8-K - ARE - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 25, 2022

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 Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value per share	ARE	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On April 25, 2022, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports First Quarter Ended March 31, 2022 Financial and Operating Results.” The press release referred to certain supplemental information that is available on the Company’s website at www.are.com. A copy of the press release and supplemental information are attached hereto as Exhibit 99.1.

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

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Alexandria Real Estate Equities, Inc.’s Earnings Press Release and Supplemental Information for the First Quarter Ended March 31, 2022

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

SIGNATURES

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

	ALEXANDRIA REAL ESTATE EQUITIES, INC.
April 25, 2022	By:	/s/ Joel S. Marcus
		Joel S. Marcus
		Executive Chairman
	By:	/s/ Peter M. Moglia
		Peter M. Moglia
		Co-Chief Executive Officer and <br>Co-Chief Investment Officer
	By:	/s/ Stephen A. Richardson
		Stephen A. Richardson
		Co-Chief Executive Officer
	By:	/s/ Dean A. Shigenaga
		Dean A. Shigenaga
		President and Chief Financial Officer

Document

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022

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(1)Capitalization rates are calculated based on net operating income (cash basis) annualized for the quarter preceding the date on which the property is sold, or near-term prospective net operating income.

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(1)Included in total leasing RSF.

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As of March 31, 2022.

(1)We also expect other projects to commence construction in this time frame.

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(1)As of March 31, 2022. Refer to “Key credit metrics” of our Supplemental Information for additional details.

(2)As of March 31, 2022.

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(1)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from Moody’s Investors Service

and S&P Global Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services as of March 31, 2022.

(2)As of March 31, 2022. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

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and S&P Global Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services as of March 31, 2022.

(2)As of March 31, 2022. Refer to “Key credit metrics” of our Supplemental Information for additional details.

(3)Quarter annualized.

(4)As of the date of this report. Refer to the summary of debt details on page 53 of our Supplemental Information for additional details.

(5)As of March 31, 2022.

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(1)Source: Barron’s, “10 Real Estate Companies That Are Both Greener and More Profitable,” February 19, 2022.

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Environmental data for 2021 reflected in the chart above received independent limited assurance from DNV Business Assurance USA, Inc.

(1)2025 environmental goals relative to a 2015 baseline on a like-for-like basis for buildings in operation that Alexandria directly manages.

(2)2025 environmental goal for buildings in operation that Alexandria indirectly and directly manages.

(3)Progress toward 2025 goals.

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Table of Contents
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March 31, 2022		EARNINGS PRESS RELEASE	Page	Page
---	---	---	---
First Quarter Ended March 31, 2022Financial and Operating Results	1	Earnings Call Information and About the Company	7
Acquisitions	4	Consolidated Statements of Operations	8
Dispositions and Sales of Partial Interest	5	Consolidated Balance Sheets	9
Guidance	6	Funds From Operations and Funds From Operations per Share	10
SUPPLEMENTAL INFORMATION	Page		Page
Company Profile	13	External Growth / Investments in Real Estate
Investor Information	14	Investments in Real Estate	32
Financial and Asset Base Highlights	15	New Class A Development and Redevelopment Properties:
High-Quality, Diverse, and Innovative Tenants	17	Recent Deliveries	34
Class A Properties in AAA Locations	18	Current Projects	37
Occupancy	19	Summary of Pipeline	42
Internal Growth		Construction Spending	46
Key Operating Metrics	20	Joint Venture Financial Information	47
Same Property Performance	21	Balance Sheet Management
Leasing Activity	22	Investments	49
Contractual Lease Expirations	23	Key Credit Metrics	50
Top 20 Tenants	24	Summary of Debt	51
Summary of Properties and Occupancy	25	Definitions and Reconciliations
Property Listing	26	Definitions and Reconciliations	54

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.

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Alexandria Real Estate Equities, Inc., at the Vanguard of the Life Science Industry, Reports:

1Q22 Net Loss per Share – Diluted of $0.96;

1Q22 FFO per Share – Diluted, As Adjusted, of $2.05

PASADENA, Calif. – April 25, 2022 – Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced financial and operating results for the first quarter ended March 31, 2022.

Key highlights
Operating results	1Q22			1Q21
Total revenues:
In millions	$	615.1		$	479.8
Growth	28.2		%
Net (loss) income attributable to Alexandria’s common stockholders – diluted
In millions	$	(151.7)		$	6.1
Per share	$	(0.96)		$	0.04
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted
In millions	$	324.6		$	263.0
Per share	$	2.05		$	1.91

Continued strong leasing volume in 1Q22, after a historic year of leasing in 2021

•Strong leasing activity continued in 1Q22 with the second-highest leasing volume in Company history for both total space and development and redevelopment space:

	1Q22
Total leasing activity – RSF	2,463,438
Leasing of development and redevelopment space – RSF	1,439,696
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)	864,077
Rental rate increases	32.2%
Rental rate increases (cash basis)	16.5%
Excluding short-term renewals executed to allow Bristol-Myers Squibb Company (“BMS”) to expand and consolidate into our Alexandria Point development project, described further below:
Rental rate increases	39.8%
Rental rate increases (cash basis)	23.2%

•During 1Q22, we executed the following long-term leases:

•426,927 RSF with BMS, our largest tenant, for the development of BMS’s newest innovative cutting-edge research hub focused on cancer as well as immune-mediated and neurodegenerative diseases at the Alexandria Point mega campus in San Diego.

•333,929 RSF with Eli Lilly and Company (“Lilly”), our third largest tenant, for the development of Lilly’s new state-of-the-art Institute for Genetic Medicine at 15 Necco Street in our Seaport Innovation District submarket of Greater Boston.

Continued strong net operating income and internal growth

•Net operating income (cash basis) of $1.5 billion for 1Q22 annualized, up $301.3 million, or 24.9%, compared to 1Q21 annualized.

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

•7.6% and 7.3% (cash basis) same property net operating income increase for 1Q22 over 1Q21.

A REIT industry-leading high-quality tenant roster with high-quality revenues and cash flows, strong margins, and operational excellence

Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants	50	%
Occupancy of operating properties in North America	94.7	%
Occupancy of operating properties in North America (excluding vacancy at recently acquired properties)	98.6	%	(1)
Operating margin	71	%
Adjusted EBITDA margin	71	%
Weighted-average remaining lease term:
All tenants	7.3		years
Top 20 tenants	10.5		years

(1)Excludes 1.6 million RSF, or 3.9%, of vacancy at recently acquired properties representing lease-up opportunities that are expected to provide incremental annual rental revenue. Refer to “Occupancy” in our Supplemental Information.

100 Binney Street achieves $1 billion valuation milestone in recapitalization

During 1Q22, we completed the sale of a 70% interest in 100 Binney Street in our Cambridge/Inner Suburbs submarket of Greater Boston for a sales price of $713.2 million, or $2,353 per RSF, at capitalization rates of 3.6% and 3.5% (cash basis), representing an excess of $413.6 million above our book value of the 70% interest sold. The sales price at 100% represents a property valuation of $1.02 billion. Proceeds from this sale will be reinvested into our highly leased value-creation pipeline and acquisitions with development and redevelopment opportunities.

Continued high demand drives visibility for future growth aggregating $665 million of incremental annual rental revenue

Our highly leased value-creation pipeline of current and key near-term projects that are under construction or that will commence construction in the next six quarters is expected to generate greater than $665 million of incremental annual rental revenue, primarily commencing from 2Q22 through 1Q25.

•8.0 million RSF of our value-creation projects are either under construction or expected to commence construction in the next six quarters.

•77% leased/negotiating.

Strong and flexible balance sheet with significant liquidity

•Investment-grade credit ratings ranked in the top 10% among all publicly traded U.S. REITs as of March 31, 2022.

•Net debt and preferred stock to Adjusted EBITDA of 5.5x and fixed-charge coverage ratio of 5.1x for 1Q22 annualized.

•Total debt and preferred stock to gross assets of 28% as of March 31, 2022.

•$5.7 billion liquidity as of March 31, 2022.

Continued dividend strategy to share growth in cash flows with stockholders

Common stock dividend declared for 1Q22 of $1.15 per common share, aggregating $4.54 per common share for the twelve months ended March 31, 2022, up 24 cents, or 6%, over the twelve months ended March 31, 2021. Our FFO payout ratio of 57% for the three months ended March 31, 2022 allows us to continue to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment.

Key items included in operating results

Key items included in net (loss) income attributable to Alexandria’s common stockholders:
(In millions, except per share amounts)	Amount				Per Share – Diluted
	1Q22		1Q21		1Q22		1Q21
Unrealized losses on non-real estate investments	$	(263.4)	$	(46.3)	$	(1.67)	$	(0.34)
Significant realized gains on non-real estate investments	—		22.9		—		0.17
Gain on sales of real estate	—		2.8		—		0.02
Impairment of real estate	—		(5.1)		—		(0.04)
Loss on early extinguishment of debt	—		(67.3)		—		(0.49)
Total	$	(263.4)	$	(93.0)	$	(1.67)	$	(0.68)

External growth and investment in real estate

Alexandria at the vanguard of innovation with a focus on accommodating our tenants’ current needs and providing a path for their future growth; high-quality roster of over 1,000 tenants

•During 1Q22, we completed acquisitions in our key life science cluster submarkets aggregating 7.3 million SF and comprising 6.9 million RSF of future development and redevelopment opportunities and 451,760 RSF of operating space for an aggregate purchase price of $1.8 billion. These acquisitions continue to be primarily focused on future development or redevelopment opportunities to expand our mega campuses and accommodate the future growth of our tenants.

Delivery and commencement of value-creation projects

•During 1Q22, we placed into service development and redevelopment projects aggregating 566,665 RSF across multiple submarkets.

•82% of construction costs related to active development and redevelopment projects aggregating 5.4 million RSF are under a guaranteed maximum price contract or other contracts. Our budgets also include a landlord contingency that generally ranges between 3% and 5%. Refer to “Definitions and reconciliations” in our Supplemental Information for additional details.

•Annual net operating income (cash basis) is expected to increase by $48 million upon the burn-off of initial free rent from recently delivered projects.

•During 1Q22, we commenced construction on five value-creation projects aggregating 1.1 million RSF, including:

•345,995 RSF development project that is 97% leased at 15 Necco Street in our Seaport Innovation District submarket.

•300,010 RSF project at 651 Gateway Boulevard in our South San Francisco submarket, which will be redeveloped into office/laboratory space; and

•192,000 RSF development project that is 100% leased at 9810 Darnestown Road in our Rockville submarket.

Delivery and commencement of value-creation projects (continued)

Value-creation pipeline of new Class A development and redevelopment projects as a percentage of gross assets	1Q22
Under construction projects 76% leased/negotiating	9%
Pre-leased/negotiating near-term projects expected to commence construction in the next six quarters 82% leased/negotiating	2%
Income-producing/potential cash flows/covered land play(1)	7%
Land	2%

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

Balance sheet management

Key metrics as of March 31, 2022

•$42.8 billion in total market capitalization.

•$32.5 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs as of March 31, 2022.

•No debt maturities prior to 2025 as of April 25, 2022.

•13.8 years weighted-average remaining term of debt as of March 31, 2022.

	1Q22		Goal
	Quarter	Trailing	4Q22
	Annualized	12 Months	Annualized
Net debt and preferred stock to Adjusted EBITDA	5.5x	5.9x	Less than or equal to 5.1x
Fixed-charge coverage ratio	5.1x	5.1x	Greater than or equal to 5.1x

Key capital events

•During 1Q22, our common equity transactions included the following:

•In January 2022, we entered into new forward equity sales agreements aggregating $1.7 billion to sell 8.1 million shares of our common stock (including the exercise of an underwriters’ option) at a public offering price of $210.00 per share, before underwriting discounts and commissions.

•In March 2022, we settled a portion of these forward equity sales agreements by issuing 3.2 million shares and received net proceeds of $648.2 million.

•We expect to issue 4.8 million shares to settle our remaining outstanding forward equity sales agreements and receive net proceeds of approximately $1.0 billion in 2022.

•In March 2022, we entered into new forward equity sales agreements aggregating $350.0 million to sell 1.8 million shares under our ATM program at an average price of $192.42 per share (before underwriting discounts). We expect to settle these forward equity sales agreements in 2022.

•As of March 31, 2022, the remaining aggregate amount available under our ATM program for future sales of common stock is $650.0 million.

Key capital events (continued)

•In February 2022, we opportunistically issued $1.8 billion of unsecured senior notes payable with a weighted-average interest rate of 3.28% and a weighted-average maturity of 22.0 years. The unsecured senior notes include:

•$800.0 million of 2.95% green unsecured senior notes due 2034; and

•$1.0 billion of 3.55% unsecured senior notes due 2052.

Investments

•As of March 31, 2022, our investments aggregated $1.7 billion, including unrealized gains of $532.6 million.

•Investment loss of $240.3 million for the three months ended March 31, 2022 included $23.1 million in realized gains and $263.4 million in unrealized losses (due to changes in fair value).

Subsequent event

•In April 2022, we repaid two secured notes payable aggregating $195.0 million due in 2024 with an effective interest rate of 3.40% and recognized a loss on early extinguishment of debt of $3.3 million, including a prepayment penalty and the write-off of unamortized loan fees.

Industry and ESG leadership: catalyzing and leading the way for positive change to benefit human health and society

•In April 2022, 9880 Campus Point Drive, a 98,000 RSF development on the Alexandria Point mega campus in our University Town Center submarket, earned LEED Platinum certification, the highest level of certification under the U.S. Green Building Council’s Core & Shell rating system. Home to Alexandria GradLabs®, a dynamic proprietary platform purpose-built to accelerate the growth of promising post-seed-stage life science companies, the cutting-edge facility demonstrates high levels of sustainability, including decreased water consumption, significantly reduced energy use, and increased use of recycled resources and materials.

•In March 2022, Alexandria’s executive chairman and founder, Joel S. Marcus, was honored by the National Medal of Honor Museum Foundation in Arlington, Texas during a groundbreaking ceremony in celebration of the historic mission-critical milestone in the development of the national museum. Mr. Marcus, who serves on the foundation’s board of directors, attended alongside fellow foundation board members, major museum donors, government officials, and 15 Medal of Honor recipients to commemorate the foundation’s remarkable progress toward its goal to build a permanent home where the inspiring stories of our country’s Medal of Honor recipients will be brought to life.

•In February 2022, Alexandria was ranked the #5 most sustainable REIT, as featured in the Barron’s article, “10 Real Estate Companies That Are Both Greener and More Profitable.”

•In February 2022, Alexandria earned the first-ever Fitwel Life Science certification for 300 Technology Square, located on the Alexandria Technology Square® mega campus in our Cambridge/Inner Suburbs submarket. The new rigorous, evidence-based Fitwel Life Science Scorecard — developed in partnership with the Center for Active Design exclusively for Alexandria — is the first healthy building framework dedicated to laboratory facilities, marking another pioneering effort by the company to prioritize tenant health and wellness and further differentiate our world-class laboratory buildings.

•In January 2022, Alexandria Venture Investments, our strategic venture capital platform, was recognized by Silicon Valley Bank in its “Healthcare Investments and Exits: 2022 Annual Report” as the #1 most active corporate investor in biopharma by new deal volume (2020-2021) for the fifth consecutive year. In March 2022, Alexandria Venture Investments was also recognized by AgFunder in its “2022 AgriFoodTech Investment Report” as one of the five most active U.S. Investors in agrifoodtech by number of companies in which it invested (2021) for the second consecutive year.

•Several of Alexandria’s facilities and campuses across our regions received awards in honor of excellence in operations, development, and design:

•200 Technology Square on the Alexandria Technology Square® mega campus in our Cambridge/Inner Suburbs submarket earned a 2022 BOMA Mid-Atlantic TOBY (The Outstanding Building of the Year) award in the Corporate Category. The TOBY Awards honor and recognize quality in building operations and award excellence in building management.

•The Alexandria Center® for AgTech in our Research Triangle submarket was named Top Flex/Warehouse Development in the Triangle Business Journal’s 2022 SPACE Awards. The annual SPACE Awards recognize the Research Triangle’s top real estate developments and transactions.

•685 Gateway Boulevard, an amenities building on our Alexandria Technology Center® – Gateway mega campus in our South San Francisco submarket, which is on track to achieve Zero Energy Certification, was awarded one of 10 national awards issued by WoodWorks – Wood Products Council in the 2022 Wood Design Awards, an annual awards program that celebrates excellence in wood building design.

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Acquisitions
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March 31, 2022
(Dollars in thousands)
Property	Submarket/Market	Date of<br>Purchase		Number of Properties		Operating<br>Occupancy		Square Footage
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			Acquisitions With Development/Redevelopment Opportunities(1)
			Future Development		Active Development/Redevelopment		Operating With Future Development/ Redevelopment		Operating(2)		Operating		Total(3)
Completed in 1Q22:
421 Park Drive(4)	Fenway/Greater Boston	1/13/22		—		N/A		202,997	(4)	—		—		—		—		202,997	$	81,119	(4)
225 and 235 Presidential Way	Route 128/Greater Boston	1/28/22		2		100%		—		—		440,130		—		—		440,130		124,673
1150 El Camino Real	South San Francisco/San Francisco Bay Area	2/8/22		1		99		610,000		—		431,940		70,000		—		680,000		118,000
3301, 3303, 3305, and 3307 Hillview Avenue	Greater Stanford/<br><br>San Francisco Bay Area	1/6/22		4		100		—		—		292,013		—		—		292,013		446,000
Costa Verde by Alexandria	University Town Center/<br><br>San Diego	1/11/22		2		100		537,000		—		8,730		—		—		545,730		125,000
800 Mercer Street (60% interest in consolidated JV)	Lake Union/Seattle	3/18/22		—		N/A		869,000		—		—		—		—		869,000		87,608
Alexandria Center® for Life Science – Durham	Research Triangle/Research Triangle	1/11/22		—		N/A		1,175,000		—		—		—		—		1,175,000		99,428
104 and 108/110/112/114 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive(5)	Research Triangle/Research Triangle	1/6/22		4		89		750,000		—		69,485		—		—		819,485		80,000
Intersection Campus	Texas/Other	2/18/22		9		81		—		—		998,099		—		—		998,099		400,400
Other	Various	Various		7		92		473,994		—		428,097		381,760		—		1,283,851		278,489
				29		91%		4,617,991		—		2,668,494	(6)	451,760	(6)	—	(6)	7,306,305		1,840,717
Other targeted acquisitions																				1,159,283
2022 acquisitions (midpoint)																			$	3,000,000
2022 guidance range																		2,500,000 – 3,500,000

All values are in US Dollars.

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

(2)Represents the operating component of our value-creation acquisitions that is not expected to undergo future development or redevelopment.

