br>A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	27
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March 31, 2025
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Diego
	Torrey Pines
		Megacampus: One Alexandria Square	849,325	241,504		—		1,090,829	10	$49,385	86.6%	86.6%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,<br><br>10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road,<br><br>and 3545 Cray Court
		ARE Torrey Ridge	299,138	—		—		299,138	3	13,263	79.7	79.7
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	218,459	—		—		218,459	4	12,184	97.7	97.7
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics<br><br>Court
		Torrey Pines	1,366,922	241,504		—		1,608,426	17	74,832	86.9	86.9
	University Town Center
		Megacampus: Campus Point by Alexandria(1)	1,325,415	426,927		—		1,752,342	8	81,937	98.1	98.1
		9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155, 4224,<br><br>and 4242 Campus Point Court
		Megacampus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978	100.0	100.0
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	6,520	100.0	100.0
		University Town Center	2,281,750	426,927		—		2,708,677	15	118,435	98.9	98.9
	Sorrento Mesa
		Megacampus: SD Tech by Alexandria(1)	896,464	235,361		—		1,131,825	12	41,655	93.7	93.7
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505<br><br>Morehouse Drive(2), and 10055, 10065, and 10075 Barnes Canyon Road
		Megacampus: Sequence District by Alexandria	801,575	—		—		801,575	7	28,471	100.0	100.0
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)	544,352	—		—		544,352	5	9,352	92.8	92.8
		9389, 9393, 9401, 9455, and 9477 Waples Street
		Summers Ridge Science Park(1)	316,531	—		—		316,531	4	11,521	100.0	100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		Scripps Science Park by Alexandria	144,113	—		—		144,113	1	11,379	100.0	100.0
		10102 Hoyt Park Drive
		ARE Portola	101,857	—		—		101,857	3	4,022	100.0	100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	4,621	100.0	100.0
		9877 Waples Street	63,774	—		—		63,774	1	2,680	100.0	100.0
		5871 Oberlin Drive	33,842	—		—		33,842	1	960	50.1	50.1
		Sorrento Mesa	2,985,862	235,361		—		3,221,223	35	114,661	96.2	96.2
	Sorrento Valley
		3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard	151,406	—		—		151,406	6	2,866	42.7	42.7
		11045 and 11055 Roselle Street	43,233	—		—		43,233	2	2,203	100.0	100.0
		Sorrento Valley	194,639	—		—		194,639	8	5,069	55.4	55.4
	Other		311,021	—		—		311,021	2	10,225	100.0	100.0
		San Diego	7,140,194	903,792		—		8,043,986	77	$323,222	94.3%	94.3%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.<br><br>(2)We own 100% of this property.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	28
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March 31, 2025
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Seattle
	Lake Union
		Megacampus: Alexandria Center® for Life Science – Eastlake	1,151,672	—		—		1,151,672	9	$80,340	96.5%	96.5%
		1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and<br><br>199(1) East Blaine Street, and 1600 Fairview Avenue East
		Megacampus: Alexandria Center® for Advanced Technologies – South<br><br>Lake Union	381,380	227,577		—		608,957	3	21,720	99.6	99.6
		400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North
		219 Terry Avenue North	31,797	—		—		31,797	1	1,342	56.9	56.9
		Lake Union	1,564,849	227,577		—		1,792,426	13	103,402	96.5	96.5
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West	20,101	—		—		20,101	2	696	100.0	100.0
	Bothell
		Megacampus: Alexandria Center® for Advanced Technologies – Canyon<br><br>Park	1,061,783	—		—		1,061,783	22	21,105	86.9	86.9
		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	464,889	—		—		464,889	6	11,590	83.9	83.9
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,526,672	—		—		1,526,672	28	32,695	86.0	86.0
	Other		67,411	—		—		67,411	2	746	100.0	100.0
		Seattle	3,179,033	227,577		—		3,406,610	45	137,539	91.5	91.5
Maryland
	Rockville
		Megacampus: Alexandria Center® for Life Science – Shady Grove	1,691,960	—		—		1,691,960	20	77,770	94.4	94.4
		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	4,324	100.0	100.0
		1405 and 1450(1) Research Boulevard	114,182	—		—		114,182	2	2,998	72.8	72.8
		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	3,108	100.0	100.0
		5 Research Court	51,520	—		—		51,520	1	1,976	100.0	100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,598	100.0	100.0
		Rockville	2,193,566	—		—		2,193,566	28	$93,618	94.3%	94.3%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	29
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March 31, 2025
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Maryland (continued)
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	619,061	—		—		619,061	9	$19,642	93.6%	93.6%
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940<br><br>Clopper Road
		Alexandria Technology Center® – Gaithersburg II	486,300	—		—		486,300	7	17,704	95.1	95.1
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield<br><br>Road
		20400 Century Boulevard	81,006	—		—		81,006	1	2,114	100.0	100.0
		401 Professional Drive	63,154	—		—		63,154	1	1,952	90.1	90.1
		950 Wind River Lane	50,000	—		—		50,000	1	1,234	100.0	100.0
		620 Professional Drive	27,950	—		—		27,950	1	1,207	100.0	100.0
		Gaithersburg	1,327,471	—		—		1,327,471	20	43,853	94.8	94.8
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	3,039	100.0	100.0
		101 West Dickman Street(1)	135,949	—		—		135,949	1	1,385	75.0	75.0
		Beltsville	327,833	—		—		327,833	2	4,424	89.6	89.6
		Maryland	3,848,870	—		—		3,848,870	50	141,895	94.1	94.1
Research Triangle
	Research Triangle
		Megacampus: Alexandria Center® for Life Science – Durham	2,214,887	—		—		2,214,887	16	54,788	97.6	97.6
		6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31<br><br>Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
		Megacampus: Alexandria Center® for Advanced Technologies and AgTech<br><br>– Research Triangle	687,184	—		—		687,184	6	29,892	93.4	93.4
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Megacampus: Alexandria Center® for Sustainable Technologies	364,493	—		—		364,493	7	7,283	60.7	60.7
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
		Alexandria Technology Center® – Alston	155,731	—		—		155,731	3	3,517	94.7	94.7
		100, 800, and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle	136,722	—		—		136,722	3	4,235	99.2	99.2
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,651	100.0	100.0
		407 Davis Drive	81,956	—		—		81,956	1	3,323	100.0	100.0
		601 Keystone Park Drive	77,595	—		—		77,595	1	2,313	100.0	100.0
		Research Triangle	3,801,564	—		—		3,801,564	38	$109,002	93.4%	93.4%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	30
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March 31, 2025
(Dollars in thousands)
Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual Rental Revenue
---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
New York City
	New York City
		Megacampus: Alexandria Center® for Life Science – New York City	742,706	—		—		742,706	3	68,898	97.7%
		430 and 450 East 29th Street
		Alexandria Center® for Life Science – Long Island City	179,188	—		—		179,188	1	5,673	45.7
		30-02 48th Avenue
		New York City	921,894	—		—		921,894	4	74,571	87.6
Texas
	Austin
		Megacampus: Intersection Campus	1,525,359	—		—		1,525,359	12	33,687	83.0
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake<br><br>Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		1001 Trinity Street and 1020 Red River Street	198,972	—		—		198,972	2	895	100.0
		Austin	1,724,331	—		—		1,724,331	14	34,582	84.9
	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	37,754	78.9
Canada			895,182	—		132,881		1,028,063	11	18,525	82.4
Non-cluster/other markets			349,099	—		—		349,099	10	15,413	73.0
North America, excluding properties held for sale			39,257,034	1,873,654		2,174,128		43,304,816	380	2,067,779	86.9%
Properties held for sale			382,527	—		—		382,527	6	9,031	47.4%
Total – North America			39,639,561	1,873,654		2,174,128		43,687,343	386	2,076,810

All values are in US Dollars.

