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): October 27, 2025

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

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

26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

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

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On October 27, 2025, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Third Quarter Ended September 30, 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 Third Quarter Ended September 30, 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.
October 27, 2025	By:	/s/ Joel S. Marcus
		Joel S. Marcus
		Executive Chairman
	By:	/s/ Peter M. Moglia
		Peter M. Moglia
		Chief Executive Officer and <br>Chief Investment Officer
	By:	/s/ Marc E. Binda
		Marc E. Binda
		Chief Financial Officer and Treasurer

3Q25 EX 99.1 SUPP

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

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

ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY

HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL

TENANT FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT

THE CAMPUS POINT MEGACAMPUS™ IN SAN DIEGO

Our long-term lease with<br><br>a high-credit tenant<br><br>underscores the strength<br><br>and uniqueness of the<br><br>Alexandria brand, as<br><br>underpinned by:
•	Enduring tenant<br><br>relationships and<br><br>commitment to innovation
•	Expertise in design,<br><br>development, and<br><br>operations
•	Our Megacampus<br><br>platform supporting tenant<br><br>growth and talent<br><br>recruitment and retention
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
---		Table of Contents
---
September 30, 2025
COMPANY HIGHLIGHTS	Page		Page
---	---	---	---
Mission and Cluster Model .....................................................................	iii
EARNINGS PRESS RELEASE
Third Quarter Ended September 30, 2025Financial and<br><br>Operating Results ................................................................................	1	Earnings Call Information and About the Company .......................	8
2025 Guidance .........................................................................................	4	Consolidated Statements of Operations ..........................................	9
2026 Considerations ...............................................................................	6	Consolidated Balance Sheets ............................................................	10
Dispositions and Exchange of Partial Interests ...................................	7	Funds From Operations and Funds From Operations per Share	11
SUPPLEMENTAL INFORMATION
Company Profile .......................................................................................	14	External Growth / Investments in Real Estate
Investor Information .................................................................................	15	Investments in Real Estate ................................................................	32
Financial and Asset Base Highlights .....................................................	16	New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Client Base .................................................	18	Recent Deliveries ...........................................................................	34
Internal Operating Metrics		Current Projects ..............................................................................	36
Key Operating Metrics .............................................................................	19	Summary of Pipeline ......................................................................	40
Same Property Performance ..................................................................	20	Construction Spending ........................................................................	45
Leasing Activity .........................................................................................	22	Capitalization of Interest .....................................................................	46
Contractual Lease Expirations ...............................................................	23	Joint Venture Financial Information ...................................................	51
Top 20 Tenants .........................................................................................	24	Balance Sheet Management
Summary of Properties and Occupancy ..............................................	25	Investments ..........................................................................................	53
Property Listing ........................................................................................	26	Balance Sheet ......................................................................................	54
		Key Credit Metrics ...............................................................................	55
		Summary of Debt .................................................................................	56
		Definitions and Reconciliations
		Definitions and Reconciliations ..........................................................	61	CONFERENCE CALL<br><br>INFORMATION:
---
Tuesday, October 28, 2025<br><br>2:00 p.m. Eastern Time<br><br>11:00 a.m. Pacific Time
(833) 366-1125 or<br><br>(412) 902-6738
Ask to join the conference call for<br><br>Alexandria Real Estate Equities, Inc.
CONTACT INFORMATION:
Alexandria Real Estate Equities, Inc.<br><br>corporateinformation@are.com
JOEL S. MARCUS<br><br>Executive Chairman &<br><br>Founder
PETER M. MOGLIA<br><br>Chief Executive Officer &<br><br>Chief Investment Officer
MARC E. BINDA<br><br>Chief Financial Officer &<br><br>Treasurer
PAULA SCHWARTZ<br><br>Managing Director,<br><br>Rx Communications Group<br><br>(917) 633-7790
Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025	iii
---	---

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

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

ALEXANDRIA: THE MOST

TRUSTED BRAND IN LIFE

SCIENCE REAL ESTATE™

WE INVENTED IT.

WE DOMINATE IT.

ALEXANDRIA’S<br><br>MEGACAMPUS™<br><br>PLATFORM REPRESENTS
77%<br><br>OF OUR ANNUAL<br><br>RENTAL REVENUE		LARGEST, HIGHEST-QUALITY<br><br>ASSET BASE CLUSTERED IN<br><br>THE KEY CENTERS OF LIFE<br><br>SCIENCE INNOVATION
---
SECTOR-LEADING CLIENT<br><br>BASE OF ~700 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY<br><br>EXPERIENCED MANAGEMENT TEAM

As of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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

ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES SUPERIOR OPERATING

RESULTS BY CLUSTERING HIGH-QUALITY COLLABORATIVE LIFE SCIENCE AND

ADVANCED TECHNOLOGIES FACILITIES IN TOP INNOVATION MARKETS

| ALEXANDRIA’S MEGACAMPUS OCCUPANCY OUTPERFORMS THE MARKET(1) | | --- || ALEXANDRIA’S MEGACAMPUS PLATFORM | | | --- | --- | | | 77% of Annual Rental Revenue || 91% Megacampus | 73% Market | | --- | --- || 18% Occupancy Outperformance | | --- |

As of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the occupancy of operating properties at Alexandria’s Megacampus ecosystems within the Greater Boston, San Francisco Bay Area, and San Diego markets as of September 30, 2025, compared to the average market

occupancy for these markets per the Q2 2025 U.S. Life Sciences Report published by CBRE Research.

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

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

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

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

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

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

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

(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to COVID.

(5)Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.

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

NASDAQ BIOTECHNOLOGY INDEX (NBI) TSR CONTINUES TO BROADLY TRACK THE

DIRECTIONAL PATH OF THE S&P 500 INDEX TSR

NBI TSR

1,441%

S&P 500

Index TSR

1,221%

ARE TSR

1,064%

Total Shareholder Return

From ARE’s IPO on May 27, 1997 to September 30, 2025

Source: S&P Global Market Intelligence.

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

AFTER A SLOW START TO THE YEAR, NOVEL FDA APPROVALS HAVE

RESUMED A HEALTHY PACE THROUGH THE THIRD QUARTER

(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.

(1)Includes two additional approvals through October 24, 2025.

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

ALEXANDRIA’S LIFE SCIENCE INDUSTRY AND

CORPORATE RESPONSIBILITY LEADERSHIP

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

2025 RECYCLED ASSETS SOLD OR TO BE SOLD TO FUND OUR CAPITAL NEEDS AND

ENABLE ACHIEVEMENT OF 80% ANNUAL RENTAL REVENUE FROM

MEGACAMPUSES

$87M<br><br>REDUCTION IN<br><br>ANNUAL NET<br><br>OPERATING INCOME(1)<br><br>FROM 2025<br><br>DISPOSITIONS(2)
32<br><br>TOTAL<br><br>TRANSACTIONS(2)
$1.5B<br><br>TOTAL SALES(2)

Stabilized

Properties

Land

20% to

30%

20% to

30%

40% to 60%

Non-stabilized Properties

2025 DISPOSITIONS BY REAL ESTATE CLASSIFICATION(2)

(1)Represents annual net operating income for the quarter preceding the date on which the property is sold, or near-term prospective net operating income.

(2)Represents completed and pending YTD 2025 dispositions.. Refer to “Dispositions and Exchange of Partial Interests” in the Earnings Release for additional details.

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

ALEXANDRIA’S LONG-STANDING TRACK RECORD OF MONETIZING EMBEDDED

ASSET VALUE: 2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES

2019–YTD 3Q25<br><br>AGGREGATE<br><br>$10B<br><br>Total Proceeds(1)
$3.6B<br><br>Total Gains on<br><br>Sales of Real Estate(2)
$1.4B<br><br>Total Impairments<br><br>of Real Estate(2)

2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES

(1)Represents aggregate proceeds from outright sales and sales of partial interests.

(2)Total gains and impairments include any amounts related to sales of partial interests recognized in additional paid-in capital.

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

ALEXANDRIA’S DISCIPLINED COST-CONTROL AND EFFICIENCY INITIATIVES HAVE

DRIVEN SUBSTANTIAL REDUCTIONS IN GENERAL AND ADMINISTRATIVE EXPENSES

Alexandria’s 2025 overhead is approximately half that of other S&P 500 REITs

ALEXANDRIA

S&P 500 REITS

(excluding Alexandria)

(1)

GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(2)

Source for S&P 500 REIT data: S&P Global Market Intelligence.

(1)Trailing twelve months ended September 30, 2025 and June 30, 2025, respectively. Refer to “2026 Considerations” in the Earnings Release for additional details.

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

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

Alexandria Real Estate Equities, Inc. Reports:

3Q25 and YTD 3Q25 Net Loss per Share – Diluted of $(1.38) and $(2.09), respectively; and

3Q25 and YTD 3Q25 FFO per Share – Diluted, as Adjusted, of $2.22 and $6.85, respectively

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

announced financial and operating results for the third quarter ended September 30, 2025.

Key highlights
			YTD
Operating results	3Q25	3Q24	3Q25	3Q24
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions	$(234.9)	$164.7	$(356.1)	$374.5
Per share	$(1.38)	$0.96	$(2.09)	$2.18
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$377.8	$407.9	$1,166.3	$1,217.3
Per share	$2.22	$2.37	$6.85	$7.08

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

terms

(As of September 30, 2025, unless stated otherwise)
Occupancy of operating properties in North America	90.6%
Percentage of annual rental revenue in effect from Megacampus™ platform	77%
Percentage of annual rental revenue in effect from investment-grade or publicly<br><br>traded large cap tenants	53%
Operating margin	68%
Adjusted EBITDA margin	71%
Percentage of leases containing annual rent escalations	97%
Weighted-average remaining lease term:
Top 20 tenants	9.4	years
All tenants	7.5	years
Strong 3Q25 tenant collections:
3Q25 tenant rents and receivables collected as of October 27, 2025	99.9%

Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all

publicly traded U.S. REITs

•$27.8 billion in total market capitalization.

•$14.2 billion in total equity capitalization.

•Net debt and preferred stock to Adjusted EBITDA of 6.1x and fixed-charge coverage ratio of

3.9x for 3Q25 annualized, with 4Q25 annualized targets of 5.5x to 6.0x and 3.6x to 4.1x,

respectively.

•Significant liquidity of $4.2 billion, or 4.2x our debt maturities through 2027.

•Only 7% of our total debt matures through 2027.

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

•Since 2021, our quarter-end fixed-rate debt has averaged 96.7%.

•Total debt and preferred stock to gross assets of 31%.

•$166.9 million of capital contribution commitments from existing real estate joint venture

partners to fund construction from 4Q25 through 2027 and beyond.

Solid leasing volume and rental rate increases

•Leasing volume of 1.2 million RSF during 3Q25.

•Includes the largest life science lease in company history with a long-standing multinational

pharmaceutical tenant for a 16-year build-to-suit lease expansion aggregating

466,598 RSF, located on the Campus Point by Alexandria Megacampus in our University

Town Center submarket.

•Leasing of previously vacant space aggregating 256,633 RSF, up 40%, over the quarterly

average over the last five quarters.

•Rental rate increases on lease renewals and re-leasing of space of 15.2% and 6.1% (cash

basis) for 3Q25 and 13.6% and 6.8% (cash basis) for YTD 3Q25.

•82% of our leasing activity during the last twelve months was generated from our existing

tenant base.

	3Q25	YTD 3Q25
Lease renewals and re-leasing of space:
Rental rate increase	15.2%	13.6%
Rental rate increase (cash basis)	6.1%	6.8%
RSF	354,367	1,722,184
Leasing of previously vacant space – RSF	256,633	550,986
Leasing of development and redevelopment space – RSF	560,344	698,542
Total leasing activity – RSF	1,171,344	2,971,712

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

retaining a significant portion for reinvestment

•Common stock dividend declared of $1.32 per share for 3Q25, aggregating $5.28 per

common share for the twelve months ended September 30, 2025, up 14 cents, or 2.7%, over

the twelve months ended September 30, 2024.

•Dividend yield of 6.3% as of September 30, 2025 and dividend payout ratio of 60% for the

three months ended September 30, 2025.

•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.

•In addition, as described in the “2026 Considerations” section of guidance, in light of market

and life science industry conditions and our continued focus on capital efficiency, our Board of

Directors expects to carefully evaluate our 2026 dividend strategy.

Ongoing execution of Alexandria’s 2025 capital recycling strategy

We expect to fund 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. We expect dispositions of land to represent 20%–30% of our total

dispositions and sales of partial interests for 2025.

(dollars in millions)	Sales Price
Total dispositions completed as of October 27, 2025	508
Our share of pending transactions subject to non-refundable deposits, signed letters of<br><br>intent, and/or purchase and sale agreement negotiations	1,032
Our share of completed and pending 2025 dispositions and sales of partial interests	1,540

All values are in US Dollars.

(1)Excludes an exchange of partial interests of Pacific Technology Park and 199 East Blaine Street with nominal

net cash proceeds. Refer to “Dispositions and exchange of partial interests” in the Earnings Press Release for

additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 2 | | --- | --- || Third Quarter Ended September 30, 2025 Financial and Operating Results (continued) | | --- | | September 30, 2025 |

Leasing progress on temporary vacancy

Operating occupancy as of June 30, 2025	90.8%
Assets with vacancy designated as held for sale during 3Q25 now excluded from<br><br>operating occupancy and expected to be sold primarily in 4Q25	0.9
Reduction in occupancy, primarily from 3Q25 lease expirations	(1.1)	(1)
Operating occupancy as of September 30, 2025	90.6
Key vacant space leased with future delivery	1.6	(2)
Operating occupancy as of September 30, 2025, including leased but not yet<br><br>delivered space	92.2%

(1)Comprises the following: (i) 0.3% related to lease expirations that became vacant in 3Q25 and have been re-

leased with a future delivery upon completion of construction (and is included in item 2 below); (ii) 0.2%

vacancy at one asset in our Greater Stanford submarket, which was recently acquired with the intent to

redevelop office to laboratory space but for which we are now evaluating options to reposition for advanced

technologies use; and (iii) 0.6% of other occupancy declines, primarily from space that became vacant during

3Q25 which we are currently marketing. These lease expirations resulting in the 1.1% decline in occupancy

previously generated annual rental revenue aggregating approximately $29.0 million and had a weighted-

average lease expiration date at the end of July 2025.

(2)Represents temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, primarily in the Greater

Boston, San Francisco Bay Area, San Diego, and Seattle markets, that are leased and expected to be

occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery

date is approximately May 1, 2026 and the expected annual rental revenue is approximately $46 million.

Key operating metrics

Operating metrics	3Q25		YTD 3Q25
(dollars in millions)
Net operating income (cash basis) – annualized	$1,928	(1)	1,975
(Decline)/Increase compared to 3Q24 and YTD 3Q24,<br><br>annualized	(5.8)%	(2)	1.3%
Same property performance:
Net operating income changes	(6.0)%		(3.1)%
Net operating income changes (cash basis)	(3.1)%		3.0%
Occupancy – current-period average	91.4%		92.6%
Occupancy – same-period prior-year average	94.8%		94.6%

All values are in US Dollars.

(1)Quarter annualized.

(2)Decrease in net operating income (cash basis) includes the impact of operating properties disposed of after

January 1, 2024. Excluding these dispositions, net operating income (cash basis) – annualized for the three

months ended September 30, 2025 would have decreased by 1.2%, and for the nine months ended

September 30, 2025 would have increased by 7.3%, compared to the corresponding periods in 2024.

•General and administrative expenses of $89.0 million for YTD 3Q25, representing cost

reductions of $46.6 million or 34%, compared to YTD 3Q24, primarily the result of cost-

control and efficiency initiatives related to reducing personnel-related costs and streamlining

business processes. Given that some of these cost savings are expected to be temporary in

nature, we anticipate approximately half of the cost reduction expected to be achieved in

2025 will continue in 2026.

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

trailing twelve months ended September 30, 2025 were 5.7% — the lowest level in the past

ten years and approximately half the average of other S&P 500 REITs.

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

income of $16 million commencing during 3Q25, with an additional $111 million of incremental

annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 80%

leased/negotiating

•During 3Q25, we placed into service development projects aggregating 185,517 RSF that are

89% occupied across multiple submarkets and delivered incremental annual net operating

income of $16 million.

•A significant 3Q25 delivery consisted of 122,302 RSF at 10935, 10945, and 10955

Alexandria Way on the One Alexandria Square Megacampus in our Torrey Pines

submarket.

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

increase by $50 million upon the burn-off of initial free rent, which has a weighted-average

remaining period of approximately three months.

•During 1Q25–4Q26, we expect to deliver annual net operating income representing nearly

8% growth in total net operating income from 2024 from projects that are 85% leased.

•76% 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:
1H25	52	527,268		96%
3Q25	16	185,517		89
Placed into service in YTD 3Q25	68	712,785		94%
Expected to be placed into service:
4Q25 through 4Q26	111	969,524	(3)	80%	(4)

All values are in US Dollars.

(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449

RSF that were vacant and/or unleased at delivery.

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

including speculative future leasing that is not yet fully committed. 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 RSF for partial

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

(4)Represents the current leased/negotiating percentage of development and redevelopment projects that are

expected to stabilize during 4Q25 through 4Q26.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 3 | | --- | --- || Third Quarter Ended September 30, 2025 Financial and Operating Results (continued) | | --- | | September 30, 2025 |

Strong and flexible balance sheet

Key capital events

•In August 2025, we repaid a secured construction loan aggregating $154.6 million with an

interest rate of 7.18%, which was secured by our development project at 99 Coolidge Avenue

in our Cambridge/Inner Suburbs submarket. The project is currently 81% leased/negotiating

and is expected to be delivered in 4Q26. In connection with the repayment, we recognized a

loss on early extinguishment of debt of $107 thousand for the write-off of unamortized

deferred financing costs in 3Q25.

