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  4. [8-K] ALEXANDRIA REAL ESTATE EQUITIES, INC. Reports Material Event

Alexandria Real Estate Q3 net loss totals $639M

Leasing reached 1,236,030 RSF, while 2026 adjusted FFO guidance kept a $6.40 per-share midpoint.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Alexandria Real Estate Equities, Inc. reported a third-quarter net loss attributable to common stockholders of $638.5 million, or $3.74 per diluted share, including $637.9 million of real estate impairment charges. Total revenue was $671.182 million, compared with $751.944 million in 3Q25; adjusted FFO was $1.54 per diluted share, versus $2.22. Same-property net operating income declined 6.7%.

Leasing volume reached 1,236,030 RSF in 3Q26, including 450,961 RSF of previously vacant space. Operating-property occupancy was 87.1%, or 90.8% including executed leases with future occupancy. The 1.3 million RSF of executed leases is expected to produce approximately $52 million of annual rental revenue, with a weighted-average future occupancy date of approximately June 2027. 2026 adjusted FFO guidance is $6.38 to $6.42 per share, with its $6.40 midpoint unchanged. In October, the company completed a sale of an approximately 29% noncontrolling interest in Campus Point for $475.0 million and retained control; it declared a $0.72-per-share common dividend.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 4 points

How the balance works

Positive

  • Moderate pointCampus Point sale proceeds were $475 million; pro forma leverage was 6.6x. 6.4% of market cap

Negative

  • Major pointThird-quarter net loss included $637.9 million of real estate impairment charges. 8.6% of market cap
  • Moderate pointAdjusted FFO per diluted share was $1.54, versus $2.22 in 3Q25.
  • Moderate pointSame-property net operating income declined 6.7% in 3Q26.
  • Moderate pointThird-quarter revenue was $671.182 million versus $751.944 million in 3Q25.

Filing Explained

The 421 Park Drive sale remains unclosed; a fourth-quarter 2026 closing is expected to reduce future construction spending by about $136 million.

The completed Campus Point sale reduced Alexandria’s ownership from 59% as of September 30, 2026 to about 30%; the company expects to fund most future construction, which it expects over time to reduce partner interests and raise its own stake above 50%.

As of October 26, 2026, the company reported approximately $2.62 billion in 2026 disposition and partial-interest transactions: $716.8 million completed, $355.4 million pending with non-refundable deposits, and $1.55 billion in signed letters of intent and/or late-stage negotiations.

The 2026 guidance midpoint for dispositions and sales of partial interests is $1.90 billion.

A purchase-and-sale agreement for the 421 Park Drive development, covering 339,668 RSF, is expected to close in the fourth quarter of 2026; the company expects the sale to reduce future construction spending by about $136 million.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net loss per diluted share $3.74 loss Three months ended September 30, 2026
Adjusted FFO per diluted share $1.54 3Q26; $2.22 in 3Q25
Total revenue $671.182 million 3Q26; $751.944 million in 3Q25
Real estate impairment charges $637.9 million 3Q26
Total leasing volume 1,236,030 RSF 3Q26
Occupancy of operating properties 87.1% As of September 30, 2026
2026 adjusted FFO guidance $6.38 to $6.42 per share $6.40 midpoint
Campus Point partial-interest sale $475.0 million Completed in October 2026
Funds from operations per share, as adjusted financial
"Funds from operations per share, as adjusted"
same property performance financial
"Same property performance"
noncontrolling interest financial
"approximately 29% noncontrolling interest"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
fixed-to-fixed reset rate financial
"7.250% Series A fixed-to-fixed reset rate junior subordinated notes"
A fixed-to-fixed reset rate is a coupon structure where a security pays one fixed interest rate for an initial period and then switches at a scheduled reset date to a new fixed rate for the next period, often determined by prevailing market rates plus a set margin. Investors care because it combines predictable income between resets with the ability to adjust to changing interest-rate conditions, affecting yield, price sensitivity and income planning—think of swapping to a new preset thermostat setting at regular intervals.
fixed-charge coverage ratio financial
"Fixed-charge coverage ratio – 4Q26 annualized"
A fixed-charge coverage ratio measures a company's ability to pay recurring, contractual costs such as interest, lease payments and preferred dividends from its operating earnings. Think of it like a household checking whether paychecks cover mortgage, rent and car payments each month; a higher ratio means more cushion against missed payments and lower default risk. Investors use it to judge creditworthiness, assess borrowing risk and compare financial stability across firms.
Net loss attributable to common stockholders $638.5 million loss Compared with a $234.9 million loss in 3Q25
Adjusted FFO per diluted share $1.54 Compared with $2.22 in 3Q25
Total revenue $671.182 million Compared with $751.944 million in 3Q25
Guidance