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

ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT

DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL

GROWTH IN ANNUAL NET OPERATING INCOME

Placed Into<br><br>Service	Near-Term<br><br>Deliveries	Intermediate-Term<br><br>Deliveries
1Q25	2Q25–4Q26	2027–2Q28
$37M	$171M	$179M
309,494 RSF	1.6 million RSF	2.4 million RSF
100%<br><br>Leased	75%<br><br>Leased/Negotiating	16%<br><br>Leased/Negotiating

(4)

(2)

(1)

(3)

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

(1)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2Q25 through 2Q28 is projected to be $311 million.

(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current

projects” in the Supplemental Information for additional details.

(3)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.

(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025 and 2026.

Investments in real estate

		Development and Redevelopment
		Under Construction
	Operating	2025 and<br><br>2026	2027 and<br><br>Beyond	Future	Subtotal	Total
Square footage
Operating	39,257,034	—	—	—	—	39,257,034
Future Class A/A+ development and redevelopment properties	—	1,597,920	2,449,862	25,757,349	29,805,131	29,805,131
Future development and redevelopment square feet currently included in rental<br><br>properties(1)	—	—	—	(2,780,364)	(2,780,364)	(2,780,364)
Total square footage, excluding properties held for sale	39,257,034	1,597,920	2,449,862	22,976,985	27,024,767	66,281,801
Properties held for sale	382,527	—	—	1,853,856	1,853,856	2,236,383
Total square footage	39,639,561	1,597,920	2,449,862	24,830,841	28,878,623	68,518,184
Investments in real estate
Gross book value as of March 31, 2025(2)	$29,411,505	$1,549,293	$2,139,008	$4,908,467	$8,596,768	$38,008,273

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 33 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Recent Deliveries | | --- | | March 31, 2025 | | (Dollars in thousands) |

Incremental Annual Net Operating Income Generated From 1Q25 Deliveries Aggregated $37 Million

230 Harriet Tubman Way	10075 Barnes Canyon Road
San Francisco Bay Area/<br><br>South San Francisco	San Diego/Sorrento Mesa
285,346 RSF	17,718 RSF
100% Occupancy	100% Occupancy
Property/Market/Submarket		Our<br><br>Ownership<br><br>Interest	RSF Placed in Service			Occupancy<br><br>Percentage(2)			Total Project
---	---	---	---	---	---	---	---	---	---	---	---	---
	1Q25<br><br>Delivery<br><br>Date(1)		Prior to<br><br>1/1/25	1Q25	Total			Initial<br><br>Stabilized
							RSF		Investment
Development projects
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco	3/1/25	48.3%	—	285,346	285,346		100%		285,346	476,000	7.5%	6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	2/6/25	50.0%	—	17,718	17,718		100%		253,079	321,000	5.5	5.7
Redevelopment projects
Canada	3/27/25	100%	78,487	6,430	84,917		100%		250,790	115,000	6.0	6.0
Weighted average/total	2/28/25		78,487	309,494	387,981				789,215	912,000	6.6%	6.0%

All values are in US Dollars.

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 34 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: 2025 and 2026 Stabilization | | --- | | March 31, 2025 | | 99 Coolidge Avenue | 500 North Beacon Street and 4 Kingsbury Avenue(1) | 401 Park Drive | 1450 Owens Street | | --- | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Fenway | San Francisco Bay Area/ Mission Bay | | 204,395 RSF | 36,444 RSF | 137,675 RSF | 109,435 RSF(2) | | 76% Leased/Negotiating | 92% Leased/Negotiating | Marketing | Marketing || 10935, 10945, and 10955 Alexandria Way(3) | 4135 Campus Point Court | 10075 Barnes Canyon Road | 8800 Technology Forest Place | | --- | --- | --- | --- | | San Diego/Torrey Pines | San Diego/ University Town Center | San Diego/Sorrento Mesa | Texas/Greater Houston | | 241,504 RSF | 426,927 RSF | 235,361 RSF | 73,298 RSF | | 100% Leased | 100% Leased | 68% Leased/Negotiating | 41% Leased/Negotiating |

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

(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we

executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. We expect to complete the transaction in 2H25.

Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 35 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: 2027 and Beyond Stabilization | | --- | | March 31, 2025 | | 311 Arsenal Street | 421 Park Drive | 40, 50, and 60 Sylvan Road(1) | | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Fenway | Greater Boston/Route 128 | | 308,446 RSF | 392,011 RSF | 596,064 RSF || 651 Gateway Boulevard | 269 East Grand Avenue | 701 Dexter Avenue North | | --- | --- | --- | | San Francisco Bay Area/ South San Francisco | San Francisco Bay Area/ South San Francisco | Seattle/Lake Union | | 259,689 RSF | 107,250 RSF | 227,577 RSF |

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 36 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects | | --- | | March 31, 2025 | | Property/Market/Submarket | Square Footage | | | | Percentage | | | Occupancy(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | In Service | | CIP | Total | Leased | Leased/ Negotiating | | Initial | | Stabilized | | Under construction | | | | | | | | | | | | 2025 and 2026 stabilization | | | | | | | | | | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | 116,414 | | 204,395 | 320,809 | 40% | 76% | | | 4Q23 | 2026 | | 500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs | 211,574 | | 36,444 | 248,018 | 92 | 92 | | | 1Q24 | 2025 | | 401 Park Drive/Greater Boston/Fenway | — | | 137,675 | 137,675 | — | — | | | 2026 | 2026 | | 1450 Owens Street/San Francisco Bay Area/Mission Bay(2) | — | | 109,435 | 109,435 | — | — | | | 2026 | 2026 | | 10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines | 93,492 | | 241,504 | 334,996 | 100 | 100 | | | 4Q24 | 2026 | | 4135 Campus Point Court/San Diego/University Town Center | — | | 426,927 | 426,927 | 100 | 100 | | | 2026 | 2026 | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | 17,718 | | 235,361 | 253,079 | 68 | 68 | | | 1Q25 | 2026 | | 8800 Technology Forest Place/Texas/Greater Houston | 50,094 | | 73,298 | 123,392 | 41 | 41 | | | 2Q23 | 2026 | | Canada | 117,909 | | 132,881 | 250,790 | 78 | 80 | | | 3Q23 | 2025 | | | 607,201 | | 1,597,920 | 2,205,121 | 70 | 75 | | | | | | 2027 and beyond stabilization | | | | | | | | | | | | One Hampshire Street/Greater Boston/Cambridge | — | | 104,956 | 104,956 | — | — | | | 2027 | 2028 | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | 82,216 | (3) | 308,446 | 390,662 | 12 | 12 | | | 2027 | 2027 | | 421 Park Drive/Greater Boston/Fenway | — | | 392,011 | 392,011 | 13 | 13 | | | 2026 | 2027 | | 40, 50, and 60 Sylvan Road/Greater Boston/Route 128 | — | | 596,064 | 596,064 | 31 | 31 | | | 2026 | 2027 | | Other/Greater Boston | — | | 453,869 | 453,869 | — | — | (4) | | 2027 | 2027 | | 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(5) | 67,017 | | 259,689 | 326,706 | 21 | 21 | | | 1Q24 | 2027 | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | — | | 107,250 | 107,250 | — | — | | | 2026 | 2027 | | 701 Dexter Avenue North/Seattle/Lake Union | — | | 227,577 | 227,577 | — | 23 | | | 2026 | 2027 | | | 149,233 | | 2,449,862 | 2,599,095 | 14 | 16 | | | | | | Total | 756,434 | | 4,047,782 | 4,804,216 | 39% | 43% | | | | | | (1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. We expect to complete the transaction in 2H25. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF.(3)We expect to redevelop an additional 25,312 RSF of space occupied as of March 31, 2025 into laboratory space upon expiration of the existing leases during 2Q25. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.(4)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses that will address demand from other non-Alexandria properties/campuses.(5)We continue to build out this project on a floor-by-floor basis. As of 1Q25, the remaining cost to complete is 138 million, or 28% of the total cost at completion. | | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 37 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | | | At 100% | | | | Unlevered Yields | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property/Market/Submarket | In Service | | | | | | | Initial Stabilized (Cash Basis) | | | Under construction | | | | | | | | | | | 2025 and 2026 stabilization(1) | | | | | | | | | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | | 136,658 | 203,904 | 103,438 | 444,000 | | 6.0% | | 6.8% | | 500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs | | 378,211 | 41,649 | 7,140 | 427,000 | | 6.2% | | 5.5% | | 401 Park Drive/Greater Boston/Fenway | | — | 167,606 | TBD | | | | | | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | | — | 123,380 | | | 10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines | | 105,766 | 367,114 | 30,120 | 503,000 | | 6.2% | | 5.8% | | 4135 Campus Point Court/San Diego/University Town Center | | — | 369,624 | 154,376 | 524,000 | | 6.6% | | 6.2% | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | | 16,126 | 179,471 | 125,403 | 321,000 | | 5.5% | | 5.7% | | 8800 Technology Forest Place/Texas/Greater Houston | | 60,225 | 46,300 | 5,475 | 112,000 | | 6.3% | | 6.0% | | Canada | | 55,503 | 50,245 | 9,252 | 115,000 | | 6.0% | | 6.0% | | | | 752,489 | 1,549,293 | | | | | | | | 2027 and beyond stabilization(1) | | | | | | | | | | | One Hampshire Street/Greater Boston/Cambridge | | — | 167,381 | TBD | | | | | | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | | 60,742 | 246,329 | | | 421 Park Drive/Greater Boston/Fenway | | — | 502,007 | | | 40, 50, and 60 Sylvan Road/Greater Boston/Route 128 | | — | 466,334 | | | Other/Greater Boston | | — | 155,305 | | | 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco | | 87,515 | 261,199 | 138,286 | 487,000 | | 5.0% | | 5.1% | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | | — | 77,223 | TBD | | | | | | | 701 Dexter Avenue North/Seattle/Lake Union | | — | 263,230 | | | | | 148,257 | 2,139,008 | | | | | | | | | | 900,746 | 3,688,301 | 2,390,000 | 6,980,000 | | | | | | Our share of investment(2)(3) | | 810,000 | 3,160,000 | 2,130,000 | 6,100,000 | | | | | | 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. Total cost to complete for our development and redevelopment projects under construction have not been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign materials required, and/or the higher cost of domestic materials. Refer to page 2 of the Earnings Press Release for additional details. (3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects. | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 38 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline | | --- | | March 31, 2025 | | (Dollars in thousands) |

71% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus™ Ecosystems

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

				Future		Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge	100%	167,381	104,956		—		104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100%	299,765	344,890		59,469		404,359
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue/<br><br>Cambridge/Inner Suburbs	(2)	294,250	204,395		902,000		1,106,395
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway	100%	669,613	529,686		—		529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128	100%	529,233	596,064		515,000		1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: Alexandria Center® at Kendall Square/Cambridge	100%	206,847	—		174,500		174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge	100%	8,064	—		100,000		100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District	60.0%	290,685	—		1,040,000		1,040,000
10 Necco Street/Seaport Innovation District	100%	105,260	—		175,000		175,000
215 Presidential Way/Route 128	100%	6,816	—		112,000		112,000
Other development and redevelopment projects	100%	368,337	453,869		1,348,541		1,802,410
		2,946,251	2,233,860		4,426,510		6,660,370
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have<br><br>future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real<br><br>estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.<br><br>(2)We have a 75.7% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF.

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 39 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | Future | | Total(1) | | | San Francisco Bay Area | | | | | | | | | Megacampus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay | 25.0% | 123,380 | 109,435 | (2) | — | | 109,435 | | 1450 Owens Street | | | | | | | | | Megacampus: Alexandria Technology Center® – Gateway/ South San Francisco | 50.0% | 287,764 | 259,689 | | 291,000 | | 550,689 | | 651 Gateway Boulevard | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco | 100% | 83,878 | 107,250 | | 90,000 | | 197,250 | | 211(3) and 269 East Grand Avenue | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco | 100% | 413,864 | — | | 1,930,000 | | 1,930,000 | | 1122, 1150, and 1178 El Camino Real | | | | | | | | | Alexandria Center® for Life Science – Millbrae/South San Francisco | 48.3% | 156,100 | — | | 348,401 | | 348,401 | | 201 and 231 Adrian Road and 30 Rollins Road | | | | | | | | | Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford | 100% | 464,630 | — | | 1,497,830 | | 1,497,830 | | 960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road | | | | | | | | | 3825 and 3875 Fabian Way/Greater Stanford | 100% | 159,029 | — | | 478,000 | | 478,000 | | 2100, 2200, 2300, and 2400 Geng Road/Greater Stanford | 100% | 37,999 | — | | 240,000 | | 240,000 | | Megacampus: 88 Bluxome Street/SoMa | 100% | 402,468 | — | | 1,070,925 | | 1,070,925 | | | | 2,129,112 | 476,374 | | 5,946,156 | | 6,422,530 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2H25. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF. (3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 40 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | Future | | Total(1) | | | San Diego | | | | | | | | | Megacampus: One Alexandria Square/Torrey Pines | 100% | 428,104 | 241,504 | | 125,280 | | 366,784 | | 10935 and 10945 Alexandria Way and 10975 and 10995 Torreyana Road | | | | | | | | | Megacampus: Campus Point by Alexandria/University Town Center | 55.0% | 547,241 | 426,927 | | 967,457 | | 1,394,384 | | 10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165, and 4224 Campus Point Court | | | | | | | | | Megacampus: SD Tech by Alexandria/Sorrento Mesa | 50.0% | 347,577 | 235,361 | | 493,845 | | 729,206 | | 9805 Scranton Road and 10075 Barnes Canyon Road | | | | | | | | | 11255 and 11355 North Torrey Pines Road/Torrey Pines | 100% | 156,640 | — | | 215,000 | | 215,000 | | Megacampus: 5200 Illumina Way/University Town Center | 51.0% | 17,469 | — | | 451,832 | | 451,832 | | 9625 Towne Centre Drive/University Town Center | 30.0% | 837 | — | | 100,000 | | 100,000 | | Megacampus: Sequence District by Alexandria/Sorrento Mesa | 100% | 46,865 | — | | 1,798,915 | | 1,798,915 | | 6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive | | | | | | | | | Scripps Science Park by Alexandria/Sorrento Mesa | 100% | 42,465 | — | | 154,308 | | 154,308 | | 10256 and 10260 Meanley Drive | | | | | | | | | 4075 Sorrento Valley Boulevard/Sorrento Valley | 100% | 19,508 | — | | 144,000 | | 144,000 | | Other development and redevelopment projects | (3) | 77,878 | — | | 475,000 | | 475,000 | | | | 1,684,584 | 903,792 | | 4,925,637 | | 5,829,429 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in this property. (3)Includes a property in which we own a partial interest through a real estate joint venture. | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 41 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | Future | | Total(1) | | | Seattle | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/Lake Union | (2) | 548,306 | 227,577 | | 1,057,400 | | 1,284,977 | | 601 and 701 Dexter Avenue North and 800 Mercer Street | | | | | | | | | 1010 4th Avenue South/SoDo | 100% | 60,921 | — | | 544,825 | | 544,825 | | 410 West Harrison Street/Elliott Bay | 100% | — | — | | 91,000 | | 91,000 | | Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell | 100% | 18,521 | — | | 230,000 | | 230,000 | | 21660 20th Avenue Southeast | | | | | | | | | Other development and redevelopment projects | 100% | 146,711 | — | | 706,087 | | 706,087 | | | | 774,459 | 227,577 | | 2,629,312 | | 2,856,889 | | Maryland | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville | 100% | 23,041 | — | | 296,000 | | 296,000 | | 9830 Darnestown Road | | | | | | | | | | | 23,041 | — | | 296,000 | | 296,000 | | Research Triangle | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle | 100% | 160,292 | — | | 2,060,000 | | 2,060,000 | | Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/ Research Triangle | 100% | 108,266 | — | | 1,170,000 | | 1,170,000 | | 4 and 12 Davis Drive | | | | | | | | | Megacampus: Alexandria Center® for NextGen Medicines/ Research Triangle | 100% | 110,826 | — | | 1,055,000 | | 1,055,000 | | 3029 East Cornwallis Road | | | | | | | | | Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle | 100% | 54,534 | — | | 750,000 | | 750,000 | | 120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive | | | | | | | | | 100 Capitola Drive/Research Triangle | 100% | — | — | | 65,965 | | 65,965 | | Other development and redevelopment projects | 100% | 4,185 | — | | 76,262 | | 76,262 | | | | 438,103 | — | | 5,177,227 | | 5,177,227 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF. | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 42 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | Future | | Total(1) | | | New York City | | | | | | | | | Megacampus: Alexandria Center® for Life Science – New York City/New York City | 100% | 171,060 | — | | 550,000 | (2) | 550,000 | | | | 171,060 | — | | 550,000 | | 550,000 | | Texas | | | | | | | | | Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston | 100% | 49,198 | 73,298 | | 116,405 | | 189,703 | | 8800 Technology Forest Place | | | | | | | | | 1001 Trinity Street and 1020 Red River Street/Austin | 100% | 10,694 | — | | 250,010 | | 250,010 | | Other development and redevelopment projects | 100% | 57,669 | — | | 344,000 | | 344,000 | | | | 117,561 | 73,298 | | 710,415 | | 783,713 | | Canada | 100% | 50,245 | 132,881 | | 371,743 | | 504,624 | | Other development and redevelopment projects | 100% | 122,555 | — | | 724,349 | | 724,349 | | Total pipeline as of March 31, 2025, excluding properties held for sale | | 8,456,971 | 4,047,782 | | 25,757,349 | | 29,805,131 | | Properties held for sale | | 139,797 | — | | 1,853,856 | | 1,853,856 | | Total pipeline as of March 31, 2025 | | 8,596,768 | 4,047,782 | | 27,611,205 | | 31,658,987 |

