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 27, 2026

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

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

26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

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

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On April 27, 2026, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports First Quarter Ended March 31, 2026 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, 2026

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

Forward-Looking Statements

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

SIGNATURES

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

	ALEXANDRIA REAL ESTATE EQUITIES, INC.
April 27, 2026	By:	/s/ Joel S. Marcus
		Joel S. Marcus
		Executive Chairman
	By:	/s/ Peter M. Moglia
		Peter M. Moglia
		Chief Executive Officer and <br>Chief Investment Officer
	By:	/s/ Marc E. Binda
		Marc E. Binda
		Chief Financial Officer and Treasurer

1Q26 EX 99.1 SUPP

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | | --- || Table of Contents | | --- | | March 31, 2026 | | COMPANY HIGHLIGHTS | Page | | Page | | --- | --- | --- | --- | | Alexandria's Mission and Cluster Model .............................................. | iii | | | | EARNINGS PRESS RELEASE | | | | | First Quarter Ended March 31, 2026Financial and Operating Results ................................................................................................... | 1 | Consolidated Statements of Operations .......................................... | 9 | | Guidance ................................................................................................... | 4 | Consolidated Balance Sheets ............................................................ | 10 | | Dispositions and Sales of Partial Interests .......................................... | 7 | Funds From Operations and Funds From Operations per Share | 11 | | Earnings Call Information and About the Company ........................... | 8 | | | | SUPPLEMENTAL INFORMATION | | | | | Company Profile ....................................................................................... | 14 | External Growth / Investments in Real Estate | | | Investor Information ................................................................................. | 15 | Investments in Real Estate ................................................................ | 31 | | Financial and Asset Base Highlights ..................................................... | 16 | New Class A/A+ Development and Redevelopment Properties: | | | High-Quality and Diverse Client Base ................................................. | 18 | Recent Deliveries ........................................................................... | 33 | | Internal Operating Metrics | | Under Construction ........................................................................ | 34 | | Key Operating Metrics ............................................................................. | 19 | Summary of Pipeline ...................................................................... | 37 | | Same Property Performance .................................................................. | 20 | Construction Spending ........................................................................ | 41 | | Leasing Activity ......................................................................................... | 21 | Capitalization of Interest ..................................................................... | 42 | | Contractual Lease Expirations ............................................................... | 22 | Joint Venture Financial Information ................................................... | 43 | | Top 20 Tenants ......................................................................................... | 23 | Balance Sheet Management | | | Summary of Properties and Occupancy .............................................. | 24 | Investments .......................................................................................... | 45 | | Property Listing ........................................................................................ | 25 | Balance Sheet ...................................................................................... | 46 | | | | Key Credit Metrics ............................................................................... | 48 | | | | Summary of Debt ................................................................................. | 49 | | | | Definitions and Reconciliations | | | | | Definitions and Reconciliations .......................................................... | 53 || CONFERENCE CALL INFORMATION: | | --- | | Tuesday, April 28, 2026 2:00 p.m. Eastern Time 11:00 a.m. Pacific Time | | (833) 366-1125 (U.S./Canada) (412) 902-6738 (International) | | Ask to join the conference call for Alexandria Real Estate Equities, Inc. | | CONTACT INFORMATION: | | Alexandria Real Estate Equities, Inc. corporateinformation@are.com | | JOEL S. MARCUS Executive Chairman & Founder | | PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer | | MARC E. BINDA Chief Financial Officer & Treasurer | | PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790 | | Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026 | iii | | --- | --- |

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ALEXANDRIA:

HIGHLY IMPACTFUL,

CONSEQUENTIAL COMPANY &

THE MOST TRUSTED BRAND IN

LIFE SCIENCE REAL ESTATE

WE INVENTED IT. WE DOMINATE IT.

HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN<br><br>MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS<br><br>OF LIFE SCIENCE AND TECHNOLOGY INNOVATION
	LEADING CLIENT TENANT BASE WITHIN<br><br>THE LIFE SCIENCE REAL ESTATE SECTOR
	HIGH-QUALITY, LONG-TERM CASH FLOWS
	PROVEN UNDERWRITING EXPERTISE
	STRONG AND FLEXIBLE BALANCE SHEET
	LONG-TENURED, HIGHLY EXPERIENCED<br><br>MANAGEMENT TEAM WITH UNIQUE<br><br>SECTOR EXPERTISE	ALEXANDRIA’S<br><br>MEGACAMPUS™<br><br>PLATFORM REPRESENTS
---
78%<br><br>OF OUR ANNUAL<br><br>RENTAL REVENUE

As of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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

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

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

(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to lack of collection during COVID-19 pandemic.

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

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THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY

IS DEPENDENT ON FOUR CRITICAL PILLARS

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DRUG APPROVALS DECELERATED SLIGHTLY IN 1Q26 COMPARED TO

10-YEAR QUARTERLY AVERAGE

Source: U.S. Food and Drug Administration, April 2026. YTD 2026 as of March 31, 2026. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as

products containing active moieties that have not previously been approved by the FDA.

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(1)Source: Capital IQ.

(2)Source: State Street. XBI constituents as of November 13, 2025. Near-commercial refers to companies with products in Phase III or registrational trials.

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ALEXANDRIA’S PATH FORWARD: 1Q26 UPDATE

Maintain a Strong and Flexible Balance<br><br>Sheet, Significant Liquidity, and<br><br>Targeted Leverage:<br><br>On Track for Annualized 4Q26<br><br>Leverage(1) of 5.6x to 6.2x
Reduce Capital Spend and Funding<br><br>Needs:<br><br>242,408 RSF Letters of Intent Executed<br><br>for Lower-Investment Alternatives<br><br>at Two Redevelopment Projects
Substantially Complete Large-Scale<br><br>Core, Non-Core, And Sales of Partial<br><br>Interests Disposition Plan:<br><br>$2.33 billion in Process or Pending(2)
Steadily Improve Occupancy and<br><br>Increase NOI, Focusing on Leasing to<br><br>All Sectors of Our Tenant Base:<br><br>3.2% Future Benefit to Occupancy from<br><br>1.1 million RSF of Leased Space Not Yet<br><br>Delivered as of 1Q26(3)		Continue to Successfully Manage G&A:<br><br>$7.4 million, or 18%, in 1Q26 G&A<br><br>Savings Compared to 2024 Quarterly<br><br>Average
---
Maintain Optionality for Future Growth<br><br>Focused on MegacampusTM Investment:<br><br>77% of Our Pipeline is Within Our<br><br>Megacampus Ecosystems(4)
Consider Flexible and Opportunistic<br><br>Share Buyback Plan:<br><br>Continuing to Evaluate Share Buyback<br><br>Plan

(1)Refer to “Net debt and preferred stock to adjusted EBITDA” in “Definitions and reconciliations” in the Supplemental Information for additional details.

(2)Includes dispositions and sales of partial interests: (i) $2.3 million completed, (ii) $149.1 million of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement

negotiations, and (iii) $2.18 billion identified and in process.

(3)Anticipated delivery of 1.1 million RSF of vacant space that was leased but not yet delivered as of March 31, 2026, which has a weighted-average expected delivery date of approximately September 2026, and is expected to

generate annual rental revenue of approximately $68 million.

(4)As of March 31, 2026.

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ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT<br><br>LIQUIDITY	PERCENTAGE OF FIXED-RATE<br><br>DEBT SINCE 2022(2)
$4.2B	96.4%
REMAINING DEBT TERM<br><br>(IN YEARS)	DEBT INTEREST<br><br>RATE
10.0	4.06%
Longest Among S&P 500 REITs(3)
4Q26 ANNUALIZED GUIDANCE
5.6x to 6.2x	3.6x to 4.1x
NET DEBT AND PREFERRED<br><br>STOCK TO ADJUSTED EBITDA	FIXED-CHARGE<br><br>COVERAGE RATIO

TOP 15%

CREDIT RATING RANKING

AMONG ALL PUBLICLY TRADED

U.S. REITS(1)

BBB+

Negative

WEIGHTED AVERAGE

Baa1

Negative

As of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2026.

(2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through March 31, 2026.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025, except for ARE, which is as of March 31, 2026.

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Weighted-Average Remaining Debt Term of 10.0 Years

TOTAL

DEBT

21%

OF TOTAL DEBT

(1)

(2)

Debt Maturities by Year

($ in millions)

As of March 31, 2026.

(1)In April 2026, we repaid $350.0 million of 3.80% unsecured senior notes payable upon maturity using short-term borrowings, which we expect to retire in 2026 with future proceeds from our dispositions and sales of partial

interests. No gain or loss was incurred in connection with this repayment.

(2)Refer to footnotes 2 through 4 on page 50 under “Fixed-rate and variable-rate debt” in the Supplemental Information for additional details. We expect our commercial paper outstanding balance to be less than $350.0 million by

the end of 2026.

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LEASING VOLUME BY RSF

647,356

Renewals & Re-leasing

Development & Redevelopment

Previously Vacant

(1)

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

(1)The projected 2Q26 leasing RSF is an estimate based on our current assessment of a range of potential leasing outcomes, subject to ongoing negotiations. These assumptions are inherently uncertain, and some or all of the

contemplated transactions may not be executed by June 30, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” on page 8 of the Earnings Press Release

for additional details.

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ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANT MIX

72% of our leasing activity during 1Q26 was generated from our existing tenant base

(1)

1Q26	2025

(1)Includes one lease aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, which was signed with an entertainment studio user to accommodate their expansion needs and secure a long-term

extension.

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Alexandria’s Key Disposition In 4Q25 — 409 and 499 Illinois Street in Mission Bay

Record $1,645 Price Per RSF, the Highest Ever Achieved in San Francisco(1)

Alexandria’s opportunistic sale to UCSF,

a longstanding tenant, generates

proceeds to recycle into the business

and enables UCSF to expand its

Mission Bay campus.

1,645	SALES PRICE PER RSF
767.1M	SALES PRICE IN 4Q25
416.7M	GAIN ON SALE OF<br><br>REAL ESTATE
293.0M	ARE ORIGINAL PURCHASE<br><br>PRICE (2011)
40%	OCCUPANCY AS OF 3Q25

All values are in US Dollars.

(1)Represents the highest price per RSF in San Francisco history for sales of comparable institutional office or laboratory assets.

(2)Represents our share of the sales price, net of seller credits and transaction costs.

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(1)

2026 DISPOSITIONS AND SALES OF PARTIAL INTERESTS

(2)

(1)

$2.9B

Sales

Amount

August 2026

Weighted-Average

Projected

Disposition Date

(3)

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

(1)Based on the midpoint of 2026 guidance for dispositions and partial interest sales. Actual results may differ significantly.

(2)Dispositions and sales of partial interests identified and in process.

(3)Includes $2.3 million of completed and $149.1 million of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations.

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PROJECTED REDUCTION IN NON-INCOME-PRODUCING AND

NON-CORE ASSETS

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

(1)Excludes properties classified as held for sale as of each date presented. Land parcels classified as held for sale represented approximately 1% of total non-income-producing assets as of December 31, 2024 and 2025.

(2)Represents non-core assets outside of our Megacampus ecosystems.

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CONTINUING SUCCESSFUL REDUCTION AND MANAGEMENT OF

G&A EXPENSES

$76M
Projected Cumulative<br><br>G&A Savings<br><br>in 2025 and 2026<br><br>Relative to 2024(1)		6.0%	14.3%
---	---
Alexandria<br><br>1Q26(2)	S&P 500 REIT(3)<br><br>Average 2023–2025<br><br>(excluding Alexandria)

GENERAL AND ADMINISTRATIVE EXPENSES AS A

PERCENTAGE OF NET OPERATING INCOME(4)

(1)Based on the midpoint of our guidance range for 2026 general and administrative expenses.

(2)Trailing twelve months ended March 31, 2026.

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

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

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ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSET MANAGEMENT,

DESIGN, DEVELOPMENT, AND SUSTAINABILITY

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026	1

Alexandria Real Estate Equities, Inc. Reports

1Q26 Net Income per Share – Diluted of $2.10; and

1Q26 FFO per Share – Diluted, as Adjusted, of $1.73

PASADENA, Calif. – April 27, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the first quarter ended March 31, 2026.

Key highlights
Operating results	1Q26	1Q25
Net income (loss) attributable to Alexandria’s common stockholders – diluted:
In millions	$358.9	$(11.6)
Per share	$2.10	$(0.07)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$295.9	$392.0
Per share	$1.73	$2.30

A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease

terms

(As of March 31, 2026, unless stated otherwise)
Occupancy of operating properties	87.7%
Percentage of annual rental revenue in effect from Megacampus platform	78%
Percentage of annual rental revenue in effect from investment-grade or publicly<br><br>traded large cap tenants	55%
Operating margin	67%
Adjusted EBITDA margin	66%
Percentage of leases containing annual rent escalations	97%
Weighted-average remaining lease term:
Top 20 tenants	9.9	years
All tenants	7.5	years
Strong 1Q26 tenant collections(1):
1Q26 rents and receivables collected as of April 27, 2026	99.9%
(1)Refer to “Tenant Collections” under “Definitions and reconciliations” in the Supplemental Information for<br><br>additional details.

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

publicly traded U.S. REITs

•$20.44 billion in total market capitalization.

•$7.92 billion in total equity capitalization.

•Net debt and preferred stock to Adjusted EBITDA of 6.8x and fixed-charge coverage ratio of

3.4x for 1Q26 annualized, with 4Q26 annualized targets of 5.6x to 6.2x and 3.6x to 4.1x,

respectively.

•We expect improvement in our quarter annualized net debt and preferred stock to Adjusted

EBITDA ratio in 2H26 as we complete dispositions and sales of partial interests.

•As of March 31, 2026:

•Significant liquidity of $4.17 billion, or 3.7x of our debt maturities through 2028.

•Only 9% of our total debt matures through 2028.

•10.0-year weighted-average remaining debt term, the longest among S&P 500 REITs.

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

Solid leasing of development and redevelopment space

•Leasing volume of 647,356 RSF during 1Q26.

•1Q26 leasing of development and redevelopment space aggregating 117,935 RSF, up

135%, from the prior five-quarter average, excluding a build-to-suit lease executed in July

2025 with a long-standing multinational pharmaceutical tenant.

•From April 1, 2026 through April 27, 2026, we have executed leases and/or letters of

intent aggregating 276,188 RSF related to our development and redevelopment pipeline.

•72% of our leasing activity during 1Q26 was generated from our existing tenant base.

Leasing Activity in RSF:	1Q26
Leasing of development and redevelopment space	117,935
Leasing of previously vacant space	148,734
Lease renewals and re-leasing of space	380,687
	647,356
Lease renewals and re-leasing of space:
Rental rate changes	(15.0)%
Rental rate changes (cash basis)	(15.8)%

•Excluding the impact of one lease aggregating 47,719 RSF at 480 Arsenal Street in our

Cambridge/Inner Suburbs submarket, rental rates for renewed and re-leased space for 1Q26

would have decreased by 10.1% and 9.1% (cash basis). The space at 480 Arsenal Street

was re-leased to an entertainment studio user to accommodate their expansion needs and

secure a long-term extension. In addition, the reorientation of this building layout provides

flexibility to market the remaining available space to a broader range of user demand.

Ongoing execution of Alexandria’s capital recycling strategy

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

December 31, 2026 through dispositions of land, non-core assets, and core assets (primarily

sales of partial interests).

(dollars in millions)	Sales Price
Completed and pending transactions subject to non-refundable deposits,<br><br>signed letters of intent, and/or sale agreement negotiations as of<br><br>April 27, 2026	151
Identified and in process	2,181
Additional projected	568
2026 guidance midpoint for dispositions and sales of partial interests	2,900

All values are in US Dollars.

Occupancy and leasing progress on temporary vacancy

Operating occupancy as of December 31, 2025	90.9%
Reduction in occupancy related to previously disclosed 1Q26 key lease expirations	(1.9)	(1)
Other changes in occupancy	(1.3)	(2)
Operating occupancy as of March 31, 2026	87.7
Vacant space leased but not yet delivered	3.2	(3)
Operating occupancy as of March 31, 2026, including vacant space leased but not<br><br>yet delivered	90.9%

(1)Represents previously disclosed key lease expirations aggregating 657,492 RSF, with a weighted-average

lease expiration date of January 2026 and prior annual rental revenue of approximately $41.6 million. These

vacant spaces are currently 48% leased or under negotiation and the remaining 52% is being actively

marketed for re-lease.

(2)Includes i) 139,408 RSF, or 0.4%, resulting from spaces vacated by tenants winding down operations, which

are being actively marketed for re-lease and ii) delivery of 50,531 vacant RSF, or 0.2%, at our 10075 Barnes

Canyon Road development project located at our SD Tech by Alexandria Megacampus.

(3)Represents temporary vacancies aggregating 1.1 million RSF, primarily in the Greater Boston, San Francisco

Bay Area, and Seattle markets, that are leased and expected to be occupied upon completion of building and/

or tenant improvements. The weighted-average expected delivery date is approximately September 2026, with

expected annual rental revenue of approximately $68 million.

Key operating metrics

Operating metrics	1Q26
(dollars in millions)
Net operating income (cash basis)	$1,672	(1)
Decrease compared to 1Q25	(15.2)%	(2)
Same property performance:
Net operating income changes	(11.9)%	(3)
Net operating income changes (cash basis)	(11.7)%	(3)
Occupancy – current-period average	88.9%
Occupancy – same-period prior-year average	94.0%

(1)Quarter annualized.

(2)Change in net operating income (cash basis) reflects the impact of operating properties disposed of after

January 1, 2025. Excluding these dispositions, net operating income (cash basis), annualized, for the three

months ended March 31, 2026, would have decreased by 8.9%.

(3)The quarter-over-quarter decline was due to a decrease in same property occupancy, primarily driven by the

previously disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during 1Q26,

with a weighted-average lease expiration date of January 2026, and by vacancy in 4Q25 at one property

aggregating 170,618 RSF at Alexandria Center® for Advanced Technologies – South San Francisco in our

South San Francisco submarket. We expect our same property performance to improve in 2H26, primarily due

to changes in same property occupancy, including the anticipated delivery of 1.1 million RSF of vacant space

that was leased but not yet delivered as of March 31, 2026, which has a weighted-average expected delivery

date of approximately September 2026, and is expected to generate annual rental revenue of approximately

$68 million.

Continued successful reduction and management of general and administrative expenses

•General and administrative expenses for 1Q26 aggregated $34.7 million, which represents a

decrease of $7.4 million, or 18%, compared to the quarterly average for 2024. For the trailing

twelve months ended March 31, 2026, our general and administrative expenses as a

percentage of net operating income were 6.0%, approximately half the average of other S&P

500 REITs for 2023-2025.

•In 2025, we achieved general and administrative expense reduction of $51.3 million, or 30%,

compared to 2024, primarily as a result of cost-control and efficiency initiatives. Some of

these cost savings were temporary, and we anticipate that approximately half of the cost

reduction achieved in 2025 will continue in 2026.