Investments

•As of September 30, 2025:

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

•Unrealized gains presented in our consolidated balance sheet were $28.3 million,

comprising gross unrealized gains and losses aggregating $180.4 million and

$152.1 million, respectively.

•Investment income of $28.2 million for 3Q25 presented in our consolidated statement of

operations consisted of $34.8 million of realized gains, $18.5 million of unrealized gains, and

$25.1 million of impairment charges.

Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:
					YTD
	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24
(in millions, except per share<br><br>amounts)	Amount		Per Share –<br><br>Diluted		Amount		Per Share –<br><br>Diluted
Unrealized gains (losses) on<br><br>non-real estate investments	$18.5	$2.6	$0.11	$0.02	$(71.6)	$(32.5)	$(0.42)	$(0.19)
Gain on sales of real estate	9.4	27.1	0.06	0.16	22.5	27.5	0.13	0.16
Impairment of non-real<br><br>estate investments	(25.1)	(10.3)	(0.15)	(0.06)	(75.5)	(37.8)	(0.45)	(0.22)
Impairment of real estate(1)	(323.9)	(5.7)	(1.90)	(0.03)	(485.6)	(36.5)	(2.85)	(0.22)
Loss on early<br><br>extinguishment of debt	(0.1)	—	—	—	(0.1)	—	—	—
Increase in provision for<br><br>expected credit losses on<br><br>financial instruments	—	—	—	—	(0.3)	—	—	—
Total	$(321.2)	$13.7	$(1.88)	$0.09	$(610.6)	$(79.3)	$(3.59)	$(0.47)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for<br><br>additional details.

Subsequent event

•In October 2025, we completed dispositions aggregating $167.4 million across three

submarkets and recognized a gain on sales of real estate of $4.4 million. Refer to

“Dispositions and exchange of partial interests” in the Earnings Press Release for additional

details.

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 8 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.

Key changes to our 2025 guidance include the following:

1)The midpoint of our guidance range for 2025 net (loss) income per share was reduced by $3.44 from $0.50 to $(2.94). In addition to the items discussed in item 2 below, the update to our guidance range

for 2025 net (loss) income per share includes the following:

•Potential additional impairments of real estate (including impairments on stabilized and non-stabilized properties and land) that may be recognized in 4Q25 ranging from $0 to $685 million, related to

assets that could potentially be sold in 4Q25 or 2026, and if such assets meet the held for sale criteria in 4Q25, considering market factors, buyer ability to perform, our desire to proceed with a sale at

a particular price, and other factors.

•Potential additional gain on sales of real estate that may be recognized in 4Q25 ranging from $0 to $240 million related to assets that may be sold in 4Q25.

•These potential impairments and gains on sales of real estate will not impact our funds from operations per share pursuant to the Nareit definition of funds from operations.

2)The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by 25 cents, from $9.26 to $9.01. The primary drivers of the change include the following:

•A 1.0% reduction in projected 2025 same property net operating income and a 0.9% reduction in our projected operating occupancy percentage in North America as of December 31, 2025 (at the

midpoints of our guidance ranges), primarily due to slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio, reflecting reduced demand across the life

science industry.

•A reduction in projected 2025 realized gains on non-real estate investments. The midpoint of our revised guidance range for 2025 realized gains on non-real estate investments assumes

approximately $15 million in 4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025.

3)Our guidance range for net debt and preferred stock Adjusted EBITDA – 4Q25 annualized increased from less than or equal to 5.2x to a range of 5.5x to 6.0x. The primary drivers of the change include the

following:

•A $450 million reduction in the midpoint of our guidance range for 2025 dispositions and sales of partial interests. This includes expected delays in the closing of certain dispositions that are now

anticipated to be completed in 1H26.

•A reduction in projected Adjusted EBITDA in 4Q25 related to the changes in same property performance (net operating income) and realized gains on non-real estate investments as described above.

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 10/27/25	As of 7/21/25	Key Changes to Midpoint
Net (loss) income per share(1)	(5.68) to (0.20)	0.40 to 0.60	(2)
Depreciation and amortization of real estate assets
Gain on sales of real estate			(2)
Impairment of real estate – rental properties and land(3)			(2)
Allocation to unvested restricted stock awards
Funds from operations per share(4)	7.89 to 7.95	8.11 to 8.31
Unrealized losses on non-real estate investments
Impairment of non-real estate investments(3)
Impairment of real estate
Allocation to unvested restricted stock awards
Funds from operations per share, as adjusted(4)	8.98 to 9.04	9.16 to 9.36
Midpoint	9.01	9.26	Reduction of 25 cents(2)

All values are in US Dollars.

Key Credit Metrics Targets	As of 10/27/25	As of 7/21/25	Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized	5.5x to 6.0x	Less than or equal to 5.2x	0.6x increase(2)
Fixed-charge coverage ratio – 4Q25 annualized	3.6x to 4.1x	4.0x to 4.5x	0.4x reduction

(1)Excludes unrealized gains or losses on non-real estate investments after September 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(2)Refer to the discussion regarding key changes to our 2025 guidance above for additional details.

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

(4)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 | | --- | --- || 2025 Guidance (continued) | | --- | | September 30, 2025 | | (Dollars in millions) | | | As of 10/27/25 | | As of 7/21/25 | | | --- | --- | --- | --- | --- | | Key Assumptions | Low | High | Low | High | | Operating occupancy percentage in North America as of December 31, 2025 | 90.0% | 91.6% | 90.9% | 92.5% | | Lease renewals and re-leasing of space: | | | | | | Rental rate changes | 7.0% | 15.0% | 9.0% | 17.0% | | Rental rate changes (cash basis) | 0.5% | 8.5% | 0.5% | 8.5% | | Same property performance: | | | | | | Net operating income changes | (4.7)% | (2.7)% | (3.7)% | (1.7)% | | Net operating income changes (cash basis) | (1.2)% | 0.8% | (1.2)% | 0.8% | | Straight-line rent revenue | $75 | 95 | $96 | 116 | | General and administrative expenses | $112 | 127 | $112 | 127 | | Capitalization of interest | $320 | 350 | $320 | 350 | | Interest expense | $195 | 225 | $185 | 215 | | Realized gains on non-real estate investments(4) | $100 | 120 | $100 | 130 |

All values are in US Dollars.

(1)Our guidance assumes an approximate 1% benefit related to a range of assets with vacancy that could potentially qualify for classification as held for sale in 4Q25 that have not yet reached the criteria for held for sale designation as of

3Q25.

(2)In October 2025, we executed a one-year lease extension aggregating 247,743 RSF with an investment-grade rated government institution tenant at a recently acquired office property in our Canada market. At acquisition, this building was

originally targeted for a future change in use, but we instead renewed the existing tenant through the beginning of 2027, with no incremental capital investment. We continue to evaluate options to convert this space, subject to market

conditions. The impact from this renewal on our 2025 rental rate changes is anticipated to result in a reduction of approximately 2.0%.

(3)The increase in the midpoint of our guidance range for 2025 interest expense is primarily due to the $450 million reduction to the midpoint of our guidance range for 2025 dispositions and sales of partial interests, which includes expected

delays in the closing of certain dispositions that are now anticipated to be completed in 1H26.

(4)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. The midpoint of our revised guidance range for

2025 realized gains on non-real estate investments assumes approximately $15 million in 4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025.

Refer to “Investments” in the Supplemental Information for additional details.

	As of 10/27/25				As of 7/21/25 Midpoint
Key Sources and Uses of Capital	Range		Midpoint
Sources of capital:
Increase in debt	$60	$260	160	See below	(290)
Net cash provided by operating activities after dividends	425	525	475		475
Dispositions and sales of partial interests (refer to page 7)	1,100	1,900	1,500	(1)	1,950
Total sources of capital	$1,585	$2,685	2,135		2,135
Uses of capital:
Construction	$1,450	$2,050	1,750		1,750
Acquisitions and other opportunistic uses of capital	—	500	250	208	250
Ground lease prepayment	135	135	135	135	135
Total uses of capital	$1,585	$2,685	2,135		2,135
Increase in debt (included above):
Issuance of unsecured senior notes payable	$550	$550	550	550	550
Repayment of unsecured note payable	(600)	(600)	(600)	(600)	(600)
Repayment of secured note payable	(154)	(154)	(154)	(154)	(154)
Unsecured senior line of credit, commercial paper, and other	264	464	364		(86)
Increase in debt	$60	$260	160		(290)

All values are in US Dollars.

(1)As of October 27, 2025, completed dispositions aggregated $508.3 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated

$1.0 billion. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and sales of partial interests (excluding land and including stabilized and non-stabilized operating properties) in the 7.5%–8.5%

range. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interest sales for the year ending December 31, 2025. Refer to “Dispositions and exchange of partial interests” in the Earnings Press

Release for additional details.

(2)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500 million of our common stock through December 31, 2025. During 3Q25, we did not repurchase any shares of common stock. As

of October 27, 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.

(3)In August 2025, we repaid a secured construction loan held by our development project at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket. Refer to “Key capital events” in the Earnings Press Release for additional details.

Summary of Key Items That May Impact 2026 Results

We expect to introduce 2026 guidance on December 3, 2025 at our Investor Day. The following is an initial summary of key items that are expected to impact 2026 results:

•Core operations – Slower demand across the life science sector and increased supply for life science real estate could negatively impact future occupancy. Additional considerations

include the following:

•Same property net operating income decrease for 3Q25 compared to 3Q24 of 6.0% reflects a decline relative to the first half of 2025. Refer to “Same property performance” in the

Supplemental Information for additional details.

•Operating occupancy has decreased four consecutive quarters from 94.7% as of September 30, 2024 to 90.6% as of September 30, 2025.

•Before the benefit of excluding assets designated as held for sale which contained vacancy, 3Q25 occupancy declined 1.1% compared to 2Q25, primarily related to 3Q25 lease

expirations. These lease expirations resulting in the 1.1% decline in occupancy previously generated annual rental revenue aggregating approximately $29.0 million and had a

weighted-average lease expiration date at the end of July 2025. We are currently marketing these spaces.

•Our guidance for operating occupancy percentage in North America as of December 31, 2025 assumes an approximate 1% benefit related to a range of assets with vacancy that

could potentially qualify for designation as held for sale by December 31, 2025, but that have not yet qualified as of September 30, 2025. After considering this potential adjustment,

the midpoint of our guidance range for occupancy as of December 31, 2025 implies an 80 bps decline in operating occupancy percentage during 4Q25.

•There are key lease expirations primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease

expiration date of March 19, 2026 and annual rental revenue aggregating $81 million, which are expected to become vacant upon lease expiration. We expect downtime on these

spaces ranging from 6 to 24 months on a weighted-average basis. Refer to “Contractual lease expirations” in the Supplemental Information for additional details.

•Capitalized interest – There is approximately $4.2 billion of average real estate basis capitalized during YTD 3Q25 related to future pipeline projects undergoing critical pre-construction

activities, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction. We expect these projects to reach

anticipated pre-construction milestones on April 14, 2026, on a weighted-average real estate investment basis. We will evaluate, on an asset-by-asset basis, whether to (i) proceed with

additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider the potential dispositions of

these real estate assets. If we cease activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and

other costs directly related and essential to the construction of Class A/A+ properties, will be expensed as incurred. Refer to “Capitalization of interest” in the Supplemental Information for

additional details.

•Realized gains on non-real estate investments – The midpoint of our revised guidance range for 2025 realized gains on non-real estate investments assumes approximately $15 million in

4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025. Refer to “Investments” in the

Supplemental Information for additional details.

•General and administrative expenses – Over the past several years, we have implemented comprehensive measures to reduce our expenditures across our organization, including our

general and administrative expenses. These initiatives are expected to generate a reduction in general and administrative expenses of approximately $49 million, or 29%, during the year

ending December 31, 2025 (at the midpoint of our 2025 guidance range) compared to the year ended December 31, 2024. Given that some of these costs savings are expected to be

temporary in nature, we anticipate approximately half of the cost reductions expected to be achieved in 2025 will continue in 2026.

•Dispositions and equity-type capital

•As of October 27, 2025, our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations aggregated

$1.0 billion. We expect these dispositions to close in late 4Q25; therefore, the corresponding reduction in EBITDA is expected to impact 1Q26. Refer to “Dispositions and exchange of

partial interests” in the Earnings Press Release for additional details.

•We expect construction spending in 2026 to be similar or slightly higher than the $1.75 billion midpoint of our guidance range for 2025 construction in order to complete our active

construction projects and significant revenue- and non-revenue-enhancing capital expenditures necessary to lease vacant space. Given the factors previously described that could

negatively impact EBITDA, we may require significant equity-type capital to manage our leverage profile.

•We expect a significant source of funding to come from the sale of non-core assets in 2026. We anticipate an end to our large-scale non-core asset sales program in 2026 or early

As of September 30, 2025, 77% of our annual rental revenue is from our Megacampus™ platform, and we expect this percentage to continue to grow over time.

•Dividends and net cash provided by operating activities after dividends

•From 2013 to 2025, dividends per share and funds from operations per share, as adjusted have been highly correlated, with cumulative increases of 102% and 105%, respectively.

•The factors previously described could lead to a reduction in funds from operations per share, as adjusted and net cash provided by operating activities. At the current dividend rate,

the amount of net cash provided by operating activities after payment of dividends available to recycle and address our 2026 capital needs could be reduced. As a result, we expect

our Board of Directors to carefully evaluate our 2026 dividend strategy.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 7 | | --- | --- || Dispositions and Exchange of Partial Interests | | --- | | September 30, 2025 | | (Dollars in thousands) | | | | | Interest Sold/ Acquired | | Square Footage | | | | Gain on Sales of Real Estate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property | Submarket/Market | Date of Transaction | | Operating | | Future Development | | | | | Dispositions | | | | | | | | | | | Completed in 1H25 | | | | | | | | 260,639 | 13,165 | | Completed in 3Q25: | | | | | | | | | | | 5505 Morehouse Drive(1) | Sorrento Mesa/San Diego | 8/26/25 | 100% | | 79,945 | | — | 45,000 | — | | Other | Various | | | | | | | 35,232 | 76 | | Total dispositions completed in 3Q25 | | | | | | | | 80,232 | 76 | | Completed in October 2025: | | | | | | | | | | | 550 Arsenal Street(4) | Cambridge/Inner Suburbs/Greater Boston | 10/15/25 | 100% | | 249,275 | | 281,592 | 99,250 | — | | Other | Various | | | | | | | 68,129 | 4,362 | | | | | | | | | | 167,379 | 4,362 | | Total dispositions as of October 27, 2025 | | | | | | | | 508,250 | 17,603 | | Our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations | | | | | | | | 1,032,495 | | | Completed and pending YTD 2025 dispositions, excluding exchange of partial interests (see below) | | | | | | | | 1,540,745 | | | 2025 guidance range for dispositions and sales of partial interests | | | | | | | 1,100,000 – 1,900,000 | | | | 2025 guidance midpoint for dispositions and sales of partial interests | | | | | | | | 1,500,000 | | | Exchange of partial interests(5) | | | | | | | | | | | Disposition of Pacific Technology Park | Sorrento Mesa/San Diego | 9/9/25 | 50% | | 544,352 | | — | 96,000 | 9,290 | | Acquisition of 199 East Blaine Street | Lake Union/Seattle | 9/9/25 | 70% | | 115,084 | | — | (94,430) | | | Difference in sales price received in cash | | | | | | | | 1,570 | |

All values are in US Dollars.

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

(1)Represents a laboratory property with significant near-term lease expirations.

(2)Dispositions completed during the three months ended September 30, 2025 had annual net operating income of $4.3 million (based on 2Q25 annualized) with a weighted-average disposition date of September 2, 2025. Additionally,

October 2025 dispositions had annual net operating income of $13.0 million (based on 3Q25 annualized) with a weighted-average disposition date of October 13, 2025.

(3)Excludes a gain on sale of interest related to an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.

(4)Represents a retail shopping center with future development opportunity. We originally acquired the property in 2021 with the intent to demolish the retail center and develop it into laboratory space. However, due to the project’s financial

outlook and the substantial capital that development would have required, we decided to recycle the capital generated by the disposition into our development and redevelopment pipeline. The capitalization rates of the disposition were

6.1% and 5.4% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for 3Q25 annualized.

(5)In September 2025, we completed an exchange of partial interests in two consolidated joint ventures, Pacific Technology Park and 199 East Blaine Street, with one joint venture partner, resulting in a sales price received by cash of $1.6

million:

•We sold our 50% controlling interest in Pacific Technology Park, a non-Megacampus comprising five non-laboratory properties that were 93% occupied, at capitalization rates of 4.9% and 5.0% (cash basis). The disposition had

consolidated annual net operating income of $9.4 million based on 2Q25 annualized (at 100%). As of September 30, 2025, we no longer have any ownership interest in Pacific Technology Park, and the consolidated net operating

income is no longer included in our statement of operations following the sale.