All values are in US Dollars.

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

(1)Total square footage includes 2,780,364 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”

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

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

option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended

March 31, 2025 filed with the Securities and Exchange Commission on April 28, 2025 for additional details.

(3)Includes $3.7 billion of projects that are currently under construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 43 | | --- | --- || Construction Spending and Capitalization of Interest | | --- | | March 31, 2025 | | (Dollars in thousands) | | Construction spending | Three Months Ended March 31, 2025 | | Projected Guidance Midpoint for Year Ending December 31, 2025 | | Year Ended December 31, 2024 | | | --- | --- | --- | --- | --- | --- | --- | | Construction of Class A/A+ properties: | | | | | | | | Active construction projects | | | | | | | | Under construction(1) | $ | 307,490 | | | $ | 1,791,097 | | Future pipeline pre-construction | | | | | | | | Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) | | 92,955 | | | | 426,948 | | Revenue- and non-revenue-enhancing capital expenditures | | 58,464 | | (2) | | 273,377 | | Construction spending (before contributions from noncontrolling interests or tenants) | | 458,909 | | | | 2,491,422 | | Contributions from noncontrolling interests (consolidated real estate joint ventures) | | (63,247) | | (3) | | (343,798) | | Tenant-funded and -built landlord improvements | | (39,950) | | | | (129,152) | | Total construction spending | $ | 355,712 | | | $ | 2,018,472 | | 2025 guidance range for construction spending | | | 1,450,000 – 2,050,000 | | | |

All values are in US Dollars.

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing	Amount(3)
2Q25 through 2026		$247,964
2027 and beyond		166,896
Total		$414,860
Average real estate basis used for capitalization of interest
---	---	---	---
	Average Real Estate Basis Capitalized During 1Q25	Percentage of Total<br><br>Average Real Estate<br><br>Basis Capitalized
Key Categories of Real Estate Basis Capitalized
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)	2,951,331		37%
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)	4,149,799		51
Smaller redevelopments and repositioning capital projects	925,436		12
	8,026,566		100%

All values are in US Dollars.

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

(1)Includes projects under construction aggregating 4.0 million RSF. Refer to “Investments in real estate” and “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional

details.

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

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

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

(4)Average real estate basis capitalized during 1Q25, which related to our future pipeline pre-construction activities, includes 29% from four key active and future Megacampus development projects. Refer to the next pages for additional

details.

Key Future Megacampus™ Development Project

1.9M

FUTURE SF

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

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

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

Key Future Megacampus™ Development Project

1.5M

FUTURE SF

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

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

Key Active and Future Megacampus™ Development Project

1.4M

ACTIVE AND

FUTURE SF

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

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

Key Active and Future Megacampus™ Development Project

1.3M

ACTIVE AND

FUTURE SF

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 48 | | --- | --- || Joint Venture Financial Information | | --- | | March 31, 2025 | | Consolidated Real Estate Joint Ventures | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property | Market | Submarket | Noncontrolling Interest Share | | | Operating RSF at 100% | | | | 50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 66.0% | | | 532,395 | | | 75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 60.0% | | | 388,270 | | | 100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | | 70.0% | | | 870,641 | | | 99 Coolidge Avenue | Greater Boston | Cambridge/Inner Suburbs | | 24.3% | | | 116,414 | (1) | | 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% | | | — | (1) | | Alexandria Center® for Science and Technology – Mission Bay(2) | San Francisco Bay Area | Mission Bay | | 75.0% | | | 1,001,281 | | | 601, 611, 651(1), 681, 685, and 701 Gateway Boulevard | San Francisco Bay Area | South San Francisco | | 50.0% | | | 851,991 | | | 751 Gateway Boulevard | San Francisco Bay Area | South San Francisco | | 49.0% | | | 230,592 | | | 211(1) and 213 East Grand Avenue | San Francisco Bay Area | South San Francisco | | 70.0% | | | 300,930 | | | 500 Forbes Boulevard | San Francisco Bay Area | South San Francisco | | 90.0% | | | 155,685 | | | Alexandria Center® for Life Science – Millbrae | San Francisco Bay Area | South San Francisco | | 51.7% | | | 285,346 | | | 3215 Merryfield Row | San Diego | Torrey Pines | | 70.0% | | | 170,523 | | | Campus Point by Alexandria(3) | San Diego | University Town Center | | 45.0% | | | 1,227,133 | | | 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(4) | San Diego | Sorrento Mesa | | 50.0% | | | 816,519 | | | Pacific Technology Park | San Diego | Sorrento Mesa | | 50.0% | | | 544,352 | | | Summers Ridge Science Park(5) | San Diego | Sorrento Mesa | | 70.0% | | | 316,531 | | | 1201 and 1208 Eastlake Avenue East | Seattle | Lake Union | | 70.0% | | | 206,134 | | | 199 East Blaine Street | Seattle | Lake Union | | 70.0% | | | 115,084 | | | 400 Dexter Avenue North | Seattle | Lake Union | | 70.0% | | | 290,754 | | | 800 Mercer Street | Seattle | Lake Union | | 40.0% | | | — | (1) | | Unconsolidated Real Estate Joint Ventures | | | | | | | | | | Property | Market | Submarket | Our Ownership Share(6) | | | Operating RSF at 100% | | | | 1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | | 10.0% | | | 586,208 | | | 1450 Research Boulevard | Maryland | Rockville | | 73.2% | (7) | | 42,012 | | | 101 West Dickman Street | Maryland | Beltsville | | 58.4% | (7) | | 135,949 | |

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

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

additional details.