Reduction of capital spend and funding needs

•We are evaluating the business and financial strategy for certain projects aggregating 1.6

million RSF to reduce future construction funding requirements within our active pipeline.

•Driven by demand for our Megacampuses and access to amenities at our 311 Arsenal

Street and 3000 Minuteman Road redevelopment projects, we executed letters of intent

aggregating 242,408 RSF in April 2026. These letters of intent are for lower-cost alternative

uses for all or a portion of these projects, including advanced technology. If we are

successful in executing these potential leases, we expect to evaluate whether all or a

portion of these projects will be placed back into operation without the need to further

redevelop.

•Non-income-producing assets are 17% as a percentage of gross assets, a reduction of 3%

since 4Q24; targeting a further reduction to 11% to 16% by 4Q26.

Alexandria’s development and redevelopment pipeline is anticipated to deliver $92 million of

incremental annual net operating income by 4Q26 primarily from projects that are 93% leased/

negotiating

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

increase by $25 million upon the burn-off of initial free rent, which has a weighted-average

remaining period of approximately four months.

•77% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment<br><br>Projects	Incremental Annual Net Operating Income	RSF
(dollars in millions)
Expected to be placed into service:
2Q26 – 4Q26	92	601,589	(2)	93%	(3)
2027 – 2028	93	1,258,004		68%
	185

All values are in US Dollars.

(1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including

speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years

under “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental

Information for additional details.

(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries

through 2026 from projects expected to stabilize in 2027-2028.

(3)Represents the current leased/negotiating percentage of the 601,589 RSF of development and redevelopment

projects that are expected to stabilize in 2026.

Key capital events

•In February 2026, we completed tender offers to repurchase an aggregate debt principal

amount of $1.33 billion across a portion of our outstanding 4.00% Senior Notes due 2050,

3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052. Cash consideration paid

was $952.2 million. In connection with the debt repurchase, we recognized a gain on early

extinguishment of debt of $366.4 million, including the write-off of unamortized debt issuance

costs and other transaction-related costs.

•We funded the repurchase as follows:

•$750.0 million through the issuance of 5.25% unsecured senior notes due 2036; and

•Approximately $200 million through short-term borrowings under our commercial paper

program, which will be repaid through planned dispositions and sales of partial interests

included in our 2026 guidance.

•The repurchase reduced debt and improved leverage by approximately 0.2x.

•This transaction did not have a significant impact to our funds from operations per share

diluted, as adjusted, interest expense, or fixed-charge coverage ratio.

•Following this transaction, our weighted-average remaining term of debt as of 1Q26 is

10.0 years, which continues to be the longest among S&P 500 REITs.

•In January 2026 and April 2026, we repaid, upon maturity, $300.0 million of 4.30% unsecured

senior notes payable and $350.0 million of 3.80% unsecured senior notes payable,

respectively. These repayments were funded temporarily with borrowings under our

commercial paper program, which will be repaid through planned dispositions and sales of

partial interests included in our 2026 guidance. No gain or loss was incurred in connection

with these repayments.

•Under our common stock repurchase program authorized in December 2025, we may

repurchase up to $500.0 million of our common stock through December 31, 2026. As of

March 31, 2026, no shares have been repurchased.

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

retaining a significant portion for reinvestment

•Common stock dividend declared of $0.72 per share for 1Q26, consistent with the preceding

quarter. The declared dividend per common share reflects our commitment to maintaining the

strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing

cash flows with our stockholders.

•Significant net cash provided by operating activities, as adjusted, retained for reinvestment

aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the

midpoint of our 2026 guidance range.

•Dividend yield of 6.2% as of March 31, 2026 and dividend payout ratio of 42% for the three

months ended March 31, 2026.

Investments

•As of March 31, 2026:

•Our non-real estate investments aggregated $1.54 billion.

•Unrealized gains presented in our consolidated balance sheet were $125.9 million,

comprising gross unrealized gains and losses aggregating $191.5 million and $65.6 million,

respectively.

•Investment loss of $4.6 million for 1Q26 presented in our consolidated statement of

operations consisted of $18.2 million of realized gains, $10.3 million of unrealized losses, and

$12.4 million of impairment charges.

Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will

not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of “forward-looking statements” on page 8 of the

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

Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted	As of 4/27/26	As of 1/26/26
Funds from operations per share, as adjusted(1)	$6.30 to $6.50	6.25 to 6.55
Midpoint	$6.40	6.40

All values are in US Dollars.

Key Credit Metrics Targets	As of 4/27/26	As of 1/26/26	Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized	5.6x to 6.2x	5.6x to 6.2x	No Change
Fixed-charge coverage ratio – 4Q26 annualized	3.6x to 4.1x	3.6x to 4.1x
	As of 4/27/26				As of 1/26/26<br><br>Midpoint
---	---	---	---	---	---
Key Sources and Uses of Capital	Range		Midpoint
Sources of capital:
Reduction in debt	$(1,075)	$(2,275)	(1,675)	See below	$(1,675)
Net cash provided by operating activities, as adjusted	475	575	525		525
Dispositions and sales of partial interests (refer to page 7)(2)	2,100	3,700	2,900	(2)	2,900
Total sources of capital	$1,500	$2,000	1,750		$1,750
Uses of capital:
Construction	$1,500	$2,000	1,750		$1,750
Total uses of capital	$1,500	$2,000	1,750		$1,750
Reduction in debt (included above):
Repayment of unsecured notes payable with 2026 maturities(3)	$(650)	$(650)	(650)	$(650)	$(650)
Tender offers for partial principal repayments of unsecured senior notes payable(4)	(952)	(952)	(952)	$(952)	—
Issuance of unsecured senior notes payable(4)	750	750	750	$750	—
Unsecured senior line of credit, commercial paper, and other	(223)	(1,423)	(823)		(1,025)
Reduction in debt	$(1,075)	$(2,275)	(1,675)		$(1,675)

All values are in US Dollars.

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics.

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

(2)We expect our dispositions and sales of partial interests for the year ending December 31, 2026 to consist of land, non-core assets, and core assets (primarily sales of partial interests). As of April 27, 2026, our share of pending dispositions

subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $149.1 million. We have an additional $2.18 billion of dispositions and sales of partial interests identified and in process.

(3)In January 2026 and April 2026, we repaid, upon maturity, $300.0 million of 4.30% unsecured senior notes payable and $350.0 million of 3.80% unsecured senior notes payable, respectively. These repayments were funded temporarily with

borrowings under our commercial paper program, which will be repaid through planned dispositions and sales of partial interests included in our 2026 guidance. No gain or loss was incurred in connection with these repayments.

(4)In February 2026, we completed tender offers to repurchase debt principal aggregating $1.33 billion across a portion of our outstanding 4.00% Senior Notes due 2050, 3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052 for

$952.2 million and recognized a gain on early extinguishment of debt of $366.4 million, including the write-off of unamortized debt issuance costs and other transaction-related costs. The tender offers were primarily funded through the

issuance of $750.0 million unsecured senior notes payable, due 2036, with an interest rate of 5.25%. Refer to “Key capital events” in the Earnings Press Release for additional details.

Refer to “Key assumptions” on the following page.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 5 | | --- | --- || 2026 Guidance (continued) | | --- | | March 31, 2026 | | (Dollars in millions) | | | As of 4/27/26 | | As of 1/26/26 | | Key Changes to Midpoint | | --- | --- | --- | --- | --- | --- | | Key Assumptions | Low | High | Low | High | | | Occupancy of operating properties as of December 31, 2026 | 86.2% | 87.8% | 87.7% | 89.3% | 150 bps reduction(2) | | Same property performance: | | | | | | | Net operating income changes | (10.5)% | (8.5)% | (9.5)% | (7.5)% | 100 bps reduction(2) | | Net operating income changes (cash basis) | (10.5)% | (8.5)% | (9.5)% | (7.5)% | 100 bps reduction(2) | | Lease renewals and re-leasing of space: | | | | | | | Rental rate changes | (9.0)% | (1.0)% | (2.0)% | 6.0% | 700 bps reduction(3) | | Rental rate changes (cash basis) | (15.0)% | (7.0)% | (12.0)% | (4.0)% | 300 bps reduction(3) | | Straight-line rent revenue | 55 | 85 | $65 | $95 | $10 million reduction(3) | | General and administrative expenses | 134 | 154 | $134 | $154 | No Change | | Capitalization of interest | 225 | 265 | $225 | $275 | $5 million reduction(4) | | Interest expense | 240 | 280 | $230 | $280 | $5 million increase(4) | | Realized gains on non-real estate investments(5) | 60 | 90 | $60 | $90 | No Change |

All values are in US Dollars.

(1)Our guidance for operating occupancy percentage as of December 31, 2026 and for same property performance net operating income changes assumes an approximate 1% and 2% benefit, respectively, related to a range of assets with

vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, but that had not yet met such criteria as of March 31, 2026. Refer to the chart below for key drivers of the changes to

certain key projected operating metrics and assumptions included in our 2026 guidance.

(2)Decline primarily relates to changes to a range of properties that could potentially be sold during 2026 that were assumed in our prior guidance. Refer to the chart below.

(3)Decline primarily related to the re-lease of two spaces subject to tenant wind-downs. Refer to the chart below.

(4)The $5 million reduction and corresponding $5 million increase to the midpoints of our guidance ranges for 2026 capitalized interest and 2026 interest expense, respectively, are primarily driven by the anticipated earlier completion of

certain milestones on several projects. Refer to the discussion of 4Q26 funds from operations per share – diluted, as adjusted and “Capitalized interest” item on the following page, and “Capitalization of interest” in the Supplemental

Information for additional details.

(5)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. Refer to

“Investments” in the Supplemental Information for additional details.

	Occupancy of Operating Properties		Same Property Performance			Lease Renewals and<br><br>Re-leasing of Space		Straight-Line Rent Revenue
Key Drivers of Changes to Certain 2026 Projected<br><br>Operating Metrics and Assumptions	As of<br><br>December 31, 2026	Benefit From<br><br>Potential Held<br><br>For Sale Assets(1)	Net Operating<br><br>Income Changes	Net Operating<br><br>Income Changes<br><br>(Cash Basis)	Benefit From<br><br>Potential Held<br><br>For Sale Assets(1)	Rental Rate<br><br>Changes	Rental Rate<br><br>Changes<br><br>(Cash Basis)
Guidance ranges as of 1/26/26	87.7% to 89.3%	2%	(9.5)% to (7.5)%	(9.5)% to (7.5)%	3%	(2.0)% to 6.0%	(12.0)% to (4.0)%	65M to 95M
Changes to range of properties that could potentially be<br><br>sold during 2026 that were assumed in prior 2026<br><br>guidance(1)	(1.3)	(1)	(1.0)	(1.0)	(1)	—	—	—
Primarily related to the re-lease of two spaces subject<br><br>to tenant wind-downs(2)	(0.2)	—	—	—	—	(7.0)	(3.0)	(10)
Total changes to 2026 guidance midpoints	(1.5)	(1)	(1.0)	(1.0)	(1)	(7.0)	(3.0)	(10)
Guidance ranges as of 4/27/26	86.2% to 87.8%	1%	(10.5)% to (8.5)%	(10.5)% to (8.5)%	2%	(9.0)% to (1.0)%	(15.0)% to (7.0)%	55M to 85M

All values are in US Dollars.

(1)Our prior guidance for occupancy percentage as of December 31, 2026 and 2026 same property performance net operating income changes assumed a benefit of approximately 2% and 3%, respectively, related to a range of assets with

vacancy that could potentially be sold in 2026 and/or qualify for classification as held for sale by December 31, 2026 but had not yet met such criteria as of December 31, 2025. Our updated guidance for these metrics assumes a reduced

benefit of approximately 1% and 2%, respectively, related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, primarily due to our revised

expectation that we may no longer sell as many assets with significant vacancy driven, in part, by positive leasing prospects for certain spaces that are currently vacant.

(2)Includes the impacts of i) one lease aggregating 81,220 RSF in our Torrey Pines submarket, for which we proactively addressed a tenant wind-down by terminating the existing lease and executing a new lease in April 2026 with a growth-

stage life science company advancing next-generation therapeutics to accommodate their expansion needs within our portfolio, with expected delivery in early 2027 following the completion of tenant improvements, and ii) one lease

aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, with the space re-leased in 1Q26. Refer to "Leasing activity" in the Supplemental Information for additional details.

(3)Primarily attributable to the write-off of a deferred rent receivable in April 2026 of approximately $5 million in connection with the lease termination and a payment of $10.5 million from a tenant in our Torrey Pines submarket discussed in

footnote 2 above.

4Q26 funds from operations per share – diluted, as adjusted

•On December 3, 2025, we provided guidance for our projected 4Q26 funds from operations per share – diluted, as adjusted, to be within

$1.40–$1.50

a range of $1.40 to $1.60 as part of our path forward. The decline in our quarterly FFO from 1Q26 to 4Q26 is due, in part, to projected

dispositions and partial interest sales of land, non-core, and core properties aggregating $2.9 billion at our guidance midpoint, currently

with a weighted-average projected completion date in August 2026.

•As of April 27, 2026, we continue to refine this guidance and currently expect to be within a range of $1.40 to $1.50. The updated range

reflects an assumption for lower capitalized interest, and a corresponding increase in interest expense, in 4Q26 due to earlier than

anticipated completion of construction/pre-construction milestones on several projects (refer to the “Capitalized interest” item below for

additional details).

1) Potential tenant wind-downs

•Our 2026 guidance includes a $25 million to $30 million reduction in funds from operations for potential tenant wind-downs, of which

approximately $6 million was recognized in 1Q26.

•Based upon current market conditions, we estimate at least a similar level of reduction in funds from operations may be necessary

through 2026 and beyond.

2) Development-related other income

•During 1Q26, we recognized development fees and other related revenues of approximately $2.5 million, most of which are expected to

cease by the end of 2026 as we complete the respective projects.

3) Development and redevelopment projects under business and financial strategy evaluation

•We have five development and redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements,

pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or disposition. Refer to “New Class A/A+ development and redevelopment properties:

under construction” in the Supplemental Information for additional details.

◦If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.

◦If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), these projects could deliver earlier than 2028. The incremental capital required for

alternative use construction, and corresponding rental rates earned, is generally lower compared to laboratory improvements.

4) Capitalized interest

•For the three months ended March 31, 2026, average real estate basis capitalized of $6.86 billion comprised the following:

•$2.64 billion of active development and redevelopment of projects under construction that are expected to stabilize through 2028 and are 77% leased and repositioning projects;

•$1.28 billion of development and redevelopment projects for which we are evaluating the business and financial strategy with weighted-average critical key construction milestones by March 2027;

•$1.16 billion of land with weighted-average critical key pre-construction milestones by August 2026;

•$567.6 million of land with weighted-average critical key pre-construction milestones by April 2027; and

•$1.22 billion of land with critical key pre-construction milestones through 2028 and beyond.

•At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions,

(ii) pause future investments, or (iii) consider the potential dispositions of these real estate assets. If we cease activities necessary to prepare a project for its intended use, costs related to such project,

including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. Annualized capitalized operating

expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1Q26.

•We expect average real estate basis capitalized to decrease from $6.86 billion for 1Q26 to a range from $3.8 billion to $5.3 billion for 4Q26, driven by potential dispositions, deliveries of development and

redevelopment, and pauses in construction/pre-construction activities. The estimated range for 4Q26 represents a $200 million reduction (at the midpoint) in the projected range from $4.0 billion to $5.5

billion initially disclosed on December 3, 2025. Refer to "Capitalization of interest" in the Supplemental Information for additional details.

5) Key lease expirations

•We estimate 1.5 million RSF of leases expiring in 2027, with approximately $97.4 million of annual rental revenue, to have 6 to 24 months of downtime on a weighted-average basis. These expirations

have a weighted-average contractual lease expiration date of February 2027. 2027 expirations increased from the prior quarter primarily due to one expiration of a 232,902 RSF single-tenant lease at our

Alexandria Center® for Life Science – Waltham Megacampus with approximately $27.0 million of annual rental revenue, for which we no longer expect the tenant to renew. While our initial acquisition

underwriting assumed this tenant would eventually relocate to another submarket, the relocation by the tenant is expected to occur earlier than previously anticipated. Refer to “Contractual lease

expirations” in the Supplemental Information for additional details.

6) Construction spending

•We are currently evaluating our future construction spending estimates beyond 2026, and a number of factors could cause our preliminary estimates for the period beyond 2026 to change as we refine our

estimates over the course of the year. We estimate our annual construction spending beyond 2026 could decline by approximately $500 million, subject to market conditions, and is expected to primarily

focus on, i) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased, and ii) revenue- and non-revenue-

enhancing capital expenditures, in order to secure leasing of vacant space and renewals and re-leasing of space at our operating properties.

We expect to introduce 2027 guidance and related assumptions at our Investor Day on December 2, 2026, consistent with our historical practice.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 7 | | --- | --- || Dispositions and Sales of Partial Interests | | --- | | March 31, 2026 | | (Dollars in thousands) | | | Price(Our Share) | | --- | --- | | Property | | | Completed in April 2026 | 2,250 | | Our share of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations | 149,106 | | Completed and pending 2026 dispositions as of April 27, 2026 | 151,356 | | Dispositions and sales of partial interests identified and in process | 2,181,275 | | Additional projected | 567,369 | | | 2,900,000 | | 2026 guidance range for dispositions and sales of partial interests | 2,100,000 – 3,700,000 | | Midpoint | 2,900,000 | | Weighted-average projected disposition and sales of partial interests date | August 2026 |

All values are in US Dollars.

We will host a conference call on Tuesday, April 28, 2026, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results

for the first quarter ended March 31, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria

Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday,

April 28, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 8933833.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2026 is available in the “For Investors” section of our website at www.are.com or by

following this link: https://www.are.com/fs/2026q1.pdf.

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

chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.