•We acquired our partner’s 70% noncontrolling interest at 199 East Blaine Street, a fully occupied laboratory building located in our Alexandria Center® for Life Science – Eastlake Megacampus, with a weighted-average remaining lease

term of 1.3 years. The purchase price exceeded the book value of the noncontrolling interest by $66.3 million, which was recognized in additional paid-in capital. As of September 30, 2025, we own 100% of 199 East Blaine Street.

We will host a conference call on Tuesday, October 28, 2025, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating

results for the third quarter ended September 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. 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 4:00 p.m. ET/1:00 p.m. PT on

Tuesday, October 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 6086829.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 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/2025q3.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 September 30, 2025, Alexandria has a total market capitalization

of $27.8 billion and an asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed

near-term project expected to commence construction in the next year. Alexandria has a long-standing 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™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria

Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names,

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 9 | | --- | --- || Consolidated Statements of Operations | | --- | | September 30, 2025 | | (Dollars in thousands, except per share amounts) | | | Three Months Ended | | | | | Nine Months Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 9/30/25 | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 9/30/25 | 9/30/24 | | Revenues: | | | | | | | | | Income from rentals | 735,849 | $737,279 | $743,175 | $763,249 | $775,744 | $2,216,303 | $2,286,457 | | Other income | 16,095 | 24,761 | 14,983 | 25,696 | 15,863 | 55,839 | 40,992 | | Total revenues | 751,944 | 762,040 | 758,158 | 788,945 | 791,607 | 2,272,142 | 2,327,449 | | Expenses: | | | | | | | | | Rental operations | 239,234 | 224,433 | 226,395 | 240,432 | 233,265 | 690,062 | 668,833 | | General and administrative | 29,224 | 29,128 | 30,675 | 32,730 | 43,945 | 89,027 | 135,629 | | Interest | 54,852 | 55,296 | 50,876 | 55,659 | 43,550 | 161,024 | 130,179 | | Depreciation and amortization | 340,230 | 346,123 | 342,062 | 330,108 | 293,998 | 1,028,415 | 872,272 | | Impairment of real estate | 323,870 | 129,606 | 32,154 | 186,564 | 5,741 | 485,630 | 36,504 | | Loss on early extinguishment of debt | 107 | — | — | — | — | 107 | — | | Total expenses | 987,517 | 784,586 | 682,162 | 845,493 | 620,499 | 2,454,265 | 1,843,417 | | Equity in earnings (losses) of unconsolidated real estate joint ventures | 201 | (9,021) | (507) | 6,635 | 139 | (9,327) | 424 | | Investment income (loss) | 28,161 | (30,622) | (49,992) | (67,988) | 15,242 | (52,453) | 14,866 | | Gain on sales of real estate | 9,366 | — | 13,165 | 101,806 | 27,114 | 22,531 | 27,506 | | Net (loss) income | (197,845) | (62,189) | 38,662 | (16,095) | 213,603 | (221,372) | 526,828 | | Net income attributable to noncontrolling interests | (34,909) | (44,813) | (47,601) | (46,150) | (45,656) | (127,323) | (141,634) | | Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (232,754) | (107,002) | (8,939) | (62,245) | 167,947 | (348,695) | 385,194 | | Net income attributable to unvested restricted stock awards | (2,183) | (2,609) | (2,660) | (2,677) | (3,273) | (7,452) | (10,717) | | Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | (234,937) | $(109,611) | $(11,599) | $(64,922) | $164,674 | $(356,147) | $374,477 | | Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | | | | | | | | | Basic | (1.38) | $(0.64) | $(0.07) | $(0.38) | $0.96 | $(2.09) | $2.18 | | Diluted | (1.38) | $(0.64) | $(0.07) | $(0.38) | $0.96 | $(2.09) | $2.18 | | Weighted-average shares of common stock outstanding: | | | | | | | | | Basic | 170,181 | 170,135 | 170,522 | 172,262 | 172,058 | 170,278 | 172,007 | | Diluted | 170,181 | 170,135 | 170,522 | 172,262 | 172,058 | 170,278 | 172,007 | | Dividends declared per share of common stock | 1.32 | $1.32 | $1.32 | $1.32 | $1.30 | $3.96 | $3.87 |

All values are in US Dollars.

(1) Refer to footnote 2 in “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 10 | | --- | --- || Consolidated Balance Sheets | | --- | | September 30, 2025 | | (In thousands) | | | 9/30/25 | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | | --- | --- | --- | --- | --- | --- | | Assets | | | | | | | Investments in real estate | $31,743,917 | $32,160,600 | $32,121,712 | $32,110,039 | $32,951,777 | | Investments in unconsolidated real estate joint ventures | 39,601 | 40,234 | 50,086 | 39,873 | 40,170 | | Cash and cash equivalents | 579,474 | 520,545 | 476,430 | 552,146 | 562,606 | | Restricted cash | 4,705 | 7,403 | 7,324 | 7,701 | 17,031 | | Tenant receivables | 6,409 | 6,267 | 6,875 | 6,409 | 6,980 | | Deferred rent | 1,257,378 | 1,232,719 | 1,210,584 | 1,187,031 | 1,216,176 | | Deferred leasing costs | 505,241 | 491,074 | 489,287 | 485,959 | 516,872 | | Investments | 1,537,638 | 1,476,696 | 1,479,688 | 1,476,985 | 1,519,327 | | Other assets | 1,700,785 | 1,688,091 | 1,758,442 | 1,661,306 | 1,657,189 | | Total assets | $37,375,148 | $37,623,629 | $37,600,428 | $37,527,449 | $38,488,128 | | Liabilities, Noncontrolling Interests, and Equity | | | | | | | Secured notes payable | $— | $153,500 | $150,807 | $149,909 | $145,000 | | Unsecured senior notes payable | 12,044,999 | 12,042,607 | 12,640,144 | 12,094,465 | 12,092,012 | | Unsecured senior line of credit and commercial paper | 1,548,542 | 1,097,993 | 299,883 | — | 454,589 | | Accounts payable, accrued expenses, and other liabilities | 2,432,726 | 2,360,840 | 2,281,414 | 2,654,351 | 2,865,886 | | Dividends payable | 230,603 | 229,686 | 228,622 | 230,263 | 227,191 | | Total liabilities | 16,256,870 | 15,884,626 | 15,600,870 | 15,128,988 | 15,784,678 | | Commitments and contingencies | | | | | | | Redeemable noncontrolling interests | 58,662 | 9,612 | 9,612 | 19,972 | 16,510 | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | | | | | | | Common stock | 1,703 | 1,701 | 1,701 | 1,722 | 1,722 | | Additional paid-in capital | 16,669,802 | 17,200,949 | 17,509,148 | 17,933,572 | 18,238,438 | | Accumulated other comprehensive loss | (32,203) | (27,415) | (46,202) | (46,252) | (22,529) | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 16,639,302 | 17,175,235 | 17,464,647 | 17,889,042 | 18,217,631 | | Noncontrolling interests | 4,420,314 | 4,554,156 | 4,525,299 | 4,489,447 | 4,469,309 | | Total equity | 21,059,616 | 21,729,391 | 21,989,946 | 22,378,489 | 22,686,940 | | Total liabilities, noncontrolling interests, and equity | $37,375,148 | $37,623,629 | $37,600,428 | $37,527,449 | $38,488,128 | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 11 | | --- | --- || Funds From Operations and Funds From Operations per Share | | --- | | September 30, 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					Nine Months Ended
	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	9/30/25	9/30/24
Net (loss) income attributable to Alexandria’s common stockholders – basic<br><br>and diluted	(234,937)	$(109,611)	$(11,599)	$(64,922)	$164,674	$(356,147)	$374,477
Depreciation and amortization of real estate assets	338,182	343,729	339,381	327,198	291,258	1,021,292	864,326
Noncontrolling share of depreciation and amortization from consolidated real<br><br>estate JVs	(45,327)	(36,047)	(33,411)	(34,986)	(32,457)	(114,785)	(94,725)
Our share of depreciation and amortization from unconsolidated real estate JVs	852	942	1,054	1,061	1,075	2,848	3,177
Gain on sales of real estate	(9,824)	—	(13,165)	(100,109)	(27,114)	(22,989)	(27,506)
Impairment of real estate – rental properties and land	323,870	131,090	—	184,532	5,741	454,960	7,923
Allocation to unvested restricted stock awards	(1,648)	(1,222)	(686)	(1,182)	(2,908)	(3,590)	(7,657)
Funds from operations attributable to Alexandria’s common stockholders –<br><br>diluted(3)	371,168	328,881	281,574	311,592	400,269	981,589	1,120,015
Unrealized (gains) losses on non-real estate investments	(18,515)	21,938	68,145	79,776	(2,610)	71,568	32,470
Impairment of non-real estate investments	25,139	39,216	11,180	20,266	10,338	75,535	37,824
Impairment of real estate	—	7,189	32,154	2,032	—	39,343	28,581
Loss on early extinguishment of debt	107	—	—	—	—	107	—
Increase (decrease) in provision for expected credit losses on financial instruments	—	—	285	(434)	—	285	—
Allocation to unvested restricted stock awards	(74)	(794)	(1,329)	(1,407)	(125)	(2,156)	(1,640)
Funds from operations attributable to Alexandria’s common stockholders –<br><br>diluted, as adjusted	377,825	$396,430	$392,009	$411,825	$407,872	$1,166,271	$1,217,250

All values are in US Dollars.

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

(1)Includes our share of a gain on sale of real estate asset by an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated

statements of operations.

(2)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 3Q25, including (i)

$206.2 million related to our only property located in Long Island City, in our New York City market, which was a full building conversion to laboratory/office space and is currently 52% occupied, (ii) $43.4 million related to a retail

shopping center at 550 Arsenal Street that was originally intended to be a life science development in our Cambridge/Inner Suburbs submarket that was sold in October 2025, (iii) $31.8 million related to a vacant property that would

require significant re-leasing capital in our Research Triangle submarket, and (iv) $27.8 million related to land parcels in our Sorrento Mesa submarket.

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 12 | | --- | --- || Funds From Operations and Funds From Operations per Share (continued) | | --- | | September 30, 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					Nine Months Ended
	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	9/30/25	9/30/24
Net (loss) income per share attributable to Alexandria’s common stockholders –<br><br>diluted	$(1.38)	$(0.64)	$(0.07)	$(0.38)	$0.96	$(2.09)	$2.18
Depreciation and amortization of real estate assets	1.73	1.81	1.80	1.70	1.51	5.34	4.49
Gain on sales of real estate	(0.06)	—	(0.08)	(0.58)	(0.16)	(0.14)	(0.16)
Impairment of real estate – rental properties and land	1.90	0.77	—	1.07	0.03	2.67	0.05
Allocation to unvested restricted stock awards	(0.01)	(0.01)	—	—	(0.01)	(0.02)	(0.05)
Funds from operations per share attributable to Alexandria’s common<br><br>stockholders – diluted	2.18	1.93	1.65	1.81	2.33	5.76	6.51
Unrealized (gains) losses on non-real estate investments	(0.11)	0.13	0.40	0.46	(0.02)	0.42	0.19
Impairment of non-real estate investments	0.15	0.23	0.07	0.12	0.06	0.45	0.22
Impairment of real estate	—	0.04	0.19	0.01	—	0.23	0.17
Allocation to unvested restricted stock awards	—	—	(0.01)	(0.01)	—	(0.01)	(0.01)
Funds from operations per share attributable to Alexandria’s common<br><br>stockholders – diluted, as adjusted	$2.22	$2.33	$2.30	$2.39	$2.37	$6.85	$7.08
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted	170,181	170,135	170,522	172,262	172,058	170,278	172,007
Funds from operations – diluted, per share	170,305	170,192	170,599	172,262	172,058	170,351	172,007
Funds from operations – diluted, as adjusted, per share	170,305	170,192	170,599	172,262	172,058	170,351	172,007

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 September 30, 2025, Alexandria has a total market capitalization of

$27.8 billion and an asset base in North America that includes 39.1 million RSF of

operating properties and 4.2 million RSF of Class A/A+ properties undergoing construction

and one 100% pre-leased committed near-term project expected to commence

construction in the next year.

Alexandria has a long-standing 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 53% of our

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

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

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

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

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

Executive and senior management team

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

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

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 long-standing 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

61 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 – Accounting
Kristina A. Fukuzaki-Carlson	Madeleine T. Alsbrook
Executive Vice President –<br><br>Business Operations	Executive Vice President –<br><br>Talent Management
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	15
---	---		Investor Information
---
September 30, 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.
---		BMO	Cantor Fitzgerald	Deutsche Bank AG	Jefferies
---	---	---	---
John Kim / Juan Sanabria	Richard Anderson	Tayo Okusanya / Samuel Ohiomah	Joe Dickstein / Katie Elders
(212) 885-4115 / (312) 845-4074	(929) 441-6927	(212) 250-9284 / (212) 250-0057	(212) 778-8771 / (917) 421-1968
BNP Paribas Exane	CFRA	Evercore ISI	Mizuho Securities USA LLC
Nate Crossett / Monir Koummal	Nathan Schmidt	Steve Sakwa / James Kammert	Vikram Malhotra
(646) 342-1588 / (646) 342-1554	(646) 517-1144	(212) 446-9462 / (312) 705-4233	(212) 282-3827
BofA Securities	Citigroup Global Markets Inc.	Green Street	RBC Capital Markets
Farrell Granath / Jeff Spector	Nicholas Joseph / Seth Bergey	Dylan Burzinski	Michael Carroll
(646) 855-1351 / (646) 855-1363	(212) 816-1909 / (212) 816-2066	(949) 640-8780	(440) 715-2649
BTIG, LLC	Citizens	J.P. Morgan Securities LLC	Robert W. Baird & Co. Incorporated
Tom Catherwood / Michael Tompkins	Aaron Hecht / Linda Fu	Anthony Paolone / Ray Zhong	Wesley Golladay / Nicholas Thillman
(212) 738-6140 / (212) 527-3566	(415) 835-3963 / (415) 869-4411	(212) 622-6682 / (212) 622-5411	(216) 737-7510 / (414) 298-5053
Fixed Income Research Coverage		Rating Agencies
Barclays Capital Inc.	J.P. Morgan Securities LLC	Moody’s Ratings	S&P Global Ratings
Srinjoy Banerjee / Ishaan Pandya	Mark Streeter / Tyler Schachner	(212) 553-0376	Michael Souers
(212) 526-3521 / (212) 526-2970	(212) 834-5086 / (212) 834-2238		(212) 438-2508
CreditSights	Mizuho Securities USA LLC
Nicholas Moglia	Thierry Perrein
(212) 340-3886	(212) 205-7665
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	16
---	---		Financial and Asset Base Highlights
---
September 30, 2025
(Dollars in thousands, except per share amounts)

---	---	---	---	---
	6/30/25	3/31/25	12/31/24	9/30/24
Selected financial data from consolidated financial statements and related information
Rental revenues	$553,377	$552,112	$566,535	$579,569
Tenant recoveries	$183,902	$191,063	$196,714	$196,175
General and administrative expenses	$29,128	$30,675	$32,730	$43,945
General and administrative expenses as a percentage of net operating income – trailing 12 months	6.3%	6.9%	7.6%	8.9%
Operating margin	71%	70%	70%	71%
Adjusted EBITDA margin	71%	71%	72%	70%
Adjusted EBITDA – quarter annualized	$2,174,160	$2,165,632	$2,273,480	$2,219,632
Adjusted EBITDA – trailing 12 months	$2,208,226	$2,218,722	$2,228,921	$2,184,298
Net debt at end of period	$12,844,726	$12,687,856	$11,762,176	$12,191,574
Net debt and preferred stock to Adjusted EBITDA – quarter annualized	5.9x	5.9x	5.2x	5.5x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months	5.8x	5.7x	5.3x	5.6x
Total debt and preferred stock at end of period	$13,294,100	$13,090,834	$12,244,374	$12,691,601
Gross assets at end of period	$43,770,007	$43,486,989	$43,152,628	$44,112,770
Total debt and preferred stock to gross assets at end of period	30%	30%	28%	29%
Fixed-charge coverage ratio – quarter annualized	4.1x	4.3x	4.3x	4.4x
Fixed-charge coverage ratio – trailing 12 months	4.3x	4.4x	4.5x	4.5x
Unencumbered net operating income as a percentage of total net operating income	99.7%	99.8%	99.9%	99.1%
Closing stock price at end of period	$72.63	$92.51	$97.55	$118.75
Common shares outstanding (in thousands) at end of period	170,146	170,130	172,203	172,244
Total equity capitalization at end of period	$12,357,709	$15,738,715	$16,798,446	$20,454,023
Total market capitalization at end of period	$25,651,809	$28,829,549	$29,042,820	$33,145,624
Dividend per share – quarter/annualized	$1.32/$5.28	$1.32/$5.28	$1.32/$5.28	$1.30/$5.20
Dividend payout ratio for the quarter	57%	57%	55%	55%
Dividend yield – annualized	7.3%	5.7%	5.4%	4.4%
Amounts related to operating leases:
Operating lease liabilities at end of period	$363,419	$371,412	$507,127	$648,338
Rent expense	$12,139	$11,666	$10,685	$10,180
Capitalized interest	$82,423	$80,065	$81,586	$86,496
Average real estate basis capitalized during the period	$8,107,180	$8,026,566	$8,118,010	$8,281,318
Weighted-average interest rate for capitalization of interest during the period	4.07%	3.99%	4.02%	3.98%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.(1)Includes a 4.4 million adjustment during 3Q25 to place one tenant located in the Seattle market on cash basis for which collection of future lease payments was no longer probable. (2)Increase in capitalized interest primarily attributable to three repositioning capital projects, which commenced or had increased construction during 3Q25, in our Greater Boston and Texas markets.