(2)Includes 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.

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

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

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 49 | | --- | --- || Joint Venture Financial Information (continued) | | --- | | March 31, 2025 | | (In thousands) | | | | As of March 31, 2025 | | | | --- | --- | --- | --- | --- | | | Noncontrolling Interest Share of Consolidated Real Estate JVs | | Our Share of Unconsolidated Real Estate JVs | | | Investments in real estate | $ | 4,254,013 | $ | 109,352 | | Cash, cash equivalents, and restricted cash | | 131,409 | | 3,635 | | Other assets | | 424,919 | | 10,291 | | Secured notes payable | | (36,562) | | (67,431) | | Other liabilities | | (238,868) | | (5,761) | | Redeemable noncontrolling interests | | (9,612) | | — | | | $ | 4,525,299 | $ | 50,086 || | Three Months Ended March 31, 2025 | | | | | --- | --- | --- | --- | --- | | | Noncontrolling Interest Share of Consolidated Real Estate JVs | | Our Share of Unconsolidated Real Estate JVs | | | Total revenues | $ | 116,637 | $ | 2,575 | | Rental operations | | (34,769) | | (1,048) | | | | 81,868 | | 1,527 | | General and administrative | | (633) | | (19) | | Interest | | (424) | | (961) | | Depreciation and amortization of real estate assets | | (33,411) | | (1,054) | | Fixed returns allocated to redeemable noncontrolling interests(1) | | 201 | | — | | | $ | 47,601 | $ | (507) | | Straight-line rent and below-market lease revenue | $ | 3,652 | $ | 158 | | Funds from operations(1) | $ | 81,012 | $ | 547 |

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

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

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

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

	Three Months Ended March 31, 2025	Year Ended December 31, 2024
Realized gains	18,153	59,124
Unrealized losses	(68,145)	(112,246)
Investment loss	(49,992)	(53,122)

All values are in US Dollars.

	March 31, 2025
Investments	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	182,797	$24,425	$(122,472)	84,750
Entities that report NAV	511,907	105,405	(42,327)	574,985
Entities that do not report NAV:
Entities with observable price changes	106,465	75,087	(8,255)	173,297
Entities without observable price changes	422,052	—	—	422,052
Investments accounted for under the equity method	N/A	N/A	N/A	224,604
March 31, 2025	1,223,221	$204,917	$(173,054)	1,479,688
December 31, 2024	1,207,146	$228,100	$(144,489)	1,476,985

All values are in US Dollars.

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

13%

Public

24%

Tenant

87%

Private

76%

Non-Tenant

(1)Consists of realized gains of $29.3 million, offset by impairment charges of $11.2 million during the three months ended March 31, 2025.

(2)Consists of realized gains of $117.2 million, offset by impairment charges of $58.1 million during the year ended December 31, 2024.

(3)Consists of unrealized losses of $40.0 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $28.1 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 March 31, 2025.

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

(5)Represents 2.8% of gross assets as of March 31, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 51 | | --- | --- || Key Credit Metrics | | --- | | March 31, 2025 | | Liquidity | | --- | | | | 5.3B | | (in millions) | | Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program | | Cash, cash equivalents, and restricted cash | | Availability under our secured construction loan | | Investments in publicly traded companies | | Liquidity as of March 31, 2025 | | Net Debt and Preferred Stock to Adjusted EBITDA(1) |

All values are in US Dollars.

4.0x to 4.5x

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

(1)Quarter annualized.

Weighted-Average Remaining Term of 12.2 Years

(1)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 53 | | --- | --- || Summary of Debt (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | Fixed-rate and variable-rate debt | Fixed-Rate Debt | Variable-Rate Debt | Total | Percentage | Weighted-Average | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Interest Rate(1) | Remaining Term (in years) | | | Secured notes payable | $588 | $150,219 | $150,807 | 1.2% | 7.20% | 1.7 | | | Unsecured senior notes payable | 12,640,144 | — | 12,640,144 | 96.5 | 3.89 | 12.5 | | | Unsecured senior line of credit(2) and commercial paper program(3) | — | 299,883 | 299,883 | 2.3 | 4.69 | 4.8 | (4) | | Total/weighted average | $12,640,732 | $450,102 | $13,090,834 | 100.0% | 3.95% | 12.2 | (4) | | Percentage of total debt | 96.6% | 3.4% | 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 March 31, 2025, 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 March 31, 2025, we had $299.9 million of commercial paper notes outstanding.

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

consolidated weighted-average maturity of our debt is 12.0 years. The commercial paper notes sold during the three months ended March 31, 2025 were issued at a weighted-average yield to maturity of 4.60% and had a

weighted-average maturity term of 13 days.

	Three Months Ended March 31, 2025
	Average Debt<br><br>Outstanding	Weighted-Average<br><br>Interest Rate
Long-term fixed-rate debt	$12,434,676	3.83%
Short-term variable-rate unsecured senior line of credit and commercial paper program debt	375,884	4.59
Blended-average interest rate	12,810,560	3.85
Loan fee amortization and annual facility fee related to unsecured senior line of credit	N/A	0.14
Total/weighted average	$12,810,560	3.99%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	54
---	---		Summary of Debt (continued)
---
March 31, 2025
(Dollars in thousands)
Debt covenants	Unsecured Senior Notes Payable		Unsecured Senior Line of Credit
---	---	---	---	---
Debt Covenant Ratios(1)	Requirement	March 31, 2025	Requirement	March 31, 2025
Total Debt to Total Assets	≤ 60%	31%	≤ 60.0%	31.7%
Secured Debt to Total Assets	≤ 40%	0.4%	≤ 45.0%	0.3%
Consolidated EBITDA to Interest Expense	≥ 1.5x	10.2x	≥ 1.50x	3.83x
Unencumbered Total Asset Value to Unsecured Debt	≥ 150%	311%	N/A	N/A
Unsecured Interest Coverage Ratio	N/A	N/A	≥ 1.75x	9.76x

(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)
101 West Dickman Street		11/10/26		SOFR+1.95%	(3)		6.35%	$26,750	19,139
1450 Research Boulevard		12/10/26		SOFR+1.95%	(3)		6.41%	13,000	8,998
1655 and 1725 Third Street(4)		2/10/35		6.37%			6.44%	500,000	496,658
								$539,750	524,795

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 March 31, 2025.

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

(4)In 1Q25, the unconsolidated real estate joint venture refinanced $500 million of its $600 million fixed-rate debt with a new secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was