About the Company

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

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

cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of March 31, 2026, Alexandria has a total market capitalization of

$20.44 billion and an asset base that includes 35.8 million RSF of operating properties and 3.4 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record

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

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

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

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

Forward-Looking Statements

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

Such forward-looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net

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

“anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current

expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning

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

factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain

capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our

markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new

properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or

non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy

building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on

such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to

update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to

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

most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

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

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

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 9 | | --- | --- || Consolidated Statements of Operations | | --- | | March 31, 2026 | | (Dollars in thousands, except per share amounts) | | | Three Months Ended | | | | | | --- | --- | --- | --- | --- | --- | | | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | | Revenues: | | | | | | | Income from rentals | 653,013 | 728,872 | $735,849 | $737,279 | $743,175 | | Other income | 18,009 | 25,542 | 16,095 | 24,761 | 14,983 | | Total revenues | 671,022 | 754,414 | 751,944 | 762,040 | 758,158 | | Expenses: | | | | | | | Rental operations | 224,142 | 232,543 | 239,234 | 224,433 | 226,395 | | General and administrative | 34,685 | 28,020 | 29,224 | 29,128 | 30,675 | | Interest | 64,584 | 65,674 | 54,852 | 55,296 | 50,876 | | Depreciation and amortization | 305,441 | 322,063 | 340,230 | 346,123 | 342,062 | | Impairment of real estate | 5,499 | 1,717,188 | 323,870 | 129,606 | 32,154 | | Total expenses | 634,351 | 2,365,488 | 987,410 | 784,586 | 682,162 | | Equity in (losses) earnings of unconsolidated real estate joint ventures | (147) | (304) | 201 | (9,021) | (507) | | Investment (loss) income | (4,582) | (3,890) | 28,161 | (30,622) | (49,992) | | Gain (loss) on early extinguishment of debt | 366,435 | — | (107) | — | — | | Gain on sales of real estate | — | 619,914 | 9,366 | — | 13,165 | | Net income (loss) | 398,377 | (995,354) | (197,845) | (62,189) | 38,662 | | Net income attributable to noncontrolling interests | (36,724) | (85,521) | (34,909) | (44,813) | (47,601) | | Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders | 361,653 | (1,080,875) | (232,754) | (107,002) | (8,939) | | Net income attributable to unvested restricted stock awards | (2,779) | (965) | (2,183) | (2,609) | (2,660) | | Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | 358,874 | (1,081,840) | $(234,937) | $(109,611) | $(11,599) | | Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | | | | | | | Basic | 2.10 | (6.35) | $(1.38) | $(0.64) | $(0.07) | | Diluted | 2.10 | (6.35) | $(1.38) | $(0.64) | $(0.07) | | Weighted-average shares of common stock outstanding: | | | | | | | Basic | 170,598 | 170,394 | 170,181 | 170,135 | 170,522 | | Diluted | 170,867 | 170,394 | 170,181 | 170,135 | 170,522 | | Dividends declared per share of common stock | 0.72 | 0.72 | $1.32 | $1.32 | $1.32 |

All values are in US Dollars.

(1)The decline from 4Q25 is primarily attributable to: i) the disposition of operating properties subsequent to October 1, 2025, ii) previously disclosed 2026 key lease expirations aggregating 657,492 RSF, that became vacant during 1Q26, with

a weighted-average lease expiration date of January 2026 and prior annual rental revenue of approximately $41.6 million, and iii) rental revenue of $11.4 million recognized during 4Q25, primarily related to a termination fee, net of the

deferred rent balances written off, at a property in our South San Francisco submarket that is now vacant and has been fully re-leased, with occupancy expected to commence in 3Q26.

(2)During 1Q26, we recognized certain development fees and other related revenues included in other income aggregating approximately $2.5 million, most of which we expect to cease by the end of 2026 as we complete the related projects.

(3)Includes an asset management fee of $7.0 million recognized in 4Q25, which was paid by our joint venture partner in connection with the disposition of 409 and 499 Illinois Street in the Mission Bay submarket.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 10 | | --- | --- || Consolidated Balance Sheets | | --- | | March 31, 2026 | | (In thousands) | | | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | | --- | --- | --- | --- | --- | --- | | Assets | | | | | | | Investments in real estate | $28,830,116 | $28,689,996 | $31,743,917 | $32,160,600 | $32,121,712 | | Investments in unconsolidated real estate joint ventures | 30,520 | 30,677 | 39,601 | 40,234 | 50,086 | | Cash and cash equivalents | 418,720 | 549,062 | 579,474 | 520,545 | 476,430 | | Restricted cash | 4,665 | 4,693 | 4,705 | 7,403 | 7,324 | | Tenant receivables | 7,362 | 6,672 | 6,409 | 6,267 | 6,875 | | Deferred rent | 1,200,047 | 1,179,403 | 1,257,378 | 1,232,719 | 1,210,584 | | Deferred leasing costs | 456,405 | 458,311 | 505,241 | 491,074 | 489,287 | | Investments | 1,536,419 | 1,501,249 | 1,537,638 | 1,476,696 | 1,479,688 | | Other assets | 1,683,143 | 1,661,772 | 1,700,785 | 1,688,091 | 1,758,442 | | Total assets | $34,167,397 | $34,081,835 | $37,375,148 | $37,623,629 | $37,600,428 | | Liabilities, Noncontrolling Interests, and Equity | | | | | | | Secured notes payable | $— | $— | $— | $153,500 | $150,807 | | Unsecured senior notes payable | 11,166,009 | 12,047,394 | 12,044,999 | 12,042,607 | 12,640,144 | | Unsecured senior line of credit and commercial paper | 1,353,986 | 353,161 | 1,548,542 | 1,097,993 | 299,883 | | Accounts payable, accrued expenses, and other liabilities | 2,154,782 | 2,397,073 | 2,432,726 | 2,360,840 | 2,281,414 | | Dividends payable | 128,880 | 127,771 | 230,603 | 229,686 | 228,622 | | Total liabilities | 14,803,657 | 14,925,399 | 16,256,870 | 15,884,626 | 15,600,870 | | Commitments and contingencies | | | | | | | Redeemable noncontrolling interests | 9,234 | 58,788 | 58,662 | 9,612 | 9,612 | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | | | | | | | Common stock | 1,707 | 1,705 | 1,703 | 1,701 | 1,701 | | Additional paid-in capital | 15,763,321 | 15,497,760 | 16,669,802 | 17,200,949 | 17,509,148 | | Accumulated other comprehensive loss | (30,936) | (29,395) | (32,203) | (27,415) | (46,202) | | Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 15,734,092 | 15,470,070 | 16,639,302 | 17,175,235 | 17,464,647 | | Noncontrolling interests | 3,620,414 | 3,627,578 | 4,420,314 | 4,554,156 | 4,525,299 | | Total equity | 19,354,506 | 19,097,648 | 21,059,616 | 21,729,391 | 21,989,946 | | Total liabilities, noncontrolling interests, and equity | $34,167,397 | $34,081,835 | $37,375,148 | $37,623,629 | $37,600,428 | | Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 11 | | --- | --- || Funds From Operations and Funds From Operations per Share | | --- | | March 31, 2026 | | (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
	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Net income (loss) attributable to Alexandria’s common stockholders – basic and diluted	358,874	$(1,081,840)	$(234,937)	$(109,611)	$(11,599)
Depreciation and amortization of real estate assets	303,296	319,865	338,182	343,729	339,381
Noncontrolling share of depreciation and amortization from consolidated real estate JVs	(29,473)	(39,942)	(45,327)	(36,047)	(33,411)
Our share of depreciation and amortization from unconsolidated real estate JVs	914	855	852	942	1,054
Gain on sales of real estate	—	(307,132)	(9,824)	—	(13,165)
Impairment of real estate – rental properties and land	5,499	1,439,303	323,870	131,090	—
Allocation to unvested restricted stock awards	(2,181)	(1,903)	(1,648)	(1,222)	(686)
Funds from operations attributable to Alexandria’s common stockholders – diluted(2)	636,929	329,206	371,168	328,881	281,574
Unrealized losses (gains) on non-real estate investments	10,332	(98,548)	(18,515)	21,938	68,145
Significant realized losses on non-real estate investments	—	103,329	—	—	—
Impairment of non-real estate investments	12,448	20,181	25,139	39,216	11,180
Impairment of real estate	—	12,619	—	7,189	32,154
(Gain) loss on early extinguishment of debt	(366,435)	—	107	—	—
Acceleration of stock compensation expense due to executive officer resignation	—	2,455	—	—	—
(Decrease) increase in provision for expected credit losses on financial instruments	—	(341)	—	—	285
Allocation to unvested restricted stock awards	2,674	(363)	(74)	(794)	(1,329)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted	295,948	$368,538	$377,825	$396,430	$392,009

All values are in US Dollars.

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

(1)Primarily represents an incremental impairment charge recognized in 1Q26 in connection with the amendment of the sales agreement for our Canada portfolio, which was classified as held for sale as of December 31, 2025.

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

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

$952.2 million. The gain includes the write-off of unamortized debt issuance costs and other transaction-related costs.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 12 | | --- | --- || Funds From Operations and Funds From Operations per Share (continued) | | --- | | March 31, 2026 | | (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
	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Net income (loss) per share attributable to Alexandria’s common stockholders – diluted	$2.10	$(6.35)	$(1.38)	$(0.64)	$(0.07)
Depreciation and amortization of real estate assets	1.61	1.65	1.73	1.81	1.80
Gain on sales of real estate	—	(1.80)	(0.06)	—	(0.08)
Impairment of real estate – rental properties and land	0.03	8.45	1.90	0.77	—
Allocation to unvested restricted stock awards	(0.01)	(0.02)	(0.01)	(0.01)	—
Funds from operations per share attributable to Alexandria’s common stockholders – diluted	3.73	1.93	2.18	1.93	1.65
Unrealized losses (gains) on non-real estate investments	0.06	(0.58)	(0.11)	0.13	0.40
Significant realized losses on non-real estate investments	—	0.61	—	—	—
Impairment of non-real estate investments	0.07	0.12	0.15	0.23	0.07
Impairment of real estate	—	0.07	—	0.04	0.19
(Gain) loss on early extinguishment of debt	(2.14)	—	—	—	—
Acceleration of stock compensation expense due to executive officer resignation	—	0.01	—	—	—
Allocation to unvested restricted stock awards	0.01	—	—	—	(0.01)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted	$1.73	$2.16	$2.22	$2.33	$2.30
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted	170,867	170,394	170,181	170,135	170,522
Funds from operations – diluted, per share	170,867	170,504	170,305	170,192	170,599
Funds from operations – diluted, as adjusted, per share	170,867	170,504	170,305	170,192	170,599

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

SUPPLEMENTAL

INFORMATION

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

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

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

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

collaborative Megacampus ecosystems in AAA life science innovation cluster locations,

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

Research Triangle, and New York City.

As of March 31, 2026, Alexandria has a total market capitalization of

$20.44 billion and an asset base that includes 35.8 million RSF of operating properties and

3.4 million RSF of Class A/A+ properties undergoing construction.

Alexandria has a long-standing and proven track record of developing Class A/A+

properties clustered in highly dynamic and collaborative Megacampus environments that

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

productivity, efficiency, creativity, and success.

Alexandria also provides strategic capital to transformative life science

companies through our venture capital platform. We believe our unique business model

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

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

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

www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 55% of our

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

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

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

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

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

Executive and senior management team

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

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

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

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

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

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

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

directors with leading reputations and long-standing relationships within the life science

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

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

provide Alexandria significant competitive advantages in attracting new business

opportunities.

Alexandria’s executive and senior management team consists of 70

individuals averaging 23 years of real estate experience, including 13 years

with Alexandria. Our executive management team alone averages 16 years

with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus	Peter M. Moglia
Executive Chairman &<br><br>Founder	Chief Executive Officer &<br><br>Chief Investment Officer
Marc E. Binda	Hunter L. Kass
Chief Financial Officer &<br><br>Treasurer	Co-President & Regional Market Director –<br><br>Greater Boston
Hart Cole	Joseph Hakman
Co-President & Co-Regional Market<br><br>Director – Seattle	Co-Chief Operating Officer &<br><br>Chief Strategic Transactions Officer
Lawrence J. Diamond	Blake L. Stevens
Co-Chief Operating Officer & Regional<br><br>Market Director – Maryland	EVP – Regional Market Director –<br><br>Research Triangle
Bret E. Gossett	Jesse J. Nelson
EVP – Co-Regional Market Director &<br><br>Head of Leasing – San Diego	EVP – Regional Market Director – San<br><br>Francisco
Joshua J. Mitchell	Michael E. Boss
EVP – Regional Market Director – New<br><br>York	EVP – Co-Regional Market Director – San<br><br>Diego
Hallie E. Kuhn	Jenna R. Foger
EVP – Capital Markets & Co-Lead – Life<br><br>Science	EVP – Co-Lead – Life Science
Jackie B. Clem	Andres R. Gavinet
General Counsel & Secretary	Chief Accounting Officer
Onn C. Lee	Kristina A. Fukuzaki-Carlson
EVP – Accounting	EVP – Business Operations
Madeleine T. Alsbrook	Gregory C. Thomas
EVP – Talent Management	EVP – Chief Technology Officer
Gary D. Dean
EVP – Real Estate Legal Affairs
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026	15
---	---		Investor Information
---
March 31, 2026
Corporate Headquarters	New York Stock Exchange Trading Symbol	Information Requests
---	---	---	---
26 North Euclid Avenue	Common stock: ARE	Phone:	(626) 578-0777
Pasadena, California 91101		Email:	corporateinformation@are.com
www.are.com		Website:	investor.are.com		Equity Research Coverage
---		Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.<br><br>Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or<br><br>forecasts of Alexandria or our management. Alexandria does not, by our reference or distribution of the information below, imply our endorsement of or concurrence with any opinions,<br><br>estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to<br><br>time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
---		BMO	CFRA	Goldman Sachs	Morgan Stanley & Co. LLC
---	---	---	---
John Kim / Juan Sanabria	Nathan Schmidt	Julien Blouin / Ryan Treais	Ronald Kamdem / Derrick Metzler
(212) 885-4115 / (312) 845-4074	(646) 517-1144	(415) 393-7638 / (415) 249-7061	(212) 296-8319 / (212) 761-3366
BNP Paribas Exane	Citigroup Global Markets Inc.	Green Street	RBC Capital Markets
Nate Crossett / Monir Koummal	Nicholas Joseph / Seth Bergey	Dylan Burzinski	Michael Carroll / Henry Newell
(646) 342-1588 / (646) 342-1554	(212) 816-1909 / (212) 816-2066	(949) 640-8780	(440) 715-2649 / (440) 715-2651
BofA Securities	Citizens	J.P. Morgan Securities LLC	Robert W. Baird & Co. Incorporated
Farrell Granath / Julieta Michelin	Aaron Hecht / Linda Fu	Anthony Paolone	Wesley Golladay / Nicholas Thillman
(646) 855-1351 / (646) 855-1898	(415) 835-3963 / (415) 869-4411	(212) 622-6682	(216) 737-7510 / (414) 298-5053
BTIG, LLC	Deutsche Bank AG	Jefferies
Tom Catherwood / Michael Tompkins	Tayo Okusanya / Samuel Ohiomah	Joe Dickstein / Katie Elders
(212) 738-6140 / (212) 527-3566	(212) 250-9284 / (212) 250-0057	(212) 778-8771 / (917) 421-1968
Cantor Fitzgerald	Evercore ISI	Mizuho Securities USA LLC
Richard Anderson / Jeffrey Carr	Steve Sakwa / James Kammert	Vikram Malhotra / Jyoti Yadav
(929) 441-6927 / (929) 709-0434	(212) 446-9462 / (312) 705-4233	(212) 282-3827 / (212) 471-2683
Fixed Income Research Coverage		Rating Agencies
Barclays Capital Inc.	J.P. Morgan Securities LLC	Moody’s Ratings	S&P Global Ratings
Srinjoy Banerjee / Ishaan Pandya	Mark Streeter / Tyler Schachner	(212) 553-0376	Michael Souers
(212) 526-3521 / (212) 526-2970	(212) 834-5086 / (212) 834-2238		(212) 438-2508
CreditSights	Mizuho Securities USA LLC
Nicholas Moglia	Thierry Perrein
(212) 340-3886	(212) 205-7665
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026	16
---	---		Financial and Asset Base Highlights
---
March 31, 2026
(Dollars in thousands, except per share amounts)

---	---	---	---	---
	12/31/25	9/30/25	6/30/25	3/31/25
Selected financial data from consolidated financial statements and related information
Rental revenues	$538,330	$541,070	$553,377	$552,112
Tenant recoveries	$190,542	$194,779	$183,902	$191,063
General and administrative expenses	$28,020	$29,224	$29,128	$30,675
General and administrative expenses as a percentage of net operating income – trailing 12 months	5.6%	5.7%	6.3%	6.9%
Operating margin	69%	68%	71%	70%
Adjusted EBITDA margin	70%	71%	71%	71%
Adjusted EBITDA – quarter annualized	$2,097,444	$2,130,008	$2,174,160	$2,165,632
Adjusted EBITDA – trailing 12 months	$2,141,811	$2,185,820	$2,208,226	$2,218,722
Net debt at end of period	$11,921,114	$13,085,745	$12,844,726	$12,687,856
Net debt and preferred stock to Adjusted EBITDA – quarter annualized	5.7x	6.1x	5.9x	5.9x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months	5.6x	6.0x	5.8x	5.7x
Total debt and preferred stock at end of period	$12,400,555	$13,593,541	$13,294,100	$13,090,834
Gross assets at end of period	$40,209,360	$43,791,893	$43,770,007	$43,486,989
Total debt and preferred stock to gross assets at end of period	31%	31%	30%	30%
Fixed-charge coverage ratio – quarter annualized	3.7x	3.9x	4.1x	4.3x
Fixed-charge coverage ratio – trailing 12 months	4.0x	4.1x	4.3x	4.4x
Unencumbered net operating income as a percentage of total net operating income	100.0%	100.0%	99.7%	99.8%
Closing stock price at end of period	$48.94	$83.34	$72.63	$92.51
Common shares outstanding (in thousands) at end of period	170,538	170,339	170,146	170,130
Total equity capitalization at end of period	$8,346,123	$14,196,059	$12,357,709	$15,738,715
Total market capitalization at end of period	$20,746,678	$27,789,600	$25,651,809	$28,829,549
Dividend per share – quarter/annualized	$0.72/$2.88	$1.32/$5.28	$1.32/$5.28	$1.32/$5.28
Dividend payout ratio for the quarter	33%	60%	57%	57%
Dividend yield – annualized	5.9%	6.3%	7.3%	5.7%
Amounts related to operating leases:
Operating lease liabilities at end of period	$360,543	$361,986	$363,419	$371,412
Rent expense	$8,566	$10,645	$12,139	$11,666
Capitalized interest	$81,845	$86,091	$82,423	$80,065
Average real estate basis capitalized during the period	$8,046,984	$8,407,332	$8,107,180	$8,026,566
Weighted-average interest rate for capitalization of interest during the period	4.07%	4.10%	4.07%	3.99%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.(1)The decline from 4Q25 is primarily attributable to i) the disposition of operating properties subsequent to October 1, 2025, ii) key lease expirations aggregating 657,492 RSF, with a weighted-average lease expiration date of January 2026 and prior annual rental revenue of approximately 41.6 million, and iii) rental revenue of 11.4 million recognized during 4Q25, primarily related to a termination fee, net of the deferred rent balances written off, at a property in our South San Francisco submarket that is now vacant and has been fully re-leased, with occupancy expected to commence in 3Q26.