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 17 | | --- | --- || Financial and Asset Base Highlights (continued) | | --- | | September 30, 2025 | | (Dollars in thousands, except annual rental revenue per occupied RSF amounts) | | | Three Months Ended (unless stated otherwise) | | | | | | --- | --- | --- | --- | --- | --- | | | 9/30/25 | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | | Amounts included in funds from operations and non-revenue-enhancing capital expenditures | | | | | | | Straight-line rent revenue | 18,821 | $18,536 | $22,023 | $17,653 | $29,087 | | Amortization of acquired below-market leases | 6,456 | $10,196 | $15,222 | $15,512 | $17,312 | | Amortization of deferred revenue related to tenant-funded and -built landlord improvements | 5,455 | $2,401 | $1,651 | $1,214 | $329 | | Straight-line rent expense on ground leases | 114 | $87 | $149 | $1,021 | $789 | | Cash payment for ground lease extension | — | $— | $(135,000) | $(135,000) | $— | | Stock compensation expense | 10,293 | $12,530 | $10,064 | $12,477 | $15,525 | | Amortization of loan fees | 4,505 | $4,615 | $4,691 | $4,620 | $4,222 | | Amortization of debt discounts | 325 | $335 | $349 | $333 | $330 | | Non-revenue-enhancing capital expenditures: | | | | | | | Building improvements | 3,948 | $4,622 | $3,789 | $4,313 | $4,270 | | Tenant improvements and leasing commissions | 16,707 | $23,971 | $73,483 | $81,918 | $55,920 | | Funds from operations attributable to noncontrolling interests | 80,236 | $80,860 | $81,012 | $76,111 | $78,113 | | Operating statistics and related information (at end of period) | | | | | | | Number of properties – North America | 375 | 384 | 386 | 391 | 406 | | RSF – North America (including development and redevelopment projects under construction) | 42,887,964 | 43,699,922 | 43,687,343 | 44,124,001 | 46,748,734 | | Total square footage – North America | 66,417,026 | 67,220,337 | 68,518,184 | 69,289,411 | 73,611,815 | | Annual rental revenue per occupied RSF – North America | 58.94 | $58.68 | $58.38 | $56.98 | $57.09 | | Occupancy of operating properties – North America | 90.6% | 90.8% | 91.7% | 94.6% | 94.7% | | Occupancy of operating and redevelopment properties – North America | 85.8% | 86.2% | 86.9% | 89.7% | 89.7% | | Weighted-average remaining lease term (in years) | 7.5 | 7.4 | 7.6 | 7.5 | 7.5 | | Total leasing activity – RSF | 1,171,344 | 769,815 | 1,030,553 | 1,310,999 | 1,486,097 | | Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: | | | | | | | Rental rate changes | 15.2% | 5.5% | 18.5% | 18.1% | 5.1% | | Rental rate changes (cash basis) | 6.1% | 6.1% | 7.5% | 3.3% | 1.5% | | RSF (included in total leasing activity above) | 354,367 | 483,409 | 884,408 | 1,024,862 | 1,278,857 | | Top 20 tenants: | | | | | | | Annual rental revenue | 768,528 | $795,244 | $754,354 | $741,965 | $796,898 | | Annual rental revenue from investment-grade or publicly traded large cap tenants | 90% | 89% | 87% | 92% | 92% | | Weighted-average remaining lease term (in years) | 9.4 | 9.4 | 9.6 | 9.3 | 9.5 | | Same property performance – percentage change over comparable quarter from prior year: | | | | | | | Net operating income changes | (6.0)% | (5.4)% | (3.1)% | 0.6% | 1.5% | | Net operating income changes (cash basis) | (3.1)% | 2.0% | 5.1% | 6.3% | 6.5% |

All values are in US Dollars.

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

(1)Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.

(2)Refer to “Same property performance” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 18 | | --- | --- || High-Quality and Diverse Client Base | | --- | | September 30, 2025 | | Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 700 Tenants | | | --- | --- | | | Investment-Grade or Publicly Traded Large Cap Tenants | | | 90% | | | of ARE’s Top 20 Tenant Annual Rental Revenue | | | 53% | | | of ARE’s Total Annual Rental Revenue |

Life Science Product,

Service, and Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Other(1)

Advanced

Technologies(2)

Public

Biotechnology –

Preclinical or

Clinical Stage

Government

Institutions

Biomedical

Institutions(3)

Private

Biotechnology

Percentage of ARE’s Annual Rental Revenue

As of September 30, 2025. Annual rental revenue represents amounts in effect as of September 30, 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)Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

(2)68% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(3)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 19 | | --- | --- || Key Operating Metrics | | --- | | September 30, 2025 | | Same Property Performance: Net Operating Income Changes | | | 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 | | | 68% | 71% | | Increasing cash flows | | | | | Percentage of leases containing annual rent escalations | 97% | | | | Stable cash flows | | | Long-Duration Lease Terms(4) | | | Percentage of triple net leases | 91% | | 9.4 Years | 7.5 Years | | Lower capex burden | | | | | Percentage of leases providing for the recapture of capital expenditures | 92% | | Top 20 Tenants | All Tenants | | | |

(3.1)%

2024	YTD<br><br>9/30/25

(1)

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 September 30, 2025.

(3)Percentages calculated based on our annual rental revenue in effect as of September 30, 2025.

(4)Represents the weighted-average remaining term based on annual rental revenue in effect as of September 30, 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 20 | | --- | --- || Same Property Performance | | --- | | September 30, 2025 | | | September 30, 2025 | | | | September 30, 2025 | | | --- | --- | --- | --- | --- | --- | --- | | Same Property Financial Data | Three Months Ended | Nine Months Ended | | Same Property Statistical Data | Three Months Ended | Nine Months Ended | | Percentage change over comparable period from prior year: | | | | Number of same properties | 316 | 314 | | Net operating income changes(1) | (6.0)% | (3.1)% | | Rentable square feet | 31,953,032 | 31,739,397 | | Net operating income changes (cash basis)(1) | (3.1)% | 3.0% | (2) | Occupancy – current-period average | 91.4% | 92.6% | | Operating margin | 67% | 68% | | Occupancy – same-period prior-year average | 94.8% | 94.6% |

The charts below present our reported same property results (“As reported”), which reflect the operating performance of all consolidated properties that were fully operational throughout the

comparative quarterly periods presented. To provide additional insight and a retrospective view of the performance of our ongoing operating portfolio, the charts also present an alternative calculation of our

same property performance, using the 3Q25 same property pool (“3Q25 same properties”) for each period presented. We believe this alternative presentation provides a useful operating trend primarily by

removing properties expected to be sold.

Same Property – Net Operating Income

Same Property – Net Operating Income (Cash Basis)

	Net Operating Income			Net Operating Income (Cash Basis)
Percentage Change in Same Property Performance	1Q25	2Q25	3Q25	1Q25	2Q25	3Q25
As reported	(3.1)%	(5.4)%	(6.0)%	5.1%	2.0%	(3.1)%
3Q25 same properties	0.3%	(2.5)%	(6.0)%	8.0%	5.6%	(3.1)%

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)Reflects previously disclosed lease expirations aggregating 768,080 RSF that became vacant in 1Q25 as presented on page 25, “Summary of properties and occupancy” in the Supplemental Information. As of 3Q25, 338,780 RSF of

this vacant space met the criteria for classification as held for sale and has been excluded from our same property results. The remaining 429,300 RSF is included in our same property results for the three and nine months ended

September 30, 2025. Excluding the impact of this vacant 429,300 RSF, same property net operating income changes for the three and nine months ended September 30, 2025 would have been (4.2)% and (1.3)% (cash basis), and

(1.9)% and 4.2% (cash basis), respectively.

(2)Includes the impact of 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 for the

nine months ended September 30, 2025, including at 325 Binney Street in our Cambridge submarket, 15 Necco Street in our Seaport Innovation District submarket, and 751 Gateway Boulevard in our South San Francisco submarket.

Excluding the impact of these initial free rent concessions, same property net operating income changes (cash basis) for the nine months ended September 30, 2025 would have been (0.3)%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 21 | | --- | --- || Same Property Performance (Continued) | | --- | | September 30, 2025 | | (Dollars in thousands) | | | Three Months Ended September 30, | | | | | Nine Months Ended September 30, | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 2024 | $ Change | % Change | | 2025 | 2024 | $ Change | % Change | | | Income from rentals: | | | | | | | | | | | | Same properties | $430,646 | $451,763 | $(21,117) | (4.7)% | | $1,330,669 | $1,353,855 | $(23,186) | (1.7)% | | | Non-same properties | 110,424 | 127,806 | (17,382) | (13.6) | | 315,890 | 383,949 | (68,059) | (17.7) | | | Rental revenues | 541,070 | 579,569 | (38,499) | (6.6) | | 1,646,559 | 1,737,804 | (91,245) | (5.3) | | | Same properties | 167,933 | 165,579 | 2,354 | 1.4 | | 492,718 | 460,690 | 32,028 | 7.0 | | | Non-same properties | 26,846 | 30,596 | (3,750) | (12.3) | | 77,026 | 87,963 | (10,937) | (12.4) | | | Tenant recoveries | 194,779 | 196,175 | (1,396) | (0.7) | | 569,744 | 548,653 | 21,091 | 3.8 | | | Income from rentals | 735,849 | 775,744 | (39,895) | (5.1) | | 2,216,303 | 2,286,457 | (70,154) | (3.1) | | | Same properties | 352 | 386 | (34) | (8.8) | | 1,127 | 1,058 | 69 | 6.5 | | | Non-same properties | 15,743 | 15,477 | 266 | 1.7 | | 54,712 | 39,934 | 14,778 | 37.0 | | | Other income | 16,095 | 15,863 | 232 | 1.5 | | 55,839 | 40,992 | 14,847 | 36.2 | | | Same properties | 598,931 | 617,728 | (18,797) | (3.0) | | 1,824,514 | 1,815,603 | 8,911 | 0.5 | | | Non-same properties | 153,013 | 173,879 | (20,866) | (12.0) | | 447,628 | 511,846 | (64,218) | (12.5) | | | Total revenues | 751,944 | 791,607 | (39,663) | (5.0) | | 2,272,142 | 2,327,449 | (55,307) | (2.4) | | | Same properties | 199,051 | 192,229 | 6,822 | 3.5 | | 587,333 | 539,271 | 48,062 | 8.9 | | | Non-same properties | 40,183 | 41,036 | (853) | (2.1) | | 102,729 | 129,562 | (26,833) | (20.7) | | | Rental operations | 239,234 | 233,265 | 5,969 | 2.6 | | 690,062 | 668,833 | 21,229 | 3.2 | | | Same properties | 399,880 | 425,499 | (25,619) | (6.0) | | 1,237,181 | 1,276,332 | (39,151) | (3.1) | | | Non-same properties | 112,830 | 132,843 | (20,013) | (15.1) | | 344,899 | 382,284 | (37,385) | (9.8) | | | Net operating income | $512,710 | $558,342 | $(45,632) | (8.2)% | (1) | $1,582,080 | $1,658,616 | $(76,536) | (4.6)% | (1) | | Net operating income – same properties | $399,880 | $425,499 | $(25,619) | (6.0)% | | $1,237,181 | $1,276,332 | $(39,151) | (3.1)% | | | Straight-line rent revenue | (8,019) | (21,594) | 13,575 | (62.9) | | (19,703) | (96,437) | 76,734 | (79.6) | | | Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements | (8,167) | (7,739) | (428) | 5.5 | | (26,385) | (24,055) | (2,330) | 9.7 | | | Net operating income – same properties (cash basis) | $383,694 | $396,166 | $(12,472) | (3.1)% | | $1,191,093 | $1,155,840 | $35,253 | 3.0% | |

(1)Decrease in net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income for the three months ended September 30, 2025 would have

decreased by 3.7%, and for the nine months ended September 30, 2025 would have increased by 0.8%, compared to the corresponding periods in 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 22 | | --- | --- || Leasing Activity | | --- | | September 30, 2025 | | (Dollars per RSF) | | | | Three Months Ended | | | Nine Months Ended | | Year Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | September 30, 2025 | | | September 30, 2025 | | December 31, 2024 | | | | Including Straight-Line Rent | | Cash Basis | | | | | | | Leasing activity: | | | | | | | | | | Renewed/re-leased space(1) | | | | | | | | | | Rental rate changes | | 15.2% | | 6.1% | 13.6% | 6.8% | 16.9% | 7.2% | | New rates | | 56.91 | | 57.07 | 59.45 | 59.17 | 65.48 | $64.18 | | Expiring rates | | 49.42 | | 53.77 | 52.34 | 55.41 | 56.01 | $59.85 | | RSF | | 354,367 | | | 1,722,184 | | 3,888,139 | | | Tenant improvements/leasing commissions | | 47.15 | | | 66.29 | | 46.89 | | | Weighted-average lease term | | 7.3 years | | | 9.5 years | | 8.5 years | | | Previously vacant/developed/redeveloped space leased(2) | | | | | | | | | | New rates | | 85.31 | | 76.33 | 74.93 | 69.16 | 59.44 | $57.34 | | Previously vacant RSF | | 256,633 | | | 550,986 | | 672,474 | | | Developed/redeveloped RSF | | 560,344 | | | 698,542 | | 493,341 | | | Weighted-average lease term | | 15.4 years | | | 14.7 years | | 10.0 years | | | Leasing activity summary (totals): | | | | | | | | | | New rates | | 76.72 | | 70.51 | 65.96 | 63.37 | 64.16 | $62.68 | | RSF | | 1,171,344 | | | 2,971,712 | | 5,053,954 | | | Weighted-average lease term | | 14.6 years | | | 12.6 years | | 8.9 years | | | Lease expirations(1) | | | | | | | | | | Expiring rates | | 66.03 | | 67.63 | 56.68 | 57.98 | 53.82 | $57.24 | | RSF | | 800,421 | | | 3,549,052 | | 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 85,652 RSF and 136,131 RSF as of September 30, 2025 and December 31, 2024, respectively. During the trailing twelve months ended September 30, 2025, we granted free

rent concessions averaging 1.2 months per annum.

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

(3)Includes the largest life science lease in company history, executed in July 2025 with a long-standing multinational pharmaceutical tenant. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located

at the Campus Point by Alexandria Megacampus in our University Town Center submarket. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for

additional details.

(4)Includes 75,735 of vacant RSF at one recently acquired asset in our Greater Stanford submarket for which we are evaluating options to reposition for advanced technologies use.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 23 | | --- | --- || Contractual Lease Expirations | | --- | | September 30, 2025 | | Year | | | RSF | | Percentage of Occupied RSF | | Annual Rental Revenue (per RSF)(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | (2) | | 434,371 | | 1.3% | | 50.71 | 1.1% | | | 2026 | | | 3,084,651 | | 9.1% | | 54.43 | 8.5% | | | 2027 | | | 3,177,025 | | 9.4% | | 55.06 | 8.9% | | | 2028 | | | 3,954,063 | | 11.7% | | 50.63 | 10.1% | | | 2029 | | | 2,115,070 | | 6.3% | | 47.02 | 5.0% | | | 2030 | | | 2,999,453 | | 8.9% | | 43.32 | 6.6% | | | 2031 | | | 3,654,099 | | 10.8% | | 55.36 | 10.2% | | | 2032 | | | 968,848 | | 2.9% | | 58.14 | 2.9% | | | 2033 | | | 2,382,921 | | 7.1% | | 49.05 | 5.9% | | | 2034 | | | 3,031,460 | | 9.0% | | 67.16 | 10.3% | | Thereafter | | | | 7,915,520 | | 23.5% | | 76.06 | 30.5% |

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	Remaining<br><br>Expiring<br><br>Leases	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	Total
Greater Boston	21,892	—	—	12,113	34,005	$57.84	119,978	11,897	—		229,566	361,441	$57.14
San Francisco Bay Area	—	—	—	55,766	55,766	64.75	28,609	103,596	—		282,976	415,181	69.31
San Diego	23,327	1,579	—	48,794	73,700	62.02	—	—	52,620	(3)	275,029	327,649	53.34
Seattle	50,552	—	—	23,756	74,308	22.80	34,719	—	—		137,715	172,434	24.17
Maryland	1,136	—	—	18,338	19,474	33.48	—	6,823	—		151,847	158,670	21.38
Research Triangle	10,478	3,951	—	4,843	19,272	N/A	22,660	—	—		165,542	188,202	41.69
New York City	—	11,798	—	7,825	19,623	105.22	12,168	—	—		62,241	74,409	72.35
Texas	—	—	—	—	—	—	—	—	—		—	—	—
Canada	—	—	—	40,679	40,679	10.72	247,743	—	—		1,755	249,498	21.72
Non-cluster/other markets	—	—	—	—	—	—	—	—	—		31,659	31,659	64.43
Subtotal	107,385	17,328	—	212,114	336,827	44.52	465,877	122,316	52,620		1,338,330	1,979,143	48.10
Key lease expirations(4)	—	—	—	97,544	97,544	72.08	—	—	—		1,105,508	1,105,508	65.74
Total	107,385	17,328	—	309,658	434,371	$50.71	465,877	122,316	52,620		2,443,838	3,084,651	$54.43
Percentage of expiring leases	25%	4%	0%	71%	100%		15%	4%	2%		79%	100%

Contractual lease expirations for properties classified as held for sale as of September 30, 2025 are excluded from the information on this page.