2026 adjusted FFO per share of $6.38 to $6.42, with a $6.40 midpoint unchanged.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were ARE's third-quarter 2026 results?
ARE reported a net loss attributable to common stockholders of $638.5 million, or $3.74 per diluted share, for the third quarter. Adjusted FFO was $1.54 per diluted share, compared with $2.22 in 3Q25.

What is ARE's 2026 adjusted FFO guidance?
2026 adjusted FFO guidance is $6.38 to $6.42 per share, with a $6.40 midpoint unchanged from prior guidance; the range narrowed by 6 cents.

How much space did ARE lease in the third quarter of 2026?
ARE leased 1,236,030 RSF, including 450,961 RSF of previously vacant space and 785,069 RSF of lease renewals and re-leasing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
0001035443false00010354432026-10-262026-10-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K

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

Date of Report (Date of earliest event reported): October 26, 2026


ALEXANDRIA REAL ESTATE EQUITIES, INC.
(Exact name of registrant as specified in its charter)

Maryland1-1299395-4502084
(State or other jurisdiction of
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per share
ARE
New York Stock Exchange

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

Emerging growth company ☐

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



Item 2.02.  Results of Operations and Financial Condition.

On October 26, 2026, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Third Quarter Ended September 30, 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 Third Quarter Ended September 30, 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.
October 26, 2026By:/s/ Joel S. Marcus
Joel S. Marcus
Executive Chairman
By:/s/ Peter M. Moglia
Peter M. Moglia
Chief Executive Officer and
Chief Investment Officer
By:/s/ Marc E. Binda
Marc E. Binda
Chief Financial Officer and Treasurer