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 17 | | --- | --- || Financial and Asset Base Highlights (continued) | | --- | | March 31, 2026 | | (Dollars in thousands, except annual rental revenue per occupied RSF amounts) | | | Three Months Ended (unless stated otherwise) | | | | | | --- | --- | --- | --- | --- | --- | | | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | | Amounts included in funds from operations and non-revenue-enhancing capital expenditures | | | | | | | Straight-line rent revenue | 17,862 | $14,096 | $18,821 | $18,536 | $22,023 | | Amortization of acquired below-market leases | 5,615 | $5,889 | $6,456 | $10,196 | $15,222 | | Amortization of deferred revenue related to tenant-funded and -built landlord improvements | 5,405 | $5,264 | $5,455 | $2,401 | $1,651 | | Straight-line rent expense on ground leases | 155 | $116 | $114 | $87 | $149 | | Cash payment for ground lease extension | — | $— | $— | $— | $(135,000) | | Stock compensation expense | 11,032 | $8,232 | $10,293 | $12,530 | $10,064 | | Amortization of loan fees | 4,428 | $4,481 | $4,505 | $4,615 | $4,691 | | Amortization of debt discounts | 320 | $327 | $325 | $335 | $349 | | Non-revenue-enhancing capital expenditures: | | | | | | | Building improvements | 3,357 | $4,372 | $3,948 | $4,622 | $3,789 | | Tenant improvements and leasing commissions | 22,811 | $26,494 | $16,707 | $23,971 | $73,483 | | Funds from operations attributable to noncontrolling interests | 66,197 | $77,922 | $80,236 | $80,860 | $81,012 | | Operating statistics and related information (at end of period) | | | | | | | Number of properties | 339 | 340 | 375 | 384 | 386 | | RSF (including development and redevelopment projects under construction) | 39,260,168 | 39,449,372 | 42,887,964 | 43,699,922 | 43,687,343 | | Total square footage | 59,377,267 | 59,382,079 | 66,417,026 | 67,220,337 | 68,518,184 | | Annual rental revenue per occupied RSF | 59.91 | $59.97 | $58.94 | $58.68 | $58.38 | | Occupancy of operating properties | 87.7% | 90.9% | 90.6% | 90.8% | 91.7% | | Occupancy of operating and redevelopment properties | 84.1% | 86.9% | 85.8% | 86.2% | 86.9% | | Weighted-average remaining lease term (in years) | 7.5 | 7.5 | 7.5 | 7.4 | 7.6 | | Total leasing activity – RSF | 647,356 | 1,220,944 | 1,171,344 | 769,815 | 1,030,553 | | Lease renewals and re-leasing of space – change in new rental rates over expiring rates: | | | | | | | Rental rate changes | (15.0)% | (9.9)% | 15.2% | 5.5% | 18.5% | | Rental rate changes (cash basis) | (15.8)% | (5.2)% | 6.1% | 6.1% | 7.5% | | RSF (included in total leasing activity above) | 380,687 | 821,289 | 354,367 | 483,409 | 884,408 | | Previously vacant leasing activity – RSF | 148,734 | 393,376 | 256,633 | 154,638 | 139,715 | | Developed/redeveloped leasing activity – RSF | 117,935 | 6,279 | 560,344 | 131,768 | 6,430 | | Top 20 tenants: | | | | | | | Annual rental revenue | 725,681 | $725,559 | $768,528 | $795,244 | $754,354 | | Annual rental revenue from investment-grade or publicly traded large cap tenants | 87% | 84% | 90% | 89% | 87% | | Weighted-average remaining lease term (in years) | 9.9 | 9.7 | 9.4 | 9.4 | 9.6 | | Same property performance – percentage change over comparable quarter from prior year: | | | | | | | Net operating income changes | (11.9)% | (6.0)% | (6.0)% | (5.4)% | (3.1)% | | Net operating income changes (cash basis) | (11.7)% | (1.7)% | (3.1)% | 2.0% | 5.1% |

All values are in US Dollars.

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

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

(2)Refer to “Leasing activity” in the Supplemental Information for additional details.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 18 | | --- | --- || High-Quality and Diverse Client Base | | --- | | March 31, 2026 | | Stable Cash Flows From Our High-Quality and Diverse Mix of Tenants | | | --- | --- | | | Investment-Grade or Publicly Traded Large Cap Tenants | | | 87% | | | of ARE’s Top 20 Tenant Annual Rental Revenue | | | Weighted Average Remaining Term(3) | | | 9.9 Years | | | of ARE’s Top 20 Tenants | | | 55% | | | of ARE’s Total Annual Rental Revenue |

(1)

(2)

(4)

Percentage of Alexandria’s Annual Rental Revenue

As of March 31, 2026. Annual rental revenue represents amounts in effect as of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual

rental revenue from unconsolidated real estate joint ventures.

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

(2)76% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(3)Based on annual rental revenue in effect as of March 31, 2026.

(4)81% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 19 | | --- | --- || Key Operating Metrics | | --- | | March 31, 2026 | | Same Property Performance: Net Operating Income Changes | | | Rental Rate Changes: Renewed/Re-Leased Space | | | --- | --- | --- | --- | --- | | Margins(3) | | | Favorable Lease Structure(4) | | | Operating | Adjusted EBITDA | | Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems | | | 67% | 66% | | Increasing cash flows | | | | | Percentage of leases containing annual rent escalations | 97% | | | | Stable cash flows | | | Long-Duration Lease Terms(5) | | | Percentage of triple net leases | 91% | | 9.9 Years | 7.5 Years | | Lower capex burden | | | | | Percentage of leases providing for the recapture of capital expenditures | 92% | | Top 20 Tenants | All Tenants | | | |

(2)

(1)

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

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

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

(2)Refer to footnote 2 under “Leasing Activity” in the Supplemental Information for additional details.

(3)For the three months ended March 31, 2026.

(4)Percentages calculated based on our annual rental revenue in effect as of March 31, 2026.

(5)Represents the weighted-average remaining term based on annual rental revenue in effect as of March 31, 2026.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 20 | | --- | --- || Same Property Performance | | --- | | March 31, 2026 | | (Dollars in thousands) | | Same Property Financial Data | Three Months Ended March 31, 2026 | | Same Property Statistical Data | Three Months Ended March 31, 2026 | | | --- | --- | --- | --- | --- | --- | | Percentage change over comparable period from prior year: | | | Number of same properties | 294 | | | Net operating income changes | (11.9)% | (1) | Rentable square feet | 31,965,127 | | | Net operating income changes (cash basis) | (11.7)% | (1) | Occupancy – current-period average | 88.9% | (1) | | Operating margin | 65% | | Occupancy – same-period prior-year average | 94.0% | || | Three Months Ended March 31, | | | | | --- | --- | --- | --- | --- | | | 2026 | 2025 | $ Change | % Change | | Income from rentals: | | | | | | Same properties | $431,442 | $473,233 | $(41,791) | (8.8)% | | Non-same properties | 43,344 | 78,879 | (35,535) | (45.1) | | Rental revenues | 474,786 | 552,112 | (77,326) | (14.0) | | Same properties | 166,149 | 165,419 | 730 | 0.4 | | Non-same properties | 12,078 | 25,644 | (13,566) | (52.9) | | Tenant recoveries | 178,227 | 191,063 | (12,836) | (6.7) | | Income from rentals | 653,013 | 743,175 | (90,162) | (12.1) | | Same properties | 250 | 303 | (53) | (17.5) | | Non-same properties | 17,759 | 14,680 | 3,079 | 21.0 | | Other income | 18,009 | 14,983 | 3,026 | 20.2 | | Same properties | 597,841 | 638,955 | (41,114) | (6.4) | | Non-same properties | 73,181 | 119,203 | (46,022) | (38.6) | | Total revenues | 671,022 | 758,158 | (87,136) | (11.5) | | Same properties | 208,056 | 196,587 | 11,469 | 5.8 | | Non-same properties | 16,086 | 29,808 | (13,722) | (46.0) | | Rental operations | 224,142 | 226,395 | (2,253) | (1.0) | | Same properties | 389,785 | 442,368 | (52,583) | (11.9) | | Non-same properties | 57,095 | 89,395 | (32,300) | (36.1) | | Net operating income | $446,880 | $531,763 | $(84,883) | (16.0)% | | Net operating income – same properties | $389,785 | $442,368 | $(52,583) | (11.9)% | | Straight-line rent revenue | (13,114) | (15,469) | 2,355 | (15.2) | | Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements | (10,063) | (11,558) | 1,495 | (12.9) | | Net operating income – same properties (cash basis) | $366,608 | $415,341 | $(48,733) | (11.7)% |

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

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

(1)The quarter-over-quarter decline was due to a decrease in same property occupancy, primarily driven by the previously disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during 1Q26, with a

weighted-average lease expiration date of January 2026, and by vacancy in 4Q25 at one property aggregating 170,618 RSF at Alexandria Center® for Advanced Technologies – South San Francisco in our South San Francisco

submarket. We expect our same property performance to improve in 2H26, primarily due to changes in same property occupancy, including the anticipated delivery of 1.1 million RSF of vacant space that was leased but not yet

delivered as of March 31, 2026, which has a weighted-average expected delivery date of approximately September 2026, and is expected to generate annual rental revenue of approximately $68 million.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 21 | | --- | --- || Leasing Activity | | --- | | March 31, 2026 | | (Dollars per RSF) | | | | Three Months Ended | | | | Year Ended | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | March 31, 2026 | | | | December 31, 2025 | | | | | Including Straight-Line Rent | | Cash Basis | | Including Straight-Line Rent | | Cash Basis | | | Leasing activity: | | | | | | | | | | Renewed/re-leased space(1) | | | | | | | | | | Rental rate changes | | (15.0)% | | (15.8)% | | 7.0% | | 3.5% | | New rates | | 49.88 | | 53.43 | | 52.71 | | $53.66 | | Expiring rates | | 58.67 | | 63.42 | | 49.27 | | $51.87 | | RSF | | 380,687 | | | | 2,543,473 | | | | Tenant improvements/leasing commissions | | 59.92 | | | | 55.34 | | | | Weighted-average lease term | | 8.4 years | | | | 9.0 years | | | | Previously vacant/developed/redeveloped space leased | | | | | | | | | | New rates | | 53.34 | | 52.10 | | 72.30 | | $67.56 | | Previously vacant RSF | | 148,734 | | | | 944,362 | | | | Developed/redeveloped RSF(3) | | 117,935 | | | | 704,821 | | | | Weighted-average lease term | | 14.0 years | | | | 13.8 years | | | | Leasing activity summary (totals): | | | | | | | | | | New rates | | 51.30 | | 52.88 | | 60.42 | | $59.13 | | RSF | | 647,356 | | | | 4,192,656 | | | | Weighted-average lease term | | 12.0 years | | | | 11.9 years | | | | Lease expirations(1) | | | | | | | | | | Expiring rates | | 56.43 | | 62.28 | | 54.22 | | $55.56 | | RSF | | 1,340,809 | | | | 4,460,081 | | |

All values are in US Dollars.

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

(1)Excludes month-to-month leases aggregating 103,632 RSF and 58,516 RSF as of March 31, 2026 and December 31, 2025, respectively. During the trailing twelve months ended March 31, 2026, we granted free rent

concessions averaging 2.0 months per annum.

(2)Includes the impact of one lease aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, which was signed with an entertainment studio user to accommodate their expansion needs and

secure a long-term extension. The reorientation of the building layout needed to accommodate the tenant also provides flexibility to market the remaining available space to a broader range of user demand. Excluding this

lease, rental rates for renewed and re-leased space for the three months ended March 31, 2026 would have decreased by 10.1% and 9.1% (cash basis) and tenant improvements and leasing commissions would have

been $46.18 per RSF.

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

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

at the Campus Point by Alexandria Megacampus in our University Town Center submarket. Excluding this lease, developed/redeveloped space for the year ended December 31, 2025 was 238,223 RSF.

(5)Includes previously disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during 1Q26, with a weighted-average lease expiration date of January 2026.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 22 | | --- | --- || Contractual Lease Expirations | | --- | | March 31, 2026 | | Year | | | RSF | | Percentage of Occupied RSF | | Annual Rental Revenue (per RSF)(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2026 | (2) | | 1,485,686 | | 4.9% | | 55.84 | 4.6% | | | 2027 | | | 3,367,997 | | 11.2% | | 56.51 | 10.5% | | | 2028 | | | 3,687,608 | | 12.3% | | 49.66 | 10.1% | | | 2029 | | | 1,831,388 | | 6.1% | | 44.65 | 4.5% | | | 2030 | | | 2,446,190 | | 8.1% | | 42.70 | 5.8% | | | 2031 | | | 3,562,366 | | 11.8% | | 54.91 | 10.8% | | | 2032 | | | 886,704 | | 2.9% | | 57.83 | 2.8% | | | 2033 | | | 2,177,834 | | 7.2% | | 50.72 | 6.1% | | | 2034 | | | 2,727,148 | | 9.1% | | 66.91 | 10.1% | | | 2035 | | | 1,042,126 | | 3.5% | | 58.19 | 3.4% | | Thereafter | | | | 6,868,641 | | 22.9% | | 82.42 | 31.3% |

All values are in US Dollars.

Market	2026 Contractual Lease Expirations (in RSF)					Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)	2027 Contractual Lease Expirations (in RSF)					Annual<br><br>Rental<br><br>Revenue<br><br>(per RSF)(1)
	Leased	Negotiating/<br><br>Anticipating	Remaining<br><br>Expiring Leases	Total(2)			Leased	Negotiating/<br><br>Anticipating	Remaining<br><br>Expiring Leases	Total
Greater Boston	119,822	11,894	110,339	242,055		$42.93	50,375	24,386	110,518	185,279		$67.27
San Francisco Bay Area	4,908	21,671	115,876	142,455		74.74	1,873	8,927	183,000	193,800		72.78
San Diego	—	—	104,945	104,945		57.70	—	62,415	335,515	397,930		45.00
Seattle	10,553	12,908	39,002	62,463		24.74	9,435	93,839	305,254	408,528		47.30
Maryland	8,155	—	48,302	56,457		26.82	—	—	191,188	191,188		30.63
Research Triangle	41,518	11,913	19,783	73,214		43.58	30,696	—	283,614	314,310		34.13
New York City	—	—	36,501	36,501		103.49	—	—	100,787	100,787		97.97
Texas	—	—	—	—		—	—	65,551	26,160	91,711		26.10
Non-cluster/other markets	—	—	20,213	20,213		57.70	—	—	—	—		—
Subtotal	184,956	58,386	494,961	738,303		51.86	92,379	255,118	1,536,036	1,883,533		49.28
Key lease expirations with expected downtime	17,271	81,642	648,470	747,383	(3)	59.77	—	—	1,484,464	1,484,464	(4)	65.64
Total	202,227	140,028	1,143,431	1,485,686		$55.84	92,379	255,118	3,020,500	3,367,997		$56.51
Percentage of expiring leases	14%	9%	77%	100%			3%	8%	89%	100%

Contractual lease expirations for properties classified as held for sale as of March 31, 2026 are excluded from the information on this page.

(1)Amounts in effect as of March 31, 2026.

(2)Excludes month-to-month leases aggregating 103,632 RSF as of March 31, 2026.

(3)Represents 2026 key lease expirations with expected downtime aggregating 747,383 RSF with a weighted-average expiration date of June 2026 and annual rental revenue aggregating $44.7 million as of March 31, 2026. This includes i)

137,316 RSF generating $13.3 million of annual rental revenues at Alexandria Stanford Life Science District, where we are evaluating a redevelopment for advanced technology space, ii) 108,136 RSF generating $8.1 million of annual

rental revenues at Alexandria Center® at One Kendall Square, where expected downtime is primarily driven by tenant relocations to other ARE-developed properties, and iii) 99,271 RSF generating $7.9 million of annual rental revenues at

Alexandria Center® for Life Science – Eastlake, where the tenant is also relocating to another ARE-developed property. Additionally, we have identified prospective tenants or are in early discussions for 111,983 RSF in our Greater Boston

and San Francisco Bay Area markets. We continue to evaluate business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect weighted-average downtime to be approximately 6 to 24

months.

(4)Represents space with an annual rental revenue of $97.4 million, with a weighted-average lease expiration date of February 2027, and a weighted-average downtime of approximately 6 to 24 months. Of the expiring 1.5 million RSF, we

have identified prospective tenants or are in early discussions for 532,585 RSF. Compared to 4Q25, 2027 key lease expirations increased primarily due to a 232,902-RSF lease expiration with a single tenant at our Alexandria Center® for

Life Science – Waltham Megacampus with $27.0 million of annual rental revenue, for which we no longer expect the tenant to renew on a short-term basis. Other key considerations of this expiring 1.5 million RSF include:

Progress on 2027 Key Lease Expirations
36%	61%	533K RSF
of ARR Relocating to<br><br>ARE Development/<br><br>Redevelopment Projects	Average RSF<br><br>Expansion by<br><br>Relocating Tenants	Under Negotiation<br><br>(36% of Expiring RSF)

Located on Megacampuses

(based on RSF)

Laboratory Space

(based on RSF)

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

or Publicly Traded Large Cap Tenants(1)

	Tenant						Percentage of<br><br>Annual Rental<br><br>Revenue(1)	Investment-Grade<br><br>Credit Ratings		Average<br><br>Market Cap<br><br>(in billions)
					Moody’s	S&P
1	Bristol-Myers Squibb Company	5.9		1,226,762		107,021	5.8%	A2	A	$102.78
2	Eli Lilly and Company	9.2		1,053,592		92,049	5.0	Aa3	A+	$826.64
3	Moderna, Inc.	12.7		462,100		71,571	3.9	—	—	$12.41
4	AstraZeneca PLC	5.9		611,326		55,480	3.0	A1	A+	$255.26
5	Takeda Pharmaceutical Company Limited	10.6		386,111		41,673	2.3	Baa1	BBB+	$48.85
6	Eikon Therapeutics, Inc.(2)	13.2		299,638		38,907	2.1	—	—	$0.72
7	Illumina, Inc.	5.6		792,687		29,977	1.6	Baa3	BBB	$16.58
8	United States Government	4.4		414,499		29,334	1.6	Aaa	AA+	$—
9	Uber Technologies, Inc.	56.5	(4)	1,009,188		27,865	1.5	Baa1	BBB	$178.56
10	Boston Children's Hospital	11.0		309,231		26,294	1.4	Aa2	AA	$—
11	Novartis AG	2.2	(5)	321,743		25,111	1.4	Aa3	AA-	$273.55
12	Sanofi	4.8		267,278		22,045	1.2	Aa3	AA	$119.93
13	Alphabet Inc.	2.1		418,600		21,837	1.2	Aa2	AA+	$2,946.34
14	New York University	6.3		218,983		21,073	1.1	Aa2	AA-	$—
15	Massachusetts Institute of Technology	3.8		242,428		20,529	1.1	Aaa	AAA	$—
16	Charles River Laboratories, Inc.	9.4		238,938		20,045	1.1	—	—	$8.11
17	Merck & Co., Inc.	7.8		308,356		19,610	1.1	Aa3	A+	$231.19
18	Vaxcyte, Inc.	8.8		230,755		18,672	1.0	—	—	$5.47
19	Altos Labs, Inc.(6)	15.0		158,990		18,407	1.0	—	—	$—
20	Amgen Inc.	9.7		317,157		18,181	1.0	Baa1	BBB+	$167.68
	Total/weighted-average	9.9	(4)	9,288,362		725,681	39.4%

All values are in US Dollars.