(3)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation with future development or redevelopment opportunities. We intend to demolish and develop or to redevelop the existing properties upon expiration of the existing in-place leases. Refer to “Definitions and reconciliations” in our Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(4)Represents the incremental purchase price related to the achievement of additional entitlement rights aggregating 202,997 SF at our Alexandria Center® for Life Science – Fenway mega campus.

(5)Includes the acquisition of fee simple interests in the land underlying our recently acquired 108/110/112/114 TW Alexander Drive buildings, which were previously subject to ground leases.

(6)We expect the acquisitions completed during the three months ended March 31, 2022 to generate initial annual net operating income of approximately $75 million for the twelve months following acquisition. These acquisitions included 29 operating properties with a weighted-average acquisition date of January 23, 2022 (weighted by initial annual net operating income).

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Dispositions and Sales of Partial Interest
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March 31, 2022
(Dollars in thousands)										Capitalization Rate<br>(Cash Basis)									Sales Price per RSF		Consideration in Excess of Book Value
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Property	Submarket/Market	Date of Sale	Interest Sold		RSF	Capitalization Rate				Sales Price
100 Binney Street	Cambridge/Greater Boston	3/30/22	70	%	432,931	3.6	%	3.5	%		$	713,228				(1)	$	2,353	$	413,615	(2)
Other	Greater Boston	2Q22	100	%	TBD						300,000		–	400,000					TBD
Other		TBD	TBD		TBD						286,772		–	1,486,772					TBD
2022 guidance range											$	1,300,000	–	$	2,600,000

(1)Represents the contractual sales price for the percentage interest of the property sold by us.

(2)We retained control over the newly formed real estate joint venture and therefore continued to consolidate this property. We accounted for the difference between the consideration received and the book value of the interest sold as an equity transaction, with no gain or loss recognized in earnings.

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Guidance
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March 31, 2022
(Dollars in millions, except per share amounts)

The following updated guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2022. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 7 of this Earnings Press Release for additional details.

	2022 Guidance			2022 Guidance Midpoint
Summary of Key Changes in Guidance	As of 4/25/22	As of 1/31/22	Summary of Key Changes in Sources and Uses of<br><br>Capital Guidance	As of 4/25/22	As of 1/31/22
EPS, FFO per share, and FFO per share, as adjusted	See updates below		Dispositions and sales of partial interest	$1,950	$1,700
Same property net operating income increases	5.9% to 7.9%	5.5% to 7.5%	Issuance of unsecured senior notes payable	$1,800	$1,450
Straight-line rent revenue	$154 to $164	$150 to $160	Repayments of secured notes payable	$(195)	$—
Projected 2022 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
---	---	---
	As of 4/25/22	As of 1/31/22
Earnings per share(1)	1.08 to 1.18	2.65 to 2.85
Depreciation and amortization of real estate assets
Allocation to unvested restricted stock awards
Funds from operations per share(2)	6.71 to 6.81	8.26 to 8.46
Unrealized losses on non-real estate investments
Loss on early extinguishment of debt(3)
Allocation to unvested restricted stock awards
Other
Funds from operations per share, as adjusted(2)	8.33 to 8.43	8.26 to 8.46
Midpoint	8.38	8.36

All values are in US Dollars.

Key Assumptions	Low		High
Occupancy percentage in North America as of December 31, 2022	95.2%		95.8%
Lease renewals and re-leasing of space:
Rental rate increases	30.0%		35.0%
Rental rate increases (cash basis)	18.0%		23.0%
Same property performance:
Net operating income increase	5.9%		7.9%
Net operating income increase (cash basis)	6.5%		8.5%
Straight-line rent revenue	$	154	$	164
General and administrative expenses	$	168	$	176
Capitalization of interest	$	269	$	279
Interest expense	$	90	$	100
Key Credit Metrics	2022 Guidance
---	---
Net debt and preferred stock to Adjusted EBITDA – 4Q22 annualized	Less than or equal to 5.1x
Fixed-charge coverage ratio – 4Q22 annualized	Greater than or equal to 5.1x		Key Sources and Uses of Capital	Range				Midpoint		Certain<br>Completed Items as of 3/31/22
---	---	---	---	---	---	---	---	---	---
Sources of capital:
Net cash provided by operating activities after dividends	$	275	$	325	$	300
Incremental debt	1,375		525			950	See below
Dispositions and sales of partial interest (refer to page 5)	1,300		2,600			1,950	$	713
Common equity	2,250		3,250			2,750	$	2,040	(4)
Total sources of capital	$	5,200	$	6,700	$	5,950
Uses of capital:
Construction (refer to page 46)	$	2,700	$	3,200	$	2,950
Acquisitions (refer to page 4)	2,500		3,500			3,000	$	1,841
Total uses of capital	$	5,200	$	6,700	$	5,950
Incremental debt (included above):
Issuance of unsecured senior notes payable	$	1,800	$	1,800	$	1,800	$	1,800
Repayments of secured notes payable	(195)		(195)			(195)	$	(195)	(3)
Unsecured senior line of credit, commercial paper, and other	(230)		(1,080)			(655)
Incremental debt	$	1,375	$	525	$	950

(1)Excludes unrealized gains or losses after March 31, 2022 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

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

(3)Refer to “Subsequent event” on page 3 of this Earnings Press Release for additional details.

(4)Refer to “Key capital events” on page 2 of this Earnings Press Release for additional details. During the three months ended March 31, 2022, we entered into new forward equity sales agreements aggregating $2.0 billion to sell 9.9 million shares of our common stock. As of March 31, 2022, we settled a portion of these forward equity sales agreements by issuing 3.2 million shares and received net proceeds of $648.2 million. We expect to issue 6.6 million shares to settle our remaining outstanding forward equity sales agreements and receive net proceeds of approximately $1.3 billion in 2022.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	6
Earnings Call Information and About the Company
---
March 31, 2022

We will host a conference call on Tuesday, April 26, 2022, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for the first quarter ended March 31, 2022. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday, April 26, 2022. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 3372112.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2022 is available in the “For Investors” section of our website at www.are.com or by following this link: http://www.are.com/fs/2022q1.pdf.

For any questions, please contact Joel S. Marcus, executive chairman and founder; Peter M. Moglia, co-chief executive officer and co-chief investment officer; Stephen A. Richardson, co-chief executive officer; Dean A. Shigenaga, president and chief financial officer; Paula Schwartz, managing director of Rx Communications Group, at (917) 322-2216; or Sara M. Kabakoff, vice president – communications, at (626) 578-0777.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (“REIT”), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, with a total market capitalization of $42.8 billion and an asset base in North America of 74.2 million square feet (“SF”) as of March 31, 2022. The asset base in North America includes 41.9 million RSF of operating properties and 5.4 million RSF of Class A properties undergoing construction, 10.4 million RSF of near-term and intermediate-term development and redevelopment projects, and 16.5 million SF of future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science, agtech, and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science, agtech, and technology companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit www.are.com.

***********

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 2022 earnings per share attributable to Alexandria’s common stockholders – diluted, 2022 funds from operations per share attributable to Alexandria’s common stockholders – diluted, 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.

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, GradLabs®, 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. © 2022	7
Consolidated Statements of Operations
---
March 31, 2022
(Dollars in thousands, except per share amounts)			Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Revenues:
Income from rentals	$	612,554	$	574,656	$	546,527	$	508,371	$	478,695
Other income	2,511		2,267		1,232		1,248		1,154
Total revenues	615,065		576,923		547,759		509,619		479,849
Expenses:
Rental operations	181,328		175,717		165,995		143,955		137,888
General and administrative	40,931		41,654		37,931		37,880		33,996
Interest	29,440		34,862		35,678		35,158		36,467
Depreciation and amortization	240,659		239,254		210,842		190,052		180,913
Impairment of real estate	—		—		42,620		4,926		5,129
Loss on early extinguishment of debt	—		—		—		—		67,253
Total expenses	492,358		491,487		493,066		411,971		461,646
Equity in earnings of unconsolidated real estate joint ventures	220		3,018		3,091		2,609		3,537
Investment (loss) income	(240,319)		(112,884)		67,084		304,263		1,014
Gain (loss) on sales of real estate	—		124,226		(435)		—		2,779
Net (loss) income	(117,392)		99,796		124,433		404,520		25,533
Net income attributable to noncontrolling interests	(32,177)		(24,901)		(21,286)		(19,436)		(17,412)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(149,569)		74,895		103,147		385,084		8,121
Net income attributable to unvested restricted stock awards	(2,081)		(2,098)		(1,883)		(4,521)		(2,014)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	(151,650)	$	72,797	$	101,264	$	380,563	$	6,107
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:
Basic	$	(0.96)	$	0.47	$	0.67	$	2.61	$	0.04
Diluted	$	(0.96)	$	0.47	$	0.67	$	2.61	$	0.04
Weighted-average shares of common stock outstanding:
Basic	158,198		153,464		150,854		145,825		137,319
Diluted	158,198		154,307		151,561		146,058		137,688
Dividends declared per share of common stock	$	1.15	$	1.15	$	1.12	$	1.12	$	1.09
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	8
---	---
Consolidated Balance Sheets
---
March 31, 2022
(In thousands)
	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
---	---	---	---	---	---	---	---	---	---	---
Assets
Investments in real estate	$	27,100,009	$	24,980,669	$	23,071,514	$	21,692,385	$	20,253,418
Investments in unconsolidated real estate joint ventures	38,456		38,483		321,737		323,622		325,928
Cash and cash equivalents	775,060		361,348		325,872		323,876		492,184
Restricted cash	95,106		53,879		42,182		33,697		42,219
Tenant receivables	7,570		7,379		7,749		6,710		7,556
Deferred rent	881,743		839,335		816,219		781,600		751,967
Deferred leasing costs	484,184		402,898		329,952		321,005		294,328
Investments	1,661,101		1,876,564		2,046,878		1,999,283		1,641,811
Other assets	1,801,027		1,658,818		1,596,615		1,536,672		1,424,935
Total assets	$	32,844,256	$	30,219,373	$	28,558,718	$	27,018,850	$	25,234,346
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	208,910	$	205,198	$	198,758	$	227,984	$	229,406
Unsecured senior notes payable	10,094,337		8,316,678		8,314,851		8,313,025		8,311,512
Unsecured senior line of credit and commercial paper	—		269,990		749,978		299,990		—
Accounts payable, accrued expenses, and other liabilities	2,172,692		2,210,410		2,149,450		1,825,387		1,750,687
Dividends payable	187,701		183,847		173,560		170,647		160,779
Total liabilities	12,663,640		11,186,123		11,586,597		10,837,033		10,452,384
Commitments and contingencies
Redeemable noncontrolling interests	9,612		9,612		11,681		11,567		11,454
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock	1,614		1,580		1,532		1,507		1,457
Additional paid-in capital	16,934,094		16,195,256		14,727,735		14,194,023		12,994,748
Accumulated other comprehensive loss	(5,727)		(7,294)		(6,029)		(4,508)		(5,799)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	16,929,981		16,189,542		14,723,238		14,191,022		12,990,406
Noncontrolling interests	3,241,023		2,834,096		2,237,202		1,979,228		1,780,102
Total equity	20,171,004		19,023,638		16,960,440		16,170,250		14,770,508
Total liabilities, noncontrolling interests, and equity	$	32,844,256	$	30,219,373	$	28,558,718	$	27,018,850	$	25,234,346
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	9
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Funds From Operations and Funds From Operations per Share
---
March 31, 2022
(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

	Three Months Ended
	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Net (loss) income attributable to Alexandria’s common stockholders	$	(151,650)	$	72,797	$	101,264	$	380,563	$	6,107
Depreciation and amortization of real estate assets	237,160		234,979		205,436		186,498		177,720
Noncontrolling share of depreciation and amortization from consolidated real estate JVs	(23,681)		(21,265)		(17,871)		(16,301)		(15,443)
Our share of depreciation and amortization from unconsolidated real estate JVs	955		3,058		3,465		4,135		3,076
(Gain) loss on sales of real estate	—		(124,226)		435		—		(2,779)
Impairment of real estate – rental properties	—		—		18,602		1,754		5,129
Allocation to unvested restricted stock awards	—		—		(1,472)		(2,191)		(201)
Funds from operations attributable to Alexandria’s common stockholders – diluted(1)	62,784		165,343		309,859		554,458		173,609
Unrealized losses (gains) on non-real estate investments	263,433		139,716		14,432		(244,031)		46,251
Significant realized gains on non-real estate investments	—		—		(52,427)		(34,773)		(22,919)
Impairment of real estate	—		—		24,018		3,172		—
Loss on early extinguishment of debt	—		—		—		—		67,253
Allocation to unvested restricted stock awards	(1,604)		(1,432)		149		3,428		(1,208)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted	$	324,613	$	303,627	$	296,031	$	282,254	$	262,986

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

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	10
Funds From Operations and Funds From Operations per Share (continued)
---
March 31, 2022
(In thousands, except per share amounts)

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding.

	Three Months Ended
	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted	$	(0.96)	$	0.47	$	0.67	$	2.61	$	0.04
Depreciation and amortization of real estate assets	1.36		1.40		1.26		1.19		1.20
(Gain) loss on sales of real estate	—		(0.80)		—		—		(0.02)
Impairment of real estate – rental properties	—		—		0.12		0.01		0.04
Allocation to unvested restricted stock awards	—		—		(0.01)		(0.01)		—
Funds from operations per share attributable to Alexandria’s common stockholders – diluted	0.40		1.07		2.04		3.80		1.26
Unrealized losses (gains) on non-real estate investments	1.67		0.91		0.10		(1.67)		0.34
Significant realized gains on non-real estate investments	—		—		(0.35)		(0.24)		(0.17)
Impairment of real estate	—		—		0.16		0.02		—
Loss on early extinguishment of debt	—		—		—		—		0.49
Allocation to unvested restricted stock awards	(0.02)		(0.01)		—		0.02		(0.01)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted	$	2.05	$	1.97	$	1.95	$	1.93	$	1.91
Weighted-average shares of common stock outstanding for calculation of:
Earnings per share – diluted	158,198		154,307		151,561		146,058		137,688
Funds from operations, diluted, per share	158,209		154,307		151,561		146,058		137,688
Funds from operations, diluted, as adjusted, per share	158,209		154,307		151,561		146,058		137,688
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	11
---	---

SUPPLEMENTAL

INFORMATION

Company Profile
March 31, 2022

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office REIT, is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, with a total market capitalization of $42.8 billion and an asset base in North America of 74.2 million SF as of March 31, 2022. The asset base in North America includes 41.9 million RSF of operating properties and 5.4 million RSF of Class A properties undergoing construction, 10.4 million RSF of near-term and intermediate-term development and redevelopment projects, and 16.5 million SF of future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science, agtech, and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science, agtech, and technology companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 50% of our total annual rental revenue 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 campuses in key urban life science, agtech, and technology cluster locations that inspire innovation. From the development of high-quality, sustainable real estate, to the ongoing cultivation of collaborative environments with unique amenities and events, the Alexandria team has a first-in-class reputation of excellence in our niche. Alexandria’s highly experienced management team also includes regional market directors with leading reputations and longstanding relationships within the life science, agtech, and technology communities in their respective innovation clusters. We believe that our expertise, experience, reputation, and key relationships in the real estate, life science, agtech, and technology sectors provide Alexandria significant competitive advantages in attracting new business opportunities.

Alexandria’s executive and senior management team consists of 58 individuals, averaging 24 years of real estate experience, including 12 years with Alexandria. Our executive management team alone averages 17 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus	Peter M. Moglia
Executive Chairman & Founder	Co-Chief Executive Officer & <br>Co-Chief Investment Officer
Dean A. Shigenaga	Stephen A. Richardson
President & Chief Financial Officer	Co-Chief Executive Officer
Daniel J. Ryan	Hunter L. Kass
Co-Chief Investment Officer & Regional Market Director – San Diego	Executive Vice President – Regional Market Director – Greater Boston
John H. Cunningham	Lawrence J. Diamond
Executive Vice President – Regional Market Director – New York City	Co-Chief Operating Officer & Regional Market Director – Maryland
Vincent R. Ciruzzi	Joseph Hakman
Chief Development Officer	Co-Chief Operating Officer & <br>Chief Strategic Transactions Officer
Jackie B. Clem	Marc E. Binda
General Counsel & Secretary	Executive Vice President – <br>Finance & Treasurer
Andres R. Gavinet	Gary D. Dean
Chief Accounting Officer	Executive Vice President – <br>Real Estate Legal Affairs
Terezia C. Nemeth	Onn C. Lee
Executive Vice President – Regional Market Director – San Francisco <br>Bay Area	Executive Vice President –<br>Accounting
Kristina A. Fukuzaki-Carlson	Madeleine T. Alsbrook
Executive Vice President – <br>Business Operations	Executive Vice President –<br>Talent Management
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	13
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Investor Information
---
March 31, 2022		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
		Website:	www.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. 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 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, 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 time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
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Bank of America Merrill Lynch	Citigroup Global Markets Inc.	JMP Securities	RBC Capital Markets
---	---	---	---
Jamie Feldman	Michael Bilerman / Emmanuel Korchman	Aaron Hecht	Michael Carroll / Jason Idoine
(646) 855-5808	(212) 816-1383 / (212) 816-1382	(415) 835-3963	(440) 715-2649 / (440) 715-2651
Berenberg Capital Markets	Evercore ISI	J.P. Morgan Securities LLC	Robert W. Baird & Co. Incorporated
Connor Siversky / Nate Crossett	Sheila McGrath / Wendy Ma	Anthony Paolone / Ray Zhong	David Rodgers / Nicholas Thillman
(646) 949-9037 / (646) 949-9030	(212) 497-0882 / (212) 497-0870	(212) 622-6682 / (212) 622-5411	(216) 737-7341 / (414) 298-5053
BTIG, LLC	Green Street	Mizuho Securities USA LLC	SMBC Nikko Securities America, Inc.
Tom Catherwood / John Nickodemus	Daniel Ismail / Dylan Burzinski	Vikram Malhotra / Georgi Dinkov	Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 738-6050	(949) 640-8780 / (949) 640-8780	(212) 282-3827 / (617) 352-1721	(646) 521-2351 / (646) 424-3202
CFRA
Kenneth Leon
(646) 517-2552
Fixed Income Coverage		Rating Agencies
Barclays Capital Inc.	Stifel Financial Corp.	Moody’s Investors Service	S&P Global Ratings
Srinjoy Banerjee / Devon Zhou	Thierry Perrein	(212) 553-0376	Fernanda Hernandez / Michael Souers
(212) 526-3521 / (212) 526-6961	(646) 376-5303		(212) 438-1347 / (212) 438-2508
J.P. Morgan Securities LLC
Mark Streeter / Ian Snyder
(212) 834-5086 / (212) 834-3798					Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	14
---	---
Financial and Asset Base Highlights
---
March 31, 2022
(Dollars in thousands, except per share amounts)
	Three Months Ended (unless stated otherwise)
---	---	---	---	---	---
	3/31/22	12/31/21	9/30/21	6/30/21	3/31/21
Selected financial data from consolidated financial statements and related information
Rental revenues
Tenant recoveries
General and administrative expenses
General and administrative expenses as a percentage of net operating income –<br><br>trailing 12 months	10.0%	10.2%	10.1%	9.8%	9.8%
Operating margin	71%	70%	70%	72%	71%
Adjusted EBITDA margin	71%	71%	71%	73%	73%
Adjusted EBITDA – quarter annualized
Adjusted EBITDA – trailing 12 months
Net debt at end of period
Net debt and preferred stock to Adjusted EBITDA – quarter annualized	5.5x	5.2x	5.8x	5.8x	5.8x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months	5.9x	5.6x	6.2x	6.2x	6.1x
Total debt and preferred stock at end of period
Gross assets at end of period
Total debt and preferred stock to gross assets at end of period	28%	26%	29%	29%	30%
Fixed-charge coverage ratio – quarter annualized	5.1x	5.3x	5.1x	4.9x	4.7x
Fixed-charge coverage ratio – trailing 12 months	5.1x	5.0x	4.8x	4.6x	4.4x
Unencumbered net operating income as a percentage of total net operating income	97%	97%	97%	97%	97%
Closing stock price at end of period
Common shares outstanding (in thousands) at end of period	161,408	158,044	153,284	150,708	145,656
Total equity capitalization at end of period
Total market capitalization at end of period
Dividend per share – quarter/annualized	1.15/4.60	1.15/4.60	1.12/4.48	1.12/4.48	1.09/4.36
Dividend payout ratio for the quarter	57%	60%	58%	60%	60%
Dividend yield – annualized	2.3%	2.1%	2.3%	2.5%	2.7%
Amounts related to operating leases:
Operating lease liabilities at end of period
Rent expense
Capitalized interest
Weighted-average interest rate for capitalization of interest during the period	3.26%	3.22%	3.30%	3.47%	3.44%