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
 
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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Table of Contents
September 30, 2026
COMPANY HIGHLIGHTS
Page
Page
Alexandria's Mission and Cluster Model ..............................................
iii
EARNINGS PRESS RELEASE
Third Quarter Ended September 30, 2026 Financial and
Operating Results ................................................................................
1
Consolidated Statements of Operations ..........................................
10
Guidance ...................................................................................................
4
Consolidated Balance Sheets ............................................................
11
Dispositions and Sales of Partial Interests ..........................................
8
Funds From Operations and Funds From Operations per Share
12
Earnings Call Information and About the Company ...........................
9
SUPPLEMENTAL INFORMATION
Company Profile .......................................................................................
15
External Growth / Investments in Real Estate
Investor Information .................................................................................
16
Investments in Real Estate ................................................................
35
Financial and Asset Base Highlights .....................................................
17
New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Tenant Base ...............................................
19
Recent Deliveries ...........................................................................
36
Internal Operating Metrics
Under Construction ........................................................................
38
Key Operating Metrics .............................................................................
20
Summary of Pipeline ......................................................................
40
Same Property Performance ..................................................................
22
Construction Spending ........................................................................
44
Leasing Activity .........................................................................................
23
Capitalization of Interest .....................................................................
45
Contractual Lease Expirations ...............................................................
24
Joint Venture Financial Information ...................................................
46
Top 20 Tenants .........................................................................................
26
Balance Sheet Management
Summary of Properties and Occupancy ..............................................
27
Investments ..........................................................................................
48
Property Listing ........................................................................................
29
Balance Sheet ......................................................................................
49
Key Credit Metrics ...............................................................................
50
Summary of Debt .................................................................................
51
Definitions and Reconciliations
Definitions and Reconciliations ..........................................................
54
CONFERENCE CALL
INFORMATION:
Tuesday, October 27, 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’S
MEGACAMPUS™
PLATFORM REPRESENTS
80%
OF OUR ANNUAL
RENTAL REVENUE
ALEXANDRIA:
MISSION–DRIVEN COMPANY &
THE MOST TRUSTED BRAND IN
LIFE SCIENCE REAL ESTATE
WE INVENTED IT. WE DOMINATE IT.
HIGHEST-QUALITY AND LARGEST ASSET BASE
CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES
IN THE KEY CENTERS OF LIFE SCIENCE AND
ADVANCED TECHNOLOGY INNOVATION
LEADING TENANT BASE WITHIN
THE LIFE SCIENCE REAL ESTATE SECTOR
HIGH-QUALITY, LONG-TERM CASH FLOWS
PROVEN UNDERWRITING EXPERTISE
STRONG AND FLEXIBLE BALANCE SHEET
LONG-TENURED, HIGHLY EXPERIENCED
MANAGEMENT TEAM WITH DEEP
SECTOR EXPERTISE
As of September 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
iv
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(1)Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025.
(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 the 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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
v
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
vi
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
vii
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Source: U.S. Food and Drug Administration, September 2026. YTD 3Q26 covers the period from January 1, 2026 to September 30, 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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
viii
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AI SUPPORTS – BUT DOES NOT REPLACE –