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

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

(1)Based on annual rental revenue in effect as of March 31, 2026.

(2)Eikon Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a biopharmaceutical executive who previously served as an executive vice president of Merck & Co., Inc. As of December 31, 2025, the company held

$336 million in cash and marketable securities.

(3)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United

States Government is cancellable prior to the lease expiration date.

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

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

revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.1 years as of March 31, 2026.

(5)Includes one lease at 100 Technology Square at Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 255,441 RSF, which generates annualized rental revenue of $21.0 million and expires in March

We are actively marketing the space for re-lease.

(6)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer and President, R&D at GlaxoSmithKline. Altos Labs launched with $3.0 billion in private funding in 2022, and is backed by a group

of prominent investors.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 24 | | --- | --- || Summary of Properties and Occupancy | | --- | | March 31, 2026 | | (Dollars in thousands, except per RSF amounts) |

Summary of properties

	RSF					Number of<br><br>Properties	Annual Rental Revenue
Market	Operating	Development	Redevelopment	Total	% of Total		Total	% of Total	Per RSF
Greater Boston	9,338,588	566,673	1,361,372	11,266,633	29%	63	$697,286	38%	$89.09
San Francisco Bay Area	6,083,765	212,657	84,157	6,380,579	16	52	332,008	18	69.11
San Diego	6,225,980	893,525	—	7,119,505	18	61	295,434	15	53.67
Seattle	2,846,292	227,577	—	3,073,869	8	39	120,494	7	48.21
Maryland	3,676,566	—	—	3,676,566	9	47	153,371	8	45.94
Research Triangle	3,435,988	—	—	3,435,988	9	36	89,401	5	27.74
New York City	727,674	—	—	727,674	2	2	66,510	4	95.46
Texas	1,651,094	—	66,350	1,717,444	4	13	37,887	2	28.04
Non-cluster/other markets(1)	417,523	—	—	417,523	1	7	10,903	1	30.36
Properties held for sale	1,444,387	—	—	1,444,387	4	19	32,567	2	31.27
North America	35,847,857	1,900,432	1,511,879	39,260,168	100%	339	$1,835,861	100%	$59.91
		3,412,311

Summary of occupancy

	Operating Properties					Operating and Redevelopment Properties
Market	3/31/26		12/31/25		3/31/25	3/31/26	12/31/25	3/31/25
Greater Boston	83.8%	(2)	86.4%		91.8%	73.1%	75.1%	78.4%
San Francisco Bay Area	87.6	(2)	90.9		90.3	86.4	89.4	86.3
San Diego	88.4	(2)	97.2		94.3	88.4	97.2	94.3
Seattle	87.8		88.4		91.5	87.8	88.4	91.5
Maryland	92.3	(3)	93.6		94.1	92.3	93.6	94.1
Research Triangle	93.8	(4)	95.2		93.4	93.8	95.2	93.4
New York City	95.8		96.4		87.6	95.8	96.4	87.6
Texas	81.8		79.9		82.1	78.7	76.5	78.9
Subtotal	87.8		90.9		91.8	84.0	86.9	87.1
Canada	N/A	(1)	N/A	(1)	94.6	N/A	N/A	82.4
Non-cluster/other markets	86.0		91.2		73.0	86.0	91.2	73.0
North America	87.7%	(5)	90.9%		91.7%	84.1%	86.9%	86.9%

(1)10 properties in Canada were classified as held for sale in 4Q25 and the remaining one property in Canada is now included in our non-cluster market.

(2)Decline in occupancy since December 31, 2025 was primarily attributable to previously disclosed key lease expirations with expected downtime, including:

•Greater Boston: 45,636 RSF at Alexandria Center® at Kendall Square in our Cambridge submarket and 52,467 RSF in our Route 128 submarket.

•San Francisco Bay Area: 78,962 RSF at Alexandria Stanford Life Science District in our Greater Stanford submarket, where we are evaluating a redevelopment for advanced technology use, and 42,299 RSF in our South

San Francisco submarket which is currently under early-stage negotiations.

•San Diego:

•163,648 RSF at a property in our University Town Center submarket, for which we have executed a letter of intent to re-lease the entire premises;

•118,225 RSF at One Alexandria Square in our Torrey Pines submarket. Of this space, 58,282 RSF has already been re-leased, with occupancy expected to phase in commencing in 4Q26; and

•83,354 RSF at 5810 and 5820 Nancy Ridge Drive in our Sorrento Mesa submarket which has been re-leased, with occupancy expected to commence in 4Q26.

(3)Decline in occupancy was primarily driven by the expiration of one private biotechnology lease aggregating 30,161 RSF in our Rockville submarket.

(4)Decline in occupancy was primarily due to 30,667 RSF of vacancy from a tenant winding down operations in the Research Triangle submarket.

(5)Includes temporary vacancies as of March 31, 2026 aggregating 1.1 million RSF, or 3.2% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, which are leased and expected to

be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately September 2026, with expected annual rental revenue of approximately $68 million.

Our Megacampus Properties Account for 78% of Our Annual Rental Revenue

Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Greater Boston
	Cambridge/Inner Suburbs
		Megacampus: Alexandria Center® at Kendall Square	2,213,866	—		—		2,213,866	8	$207,877	91.7%	91.7%
		50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street, and<br><br>300 Third Street(1)
		Megacampus: Alexandria Center® at One Kendall Square	1,295,185	—		—		1,295,185	11	136,118	91.2	91.2
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800,<br><br>and 2000), and 325 and 399 Binney Street
		Megacampus: Alexandria Technology Square®	1,205,526	—		—		1,205,526	7	74,955	71.8	71.8
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Megacampus: The Arsenal on the Charles	787,659	—		333,758		1,121,417	13	42,503	77.8	54.7
		311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,<br><br>1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
		Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99<br><br>Coolidge Avenue	403,514	174,662		—		578,176	5	25,545	91.8	91.8
		Cambridge/Inner Suburbs	5,905,750	174,662		333,758		6,414,170	44	486,998	85.7	81.1
	Fenway
		Megacampus: Alexandria Center® for Life Science – Fenway	1,452,183	392,011		—		1,844,194	3	99,437	76.5	76.5
		401 and 421 Park Drive and 201 Brookline Avenue
	Seaport Innovation District
		5 and 15(1) Necco Street	459,395	—		—		459,395	2	47,173	97.0	97.0
	Route 128
		Megacampus: Alexandria Center® for Life Science – Waltham	465,981	—		596,064		1,062,045	5	44,718	86.5	38.0
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		19, 225, and 235 Presidential Way	585,226	—		—		585,226	3	14,194	97.0	97.0
		Route 128	1,051,207	—		596,064		1,647,271	8	58,912	92.4	59.0
	Other
		Megacampus: 30, 200, and 3000 Minuteman Road	470,053	—		431,550		901,603	6	4,766	50.9	26.5
		Greater Boston	9,338,588	566,673		1,361,372		11,266,633	63	$697,286	83.8%	73.1%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
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March 31, 2026
(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Francisco Bay Area
	Mission Bay
		Megacampus: Alexandria Center® for Science and Technology –<br><br>Mission Bay(1)	1,560,039	212,657		—		1,772,696	8	$60,224	90.1%	90.1%
		1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens<br><br>Street, and 455 Mission Bay Boulevard South
		Mission Bay	1,560,039	212,657		—		1,772,696	8	60,224	90.1	90.1
	South San Francisco
		Megacampus: Alexandria Center® for Advanced Technologies – South San<br><br>Francisco	812,453	—		84,157		896,610	5	42,878	79.0	71.6
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	504,232	—		—		504,232	3	26,407	74.6	74.6
		201 Haskins Way and 400 and 450 East Jamie Court
		Megacampus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	2,365	100.0	100.0
		1122 and 1150 El Camino Real
		Alexandria Technology Center® – Gateway	326,197	—		—		326,197	5	18,570	93.2	93.2
		600, 630, 650, 901, and 951 Gateway Boulevard
		Alexandria Center® for Life Science – Millbrae(1)	285,346	—		—		285,346	1	37,006	100.0	100.0
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,908	100.0	100.0
		South San Francisco	2,529,145	—		84,157		2,613,302	17	138,134	87.3	84.5
	Greater Stanford
		Megacampus: Alexandria Center® for Life Science – San Carlos	738,038	—		—		738,038	9	46,656	91.4	91.4
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	705,767	—		—		705,767	9	47,932	76.3	76.3
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and<br><br>3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	340,103	—		—		340,103	5	24,640	86.5	86.5
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	198,548	—		—		198,548	3	13,732	100.0	100.0
		2100 Geng Road	12,125	—		—		12,125	1	690	100.0	100.0
		Greater Stanford	1,994,581	—		—		1,994,581	27	133,650	86.1	86.1
		San Francisco Bay Area	6,083,765	212,657		84,157		6,380,579	52	$332,008	87.6%	86.4%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.<br><br>(2)We own 100% of this property.
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(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
San Diego
	Torrey Pines
		Megacampus: One Alexandria Square	1,090,978	—		—		1,090,978	10	$68,549	82.6%	82.6%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,<br><br>10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road,<br><br>and 3545 Cray Court
		ARE Torrey Ridge	308,565	—		—		308,565	3	14,591	86.2	86.2
		10578, 10618, and 10628 Science Center Drive
		Torrey Pines	1,399,543	—		—		1,399,543	13	83,140	83.4	83.4
	University Town Center
		Megacampus: Campus Point by Alexandria(1)	1,258,052	893,525		—		2,151,577	8	77,396	95.4	95.4
		9880(2), 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4224,<br><br>and 4242 Campus Point Court
		Megacampus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978	100.0	100.0
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	—	—	—
		University Town Center	2,214,387	893,525		—		3,107,912	15	107,374	90.0	90.0
	Sorrento Mesa
		Megacampus: SD Tech by Alexandria(1)	1,154,144	—		—		1,154,144	13	48,438	89.9	89.9
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and<br><br>10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road
		Megacampus: Sequence District by Alexandria	671,039	—		—		671,039	6	24,306	100.0	100.0
		6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Summers Ridge Science Park(1)	316,531	—		—		316,531	4	11,521	100.0	100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		10102 Hoyt Park Drive	144,113	—		—		144,113	1	11,379	100.0	100.0
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	—	—	—
		9877 Waples Street	63,774	—		—		63,774	1	2,680	100.0	100.0
		Sorrento Mesa	2,432,955	—		—		2,432,955	26	98,324	91.8	91.8
	Sorrento Valley
		3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard	151,406	—		—		151,406	6	4,857	55.9	55.9
		11045 Roselle Street	27,689	—		—		27,689	1	1,739	100.0	100.0
		Sorrento Valley	179,095	—		—		179,095	7	6,596	62.7	62.7
		San Diego	6,225,980	893,525		—		7,119,505	61	$295,434	88.4%	88.4%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.<br><br>(2)We own 100% of this property.
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(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Seattle
	Lake Union
		Megacampus: Alexandria Center® for Life Science – Eastlake	1,151,975	—		—		1,151,975	9	$68,233	89.9%	89.9%
		1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and<br><br>199 East Blaine Street, and 1600 Fairview Avenue East
		Megacampus: Alexandria Center® for Advanced Technologies – South<br><br>Lake Union	413,178	227,577		—		640,755	4	23,367	98.8	98.8
		400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219<br><br>Terry Avenue North
		Lake Union	1,565,153	227,577		—		1,792,730	13	91,600	92.3	92.3
	Elliott Bay
		410 Elliott Avenue West	2,896	—		—		2,896	1	—	—	—
	Bothell
		Megacampus: Alexandria Center® for Advanced Technologies – Canyon<br><br>Park	815,000	—		—		815,000	19	16,014	84.2	84.2
		22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,<br><br>22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, and<br><br>22522 29th Drive Southeast, 22213 and 22309 30th Drive Southeast, and<br><br>1629, 1631, 1725, 1916, and 1930 220th Street Southeast
		Alexandria Center® for Advanced Technologies – Monte Villa Parkway	463,243	—		—		463,243	6	12,880	79.7	79.7
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,278,243	—		—		1,278,243	25	28,894	82.5	82.5
		Seattle	2,846,292	227,577		—		3,073,869	39	120,494	87.8	87.8
Maryland
	Rockville
		Megacampus: Alexandria Center® for Life Science – Shady Grove	1,691,960	—		—		1,691,960	20	93,326	92.6	92.6
		9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950<br><br>Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward<br><br>Campus Drive, and 9810 and 9820 Darnestown Road
		1330 Piccard Drive	131,507	—		—		131,507	1	3,813	87.6	87.6
		1405 and 1450 Research Boulevard	114,182	—		—		114,182	2	3,326	75.1	75.1
		5 Research Place	63,852	—		—		63,852	1	3,164	100.0	100.0
		5 Research Court	51,520	—		—		51,520	1	1,976	100.0	100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,853	100.0	100.0
		Rockville	2,102,206	—		—		2,102,206	26	$107,458	91.9%	91.9%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
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(Dollars in thousands)		Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual<br><br>Rental<br><br>Revenue	Occupancy Percentage
---	---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
Maryland (continued)
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	619,061	—		—		619,061	9	$20,083	92.8%	92.8%
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940<br><br>Clopper Road
		Alexandria Technology Center® – Gaithersburg II	486,300	—		—		486,300	7	15,897	89.2	89.2
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield<br><br>Road
		401 Professional Drive	63,207	—		—		63,207	1	1,283	76.7	76.7
		950 Wind River Lane	50,000	—		—		50,000	1	1,234	100.0	100.0
		620 Professional Drive	27,950	—		—		27,950	1	1,207	100.0	100.0
		Gaithersburg	1,246,518	—		—		1,246,518	19	39,704	91.0	91.0
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	3,423	100.0	100.0
		101 West Dickman Street(1)	135,958	—		—		135,958	1	2,786	100.0	100.0
		Beltsville	327,842	—		—		327,842	2	6,209	100.0	100.0
		Maryland	3,676,566	—		—		3,676,566	47	153,371	92.3	92.3
Research Triangle
	Research Triangle
		Megacampus: Alexandria Center® for Life Science – Durham	2,041,067	—		—		2,041,067	15	41,541	97.3	97.3
		6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31<br><br>Alexandria Way, and 2400 Ellis Road
		Megacampus: Alexandria Center® for Advanced Technologies and AgTech<br><br>– Research Triangle	712,240	—		—		712,240	6	27,482	87.2	87.2
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Megacampus: Alexandria Center® for Sustainable Technologies	259,962	—		—		259,962	8	7,121	85.1	85.1
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive
		Alexandria Technology Center® – Alston	121,204	—		—		121,204	2	2,290	80.5	80.5
		800 and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle	136,563	—		—		136,563	3	4,064	96.1	96.1
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,580	100.0	100.0
		407 Davis Drive	81,956	—		—		81,956	1	3,323	100.0	100.0
		Research Triangle	3,435,988	—		—		3,435,988	36	$89,401	93.8%	93.8%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
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(Dollars in thousands)
Market / Submarket / Address			RSF						Number of<br><br>Properties	Annual Rental Revenue
---	---	---	---	---	---	---	---	---	---	---	---
				Operating			Operating and<br><br>Redevelopment
		Operating	Development		Redevelopment			Total
New York City
	New York City
		Megacampus: Alexandria Center® for Life Science – New York City	727,674	—		—		727,674	2	66,510	95.8%
		430 and 450 East 29th Street
		New York City	727,674	—		—		727,674	2	66,510	95.8
Texas
	Austin
		Megacampus: Intersection Campus	1,523,318	—		—		1,523,318	12	34,135	84.9
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake<br><br>Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		Austin	1,523,318	—		—		1,523,318	12	34,135	84.9
	Greater Houston
		Alexandria Center® for Advanced Technologies at The Woodlands	127,776	—		66,350		194,126	1	3,752	29.4
		8800 Technology Forest Place
		Texas	1,651,094	—		66,350		1,717,444	13	37,887	78.7
Non-cluster/other markets			417,523	—		—		417,523	7	10,903	86.0
North America, excluding properties held for sale			34,403,470	1,900,432		1,511,879		37,815,781	320	1,803,294	84.1%
Properties held for sale			1,444,387	—		—		1,444,387	19	32,567	72.1%
Total – North America			35,847,857	1,900,432		1,511,879		39,260,168	339	1,835,861

All values are in US Dollars.

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

INCREMENTAL ANNUAL NET OPERATING INCOME

GROWTH EXPECTED FROM ALEXANDRIA’S

DEVELOPMENT AND REDEVELOPMENT DELIVERIES

Near-Term<br><br>Deliveries	Intermediate-Term<br><br>Deliveries
2Q26–4Q26	2027–2028
$92M	$93M
93%<br><br>Leased/Negotiating	68%<br><br>Leased/Negotiating
601,589 RSF	1.3 million RSF

(1)

(2)

(3)

(4)

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

(1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from projects

expected to be placed into service commencing through 2026 is projected to be $70 million. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: under construction” in

the Supplemental Information for additional details.

(2)Our share of incremental annual net operating income from projects expected to stabilize in 2027-2028 is projected to be $60 million.

(3)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026.