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022 | 15 | | --- | --- || Financial and Asset Base Highlights (continued) | | --- | | March 31, 2022 | | (Dollars in thousands, except annual rental revenue per occupied RSF amounts) || | Three Months Ended (unless stated otherwise) | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 3/31/22 | | | 12/31/21 | | 9/30/21 | | 6/30/21 | | 3/31/21 | | | Amounts included in funds from operations and non-revenue-enhancing capital expenditures | | | | | | | | | | | | | Straight-line rent revenue | $ | 42,025 | | $ | 25,942 | $ | 33,918 | $ | 27,903 | $ | 27,382 | | Amortization of acquired below-market leases | $ | 13,915 | | $ | 15,737 | $ | 13,664 | $ | 13,267 | $ | 12,112 | | Straight-line rent expense on ground leases | $ | 416 | | $ | 301 | $ | 58 | $ | 248 | $ | 290 | | Stock compensation expense | $ | 14,028 | | $ | 14,253 | $ | 9,728 | $ | 12,242 | $ | 12,446 | | Amortization of loan fees | $ | 3,103 | | $ | 2,911 | $ | 2,854 | $ | 2,859 | $ | 2,817 | | Amortization of debt premiums | $ | 424 | | $ | 502 | $ | 498 | $ | 465 | $ | 576 | | Non-revenue-enhancing capital expenditures: | | | | | | | | | | | | | Building improvements | $ | 4,110 | | $ | 4,027 | $ | 3,901 | $ | 3,669 | $ | 3,760 | | Tenant improvements and leasing commissions | $ | 27,791 | | $ | 109,516 | $ | 16,409 | $ | 47,439 | $ | 16,035 | | Operating statistics and related information (at end of period) | | | | | | | | | | | | | Number of properties – North America | 446 | | | 414 | | 407 | | 381 | | 360 | | | RSF – North America (including development and redevelopment projects under construction) | 47,364,067 | | | 43,670,737 | | 43,044,195 | | 40,076,883 | | 37,916,882 | | | Total square feet – North America | 74,185,859 | | | 66,970,705 | | 63,858,780 | | 58,108,390 | | 52,591,039 | | | Annual rental revenue per occupied RSF – North America | $ | 49.42 | | $ | 48.65 | $ | 47.73 | $ | 48.65 | $ | 49.58 | | Occupancy of operating properties – North America | 94.7% | | | 94.0% | | 94.4% | | 94.3% | | 94.5% | | | Occupancy of operating properties – North America (excluding vacancy at recently acquired properties) | 98.6% | | (1) | 98.7% | | 98.5% | | 98.1% | | 98.0% | | | Occupancy of operating and redevelopment properties – North America | 88.9% | | | 88.5% | | 89.6% | | 90.1% | | 89.2% | | | Weighted-average remaining lease term (in years) | 7.3 | | | 7.5 | | 7.4 | | 7.5 | | 7.6 | | | Total leasing activity – RSF | 2,463,438 | | | 4,094,174 | | 1,810,630 | | 1,933,838 | | 1,677,659 | | | Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: | | | | | | | | | | | | | Rental rate increases | 32.2% | | | 35.9% | | 35.3% | | 42.4% | | 36.2% | | | Rental rate increases (cash basis) | 16.5% | | | 22.9% | | 19.3% | | 25.4% | | 17.4% | | | RSF (included in total leasing activity above) | 864,077 | | | 1,947,727 | | 671,775 | | 1,472,713 | | 521,825 | | | Same property – percentage change over comparable quarter from prior year: | | | | | | | | | | | | | Net operating income increase | 7.6% | | | 5.0% | | 3.0% | | 3.7% | | 4.4% | | | Net operating income increase (cash basis) | 7.3% | | | 7.5% | | 7.1% | | 7.8% | | 6.1% | |

(1)Refer to “Occupancy” in this Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	16
High-Quality, Diverse, and Innovative Tenants
---
March 31, 2022

Long-Duration Cash Flows From High-Quality, Diverse, and

Innovative Tenants

Investment-Grade or<br>Publicly Traded Large Cap Tenants		Industry Mix of 1,000+ Tenants(1)
	50%
of ARE’s Total Annual Rental Revenue(2)
Long-Duration Lease Terms
	7.3 Years
Weighted-Average Remaining Term(3)
		Percentage of ARE’s Annual Rental Revenue(2)

(1)Increase from prior quarter relates to the recent acquisition of 1150 El Camino Real, a retail operating mall, targeted for future development.

(2)Represents annual rental revenue in effect as of March 31, 2022.

(3)Based on aggregate annual rental revenue in effect as of March 31, 2022. Refer to “Annual rental revenue” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology on annual rental revenue from unconsolidated real estate joint ventures.

(4)Represents annual rental revenue currently generated from space that is targeted for a future change in use. The weighted-average remaining term of these leases is 4.3 years.

(5)Our other tenants, aggregating 4.0% of our annual rental revenue, comprise 3.0% of annual rental revenue from technology, professional services, finance, telecommunications, and construction/real estate companies and only 1.0% from retail-related tenants.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	17
Class A Properties in AAA Locations
---
March 31, 2022

High-Quality Cash Flows From High-Quality Tenants and

Class A Properties in AAA Locations

Industry-Leading<br>Tenant Roster	AAA Locations
86%
of ARE’s Top 20 Tenants’
Annual Rental Revenue(1)
Is From Investment-Grade
or Publicly Traded Large Cap Tenants
	Percentage of ARE’s Annual Rental Revenue(1)

(1)Represents annual rental revenue in effect as of March 31, 2022.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	18
Occupancy
---
March 31, 2022		Solid Historical Occupancy(1)	Occupancy Across Key Locations
---	---
96%
Over 10 Years

(1)Represents average occupancy of operating properties in North America as of each December 31 for the last 10 years and as of March 31, 2022.

(2)Excludes 1.6 million RSF, or 3.9%, of vacancy at recently acquired properties (noted below) representing lease-up opportunities that are expected to generate incremental annual rental revenue. Approximately 34% of the vacant 1.6 million RSF is currently leased/negotiating. Additionally, approximately 12% of the vacant 1.6 million RSF represents spaces, spread across multiple recently acquired properties, that are expected to be converted to laboratory/office space in the future. We expect to deliver 30% to 40% of the 1.6 million RSF over the next three quarters. Excluding recently acquired vacancies, occupancy of operating properties in North America was 98.6% as of March 31, 2022. The following table provides vacancy detail for our recent acquisitions:

		As of March 31, 2022							Percentage of Vacancy Leased/Negotiating RSF
		Vacant <br>RSF		Operating Properties Occupancy Impact
Property	Market/Submarket		Region			North America
Intersection Campus	Other/Texas	185,136		8.6	%		0.5	%	35	%
Alexandria Center® for Life Science – Durham	Research Triangle/Research Triangle	162,382		4.7	%		0.4		60
601, 611, and 651 Gateway Boulevard	San Francisco Bay Area/South San Francisco	143,317		1.7	%		0.4		46
275 Grove Street	Greater Boston/Route 128	137,940		1.2	%		0.3		47
Other	Greater Boston/Other	95,501		0.9	%		0.2		—
Alexandria Center® for Life Science – Fenway	Greater Boston/Fenway	89,055		0.8	%		0.2		—
Other acquisitions	Various	783,389		N/A			1.9		32
		1,596,720					3.9	%	34	%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	19
---	---
Key Operating Metrics
---
March 31, 2022		Historical Same Property<br>Net Operating Income Growth		Favorable Lease Structure(1)
---	---	---	---	---
		Strategic Lease Structure by Owner and Operator of Collaborative <br>Life Science, Agtech, and Technology Campuses
	Increasing cash flows
	Percentage of leases containing<br><br>annual rent escalations			97%
	Stable cash flows
	Percentage of triple<br><br>net leases			91%
	Lower capex burden
	Percentage of leases providing for the<br><br>recapture of capital expenditures			94%
Historical Rental Rate Growth: <br>Renewed/Re-Leased Space		Margins(2)
	Operating		Adjusted EBITDA
	71%		71%

(1)Percentages calculated based on annual rental revenue as of March 31, 2022.

(2)Represents percentages for the three months ended March 31, 2022.

(3)Includes short-term renewals with BMS at various properties aggregating 251,860 RSF in our San Diego market to allow for expansion and consolidation into a 426,927 RSF development project at Alexandria Point. Excluding these short-term renewals, rental rate increases for the three months ended March 31, 2022 were 39.8% and 23.2% (cash basis).

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	20
Same Property Performance
---
March 31, 2022
(Dollars in thousands)		Same Property Financial Data	Three Months Ended March 31, 2022	Same Property Statistical Data	Three Months Ended March 31, 2022
---	---	---	---	---
Percentage change over comparable period from prior year:			Number of same properties	281
Net operating income increase	7.6%		Rentable square feet	27,779,677
Net operating income increase (cash basis)	7.3%		Occupancy – current-period average	95.5%
Operating margin	72%		Occupancy – same-period prior-year average	94.4%
	Three Months Ended March 31,
---	---	---	---	---	---	---	---
	2022		2021		Change	% Change
Income from rentals:
Same properties	$	357,299	$	331,179		7.9	%
Non-same properties	112,238		39,054		73,184	187.4
Rental revenues	469,537		370,233		99,304	26.8
Same properties	117,283		101,081		16,202	16.0
Non-same properties	25,734		7,381		18,353	248.7
Tenant recoveries	143,017		108,462		34,555	31.9
Income from rentals	612,554		478,695		133,859	28.0
Same properties	177		104		73	70.2
Non-same properties	2,334		1,050		1,284	122.3
Other income	2,511		1,154		1,357	117.6
Same properties	474,759		432,364		42,395	9.8
Non-same properties	140,306		47,485		92,821	195.5
Total revenues	615,065		479,849		135,216	28.2
Same properties	135,179		116,781		18,398	15.8
Non-same properties	46,149		21,107		25,042	118.6
Rental operations	181,328		137,888		43,440	31.5
Same properties	339,580		315,583		23,997	7.6
Non-same properties	94,157		26,378		67,779	257.0
Net operating income	$	433,737	$	341,961		26.8	%
Net operating income – same properties	$	339,580	$	315,583		7.6	%
Straight-line rent revenue	(26,695)		(22,577)		(4,118)	18.2
Amortization of acquired below-market leases	(6,178)		(7,267)		1,089	(15.0)
Net operating income – same properties (cash basis)	$	306,707	$	285,739		7.3	%

All values are in US Dollars.

Refer to “Same property comparisons” in the “Definitions and reconciliations” of this Supplemental Information for a reconciliation of same properties to total properties. “Definitions and reconciliations” also contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	21
Leasing Activity
---
March 31, 2022
(Dollars per RSF)
		Three Months Ended				Year Ended
---	---	---	---	---	---	---	---	---
		March 31, 2022				December 31, 2021
	Including <br>Straight-Line Rent		Cash Basis		Including <br>Straight-Line Rent		Cash Basis
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes		32.2%		16.5%				37.9%
New rates		59.46		57.18				59.00
Expiring rates		44.97		49.07				42.80
RSF		864,077						4,614,040
Tenant improvements/leasing commissions		32.16						41.05
Weighted-average lease term		4.3 years						6.3 years
Developed/redeveloped/previously vacant space leased(3)
New rates		81.99		71.55				78.52
RSF		1,599,361						4,902,261
Weighted-average lease term		13.0 years						11.2 years
Leasing activity summary (totals):
New rates		74.09		66.51				69.05
RSF		2,463,438						9,516,301
Weighted-average lease term		9.9 years						8.8 years
Lease expirations(1)
Expiring rates		41.60		40.40				41.53
RSF		1,522,582						5,747,192

All values are in US Dollars.

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

(1)Excludes month-to-month leases aggregating 250,724 RSF and 110,180 RSF as of March 31, 2022 and December 31, 2021, respectively.

(2)Includes short-term renewals with BMS at various properties aggregating 251,860 RSF in our San Diego market to allow for expansion and consolidation into a 426,927 RSF development project at Alexandria Point. Excluding these short-term renewals, rental rate increases for the three months ended March 31, 2022 were 39.8% and 23.2% (cash basis).

(3)Refer to “New Class A development and redevelopment properties: summary of pipeline” of this Supplemental Information for additional details on total project costs.

(4)During the three months ended March 31, 2022, we granted tenant concessions/free rent averaging 2.6 months with respect to the 2,463,438 RSF leased. Approximately 57% of the leases executed during the three months ended March 31, 2022 did not include concessions for free rent.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	22
Contractual Lease Expirations
---
March 31, 2022		Year			RSF		Percentage of<br>Occupied RSF			Annual Rental Revenue (per RSF)(1)			Percentage of Total<br>Annual Rental Revenue
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2022	(2)		1,805,956		4.6	%		$	39.40		3.8	%
	2023			3,826,609		9.7	%		$	39.64		8.0	%
	2024			3,438,769		8.7	%		$	43.96		8.0	%
	2025			3,640,356		9.2	%		$	47.54		9.2	%
	2026			2,657,842		6.7	%		$	51.19		7.2	%
	2027			2,749,767		7.0	%		$	51.62		7.5	%
	2028			3,593,127		9.1	%		$	50.45		9.6	%
	2029			2,360,823		6.0	%		$	55.89		7.0	%
	2030			2,195,949		5.6	%		$	58.28		6.8	%
	2031			3,181,073		8.1	%		$	53.00		8.9	%
Thereafter				10,006,555		25.3	%		$	45.14		24.0	%
Market		2022 Contractual Lease Expirations (in RSF)														Annual Rental Revenue<br><br>(per RSF)(1)			2023 Contractual Lease Expirations (in RSF)												Annual Rental Revenue<br><br>(per RSF)(1)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Leased			Negotiating/<br>Anticipating			Targeted for<br><br>Development/<br><br>Redevelopment(3)			Remaining<br><br>Expiring<br><br>Leases(4)			Total(2)					Leased		Negotiating/<br>Anticipating		Targeted for<br>Development/<br>Redevelopment			Remaining<br>Expiring Leases			Total
Greater Boston		90,810			65,361			102,728			54,380			313,279		$	48.05		112,470		9,646		323,110			716,758			1,161,984		$	51.00
San Francisco Bay Area		1,800			100,579			250,000			101,115			453,494		47.12			—		12,456		—			568,753			581,209		55.45
New York City		14,891			—			—			830			15,721		N/A			—		—		—			70,962			70,962		N/A
San Diego		111,796			33,734			92,275			102,766			340,571		38.99			17,182		44,681		269,048			722,617			1,053,528		29.10
Seattle		11,000			—			56,841			95,689			163,530		25.76			—		—		105,635			231,631			337,266		21.87
Maryland		83,392			21,241			—			66,587			171,220		19.11			—		138,331		—			204,422			342,753		26.35
Research Triangle		—			5,258			62,490			104,152			171,900		26.82			—		—		—			247,691			247,691		30.01
Canada		—			—			—			2,197			2,197		N/A			—		—		—			13,321			13,321		N/A
Non-cluster/other markets		65,188			30,507			70,700			7,649			174,044		36.07			—		—		—			17,895			17,895		N/A
Total		378,877			256,680			635,034			535,365			1,805,956		$	39.40		129,652		205,114		697,793			2,794,050			3,826,609		$	39.64
Percentage of expiring leases		21	%		14	%		35	%		30	%		100	%				3	%	5	%	18	%		74	%		100	%

(1)Represents amounts in effect as of March 31, 2022.

(2)Excludes month-to-month leases aggregating 250,724 RSF as of March 31, 2022.