PHYSICAL EXPERIMENTATION DONE IN A LAB
AI’s Impact on Drug Discovery is Constrained
By The Complexity of Human Biology
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
ix
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ALEXANDRIA’S PATH FORWARD
no1.gif
Maintain a Strong and
Flexible Balance Sheet,
Significant Liquidity, and
Targeted Leverage
no2.gif
Steadily Improve Occupancy
and Increase NOI, Focusing
on Leasing to All Sectors of
Our Tenant Base
no3.gif
Reduce Capital Spend and
Funding Needs while
Prioritizing Capital
Necessary to Lease Space
no4.gif
Execute on Cost-Efficient
Sources of Capital, Including
Land and Non-Core
Dispositions, Sales of Partial
Interests, and Other Capital
to Support Our Leverage
Ratio Targets
no5.gif
Continue to Successfully
Manage G&A
no6.gif
Maintain Optionality for
Future Growth Focused on
MegacampusTM Investment
no7.gif
Consider Flexible and
Opportunistic Share Buyback
Plan
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
x
ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
On track for annualized 4Q26 leverage guidance of 5.6x to 6.2x while maintaining $4.6B in liquidity
balancesheetv4.jpg
SIGNIFICANT
LIQUIDITY
PERCENTAGE OF FIXED-RATE
DEBT SINCE 2022(2)
$4.6B
95.5%
REMAINING DEBT TERM
(IN YEARS)(3)
DEBT INTEREST
RATE
11.6
4.33%
Longest Among S&P 500 REITs(4)
4Q26 ANNUALIZED GUIDANCE
5.6x to 6.2x
3.4x to 3.9x
NET DEBT AND PREFERRED
STOCK TO ADJUSTED EBITDA
FIXED-CHARGE
COVERAGE RATIO
TOP 20%
CREDIT RATING RANKING
AMONG ALL PUBLICLY TRADED
U.S. REITS(1)
BBB+
Negative
WEIGHTED AVERAGE
Baa2
Stable
As of September 30, 2026, unless stated otherwise. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Top 20% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of September 30, 2026.
(2)Represents the average quarterly percentage of fixed-rate debt as of each quarter-end from January 1, 2022 through September 30, 2026.
(3)Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.
(4)Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026, except for ARE, which is as of September 30, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xi
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ALEXANDRIA HAS THE LONGEST DEBT MATURITY PROFILE AMONG
S&P 500 REITS: WEIGHTED-AVERAGE REMAINING DEBT TERM OF 11.6 YEARS(1)
chart-27e8f14fdd0c46b880d.gif
6%
OF
TOTAL
DEBT
28%
OF TOTAL DEBT
(2)
(1)
No Maturities
2037–2048
Unsecured senior notes payable
Unsecured senior line of credit and
commercial paper(2)
Junior subordinated notes payable(1)
Debt Maturities by Year
($ in millions)
As of September 30, 2026, unless stated otherwise.
(1)Reflects our junior subordinated notes payable due in 2057. We may redeem these notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032,
and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.
(2)Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for additional details. 
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xii
ALEXANDRIA’S 11.6-YEAR(1) WEIGHTED-AVERAGE REMAINING DEBT TERM
IS THE LONGEST AMONG S&P 500 REITS AND EXCEEDS 2X THE AVERAGE
DEBT TERM FOR THESE REITS
debttermbackground.jpg
chart-c10a58349b4845f388f.gif
arelogo2.jpg
debttermbox.jpg
5.4 Years
Average Debt Term
of other S&P 500 REITs
as of June 30, 2026
WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings. S&P 500 REIT peer group constituents and peer data are as of June 30, 2026, except for ARE, which is as of September 30, 2026.
(1)Our junior subordinated notes payable have a 30-year maturity. We can redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032,
and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xiii
2026 SOURCES OF CAPITAL: $1.9B(1) TRANSACTIONS
Excludes $1.0B of Junior
Subordinated Notes Completed
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chart-c71b029e32b2446bb3e.gif
$717M
$355M
(1)
~$2.6B
Completed
& Pending
$1.9B
Guidance
Midpoint
$1.55B
Completed & Pending is More Than Required Which May
Allow Us to Defer Some Proceeds Into 2027(2)
Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details. The status of completed and pending transactions is as of October 26, 2026. 
(1)Based on the midpoint of our 2026 guidance range for dispositions and sales of partial interests. The amount has been updated to reflect the $1.0 billion junior subordinated note offering. Actual results may differ significantly.
(2)Refer to “Key sources and uses of capital” under “2026 Guidance” in the Earnings Press Release for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xiv
ALEXANDRIA’S CONTINUED FOCUS ON REDUCING CAPITAL SPEND AND
FUNDING NEEDS WHILE PRIORITIZING CAPITAL NECESSARY TO LEASE SPACE
a421parkdrive.jpg
ALEXANDRIA CENTER® FOR LIFE SCIENCE – FENWAY | 421 PARK DRIVE
~$136 MILLION REDUCTION IN FUTURE
CONSTRUCTION SPEND THROUGH EXPECTED SALE TO
AN INSTITUTIONAL USER
339,668 RSF; anticipated closing in 4Q26
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THE ARSENAL ON THE CHARLES | 311 ARSENAL STREET
~$220 MILLION REDUCTION IN FUTURE