repaid through contributions from the unconsolidated joint venture partners, including our share of $10.8 million. As of March 31, 2025, our investment in this unconsolidated real estate joint venture was $21.2 million.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 55 | | --- | --- || Summary of Debt (continued) | | --- | | March 31, 2025 | | (Dollars in thousands) | | Debt | Stated Rate | Interest Rate(1) | | Maturity Date(2) | | Principal Payments Remaining for the Periods Ending December 31, | | | | | | Principal | Unamortized (Deferred Financing Cost), (Discount)/ Premium | Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025 | | | | | | | | | | | Secured notes payable | | | | | | | | | | | | | | | | Greater Boston(3) | SOFR+2.70% | 7.20% | | 11/19/26 | | — | 150,418 | — | — | — | $— | $150,418 | $(199) | $150,219 | | San Francisco Bay Area | 6.50% | 6.50 | | 7/1/36 | | 34 | 36 | 38 | 41 | 44 | 395 | 588 | — | 588 | | Secured debt weighted-average interest rate/ subtotal | | 7.20 | | | | 34 | 150,454 | 38 | 41 | 44 | 395 | 151,006 | (199) | 150,807 | | Unsecured senior line of credit and commercial paper program(4) | (4) | 4.69 | (4) | 1/22/30 | (4) | — | — | — | — | — | 300,000 | 300,000 | (117) | 299,883 | | Unsecured senior notes payable | 3.45% | 3.62 | | 4/30/25 | (5) | 600,000 | — | — | — | — | — | 600,000 | (74) | 599,926 | | Unsecured senior notes payable | 4.30% | 4.50 | | 1/15/26 | | — | 300,000 | — | — | — | — | 300,000 | (408) | 299,592 | | Unsecured senior notes payable | 3.80% | 3.96 | | 4/15/26 | | — | 350,000 | — | — | — | — | 350,000 | (531) | 349,469 | | Unsecured senior notes payable | 3.95% | 4.13 | | 1/15/27 | | — | — | 350,000 | — | — | — | 350,000 | (940) | 349,060 | | Unsecured senior notes payable | 3.95% | 4.07 | | 1/15/28 | | — | — | — | 425,000 | — | — | 425,000 | (1,206) | 423,794 | | Unsecured senior notes payable | 4.50% | 4.60 | | 7/30/29 | | — | — | — | — | 300,000 | — | 300,000 | (971) | 299,029 | | Unsecured senior notes payable | 2.75% | 2.87 | | 12/15/29 | | — | — | — | — | 400,000 | — | 400,000 | (1,962) | 398,038 | | Unsecured senior notes payable | 4.70% | 4.81 | | 7/1/30 | | — | — | — | — | — | 450,000 | 450,000 | (1,964) | 448,036 | | Unsecured senior notes payable | 4.90% | 5.05 | | 12/15/30 | | — | — | — | — | — | 700,000 | 700,000 | (4,535) | 695,465 | | Unsecured senior notes payable | 3.375% | 3.48 | | 8/15/31 | | — | — | — | — | — | 750,000 | 750,000 | (4,188) | 745,812 | | Unsecured senior notes payable | 2.00% | 2.12 | | 5/18/32 | | — | — | — | — | — | 900,000 | 900,000 | (6,737) | 893,263 | | Unsecured senior notes payable | 1.875% | 1.97 | | 2/1/33 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (6,892) | 993,108 | | Unsecured senior notes payable | 2.95% | 3.07 | | 3/15/34 | | — | — | — | — | — | 800,000 | 800,000 | (7,047) | 792,953 | | Unsecured senior notes payable | 4.75% | 4.88 | | 4/15/35 | | — | — | — | — | — | 500,000 | 500,000 | (4,844) | 495,156 | | Unsecured senior notes payable | 5.50% | 5.66 | | 10/1/35 | | — | — | — | — | — | 550,000 | 550,000 | (6,777) | 543,223 | | Unsecured senior notes payable | 5.25% | 5.38 | | 5/15/36 | | — | — | — | — | — | 400,000 | 400,000 | (4,024) | 395,976 | | Unsecured senior notes payable | 4.85% | 4.93 | | 4/15/49 | | — | — | — | — | — | 300,000 | 300,000 | (2,843) | 297,157 | | Unsecured senior notes payable | 4.00% | 3.91 | | 2/1/50 | | — | — | — | — | — | 700,000 | 700,000 | 9,951 | 709,951 | | Unsecured senior notes payable | 3.00% | 3.08 | | 5/18/51 | | — | — | — | — | — | 850,000 | 850,000 | (11,130) | 838,870 | | Unsecured senior notes payable | 3.55% | 3.63 | | 3/15/52 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (13,561) | 986,439 | | Unsecured senior notes payable | 5.15% | 5.26 | | 4/15/53 | | — | — | — | — | — | 500,000 | 500,000 | (7,537) | 492,463 | | Unsecured senior notes payable | 5.625% | 5.71 | | 5/15/54 | | — | — | — | — | — | 600,000 | 600,000 | (6,636) | 593,364 | | Unsecured debt weighted-average interest rate/ subtotal | | 3.91 | | | | 600,000 | 650,000 | 350,000 | 425,000 | 700,000 | 10,300,000 | 13,025,000 | (84,973) | 12,940,027 | | Weighted-average interest rate/total | | 3.95% | | | | 600,034 | 800,454 | 350,038 | 425,041 | 700,044 | $10,300,395 | $13,176,006 | $(85,172) | $13,090,834 | | Balloon payments | | | | | | 600,000 | 800,418 | 350,000 | 425,000 | 700,000 | $10,300,068 | $13,175,486 | $— | $13,175,486 | | Principal amortization | | | | | | 34 | 36 | 38 | 41 | 44 | 327 | 520 | (85,172) | (84,652) | | Total debt | | | | | | 600,034 | 800,454 | 350,038 | 425,041 | 700,044 | $10,300,395 | $13,176,006 | $(85,172) | $13,090,834 | | Fixed-rate debt | | | | | | 600,034 | 650,036 | 350,038 | 425,041 | 700,044 | $10,000,395 | $12,725,588 | $(84,856) | $12,640,732 | | Variable-rate debt | | | | | | — | 150,418 | — | — | — | 300,000 | 450,418 | (316) | 450,102 | | Total debt | | | | | | 600,034 | 800,454 | 350,038 | 425,041 | 700,044 | $10,300,395 | $13,176,006 | $(85,172) | $13,090,834 | | Weighted-average stated rate on maturing debt | | | | | | 3.45% | 3.78% | 3.95% | 3.95% | 3.50% | 3.82% | | | |

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 75.7% interest. As of March 31, 2025, this joint venture has $44.9 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.

(5)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.

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)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Net income (loss)	$38,662	$(16,095)	$213,603	$94,049	$219,176
Interest expense	50,876	55,659	43,550	45,789	40,840
Income taxes	1,145	1,855	1,877	1,182	1,764
Depreciation and amortization	342,062	330,108	293,998	290,720	287,554
Stock compensation expense	10,064	12,477	15,525	14,507	17,125
Gain on sales of real estate	(13,165)	(101,806)	(27,114)	—	(392)
Unrealized losses (gains) on non-real estate<br><br>investments	68,145	79,776	(2,610)	64,238	(29,158)
Impairment of real estate	32,154	186,564	5,741	30,763	—
Impairment of non-real estate investments	11,180	20,266	10,338	12,788	14,698
Increase (decrease) in provision for expected<br><br>credit losses on financial instruments	285	(434)	—	—	—
Adjusted EBITDA	$541,408	$568,370	$554,908	$554,036	$551,607
Total revenues	$758,158	$788,945	$791,607	$766,734	$769,108
Adjusted EBITDA margin	71%	72%	70%	72%	72%

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, changes

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

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

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

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

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

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

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

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

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

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

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

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

estate investments, changes in the provision for expected credit losses on financial instruments, and

significant termination fees allows investors to evaluate performance from period to period on a

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

decisions related to our real estate and non-real estate investments or other corporate activities that

may not be representative of the operating performance of our properties.

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

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

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

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

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

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

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

those indicators in evaluating performance or liquidity.

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

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

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

our operating activities.

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

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

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

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

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

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

changes in the provision for expected credit losses on financial instruments. Our attempt to predict these

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

investors.

Annual rental revenue

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

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

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

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

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

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

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

unconsolidated real estate joint ventures. As of March 31, 2025, approximately 91% of our leases (on an

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

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

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

operating expenses recovered from our tenants. Amounts recovered from our tenants related to these

operating expenses, along with base rent, are classified in income from rentals in our consolidated

statements of operations.

Capitalization rates

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

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

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

Capitalized interest

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

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

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

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

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

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

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

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

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

to such project are expensed as incurred.

Cash interest

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

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

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

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

Class A/A+ properties and AAA locations

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

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

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

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

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

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

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

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

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

equity REITs.