(3)Represents RSF targeted for development or redevelopment upon expiration of existing in-place leases primarily related to recently acquired properties with an average contractual lease expiration date of June 18, 2022, weighted by annual rental revenue. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(4)There are no remaining expiring leases greater than 50,000 RSF in 2022.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	23
Top 20 Tenants
---
March 31, 2022
(Dollars in thousands, except average market cap amounts)

86% of Top 20 Annual Rental Revenue From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

	Tenant								Percentage of Aggregate Annual Rental Revenue(1)		Investment-Grade <br>Credit Ratings		Average Market Cap(1)<br><br>(in billions)
				Moody’s		S&P
1	Bristol-Myers Squibb Company	6.3			916,223		$	66,301	3.5	%	A2	A+	$	142.3
2	Moderna, Inc.	14.8			878,933		52,579		2.8		—	—	$	101.8
3	Eli Lilly and Company	7.2			733,781		48,999		2.6		A2	A+	$	229.2
4	Sanofi	6.1			589,464		43,303		2.3		A1	AA	$	128.9
5	Takeda Pharmaceutical Company Limited	7.8			549,760		37,399		2.0		Baa2	BBB+	$	49.4
6	Illumina, Inc.	8.4			891,495		36,174		1.9		Baa3	BBB	$	61.8
7	2seventy bio, Inc.	11.4			312,805		33,558		1.8		—	—	$	0.6
8	Novartis AG	6.3			447,831		30,582		1.6		A1	AA-	$	213.1
9	TIBCO Software Inc.	4.9	(2)		292,013		28,537		1.5		—	—	$	—
10	Uber Technologies, Inc.	60.5	(3)		1,009,188		27,666		1.5		—	—	$	83.3
11	Roche	7.3			425,131		26,507		1.4		Aa3	AA	$	329.5
12	Maxar Technologies	3.5	(4)		478,000		21,803		1.1		—	—	$	2.3
13	Merck & Co., Inc.	10.7			339,344		21,796		1.1		A1	A+	$	196.9
14	Massachusetts Institute of Technology	6.7			257,626		21,165		1.1		Aaa	AAA	$	—
15	United States Government	13.3			911,289		20,331		1.1		Aaa	AA+	$	—
16	The Children's Hospital Corporation	14.6			269,816		20,066		1.1		Aa2	AA	$	—
17	New York University	9.6			203,500		19,241		1.0		Aa2	AA-	$	—
18	Pfizer Inc.	3.3			416,996		17,742		0.9		A2	A+	$	258.8
19	Apple Inc.	3.1			604,382		17,512		0.9		Aaa	AA+	$	2,487.7
20	Alphabet Inc.	4.7			354,304		16,917		0.9		Aa2	AA+	$	1,782.7
	Total/weighted-average	10.5	(3)		10,881,881		$	608,178	32.1	%

(1)Based on aggregate annual rental revenue in effect as of March 31, 2022. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology on annual rental revenue from unconsolidated real estate joint ventures and average daily market capitalization, respectively.

(2)Represents the remaining lease term at four recently acquired properties with future redevelopment and development opportunities. The leases with this tenant were in place when we acquired the properties during the three months ended March 31, 2022.

(3)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) owned by our unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue from our unconsolidated real estate joint ventures. Refer to footnote 1 for additional details. Excluding the ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.2 years as of March 31, 2022.

(4)Represents the remaining lease term at two acquired properties with future redevelopment and development opportunities. The leases with this tenant were in place when we acquired the properties in 2019.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	24
Summary of Properties and Occupancy
---
March 31, 2022
(Dollars in thousands, except per RSF amounts)

Summary of properties

Market		RSF										Number of Properties		Annual Rental Revenue
	Operating		Development		Redevelopment		Total		% of Total				Total			% of Total		Per RSF
Greater Boston		11,120,069		1,318,211		1,350,944		13,789,224		29	%	93		$	658,335		35	%	$	62.07
San Francisco Bay Area		8,678,996		230,592		300,010		9,209,598		19		72		474,500			25		61.06
New York City		1,186,453		—		83,566		1,270,019		3		5		87,699			5		75.11
San Diego		7,898,303		339,548		121,662		8,359,513		18		104		308,414			16		41.47
Seattle		2,813,803		311,631		213,976		3,339,410		7		46		106,869			6		38.79
Maryland		3,423,559		192,000		127,050		3,742,609		8		49		111,250			6		33.16
Research Triangle		3,464,603		381,453		325,936		4,171,992		9		41		89,819			5		27.70
Canada		549,777		—		—		549,777		1		6		9,813			1		23.33
Non-cluster/other markets		2,147,046		—		130,765		2,277,811		5		26		55,154			1		31.97
Properties held for sale		654,114		—		—		654,114		1		4		1,964			—		N/A
North America		41,936,723		2,773,435		2,653,909		47,364,067		100	%	446		$	1,903,817		100	%	$	49.42
				5,427,344

Summary of occupancy

	Operating Properties							Operating and Redevelopment Properties
Market	3/31/22			12/31/21		3/31/21		3/31/22		12/31/21		3/31/21
Greater Boston	95.4	%	(1)	95.2	%	96.2	%	85.0	%	83.2	%	91.5	%
San Francisco Bay Area	95.6		(1)	93.0		95.4		92.4		92.6		94.3
New York City	98.4			98.4		99.4		91.9		91.0		89.8
San Diego	94.2			93.1		93.3		92.7		91.7		90.3
Seattle	97.9			95.6		96.8		91.0		88.5		89.6
Maryland	100.0			99.8		97.9		96.4		96.0		90.4
Research Triangle	93.6		(1)	94.6		90.8		85.5		86.1		73.7
Subtotal	95.7			94.9		95.3		89.8		89.1		89.9
Canada	76.5			78.6		81.6		76.5		78.6		81.6
Non-cluster/other markets	80.4		(1)	75.1		52.6		75.7		75.1		52.6
North America	94.7	%	(1)	94.0	%	94.5	%	88.9	%	88.5	%	89.2	%

(1)Refer to “Occupancy” of this Supplemental Information for additional details on vacancy at recently acquired properties.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	25
Property Listing
---
March 31, 2022
(Dollars in thousands)

Mega Campuses Encompass 60% of Our Operating Property RSF(1)

Market / Submarket / Address					RSF							Number of Properties	Annual Rental Revenue		Occupancy Percentage
						Operating			Operating and Redevelopment
		Operating		Development			Redevelopment			Total
Greater Boston
	Cambridge/Inner Suburbs
			Mega Campus: Alexandria Center® at Kendall Square		2,369,854			—		403,892	2,773,746	11	$	183,251	98.5	%	84.1	%
			50(2), 60(2), 75/125(2), 100(2), and 225(2) Binney Street, 161 and 215 First Street, 150 Second Street, 300 Third Street, 11 Hurley Street, and One Rogers Street
			Mega Campus: Alexandria Center® at One Kendall Square		815,186			462,100		—	1,277,286	11	72,151		96.8		96.8
			One Kendall Square – Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000, and 325 and 399 Binney Street
			Mega Campus: Alexandria Technology Square®		1,181,635			—		—	1,181,635	7	115,925		100.0		100.0
			100, 200, 300, 400, 500, 600, and 700 Technology Square
			Mega Campus: The Arsenal on the Charles		721,894			—		150,771	872,665	11	39,466		94.0		77.8
			311, 321, and 343 Arsenal Street, 300 and 400 North Beacon Street,<br> 1, 2, and 3 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
			Mega Campus: 480 Arsenal Way and 500 and 550 Arsenal Street		495,127			—		—	495,127	3	21,219		98.3		98.3
			640 Memorial Drive		225,504			—		—	225,504	1	17,559		100.0		100.0
			780 and 790 Memorial Drive		99,658			—		—	99,658	2	8,962		100.0		100.0
			167 Sidney Street and 99 Erie Street		54,549			—		—	54,549	2	4,028		100.0		100.0
			79/96 13th Street (Charlestown Navy Yard)		25,309			—		—	25,309	1	797		100.0		100.0
			Cambridge/Inner Suburbs		5,988,716			462,100		554,663	7,005,479	49	463,358		98.1		89.8
	Fenway
			Mega Campus: Alexandria Center® for Life Science – Fenway		927,499			510,116		—	1,437,615	2	58,565		90.4		90.4
			401 Park Drive and 201 Brookline Avenue(2)
	Seaport Innovation District
			5 and 15(2) Necco Street		95,400			345,995		—	441,395	2	6,081		86.6		86.6
			Mega Campus: 380 and 420 E Street		195,506			—		—	195,506	2	4,450		100.0		100.0
			Seaport Innovation District		290,906			345,995		—	636,901	4	10,531		95.6		95.6
	Route 128
			Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way		706,988			—		—	706,988	4	29,059		100.0		100.0
			19, 225, and 235 Presidential Way		585,022			—		—	585,022	3	13,508		99.9		99.9
			Reservoir Woods		312,845			—		202,428	515,273	3	15,469		100.0		60.7
			40, 50, and 60 Sylvan Road
			275 Grove Street		509,702			—		—	509,702	3	15,551		72.9		72.9
			Alexandria Park at 128		343,882			—		—	343,882	8	12,696		100.0		100.0
			3 and 6/8 Preston Court, 29, 35, and 44 Hartwell Avenue, 35 and 45/47 Wiggins Avenue, and 60 Westview Street
			225, 266, and 275 Second Avenue		316,865			—		—	316,865	3	17,632		100.0		100.0
			840 Winter Street		28,230			—		139,984	168,214	1	1,239		100.0		16.8
			100 Beaver Street		82,330			—		—	82,330	1	5,086		100.0		100.0
			285 Bear Hill Road		26,270			—		—	26,270	1	1,167		100.0		100.0
			Route 128		2,912,134			—		342,412	3,254,546	27	$	111,407	95.2	%	85.2	%
	(1)As of March 31, 2022. Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to “Summary of pipeline” and “Definitions and reconciliations” of this Supplemental Information for additional details.<br><br>(2)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.																		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	26
---	---		Property Listing (continued)
---
March 31, 2022
(Dollars in thousands)		Market / Submarket / Address					RSF							Number of Properties	Annual Rental Revenue		Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						Operating			Operating and Redevelopment
		Operating		Development			Redevelopment			Total
Greater Boston (continued)
	Route 495
			111 and 130 Forbes Boulevard		155,846			—		—	155,846	2	$	1,826	100.0	%	100.0	%
			20 Walkup Drive		91,045			—		—	91,045	1	649		100.0		100.0
			Route 495		246,891			—		—	246,891	3	2,475		100.0		100.0
	Other				753,923			—		453,869	1,207,792	8	11,999		78.9		49.2
			Greater Boston		11,120,069			1,318,211		1,350,944	13,789,224	93	658,335		95.4		85.0
San Francisco Bay Area
	Mission Bay
			Mega Campus: Alexandria Center® for Science and Technology –<br><br>Mission Bay(1)		2,015,177			—		—	2,015,177	9	97,506		99.8		99.8
			1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South
			Mission Bay		2,015,177			—		—	2,015,177	9	97,506		99.8		99.8
	South San Francisco
			Mega Campus: Alexandria Technology Center® – Gateway(1)		1,114,890			230,592		300,010	1,645,492	12	54,190		85.9		67.7
			600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)<br><br>Gateway Boulevard
			Mega Campus: 213(1), 249, 259, 269, and 279 East Grand Avenue		919,704			—		—	919,704	5	48,951		100.0		100.0
			Mega Campus: 1122 and 1150 El Camino Real		725,172			—		—	725,172	2	13,259		99.0		99.0
			Alexandria Center® for Life Science – South San Francisco		504,551			—		—	504,551	3	36,598		100.0		100.0
			201 Haskins Way and 400 and 450 East Jamie Court
			500 Forbes Boulevard(1)		155,685			—		—	155,685	1	10,908		100.0		100.0
			7000 Shoreline Court		139,709			—		—	139,709	1	8,632		100.0		100.0
			341 and 343 Oyster Point Boulevard		108,208			—		—	108,208	2	5,054		81.2		81.2
			849/863 Mitten Road/866 Malcolm Road		103,857			—		—	103,857	1	4,714		100.0		100.0
			South San Francisco		3,771,776			230,592		300,010	4,302,378	27	182,306		95.1		88.1
	Greater Stanford
			Mega Campus: Alexandria Center® for Life Science – San Carlos		739,192			—		—	739,192	9	48,590		95.3		95.3
			825, 835, 960, and 1501-1599 Industrial Road
			Alexandria Stanford Life Science District		703,742			—		—	703,742	9	62,648		97.8		97.8
			3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
			3825 and 3875 Fabian Way		478,000			—		—	478,000	2	21,802		100.0		100.0
			3412, 3420, 3440, 3450, and 3460 Hillview Avenue		338,751			—		—	338,751	5	21,133		73.8		73.8
			2100, 2200, 2300, and 2400 Geng Road		194,648			—		—	194,648	4	9,302		79.2		79.2
			2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road		194,503			—		—	194,503	3	18,012		100.0		100.0
			2425 Garcia Avenue/2400/2450 Bayshore Parkway		99,208			—		—	99,208	1	$	4,257	100.0	%	100.0	%
	Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to “Summary of pipeline” and “Definitions and reconciliations” of this Supplemental Information for additional details.<br><br><br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.<br><br>(2)We own 100% of this property.																		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	27
---	---		Property Listing (continued)
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March 31, 2022
(Dollars in thousands)		Market / Submarket / Address					RSF							Number of Properties	Annual Rental Revenue		Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						Operating			Operating and Redevelopment
		Operating		Development			Redevelopment			Total
San Francisco Bay Area (continued)
	Greater Stanford (continued)
			Shoreway Science Center		82,462			—		—	82,462	2	$	5,322	100.0	%	100.0	%
			75 and 125 Shoreway Road
			3350 West Bayshore Road		61,537			—		—	61,537	1	3,622		80.4		80.4
			Greater Stanford		2,892,043			—		—	2,892,043	36	194,688		93.4		93.4
			San Francisco Bay Area		8,678,996			230,592		300,010	9,209,598	72	474,500		95.6		92.4
New York City
	New York City
			Mega Campus: Alexandria Center® for Life Science – New York City		740,972			—		—	740,972	3	68,789		97.5		97.5
			430 and 450 East 29th Street
			219 East 42nd Street		349,947			—		—	349,947	1	14,006		100.0		100.0
			Alexandria Center® for Life Science – Long Island City		95,534			—		83,566	179,100	1	4,904		100.0		53.3
			30-02 48th Avenue
			New York City		1,186,453			—		83,566	1,270,019	5	87,699		98.4		91.9
San Diego
	Torrey Pines
			Mega Campus: One Alexandria Square		928,554			—		—	928,554	11	48,365		90.8		90.8
			3115 and 3215 Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10931/10933, 10975, and 11119 North Torrey Pines Road, 10975, 10995, and 10996 Torreyana Road, and 3545 Cray Court
			ARE Torrey Ridge		298,863			—		—	298,863	3	15,597		100.0		100.0
			10578, 10618, and 10628 Science Center Drive
			ARE Nautilus		213,900			—		—	213,900	4	12,452		100.0		100.0
			3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
			Torrey Pines		1,441,317			—		—	1,441,317	18	76,414		94.1		94.1
	University Town Center
			Mega Campus: Alexandria Point(1)		1,436,198			—		—	1,436,198	8	73,225		97.3		97.3
			9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, and 4242 Campus Point Court
			Mega Campus: 5200 Illumina Way(1)		792,687			—		—	792,687	6	29,978		100.0		100.0
			Mega Campus: University District		415,462			—		—	415,462	7	18,066		97.8		97.8
			9625 Towne Centre Drive(1), 4755, 4757, and 4767 Nexus Center Drive, 4796 Executive Drive, 8505 Costa Verde Boulevard, and 4260 Nobel Drive
			University Town Center		2,644,347			—		—	2,644,347	21	$	121,269	98.2	%	98.2	%
	Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to “Summary of pipeline” and “Definitions and reconciliations” of this Supplemental Information for additional details.<br><br><br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.<br><br>(2)We own 100% of this property.																		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	28
---	---		Property Listing (continued)
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March 31, 2022
(Dollars in thousands)		Market / Submarket / Address					RSF							Number of Properties	Annual Rental Revenue		Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						Operating			Operating and Redevelopment
		Operating		Development			Redevelopment			Total
San Diego (continued)
	Sorrento Mesa
			Mega Campus: SD Tech by Alexandria(1)		814,767			195,435		51,621	1,061,823	14	$	24,605	83.6	%	78.6	%
			9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10121(2), and 10151(2) Barnes Canyon Road
			Mega Campus: Sequence District by Alexandria		805,223			—		—	805,223	7	28,878		100.0		100.0
			6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
			Pacific Technology Park(1)		632,732			—		—	632,732	6	8,926		86.9		86.9
			9389, 9393, 9401, 9444, 9455, and 9477 Waples Street
			Summers Ridge Science Park		316,531			—		—	316,531	4	11,077		100.0		100.0
			9965, 9975, 9985, and 9995 Summers Ridge Road
			ARE Portola		101,857			—		—	101,857	3	3,603		100.0		100.0
			6175, 6225, and 6275 Nancy Ridge Drive
			7330 and 7360 Carroll Road		84,441			—		—	84,441	2	2,643		85.7		85.7
			5810/5820 Nancy Ridge Drive		83,354			—		—	83,354	1	3,853		100.0		100.0
			9877 Waples Street		63,774			—		—	63,774	1	2,374		100.0		100.0
			5871 Oberlin Drive		33,842			—		—	33,842	1	1,772		100.0		100.0
			Sorrento Mesa		2,936,521			195,435		51,621	3,183,577	39	87,731		92.2		90.6
	Sorrento Valley
			3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard		151,406			—		—	151,406	6	4,625		100.0		100.0
			11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street		121,655			—		—	121,655	6	3,290		95.0		95.0
			Sorrento Valley		273,061			—		—	273,061	12	7,915		97.8		97.8
	Other				603,057			144,113		70,041	817,211	14	15,085		84.6		75.8
			San Diego		7,898,303			339,548		121,662	8,359,513	104	308,414		94.2		92.7
Seattle
	Lake Union
			Mega Campus: The Eastlake Life Science Campus by Alexandria		937,290			311,631		—	1,248,921	9	56,164		99.6		99.6
			1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
			Mega Campus: Alexandria Center® for Life Science – South Lake Union
			400(1) and 601 Dexter Avenue North		308,791			—		—	308,791	2	15,203		100.0		100.0
			219 Terry Avenue North		30,705			—		—	30,705	1	1,854		100.0		100.0
			Lake Union		1,276,786			311,631		—	1,588,417	12	73,221		99.7		99.7
	SoDo
			830 4th Avenue South		42,380			—		—	42,380	1	1,587		70.5		70.5
	Elliott Bay
			3000/3018 Western Avenue		47,746			—		—	47,746	1	1,839		100.0		100.0
			410 West Harrison Street and 410 Elliott Avenue West		36,849			—		—	36,849	2	1,538		100.0		100.0
			Elliott Bay		84,595			—		—	84,595	3	$	3,377	100.0	%	100.0	%
	Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to “Summary of pipeline” and “Definitions and reconciliations” of this Supplemental Information for additional details.<br><br><br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.<br><br>(2)We own 100% of this property.																		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	29
---	---		Property Listing (continued)
---
March 31, 2022
(Dollars in thousands)		Market / Submarket / Address					RSF							Number of Properties	Annual Rental Revenue		Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						Operating			Operating and Redevelopment
		Operating		Development			Redevelopment			Total
Seattle (continued)
	Bothell
			Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park		1,060,958			—		—	1,060,958	22	$	22,876	97.0	%	97.0	%
			22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522, 22722, and 22745 29th Drive Southeast, 21540, 22213, and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast
			Alexandria Center® for Advanced Technologies – Monte Villa Parkway		246,647			—		213,976	460,623	6	4,708		98.7		52.9
			3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
			Bothell		1,307,605			—		213,976	1,521,581	28	27,584		97.3		83.6
	Other				102,437			—		—	102,437	2	1,100		92.3		92.3
			Seattle		2,813,803			311,631		213,976	3,339,410	46	106,869		97.9		91.0
Maryland
	Rockville
			Mega Campus: Alexandria Center® for Life Science – Shady Grove		1,072,891			192,000		78,533	1,343,424	18	45,964		100.0		93.2
			9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9900, and 9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward Campus Drive, and 9810 Darnestown Road
			1405 and 1450(1) Research Boulevard		114,849			—		—	114,849	2	2,966		100.0		100.0
			1330 Piccard Drive		131,511			—		—	131,511	1	4,021		100.0		100.0
			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	2,988		100.0		100.0
			5 Research Court		51,520			—		—	51,520	1	1,788		100.0		100.0
			12301 Parklawn Drive		49,185			—		—	49,185	1	1,530		100.0		100.0
			Rockville		1,575,167			192,000		78,533	1,845,700	26	61,101		100.0		95.3
	Gaithersburg
			Alexandria Technology Center® – Gaithersburg I		613,438			—		—	613,438	9	17,156		100.0		100.0
			9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
			Alexandria Technology Center® – Gaithersburg II		486,324			—		—	486,324	7	17,764		100.0		100.0
			700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
			20400 Century Boulevard		32,033			—		48,517	80,550	1	1,229		100.0		39.8
			401 Professional Drive		63,154			—		—	63,154	1	1,911		100.0		100.0
			950 Wind River Lane		50,000			—		—	50,000	1	1,004		100.0		100.0
			620 Professional Drive		27,950			—		—	27,950	1	1,207		100.0		100.0
			Gaithersburg		1,272,899			—		48,517	1,321,416	20	$	40,271	100.0	%	96.3	%
	Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to “Summary of pipeline” and “Definitions and reconciliations” of this Supplemental Information for additional details.<br><br><br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.																		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	30
---	---		Property Listing (continued)
---
March 31, 2022
(Dollars in thousands)		Market / Submarket / Address					RSF							Number of Properties	Annual Rental Revenue		Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						Operating			Operating and Redevelopment
		Operating		Development			Redevelopment			Total
Maryland (continued)
	Beltsville
			8000/9000/10000 Virginia Manor Road		191,884			—		—	191,884	1	$	2,803	100.0	%	100.0	%
			101 West Dickman Street(1)		135,423			—		—	135,423	1	948		100.0		100.0
			Beltsville		327,307			—		—	327,307	2	3,751		100.0		100.0
	Northern Virginia
			14225 Newbrook Drive		248,186			—		—	248,186	1	6,127		100.0		100.0
			Maryland		3,423,559			192,000		127,050	3,742,609	49	111,250		100.0		96.4
Research Triangle
	Research Triangle
			Mega Campus: Alexandria Center® for Life Science – Durham		1,942,675			—		325,936	2,268,611	16	37,645		91.6		78.5
			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
			Mega Campus: Alexandria Center® for Advanced Technologies		227,467			319,773		—	547,240	5	9,352		92.4		92.4
			4, 6, 8, 10, and 12 Davis Drive
			Alexandria Center® for AgTech		278,720			61,680		—	340,400	2	13,351		100.0		100.0
			5 and 9 Laboratory Drive
			104 and 108/110/112/114 TW Alexander Drive		227,902			—		—	227,902	5	7,001		95.9		95.9
			Alexandria Technology Center® – Alston		186,870			—		—	186,870	3	4,293		92.8		92.8
			100, 800, and 801 Capitola Drive
			Alexandria Innovation Center® – Research Triangle		136,729			—		—	136,729	3	4,631		100.0		100.0
			7010, 7020, and 7030 Kit Creek Road
			7 Triangle Drive		96,626			—		—	96,626	1	3,156		100.0		100.0
			2525 East NC Highway 54		82,996			—		—	82,996	1	3,651		100.0		100.0
			407 Davis Drive		81,956			—		—	81,956	1	1,644		100.0		100.0
			601 Keystone Park Drive		77,395			—		—	77,395	1	1,072		74.3		74.3
			6040 George Watts Hill Drive		61,547			—		—	61,547	1	2,148		100.0		100.0
			5 Triangle Drive		32,120			—		—	32,120	1	1,147		100.0		100.0
			6101 Quadrangle Drive		31,600			—		—	31,600	1	728		100.0		100.0
			Research Triangle		3,464,603			381,453		325,936	4,171,992	41	89,819		93.6		85.5
Canada					549,777			—		—	549,777	6	9,813		76.5		76.5
Non-cluster/other markets					2,147,046			—		130,765	2,277,811	26	55,154		80.4		75.7
North America, excluding properties held for sale					41,282,609			2,773,435		2,653,909	46,709,953	442	1,901,853		94.7	%	88.9	%
Properties held for sale					654,114			—		—	654,114	4	1,964		100.0	%	100.0	%
Total – North America					41,936,723			2,773,435		2,653,909	47,364,067	446	$	1,903,817

Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to “Summary of pipeline” and “Definitions and reconciliations” of this Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	31
Investments in Real Estate
---
March 31, 2022

Demand for our value-creation development and redevelopment projects consisting of high-quality office/laboratory space, and for our continued operational excellence at our world-class and sophisticated laboratory facilities, has translated into record leasing activity.

Projects Either Under Construction or<br><br>Expected to Commence Construction in the Next Six Quarters(1)
>$665 Million<br><br>Projected Incremental Annual Rental Revenue<br><br>Primarily Commencing From 2Q22 Through 1Q25
8.0 million RSF(2)
77% Leased/Negotiating

As of March 31, 2022.

(1)We also expect other projects to commence construction in this time frame.

(2)Includes 5.4 million RSF under construction that is 76% leased/negotiating and 2.6 million RSF expected to commence construction in the next six quarters that is 82% leased/negotiating.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	32
Investments in Real Estate
---
March 31, 2022
(Dollars in thousands)
			Development and Redevelopment
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Operating		Under Construction		Near<br>Term			Intermediate<br>Term		Future		Subtotal		Total
Investments in real estate
Gross book value as of March 31, 2022(1)	$	23,803,710	$	3,381,675	$	1,548,861		$	627,550	$	1,670,988	$	7,229,074	$	31,032,784
Square footage
Operating	41,936,723		—		—			—		—		—		41,936,723
New Class A development and redevelopment properties	—		5,427,344		7,650,119		(2)	3,850,000		19,660,365		36,587,828		36,587,828
Value-creation square feet currently included in rental properties(3)	—		—		(1,033,365)			(88,380)		(3,216,947)		(4,338,692)		(4,338,692)
Total square footage	41,936,723		5,427,344		6,616,754			3,761,620		16,443,418		32,249,136		74,185,859

(1)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint ventures in our consolidated balance sheets. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for reconciliation detail of investments in real estate.

(2)Includes 2.6 million RSF currently 82% leased/negotiating and expected to commence construction in the next six quarters. Refer to “New Class A development and redevelopment properties: current projects” for additional details.

(3)Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	33
New Class A Development and Redevelopment Properties: Recent Deliveries
---
March 31, 2022		The Arsenal on the Charles	201 Haskins Way	825 and 835 Industrial Road
---	---	---
Greater Boston/<br>Cambridge/Inner Suburbs	San Francisco Bay Area/<br>South San Francisco	San Francisco Bay Area/<br>Greater Stanford
236,907 RSF	323,190 RSF	526,129 RSF
100% Occupancy	100% Occupancy	100% Occupancy		3160 Porter Drive	30-02 48th Avenue	5505 Morehouse Drive
---	---	---
San Francisco Bay Area/<br>Greater Stanford	New York City/New York City	San Diego/Sorrento Mesa
92,300 RSF	52,940 RSF	28,324 RSF
83% Occupancy	100% Occupancy	100% Occupancy
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	34
---	---		New Class A Development and Redevelopment Properties: Recent Deliveries (continued)
---
March 31, 2022
(Dollars in thousands)
3115 Merryfield Row	9601 and 9603 Medical Center Drive	9950 Medical Center Drive
---	---	---
San Diego/Torrey Pines	Maryland/Rockville	Maryland/Rockville
146,456 RSF	17,378 RSF	84,264 RSF
93% Occupancy	100% Occupancy	100% Occupancy
20400 Century Boulevard	2400 Ellis Road, 40 Moore Drive, and<br><br>14 TW Alexander Drive(1)	5 and 9 Laboratory Drive(2)	8 and 10 Davis Drive(3)
---	---	---	---
Maryland/Gaithersburg	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
32,033 RSF	326,445 RSF	278,720 RSF	110,227 RSF
100% Occupancy	100% Occupancy	100% Occupancy	100% Occupancy

(1)Image represents 2400 Ellis Road in our Alexandria Center® for Life Science – Durham mega campus.

(2)Image represents 9 Laboratory Drive in our Alexandria Center® for AgTech campus.

(3)Image represents 10 Davis Drive in our Alexandria Center® for Advanced Technologies mega campus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022 | 35 | | --- | --- || New Class A Development and Redevelopment Properties: Recent Deliveries (continued) | | --- | | March 31, 2022 | | Property/Market/Submarket | | | Our Ownership Interest | | RSF Placed in Service | | | | | | | | | | | | | Occupancy Percentage(3) | | Total Project | | | Unlevered Yields | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1Q22 Delivery Date(1) | | | Prior to 1/1/21 | | 1Q21 | | 2Q21 | | 3Q21 | | 4Q21 | | 1Q22(2) | | | | | Total | | | Initial Stabilized | | | Initial Stabilized (Cash Basis) | | | | | | | | | | | | | | | | | | | | RSF | Investment | | | | Development projects | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 201 Haskins Way/San Francisco Bay Area/South San Francisco | | 1/1/22 | 100% | | — | | — | | 171,042 | | 55,358 | | 44,479 | | 52,311 | | | | | 323,190 | 100% | | | 323,190 | | $ | 367,000 | 6.3 | % | 6.0 | % | | 825 and 835 Industrial Road/San Francisco Bay Area/Greater Stanford | | 2/1/22 | 100% | | 96,463 | | 99,557 | | 114,157 | | 6,369 | | 159,665 | | 49,918 | | | | | 526,129 | 100% | | | 526,129 | | 631,000 | | 6.7 | | 6.5 | | | 3115 Merryfield Row/San Diego/Torrey Pines | | 3/27/22 | 100% | | — | | — | | — | | — | | — | | 146,456 | | | | | 146,456 | 93% | | | 146,456 | | 150,000 | | 6.3 | | 6.2 | | | 1165 Eastlake Avenue East/Seattle/<br><br>Lake Union | | N/A | 100% | | — | | 100,086 | | — | | — | | — | | — | | | | | 100,086 | 100% | | | 100,086 | | 138,000 | | 6.3 | | 6.4 | | | 9804 Medical Center Drive/Maryland/Rockville | | N/A | 100% | | — | | 176,832 | | — | | — | | — | | — | | | | | 176,832 | 100% | | | 176,832 | | 89,300 | | 8.3 | | 8.0 | | | 9950 Medical Center Drive/Maryland/Rockville | | 2/1/22 | 100% | | — | | — | | — | | — | | — | | 84,264 | | | | | 84,264 | 100% | | | 84,264 | | 57,000 | | 8.9 | | 7.8 | | | 5 and 9 Laboratory Drive/Research Triangle/Research Triangle | | 1/15/22 | 100% | | 180,400 | | — | | — | | 25,812 | | 61,297 | | 11,211 | | | | | 278,720 | 100% | | | 340,400 | | 216,000 | | 7.2 | | 7.1 | | | 8 and 10 Davis Drive/Research Triangle/Research Triangle | | 1/25/22 | 100% | | — | | — | | — | | 20,500 | | 44,747 | | 44,980 | | | | | 110,227 | 100% | | | 250,000 | | 151,000 | | 7.5 | | 7.3 | | | Redevelopment projects | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs | | 3/2/22 | 100% | | — | | — | | — | | 86,546 | | 50,565 | | 99,796 | | | | | 236,907 | 100% | | | 872,665 | | 831,000 | | 6.3 | | 5.5 | | | 3160 Porter Drive/San Francisco Bay Area/Greater Stanford | | 1/18/22 | 100% | | — | | — | | — | | 43,578 | | 14,118 | | 34,604 | | | | | 92,300 | 83% | | | 92,300 | | 117,000 | | 4.6 | | 4.6 | | | 30-02 48th Avenue/New York City/New York City | | 1/3/22 | 100% | | 17,716 | | — | | 15,176 | | — | | 8,956 | | 11,092 | | | | | 52,940 | 100% | | | 179,100 | | 224,000 | | 5.8 | | 5.8 | | | 5505 Morehouse Drive/San Diego/Sorrento Mesa | | N/A | 100% | | — | | — | | — | | — | | 28,324 | | — | | | | | 28,324 | 100% | | | 79,945 | | 67,000 | | 6.9 | | 7.0 | | | Other/San Diego | | N/A | 100% | | — | | — | | 128,745 | | — | | — | | — | | | | | 128,745 | 100% | | | 128,745 | | 47,000 | | 8.0 | | 8.0 | | | 9601 and 9603 Medical Center Drive/Maryland/Rockville | | N/A | 100% | | — | | — | | — | | — | | 17,378 | | — | | | | | 17,378 | 100% | | | 95,911 | | 54,000 | | 8.4 | | 7.1 | | | 700 Quince Orchard Road/Maryland/Gaithersburg | | N/A | 100% | | — | | — | | — | | — | | 171,239 | | — | | | | | 171,239 | 100% | | | 171,239 | | 79,000 | | 8.8 | | 7.4 | | | 20400 Century Boulevard/Maryland/Gaithersburg | | 3/1/22 | 100% | | — | | — | | — | | — | | — | | 32,033 | | | | | 32,033 | 100% | | | 80,550 | | 35,000 | | 8.5 | | 8.6 | | | 2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle | | N/A | 100% | | — | | — | | 326,445 | | — | | — | | — | | | | | 326,445 | 100% | | | 652,381 | | 245,000 | | 7.5 | | 6.7 | | | Total | | 2/14/22 | | | 294,579 | | 376,475 | | 755,565 | | 238,163 | | 600,768 | | 566,665 | | | | | 2,832,215 | | | | 4,300,193 | | $ | 3,498,300 | 6.7 | % | 6.3 | % |

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

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

(2)We expect the development and redevelopment RSF placed in service during the three months ended March 31, 2022 to generate initial annual net operating income of approximately $36 million for the twelve months following delivery.

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

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	36
New Class A Development and Redevelopment Properties: Current Projects
---
March 31, 2022
325 Binney Street	One Rogers Street	The Arsenal on the Charles	201 Brookline Avenue	15 Necco Street
---	---	---	---	---
Greater Boston/<br>Cambridge/Inner Suburbs	Greater Boston/<br>Cambridge/Inner Suburbs	Greater Boston/<br>Cambridge/Inner Suburbs	Greater Boston/Fenway	Greater Boston/<br>Seaport Innovation District
462,100 RSF	403,892 RSF	150,771 RSF	510,116 RSF	345,995 RSF
100% Leased	100% Leased	95% Leased/Negotiating	96% Leased/Negotiating	97% Leased/Negotiating
40, 50, and 60 Sylvan Road	840 Winter Street	651 Gateway Boulevard	751 Gateway Boulevard	30-02 48th Avenue
---	---	---	---	---
Greater Boston/Route 128	Greater Boston/Route 128	San Francisco Bay Area/<br>South San Francisco	San Francisco Bay Area/<br>South San Francisco	New York City/New York City
202,428 RSF	139,984 RSF	300,010 RSF	230,592 RSF	83,566 RSF
61% Leased/Negotiating	100% Leased	—% Leased/Negotiating	100% Leased	72% Leased/Negotiating
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	37
---	---		New Class A Development and Redevelopment Properties: Current Projects (continued)
---
March 31, 2022		10055 Barnes Canyon Road	5505 Morehouse Drive	1150 Eastlake Avenue East	9810 Darnestown Road	9601 and 9603 Medical Center Drive
---	---	---	---	---
San Diego/Sorrento Mesa	San Diego/Sorrento Mesa	Seattle/Lake Union	Maryland/Rockville	Maryland/Rockville
195,435 RSF	51,621 RSF	311,631 RSF	192,000 RSF	78,533 RSF
100% Leased	100% Leased	66% Leased/Negotiating	100% Leased	100% Leased
20400 Century Boulevard	2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive(1)	5 and 9 Laboratory Drive(2)	8 and 10 Davis Drive(3)	4 Davis Drive
---	---	---	---	---
Maryland/Gaithersburg	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
48,517 RSF	325,936 RSF	61,680 RSF	139,773 RSF	180,000 RSF
78% Leased/Negotiating	92% Leased/Negotiating	96% Leased/Negotiating	91% Leased/Negotiating	—% Leased/Negotiating

(1)Image represents 14 TW Alexander Drive in our Alexandria Center® for Life Science – Durham mega campus.

(2)Image represents 9 Laboratory Drive in our Alexandria Center® for AgTech campus.