CONSTRUCTION SPEND THROUGH PIVOT TO LOWER-
COST ADVANCED TECHNOLOGY USE
339,020 RSF project; 66,859 RSF leased and 100,684 RSF under
negotiation
As of October 26, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xv
SUBSTANTIAL REDUCTION IN LAND AND DEVELOPMENT AND REDEVELOPMENT DRIVES
DECREASE IN AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST
AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST
($ IN BILLIONS)
chart-c906df7fb727486bb6e.gif
$8.1B
$7.0B
$6.9B
Development/
Redevelopment
Under Construction
and Repositioning
Projects
Land/Future
Development
$5.9B(1)
$3.4B – $4.9B
(2)
(1)In addition to capitalized interest, we capitalize other qualifying project costs, including property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities necessary to
prepare a project for its intended use, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximately 2% of the total average real estate basis subject to capitalization for 3Q26.
(2)The decrease in average real estate basis from 3Q26 to 4Q26 primarily reflects the cessation of capitalization for projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life
Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus during 3Q26. Refer to “Capitalization of interest” in the
Supplemental Information for additional detail.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xvi
REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE ASSETS
Non-Income-Producing Assets(1) as
a Percentage of Gross Assets
Annual Rental Revenue
(“ARR”)
From Non-Core Assets as
a Percentage of Total ARR(2)
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20%
17%
Development/
Redevelopment
Under
Construction
Land/Future
Development
9% to 11%
11% to 16%
12%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026, compared with approximately 1% as of December 31,
2025 and 2024.
(2)Represents non-core assets outside of our Megacampus ecosystems.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xvii
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FOCUS ON STEADY IMPROVEMENT IN
OCCUPANCY AND NOI
+3.7% future benefit to occupancy from 1.3 million RSF of leased space not yet
occupied as of 3Q26(1)
FOCUS ON
INCREASING
OCCUPANCY and
CASH FLOWS through
LEASING
BEST ASSETS in the
  BEST LOCATIONS
BEST LEASING
TEAMS
SECTOR-FOCUSED
LEASING TEAMS
WITH DEEP TENANT
RELATIONSHIPS
THE ALEXANDRIA
MEGACAMPUSES™
(1)Represents 1.3 million RSF of leases executed but not occupied as of September 30, 2026, with a weighted-average future expected occupancy date of approximately June 2027. These leases are expected to generate annual
rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be delivered by December 31, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xviii
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3Q26 TOTAL LEASING VOLUME EXCEEDS 1.2M RSF
AND EXCEEDS 1Q25–2Q26 AVERAGE DRIVEN BY
STRONG LEASING OF VACANT SPACE
Largest Total Quarterly Volume Since 4Q24
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SUBSTANTIAL TOTAL
LEASING VOLUME
IN 3Q26
1.2M RSF
LEASED IN 3Q26
+256K RSF
ABOVE 1Q25–2Q26
AVERAGE
UP 26%
980 RSF
1Q25–2Q26
AVERAGE
QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS)
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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TENANTS CONTINUE TO MAKE LONG-TERM LEASE COMMITMENTS
WITH ALEXANDRIA
YTD 3Q26 leases executed at a 10.9-year weighted-average term
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WEIGHTED-AVERAGE TERM
OF LEASES SIGNED IN
YTD 3Q26
10.9 YEARS
ONE OF THE LONGEST
LEASE TERMS IN
A DECADE
21%
ABOVE 2017–2025
AVERAGE LEASE TERM
OF 9.0 YEARS
9.0 Years
2017–2025
AVERAGE
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WEIGHTED AVERAGE LEASE TERMS (IN YEARS)
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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SOLID 3Q26 LEASING VOLUME DRIVEN BY STRONG LEASING
OF VACANT SPACE
Second-Highest Quarterly Leasing of Previously Vacant Space in Company History in 3Q26
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1,250
1,236
1,039
647
(1)
Renewals & Re-leasing
Development & Redevelopment
Previously Vacant
Projected Total Leasing
QUARTERLY TOTAL LEASING VOLUME
(RSF IN THOUSANDS)
Refer to “Leasing activity” in the Supplemental Information for additional details.
(1)The projected 4Q26 leasing volume 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 December 31, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” in the Earnings Press Release for
additional details.
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ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS
74% of our leasing activity during the last twelve months was generated from our existing tenant base
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(1)
(2)
(3)
(4)
3Q26 Leasing Volume by Tenant Type
(% of 3Q26 Total RSF Leased)
Percentage of Alexandria’s Annual Rental Revenue
(as of September 30, 2026)