(4)Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027-2028.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 32 | | --- | --- || Investments in Real Estate | | --- | | March 31, 2026 | | (Dollars in thousands) | | | | Development and Redevelopment | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | Under Construction | | | | | | | | Operating | 2Q26–4Q26 Stabilization | 2027–2028 Stabilization | Evaluating Strategy | Future | Subtotal | Total | | Square footage | | | | | | | | | Operating | 34,403,470 | — | — | — | — | — | 34,403,470 | | Future Class A/A+ development and redevelopment properties | — | 601,589 | 1,258,004 | 1,552,718 | 20,014,546 | 23,426,857 | 23,426,857 | | Future development and redevelopment square feet currently included in rental properties(1) | — | — | — | — | (1,516,872) | (1,516,872) | (1,516,872) | | Total square footage, excluding properties held for sale | 34,403,470 | 601,589 | 1,258,004 | 1,552,718 | 18,497,674 | 21,909,985 | 56,313,455 | | Properties held for sale | 1,444,387 | — | — | — | 1,619,425 | 1,619,425 | 3,063,812 | | Total square footage | 35,847,857 | 601,589 | 1,258,004 | 1,552,718 | 20,117,099 | 23,529,410 | 59,377,267 | | Investments in real estate | | | | | | | | | Gross book value as of March 31, 2026(2) | $28,135,300 | $629,966 | $1,130,851 | $1,356,515 | $3,971,142 | 7,088,474 | $35,223,774 | | Properties held for sale | 423,335 | — | — | — | 230,905 | 230,905 | 654,240 | | Total gross investment in real estate, excluding properties held for sale | $27,711,965 | $629,966 | $1,130,851 | $1,356,515 | $3,740,237 | 6,857,569 | $34,569,534 |

All values are in US Dollars.

20%

Development/<br><br>Redevelopment<br><br>Under Construction
Land/Future<br><br>Development

17%

11%–16%

Non-Income-Producing Assets(4) as a Percentage of Gross Assets

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

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

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

(3)Our share of investment in our development and redevelopment pipeline as of March 31, 2026 is $6.45 billion.

(4)Excludes properties classified as held for sale, of which land parcels represented approximately 1% of total non-income-producing assets as of December 31, 2024 and 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 33 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Recent Deliveries | | --- | | March 31, 2026 | | (Dollars in thousands) | | 99 Coolidge Avenue | 10075 Barnes Canyon Road | 8800 Technology Forest Place | | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | San Diego/Sorrento Mesa | Texas/Greater Houston | | 146,147 RSF | 253,079 RSF | 57,042 RSF | | 100% Occupancy | 80% Occupancy | 100% Occupancy | | Property/Market/Submarket | | Our Ownership Interest | RSF Placed in Service | | | | Occupancy Percentage(2) | | | Total Project | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1Q26 Delivery Date(1) | | Prior to 1/1/26 | 1Q26 | | Total | | | Initial Stabilized | | | | | | | | | | | | | RSF | | Investment | | | Development projects | | | | | | | | | | | | | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | 1/27/26 | 100% | 129,413 | 16,734 | | 146,147 | | 100% | | 320,809 | 444,000 | 6.0% | 6.8% | | 10075 Barnes Canyon Road/San Diego/Sorrento Mesa | 3/31/26 | 50.0% | 171,469 | 81,610 | (3) | 253,079 | | 80% | | 253,079 | 314,000 | 5.5 | 5.7 | | Redevelopment projects | | | | | | | | | | | | | | | 8800 Technology Forest Place/Texas/Greater Houston | 2/5/26 | 100% | 50,094 | 6,948 | | 57,042 | | 100% | | 123,392 | 112,000 | 6.3 | 6.0 | | Weighted average/total | 1/28/26 | | 350,976 | 105,292 | | 456,268 | | | | 697,280 | 870,000 | 5.9% | 6.3% |

All values are in US Dollars.

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

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

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

(3)Includes 50,531 RSF that were vacant and/or unleased at delivery.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 34 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Under Construction | | --- | | March 31, 2026 | | 99 Coolidge Avenue | 50 and 60 Sylvan Road(1) | 1450 Owens Street | | --- | --- | --- | | Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Route 128 | San Francisco Bay Area/ Mission Bay | | 174,662 RSF | 267,015 RSF | 212,657 RSF | | 84% Leased/Negotiating | 74% Leased/Negotiating | 51% Leased/Negotiating || 269 East Grand Avenue | 4135 Campus Point Court | 10200 Campus Point Drive | 701 Dexter Avenue North | | --- | --- | --- | --- | | San Francisco Bay Area/ South San Francisco | San Diego/ University Town Center | San Diego/ University Town Center | Seattle/Lake Union | | 84,157 RSF | 426,927 RSF | 466,598 RSF | 227,577 RSF | | 40% Leased/Negotiating | 100% Leased | 100% Leased | 23% Leased/Negotiating |

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 35 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Under Construction (continued) | | --- | | March 31, 2026 | | Property/Market/Submarket | Located on Mega- campus | Dev/ Redev | Square Footage | | | Percentage | | Occupancy(1) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | In Service | CIP | Total | Leased | Leased/ Negotiating | Initial | | Stabilized | | Under construction | | | | | | | | | | | | 2Q26–4Q26 stabilization | | | | | | | | | | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | X | Dev | 146,147 | 174,662 | 320,809 | 84% | 84% | | 4Q23 | 4Q26 | | 4135 Campus Point Court/San Diego/University Town Center | X | Dev | — | 426,927 | 426,927 | 100 | 100 | | 3Q26 | 3Q26 | | | | | 146,147 | 601,589 | 747,736 | 93 | 93 | | | | | 2027–2028 stabilization | | | | | | | | | | | | 50 and 60 Sylvan Road/Greater Boston/Route 128 | X | Redev | — | 267,015 | 267,015 | 74 | 74 | | 4Q26 | 2027 | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | X | Dev | — | 212,657 | 212,657 | 51 | 51 | | 2027 | 2027 | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | X | Redev | — | 84,157 | 84,157 | 40 | 40 | | 2H26 | 2027 | | 10200 Campus Point Drive/San Diego/University Town Center(2) | X | Dev | — | 466,598 | 466,598 | 100 | 100 | | 2028 | 2028 | | 701 Dexter Avenue North/Seattle/Lake Union | X | Dev | — | 227,577 | 227,577 | 23 | 23 | | 3Q26 | 2027 | | | | | — | 1,258,004 | 1,258,004 | 68 | 68 | | | | | Total | | | 146,147 | 1,859,593 | 2,005,740 | 77% | 77% | | | | | Evaluating business and financial strategy with earliest potential lab delivery in 2028(3) | | | | | | | | | | | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | X | Redev | 56,904 | 333,758 | 390,662 | 9% | 28% | | | | | 421 Park Drive/Greater Boston/Fenway | X | Dev | — | 392,011 | 392,011 | 13 | 13 | | | | | 40 Sylvan Road/Greater Boston/Route 128 | X | Redev | — | 329,049 | 329,049 | — | — | | | | | 3000 Minuteman Road/Greater Boston/Other | X | Redev | — | 431,550 | 431,550 | — | 37 | | | | | 8800 Technology Forest Place/Texas/Greater Houston | | Redev | 57,042 | 66,350 | 123,392 | 46 | 46 | | | | | | | | 113,946 | 1,552,718 | 1,666,664 | 9% | 23% | | | |

(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over time.

(2)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 57.2% ownership interest. The project is fully leased to a longtime multinational pharmaceutical tenant that

currently occupies one building within the Megacampus aggregating 52,853 RSF, which generated annual rental revenue of $4.1 million as of 1Q26. The tenant is expected to vacate this building during 2028. We expect to fund the majority

of future construction costs at the Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner.

(3)We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or

disposition, based upon future leasing interest. Under a lower-investment scenario, we would expect lower rent and tenant improvement requirements, and we would evaluate whether all or a portion of the property would be placed back

into operation. If the properties are completed as laboratory/office, we do not expect significant deliveries until 2028 at the earliest.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 36 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Under Construction (continued) | | --- | | March 31, 2026 | | (Dollars in thousands) | | | Our Ownership Interest | | At 100% | | | | Unlevered Yields | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property/Market/Submarket | | In Service | | | | | | | Initial Stabilized (Cash Basis) | | | Under construction | | | | | | | | | | | | 2Q26–4Q26 stabilization with 93% leased/negotiating | | | | | | | | | | | | 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | 100% | | 203,361 | 185,307 | 55,332 | 444,000 | | 6.0% | | 6.8% | | 4135 Campus Point Court/San Diego/University Town Center | 57.2% | | — | 444,659 | 79,341 | 524,000 | | 9.8% | | 6.2% | | | | | 203,361 | 629,966 | | | | | | | | 2027–2028 stabilization with 68% leased/negotiating(1) | | | | | | | | | | | | 50 and 60 Sylvan Road/Greater Boston/Route 128 | 100% | | — | 360,504 | TBD | | | | | | | 1450 Owens Street/San Francisco Bay Area/Mission Bay | 25.0% | | — | 251,678 | | | 269 East Grand Avenue/San Francisco Bay Area/South San Francisco | 100% | | — | 121,604 | | | 10200 Campus Point Drive/San Diego/University Town Center(2) | 57.2% | | — | 76,310 | 583,690 | 660,000 | | 7.3% | | 6.5% | | 701 Dexter Avenue North/Seattle/Lake Union | 100% | | — | 320,755 | TBD | | | | | | | | | | — | 1,130,851 | | | | | | | | Total | | | 203,361 | 1,760,817 | 1,020,000 | 2,990,000 | | | | | | Our share of investment(3)(4) | | | 200,000 | 1,350,000 | 680,000 | 2,230,000 | | | | | | Evaluating business and financial strategy with earliest potential lab delivery in 2028(5) | | | | | | | | | | | | 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs | 100% | | 28,081 | 310,025 | TBD | | | | | | | 421 Park Drive/Greater Boston/Fenway | 100% | | — | 606,090 | | | 40 Sylvan Road/Greater Boston/Route 128 | 100% | | — | 229,568 | | | 3000 Minuteman Road/Greater Boston/Other | 100% | | — | 168,783 | | | 8800 Technology Forest Place/Texas/Greater Houston | 100% | | 65,564 | 42,049 | | | | | | 93,645 | 1,356,515 | | | | | | |

All values are in US Dollars.

Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We expect to provide total estimated costs and related yields for each project over the next several quarters.

(2)Refer to footnote 2 on the prior page for additional details.

(3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.

(4)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus

Point project.

(5)Refer to footnote 3 on the prior page for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 37 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline | | --- | | March 31, 2026 | | (Dollars in thousands) |

77% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus Ecosystems

Market<br><br>Property/Submarket	Our<br><br>Ownership<br><br>Interest	Book Value	Development and Redevelopment<br><br>Square Footage
				Future		Total(1)
Greater Boston
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100%	322,671	333,758		34,157		367,915
311 Arsenal Street
Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue/Cambridge/<br><br>Inner Suburbs	100%	209,508	174,662		560,000		734,662
446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway	100%	606,090	392,011		—		392,011
421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128	100%	655,867	596,064		515,000		1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: 30, 200, and 3000 Minuteman Road/Other	100%	194,127	431,550		350,000		781,550
3000 Minuteman Road
Megacampus: Alexandria Technology Square®/Cambridge	100%	8,858	—		100,000		100,000
10 Necco Street/Seaport Innovation District	100%	107,101	—		175,000		175,000
215 Presidential Way/Route 128	100%	6,816	—		112,000		112,000
Other development and redevelopment projects	100%	165,576	—		740,000		740,000
		2,276,614	1,928,045		2,586,157		4,514,202
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.<br><br>(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have<br><br>future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under<br><br>“Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 38 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2026 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | | Book Value | Development and Redevelopment Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Future | | Total(1) | | San Francisco Bay Area | | | | | | | | | | Megacampus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay | 25.0% | | 251,678 | 212,657 | | — | | 212,657 | | 1450 Owens Street | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco | 100% | | 128,259 | 84,157 | | 90,000 | | 174,157 | | 211(2) and 269 East Grand Avenue | | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco | 100% | | 443,324 | — | | 1,930,000 | | 1,930,000 | | 1122, 1150, and 1178 El Camino Real | | | | | | | | | | Alexandria Center® for Life Science – Millbrae/South San Francisco | 48.6% | | 162,361 | — | | 348,401 | | 348,401 | | 201 and 231 Adrian Road and 30 Rollins Road | | | | | | | | | | Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford | 100% | | 493,425 | — | | 1,497,830 | | 1,497,830 | | 960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road | | | | | | | | | | 2100, 2200, 2300, and 2400 Geng Road/Greater Stanford | 100% | | 128,360 | — | | 240,000 | | 240,000 | | | | | 1,607,407 | 296,814 | | 4,106,231 | | 4,403,045 | | San Diego | | | | | | | | | | Megacampus: Campus Point by Alexandria/University Town Center | 57.2% | (3) | 709,266 | 893,525 | | 866,816 | | 1,760,341 | | 10010(4), 10140(4), and 10200 Campus Point Drive and 4135, 4165, 4224, and 4275(4) Campus Point Court | | | | | | | | | | 11255 and 11355 North Torrey Pines Road/Torrey Pines | 100% | | 163,973 | — | | 215,000 | | 215,000 | | Megacampus: One Alexandria Square/Torrey Pines | 100% | | 69,826 | — | | 125,280 | | 125,280 | | 10975 and 10995 Torreyana Road | | | | | | | | | | Megacampus: 5200 Illumina Way/University Town Center | 51.0% | | 17,939 | — | | 451,832 | | 451,832 | | 9625 Towne Centre Drive/University Town Center | 30.0% | | 837 | — | | 100,000 | | 100,000 | | Megacampus: Sequence District by Alexandria/Sorrento Mesa | 100% | | 49,696 | — | | 1,661,915 | | 1,661,915 | | 6290, 6310, 6340, 6350, and 6450 Sequence Drive | | | | | | | | | | Megacampus: SD Tech by Alexandria/Sorrento Mesa | 50.0% | | 127,187 | — | | 493,845 | | 493,845 | | 9805 Scranton Road and 10065 Barnes Canyon Road | | | | | | | | | | 4075 Sorrento Valley Boulevard/Sorrento Valley | 100% | | 29,598 | — | | 144,000 | | 144,000 | | Other development and redevelopment projects | (2) | | 78,404 | — | | 475,000 | | 475,000 | | | | | 1,246,726 | 893,525 | | 4,533,688 | | 5,427,213 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (3)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner. (4)We have a 100% interest in this property. | | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 39 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2026 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Development and Redevelopment Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Future | | Total(1) | | Seattle | | | | | | | | | Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/Lake Union | (2) | 617,648 | 227,577 | | 1,057,400 | | 1,284,977 | | 601 and 701 Dexter Avenue North and 800 Mercer Street | | | | | | | | | 1010 4th Avenue South/SoDo | 100% | 63,523 | — | | 544,825 | | 544,825 | | 410 West Harrison Street/Elliott Bay | 100% | 25,224 | — | | 91,000 | | 91,000 | | Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell | 100% | 20,692 | — | | 230,000 | | 230,000 | | 21660 20th Avenue Southeast | | | | | | | | | Other development and redevelopment projects | 100% | 157,385 | — | | 706,087 | | 706,087 | | | | 884,472 | 227,577 | | 2,629,312 | | 2,856,889 | | Maryland | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville | 100% | 28,803 | — | | 296,000 | | 296,000 | | 9830 Darnestown Road | | | | | | | | | | | 28,803 | — | | 296,000 | | 296,000 | | Research Triangle | | | | | | | | | Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle | 100% | 167,871 | — | | 2,060,000 | | 2,060,000 | | Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/Research Triangle | 100% | 115,384 | — | | 1,170,000 | | 1,170,000 | | 4 and 12 Davis Drive | | | | | | | | | Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle | 100% | 56,960 | — | | 750,000 | | 750,000 | | 120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive | | | | | | | | | Other development and redevelopment projects | 100% | 1,647 | — | | 25,000 | | 25,000 | | | | 341,862 | — | | 4,005,000 | | 4,005,000 | | New York City | | | | | | | | | Megacampus: Alexandria Center® for Life Science – New York City/New York City | 100% | 180,617 | — | | 550,000 | (3) | 550,000 | | | | 180,617 | — | | 550,000 | | 550,000 | | Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF. (3)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended March 31, 2026 filed with the SEC on April 27, 2026 for additional details. | | | | | | | |

All values are in US Dollars.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 40 | | --- | --- || New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | | --- | | March 31, 2026 | | (Dollars in thousands) | | Market Property/Submarket | Our Ownership Interest | Book Value | Development and Redevelopment Square Footage | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Future | | Total(1) | | Texas | | | | | | | | | Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston | 100% | 45,105 | 66,350 | | 116,405 | | 182,755 | | 8800 Technology Forest Place | | | | | | | | | 1001 Trinity Street and 1020 Red River Street/Austin | 100% | 137,652 | — | | 250,010 | | 250,010 | | Other development and redevelopment projects | 100% | 60,808 | — | | 344,000 | | 344,000 | | | | 243,565 | 66,350 | | 710,415 | | 776,765 | | Other development and redevelopment projects | 100% | 47,503 | — | | 597,743 | | 597,743 | | Total pipeline as of March 31, 2026, excluding properties held for sale | | 6,857,569 | 3,412,311 | | 20,014,546 | | 23,426,857 | | Properties held for sale | | 230,905 | — | | 1,619,425 | | 1,619,425 | | Total pipeline as of March 31, 2026 | | 7,088,474 | 3,412,311 | | 21,633,971 | | 25,046,282 |

All values are in US Dollars.

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

(1)Total square footage includes 1.5 million RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”

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

(2)Includes $3.12 billion of projects that are currently under construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 41 | | --- | --- || Construction Spending | | --- | | March 31, 2026 | | (Dollars in thousands) | | Construction spending | Projected Guidance Midpoint for Year Ending December 31, 2026 | | Three Months Ended March 31, 2026 | | Year Ended December 31, 2025 | | | --- | --- | --- | --- | --- | --- | --- | | Construction of Class A/A+ properties: | | | | | | | | Active construction projects | | | | | | | | Development and redevelopment under construction(1) | | | $ | 184,054 | $ | 1,216,572 | | Future pipeline pre-construction | | | | | | | | Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) | | (2) | | 56,610 | | 275,971 | | Revenue- and non-revenue-enhancing capital expenditures(3) | | (4) | | 164,382 | | 324,293 | | Construction spending (before contributions from noncontrolling interests or tenants) | | | | 405,046 | | 1,816,836 | | Contributions from noncontrolling interests (consolidated real estate joint ventures) | | (5) | | (23,804) | | (193,936) | | Tenant-funded and -built landlord improvements | | | | (2,694) | | (178,651) | | Total construction spending | | | $ | 378,548 | $ | 1,444,249 | | 2026 guidance range for construction spending | 1,500,000 – 2,000,000 | | | | | |

All values are in US Dollars.

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing	Amount(5)
2Q26–4Q26		$76,000
2027 and beyond		44,000
Total		$120,000

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

(1)Includes smaller conversions to laboratory space through redevelopment.

(2)Approximately 75% represents capitalized costs.