(3)Image represents 10 Davis Drive in our Alexandria Center® for Advanced Technologies mega campus.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	38
New Class A Development and Redevelopment Properties: Current Projects (continued)
---
March 31, 2022		Market<br><br>Property/Submarket				Square Footage						Percentage						Occupancy(1)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Dev/Redev		In Service		CIP		Total		Leased			Leased/Negotiating			Initial			Stabilized
Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs		Dev		—		462,100		462,100		100	%		100	%			2023		2024
One Rogers Street/Cambridge/Inner Suburbs		Redev		4,367		403,892		408,259		100			100				2023		2023
The Arsenal on the Charles/Cambridge/Inner Suburbs		Redev		721,894		150,771		872,665		93			95				3Q21		2022
201 Brookline Avenue/Fenway		Dev		—		510,116		510,116		96			96				2022		2023
15 Necco Street/Seaport Innovation District		Dev		—		345,995		345,995		97			97				2024		2024
40, 50, and 60 Sylvan Road/Route 128		Redev		312,845		202,428		515,273		61			61				2023		2024
840 Winter Street/Route 128		Redev		28,230		139,984		168,214		100			100				2024		2024
Other		Redev		—		453,869		453,869		—			—			2023			TBD
San Francisco Bay Area
651 Gateway Boulevard/South San Francisco		Redev		—		300,010		300,010		—			—				2023		2025
751 Gateway Boulevard/South San Francisco		Dev		—		230,592		230,592		100			100				2023		2023
New York City
30-02 48th Avenue/New York City		Redev		95,534		83,566		179,100		59			72			4Q20			2022
San Diego
10055 Barnes Canyon Road/Sorrento Mesa		Dev		—		195,435		195,435		100			100				2022		2022
5505 Morehouse Drive/Sorrento Mesa		Redev		28,324		51,621		79,945		100			100				4Q21		2022
10102 Hoyt Park Drive/Other		Dev		—		144,113		144,113		100			100				2023		2023
10277 Scripps Ranch Boulevard/Other		Redev		—		70,041		70,041		—			—				2023		TBD
Seattle
1150 Eastlake Avenue East/Lake Union		Dev		—		311,631		311,631		52			66				2023		2024
3301, 3555, and 3755 Monte Villa Parkway/Bothell		Redev		246,647		213,976		460,623		53			53				2022		2023
Maryland
9810 Darnestown Road/Rockville		Dev		—		192,000		192,000		100			100				2024		2024
9601 and 9603 Medical Center Drive/Rockville		Redev		17,378		78,533		95,911		100			100				4Q21		2023
20400 Century Boulevard/Gaithersburg		Redev		32,033		48,517		80,550		45			78				1Q22		2023
Research Triangle
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle		Redev		326,445		325,936		652,381		77			92			2Q21			2022
5 and 9 Laboratory Drive/Research Triangle		Redev/Dev		278,720		61,680		340,400		93			96				3Q21		2022
8 and 10 Davis Drive/Research Triangle		Dev		110,227		139,773		250,000		84			91			3Q21			2022
4 Davis Drive/Research Triangle		Dev		—		180,000		180,000		—			—				2023		TBD
Other
Other		Redev		—		130,765		130,765		36			36				2023		TBD
				2,202,644		5,427,344		7,629,988		73	%		76	%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Multi-tenant projects may have occupancy by tenants over a period of time. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy.																				Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	39
---	---
New Class A Development and Redevelopment Properties: Current Projects (continued)
---
March 31, 2022
Market<br><br>Property/Submarket				Square Footage						Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Dev/Redev		In Service		CIP		Total		Leased			Leased/Negotiating
Pre-leased/negotiating near-term projects expected to commence construction in the next six quarters
Greater Boston
99 Coolidge Avenue/Cambridge/Inner Suburbs		Dev		—		275,000		275,000		—	%		38	%
The Arsenal on the Charles, Phase I/Cambridge/Inner Suburbs		Dev		—		120,454		120,454		84			84
The Arsenal on the Charles, Phase II/Cambridge/Inner Suburbs		Dev		—		127,564		127,564		30			87
San Francisco Bay Area
230 Harriet Tubman Way/South San Francisco		Dev		—		289,000		289,000		—			100
San Diego
11255 and 11355 North Torrey Pines Road/Torrey Pines		Dev		—		309,094		309,094		100			100
10931 and 10933 North Torrey Pines Road/Torrey Pines		Dev		—		299,158		299,158		100			100
Alexandria Point, Phase II/University Town Center		Dev		—		426,927		426,927		100			100
Alexandria Point, Phase I/University Town Center		Dev		—		171,102		171,102		100			100
Seattle
701 Dexter Avenue North/Lake Union		Dev		—		226,586		226,586		—			9
Maryland
9820 Darnestown Road/Rockville		Dev		—		250,000		250,000		—			100
9808 Medical Center Drive/Rockville		Dev		—		90,000		90,000		29			29
				—		2,584,885		2,584,885		53			82
				2,202,644		8,012,229		10,214,873		68	%		77	%		Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	40
---	---		New Class A Development and Redevelopment Properties: Current Projects (continued)
---
March 31, 2022
(Dollars in thousands)			Our Ownership Interest													Unlevered Yields
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Market<br><br>Property/Submarket			In Service		CIP		Cost to Complete		Total at<br>Completion			Initial Stabilized					Initial Stabilized (Cash Basis)
Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs	100	%		$	—	$	275,455	$	505,545		$	781,000			8.6	%		7.2	%
One Rogers Street/Cambridge/Inner Suburbs	100	%		10,731		872,239		323,030			1,206,000				5.2	%		4.2	%
The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		616,058		155,479		59,463			831,000				6.3	%		5.5	%
201 Brookline Avenue/Fenway	98.4	%		—		511,895		222,105			734,000				7.2	%		6.2	%
15 Necco Street/Seaport Innovation District	90.0	%		—		244,695		322,305			567,000				6.7	%		5.5	%
40, 50, and 60 Sylvan Road/Route 128	100	%		173,672		98,679		TBD
840 Winter Street/Route 128	100	%		14,285		74,926		118,789			208,000				7.5	%		6.5	%
Other	100	%		—		117,910		TBD
San Francisco Bay Area
651 Gateway Boulevard/South San Francisco	50.0	%		—		106,651		TBD
751 Gateway Boulevard/South San Francisco	50.0	%		—		106,563		183,437			290,000				6.5	%		6.3	%
New York City
30-02 48th Avenue/New York City	100	%		86,370		103,587		34,043			224,000				5.8	%		5.8	%
San Diego
10055 Barnes Canyon Road/Sorrento Mesa	50.0	%		—		99,550		81,450			181,000				7.2	%		6.6	%
5505 Morehouse Drive/Sorrento Mesa	100	%		17,571		44,569		4,860			67,000				6.9	%		7.0	%
10102 Hoyt Park Drive/Other	100	%		—		55,121		58,879			114,000				7.4	%		6.5	%
10277 Scripps Ranch Boulevard/Other	100	%		—		27,044		TBD
Seattle
1150 Eastlake Avenue East/Lake Union	100	%		—		129,539		275,461			405,000				6.4	%		6.2	%
3301, 3555, and 3755 Monte Villa Parkway/Bothell	100	%		56,483		73,892		TBD
Maryland
9810 Darnestown Road/Rockville	100	%		—		37,279		95,721			133,000				6.9	%		6.2	%
9601 and 9603 Medical Center Drive/Rockville	100	%		6,183		26,587		21,230			54,000				8.4	%		7.1	%
20400 Century Boulevard/Gaithersburg	100	%		13,226		9,196		12,578			35,000				8.5	%		8.6	%
Research Triangle
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle	100	%		95,238		83,501		66,261			245,000				7.5	%		6.7	%
5 and 9 Laboratory Drive/Research Triangle	100	%		158,131		31,726		26,143			216,000				7.2	%		7.1	%
8 and 10 Davis Drive/Research Triangle	100	%		59,910		64,454		26,636			151,000				7.5	%		7.3	%
4 Davis Drive/Research Triangle	100	%		—		15,734		TBD
Other
Other	100	%		—		15,404		TBD
				$	1,307,858	$	3,381,675	$	3,790,000	(1)	$	8,480,000	(1)

(1)Amounts rounded to the nearest $10 million.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	41
New Class A Development and Redevelopment Properties: Summary of Pipeline
---
March 31, 2022
(Dollars in thousands)
Market<br><br>Property/Submarket	Our Ownership Interest			Book Value			Square Footage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Development and Redevelopment
			Under Construction			Near<br>Term		Intermediate<br>Term		Future		Total(1)
Greater Boston
Mega Campus: Alexandria Center® at One Kendall Square/Cambridge/<br><br>Inner Suburbs	100	%		$	275,455		462,100		—		—		—	462,100
325 Binney Street
Mega Campus: Alexandria Center® at Kendall Square/Cambridge/<br><br>Inner Suburbs	100	%		872,239			403,892		—		—		—	403,892
One Rogers Street
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		202,920			150,771		248,018		—		34,157	432,946
311 Arsenal Street, 400 North Beacon Street, and 100 and 200 Talcott Avenue
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway	(2)			763,523			510,116		507,997		—		—	1,018,113
201 Brookline Avenue and 421 Park Drive
15 Necco Street/Seaport Innovation District	90.0	%		244,695			345,995		—		—		—	345,995
Reservoir Woods/Route 128	100	%		147,531			202,428		312,845		—		440,000	955,273
40, 50, and 60 Sylvan Road
840 Winter Street/Route 128	100	%		74,926			139,984		28,230		—		—	168,214
99 Coolidge Avenue/Cambridge/Inner Suburbs	75.0	%		73,515			—		275,000		—		—	275,000
275 Grove Street/Route 128	100	%		—			—		160,251		—		—	160,251
10 Necco Street/Seaport Innovation District	100	%		95,605			—		—		175,000		—	175,000
215 Presidential Way/Route 128	100	%		6,808			—		—		112,000		—	112,000
Mega Campus: 480 Arsenal Way and 500 and 550 Arsenal Street/Cambridge/Inner Suburbs	100	%		56,258			—		—		—		775,000	775,000
550 Arsenal Street
Mega Campus: Alexandria Technology Square®/Cambridge/Inner Suburbs	100	%		7,881			—		—		—		100,000	100,000
Mega Campus: 380 and 420 E Street/Seaport Innovation District	100	%		122,082			—		—		—		1,000,000	1,000,000
99 A Street/Seaport Innovation District	100	%		48,476			—		—		—		235,000	235,000
Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way/Route 128	100	%		23,848			—		—		—		1,100,000	1,100,000
Other value-creation projects	100	%		169,414			453,869		190,992		—		466,504	1,111,365
				$	3,185,176		2,669,155		1,723,333		287,000		4,150,661	8,830,149
(1)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.<br><br>(2)We have a 98.4% ownership interest in 201 Brookline Avenue aggregating 510,116 SF, which is currently under construction. We have a 100% ownership interest in the near-term development project at 421 Park Drive aggregating 507,997 SF.																Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	42
---	---
New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
---
March 31, 2022
(Dollars in thousands)
Market<br><br>Property/Submarket	Our Ownership Interest			Book Value			Square Footage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Development and Redevelopment
			Under Construction			Near<br>Term		Intermediate<br>Term		Future		Total(1)
San Francisco Bay Area
Mega Campus: Alexandria Technology Center® – Gateway/<br><br>South San Francisco	50.0	%		$	235,804		530,602		—		—		291,000	821,602
651 and 751 Gateway Boulevard
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay	100	%		60,822			—		191,000		—		—	191,000
1450 Owens Street
Alexandria Center® for Life Science – Millbrae/South San Francisco	42.3	%		140,493			—		637,401		—		—	637,401
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
3825 and 3875 Fabian Way/Greater Stanford	100	%		—			—		250,000		—		228,000	478,000
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford	100	%		357,374			—		105,000		700,000		692,830	1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
901 California Avenue/Greater Stanford	100	%		5,039			—		56,924		—		—	56,924
Mega Campus: 88 Bluxome Street/SoMa	100	%		327,684			—		1,070,925		—		—	1,070,925
Mega Campus: 1122, 1150, and 1178 El Camino Real/South San Francisco	100	%		330,402			—		—		—		1,930,000	1,930,000
Mega Campus: 211(2), 213(2), 249, 259, 269, and 279 East Grand Avenue/<br><br>South San Francisco	100	%		6,480			—		—		—		90,000	90,000
211 East Grand Avenue
Other value-creation projects	100	%		—			—		—		—		25,000	25,000
				1,464,098			530,602		2,311,250		700,000		3,256,830	6,798,682
New York City
Alexandria Center® for Life Science – Long Island City/New York City	100	%		134,581			83,566		135,938		—		—	219,504
30-02 48th Avenue and 47-50 30th Street
Mega Campus: Alexandria Center® for Life Science – New York City/<br><br>New York City	100	%		86,963			—		—		550,000	(3)	—	550,000
219 East 42nd Street/New York City	100	%		—			—		—		—		579,947	579,947
				$	221,544		83,566		135,938		550,000		579,947	1,349,451
(1)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.<br><br>(2)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.<br><br>(3)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new building approximating 550,000 SF.																Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	43
---	---
New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
---
March 31, 2022
(Dollars in thousands)
Market<br><br>Property/Submarket	Our Ownership Interest			Book Value			Square Footage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Development and Redevelopment
			Under Construction			Near<br>Term		Intermediate<br>Term		Future		Total(1)
San Diego
Mega Campus: SD Tech by Alexandria/Sorrento Mesa	50.0	%		$	236,230		247,056		190,074		160,000		333,845	930,975
9805 Scranton Road, 5505 Morehouse Drive(2), and 10055 and 10075 Barnes Canyon Road
10102 Hoyt Park Drive/Other	100	%		55,121			144,113		—		—		—	144,113
10277 Scripps Ranch Boulevard/Other	100	%		27,044			70,041		—		—		—	70,041
Mega Campus: One Alexandria Square/Torrey Pines	100	%		167,385			—		608,252		—		125,280	733,532
10931, 10933, 11255, and 11355 North Torrey Pines Road and 10975 and 10995 Torreyana Road
Mega Campus: Alexandria Point/University Town Center	55.0	%		123,143			—		598,029		—		324,445	922,474
10260 Campus Point Drive and 4110, 4150, and 4161 Campus Point Court
Mega Campus: Sequence District by Alexandria/Sorrento Mesa	100	%		40,289			—		200,000		509,000		1,089,915	1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Mega Campus: University District/University Town Center	100	%		185,201			—		—		1,137,000		—	1,137,000
9363, 9373, 9393 Towne Centre Drive, 4555 Executive Drive, 8410-8750 Genesee Avenue, and 4282 Esplanade Court
9444 Waples Street/Sorrento Mesa	50.0	%		19,061			—		—		149,000		—	149,000
Mega Campus: 5200 Illumina Way/University Town Center	51.0	%		13,643			—		—		—		451,832	451,832
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley	100	%		14,951			—		—		—		247,000	247,000
Other value-creation projects	100	%		14,432			—		54,000		—		114,235	168,235
				896,500			461,210		1,650,355		1,955,000		2,686,552	6,753,117
Seattle
Mega Campus: The Eastlake Life Science Campus by Alexandria/<br><br>Lake Union	100	%		129,539			311,631		—		—		—	311,631
1150 Eastlake Avenue East
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell	100	%		73,892			213,976		50,552		—		—	264,528
3301, 3555, and 3755 Monte Villa Parkway
Mega Campus: Alexandria Center® for Life Science – South Lake Union/<br><br>Lake Union	(3)			$	314,591		—		1,095,586		—		188,400	1,283,986
601 and 701 Dexter Avenue North and 800 Mercer Street
(1)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.<br><br>(2)We own 100% of this property.<br><br>(3)We have a 100% ownership interest in 601 and 701 Dexter Avenue North aggregating 414,986 SF and a 60% ownership interest in the near-term development project at 800 Mercer Street aggregating 869,000 SF.																Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	44
---	---
New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
---
March 31, 2022
(Dollars in thousands)
Market<br><br>Property/Submarket	Our Ownership Interest			Book Value			Square Footage
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Development and Redevelopment
			Under Construction			Near<br>Term		Intermediate<br>Term		Future		Total(1)
Seattle (continued)
830 and 1010 4th Avenue South/SoDo	100	%		$	51,967		—		—		—		597,313	597,313
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell	100	%		13,063			—		—		—		230,000	230,000
21660 20th Avenue Southeast
Other value-creation projects	100	%		77,798			—		—		—		691,000	691,000
				660,850			525,607		1,146,138		—		1,706,713	3,378,458
Maryland
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville	100	%		116,831			270,533		340,000		258,000		38,000	906,533
9601, 9603, and 9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road
20400 Century Boulevard/Gaithersburg	100	%		9,196			48,517		—		—		—	48,517
				126,027			319,050		340,000		258,000		38,000	955,050
Research Triangle
Mega Campus: Alexandria Center® for Life Science – Durham/<br><br>Research Triangle	100	%		228,493			325,936		100,000		—		2,060,000	2,485,936
40 and 41 Moore Drive and 14 TW Alexander Drive
Mega Campus: Alexandria Center® for Advanced Technologies/<br><br>Research Triangle	100	%		114,798			319,773		—		—		990,000	1,309,773
4, 8, and 10 Davis Drive
Alexandria Center® for AgTech/Research Triangle	100	%		31,726			61,680		—		—		—	61,680
9 Laboratory Drive
Mega Campus: Alexandria Center® for NextGen Medicines/<br><br>Research Triangle	100	%		96,998			—		100,000		100,000		855,000	1,055,000
3029 East Cornwallis Road
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle	100	%		49,611			—		—		—		750,000	750,000
Other value-creation projects	100	%		4,185			—		—		—		76,262	76,262
				525,811			707,389		200,000		100,000		4,731,262	5,738,651
Other value-creation projects	100	%		149,068			130,765		143,105		—		2,510,400	2,784,270
Total pipeline as of March 31, 2022				$	7,229,074	(2)	5,427,344		7,650,119		3,850,000		19,660,365	36,587,828	(1)

(1)Total square footage includes 4,338,692 RSF of buildings currently in operation that will be redeveloped or replaced with new development RSF upon commencement of future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(2)Total book value includes $3.4 billion of projects currently under construction that are 76% leased/negotiating. We also expect to commence construction on pre-leased/negotiating near-term projects aggregating $479.5 million in the next six quarters that are 82% leased/negotiating.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	45
Construction Spending
---
March 31, 2022
(In thousands)
	Three Months Ended
---	---	---
Construction Spending	March 31, 2022
Additions to real estate – consolidated projects	$	666,364
Investments in unconsolidated real estate joint ventures		335
Contributions from noncontrolling interests		(45,182)
Construction spending (cash basis)		621,517
Change in accrued construction		(35,417)
Construction spending		586,100
Projected construction spending for the nine months ending December 31, 2022		2,363,900
Guidance midpoint	$	2,950,000			Year Ending
---	---	---
Projected Construction Spending	December 31, 2022
Development, redevelopment, and pre-construction projects	$	3,056,000
Contributions from noncontrolling interests (consolidated real estate joint ventures)		(286,000)
Revenue-enhancing and repositioning capital expenditures		98,000
Non-revenue-enhancing capital expenditures		82,000
Guidance midpoint	$	2,950,000
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	46
---	---
Joint Venture Financial Information
---
March 31, 2022		Consolidated Real Estate Joint Ventures
---	---	---	---	---	---	---	---	---	---
Property	Market	Submarket	Noncontrolling<br><br>Interest Share(1)				Operating RSF<br><br>at 100%
50 and 60 Binney Street	Greater Boston	Cambridge/Inner Suburbs		66.0%				532,395
75/125 Binney Street	Greater Boston	Cambridge/Inner Suburbs		60.0%				388,270
100 Binney Street	Greater Boston	Cambridge/Inner Suburbs		70.0%				432,931
225 Binney Street	Greater Boston	Cambridge/Inner Suburbs		70.0%				305,212
99 Coolidge Avenue	Greater Boston	Cambridge/Inner Suburbs		25.0%				—	(2)
Alexandria Center® for Science and Technology – Mission Bay(3)	San Francisco Bay Area	Mission Bay		75.0%				1,005,989
Alexandria Technology Center® – Gateway(4)	San Francisco Bay Area	South San Francisco		50.0%				789,567
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		57.7%				—
Alexandria Point(5)	San Diego	University Town Center		45.0%				1,337,916
5200 Illumina Way	San Diego	University Town Center		49.0%				792,687
9625 Towne Centre Drive	San Diego	University Town Center		49.9%				163,648
SD Tech by Alexandria(6)	San Diego	Sorrento Mesa		50.0%				683,503
Pacific Technology Park	San Diego	Sorrento Mesa		50.0%				632,732
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street	Seattle	Lake Union		70.0%				321,218
400 Dexter Avenue North	Seattle	Lake Union		70.0%				290,111
800 Mercer Street	Seattle	Lake Union		40.0%				—
Unconsolidated Real Estate Joint Ventures
Property	Market	Submarket	Our Ownership Share(7)				Operating RSF<br><br>at 100%
1655 and 1725 Third Street	San Francisco Bay Area	Mission Bay		10.0	%			586,208
1401/1413 Research Boulevard	Maryland	Rockville		65.0	%	(8)		(9)
1450 Research Boulevard	Maryland	Rockville		73.2	%	(10)		42,679
101 West Dickman Street	Maryland	Beltsville		57.9	%	(10)		135,423

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

(2)We expect to commence vertical construction of 275,000 RSF during 2022.