Credit Ratings

Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of

March 31, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be

subject to revision or withdrawal at any time.

Development, redevelopment, and pre-construction

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

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

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

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

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

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

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

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

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

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

long-term asset value.

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

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

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

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

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

quality Class A/A+ properties.

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

activities preceding commencement of construction of aboveground building improvements. The

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

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

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

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

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

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

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

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

growth-stage life science companies.

Development, redevelopment, and pre-construction (continued)

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

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

Class B to Class A/A+.

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

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

Dividend payout ratio (common stock)

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

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

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

stockholders – diluted, as adjusted.

Dividend yield

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

closing common stock price at the end of the quarter.

Space Intentionally Blank

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)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Adjusted EBITDA	$541,408	$568,370	$554,908	$554,036	$551,607
Interest expense	$50,876	$55,659	$43,550	$45,789	$40,840
Capitalized interest	80,065	81,586	86,496	81,039	81,840
Amortization of loan fees	(4,691)	(4,620)	(4,222)	(4,146)	(4,142)
Amortization of debt discounts	(349)	(333)	(330)	(328)	(318)
Cash interest and fixed charges	$125,901	$132,292	$125,494	$122,354	$118,220
Fixed-charge coverage ratio:
– quarter annualized	4.3x	4.3x	4.4x	4.5x	4.7x
– trailing 12 months	4.4x	4.5x	4.5x	4.6x	4.7x

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

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

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

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

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

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

investments, and changes in the provision for expected credit losses on financial instruments. Our

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

potentially misleading for our investors.

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

common stockholders

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

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

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

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

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

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

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

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

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

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

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

the operating performance of our properties.

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

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

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

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

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

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

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

corresponding period.

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

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

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

of real estate primarily consisting of right-of-use-assets and pre-acquisition costs related to projects that

we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the

provision for expected credit losses on financial instruments, significant termination fees, acceleration of

stock compensation expense due to the resignations of executive officers, deal costs, the income tax

effect related to such items, and the amount of such items that is allocable to our unvested restricted

stock awards. We compute the amount that is allocable to our unvested restricted stock awards using

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

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

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

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

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

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

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

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

ability to make distributions.

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

common stockholders (continued)

The following table reconciles net income (loss) 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:

	Three Months Ended March 31, 2025
(In thousands)	Noncontrolling<br><br>Interest Share of<br><br>Consolidated Real<br><br>Estate Joint Ventures	Our Share of<br><br>Unconsolidated<br><br>Real Estate Joint<br><br>Ventures
Net income (loss)	$47,601	$(507)
Depreciation and amortization of real estate assets	33,411	1,054
Funds from operations	$81,012	$547

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Total assets	$37,600,428	$37,527,449	$38,488,128	$37,847,865	$37,699,046
Accumulated depreciation	5,886,561	5,625,179	5,624,642	5,457,414	5,216,857
Gross assets	$43,486,989	$43,152,628	$44,112,770	$43,305,279	$42,915,903

Incremental annual net operating income on development and redevelopment projects

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

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

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

by the project’s total cost at completion.

Initial stabilized yield (unlevered)

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

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

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

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

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

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

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

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

or costs.

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

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

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

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

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

Investment-grade or publicly traded large cap tenants

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

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

billion for the twelve months ended March 31, 2025, as reported by Bloomberg Professional Services.

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

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

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

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

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

measure.

Investments

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

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

follows:

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

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

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

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

reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of March 31, 2025:

(In thousands)	Investments in<br><br>Real Estate
Gross investments in real estate	$38,008,273
Less: accumulated depreciation	(5,886,561)
Investments in real estate	$32,121,712

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

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

revenue as of March 31, 2025:

		Percentage of
(Dollars in thousands)	Book Value	Gross<br><br>Assets	Annual Rental<br><br>Revenue
Under construction projects	$3,688,301	8%	—%
Income-producing/potential cash flows/covered land play(1)	3,154,318	7	1
Land	1,614,352	4	—
	$8,456,971	19%	1%

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

development rights associated with existing operating campuses.

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March 31, 2025

Investments in real estate (continued)

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

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

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

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

development:

	Dev/<br><br>Redev	RSF of Lease Expirations Targeted for<br><br>Development and Redevelopment
Property/Submarket		2025	2026	Thereafter(1)	Total
Future projects:
311 Arsenal Street/Cambridge/Inner Suburbs	Redev	25,312	—	—	25,312
446, 458, 500, and 550 Arsenal Street/Cambridge/<br><br>Inner Suburbs	Dev	—	—	375,898	375,898
Other/Greater Boston	Redev	—	—	167,549	167,549
1122 and 1150 El Camino Real/South San Francisco	Dev	—	—	375,232	375,232
3875 Fabian Way/Greater Stanford	Dev	—	—	228,000	228,000
2100, 2200, and 2400 Geng Road/Greater Stanford	Dev	—	—	78,501	78,501
960 Industrial Road/Greater Stanford	Dev	—	—	112,590	112,590
Campus Point by Alexandria/University Town Center	Dev	—	—	164,144	164,144
Sequence District by Alexandria/Sorrento Mesa	Dev/<br><br>Redev	—	—	686,290	686,290
410 West Harrison Street/Elliott Bay	Dev	—	—	17,205	17,205
Other/Seattle	Dev	—	—	68,401	68,401
100 Capitola Drive/Research Triangle	Dev	—	—	34,527	34,527
1001 Trinity Street and 1020 Red River Street/Austin	Dev/<br><br>Redev	198,972	—	—	198,972
Canada	Redev	—	—	247,743	247,743
		224,284	—	2,556,080	2,780,364

(1)Includes vacant square footage as of March 31, 2025.

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.

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March 31, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Impairments of non-real estate investments and changes in the provision for expected credit losses on

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

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

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

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

further detail in this Supplemental Information and accompanying Earnings Press Release.

Megacampus™

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

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

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

and redevelopment pipeline RSF as of March 31, 2025:

(Dollars in thousands)	Annual Rental<br><br>Revenue	Development and<br><br>Redevelopment<br><br>Pipeline RSF
Megacampus	$1,567,014	20,364,808
Core and non-core	509,796	8,513,815
Total	$2,076,810	28,878,623
Megacampus as a percentage of annual rental revenue<br><br>and of total development and redevelopment pipeline<br><br>RSF	75%	71%

Net cash provided by operating activities after dividends

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

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

and liabilities are excluded as they represent timing differences.

Net debt and preferred stock to Adjusted EBITDA

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

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

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

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

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

EBITDA.

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

Adjusted EBITDA:

(Dollars in thousands)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Secured notes payable	$150,807	$149,909	$145,000	$134,942	$130,050
Unsecured senior notes payable	12,640,144	12,094,465	12,092,012	12,089,561	12,087,113
Unsecured senior line of credit and<br><br>commercial paper	299,883	—	454,589	199,552	—
Unamortized deferred financing costs	80,776	77,649	79,610	81,942	84,198
Cash and cash equivalents	(476,430)	(552,146)	(562,606)	(561,021)	(722,176)
Restricted cash	(7,324)	(7,701)	(17,031)	(4,832)	(9,519)
Preferred stock	—	—	—	—	—
Net debt and preferred stock	$12,687,856	$11,762,176	$12,191,574	$11,940,144	$11,569,666
Adjusted EBITDA:
– quarter annualized	$2,165,632	$2,273,480	$2,219,632	$2,216,144	$2,206,428
– trailing 12 months	$2,218,722	$2,228,921	$2,184,298	$2,122,250	$2,064,904
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	5.9x	5.2x	5.5x	5.4x	5.2x
– trailing 12 months	5.7x	5.3x	5.6x	5.6x	5.6x

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

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

forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of

items that depend on market conditions outside of our control, including the timing of dispositions,

capital events, and financing decisions, as well as quarterly components such as gain on sales of real

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

of non-real estate investments, and provision for expected credit losses on financial instruments. Our

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

potentially misleading for our investors.