(3)Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements.

(4)The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 58% of the total spending within this category. The first project relates to a property located at the Alexandria Center® for

Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket, which is leased to a new tenant and is undergoing its first major renovation in 12 years. The second project relates to two properties at

the Alexandria Technology Square® Megacampus in our Cambridge submarket, which are undergoing their first major renovation in 16 years.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 42 | | --- | --- || Capitalization of Interest | | --- | | March 31, 2026 | | (Dollars in thousands) | | | Leased/ Negotiating | | | Average Real Estate Basis Capitalized | | --- | --- | --- | --- | --- | | Key Categories of Real Estate Basis Capitalized | | | Three Months Ended March 31, 2026 | Percentage | | Construction of Class A/A+ properties: | | | | | | Development and redevelopment of projects under construction and repositioning projects: | | | | | | 2026 stabilization | | 93% | | 330,399 | | 2027–2028 stabilization | | 68% | | 768,594 | | Evaluating business and financial strategy(1) | | 23% | | 1,277,710 | | Repositioning and smaller redevelopment projects(2) | | | | 1,538,022 | | | | | | 3,914,725 | | Land/future development projects with critical key pre-construction milestones through: | | | | | | 2026(3) | | | | 1,159,948 | | 2027(3) | | | | 567,606 | | 2028 and beyond(4) | | | | 1,217,819 | | | | | | 2,945,373 | | Total average real estate basis capitalized(5) | | | | 6,860,098 |

All values are in US Dollars.

Substantial Reduction in Land Drives Decrease in Average Real Estate Basis Capitalized

$8.1B

$6.8B

Development/Redevelopment<br><br>Under Construction and<br><br>Repositioning Projects
Land/Future Development

$3.8B – $5.3B

Average Real Estate Basis Capitalized

(1)Includes projects aggregating 1.6 million RSF for which we are evaluating business and financial strategy and that are expected to reach anticipated construction or delivery milestones, on a weighted-average real estate investment basis,

by March 2027. We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology

use), or disposition. Upon achievement of these milestones, if we choose not to pursue future construction or other activities, capitalized interest and other project costs may no longer qualify for capitalization.

(2)Includes the real estate basis related to the 1.1 million RSF of vacant space as of March 31, 2026 that is leased with future delivery. The weighted-average expected delivery date is approximately September 2026.

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

weighted-average real estate investment basis by August 2026 and April 2027, for the 2026 and 2027 milestones, respectively. At each milestone date, we will evaluate whether to proceed with additional pre-construction and/or

construction activities based on leasing demand and/or market conditions, pause future investments, or consider for potential disposition.

(4)Includes future Megacampus development projects at Alexandria Center® for Advanced Technologies – Tanforan in our South San Francisco submarket and Alexandria Center® for Life Science – San Carlos in our Greater Stanford

submarket, which represents approximately 68% of the total average capitalized real estate basis with 2028 and beyond milestones during the three months ended March 31, 2026. These projects are located at transit-friendly sites with

future access to exceptional amenities.

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

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

estate basis subject to capitalization for 1Q26.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 43 | | --- | --- || Joint Venture Financial Information | | --- | | March 31, 2026 | | Consolidated Real Estate Joint Ventures | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property | Market | Submarket | Noncontrolling Interest Share | | | Operating RSF at 100% | | | | 50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 66.0% | | | 532,395 | | | 75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | | 60.0% | | | 388,270 | | | 100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | | 70.0% | | | 870,641 | | | 15 Necco Street | Greater Boston | Seaport Innovation District | | 43.3% | | | 345,996 | | | Alexandria Center® for Science and Technology – Mission Bay(1) | San Francisco Bay Area | Mission Bay | | 75.0% | | | 550,851 | | | 211 and 213 East Grand Avenue | San Francisco Bay Area | South San Francisco | | 70.0% | | | 300,930 | | | 500 Forbes Boulevard | San Francisco Bay Area | South San Francisco | | 90.0% | | | 155,685 | | | Alexandria Center® for Life Science – Millbrae | San Francisco Bay Area | South San Francisco | | 51.4% | | | 285,346 | | | 3215 Merryfield Row | San Diego | Torrey Pines | | 70.0% | | | 170,523 | | | Campus Point by Alexandria(2)(3) | San Diego | University Town Center | | 42.8% | (4) | | 1,159,770 | | | 5200 Illumina Way | San Diego | University Town Center | | 49.0% | | | 792,687 | | | 9625 Towne Centre Drive | San Diego | University Town Center | | 70.0% | | | 163,648 | | | SD Tech by Alexandria(2)(5) | San Diego | Sorrento Mesa | | 50.0% | | | 1,051,752 | | | Summers Ridge Science Park(6) | San Diego | Sorrento Mesa | | 70.0% | | | 316,531 | | | 1201 and 1208 Eastlake Avenue East | Seattle | Lake Union | | 70.0% | | | 206,134 | | | 400 Dexter Avenue North | Seattle | Lake Union | | 70.0% | | | 290,754 | | | 800 Mercer Street | Seattle | Lake Union | | 40.0% | | | — | (2) | | Unconsolidated Real Estate Joint Ventures | | | | | | | | | | Property | Market | Submarket | Our Ownership Share | | | Operating RSF at 100% | | | | 1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | | 10.0% | | | 586,208 | | | 101 West Dickman Street | Maryland | Beltsville | | 58.4% | (7) | | 135,958 | |

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

(1)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South.

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

for additional details.

(3)Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court.

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

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

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

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

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 44 | | --- | --- || Joint Venture Financial Information (continued) | | --- | | March 31, 2026 | | (In thousands) | | | | As of March 31, 2026 | | | | --- | --- | --- | --- | --- | | | Noncontrolling Interest Share of Consolidated Real Estate JVs | | Our Share of Unconsolidated Real Estate JVs | | | Investments in real estate | $ | 3,261,264 | $ | 88,793 | | Cash, cash equivalents, and restricted cash | | 111,509 | | 1,648 | | Other assets | | 411,563 | | 10,686 | | Secured notes payable | | — | | (60,821) | | Other liabilities | | (154,688) | | (9,786) | | Redeemable noncontrolling interests | | (9,234) | | — | | | $ | 3,620,414 | $ | 30,520 || | Three Months Ended March 31, 2026 | | | | | --- | --- | --- | --- | --- | | | Noncontrolling Interest Share of Consolidated Real Estate JVs | | Our Share of Unconsolidated Real Estate JVs | | | Total revenues | $ | 97,212 | $ | 3,006 | | Rental operations | | (30,677) | | (1,191) | | | | 66,535 | | 1,815 | | General and administrative | | (622) | | (22) | | Interest | | (63) | | (1,026) | | Depreciation and amortization of real estate assets | | (29,473) | | (914) | | Fixed returns allocated to redeemable noncontrolling interest(1) | | 347 | | — | | | $ | 36,724 | $ | (147) | | Straight-line rent and below-market lease revenue | $ | 2,981 | $ | 197 | | Funds from operations(2) | $ | 66,197 | $ | 767 |

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

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interest for a property in the San Francisco Bay Area market. This redeemable noncontrolling interest earns a fixed return on their investment rather

than participate in the operating results of the property.

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

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

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

	Three Months Ended March 31, 2026	Year Ended December 31, 2025
Realized gains (losses):
Realized gains	18,198	115,722
Impairment of non-real estate investments	(12,448)	(95,716)
Significant realized loss	—	(103,329)
	5,750	(83,323)
Unrealized (losses) gains	(10,332)	26,980
Investment loss	(4,582)	(56,343)

All values are in US Dollars.

	March 31, 2026
Investments	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	83,916	$34,674	$(16,514)	102,076
Entities that report NAV	471,058	102,050	(38,132)	534,976
Entities that do not report NAV:
Entities with observable price changes	82,128	54,780	(10,991)	125,917
Entities without observable price changes	405,567	—	—	405,567
Investments accounted for under the equity method	N/A	N/A	N/A	367,883
March 31, 2026	1,042,669	$191,504	$(65,637)	1,536,419
December 31, 2025	1,010,488	$184,434	$(51,056)	1,501,249

All values are in US Dollars.

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

17%

Tenant

Public

83%

Non-Tenant

94%

Private

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

(2)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended March 31, 2026.

(3)Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025.

(4)Represents 2.6% of gross assets as of March 31, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT<br><br>LIQUIDITY	PERCENTAGE OF FIXED-RATE<br><br>DEBT SINCE 2022(2)
$4.2B	96.4%
REMAINING DEBT TERM<br><br>(IN YEARS)	DEBT INTEREST<br><br>RATE
10.0	4.06%
Longest Among S&P 500 REITs(3)
4Q26 ANNUALIZED GUIDANCE
5.6x to 6.2x	3.6x to 4.1x
NET DEBT AND PREFERRED<br><br>STOCK TO ADJUSTED EBITDA	FIXED-CHARGE<br><br>COVERAGE RATIO

TOP 15%

CREDIT RATING RANKING AMONG

ALL PUBLICLY TRADED U.S. REITS(1)

BBB+

Negative

WEIGHTED AVERAGE

Baa1

Negative

As of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2026.

(2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through March 31, 2026.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025, except for ARE, which is as of March 31, 2026.

KEY HIGHLIGHTS:

Repurchased $1.33 billion debt principal at a 28% discount for $952.2 million across 2050, 2051, and 2052 notes Funded repurchase primarily with issuance of $750 million of 5.25% senior unsecured notes due 2036 Recognized $366.4 million(1) gain on early extinguishment of debt with a ~0.2x benefit to leverage(2) No significant impact on 2026 FFO per share — diluted, as adjusted, interest expense, or fixed-charge coverage ratio ARE’s overall weighted-average remaining debt term: 10.0 years(3) (continues to be the longest among S&P 500 REITs)

1Q26 TENDER

OFFERS AND

NEW ISSUANCE

EFFICIENT

DE-LEVERAGING

THROUGH

LIABILITY

MANAGEMENT

(1)Includes the write-off of unamortized debt issuance costs and other transaction-related costs.

(2)Refer to “Net debt and preferred stock to adjusted EBITDA” in Definitions and reconciliations in the Supplemental Information for additional details.

(3)As of March 31, 2026.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 48 | | --- | --- || Key Credit Metrics | | --- | | March 31, 2026 | | Liquidity | | --- | | | | 4.2B | | (in millions) | | Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program | | Cash, cash equivalents, and restricted cash | | Investments in publicly traded companies | | Liquidity as of March 31, 2026 | | Net Debt and Preferred Stock to Adjusted EBITDA(1) |

All values are in US Dollars.

3.6x to 4.1x

5.6x to 6.2x

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

(1)Quarter annualized.

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM

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

5.6 Years

Average Debt Term

of S&P 500 REITs

as of December 31, 2025

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025, except for ARE, which is as of March 31, 2026.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 50 | | --- | --- || Summary of Debt (continued) | | --- | | March 31, 2026 | | (Dollars in thousands) | | Fixed-rate and variable-rate debt | Fixed-Rate Debt | Variable-Rate Debt | Total | Percentage | Weighted-Average | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Interest Rate(1) | Remaining Term (in years) | | | Unsecured senior notes payable | $11,166,009 | $— | $11,166,009 | 89.2% | 4.03% | 10.7 | | | Unsecured senior line of credit(2) and commercial paper program(3) | — | 1,353,986 | 1,353,986 | 10.8 | 4.27 | 3.8 | (4) | | Total/weighted average | $11,166,009 | $1,353,986 | $12,519,995 | 100.0% | 4.06% | 10.0 | (4) | | Percentage of total debt | 89.2% | 10.8% | 100.0% | | | | |

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

(2)As of March 31, 2026, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.50 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 back-stopped by our unsecured senior line of credit. In the event we are unable to

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

SOFR+0.835%. As of March 31, 2026, we had $1.35 billion of commercial paper notes outstanding.

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

consolidated weighted-average maturity of our debt is 9.6 years. The commercial paper notes sold during the three months ended March 31, 2026 were issued at a weighted-average yield to maturity of 4.08% and had a

weighted-average maturity term of 13 days.

	Three Months Ended March 31, 2026
	Average Debt<br><br>Outstanding	Weighted-Average<br><br>Interest Rate
Long-term fixed-rate debt	$11,432,675	3.94%
Short-term variable-rate unsecured senior line of credit and commercial paper program debt	1,736,226	4.05
Blended-average interest rate	13,168,901	3.95
Loan fee amortization and annual facility fee related to unsecured senior line of credit	N/A	0.13
Total/weighted average	$13,168,901	4.08%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026	51
---	---		Summary of Debt (continued)
---
March 31, 2026
(Dollars in thousands)
Debt covenants	Unsecured Senior Notes Payable		Unsecured Senior Line of Credit
---	---	---	---	---
Debt Covenant Ratios(1)	Requirement	March 31, 2026	Requirement	March 31, 2026
Total Debt to Total Assets	≤ 60%	32%	≤ 60.0%	34.5%
Secured Debt to Total Assets	≤ 40%	—%	≤ 45.0%	—%
Consolidated EBITDA to Interest Expense	≥ 1.5x	7.7x	≥ 1.50x	3.23x
Unencumbered Total Asset Value to Unsecured Debt	≥ 150%	302%	N/A	N/A
Unsecured Interest Coverage Ratio	N/A	N/A	≥ 1.75x	6.93x

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

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

Unconsolidated real estate joint ventures’ debt								At 100%
Unconsolidated Joint Venture	Maturity Date		Stated Rate			Interest Rate(1)		Aggregate<br><br>Commitment	Debt Balance(2)
101 West Dickman Street		10/29/26		SOFR+1.95%	(3)		5.68%	$26,750	19,048
1655 and 1725 Third Street		2/10/35		6.37%			6.44%	500,000	496,967
								$526,750	516,015

All values are in US Dollars.

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2026.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 | 52 | | --- | --- || Summary of Debt (continued) | | --- | | March 31, 2026 | | (Dollars in thousands) | | Debt | Stated Rate | Interest Rate(1) | | Maturity Date(2) | | Principal Payments Remaining for the Periods Ending December 31, | | | | | | Principal | Unamortized (Deferred Financing Cost), (Discount)/ Premium | Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2026 | | | | | | | | | | | Unsecured senior line of credit and commercial paper program(3) | (3) | 4.27% | (3) | 1/22/30 | (3) | — | — | — | — | 1,355,271 | $— | $1,355,271 | $(1,285) | $1,353,986 | | Unsecured senior notes payable | 3.80% | 3.96 | | 4/15/26 | (4) | 350,000 | — | — | — | — | — | 350,000 | (38) | 349,962 | | Unsecured senior notes payable | 3.95% | 4.13 | | 1/15/27 | | — | 350,000 | — | — | — | — | 350,000 | (426) | 349,574 | | Unsecured senior notes payable | 3.95% | 4.07 | | 1/15/28 | | — | — | 425,000 | — | — | — | 425,000 | (782) | 424,218 | | Unsecured senior notes payable | 4.50% | 4.60 | | 7/30/29 | | — | — | — | 300,000 | — | — | 300,000 | (749) | 299,251 | | Unsecured senior notes payable | 2.75% | 2.87 | | 12/15/29 | | — | — | — | 400,000 | — | — | 400,000 | (1,552) | 398,448 | | Unsecured senior notes payable | 4.70% | 4.81 | | 7/1/30 | | — | — | — | — | 450,000 | — | 450,000 | (1,594) | 448,406 | | Unsecured senior notes payable | 4.90% | 5.05 | | 12/15/30 | | — | — | — | — | 700,000 | — | 700,000 | (3,751) | 696,249 | | Unsecured senior notes payable | 3.375% | 3.48 | | 8/15/31 | | — | — | — | — | — | 750,000 | 750,000 | (3,543) | 746,457 | | Unsecured senior notes payable | 2.00% | 2.12 | | 5/18/32 | | — | — | — | — | — | 900,000 | 900,000 | (5,811) | 894,189 | | Unsecured senior notes payable | 1.875% | 1.97 | | 2/1/33 | | — | — | — | — | — | 1,000,000 | 1,000,000 | (6,023) | 993,977 | | Unsecured senior notes payable | 2.95% | 3.07 | | 3/15/34 | | — | — | — | — | — | 800,000 | 800,000 | (6,287) | 793,713 | | Unsecured senior notes payable | 4.75% | 4.88 | | 4/15/35 | | — | — | — | — | — | 500,000 | 500,000 | (4,385) | 495,615 | | Unsecured senior notes payable | 5.50% | 5.66 | | 10/1/35 | | — | — | — | — | — | 550,000 | 550,000 | (6,162) | 543,838 | | Unsecured senior notes payable | 5.25% | 5.41 | | 3/15/36 | | — | — | — | — | — | 750,000 | 750,000 | (11,130) | 738,870 | | Unsecured senior notes payable | 5.25% | 5.38 | | 5/15/36 | | — | — | — | — | — | 400,000 | 400,000 | (3,681) | 396,319 | | Unsecured senior notes payable | 4.85% | 4.93 | | 4/15/49 | | — | — | — | — | — | 300,000 | 300,000 | (2,727) | 297,273 | | Unsecured senior notes payable | 4.00% | 3.91 | | 2/1/50 | | — | — | — | — | — | 390,801 | 390,801 | 5,463 | 396,264 | | Unsecured senior notes payable | 3.00% | 3.09 | | 5/18/51 | | — | — | — | — | — | 352,398 | 352,398 | (4,454) | 347,944 | | Unsecured senior notes payable | 3.55% | 3.64 | | 3/15/52 | | — | — | — | — | — | 475,406 | 475,406 | (6,233) | 469,173 | | Unsecured senior notes payable | 5.15% | 5.26 | | 4/15/53 | | — | — | — | — | — | 500,000 | 500,000 | (7,316) | 492,684 | | Unsecured senior notes payable | 5.625% | 5.71 | | 5/15/54 | | — | — | — | — | — | 600,000 | 600,000 | (6,415) | 593,585 | | Unsecured debt weighted-average interest rate/ subtotal | | 4.06 | | | | 350,000 | 350,000 | 425,000 | 700,000 | 2,505,271 | 8,268,605 | 12,598,876 | (78,881) | 12,519,995 | | Weighted-average interest rate/total | | 4.06% | | | | 350,000 | 350,000 | 425,000 | 700,000 | 2,505,271 | $8,268,605 | $12,598,876 | $(78,881) | $12,519,995 | | Balloon payments | | | | | | 350,000 | 350,000 | 425,000 | 700,000 | 2,505,271 | $8,268,605 | $12,598,876 | $— | $12,598,876 | | Principal amortization | | | | | | — | — | — | — | — | — | — | (78,881) | (78,881) | | Total debt | | | | | | 350,000 | 350,000 | 425,000 | 700,000 | 2,505,271 | $8,268,605 | $12,598,876 | $(78,881) | $12,519,995 | | Fixed-rate debt | | | | | | 350,000 | 350,000 | 425,000 | 700,000 | 1,150,000 | $8,268,605 | $11,243,605 | $(77,596) | $11,166,009 | | Variable-rate debt | | | | | | — | — | — | — | 1,355,271 | — | 1,355,271 | (1,285) | 1,353,986 | | Total debt | | | | | | 350,000 | 350,000 | 425,000 | 700,000 | 2,505,271 | $8,268,605 | $12,598,876 | $(78,881) | $12,519,995 | | Weighted-average stated rate on maturing debt | | | | | | 3.80% | 3.95% | 3.95% | 3.50% | 4.52% | 3.84% | | | |

All values are in US Dollars.