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including the definition of annual rental revenue.
(1)Includes one 20-year lease to a non-life science tenant in our Research Triangle market.
(2)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants.
(3)89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.
(4)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.
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xxii
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ALEXANDRIA’S OCCUPANCY PERFORMANCE IN ITS TOP 3 MARKETS
HAS SIGNIFICANTLY EXCEEDED OVERALL MARKET
OCCUPANCY AS OF 3Q26
(1)
81.0%
75.3%
  +
570
bps
89.7%
77.6%
+
1,210
bps
87.1%
74.7%
+
1,240
bps
(1)Source: Alexandria’s proprietary market database. Represents the occupancy in the Greater Boston, San Diego, and San Francisco Bay Area markets as of September 30, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
xxiii
CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES
ARE generates almost 2x the NOI per G&A expense on average compared to S&P 500 REITs
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7.5%
14.3%
Alexandria
3Q26(1)
S&P 500 REIT(2)
Average 2023–2025
(excluding Alexandria)
GENERAL AND ADMINISTRATIVE EXPENSES AS A
PERCENTAGE OF NET OPERATING INCOME(3)
(1)Trailing twelve months ended September 30, 2026.
(2)Source for S&P 500 REIT data: S&P Global Market Intelligence.
(3)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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Alexandria Real Estate Equities, Inc. Reports
3Q26 and YTD 3Q26 Net Loss per Share – Diluted of $3.74 and $2.06, respectively, and
3Q26 and YTD 3Q26 FFO per Share – Diluted, as Adjusted, of $1.54 and $5.00, respectively
PASADENA, Calif. – October 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the third quarter ended September 30, 2026.
KEY HIGHLIGHTS
Operating results
3Q26
3Q25
YTD 3Q26
YTD 3Q25
Net loss attributable to Alexandria’s common stockholders – diluted:
In millions
$(638.5)
(1)
$(234.9)
$(351.4)
$(356.1)
Per share
$(3.74)
$(1.38)
$(2.06)
$(2.09)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions
$264.4
$377.8
$856.5
$1,166.3
Per share
$1.54
$2.22
$5.00
$6.85
(1)Includes $637.9 million of real estate impairment charges related to assets held for sale for 3Q26. Refer to
“Funds from operations and funds from operations per share” in the Earnings Press Release for details.
A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and
long lease terms
(As of or for the three months ended September 30, 2026, unless stated otherwise)
Occupancy of operating properties
87.1%
Occupancy of operating properties, including executed leases with future occupancy
90.8%
Percentage of annual rental revenue in effect from Megacampus platform
80%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
57%
Operating margin
66%
Adjusted EBITDA margin
65%
Percentage of leases containing annual rent escalations
97%
Weighted-average remaining lease term:
All tenants
7.7
years
Top 20 tenants
10.0
years
Strong 3Q26 tenant collections:
3Q26 rents and receivables collected as of October 26, 2026
99.9%
Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking
among all publicly traded U.S. REITs; long-duration remaining debt term (as of 9/30/26)
•$21.01 billion in total market capitalization and $8.11 billion in total equity capitalization.
•Net debt and preferred stock to Adjusted EBITDA:
•4Q26 annualized target: 5.6x–6.2x.
•3Q26 annualized: 6.9x; 6.6x on a pro forma basis reflecting the October 2026 closing of the
sale of our partial interest in the Campus Point by Alexandria joint venture.
•Significant liquidity of $4.56 billion and closed extension of our $5.0 billion unsecured senior
line of credit to 2032.
•Only 6% of our total debt matures through 2028.
•11.6-year weighted-average remaining debt term, the longest among S&P 500 REITs.
•Total debt and preferred stock, as adjusted, to gross assets of 30%.
•Intermediate-term goal for leverage: mid-5x range.
Solid 3Q26 total leasing volume exceeding 1.2 million RSF; highest total quarterly volume
since 4Q24
•3Q26 total leasing volume surpassed 1.2 million RSF, exceeding the 1Q25–2Q26 quarterly
average of 979,822 RSF by approximately 256,000 RSF, and representing the highest
quarterly volume since 4Q24.
•Includes 450,961 RSF of leasing of previously vacant space, the second-highest quarterly
amount in company history.
•74% of our leasing activity during the last twelve months was generated from our existing
tenant base.
Leasing Volume in RSF:
3Q26
2Q26
1Q26
YTD 3Q26
Leasing of previously vacant space
450,961
329,148
148,734
928,843
Leasing of development and
redevelopment space
—
68,771
117,935
186,706
450,961
397,919
266,669
1,115,549
Lease renewals and re-leasing of space
785,069
640,998
380,687
1,806,754
Total leasing volume
1,236,030
1,038,917
647,356
2,922,303
Lease renewals and re-leasing of space:
Rental rate changes
(2.4)%
(0.7)%
(15.0)%
(5.1)%
Rental rate changes (cash basis)
(3.3)%
(4.3)%
(15.8)%
(6.9)%