Net operating income, net operating income (cash basis), and operating margin

The following table reconciles net income (loss) to net operating income and net operating

income (cash basis) and computes operating margin:

	Three Months Ended
(Dollars in thousands)	3/31/25	3/31/24
Net income	$38,662	$219,176
Equity in losses (earnings) of unconsolidated real estate joint ventures	507	(155)
General and administrative expenses	30,675	47,055
Interest expense	50,876	40,840
Depreciation and amortization	342,062	287,554
Impairment of real estate	32,154	—
Gain on sales of real estate	(13,165)	(392)
Investment loss (income)	49,992	(43,284)
Net operating income	531,763	550,794
Straight-line rent revenue	(22,023)	(48,251)
Amortization of deferred revenue related to tenant-funded and -built landlord<br><br>improvements	(1,651)	—
Amortization of acquired below-market leases	(15,222)	(30,340)
Provision for expected credit losses on financial instruments	285	—
Net operating income (cash basis)	$493,152	$472,203
Net operating income (cash basis) – annualized	$1,972,608	$1,888,812
Net operating income (from above)	$531,763	$550,794
Total revenues	$758,158	$769,108
Operating margin	70%	72%

Net operating income is a non-GAAP financial measure calculated as net income (loss), the

most directly comparable financial measure calculated and presented in accordance with GAAP,

excluding equity in the earnings of our unconsolidated real estate joint ventures, general and

administrative expenses, interest expense, depreciation and amortization, impairments of real estate,

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

income or loss. We believe net operating income provides useful information to investors regarding our

financial condition and results of operations because it primarily reflects those income and expense

items that are incurred at the property level. Therefore, we believe net operating income is a useful

measure for investors to evaluate the operating performance of our consolidated real estate assets. Net

operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line

rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue

related to tenant-funded and tenant-built landlord improvements, and changes in the provision for

expected credit losses on financial instruments required by GAAP. We believe that net operating income

on a cash basis is helpful to investors as an additional measure of operating performance because it

eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases

and tenant-funded and tenant-built landlord improvements.

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 and changes in the provision for expected credit losses on

financial instruments, as these charges often relate to corporate strategy. Property operating expenses

included in determining net operating income primarily consist of costs that are related to our operating

properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;

contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and

property-level salaries. General and administrative expenses consist primarily of accounting and

corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as

part of corporate office management. We calculate operating margin as net operating income divided by

total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating

results, net operating income should be examined in conjunction with net income or loss as presented in

our consolidated statements of operations. Net operating income should not be considered as an

alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows

as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of

properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end

of the period. We believe these measures are useful to investors because they facilitate an

understanding of certain trends for our properties. We compute the number of properties, RSF,

occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at

properties classified as held for sale, for all properties in which we have an investment, including

properties owned by our consolidated and unconsolidated real estate joint ventures. For operating

metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods

presented, including changes from assets acquired or sold, properties placed into development or

redevelopment, and development or redevelopment properties recently placed into service, the

consolidated total income from rentals, as well as rental operating expenses in our operating results, can

show significant changes from period to period. In order to supplement an evaluation of our results of

operations over a given quarterly or annual period, we analyze the operating performance for all

consolidated properties that were fully operating for the entirety of the comparative periods presented,

referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and

analysis of our financial condition and results of operations. These same properties are analyzed

separately from properties acquired subsequent to the first day in the earliest comparable quarterly or

year-to-date period presented, properties that underwent development or redevelopment at any time

during the comparative periods, unconsolidated real estate joint ventures, properties classified as held

for sale, and corporate entities (legal entities performing general and administrative functions), which are

excluded from same property results. Additionally, termination fees, if any, are excluded from the results

of same properties.

Space Intentionally Blank

Same property comparisons (continued)

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

months ended March 31, 2025:

		Redevelopment – placed into
Development – under construction	Properties	service after January 1, 2024	Properties
99 Coolidge Avenue	1	840 Winter Street	1
500 North Beacon Street and 4 Kingsbury<br><br>Avenue	2	Alexandria Center® for Advanced<br><br>Technologies – Monte Villa Parkway	6
1450 Owens Street	1		7
10935, 10945, and 10955 Alexandria<br><br>Way	3	Acquisitions after January 1, 2024	Properties
		Other	3
10075 Barnes Canyon Road	1		3
421 Park Drive	1	Unconsolidated real estate JVs	4
4135 Campus Point Court	1	Properties held for sale	6
701 Dexter Avenue North	1	Total properties excluded from same<br><br>properties	53
	11
Development – placed into		Same properties	333
service after January 1, 2024	Properties	Total properties in North America as of<br><br>March 31, 2025	386
9810 Darnestown Road	1
9820 Darnestown Road	1
1150 Eastlake Avenue East	1
4155 Campus Point Court	1
201 Brookline Avenue	1
9808 Medical Center Drive	1
230 Harriet Tubman Way	1
	7
Redevelopment – under construction	Properties
40, 50, and 60 Sylvan Road	3
269 East Grand Avenue	1
651 Gateway Boulevard	1
401 Park Drive	1
8800 Technology Forest Place	1
311 Arsenal Street	1
One Hampshire Street	1
Canada	4
Other	2
	15
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	65
---	---		Definitions and Reconciliations (continued)
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March 31, 2025

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
(In thousands)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Income from rentals	$743,175	$763,249	$775,744	$755,162	$755,551
Rental revenues	(552,112)	(566,535)	(579,569)	(576,835)	(581,400)
Tenant recoveries	$191,063	$196,714	$196,175	$178,327	$174,151

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the

closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

Unencumbered net operating income as a percentage of total net operating income

Unencumbered net operating income as a percentage of total net operating income is a non-

GAAP financial measure that we believe is useful to investors as a performance measure of the results

of operations of our unencumbered real estate assets as it reflects those income and expense items that

are incurred at the unencumbered property level. Unencumbered net operating income is derived from

assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or

other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total

net operating income:

	Three Months Ended
(Dollars in thousands)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Unencumbered net operating income	$530,691	$547,921	$553,589	$544,268	$546,830
Encumbered net operating income	1,072	592	4,753	5,212	3,964
Total net operating income	$531,763	$548,513	$558,342	$549,480	$550,794
Unencumbered net operating income as a<br><br>percentage of total net operating income	99.8%	99.9%	99.1%	99.1%	99.3%

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
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	66
---	---	Definitions and Reconciliations (continued)
---
March 31, 2025

Weighted-average shares of common stock outstanding – diluted

From time to time, we enter into capital market transactions, including forward equity sales

agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and

redevelopment projects, and for general working capital purposes. While the Forward Agreements are

outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under

the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted

stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares.

The weighted-average shares of common stock outstanding used in calculating EPS – diluted,

FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as

follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with

nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class

method for each of the respective periods presented below.

	Three Months Ended
(In thousands)	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
Basic shares for earnings per share	170,522	172,262	172,058	172,013	171,949
Unvested RSAs with forfeitable dividends	—	—	—	—	—
Diluted shares for earnings per share	170,522	172,262	172,058	172,013	171,949
Basic shares for funds from operations per share and<br><br>funds from operations per share, as adjusted	170,522	172,262	172,058	172,013	171,949
Unvested RSAs with forfeitable dividends	77	—	—	—	—
Diluted shares for funds from operations per share and<br><br>funds from operations per share, as adjusted	170,599	172,262	172,058	172,013	171,949
Weighted-average unvested RSAs with nonforfeitable<br><br>dividends used in calculating the allocations of net<br><br>income, funds from operations, and funds from<br><br>operations, as adjusted	2,053	2,417	2,838	2,878	2,987