(1)Represents amounts in effect as of September 30, 2025.

(2)Excludes month-to-month leases aggregating 85,652 RSF as of September 30, 2025.

(3)Relates to a single-tenant, 100% pre-leased development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the beginning of 2026, the tenant will vacate 52,620 RSF, which

generated annual rental revenue of $4.1 million as of 3Q25, from an existing building to allow for the demolition and development of the new, build-to-suit life science building at this site. Refer to “New Class A/A+ development and

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

(4)Includes lease expirations at 20 properties primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease expiration date of March 19, 2026 and

annual rental revenue aggregating $81 million, which are expected to become vacant at lease expiration and re-leased to new tenants, including the following:

(i)Recently acquired properties comprising two properties aggregating 137,970 RSF in our Greater Stanford submarket for which we are evaluating options to reposition for advanced technologies use;

(ii)Two properties comprising 163,648 RSF in our University Town Center submarket and 118,225 RSF in our Torrey Pines submarket for which we are evaluating options to re-lease or reposition from single tenancy to multi-tenancy;

(iii)One property aggregating 83,354 RSF in our Sorrento Mesa submarket, where the in-place credit tenant will relocate and expand into our development project at 10075 Barnes Canyon Road, which is expected to be delivered in

2H26; and

(iv)113,097 RSF at our Alexandria Center® at One Kendall Square Megacampus in our Cambridge submarket. We plan to upgrade most of these spaces, most of which have not undergone major improvements since our acquisition in

2016.

We continue to evaluate the business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect downtime on the 1.2 million RSF to range from 6 to 24 months on a weighted-average basis,

and we expect these properties to remain operating properties.

90% 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	Bristol-Myers Squibb Company	5.7		1,283,860		110,865	5.5%	A2	A	$106.5
2	Eli Lilly and Company	9.1		1,086,165		90,805	4.5	Aa3	A+	$753.2
3	Moderna, Inc.	13.2		462,100		71,571	3.5	—	—	$13.3
4	Takeda Pharmaceutical Company Limited	9.7		549,759		47,899	2.4	Baa1	BBB+	$45.6
5	AstraZeneca PLC	6.4		440,087		39,413	1.9	A1	A+	$223.0
6	Eikon Therapeutics, Inc.(2)	13.3		311,806		38,913	1.9	—	—	$—
7	Roche	7.5		647,069		36,383	1.8	Aa2	AA	$256.8
8	Illumina, Inc.	5.1		857,967		35,924	1.8	Baa3	BBB	$17.1
9	Alphabet Inc.	2.2		589,218		33,260	1.6	Aa2	AA+	$2,231.6
10	United States Government	4.8		429,359		29,597	1.5	Aaa	AA+	$—
11	Novartis AG	2.3		377,095		29,463	1.5	Aa3	AA-	$240.2
12	Uber Technologies, Inc.	57.0	(4)	1,009,188		27,820	1.4	Baa1	BBB	$167.1
13	Boston Children's Hospital	11.5		309,231		26,294	1.3	Aa2	AA	$—
14	The Regents of the University of California	9.7		364,606		24,318	1.2	Aa2	AA	$—
15	Sanofi	5.3		267,278		21,851	1.1	Aa3	AA	$127.1
16	New York University	6.8		218,983		21,110	1.0	Aa2	AA-	$—
17	Merck & Co., Inc.	7.9		333,124		21,001	1.0	Aa3	A+	$225.8
18	Charles River Laboratories, Inc.	9.8		253,036		20,959	1.0	—	—	$8.2
19	Cloud Software Group, Inc.	1.0	(5)	216,278		20,553	1.0	—	—	$—
20	Massachusetts Institute of Technology	4.3		242,428		20,529	1.0	Aaa	AAA	$—
	Total/weighted-average	9.4	(4)	10,248,637		768,528	37.9%

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 September 30, 2025.

(2)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharmaceutical 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)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.

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

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

revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.7 years as of September 30, 2025.

(5)Represents one lease encompassing four properties acquired in 2022 that we expect to reposition upon lease expiration. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we

acquired the properties, of which 137,970 RSF has lease expirations through 2026. Refer to footnote 3 in “Contractual lease expirations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 25 | | --- | --- || Summary of Properties and Occupancy | | --- | | September 30, 2025 | | (Dollars in thousands, except per RSF amounts) |

Summary of properties

	RSF					Number of<br><br>Properties	Annual Rental Revenue
Market	Operating	Development	Redevelopment	Total	% of Total		Total	% of Total	Per RSF
Greater Boston	9,096,225	583,407	1,626,322	11,305,954	26%	64	$708,464	35%	$89.74
San Francisco Bay Area	7,525,945	212,796	344,934	8,083,675	19	62	421,518	21	67.18
San Diego	6,314,303	648,516	—	6,962,819	16	68	328,638	15	54.67
Seattle	3,178,029	227,577	—	3,405,606	8	45	126,834	6	44.29
Maryland	3,855,906	—	—	3,855,906	9	50	157,213	8	44.00
Research Triangle	3,648,703	—	—	3,648,703	9	36	94,255	5	27.22
New York City	742,700	—	—	742,700	2	3	69,317	3	94.97
Texas	1,646,187	—	73,298	1,719,485	4	13	36,866	2	28.02
Canada	979,575	—	56,314	1,035,889	2	11	20,186	1	22.83
Non-cluster/other markets	315,440	—	—	315,440	1	9	12,195	1	55.52
Properties held for sale	1,811,787	—	—	1,811,787	4	14	53,266	3	44.62
North America	39,114,800	1,672,296	2,100,868	42,887,964	100%	375	$2,028,752	100%	$58.94
		3,773,164

Summary of occupancy

	Operating Properties				Operating and Redevelopment Properties
Market	9/30/25		6/30/25	9/30/24	9/30/25	6/30/25	9/30/24
Greater Boston	86.8%	(1)(2)	90.1%	94.6%	73.6%	76.7%	80.9%
San Francisco Bay Area	90.4	(1)(3)	88.9	94.1	86.4	85.2	91.1
San Diego	95.2		94.8	96.0	95.2	94.8	96.0
Seattle	90.1		90.3	92.3	90.1	90.3	91.3
Maryland	93.9		93.9	96.2	93.9	93.9	96.2
Research Triangle	94.9	(1)	92.8	97.5	94.9	92.8	97.5
New York City	98.3		88.9	85.1	98.3	88.9	85.1
Texas	79.9	(1)	82.1	95.5	76.5	78.9	91.8
Subtotal	90.8		91.0	94.9	85.9	86.3	90.0
Canada	90.3		90.7	95.5	85.4	85.8	82.6
Non-cluster/other markets	69.6		72.6	72.8	69.6	72.6	72.8
North America	90.6%	(1)(4)	90.8%	94.7%	85.8%	86.2%	89.7%

(1)Refer to the table below for a summary of our previously disclosed key lease expirations that became vacant in 1Q25:

Property	Submarket	Vacant RSF<br><br>as of 3Q25		%
Included in 3Q25 occupancy and same property results:
Alexandria Technology Square® Megacampus	Cambridge	182,054	89,222	49%
507 East Howard Lane and 13813 Center Lake Drive	Austin	247,246	102,930	42
		429,300	192,152	45%
Classified as held for sale as of 3Q25 (excluded from occupancy and same property results):
409 Illinois Street	Mission Bay	234,249	N/A
7 Triangle Drive	Research Triangle	104,531	N/A
Total 1Q25 key lease expirations vacant at 3Q25		768,080

(2)The decline in occupancy in 3Q25 was primarily due to one lease expiration of 78,380 RSF in Cambridge which we are marketing and a 72,846 RSF lease expiration located in Watertown which has been leased but was not

occupied as of September 30, 2025.

(3)Increase in occupancy from 2Q25 is primarily due to the classification as held for sale of 409 and 499 Illinois Street on the Alexandria Center® for Science and Technology – Mission Bay Megacampus as of September 30, 2025,

partially offset by the new vacancy at 3301 Hillview Avenue, located in our Greater Stanford submarket, previously occupied by an acquired software tenant, for which we are evaluating options to reposition as an advanced

technologies campus.

(4)Includes temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, or 1.6% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, San Diego, and Seattle markets, which are leased

and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately May 1, 2026 and the expected annual rental revenue is approximately $46

million.

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

Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Greater Boston
	Cambridge/Inner Suburbs
		Megacampus: Alexandria Center® at Kendall Square	2,213,867	—		—		2,213,867	8	$212,828	93.4%	93.4%
		50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street,<br><br>and 300 Third Street(1)
		Megacampus: Alexandria Center® at One Kendall Square	1,284,745	—		104,956		1,389,701	12	148,644	92.5	85.5
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400,<br><br>1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street
		Megacampus: Alexandria Technology Square®	1,196,987	—		—		1,196,987	7	74,957	72.9	72.9
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Megacampus: The Arsenal on the Charles	787,760	—		333,758		1,121,518	13	46,678	78.0	54.8
		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, and 500 Arsenal Street, and 99<br><br>Coolidge Avenue(1)	386,780	191,396		—		578,176	5	19,975	72.6	72.6
		Cambridge/Inner Suburbs	5,870,139	191,396		438,714		6,500,249	45	503,082	85.6	79.6
	Fenway
		Megacampus: Alexandria Center® for Life Science – Fenway	1,314,508	392,011		137,675		1,844,194	3	100,665	87.5	79.2
		401 and 421 Park Drive and 201 Brookline Avenue
	Seaport Innovation District
		5 and 15(1) Necco Street	459,395	—		—		459,395	2	47,226	97.0	97.0
		Seaport Innovation District	459,395	—		—		459,395	2	47,226	97.0	97.0
	Route 128
		Megacampus: Alexandria Center® for Life Science – Waltham	466,094	—		596,064		1,062,158	5	38,531	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	14,194	97.0	97.0
		Route 128	1,051,320	—		596,064		1,647,384	8	52,725	98.3	62.8
	Other		400,863	—		453,869		854,732	6	4,766	59.7	28.0
		Greater Boston	9,096,225	583,407		1,626,322		11,305,954	64	$708,464	86.8%	73.6%
	Our Megacampus™ Properties Account for 77% of Our Annual Rental Revenue<br><br>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	27
---	---		Property Listing (continued)
---
September 30, 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)	1,557,403	212,796	(3)	—		1,770,199	8	$63,191	95.6%	95.6%
		1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens<br><br>Street, and 455 Mission Bay Boulevard South
		Mission Bay	1,557,403	212,796		—		1,770,199	8	63,191	95.6	95.6
	South San Francisco
		Megacampus: Alexandria Technology Center® – Gateway(1)	1,431,486	—		237,684		1,669,170	12	76,377	80.7	69.2
		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<br><br>San Francisco	812,453	—		107,250		919,703	5	51,351	95.6	84.4
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	504,252	—		—		504,252	3	28,619	83.0	83.0
		201 Haskins Way and 400 and 450 East Jamie Court
		Megacampus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	2,359	100.0	100.0
		1122 and 1150 El Camino Real
		Alexandria Center® for Life Science – Millbrae(1)	285,346	—		—		285,346	1	35,828	100.0	100.0
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,908	100.0	100.0
		South San Francisco	3,634,454	—		344,934		3,979,388	24	205,442	89.1	81.3
	Greater Stanford
		Megacampus: Alexandria Center® for Life Science – San Carlos	738,038	—		—		738,038	9	43,983	86.5	86.5
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	705,442	—		—		705,442	9	54,520	86.4	86.4
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and<br><br>3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	340,103	—		—		340,103	5	24,593	86.5	86.5
		3875 Fabian Way	228,000	—		—		228,000	1	9,642	100.0	100.0
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	198,548	—		—		198,548	3	13,774	100.0	100.0
		2100 and 2200 Geng Road	62,526	—		—		62,526	2	2,732	100.0	100.0
		3350 West Bayshore Road	61,431	—		—		61,431	1	3,641	73.2	73.2
		Greater Stanford	2,334,088	—		—		2,334,088	30	152,885	88.9	88.9
		San Francisco Bay Area	7,525,945	212,796		344,934		8,083,675	62	$421,518	90.4%	86.4%
	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.<br><br>(2)We own 100% of this property.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	28
---	---		Property Listing (continued)
---
September 30, 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	1,090,828	—		—		1,090,828	10	$77,208	90.9%	90.9%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,<br><br>10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana<br><br>Road, 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	218,640	—		—		218,640	4	15,108	100.0	100.0
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics<br><br>Court
		Torrey Pines	1,608,606	—		—		1,608,606	17	105,579	90.1	90.1
	University Town Center
		Megacampus: Campus Point by Alexandria(1)	1,310,696	426,927		—		1,737,623	8	84,058	99.5	99.5
		9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155,<br><br>4224, and 4242 Campus Point Court
		Megacampus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978	100.0	100.0
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	6,520	100.0	100.0
		University Town Center	2,267,031	426,927		—		2,693,958	15	120,556	99.7	99.7
	Sorrento Mesa
		Megacampus: SD Tech by Alexandria(1)	829,437	221,589		—		1,051,026	11	37,841	96.1	96.1
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and<br><br>10055, 10065, and 10075 Barnes Canyon Road
		Megacampus: Sequence District by Alexandria	671,039	—		—		671,039	6	23,458	100.0	100.0
		6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		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	4,207	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	2,103	100.0	100.0
		Sorrento Mesa	2,243,947	221,589		—		2,465,536	28	97,810	98.6	98.6
	Sorrento Valley
		3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard	151,406	—		—		151,406	6	2,502	32.7	32.7
		11045 and 11055 Roselle Street	43,313	—		—		43,313	2	2,191	96.1	96.1
		Sorrento Valley	194,719	—		—		194,719	8	4,693	46.8	46.8
		San Diego	6,314,303	648,516		—		6,962,819	68	$328,638	95.2%	95.2%
	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	29
---	---		Property Listing (continued)
---
September 30, 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	$69,333	91.6%	91.6%
		1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and<br><br>199 East Blaine Street, and 1600 Fairview Avenue East
		Megacampus: Alexandria Center® for Advanced Technologies – South<br><br>Lake Union	413,178	227,577		—		640,755	4	23,436	98.8	98.8
		400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and<br><br>219 Terry Avenue North
		Lake Union	1,564,850	227,577		—		1,792,427	13	92,769	93.5	93.5
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West	20,101	—		—		20,101	2	710	100.0	100.0
	Bothell
		Megacampus: Alexandria Center® for Advanced Technologies – Canyon<br><br>Park	1,065,132	—		—		1,065,132	22	21,277	87.1	87.1
		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	11,412	83.9	83.9
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,530,021	—		—		1,530,021	28	32,689	86.1	86.1
	Other		63,057	—		—		63,057	2	666	100.0	100.0
		Seattle	3,178,029	227,577		—		3,405,606	45	126,834	90.1	90.1
Maryland
	Rockville
		Megacampus: Alexandria Center® for Life Science – Shady Grove	1,691,960	—		—		1,691,960	20	93,268	94.6	94.6
		9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and<br><br>9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920<br><br>Belward Campus Drive, and 9810 and 9820 Darnestown Road
		1330 Piccard Drive	131,507	—		—		131,507	1	4,324	100.0	100.0
		1405 and 1450(1) Research Boulevard	114,182	—		—		114,182	2	2,958	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	2,193,565	—		—		2,193,565	28	$109,076	94.4%	94.4%
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
---	---		Property Listing (continued)
---
September 30, 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	17,640	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	1,858	100.0	100.0
		401 Professional Drive	63,207	—		—		63,207	1	1,434	82.7	82.7
		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	1,327,524	—		—		1,327,524	20	43,015	94.4	94.4
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	3,396	100.0	100.0
		101 West Dickman Street(1)	142,933	—		—		142,933	1	1,726	71.3	71.3
		Beltsville	334,817	—		—		334,817	2	5,122	87.8	87.8
		Maryland	3,855,906	—		—		3,855,906	50	157,213	93.9	93.9
Research Triangle
	Research Triangle
		Megacampus: Alexandria Center® for Life Science – Durham	2,214,887	—		—		2,214,887	16	44,550	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<br><br>AgTech – Research Triangle	711,693	—		—		711,693	6	28,726	92.9	92.9
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Megacampus: Alexandria Center® for Sustainable Technologies	259,962	—		—		259,962	6	7,259	84.8	84.8
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive
		Alexandria Technology Center® – Alston	160,574	—		—		160,574	3	2,798	78.2	78.2
		100, 800, and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle	136,635	—		—		136,635	3	4,019	95.3	95.3
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,580	100.0	100.0
		407 Davis Drive	81,956	—		—		81,956	1	3,323	100.0	100.0
		Research Triangle	3,648,703	—		—		3,648,703	36	$94,255	94.9%	94.9%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	31
---	---		Property Listing (continued)
---
September 30, 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	742,700	—		—		742,700	3	69,317	98.3%
		430 and 450 East 29th Street
		New York City	742,700	—		—		742,700	3	69,317	98.3
Texas
	Austin
		Megacampus: Intersection Campus	1,525,359	—		—		1,525,359	12	33,694	83.0
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center<br><br>Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		Austin	1,525,359	—		—		1,525,359	12	33,694	83.0
	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	1,646,187	—		73,298		1,719,485	13	36,866	76.5
Canada			979,575	—		56,314		1,035,889	11	20,186	85.4
Non-cluster/other markets			315,440	—		—		315,440	9	12,195	69.6
North America, excluding properties held for sale			37,303,013	1,672,296		2,100,868		41,076,177	361	1,975,486	85.8%
Properties held for sale			1,811,787	—		—		1,811,787	14	53,266	65.9%
Total – North America			39,114,800	1,672,296		2,100,868		42,887,964	375	2,028,752

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 Service	Near-Term Deliveries
YTD 3Q25	4Q25–4Q26
$68M	$111M
94%<br><br>Occupied	80%<br><br>Leased/Negotiating
712,785 RSF	969,524 RSF

(2)

(1)

(3)

(4)

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)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449 RSF that were vacant and/or unleased at delivery.