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

(2)Reflects any extension options that we control.

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

(4)In April 2026, we repaid our 3.80% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment.

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

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

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

Adjusted EBITDA and Adjusted EBITDA margin

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

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

Adjusted EBITDA margin:

	Three Months Ended
(Dollars in thousands)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Net income (loss)	398,377	$(995,354)	$(197,845)	$(62,189)	$38,662
Interest expense	64,584	65,674	54,852	55,296	50,876
Income taxes	3,225	1,851	3,737	1,020	1,145
Depreciation and amortization	305,441	322,063	340,230	346,123	342,062
Stock compensation expense	11,032	8,232	10,293	12,530	10,064
(Gain) loss on early extinguishment of<br><br>debt	(366,435)	—	107	—	—
Gain on sales of real estate	—	(619,914)	(9,366)	—	(13,165)
Unrealized losses (gains) on non-real<br><br>estate investments	10,332	(98,548)	(18,515)	21,938	68,145
Significant realized losses on non-real<br><br>estate investments	—	103,329	—	—	—
Impairment of real estate	5,499	1,717,188	323,870	129,606	32,154
Impairment of non-real estate investments	12,448	20,181	25,139	39,216	11,180
(Decrease) increase in provision for<br><br>expected credit losses on financial<br><br>instruments	—	(341)	—	—	285
Adjusted EBITDA	444,503	$524,361	$532,502	$543,540	$541,408
Total revenues	671,022	$754,414	$751,944	$762,040	$758,158
Adjusted EBITDA margin	66%	70%	71%	71%	71%

All values are in US Dollars.

(1)In February 2026, we completed tender offers to repurchase debt principal aggregating $1.33 billion across a

portion of our outstanding 4.00% Senior Notes due 2050, 3.00% Senior Notes due 2051, and 3.55% Senior

Notes due 2052 for $952.2 million. The gain includes the write-off of unamortized debt issuance costs and other

transaction-related costs.

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

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

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

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

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

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

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

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

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

Adjusted EBITDA and Adjusted EBITDA margin (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

those indicators in evaluating performance or liquidity.

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

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

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

our operating activities.

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

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

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

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

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

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

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

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

investors.

Annual rental revenue

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

accordance with GAAP. It includes the amortization of deferred revenue related to tenant-funded and

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

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

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

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

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

unconsolidated real estate joint ventures. As of March 31, 2026, approximately 91% of our leases (on an

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

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

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

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

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

statements of operations.

Capitalization rates

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

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

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

Capitalized interest

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

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

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

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

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

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

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

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

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

to such project are expensed as incurred.

Cash interest

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

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

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

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

Class A/A+ properties and AAA locations

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

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

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

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

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

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

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

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

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

equity REITs.

Credit ratings

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

March 31, 2026. A credit rating is not a recommendation to buy, sell, or hold securities and may be

subject to revision or withdrawal at any time.

Development, redevelopment, and pre-construction

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

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

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

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

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

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

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

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

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

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

long-term asset value.

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

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

of acquired office, warehouse, or shell space into facilities designed for life science innovation or

advanced technology. We generally will not commence new development projects for aboveground

construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such

space, except when there is solid market demand for high-quality Class A/A+ properties.

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

activities preceding commencement of construction of aboveground building improvements. The

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

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

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

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

Development, redevelopment, and pre-construction (continued)

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

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

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

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

growth-stage life science companies.

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

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

Class B to Class A/A+.

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

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

Dividend payout ratio (common stock)

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

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

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

stockholders – diluted, as adjusted.

Dividend yield

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

closing common stock price at the end of the quarter.

Space Intentionally Blank

Fixed-charge coverage ratio

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

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

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

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

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

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

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

charge coverage ratio:

	Three Months Ended
(Dollars in thousands)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Adjusted EBITDA	$444,503	$524,361	$532,502	$543,540	$541,408
Interest expense	$64,584	$65,674	$54,852	$55,296	$50,876
Capitalized interest	69,973	81,845	86,091	82,423	80,065
Amortization of loan fees	(4,428)	(4,481)	(4,505)	(4,615)	(4,691)
Amortization of debt discounts	(320)	(327)	(325)	(335)	(349)
Cash interest and fixed charges	$129,809	$142,711	$136,113	$132,769	$125,901
Fixed-charge coverage ratio:
– quarter annualized	3.4x	3.7x	3.9x	4.1x	4.3x
– trailing 12 months	3.8x	4.0x	4.1x	4.3x	4.4x

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

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

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

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

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

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

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

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

misleading for our investors.

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

common stockholders

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

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

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

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

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

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

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

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

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

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

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

the operating performance of our properties.

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

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

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

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

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

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

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

corresponding period.

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

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

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

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

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

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

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

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

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

nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net

income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested

restricted stock awards with nonforfeitable dividends by applying the respective weighted-average

shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference

of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor

funds from operations, as adjusted, should be considered as alternatives to net income (determined in

accordance with GAAP) as indications of financial performance, or to cash flows from operating

activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the

availability of funds for our cash needs, including our ability to make distributions.

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

therefore do not provide a reconciliation for funds from operations on a forward-looking basis. This is

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

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

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

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

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

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

for our investors.

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

common stockholders (continued)

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

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

unconsolidated real estate joint ventures:

	Three Months Ended March 31, 2026
	Noncontrolling<br><br>Interest Share of<br><br>Consolidated Real<br><br>Estate JVs	Our Share of<br><br>Unconsolidated<br><br>Real Estate JVs
Net income (loss)	$36,724	$(147)
Depreciation and amortization of real estate assets	29,473	914
Funds from operations	$66,197	$767

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Total assets	$34,167,397	$34,081,835	$37,375,148	$37,623,629	$37,600,428
Accumulated depreciation	6,393,658	6,127,525	6,416,745	6,146,378	5,886,561
Gross assets	$40,561,055	$40,209,360	$43,791,893	$43,770,007	$43,486,989

Incremental annual net operating income on development and redevelopment projects

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

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

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

by the project’s total cost at completion.

Initial stabilized yield (unlevered)

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

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

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

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

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

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

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

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

or costs.

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

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

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

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

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

Investment-grade or publicly traded large cap tenants

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

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

billion for the twelve months ended March 31, 2026, as reported by Bloomberg Professional Services.

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

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

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

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

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

measure.

Investments

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

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

follows:

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

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

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

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

reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of March 31, 2026:

(In thousands)	Investments in<br><br>Real Estate
Gross investments in real estate	$35,223,774
Less: accumulated depreciation	(6,393,658)
Investments in real estate	$28,830,116

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

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

revenue as of March 31, 2026:

(Dollars in thousands)	Book Value	Percentage of<br><br>Gross Assets
Projects under active construction	$3,117,332	8%
Future development projects(1) and land parcels primarily located in<br><br>Megacampuses	3,740,237	9
Total Class A/A+ development and redevelopment pipeline, excluding<br><br>properties held for sale	6,857,569	17
Properties held for sale – land parcels	230,905	1
Total Class A/A+ development and redevelopment pipeline	$7,088,474	18%

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

development rights associated with existing operating campuses.

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

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

opportunities for which we intend, subject to market conditions and leasing, to commence first-time

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

development:

	Dev/<br><br>Redev	RSF of Lease Expirations Targeted for<br><br>Development and Redevelopment
Property/Submarket		2026	2027	Thereafter(1)	Total
Future projects:
446, 458, and 500 Arsenal Street/Cambridge/Inner<br><br>Suburbs	Dev	—	—	116,623	116,623
1122 and 1150 El Camino Real/South San Francisco	Dev	—	—	375,232	375,232
2100 Geng Road/Greater Stanford	Dev	—	—	12,125	12,125
960 Industrial Road/Greater Stanford	Dev	—	—	112,590	112,590
Campus Point by Alexandria/University Town Center	Dev	—	—	96,805	96,805
Sequence District by Alexandria/Sorrento Mesa	Dev/<br><br>Redev	—	—	555,754	555,754
Canada	Redev	—	—	247,743	247,743
Total		—	—	1,516,872	1,516,872

(1)Includes vacant square footage as of March 31, 2026.

Joint venture financial information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

distributions, and claims have been repaid or satisfied.

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

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

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

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

our consolidated results.

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

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

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

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

unconsolidated real estate joint ventures that we do not control. We believe that, to facilitate investors’

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

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

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

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

Space Intentionally Blank

Megacampus™

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

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

expected to be demolished.

The following table reconciles our annual rental revenue and development and redevelopment

pipeline RSF, excluding properties classified as held for sale, as of March 31, 2026:

(Dollars in thousands)	Annual Rental<br><br>Revenue	Development and<br><br>Redevelopment<br><br>Pipeline RSF
Megacampus	$1,414,438	16,919,119
Core and non-core	388,856	4,990,866
Total	$1,803,294	21,909,985
Megacampus as a percentage of annual rental revenue and<br><br>of total development and redevelopment pipeline RSF	78%	77%

Net cash provided by operating activities, as adjusted

We use net cash provided by operating activities, as adjusted, as a supplemental measure for

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

comparisons on a consistent basis. Net cash provided by operating activities, as adjusted, is calculated

as net cash provided by operating activities as shown in our consolidated statements of cash flows,

adjusted for changes in operating assets and liabilities (as they represent timing differences), and

reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from

asset sales).

We believe net cash provided by operating activities, as adjusted, provides investors with

relevant and useful information as it allows investors to evaluate our operating cash flows on a more

consistent basis that excludes period-to-period timing differences in operating assets and liabilities

(working capital) and reflects cash dividends and distributions paid quarterly.

The following table reconciles net cash flows from operating activities, the most directly

comparable financial measure presented in accordance with GAAP, to net cash provided by operating

activities, as adjusted:

	Three Months Ended
(in thousands)	3/31/26	3/31/25
Net cash provided by operating activities	$196,624	$207,949
Decreases in operating assets and liabilities	143,523	220,294
Common stock dividends paid	(123,752)	(229,987)
Distributions to noncontrolling interests	(60,111)	(66,034)
Net cash provided by operating activities, as adjusted	$156,284	$132,222
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026	59
---	---		Definitions and Reconciliations (continued)
---
March 31, 2026

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)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Secured notes payable	$—	$—	$—	$153,500	$150,807
Unsecured senior notes payable	11,166,009	12,047,394	12,044,999	12,042,607	12,640,144
Unsecured senior line of credit and<br><br>commercial paper	1,353,986	353,161	1,548,542	1,097,993	299,883
Unamortized deferred financing costs	69,071	74,314	76,383	78,574	80,776
Cash and cash equivalents	(418,720)	(549,062)	(579,474)	(520,545)	(476,430)
Restricted cash	(4,665)	(4,693)	(4,705)	(7,403)	(7,324)
Preferred stock	—	—	—	—	—
Net debt and preferred stock	$12,165,681	$11,921,114	$13,085,745	$12,844,726	$12,687,856
Adjusted EBITDA:
– quarter annualized	$1,778,012	$2,097,444	$2,130,008	$2,174,160	$2,165,632
– trailing 12 months	$2,044,906	$2,141,811	$2,185,820	$2,208,226	$2,218,722
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	6.8x	5.7x	6.1x	5.9x	5.9x
– trailing 12 months	5.9x	5.6x	6.0x	5.8x	5.7x

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

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

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

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

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

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

impairments of non-real estate investments, and changes in provision for expected credit losses on

financial instruments. Our attempt to predict these amounts may produce significant but inaccurate

estimates, which would potentially be misleading for our investors.

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

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

income (cash basis) and computes operating margin:

	Three Months Ended
(Dollars in thousands)	3/31/26	3/31/25
Net income	$398,377	$38,662
Equity in losses of unconsolidated real estate joint ventures	147	507
General and administrative expenses	34,685	30,675
Interest expense	64,584	50,876
Depreciation and amortization	305,441	342,062
Impairment of real estate	5,499	32,154
Gain on early extinguishment of debt	(366,435)	—
Gain on sales of real estate	—	(13,165)
Investment loss	4,582	49,992
Net operating income	446,880	531,763
Straight-line rent revenue	(17,862)	(22,023)
Amortization of deferred revenue related to tenant-funded and -built landlord<br><br>improvements	(5,405)	(1,651)
Amortization of acquired below-market leases	(5,615)	(15,222)
Provision for expected credit losses on financial instruments	—	285
Net operating income (cash basis)	$417,998	$493,152
Net operating income (cash basis) – annualized	$1,671,992	$1,972,608
Net operating income (from above)	$446,880	$531,763
Total revenues	$671,022	$758,158
Operating margin	67%	70%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

and tenant-funded and tenant-built landlord improvements.

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

Furthermore, we believe net operating income is useful to investors as a performance

measure of our consolidated properties because, when compared across periods, net operating income

reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not

immediately apparent from net income or loss. Net operating income can be used to measure the initial

stabilized yields of our properties by calculating net operating income generated by a property divided by

our investment in the property. Net operating income excludes certain components from net income in

order to provide results that are more closely related to the results of operations of our properties. For

example, interest expense is not necessarily linked to the operating performance of a real estate asset

and is often incurred at the corporate level rather than at the property level. In addition, depreciation and

amortization, because of historical cost accounting and useful life estimates, may distort comparability of

operating performance at the property level. Impairments of real estate have been excluded in deriving

net operating income because we do not consider impairments of real estate to be property-level

operating expenses. Impairments of real estate relate to changes in the values of our assets and do not

reflect the current operating performance with respect to related revenues or expenses. Our

impairments of real estate represent the write-down in the value of the assets to the estimated fair value

less cost to sell. These impairments result from investing decisions or a deterioration in market

conditions. We also exclude realized and unrealized investment gain or loss, which results from

investment decisions that occur at the corporate level related to non-real estate investments in publicly

traded companies and certain privately held entities. Therefore, we do not consider these activities to be

an indication of operating performance of our real estate assets at the property level. Our calculation of

net operating income also excludes charges incurred from changes in certain financing decisions, such

as losses on early extinguishment of debt and changes in provision for expected credit losses on

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

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

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

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

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

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

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

total revenues.

We believe that, to facilitate investors’ clear understanding of our operating results, net

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

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

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

measure of our liquidity or our ability to make distributions.

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

therefore do not provide a reconciliation for net operating income on a forward-looking basis. This is due

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

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

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

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

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

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

for our investors.

Operating statistics

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

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

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

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

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

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

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

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

Same property comparisons

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

of same properties.

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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026	61
---	---	Definitions and Reconciliations (continued)
---
March 31, 2026

Same property comparisons (continued)

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

months ended March 31, 2026:

Development and redevelopment – under construction	Properties
99 Coolidge Avenue	1
1450 Owens Street	1
421 Park Drive	1
4135 Campus Point Court	1
701 Dexter Avenue North	1
10200 Campus Point Drive	1
40, 50, and 60 Sylvan Road	3
269 East Grand Avenue	1
8800 Technology Forest Place	1
311 Arsenal Street	1
3000 Minuteman Road	2
	14
Development – placed into service after January 1, 2025
230 Harriet Tubman Way	1
500 North Beacon Street and 4 Kingsbury Avenue	2
10935, 10945, and 10955 Alexandria Way	3
10075 Barnes Canyon Road	1
	7
Acquisitions after January 1, 2025
Other	2
	2
Unconsolidated real estate JVs	3
Properties held for sale	19
Total properties excluded from same properties	45
Same properties	294
Total properties in North America as of March 31, 2026	339

Stabilized occupancy date

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

redevelopment project is expected to reach occupancy of 95% or greater.

Tenant collections

Tenant collections represent the percentage of recognized rental income billed during the

respective quarter that has been collected as of the date of this report. Rental income from tenants for

whom collection is considered not probable is recognized only upon receipt of cash and, accordingly, is

included in this calculation only to the extent recognized and collected.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes,

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

and earned in the period during which the applicable expenses are incurred and the tenant’s obligation

to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real

estate assets within revenues in income from rentals in our consolidated statements of operations. We

provide investors with a separate presentation of rental revenues and tenant recoveries in “Same

property performance” in this Supplemental Information because we believe it promotes investors’

understanding of our operating results. We believe that the presentation of tenant recoveries is useful to

investors as a supplemental measure of our ability to recover operating expenses under our triple net

leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common

area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for

any significant variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

	Three Months Ended
(In thousands)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Income from rentals	$653,013	$728,872	$735,849	$737,279	$743,175
Rental revenues	(474,786)	(538,330)	(541,070)	(553,377)	(552,112)
Tenant recoveries	$178,227	$190,542	$194,779	$183,902	$191,063

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)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Unencumbered net operating income	$446,880	$521,871	$512,710	$535,766	$530,691
Encumbered net operating income	—	—	—	1,841	1,072
Total net operating income	$446,880	$521,871	$512,710	$537,607	$531,763
Unencumbered net operating income as a<br><br>percentage of total net operating income	100.0%	100.0%	100.0%	99.7%	99.8%

Weighted-average interest rate for capitalization of interest

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

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

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

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

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

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

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

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

Space Intentionally Blank

Weighted-average shares of common stock outstanding – diluted

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

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

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

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

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

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

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

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

follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with

nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class

method for each of the respective periods presented below.

	Three Months Ended
(In thousands)	3/31/26	12/31/25	9/30/25	6/30/25	3/31/25
Basic shares for earnings per share	170,598	170,394	170,181	170,135	170,522
Unvested RSAs with forfeitable dividends	269	—	—	—	—
Diluted shares for earnings per share	170,867	170,394	170,181	170,135	170,522
Basic shares for funds from operations per share and<br><br>funds from operations per share, as adjusted	170,598	170,394	170,181	170,135	170,522
Unvested RSAs with forfeitable dividends	269	110	124	57	77
Diluted shares for funds from operations per share and<br><br>funds from operations per share, as adjusted	170,867	170,504	170,305	170,192	170,599
Weighted-average unvested RSAs with nonforfeitable<br><br>dividends used in calculating the allocations of net<br><br>income, funds from operations, and funds from<br><br>operations, as adjusted	1,340	1,570	1,917	1,998	2,053