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

(4)Includes 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard in our South San Francisco submarket. Noncontrolling interest share is anticipated to be 49% as we make further contributions into the joint venture over time.

(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4150, 4161, 4224, and 4242 Campus Point Court in our University Town Center submarket.

(6)Includes 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road and 10055 and 10065 Barnes Canyon Road in our Sorrento Mesa submarket.

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

(8)Represents our ownership interest; our voting interest is limited to 50%.

(9)Represents a joint venture with a distinguished retail real estate developer for an approximately 90,000 RSF retail shopping center.

(10)Represents a joint venture with a local real estate operator in which our 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. © 2022	47
Joint Venture Financial Information (continued)
---
March 31, 2022
(In thousands)
		As of March 31, 2022
---	---	---	---	---
	Noncontrolling Interest <br>Share of Consolidated <br>Real Estate JVs		Our Share of <br>Unconsolidated Real <br>Estate JVs
Investments in real estate	$	2,962,080	$	110,530
Cash, cash equivalents, and restricted cash		97,149		4,899
Other assets		339,658		10,465
Secured notes payable (refer to page 52)		(3,311)		(83,860)
Other liabilities		(144,941)		(3,578)
Redeemable noncontrolling interests		(9,612)		—
	$	3,241,023	$	38,456
	Three Months Ended March 31, 2022
---	---	---
	Noncontrolling Interest <br>Share of Consolidated <br>Real Estate JVs		Our Share of Unconsolidated Real Estate JVs
Total revenues	$	78,677	$	2,838
Rental operations		(22,697)		(732)
		55,980		2,106
General and administrative		(323)		(71)
Interest		—		(860)
Depreciation and amortization of real estate assets		(23,681)		(955)
Fixed returns allocated to redeemable noncontrolling interests(1)		201		—
	$	32,177	$	220
Straight-line rent and below-market lease revenue	$	4,324	$	253
Funds from operations(2)	$	55,858	$	1,175

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

(2)Refer to “Funds from operations and funds from operations per share” in our Earnings Press Release and “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of this Supplemental Information for the definition and reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	48
Investments
---
March 31, 2022
(Dollars in thousands)

We hold investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries. The tables below summarize components of our non-real estate investments and investment income. For additional details, refer to “Investments” in the “Definitions and reconciliations” of this Supplemental Information.

	Three Months Ended March 31, 2022		Year Ended December 31, 2021
Realized gains	$	23,114		$	215,845	(1)
Unrealized (losses) gains	(263,433)			43,632
Investment (loss) income	$	(240,319)		$	259,477
Investments	Cost			Unrealized<br>Gains			Carrying Amount
---	---	---	---	---	---	---	---	---
Publicly traded companies	$	200,955		$	105,974	(2)	$	306,929
Entities that report NAV	406,420			351,455			757,875
Entities that do not report NAV:
Entities with observable price changes	62,099			75,219			137,318
Entities without observable price changes	386,513			—			386,513
Investments accounted for under the equity method of accounting	N/A			N/A			72,466
March 31, 2022	$	1,055,987	(3)	$	532,648		1,661,101
December 31, 2021	$	1,007,303		$	797,673		$	1,876,564

(1)Includes six separate significant realized gains aggregating $110.1 million related to the following transactions: (i) the sales of investments in three publicly traded biotechnology companies, (ii) a distribution received from a limited partnership investment, and (iii) the acquisition of two of our privately held non-real estate investments in a biopharmaceutical company and a biotechnology company.

(2)Represents gross unrealized gains and losses of $175.5 million and $69.5 million, respectively, as of March 31, 2022.

(3)Represents 2.9% of gross assets as of March 31, 2022.

Public/Private<br>Mix (Cost)
Tenant/Non-Tenant<br>Mix (Cost)
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	49
---	---
Key Credit Metrics
---
March 31, 2022
Liquidity		Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
---	---	---
		(in millions)
5.7B
(in millions)
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program	3,000
Remaining construction loan commitments
Outstanding forward equity sales agreements(1)
Cash, cash equivalents, and restricted cash
Investments in publicly traded companies
Liquidity as of March 31, 2022	5,666
Net Debt and Preferred Stock to Adjusted EBITDA(2)		Fixed-Charge Coverage Ratio(2)

All values are in US Dollars.

(1)Represents expected net proceeds from the future settlement of 6.6 million shares of forward equity sales agreements.

(2)Quarter annualized. Refer to “Fixed-charge coverage ratio” and “Net debt and preferred stock to Adjusted EBITDA” in the “Definitions and reconciliations” of this Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	50
Summary of Debt
---
March 31, 2022
(In millions)

Weighted-Average Remaining Term of 13.8 Years

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	51
Summary of Debt (continued)
---
March 31, 2022
(Dollars in thousands)
Fixed-rate and variable-rate debt	Fixed-Rate<br>Debt			Variable-Rate Debt			Total				Percentage			Weighted-Average
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
										Interest Rate(1)			Remaining Term<br>(in years)
Secured notes payable	$	193,826		$	15,084		$	208,910			2.0	%		3.39	%	2.1	(2)
Unsecured senior notes payable	10,094,337			—			10,094,337				98.0			3.51		14.0
Unsecured senior line of credit(3)	—			—			—				—			N/A		3.8
Commercial paper program	—			—			—				—			N/A		(4)
Total/weighted average	$	10,288,163		$	15,084		$	10,303,247			100.0	%		3.51	%	13.8	(4)
Percentage of total debt	99.9		%	0.1		%	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)In April 2022, we repaid two secured notes payable due in 2024. Excluding these secured notes payable, the remaining term is 5.1 years.

(3)During the year ended December 31, 2021, we achieved certain sustainability measures, as described in our unsecured senior line of credit agreement, which reduced the borrowing rate by one basis point for a one-year period to LIBOR+0.815% from LIBOR+0.825%.

(4)The commercial paper program provides us with the ability to issue up to $1.5 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. There were no commercial paper notes outstanding as of March 31, 2022. 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 L+0.815%. As such, we calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. The commercial paper notes sold during the three months ended March 31, 2022 were issued at a weighted-average yield to maturity of 0.47% and had a weighted-average maturity term of 15 days.

Debt covenants	Unsecured Senior Notes Payable		Unsecured Senior Line of Credit
Debt Covenant Ratios(1)	Requirement	March 31, 2022	Requirement	March 31, 2022
Total Debt to Total Assets	≤ 60%	29%	≤ 60.0%	28.8%
Secured Debt to Total Assets	≤ 40%	1%	≤ 45.0%	0.6%
Consolidated EBITDA to Interest Expense	≥ 1.5x	13.4x	≥ 1.50x	4.56x
Unencumbered Total Asset Value to Unsecured Debt	≥ 150%	324%	N/A	N/A
Unsecured Interest Coverage Ratio	N/A	N/A	≥ 1.75x	10.07x

(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	Our Share		Maturity Date	Stated Rate		Interest Rate(1)		Aggregate Commitment		Debt Balance(2)
1401/1413 Research Boulevard		65.0%	12/23/24	2.70%			3.32%	$	28,500	$	28,005
1655 and 1725 Third Street		10.0%	3/10/25	4.50%			4.57%	600,000		598,763
101 West Dickman Street		57.9%	11/10/26	SOFR+1.95%	(3)		2.81%	26,750		9,975
1450 Research Boulevard		73.2%	12/10/26	SOFR+1.95%	(3)		N/A	13,000		—
								$	668,250	$	636,743

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2022.

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

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	52
Summary of Debt (continued)
---
March 31, 2022
(Dollars in thousands)
Debt	Stated <br>Rate			Interest<br><br>Rate(1)			Maturity<br><br>Date(2)			Principal Payments Remaining for the Periods Ending December 31,												Principal		Unamortized (Deferred Financing Cost), (Discount)/Premium		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						2022		2023			2024		2025		2026		Thereafter
Secured notes payable
Greater Boston	4.82	%		3.40	%		2/6/24		(3)	$	2,658	$	3,742	$	183,527	$	—	$	—	$	—	$	189,927	$	5,060	$	194,987
Greater Boston(4)	SOFR+2.70	%		3.10			11/19/26			—		—		—		—		15,084		—		15,084		(1,839)		13,245
San Francisco Bay Area	6.50	%		6.50			7/1/36			28		30		32		34		36		518		678		—		678
Secured debt weighted-average interest rate/subtotal	4.69	%		3.39						2,686		3,772		183,559		34		15,120		518		205,689		3,221		208,910
Commercial paper program(4)	N/A		(5)	N/A		(5)	(5)			(5)		—		—		—		—		—		—		—		—
Unsecured senior line of credit	L+0.815	%		N/A			1/6/26			—		—		—		—		—		—		—		—		—
Unsecured senior notes payable	3.45	%		3.62			4/30/25			—		—		—		600,000		—		—		600,000		(2,717)		597,283
Unsecured senior notes payable	4.30	%		4.50			1/15/26			—		—		—		—		300,000		—		300,000		(1,868)		298,132
Unsecured senior notes payable – green bond	3.80	%		3.96			4/15/26			—		—		—		—		350,000		—		350,000		(1,995)		348,005
Unsecured senior notes payable	3.95	%		4.13			1/15/27			—		—		—		—		—		350,000		350,000		(2,446)		347,554
Unsecured senior notes payable	3.95	%		4.07			1/15/28			—		—		—		—		—		425,000		425,000		(2,465)		422,535
Unsecured senior notes payable	4.50	%		4.60			7/30/29			—		—		—		—		—		300,000		300,000		(1,634)		298,366
Unsecured senior notes payable	2.75	%		2.87			12/15/29			—		—		—		—		—		400,000		400,000		(3,183)		396,817
Unsecured senior notes payable	4.70	%		4.81			7/1/30			—		—		—		—		—		450,000		450,000		(3,074)		446,926
Unsecured senior notes payable	4.90	%		5.05			12/15/30			—		—		—		—		—		700,000		700,000		(6,873)		693,127
Unsecured senior notes payable	3.375	%		3.48			8/15/31			—		—		—		—		—		750,000		750,000		(6,105)		743,895
Unsecured senior notes payable – green bond	2.00	%		2.12			5/18/32			—		—		—		—		—		900,000		900,000		(9,485)		890,515
Unsecured senior notes payable	1.875	%		1.97			2/1/33			—		—		—		—		—		1,000,000		1,000,000		(9,486)		990,514
Unsecured senior notes payable – green bond	2.95	%		3.07			3/15/34			—		—		—		—		—		800,000		800,000		(9,295)		790,705
Unsecured senior notes payable	4.85	%		4.93			4/15/49			—		—		—		—		—		300,000		300,000		(3,188)		296,812
Unsecured senior notes payable	4.00	%		3.91			2/1/50			—		—		—		—		—		700,000		700,000		10,297		710,297
Unsecured senior notes payable	3.00	%		3.08			5/18/51			—		—		—		—		—		850,000		850,000		(12,271)		837,729
Unsecured senior notes payable	3.55	%		3.63			3/15/52			—		—		—		—		—		1,000,000		1,000,000		(14,875)		985,125
Unsecured debt weighted average/subtotal				3.51						—		—		—		600,000		650,000		8,925,000		10,175,000		(80,663)		10,094,337
Weighted-average interest rate/total				3.51	%					$	2,686	$	3,772	$	183,559	$	600,034	$	665,120	$	8,925,518	$	10,380,689	$	(77,442)	$	10,303,247
Balloon payments										$	—	$	—	$	183,221	$	600,000	$	665,084	$	8,925,068	$	10,373,373	$	—	$	10,373,373
Principal amortization										2,686		3,772		338		34		36		450		7,316		(77,442)		(70,126)
Total debt										$	2,686	$	3,772	$	183,559	$	600,034	$	665,120	$	8,925,518	$	10,380,689	$	(77,442)	$	10,303,247
Fixed-rate debt										$	2,686	$	3,772	$	183,559	$	600,034	$	650,036	$	8,925,518	$	10,365,605	$	(77,442)	$	10,288,163
Variable-rate debt										—		—		—		—		15,084		—		15,084		—		15,084
Total debt										$	2,686	$	3,772	$	183,559	$	600,034	$	665,120	$	8,925,518	$	10,380,689	$	(77,442)	$	10,303,247
Weighted-average stated rate on maturing debt										N/A		N/A		4.82%		3.45%		4.00%		3.36%

(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)In April 2022, we repaid two secured notes payable and recognized a loss on early extinguishment of debt of $3.3 million, including a prepayment penalty and the write-off of unamortized loan fees.

(4)Represents a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue, of which we own a 75.0% interest. As of March 31, 2022, this joint venture has $180.2 million available under the existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones.

(5)Refer to footnote 4 on the prior page under “Fixed-rate and variable-rate debt.”

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	53
Definitions and Reconciliations
---
March 31, 2022

This section contains additional details for sections throughout this Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Adjusted EBITDA and Adjusted EBITDA margin

The following table reconciles net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the Adjusted EBITDA margin:

	Three Months Ended
(Dollars in thousands)	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Net (loss) income	$	(117,392)	$	99,796	$	124,433	$	404,520	$	25,533
Interest expense	29,440		34,862		35,678		35,158		36,467
Income taxes	3,571		4,156		3,672		2,800		1,426
Depreciation and amortization	240,659		239,254		210,842		190,052		180,913
Stock compensation expense	14,028		14,253		9,728		12,242		12,446
Loss on early extinguishment of debt	—		—		—		—		67,253
(Gain) loss on sales of real estate	—		(124,226)		435		—		(2,779)
Significant realized gains on non-real estate investments	—		—		(52,427)		(34,773)		(22,919)
Unrealized losses (gains) on non-real estate investments	263,433		139,716		14,432		(244,031)		46,251
Impairment of real estate	—		—		42,620		4,926		5,129
Adjusted EBITDA	$	433,739	$	407,811	$	389,413	$	370,894	$	349,720
Total revenues	$	615,065	$	576,923	$	547,759	$	509,619	$	479,849
Adjusted EBITDA margin	71%		71%		71%		73%		73%

We use Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, and significant termination fees. Adjusted EBITDA also excludes unrealized gains or losses and significant realized gains or losses and impairments that result from our non-real estate investments. These non-real estate investment amounts are classified in our consolidated statements of operations outside of total revenues.

We believe Adjusted EBITDA provides investors with relevant and useful information as it allows investors to evaluate the operating performance of our business activities without having to account for differences recognized because of investing and financing decisions related to our real estate and non-real estate investments, our capital structure, capital market transactions, and variances resulting from the volatility of market conditions outside of our control. For example, we exclude gains or losses on the early extinguishment of debt to allow investors to measure our performance independent of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real estate investments, and significant termination fees allows investors to evaluate performance from period to period on a consistent basis without having to account for differences recognized because of investing and financing decisions related to our real estate and non-real estate investments or other corporate activities that may not be representative of the operating performance of our properties.

In addition, we believe that excluding charges related to stock compensation and unrealized gains or losses facilitates for investors a comparison of our business activities across periods without the volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant measure of performance, it does not represent net income (loss) or cash flows from operations calculated and presented in accordance with GAAP, and it should not be considered as an alternative to those indicators in evaluating performance or liquidity.

In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total revenues as presented in our consolidated statements of operations. We believe that this supplemental performance measure provides investors with additional useful information regarding the profitability of our operating activities.

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in accordance with GAAP, for leases in effect as of the end of the period, related to our operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue of our consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of 100% of the RSF of our consolidated properties and our share of the RSF of properties held in unconsolidated real estate joint ventures. As of March 31, 2022, 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 for the quarter preceding the date on which the property is sold, or near term prospective net operating income.

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 properties and AAA locations

Class A properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Class A properties generally command higher annual rental rates than other classes of similar properties.

AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space.

Construction costs related to active development and redevelopment projects under contract

Includes (i) costs incurred to date, (ii) remaining costs to complete under a general contractor's guaranteed maximum price construction contract or other contracts, and (iii) our maximum committed tenant improvement allowances under our executed leases. The general contractor's guaranteed maximum price contract or other contracts reduce our exposure to costs of construction materials, labor, and services from third-party contractors and suppliers, unless the overruns result from among others, a force majeure event, or a change in the scope of work covered by the contract.

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 properties, and property enhancements identified during the underwriting of certain acquired properties, located in collaborative life science, agtech, and technology campuses in AAA innovation clusters. These projects are generally focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of, and are reusable by, a wide range of tenants. Upon completion, each value-creation project is expected to generate a significant increase 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 facilities. Redevelopment projects consist of the permanent change in use of office, warehouse, and shell space into office/laboratory, agtech, or tech office space. We generally will not commence new development projects for aboveground construction of new Class A office/laboratory, agtech, and tech office space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class 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 office/laboratory space to foster the growth of promising early- and growth-stage life science companies.

Revenue-enhancing and repositioning capital expenditures represent spending to reposition or significantly change the use of a property, including through improvement in the asset quality from Class B to Class A.

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
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	55
---	---	Definitions and Reconciliations (continued)
---
March 31, 2022

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to fixed charges. We believe that this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends. Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts).