(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from

development and redevelopment projects expected to be placed into service primarily commencing from 4Q25 through 4Q26 is projected to be $83 million. 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 current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 4Q25 through 4Q26.

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

Investments in real estate

		Development and Redevelopment
		Under Construction		100% Pre-leased<br><br>Committed<br><br>Near Term(1)
	Operating	2025 and<br><br>2026	2027 and<br><br>Beyond		Future	Subtotal	Total
Square footage
Operating	37,303,013	—	—	—	—	—	37,303,013
Future Class A/A+ development and redevelopment properties	—	969,524	2,803,640	466,598	24,257,782	28,497,544	28,497,544
Future development and redevelopment square feet currently included<br><br>in rental properties(2)	—	—	—	(52,620)	(2,082,454)	(2,135,074)	(2,135,074)
Total square footage, excluding properties held for sale	37,303,013	969,524	2,803,640	413,978	22,175,328	26,362,470	63,665,483
Properties held for sale	1,811,787	—	—	—	939,756	939,756	2,751,543
Total square footage	39,114,800	969,524	2,803,640	413,978	23,115,084	27,302,226	66,417,026
Investments in real estate
Gross book value as of September 30, 2025(3)	$29,451,717	$901,674	$2,762,729	$60,398	$4,984,144	8,708,945	$38,160,662
Properties held for sale	883,455	—	—	—	112,681	112,681	996,136
Total gross investment in real estate, excluding properties held for sale	$28,568,262	$901,674	$2,762,729	$60,398	$4,871,463	8,596,264	$37,164,526

All values are in US Dollars.

Projects under active construction with stabilization

in 2025-2027 and beyond and one 100% pre-leased

committed near-term project expected to commence

in the next year – $3.7 billion

20%

Non-Income-

Producing Assets

Future development projects(5) and land parcels,

primarily located in Megacampuses with critical

milestones in 4Q25 and 2026 – $4.9 billion

Non-Income-Producing Assets as a Percentage of Gross Assets

(1)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. Refer to “New Class A/A+ development and redevelopment properties: current

projects” in the Supplemental Information for additional details.

(2)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.

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

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

(4)Our share of investment in our development and redevelopment pipeline is $7.6 billion.

(5)As of September 30, 2025, annual rental revenue from future development parcels with existing income was approximately 1% of total annual rental revenue.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 34 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Recent Deliveries | | --- | | September 30, 2025 | | 99 Coolidge Avenue | 500 North Beacon Street and 4 Kingsbury Avenue(1) | | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/ Cambridge/Inner Suburbs | | 129,413 RSF | 248,018 RSF | | 100% Occupancy | 92% Occupancy || 230 Harriet Tubman Way | 10935, 10945, and 10955 Alexandria Way(2) | 10075 Barnes Canyon Road | | --- | --- | --- | | San Francisco Bay Area/ South San Francisco | San Diego/Torrey Pines | San Diego/Sorrento Mesa | | 285,346 RSF | 334,996 RSF | 31,490 RSF | | 100% Occupancy | 100% Occupancy | 100% Occupancy |

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 35 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Recent Deliveries | | --- | | September 30, 2025 | | (Dollars in thousands) |

Incremental Annual Net Operating Income Generated From YTD 3Q25 Deliveries

Aggregated $68 Million,(1) Including $16 Million in 3Q25

Property/Market/Submarket		Our<br><br>Ownership<br><br>Interest	RSF Placed in Service							Total Project
	3Q25<br><br>Delivery<br><br>Date(2)		Prior to<br><br>1/1/25	1Q25	2Q25	3Q25	Total		Initial<br><br>Stabilized
								RSF		Investment
Development projects
99 Coolidge Avenue/Greater Boston/Cambridge/<br><br>Inner Suburbs	7/15/25	100%	116,414	—	—	12,999	129,413	100%		320,809	444,000	6.0%	6.8%
500 North Beacon Street and 4 Kingsbury Avenue/<br><br>Greater Boston/Cambridge/Inner Suburbs	8/23/25	100%	211,574	—	—	36,444	248,018	92%		248,018	429,000	6.5	5.9
230 Harriet Tubman Way/San Francisco Bay Area/<br><br>South San Francisco	N/A	48.5%	—	285,346	—	—	285,346	100%		285,346	476,000	7.5	6.2
10935, 10945, and 10955 Alexandria Way/San<br><br>Diego/Torrey Pines	7/1/25	100%	93,492	—	119,202	122,302	334,996	100%		334,996	480,000	7.2	6.9
10075 Barnes Canyon Road/San Diego/Sorrento<br><br>Mesa	7/23/25	50.0%	—	17,718	—	13,772	31,490	100%		253,079	321,000	5.5	5.7
Redevelopment projects
651 Gateway Boulevard/San Francisco Bay Area/<br><br>South San Francisco	N/A	50.0%	67,017	—	22,005	—	89,022	75%		326,706	487,000	5.0	5.1
Canada	N/A	100%	78,487	6,430	76,567	—	161,484	100%		250,790	115,000	6.0	6.0
Weighted average/total	7/5/25		566,984	309,494	217,774	185,517	1,279,769			2,019,744	2,752,000	6.3%	6.1%

All values are in US Dollars.

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

(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449 RSF that were vacant and/or unleased at delivery.

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

(3)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 36 | | --- | --- || Key New Class A/A+ Development and Redevelopment Properties: 2025 and 2026 Stabilization (Near-Term Deliveries) | | --- | | September 30, 2025 | | 99 Coolidge Avenue | 4135 Campus Point Court | | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | San Diego/ University Town Center | | 191,396 RSF | 426,927 RSF | | 81% Leased/Negotiating | 100% Leased || 10075 Barnes Canyon Road | 8800 Technology Forest Place | | --- | --- | | San Diego/Sorrento Mesa | Texas/Greater Houston | | 221,589 RSF | 73,298 RSF | | 68% Leased/Negotiating | 41% Leased/Negotiating | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 37 | | --- | --- || Key New Class A/A+ Development and Redevelopment Properties: 2027 and Beyond Stabilization (Intermediate-Term Deliveries) | | --- | | September 30, 2025 | | 311 Arsenal Street | 421 Park Drive | 401 Park Drive | 40, 50, and 60 Sylvan Road(1) | | --- | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Fenway | Greater Boston/Fenway | Greater Boston/Route 128 | | 333,758 RSF | 392,011 RSF | 137,675 RSF | 596,064 RSF || 1450 Owens Street | 651 Gateway Boulevard | 269 East Grand Avenue | 701 Dexter Avenue North | | --- | --- | --- | --- | | San Francisco Bay Area/ Mission Bay | San Francisco Bay Area/ South San Francisco | San Francisco Bay Area/ South San Francisco | Seattle/Lake Union | | 212,796 RSF | 237,684 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 | 38 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects | | --- | | September 30, 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 | 129,413 | 191,396 | 320,809 | 81% | 81% | | 4Q23 | 4Q26 | | 4135 Campus Point Court/San Diego/University Town Center | — | 426,927 | 426,927 | 100 | 100 | | 3Q26 | 3Q26 | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | 31,490 | 221,589 | 253,079 | 68 | 68 | | 1Q25 | 2H26 | | 8800 Technology Forest Place/Texas/Greater Houston | 50,094 | 73,298 | 123,392 | 41 | 41 | | 2Q23 | 4Q26 | | Canada | 194,476 | 56,314 | 250,790 | 78 | 78 | | 3Q23 | 4Q25 | | | 405,473 | 969,524 | 1,374,997 | 80 | 80 | | | | | 2027 and beyond stabilization | | | | | | | | | | One Hampshire Street/Greater Boston/Cambridge | — | 104,956 | 104,956 | — | — | | 2027 | 2028 | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | 56,904 | 333,758 | 390,662 | 7 | 7 | | 2027 | 2027 | | 421 Park Drive/Greater Boston/Fenway | — | 392,011 | 392,011 | 13 | 13 | | 2027 | 2028 | | 401 Park Drive/Greater Boston/Fenway | — | 137,675 | 137,675 | — | — | | 2027 | 2027 | | 40, 50, and 60 Sylvan Road/Greater Boston/Route 128 | — | 596,064 | 596,064 | 33 | 33 | | 4Q26 | 2027 | | Other/Greater Boston | — | 453,869 | 453,869 | — | — | | 2027 | 2027 | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | — | 212,796 | 212,796 | — | 49 | | 2027 | 2027 | | 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(2) | 89,022 | 237,684 | 326,706 | 21 | 21 | | 1Q24 | 2027 | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | — | 107,250 | 107,250 | — | — | | 2H26 | 2027 | | 701 Dexter Avenue North/Seattle/Lake Union | — | 227,577 | 227,577 | 23 | 23 | | 4Q26 | 2027 | | | 145,926 | 2,803,640 | 2,949,566 | | | | | | | 100% Pre-leased committed near-term project expected to commence construction in the next year | | | | | | | | | | Campus Point by Alexandria/San Diego/University Town Center(3) | — | 466,598 | 466,598 | 100 | 100 | | 2028 | 2028 | | Total 2027 and beyond stabilization and committed near-term project | 145,926 | 3,270,238 | 3,416,164 | 25 | 28 | | | | | | 551,399 | 4,239,762 | 4,791,161 | 41% | 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 time. (2)We continue to build out this project on a floor-by-floor basis. As of September 30, 2025, the remaining cost to complete is 138 million, or 28% of the total cost at completion. (3)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently occupies two buildings within the Megacampus: one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. These buildings generated annual rental revenue of 7.5 million as of 3Q25. At the beginning of 2026, the tenant will vacate the 52,620 RSF building, and during 2028, the tenant will vacate the 52,853 RSF building. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital would be contributed pro rata with our joint venture partner. | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 39 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) | | --- | | September 30, 2025 | | (Dollars in thousands) | | | | At 100% | | | | Unlevered Yields | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property/Market/Submarket | In Service | | | | | | | Initial Stabilized (Cash Basis) | | | Under construction | | | | | | | | | | | 2025 and 2026 stabilization with 80% leased/negotiating | | | | | | | | | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | | 154,608 | 210,017 | 79,375 | 444,000 | | 6.0% | | 6.8% | | 4135 Campus Point Court/San Diego/University Town Center | | — | 412,619 | 111,381 | 524,000 | | 9.0% | | 6.2% | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | | 25,573 | 217,841 | 77,586 | 321,000 | | 5.5% | | 5.7% | | 8800 Technology Forest Place/Texas/Greater Houston | | 60,480 | 46,526 | 4,994 | 112,000 | | 6.3% | | 6.0% | | Canada | | 95,750 | 14,671 | 4,579 | 115,000 | | 6.0% | | 6.0% | | | | 336,411 | 901,674 | | | | | | | | 2027 and beyond stabilization(1) | | | | | | | | | | | One Hampshire Street/Greater Boston/Cambridge | | — | 173,897 | TBD | | | | | | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | | 21,756 | 298,829 | | | 421 Park Drive/Greater Boston/Fenway | | — | 561,633 | | | 401 Park Drive/Greater Boston/Fenway | | — | 174,402 | | | 40, 50, and 60 Sylvan Road/Greater Boston/Route 128 | | — | 511,925 | | | Other/Greater Boston | | — | 160,950 | | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | | — | 245,677 | | | 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco | | 116,744 | 232,429 | 137,827 | 487,000 | | 5.0% | | 5.1% | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | | — | 109,065 | TBD | | | | | | | 701 Dexter Avenue North/Seattle/Lake Union | | — | 293,922 | | | | | 138,500 | 2,762,729 | | | | | | | | | | 474,911 | 3,664,403 | | | | | | | | 100% Pre-leased committed near-term project expected to commence construction in the next year | | | | | | | | | | | Campus Point by Alexandria/San Diego/University Town Center(2) | | — | 60,398 | 599,602 | 660,000 | | 7.3% | | 6.5% | | Total | | 474,911 | 3,724,801 | 2,670,000 | 6,870,000 | | | | | | Our share of investment(3)(4) | | 410,000 | 3,100,000 | 2,180,000 | 5,690,000 | | | | | | 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 2027 and beyond over the next several quarters.(2)Refer to footnote 3 on the prior page for additional details.(3)Represents dollar amount rounded to the nearest 10 million and includes preliminary estimated amounts for projects listed as TBD.(4)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 | 40 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline | | --- | | September 30, 2025 | | (Dollars in thousands) |

76% 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

				Committed<br><br>Near Term		Future		Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge	100%	173,897	104,956		—		—		104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100%	311,016	333,758		—		34,157		367,915
311 Arsenal Street
Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99<br><br>Coolidge Avenue/Cambridge/Inner Suburbs	100%	233,479	191,396		—		560,000		751,396
446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway	100%	736,035	529,686		—		—		529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128	100%	576,242	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%	212,439	—		—		174,500		174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge	100%	8,449	—		—		100,000		100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation<br><br>District	60.0%	295,345	—		—		1,040,000		1,040,000
10 Necco Street/Seaport Innovation District	100%	106,373	—		—		175,000		175,000
215 Presidential Way/Route 128	100%	6,816	—		—		112,000		112,000
Other development and redevelopment projects	100%	379,674	453,869		—		1,348,541		1,802,410
		3,039,765	2,209,729		—		4,059,198		6,268,927
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.

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) | | --- | | September 30, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Committed Near Term | | Future | | Total(1) | | | San Francisco Bay Area | | | | | | | | | | | Megacampus: Alexandria Center® for Science and Technology – Mission Bay/ Mission Bay | 25.0% | 245,677 | 212,796 | | — | | — | | 212,796 | | 1450 Owens Street | | | | | | | | | | | Megacampus: Alexandria Technology Center® – Gateway/ South San Francisco | 50.0% | 259,005 | 237,684 | | — | | 291,000 | | 528,684 | | 651 Gateway Boulevard | | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco | 100% | 115,720 | 107,250 | | — | | 90,000 | | 197,250 | | 211(2) and 269 East Grand Avenue | | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco | 100% | 429,101 | — | | — | | 1,930,000 | | 1,930,000 | | 1122, 1150, and 1178 El Camino Real | | | | | | | | | | | Alexandria Center® for Life Science – Millbrae/South San Francisco | 48.5% | 158,718 | — | | — | | 348,401 | | 348,401 | | 201 and 231 Adrian Road and 30 Rollins Road | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford | 100% | 479,347 | — | | — | | 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% | 164,226 | — | | — | | 478,000 | | 478,000 | | 2100, 2200, 2300, and 2400 Geng Road/Greater Stanford | 100% | 81,552 | — | | — | | 240,000 | | 240,000 | | Megacampus: 88 Bluxome Street/SoMa | 100% | 418,909 | — | | — | | 1,070,925 | | 1,070,925 | | | | 2,352,255 | 557,730 | | — | | 5,946,156 | | 6,503,886 | | 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)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 | 42 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | September 30, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | Committed Near Term | | Future | | Total(1) | | | San Diego | | | | | | | | | | | | Megacampus: Campus Point by Alexandria/University Town Center | 55.0% | (3) | 620,470 | 426,927 | | 466,598 | | 500,859 | | 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% | | 414,636 | 221,589 | | — | | 493,845 | | 715,434 | | 9805 Scranton Road and 10075 Barnes Canyon Road | | | | | | | | | | | | 11255 and 11355 North Torrey Pines Road/Torrey Pines | 100% | | 158,326 | — | | — | | 215,000 | | 215,000 | | Megacampus: One Alexandria Square/Torrey Pines | 100% | | 64,545 | — | | — | | 125,280 | | 125,280 | | 10975 and 10995 Torreyana Road | | | | | | | | | | | | Megacampus: 5200 Illumina Way/University Town Center | 51.0% | | 17,536 | — | | — | | 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% | | 48,303 | — | | — | | 1,661,915 | | 1,661,915 | | 6290, 6310, 6340, 6350, and 6450 Sequence Drive | | | | | | | | | | | | 4075 Sorrento Valley Boulevard/Sorrento Valley | 100% | | 28,167 | — | | — | | 144,000 | | 144,000 | | Other development and redevelopment projects | (4) | | 78,036 | — | | — | | 475,000 | | 475,000 | | | | | 1,430,856 | 648,516 | | 466,598 | | 4,167,731 | | 5,282,845 | | Seattle | | | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/ Lake Union | (5) | | 584,896 | 227,577 | | — | | 1,057,400 | | 1,284,977 | | 601 and 701 Dexter Avenue North and 800 Mercer Street | | | | | | | | | | | | 1010 4th Avenue South/SoDo | 100% | | 62,116 | — | | — | | 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% | | 19,739 | — | | — | | 230,000 | | 230,000 | | 21660 20th Avenue Southeast | | | | | | | | | | | | Other development and redevelopment projects | 100% | | 151,672 | — | | — | | 706,087 | | 706,087 | | | | | 818,423 | 227,577 | | — | | 2,629,312 | | 2,856,889 | | 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)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%, after which future capital would be contributed pro rata with our partner. (4)Includes a property in which we own a partial interest through a real estate joint venture. (5)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 | 43 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | September 30, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Committed Near Term | | Future | | Total(1) | | | Maryland | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville | 100% | 25,629 | — | | — | | 296,000 | | 296,000 | | 9830 Darnestown Road | | | | | | | | | | | | | 25,629 | — | | — | | 296,000 | | 296,000 | | Research Triangle | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle | 100% | 163,894 | — | | — | | 2,060,000 | | 2,060,000 | | Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/Research Triangle | 100% | 111,537 | — | | — | | 1,170,000 | | 1,170,000 | | 4 and 12 Davis Drive | | | | | | | | | | | Megacampus: Alexandria Center® for NextGen Medicines/ Research Triangle | 100% | 113,456 | — | | — | | 1,055,000 | | 1,055,000 | | 3029 East Cornwallis Road | | | | | | | | | | | Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle | 100% | 55,732 | — | | — | | 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 | | | | 448,804 | — | | — | | 5,177,227 | | 5,177,227 | | New York City | | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – New York City/New York City | 100% | 175,666 | — | | — | | 550,000 | (2) | 550,000 | | | | 175,666 | — | | — | | 550,000 | | 550,000 | | 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)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 September 30, 2025 filed with the Securities and Exchange Commission on October 27, 2025 for additional details. | | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 44 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | September 30, 2025 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | Committed Near Term | | Future | | Total(1) | | | Texas | | | | | | | | | | | Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston | 100% | 49,575 | 73,298 | | — | | 116,405 | | 189,703 | | 8800 Technology Forest Place | | | | | | | | | | | 1001 Trinity Street and 1020 Red River Street/Austin | 100% | 133,684 | — | | — | | 250,010 | | 250,010 | | Other development and redevelopment projects | 100% | 59,432 | — | | — | | 344,000 | | 344,000 | | | | 242,691 | 73,298 | | — | | 710,415 | | 783,713 | | Canada | 100% | 14,671 | 56,314 | | — | | 371,743 | | 428,057 | | Other development and redevelopment projects | 100% | 47,504 | — | | — | | 350,000 | | 350,000 | | Total pipeline as of September 30, 2025, excluding properties held for sale | | 8,596,264 | 3,773,164 | | 466,598 | | 24,257,782 | | 28,497,544 | | Properties held for sale | | 112,681 | — | | — | | 939,756 | | 939,756 | | Total pipeline as of September 30, 2025 | | 8,708,945 | 3,773,164 | | 466,598 | | 25,197,538 | | 29,437,300 |

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 2,135,074 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)Includes $3.7 billion of projects that are currently under construction and one 100% pre-leased committed near-term project expected to commence vertical construction in 2026.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 45 | | --- | --- || Construction Spending | | --- | | September 30, 2025 | | (Dollars in thousands) | | Construction spending | Nine Months Ended September 30, 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 | $ | 799,723 | | | $ | 1,791,097 | | Future pipeline pre-construction | | | | | | | | Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) | | 365,654 | | | | 426,948 | | Revenue- and non-revenue-enhancing capital expenditures | | 230,867 | | (1) | | 273,377 | | Construction spending (before contributions from noncontrolling interests or tenants): | | 1,396,244 | | | | 2,491,422 | | Contributions from noncontrolling interests (consolidated real estate joint ventures) | | (156,668) | | (2) | | (343,798) | | Tenant-funded and -built landlord improvements | | (171,153) | | | | (129,152) | | Total construction spending | $ | 1,068,423 | | | $ | 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(2)
4Q25 through 2026		$130,980
2027 and beyond		35,925
Total		$166,905

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

(1)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 $320 million at the midpoint of our guidance for 2025 construction spending.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 46 | | --- | --- || Capitalization of Interest | | --- | | September 30, 2025 | | (Dollars in thousands) | | | | | Average Real Estate Basis Capitalized During YTD 3Q25 | | Percentage of Total Average Real Estate Basis Capitalized | | | --- | --- | --- | --- | --- | --- | --- | | | Leased/ Negotiating | | | | | Key Categories of Real Estate Basis Capitalized | | | | | Construction of Class A/A+ properties: | | | | | | | | Development and redevelopment of projects under construction and one 100% pre-leased committed near-term project expected to commence construction in the next year: | | | | | | | | 2025 and 2026 stabilization | | 80% | | 650,004 | | 8% | | 2027 and beyond stabilization | | 28% | | 2,157,701 | | 26 | | Smaller redevelopments and repositioning of capital projects | | | | 1,128,760 | | 14 | | Future pipeline projects with critical pre-construction milestones during 4Q25 and 2026:(3) | | | | | | | | Megacampus projects | | | | 3,032,254 | | 37 | | Non-Megacampus projects | | | | 1,211,641 | | 15 | | Total average real estate basis capitalized(4) | | | | 8,180,360 | | 100% |

All values are in US Dollars.

Smaller redevelopments and repositioning

of capital projects(1) – $1.1 billion

Under construction – 2025 and 2026 stabilization

– $650.0 million (80% leased/negotiating)

Critical milestones in 4Q25 and 2026 –

Future Megacampus projects(2) – $3.0 billion

Under construction and committed near-term

project – stabilization in 2027 and beyond

– $2.2 billion (28% leased/negotiating)

Critical milestones in 4Q25 and 2026 – Future

Non-Megacampus projects – $1.2 billion

Percentage of Total Average Real Estate Basis Capitalized During YTD 3Q25

(1)Includes the real estate basis related to the 617,458 RSF of vacant space as of September 30, 2025 that is leased but not yet delivered. The weighted-average expected delivery date is approximately May 1, 2026.

(2)Includes four key projects on the following pages for additional details, which represent a total average capitalized real estate basis of approximately $1.2 billion during YTD 3Q25.

(3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical

construction on April 14, 2026 on a weighted-average real estate investment basis. We will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market

conditions, pause future investments, or consider the potential disposition of real estate assets.

(4)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities

necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total

average real estate basis subject to capitalization for YTD 3Q25.

Key Active, Committed Near-Term, and Future Megacampus™ Development Projects

1.3M RSF

OPERATING

1.4M RSF

ACTIVE/FUTURE

100% Pre-Leased

Committed Near-

Term Development

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

0.7M RSF

OPERATING

1.5M RSF

FUTURE

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

0.4M RSF

OPERATING

1.3M RSF

ACTIVE/FUTURE

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 Future Megacampus™ Development Project

0.4M RSF

OPERATING

1.9M RSF

FUTURE

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 | 51 | | --- | --- || Joint Venture Financial Information | | --- | | September 30, 2025 | | Consolidated Real Estate Joint Ventures | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property | Market | Submarket | Noncontrolling Interest Share(1) | | | Operating RSF at 100% | | | | 50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 66.0% | | | 532,395 | | | 75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 60.0% | | | 388,270 | | | 100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | | 70.0% | | | 870,641 | | | 15 Necco Street | Greater Boston | Seaport Innovation District | | 43.3% | | | 345,996 | | | 285, 299, 307, and 345 Dorchester Avenue | Greater Boston | Seaport Innovation District | | 40.0% | | | — | (2) | | Alexandria Center® for Science and Technology – Mission Bay(3) | San Francisco Bay Area | Mission Bay | | 75.0% | | | 548,215 | | | 601, 611, 651(2), 681, 685, and 701 Gateway Boulevard | San Francisco Bay Area | South San Francisco | | 50.0% | | | 874,234 | | | 751 Gateway Boulevard | San Francisco Bay Area | South San Francisco | | 49.0% | | | 230,592 | | | 211 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 | | 51.5% | | | 285,346 | | | 3215 Merryfield Row | San Diego | Torrey Pines | | 70.0% | | | 170,523 | | | Campus Point by Alexandria(2)(4) | San Diego | University Town Center | | 45.0% | (5) | | 1,212,414 | | | 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(2)(6) | San Diego | Sorrento Mesa | | 50.0% | | | 829,437 | | | Summers Ridge Science Park(7) | San Diego | Sorrento Mesa | | 70.0% | | | 316,531 | | | 1201 and 1208 Eastlake Avenue East | Seattle | Lake Union | | 70.0% | | | 206,134 | | | 400 Dexter Avenue North | Seattle | Lake Union | | 70.0% | | | 290,754 | | | 800 Mercer Street | Seattle | Lake Union | | 40.0% | | | — | (2) | | Unconsolidated Real Estate Joint Ventures | | | | | | | | | | Property | Market | Submarket | Our Ownership Share(8) | | | Operating RSF at 100% | | | | 1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | | 10.0% | | | 586,208 | | | 1450 Research Boulevard | Maryland | Rockville | | 73.2% | (9) | | 42,012 | | | 101 West Dickman Street | Maryland | Beltsville | | 58.4% | (9) | | 142,933 | |

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

(1)In addition to the real estate joint ventures listed, we have one consolidated real estate joint venture in the Greater Boston market in which a partner holds a $48.7 million redeemable noncontrolling interest earning a fixed return.

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

Information for additional details.

(3)Includes 409 and 499 Illinois, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South. Operating RSF excludes 409 and 499 Illinois, which met the criteria to be designated as held for sale as of September

2025.

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

(5)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%,

after which future capital would be contributed pro rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.

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

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 52 | | --- | --- || Joint Venture Financial Information (continued) | | --- | | September 30, 2025 | | (In thousands) | | | | As of September 30, 2025 | | | | --- | --- | --- | --- | --- | | | Noncontrolling Interest Share of Consolidated Real Estate JVs | | Our Share of Unconsolidated Real Estate JVs | | | Investments in real estate | $ | 4,103,608 | $ | 99,393 | | Cash, cash equivalents, and restricted cash | | 160,646 | | 2,341 | | Other assets | | 445,479 | | 10,533 | | Secured notes payable | | — | | (67,315) | | Other liabilities | | (230,757) | | (5,351) | | Redeemable noncontrolling interests | | (58,662) | | — | | | $ | 4,420,314 | $ | 39,601 || | Noncontrolling Interest Share of Consolidated Real Estate JVs | | | | Our Share of Unconsolidated Real Estate JVs | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | September 30, 2025 | | | | September 30, 2025 | | | | | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Nine Months Ended | | | Total revenues | $ | 118,646 | $ | 353,241 | $ | 2,700 | $ | 7,963 | | Rental operations | | (38,170) | | (108,978) | | (1,025) | | (3,008) | | | | 80,476 | | 244,263 | | 1,675 | | 4,955 | | General and administrative | | (630) | | (2,193) | | (20) | | (101) | | Interest | | (151) | | (905) | | (1,060) | | (3,118) | | Depreciation and amortization of real estate assets | | (45,327) | | (114,785) | | (852) | | (2,848) | | Impairment of real estate | | — | | — | | — | | (8,673) | | Gain on sale of interest of unconsolidated JV | | — | | — | | 458 | | 458 | | Fixed returns allocated to redeemable noncontrolling interests(1) | | 541 | | 943 | | — | | — | | | $ | 34,909 | $ | 127,323 | $ | 201 | $ | (9,327) | | Straight-line rent and below-market lease revenue | $ | 6,663 | $ | 16,857 | $ | 172 | $ | 506 | | Funds from operations(2) | $ | 80,236 | $ | 242,108 | $ | 595 | $ | 1,736 |

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

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests for properties in the Greater Boston and San Francisco Bay Area markets. These redeemable noncontrolling interests earn a fixed return on

their investment rather than participate in the operating results of the properties.

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

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

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

	September 30, 2025		Year Ended December 31, 2024
	Three Months Ended	Nine Months Ended
Realized gains	9,646	19,115	59,124
Unrealized gains (losses)	18,515	(71,568)	(112,246)
Investment income (loss)	28,161	(52,453)	(53,122)

All values are in US Dollars.

	September 30, 2025
Investments	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	197,229	$28,964	$(101,901)	124,292
Entities that report NAV	482,734	98,002	(40,603)	540,133
Entities that do not report NAV:
Entities with observable price changes	80,454	53,409	(9,614)	124,249
Entities without observable price changes	422,519	—	—	422,519
Investments accounted for under the equity method	N/A	N/A	N/A	326,445
September 30, 2025	1,182,936	$180,375	$(152,118)	1,537,638
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

21%

Tenant

87%

Private

79%

Non-Tenant

(1)Consists of realized gains of $34.8 million and $94.7 million, partially offset by impairment charges of $25.1 million and $75.5 million during the three and nine months ended September 30, 2025, respectively.

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

(3)Consists of unrealized gains of $51.3 million primarily resulting from the increase in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $32.8 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 September 30, 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 nine months ended September 30, 2025.

(5)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.

(6)Represents 2.7% of gross assets as of September 30, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT<br><br>LIQUIDITY	PERCENTAGE OF FIXED-RATE<br><br>DEBT SINCE 2021(1)
$4.2B	96.7%
REMAINING DEBT TERM<br><br>(IN YEARS)	DEBT INTEREST<br><br>RATE
11.6	3.97%
Longest Among S&P 500 REITs(3)

TOP 15%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(2)

BBB+

Stable

Baa1

Negative

WEIGHTED AVERAGE

As of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2021 through September 30, 2025.

(2)Top 15% 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 September 30, 2025.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for PSA and WY) as of June 30, 2025, except for ARE, which is as of September 30, 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 55 | | --- | --- || Key Credit Metrics | | --- | | September 30, 2025 | | Liquidity | | --- | | | | 4.2B | | (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 | | Investments in publicly traded companies | | Liquidity as of September 30, 2025 | | Net Debt and Preferred Stock to Adjusted EBITDA(1) |

All values are in US Dollars.

5.5x to 6.0x

3.6x to 4.1x

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

(1)Quarter annualized.

Weighted-Average Remaining Term of 11.6 Years

(1)We expect to have limited borrowings, with less than $500.0 million outstanding on our unsecured senior line of credit and commercial paper program by the end of 2025. We expect to reduce the outstanding balance with

proceeds from our 2025 dispositions expected to close in 4Q25. Refer to “Dispositions and exchange of partial interests” in the Earnings Press Release for additional details.

(2)Refer to footnotes 2 through 4 on page 58 under “Fixed-rate and variable-rate debt” for additional details.

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM

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

5.8 Years

Average Debt Term

of S&P 500 REITs

as of June 30, 2025

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for PSA and WY) as of June 30, 2025, except for ARE, which is as of September 30, 2025

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 58 | | --- | --- || Summary of Debt (continued) | | --- | | September 30, 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) | | | Unsecured senior notes payable | $12,044,999 | $— | $12,044,999 | 88.6% | 3.90% | 12.6 | | | Unsecured senior line of credit(2) and commercial paper program(3) | — | 1,548,542 | 1,548,542 | 11.4 | 4.52 | 4.3 | (4) | | Total/weighted average | $12,044,999 | $1,548,542 | $13,593,541 | 100.0% | 3.97% | 11.6 | (4) | | Percentage of total debt | 88.6% | 11.4% | 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 September 30, 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 September 30, 2025, we had $1.5 billion 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 11.1 years. The commercial paper notes sold during the nine months ended September 30, 2025 were issued at a weighted-average yield to maturity of 4.64% and had a

weighted-average maturity term of 17 days.