The following table reconciles interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-charge coverage ratio:

	Three Months Ended
(Dollars in thousands)	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Adjusted EBITDA	$	433,739	$	407,811	$	389,413	$	370,894	$	349,720
Interest expense	$	29,440	$	34,862	$	35,678	$	35,158	$	36,467
Capitalized interest	57,763		44,078		43,185		43,492		39,886
Amortization of loan fees	(3,103)		(2,911)		(2,854)		(2,859)		(2,817)
Amortization of debt premiums	424		502		498		465		576
Cash interest and fixed charges	$	84,524	$	76,531	$	76,507	$	76,256	$	74,112
Fixed-charge coverage ratio:
– quarter annualized	5.1x		5.3x		5.1x		4.9x		4.7x
– trailing 12 months	5.1x		5.0x		4.8x		4.6x		4.4x

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, gains or losses on early extinguishment of debt, significant termination fees, acceleration of stock compensation expense due to the resignation of an executive officer, 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. 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.

The following table reconciles net income to funds from operations for the share of consolidated real estate joint ventures attributable to noncontrolling interests and our share of unconsolidated real estate joint ventures:

	Three Months Ended March 31, 2022
(In thousands)	Noncontrolling Interest Share of Consolidated Real Estate JVs		Our Share of Unconsolidated <br>Real Estate JVs
Net income	$	32,177		$	220
Depreciation and amortization of real estate assets	23,681			955
Funds from operations	$	55,858		$	1,175

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Total assets	$	32,844,256	$	30,219,373	$	28,558,718	$	27,018,850	$	25,234,346
Accumulated depreciation	3,951,666		3,771,241		3,614,440		3,461,780		3,319,597
Gross assets	$	36,795,922	$	33,990,614	$	32,173,158	$	30,480,630	$	28,553,943

Initial stabilized yield (unlevered)

Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the property. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our value-creation projects are generally expected to increase over time due to contractual annual rent escalations. Our estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion represent our initial estimates at the commencement of the project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected project yields or costs.

•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent concessions over the term(s) of the lease(s), calculated on a straight-line basis.

•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property.

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-grade rated or publicly traded companies with an average daily market capitalization greater than $10 billion for the twelve months ended March 31, 2022, as reported by Bloomberg Professional Services. Credit ratings from Moody’s Investors Service and S&P Global Ratings reflect credit ratings of the tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease obligation upon such tenant’s default. We monitor the credit quality and related material changes of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion, which are not immediately reflected in the twelve-month average, may result in their exclusion from this measure.

Investments

We hold investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries. We recognize, measure, present, and disclose these investments as follows:

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

(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions for the same issuer with similar rights and obligations executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of March 31, 2022:

(In thousands)	Investments in <br>Real Estate
Gross investments in real estate – North America	$	31,032,784
Less: accumulated depreciation – North America	(3,947,176)
Net investments in real estate – North America	27,085,608
Net investments in real estate – Asia	14,401
Investments in real estate	$	27,100,009		Space Intentionally Blank
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March 31, 2022

The square footage presented in the table below includes RSF of buildings in operation as of March 31, 2022, primarily representing lease expirations at recently acquired properties that also have inherent future development or redevelopment opportunities and for which we have the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction:

	Dev/<br>Redev		RSF of Lease Expirations Targeted for<br>Development and Redevelopment
Property/Submarket		2022		2023		Thereafter			Total
Near-term projects:
40 Sylvan Road/Route 128	Redev		—		312,845		—			312,845
275 Grove Street/Route 128	Redev		102,728		—		57,523	(1)		160,251
840 Winter Street/Route 128	Redev		—		10,265		17,965			28,230
3825 Fabian Way/Greater Stanford	Redev		250,000		—		—			250,000
10931 and 10933 North Torrey Pines Road/<br> Torrey Pines	Dev		25,892		—		—			25,892
3301 Monte Villa Parkway/Bothell	Redev		50,552		—		—			50,552
41 Moore Drive/Research Triangle	Redev		62,490		—		—			62,490
Other	Redev		70,700		—		72,405	(1)		143,105
			562,362		323,110		147,893			1,033,365
Intermediate-term projects:
9444 Waples Street/Sorrento Mesa	Dev		23,789		—		64,591	(1)		88,380
			23,789		—		64,591			88,380
Future projects:
550 Arsenal Street/Cambridge/Inner Suburbs	Dev		—		—		260,867	(1)		260,867
380 and 420 E Street/Seaport Innovation District	Dev		—		—		195,506			195,506
Other/Greater Boston	Redev		—		—		167,549	(1)		167,549
1122 El Camino Real/South San Francisco	Dev		—		—		223,232			223,232
1150 El Camino Real/South San Francisco	Dev		—		—		431,940	(1)		431,940
3875 Fabian Way/Greater Stanford	Redev		—		—		228,000			228,000
960 Industrial Road/Greater Stanford	Dev		—		—		110,000			110,000
219 East 42nd Street/New York City	Dev		—		—		349,947			349,947
10975 and 10995 Torreyana Road/Torrey Pines	Dev		—		—		84,829			84,829
4161 Campus Point Court/University Town Center	Dev		—		159,884		—			159,884
10260 Campus Point Drive/University Town Center	Dev		—		109,164		—			109,164
Sequence District by Alexandria/Sorrento Mesa	Dev/Redev		—		—		689,938			689,938
4025, 4031, and 4045 Sorrento Valley Boulevard/Sorrento Valley	Dev		42,594		—		—			42,594
601 Dexter Avenue North/Lake Union	Dev		—		18,680		—			18,680
830 4th Avenue South/SoDo	Dev		—		—		42,380	(1)		42,380
Other/Seattle	Dev		6,289		86,955		9,193	(1)		102,437
			48,883		374,683		2,793,381			3,216,947
			635,034		697,793		3,005,865			4,338,692

(1)Includes vacant square footage as of March 31, 2022.

Joint venture financial information

We present components of balance sheet and operating results information related to our real estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP. We present the proportionate share of certain financial line items as follows: (i) for each real estate joint venture that we consolidate in our financial statements, which are controlled by us through contractual rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest economic ownership percentage to each financial item to arrive at the amount of such cumulative noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that we do not control and do not consolidate, and are instead controlled jointly or by our joint venture partners through contractual rights or majority voting rights, we apply our economic ownership percentage to each financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own, the joint venture agreement generally determines what equity holders can receive upon capital events, such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their respective legal ownership of any residual cash from a joint venture only after all liabilities, priority distributions, and claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating results information related to our partially owned entities. Presenting this information provides a perspective not immediately available from consolidated financial statements and one that can supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in our consolidated results.

The components of balance sheet and operating results information related to our real estate joint ventures are limited as an analytical tool as the overall economic ownership interest does not represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In addition, joint venture financial information may include financial information related to the unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for investors a clear understanding of our operating results and our total assets and liabilities, joint venture financial information should be examined in conjunction with our consolidated statements of operations and balance sheets. Joint venture financial information should not be considered an alternative to our consolidated financial statements, which are presented and prepared in accordance with GAAP.

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

We present a tabular comparison of items, whether gain or loss, that may facilitate a high-level understanding of our results and provide context for the disclosures included in this Supplemental Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form 10-Q. We believe that such tabular presentation promotes a better understanding for investors of the corporate-level decisions made and activities performed that significantly affect comparison of our operating results from period to period. We also believe that this tabular presentation will supplement for investors an understanding of our disclosures and real estate operating results. Gains or losses on sales of real estate and impairments of held for sale assets 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 and impairments of real estate and non-real estate investments are not related to the operating performance of our real estate assets as they result from strategic, corporate-level non-real estate investment decisions and external market conditions. Impairments of non-real estate investments are not related to the operating performance of our real estate as they represent the write-down of non-real estate investments when their fair values decrease below their respective carrying values due to changes in general market or other conditions outside of our control. Significant items, whether a gain or loss, included in the tabular disclosure for current periods are described in further detail in this Supplemental Information and accompanying Earnings Press Release.

Mega campus

Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. The following table reconciles our operating RSF as of March 31, 2022:

	Operating RSF
Mega campus	25,165,682
Non-mega campus	16,771,041
Total	41,936,723
Mega campus RSF as a percentage of total operating property RSF	60	%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends includes the deduction for distributions to noncontrolling interests. For purposes of this calculation, changes in operating assets and liabilities are excluded as they represent timing differences.

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted EBITDA.

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

(Dollars in thousands)	3/31/22			12/31/21			9/30/21			6/30/21			3/31/21
Secured notes payable	$	208,910		$	205,198		$	198,758		$	227,984		$	229,406
Unsecured senior notes payable	10,094,337			8,316,678			8,314,851			8,313,025			8,311,512
Unsecured senior line of credit and commercial paper	—			269,990			749,978			299,990			—
Unamortized deferred financing costs	81,175			65,476			65,112			66,913			68,293
Cash and cash equivalents	(775,060)			(361,348)			(325,872)			(323,876)			(492,184)
Restricted cash	(95,106)			(53,879)			(42,182)			(33,697)			(42,219)
Preferred stock	—			—			—			—			—
Net debt and preferred stock	$	9,514,256		$	8,442,115		$	8,960,645		$	8,550,339		$	8,074,808
Adjusted EBITDA:
– quarter annualized	$	1,734,956		$	1,631,244		$	1,557,652		$	1,483,576		$	1,398,880
– trailing 12 months	$	1,601,857		$	1,517,838		$	1,442,929		$	1,371,586		$	1,314,153
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	5.5		x	5.2		x	5.8		x	5.8		x	5.8		x
– trailing 12 months	5.9		x	5.6		x	6.2		x	6.2		x	6.1		x
Space Intentionally Blank
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March 31, 2022

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

The following table reconciles net (loss) income to net operating income and net operating income (cash basis) and computes operating margin:

	Three Months Ended
(Dollars in thousands)	3/31/22		3/31/21
Net (loss) income	$	(117,392)	$	25,533
Equity in earnings of unconsolidated real estate joint ventures	(220)		(3,537)
General and administrative expenses	40,931		33,996
Interest expense	29,440		36,467
Depreciation and amortization	240,659		180,913
Impairment of real estate	—		5,129
Loss on early extinguishment of debt	—		67,253
Gain on sales of real estate	—		(2,779)
Investment loss (income)	240,319		(1,014)
Net operating income	433,737		341,961
Straight-line rent revenue	(42,025)		(27,382)
Amortization of acquired below-market leases	(13,915)		(12,112)
Net operating income (cash basis)	$	377,797	$	302,467
Net operating income (cash basis) – annualized	$	1,511,188	$	1,209,868
Net operating income (from above)	$	433,737	$	341,961
Total revenues	$	615,065	$	479,849
Operating margin	71%		71%

Net operating income is a non-GAAP financial measure calculated as net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated real estate joint ventures, general and administrative expenses, interest expense, depreciation and amortization, impairments of real estate, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment income or loss. We believe net operating income provides useful information to investors regarding our financial condition and results of operations because it primarily reflects those income and expense items that are incurred at the property level. Therefore, we believe net operating income is a useful measure for investors to evaluate the operating performance of our consolidated real estate assets. Net operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below-market lease revenue adjustments required by GAAP. We believe that net operating income on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases.

Furthermore, we believe net operating income is useful to investors as a performance measure of our consolidated properties because, when compared across periods, net operating income reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not immediately apparent from net income or loss. Net operating income can be used to measure the initial stabilized yields of our properties by calculating net operating income generated by a property divided by our investment in the property. Net operating income excludes certain components from net income in order to provide results that are more closely related to the results of operations of our properties. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level rather than at the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort comparability of operating performance at the property level. Impairments of real estate have been excluded in deriving net operating income because we do not consider impairments of real estate to be property-level operating expenses. Impairments of real estate relate to changes in the values of our assets and do not reflect the current operating performance with respect to related revenues or expenses. Our impairments of real estate represent the write-down in the value of the assets to the estimated fair value less cost to sell. These impairments result from investing decisions or a deterioration in market conditions. We also exclude realized and unrealized investment gain or loss, which results from investment decisions that occur at the corporate level related to non-real estate investments in publicly traded companies and certain privately held entities. Therefore, we do not consider these activities to be an indication of operating performance of our real estate assets at the property level. Our calculation of net operating income also excludes charges incurred from changes in certain financing decisions, such as losses on early extinguishment of debt, as these charges often relate to corporate strategy. Property operating expenses included in determining net operating income primarily consist of costs that are related to our operating properties, such as utilities, repairs, and maintenance; rental expense related to ground leases; contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and property-level salaries. General and administrative expenses consist primarily of accounting and corporate compensation, corporate insurance, professional fees, office rent, and office supplies that are incurred as part of corporate office management. We calculate operating margin as net operating income divided by total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating results, net operating income should be examined in conjunction with net income or loss as presented in our consolidated statements of operations. Net operating income should not be considered as an alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end of the period. We believe these measures are useful to investors because they facilitate an understanding of certain trends for our properties. We compute the number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations at 100% for all properties in which we have an investment, including properties owned by our consolidated and unconsolidated real estate joint ventures. For operating metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods presented, including changes from assets acquired or sold, properties placed into development or redevelopment, and development or redevelopment properties recently placed into service, the consolidated total income from rentals, as well as rental operating expenses in our operating results, can show significant changes from period to period. In order to supplement an evaluation of our results of operations over a given quarterly or annual period, we analyze the operating performance for all consolidated properties that were fully operating for the entirety of the comparative periods presented, referred to as same properties. We separately present quarterly and year-to-date same property results to align with the interim financial information required by the SEC in our management’s discussion and analysis of our financial condition and results of operations. These same properties are analyzed separately from properties acquired subsequent to the first day in the earliest comparable quarterly or year-to-date period presented, properties that underwent development or redevelopment at any time during the comparative periods, unconsolidated real estate joint ventures, properties classified as held for sale, and corporate entities (legal entities performing general and administrative functions), which are excluded from same property results. Additionally, termination fees, if any, are excluded from the results of same properties.

Space Intentionally Blank

The following table reconciles the number of same properties to total properties for the three months ended March 31, 2022:

Development – under construction	Properties	Acquisitions after January 1, 2021	Properties
5 and 9 Laboratory Drive	2	3301, 3303, 3305, 3307, 3420, and 3440 Hillview Avenue	6
4, 8, and 10 Davis Drive	3
201 Brookline Avenue	1	Sequence District by Alexandria	5
10055 Barnes Canyon Road	1	Alexandria Center® for Life Science – Fenway	1
15 Necco Street	1
751 Gateway Boulevard	1	550 Arsenal Street	1
325 Binney Street	1	1501-1599 Industrial Road	6
1150 Eastlake Avenue East	1	One Investors Way	2
10102 Hoyt Park Drive	1	2475 Hanover Street	1
9810 Darnestown Road	1	10975 and 10995 Torreyana Road	2
	13	Pacific Technology Park	6
Development – placed into		1122 and 1150 El Camino Real	2
service after January 1, 2021	Properties	12 Davis Drive	1
1165 Eastlake Avenue East	1	7360 Carroll Road	1
201 Haskins Way	1	3303, 3305, and 3307 Monte Villa Parkway	3
825 and 835 Industrial Road	2
9950 Medical Center Drive	1	8505 Costa Verde Boulevard and 4260 Nobel Drive	2
3115 Merryfield Row	1
	6	225 and 235 Presidential Way	2
Redevelopment – under construction	Properties	104 TW Alexander Drive	4
5505 Morehouse Drive	1	Other	58
30-02 48th Avenue	1		103
The Arsenal on the Charles	11	Unconsolidated real estate JVs	4
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive	3	Properties held for sale	4
840 Winter Street	1	Total properties excluded from same properties	165
20400 Century Boulevard	1
10277 Scripps Ranch Boulevard	1	Same properties	281
9601 and 9603 Medical Center Drive	2	Total properties in North America as of March 31, 2022	446
One Rogers Street	1
40, 50, and 60 Sylvan Road	3
3301, 3555, and 3755 Monte Villa Parkway	3
651 Gateway Boulevard	1
Other	3
	32
Redevelopment – placed into
service after January 1, 2021	Properties
700 Quince Orchard Road	1
3160 Porter Drive	1
Other	1
	3
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March 31, 2022

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which the project is expected to reach occupancy of 95% or greater.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses and earned in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real estate assets within revenue 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” of this Supplemental Information because we believe it promotes investors’ understanding of our operating results. We believe that the presentation of tenant recoveries is useful to investors as a supplemental measure of our ability to recover operating expenses under our triple net leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for any significant variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

	Three Months Ended
(In thousands)	3/31/22		12/31/21		9/30/21		6/30/21		3/31/21
Income from rentals	$	612,554	$	574,656	$	546,527	$	508,371	$	478,695
Rental revenues	(469,537)		(435,637)		(415,918)		(396,804)		(370,233)
Tenant recoveries	$	143,017	$	139,019	$	130,609	$	111,567	$	108,462

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the closing price on the last trading day at the end of each period presented.

Total market capitalization

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

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

Unencumbered net operating income as a percentage of total net operating income is a non-GAAP financial measure that we believe is useful to investors as a performance measure of the results of operations of our unencumbered real estate assets as it reflects those income and expense items that are incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented.

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

net operating income:

	Three Months Ended
(Dollars in thousands)	3/31/22			12/31/21		9/30/21		6/30/21		3/31/21
Unencumbered net operating income	$	420,960		$	390,017	$	371,026	$	353,104	$	330,160
Encumbered net operating income	12,777			11,189		10,738		12,560		11,801
Total net operating income	$	433,737		$	401,206	$	381,764	$	365,664	$	341,961
Unencumbered net operating income as a percentage of total net operating income	97%		(1)	97%		97%		97%		97%

(1)In April 2022, we repaid two secured notes payable. Excluding these secured notes payable, our unencumbered net operating income as a percentage of total net operating income for the three months ended March 31, 2022 was 99.8%.

Weighted-average interest rate for capitalization of interest

The weighted-average interest rate required for calculating capitalization of interest pursuant to GAAP represents a weighted-average rate 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.

Weighted-average shares of common stock outstanding – diluted

From time to time, we enter into capital market transactions, including forward equity sales agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our highly leased development and redevelopment projects, and for general working capital purposes. We are required to consider the potential dilutive effect of our forward equity sales agreements under the treasury stock method while the forward equity sales agreements are outstanding. As of March 31, 2022, we had Forward Agreements outstanding to sell an aggregate of 6.6 million shares of common stock.

The weighted-average shares of common stock outstanding used in calculating EPS – diluted, FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as follows:

	Three Months Ended
(In thousands)	3/31/22	12/31/21	9/30/21	6/30/21	3/31/21
Basic shares for earnings per share	158,198	153,464	150,854	145,825	137,319
Forward Agreements	—	843	707	233	369
Diluted shares for earnings per share	158,198	154,307	151,561	146,058	137,688
Basic shares for funds from operations per share and funds from operations per share, as adjusted	158,198	153,464	150,854	145,825	137,319
Forward Agreements	11	843	707	233	369
Diluted shares for funds from operations per share and funds from operations per share, as adjusted	158,209	154,307	151,561	146,058	137,688
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