	Average Debt Outstanding		Weighted-Average Interest Rate
	September 30, 2025		September 30, 2025
	Three Months Ended	Nine Months Ended	Three Months Ended	Nine Months Ended
Long-term fixed-rate debt	$12,121,219	$12,290,203	3.88%	3.86%
Short-term variable-rate unsecured senior line of credit and commercial paper<br><br>program debt	1,503,453	935,353	4.64	4.64
Blended-average interest rate	13,624,672	13,225,556	3.96	3.92
Loan fee amortization and annual facility fee related to unsecured senior line of credit	N/A	N/A	0.14	0.13
Total/weighted average	$13,624,672	$13,225,556	4.10%	4.05%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	59
---	---		Summary of Debt (continued)
---
September 30, 2025
(Dollars in thousands)
Debt covenants	Unsecured Senior Notes Payable		Unsecured Senior Line of Credit
---	---	---	---	---
Debt Covenant Ratios(1)	Requirement	September 30, 2025	Requirement	September 30, 2025
Total Debt to Total Assets	≤ 60%	32%	≤ 60.0%	33.6%
Secured Debt to Total Assets	≤ 40%	—%	≤ 45.0%	—%
Consolidated EBITDA to Interest Expense	≥ 1.5x	9.8x	≥ 1.50x	3.58x
Unencumbered Total Asset Value to Unsecured Debt	≥ 150%	302%	N/A	N/A
Unsecured Interest Coverage Ratio	N/A	N/A	≥ 1.75x	8.54x

(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		10/29/26		SOFR+1.95%	(3)		6.20%	$26,750	18,999
1450 Research Boulevard		12/6/26		SOFR+1.95%	(3)		6.26%	13,000	8,932
1655 and 1725 Third Street		2/10/35		6.37%			6.44%	500,000	496,794
								$539,750	524,725

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 September 30, 2025.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 60 | | --- | --- || Summary of Debt (continued) | | --- | | September 30, 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 | | | | | | | | | | | Unsecured senior line of credit and commercial paper program(3) | (3) | 4.52% | (3) | 1/22/30 | (3) | — | — | — | — | — | $1,550,000 | $1,550,000 | $(1,458) | $1,548,542 | | Unsecured senior notes payable | 4.30% | 4.50 | | 1/15/26 | | — | 300,000 | — | — | — | — | 300,000 | (160) | 299,840 | | Unsecured senior notes payable | 3.80% | 3.96 | | 4/15/26 | | — | 350,000 | — | — | — | — | 350,000 | (285) | 349,715 | | Unsecured senior notes payable | 3.95% | 4.13 | | 1/15/27 | | — | — | 350,000 | — | — | — | 350,000 | (684) | 349,316 | | Unsecured senior notes payable | 3.95% | 4.07 | | 1/15/28 | | — | — | — | 425,000 | — | — | 425,000 | (994) | 424,006 | | Unsecured senior notes payable | 4.50% | 4.60 | | 7/30/29 | | — | — | — | — | 300,000 | — | 300,000 | (860) | 299,140 | | Unsecured senior notes payable | 2.75% | 2.87 | | 12/15/29 | | — | — | — | — | 400,000 | — | 400,000 | (1,757) | 398,243 | | Unsecured senior notes payable | 4.70% | 4.81 | | 7/1/30 | | — | — | — | — | — | 450,000 | 450,000 | (1,779) | 448,221 | | Unsecured senior notes payable | 4.90% | 5.05 | | 12/15/30 | | — | — | — | — | — | 700,000 | 700,000 | (4,143) | 695,857 | | Unsecured senior notes payable | 3.375% | 3.48 | | 8/15/31 | | — | — | — | — | — | 750,000 | 750,000 | (3,866) | 746,134 | | Unsecured senior notes payable | 2.00% | 2.12 | | 5/18/32 | | — | — | — | — | — | 900,000 | 900,000 | (6,275) | 893,725 | | Unsecured senior notes payable | 1.875% | 1.97 | | 2/1/33 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (6,458) | 993,542 | | Unsecured senior notes payable | 2.95% | 3.07 | | 3/15/34 | | — | — | — | — | — | 800,000 | 800,000 | (6,668) | 793,332 | | Unsecured senior notes payable | 4.75% | 4.88 | | 4/15/35 | | — | — | — | — | — | 500,000 | 500,000 | (4,615) | 495,385 | | Unsecured senior notes payable | 5.50% | 5.66 | | 10/1/35 | | — | — | — | — | — | 550,000 | 550,000 | (6,470) | 543,530 | | Unsecured senior notes payable | 5.25% | 5.38 | | 5/15/36 | | — | — | — | — | — | 400,000 | 400,000 | (3,853) | 396,147 | | Unsecured senior notes payable | 4.85% | 4.93 | | 4/15/49 | | — | — | — | — | — | 300,000 | 300,000 | (2,785) | 297,215 | | Unsecured senior notes payable | 4.00% | 3.91 | | 2/1/50 | | — | — | — | — | — | 700,000 | 700,000 | 9,880 | 709,880 | | Unsecured senior notes payable | 3.00% | 3.08 | | 5/18/51 | | — | — | — | — | — | 850,000 | 850,000 | (10,938) | 839,062 | | Unsecured senior notes payable | 3.55% | 3.63 | | 3/15/52 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (13,339) | 986,661 | | Unsecured senior notes payable | 5.15% | 5.26 | | 4/15/53 | | — | — | — | — | — | 500,000 | 500,000 | (7,427) | 492,573 | | Unsecured senior notes payable | 5.625% | 5.71 | | 5/15/54 | | — | — | — | — | — | 600,000 | 600,000 | (6,525) | 593,475 | | Unsecured debt weighted-average interest rate/ subtotal | | 3.97 | | | | — | 650,000 | 350,000 | 425,000 | 700,000 | 11,550,000 | 13,675,000 | (81,459) | 13,593,541 | | Weighted-average interest rate/total | | 3.97% | | | | — | 650,000 | 350,000 | 425,000 | 700,000 | $11,550,000 | $13,675,000 | $(81,459) | $13,593,541 | | Balloon payments | | | | | | — | 650,000 | 350,000 | 425,000 | 700,000 | $11,550,000 | $13,675,000 | $(81,459) | $13,593,541 | | Principal amortization | | | | | | — | — | — | — | — | — | — | — | — | | Total debt | | | | | | — | 650,000 | 350,000 | 425,000 | 700,000 | $11,550,000 | $13,675,000 | $(81,459) | $13,593,541 | | Fixed-rate debt | | | | | | — | 650,000 | 350,000 | 425,000 | 700,000 | $10,000,000 | $12,125,000 | $(80,001) | $12,044,999 | | Variable-rate debt | | | | | | — | — | — | — | — | 1,550,000 | 1,550,000 | (1,458) | 1,548,542 | | Total debt | | | | | | — | 650,000 | 350,000 | 425,000 | 700,000 | $11,550,000 | $13,675,000 | $(81,459) | $13,593,541 | | Weighted-average stated rate on maturing debt | | | | | | N/A | 4.03% | 3.95% | 3.95% | 3.50% | 3.89% | | | |

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

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

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

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

Adjusted EBITDA and Adjusted EBITDA margin

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

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

Adjusted EBITDA margin:

	Three Months Ended
(Dollars in thousands)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24
Net (loss) income	$(197,845)	$(62,189)	$38,662	$(16,095)	$213,603
Interest expense	54,852	55,296	50,876	55,659	43,550
Income taxes	3,737	1,020	1,145	1,855	1,877
Depreciation and amortization	340,230	346,123	342,062	330,108	293,998
Stock compensation expense	10,293	12,530	10,064	12,477	15,525
Loss on early extinguishment of debt	107	—	—	—	—
Gain on sales of real estate	(9,366)	—	(13,165)	(101,806)	(27,114)
Unrealized (gains) losses on non-real estate<br><br>investments	(18,515)	21,938	68,145	79,776	(2,610)
Impairment of real estate	323,870	129,606	32,154	186,564	5,741
Impairment of non-real estate investments	25,139	39,216	11,180	20,266	10,338
Increase (decrease) in provision for expected<br><br>credit losses on financial instruments	—	—	285	(434)	—
Adjusted EBITDA	$532,502	$543,540	$541,408	$568,370	$554,908
Total revenues	$751,944	$762,040	$758,158	$788,945	$791,607
Adjusted EBITDA margin	71%	71%	71%	72%	70%

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

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

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

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

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

in 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 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, impairments of real estate, impairments of non-real estate investments, and

changes in 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 September 30, 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

September 30, 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)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24
Adjusted EBITDA	$532,502	$543,540	$541,408	$568,370	$554,908
Interest expense	$54,852	$55,296	$50,876	$55,659	$43,550
Capitalized interest	86,091	82,423	80,065	81,586	86,496
Amortization of loan fees	(4,505)	(4,615)	(4,691)	(4,620)	(4,222)
Amortization of debt discounts	(325)	(335)	(349)	(333)	(330)
Cash interest and fixed charges	$136,113	$132,769	$125,901	$132,292	$125,494
Fixed-charge coverage ratio:
– quarter annualized	3.9x	4.1x	4.3x	4.3x	4.4x
– trailing 12 months	4.1x	4.3x	4.4x	4.5x	4.5x

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, impairments of real estate, impairments of non-real estate

investments, and changes in 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 with

nonforfeitable dividends 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 with nonforfeitable dividends 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:

	Noncontrolling Interest Share of<br><br>Consolidated Real Estate JVs		Our Share of Unconsolidated<br><br>Real Estate JVs
	September 30, 2025		September 30, 2025
(In thousands)	Three Months<br><br>Ended	Nine Months<br><br>Ended	Three Months<br><br>Ended	Nine Months<br><br>Ended
Net income (loss)	$34,909	$127,323	$201	$(9,327)
Depreciation and amortization of real<br><br>estate assets	45,327	114,785	852	2,848
Gain on sale of interest of<br><br>unconsolidated JV	—	—	(458)	(458)
Impairment of real estate	—	—	—	8,673
Funds from operations	$80,236	$242,108	$595	$1,736

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24
Total assets	$37,375,148	$37,623,629	$37,600,428	$37,527,449	$38,488,128
Accumulated depreciation	6,416,745	6,146,378	5,886,561	5,625,179	5,624,642
Gross assets	$43,791,893	$43,770,007	$43,486,989	$43,152,628	$44,112,770

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 September 30, 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.

Space Intentionally Blank

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 September 30, 2025:

(In thousands)	Investments in<br><br>Real Estate
Gross investments in real estate	$38,160,662
Less: accumulated depreciation	(6,416,745)
Investments in real estate	$31,743,917

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 September 30, 2025:

		Percentage of
(Dollars in thousands)	Book Value	Gross<br><br>Assets	Annual Rental<br><br>Revenue
Projects under active construction and one 100% pre-leased<br><br>committed near-term project expected to commence in the next year	$3,724,801	9%	—%
Future development projects(1) and land parcels primarily located in<br><br>Megacampuses	4,871,463	11	1
	$8,596,264	20%	1%

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

development rights associated with existing operating campuses.

Space Intentionally Blank

Investments in real estate (continued)

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

September 30, 2025. 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
Committed near-term project:
Campus Point by Alexandria/University Town Center	Dev	—	52,620	—	52,620
Future projects:
446, 458, and 500 Arsenal Street/Cambridge/Inner<br><br>Suburbs	Dev	—	—	116,623	116,623
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 and 2200 Geng Road/Greater Stanford	Dev	—	—	62,526	62,526
960 Industrial Road/Greater Stanford	Dev	—	—	112,590	112,590
Campus Point by Alexandria/University Town Center	Dev	—	—	96,805	96,805
Sequence District by Alexandria/Sorrento Mesa	Dev/<br><br>Redev	—	—	555,754	555,754
410 West Harrison Street/Elliott Bay	Dev	—	—	17,205	17,205
Other/Seattle	Dev	—	—	63,057	63,057
100 Capitola Drive/Research Triangle	Dev	—	—	39,370	39,370
Canada	Redev	—	—	247,743	247,743
		—	—	2,082,454	2,082,454
Total		—	52,620	2,082,454	2,135,074

(1)Includes vacant square footage as of September 30, 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, which are instead controlled jointly or by our joint venture

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

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

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

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

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

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

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

distributions, and claims have been repaid or satisfied.

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

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

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

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

our consolidated results.

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

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

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

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

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

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

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

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

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

Space Intentionally Blank

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Impairments of non-real estate investments and 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 consists 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, excluding properties classified as held for sale, as of September 30,

2025:

(Dollars in thousands)	Annual Rental<br><br>Revenue	Development and<br><br>Redevelopment<br><br>Pipeline RSF
Megacampus	$1,522,942	20,092,287
Core and non-core	452,544	6,270,183
Total	$1,975,486	26,362,470
Megacampus as a percentage of annual rental revenue and<br><br>of total development and redevelopment pipeline RSF	77%	76%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends is reduced by distributions to

noncontrolling interests and excludes changes in operating assets and liabilities 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)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24
Secured notes payable	$—	$153,500	$150,807	$149,909	$145,000
Unsecured senior notes payable	12,044,999	12,042,607	12,640,144	12,094,465	12,092,012
Unsecured senior line of credit and<br><br>commercial paper	1,548,542	1,097,993	299,883	—	454,589
Unamortized deferred financing costs	76,383	78,574	80,776	77,649	79,610
Cash and cash equivalents	(579,474)	(520,545)	(476,430)	(552,146)	(562,606)
Restricted cash	(4,705)	(7,403)	(7,324)	(7,701)	(17,031)
Preferred stock	—	—	—	—	—
Net debt and preferred stock	$13,085,745	$12,844,726	$12,687,856	$11,762,176	$12,191,574
Adjusted EBITDA:
– quarter annualized	$2,130,008	$2,174,160	$2,165,632	$2,273,480	$2,219,632
– trailing 12 months	$2,185,820	$2,208,226	$2,218,722	$2,228,921	$2,184,298
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	6.1x	5.9x	5.9x	5.2x	5.5x
– trailing 12 months	6.0x	5.8x	5.7x	5.3x	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, impairments of real estate,

impairments of non-real estate investments, and changes in 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		Nine Months Ended
(Dollars in thousands)	9/30/25	9/30/24	9/30/25	9/30/24
Net (loss) income	$(197,845)	$213,603	$(221,372)	$526,828
Equity in (earnings) losses of unconsolidated real<br><br>estate joint ventures	(201)	(139)	9,327	(424)
General and administrative expenses	29,224	43,945	89,027	135,629
Interest expense	54,852	43,550	161,024	130,179
Depreciation and amortization	340,230	293,998	1,028,415	872,272
Impairment of real estate	323,870	5,741	485,630	36,504
Loss on early extinguishment of debt	107	—	107	—
Gain on sales of real estate	(9,366)	(27,114)	(22,531)	(27,506)
Investment (income) loss	(28,161)	(15,242)	52,453	(14,866)
Net operating income	512,710	558,342	1,582,080	1,658,616
Straight-line rent revenue	(18,821)	(29,087)	(59,380)	(125,676)
Amortization of deferred revenue related to tenant-<br><br>funded and -built landlord improvements	(5,455)	(329)	(9,507)	(329)
Amortization of acquired below-market leases	(6,456)	(17,312)	(31,874)	(70,167)
Provision for expected credit losses on financial<br><br>instruments	—	—	285	—
Net operating income (cash basis)	$481,978	$511,614	$1,481,604	$1,462,444
Net operating income (cash basis) – annualized	$1,927,912	$2,046,456	$1,975,472	$1,949,925
Net operating income (from above)	$512,710	$558,342	$1,582,080	$1,658,616
Total revenues	$751,944	$791,607	$2,272,142	$2,327,449
Operating margin	68%	71%	70%	71%

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 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.

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

therefore do not provide a reconciliation for net operating income 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, impairments of real estate, impairments of non-real estate

investments, and changes in 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.

Operating statistics

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

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

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

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

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

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

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

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

Same property comparisons

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

of same properties.

Space Intentionally Blank
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025	70
---	---	Definitions and Reconciliations (continued)
---
September 30, 2025

Same property comparisons (continued)

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

months ended September 30, 2025:

		Redevelopment – placed into
Development – under construction	Properties	service after January 1, 2024	Properties
99 Coolidge Avenue	1	840 Winter Street	1
1450 Owens Street	1	Alexandria Center® for Advanced<br><br>Technologies – Monte Villa Parkway	6
10075 Barnes Canyon Road	1
421 Park Drive	1		7
4135 Campus Point Court	1	Acquisitions after January 1, 2024	Properties
701 Dexter Avenue North	1	Other	3
	6		3
Development – placed into		Unconsolidated real estate JVs	4
service after January 1, 2024	Properties	Properties held for sale	14
9810 Darnestown Road	1	Total properties excluded from same<br><br>properties	61
9820 Darnestown Road	1
1150 Eastlake Avenue East	1	Same properties	314
4155 Campus Point Court	1	Total properties in North America as of<br><br>September 30, 2025	375
201 Brookline Avenue	1
9808 Medical Center Drive	1
230 Harriet Tubman Way	1
500 North Beacon Street and 4 Kingsbury<br><br>Avenue	2
10935, 10945, and 10955 Alexandria<br><br>Way	3
	12
Redevelopment – under construction	Properties
40, 50, and 60 Sylvan Road	3
269 East Grand Avenue	1
651 Gateway Boulevard	1
401 Park Drive	1
8800 Technology Forest Place	1
311 Arsenal Street	1
One Hampshire Street	1
Canada	4
Other	2
	15

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which a development or

redevelopment 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					Nine Months Ended
(In thousands)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	9/30/25	9/30/24
Income from rentals	$735,849	$737,279	$743,175	$763,249	$775,744	$2,216,303	$2,286,457
Rental revenues	(541,070)	(553,377)	(552,112)	(566,535)	(579,569)	(1,646,559)	(1,737,804)
Tenant recoveries	$194,779	$183,902	$191,063	$196,714	$196,175	$569,744	$548,653

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)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24
Unencumbered net operating income	$512,710	$535,766	$530,691	$547,921	$553,589
Encumbered net operating income	—	1,841	1,072	592	4,753
Total net operating income	$512,710	$537,607	$531,763	$548,513	$558,342
Unencumbered net operating income as a<br><br>percentage of total net operating income	100.0%	99.7%	99.8%	99.9%	99.1%

Weighted-average interest rate for capitalization of interest

The weighted-average interest rate required for calculating capitalization of interest pursuant

to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates

applicable to borrowings outstanding during the period, including expense/income related to interest rate

hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank

fees. A separate calculation is performed to determine our weighted-average interest rate for

capitalization for each month. The rate will vary each month due to changes in variable interest rates,

outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms

of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.

Space Intentionally Blank

Weighted-average shares of common stock outstanding – diluted

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

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

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

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

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

stock awards (“RSAs”) with forfeitable 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					Nine Months Ended
(In thousands)	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	9/30/25	9/30/24
Basic shares for earnings per<br><br>share	170,181	170,135	170,522	172,262	172,058	170,278	172,007
Unvested RSAs with<br><br>forfeitable dividends	—	—	—	—	—	—	—
Diluted shares for earnings<br><br>per share	170,181	170,135	170,522	172,262	172,058	170,278	172,007
Basic shares for funds from<br><br>operations per share and<br><br>funds from operations per<br><br>share, as adjusted	170,181	170,135	170,522	172,262	172,058	170,278	172,007
Unvested RSAs with<br><br>forfeitable dividends	124	57	77	—	—	73	—
Diluted shares for funds from<br><br>operations per share and<br><br>funds from operations per<br><br>share, as adjusted	170,305	170,192	170,599	172,262	172,058	170,351	172,007
Weighted-average unvested<br><br>RSAs with nonforfeitable<br><br>dividends used in<br><br>calculating the allocations<br><br>of net income, funds from<br><br>operations, and funds from<br><br>operations, as adjusted	1,917	1,998	2,053	2,417	2,838	1,989	2,901