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 dispositions, and sales of partial
interests. In October 2026, we completed the sale of an approximately 29% noncontrolling
interest in Campus Point by Alexandria Megacampus for $475.0 million to a new joint venture
partner.
Sources of capital: transactions
Sales Price
(dollars in millions)
Non-core and land dispositions
$242
Sales of partial interests
475
Completed as of October 26, 2026
717
Pending transactions subject to:
Non-refundable deposits
355
Signed letters of intent and/or purchase and sale agreement late-stage negotiations
1,548
2,620
Proceeds from dispositions and sales of partial interests in excess of 2026 guidance
midpoint which may be deferred into 2027
(720)
2026 guidance midpoint for dispositions and sales of partial interests
$1,900
Refer to “Definitions and reconciliations” in the Supplemental Information. 
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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Third Quarter Ended September 30, 2026 Financial and Operating Results (continued)
September 30, 2026
Occupancy of operating properties and leasing progress
Occupancy of operating properties as of June 30, 2026
86.9%
Key changes to occupancy of operating properties:
Reclassification of 339,020 RSF at 311 Arsenal Street from redevelopment to
operating in 3Q26, including 167,543 RSF of executed leases and leases under
negotiation for space not yet delivered
(0.9)
(1)
Reclassification of held-for-sale properties with vacancy
0.6
Net increase in occupancy primarily due to lease commencements during 3Q26
0.5
Occupancy of operating properties as of September 30, 2026
87.1
Vacant operating space with executed leases and future occupancy
3.7
(2)
Occupancy of operating properties as of September 30, 2026, including executed
leases with future occupancy
90.8%
(1)Refer to “Resolution of certain construction projects under evaluation and reduction of capital spend and
funding needs” in this Earnings Press Release for additional details.
(2)Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy
expected upon completion of building and/or tenant improvements. The weighted-average expected
occupancy date is approximately June 2027, with expected annual rental revenue of approximately $52
million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. The RSF presented
excludes 686 thousand RSF of pre-leased space related to development and redevelopment projects under
construction with future delivery. Refer to “New Class A/A+ development and redevelopment properties: under
construction” in the Supplemental Information for additional details.
KEY OPERATING METRICS
Operating metrics
3Q26
YTD 3Q26
Same property performance:
Net operating income changes
(6.7)%
(1)
(9.2)%
(1)
Net operating income changes (cash basis)
(2.8)%
(1)
(8.4)%
(1)
Occupancy – current-period average
88.1%
88.6%
Occupancy – same-period prior-year average
91.7%
92.8%
Refer to “Same property comparisons” and “Net operating income” under “Definitions and reconciliations” in the
Supplemental Information for additional details and their respective reconciliations from the most directly comparable
financial measures presented in accordance with GAAP.
(1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key
lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26,
respectively, with weighted-average lease expiration dates of August 2026 and April 2026, respectively.
Resolution of certain construction projects under evaluation and reduction of capital
spend and funding needs
•We entered into a purchase and sale agreement with an institutional user for the sale of 421
Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus, aggregating
339,668 RSF, which represents substantially all of our development project at this location.
The disposition is expected to generate significant sales proceeds and to reduce future
potential construction spend by approximately $136 million, with closing anticipated in 4Q26.
Resolution of certain construction projects under evaluation and reduction of capital
spend and funding needs (continued)
•We have executed leases of 66,859 RSF and have additional leases under negotiation of
100,684 RSF for advanced technology use at our project at 311 Arsenal Street on The
Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment
project to a lower-cost advanced technology use, reducing future potential construction spend
by approximately $220 million. As a result of this leasing progress, the entire project
aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26.
•We continue to evaluate the business and financial strategy for three remaining projects
aggregating 667,002 RSF, including options that could further reduce future construction
funding requirements.
•Non-income-producing assets for 3Q26 are 12% of gross assets, a reduction of 800 bps
since 4Q24.
Alexandria’s development and redevelopment pipeline delivered incremental annual net
operating income of $40 million during 3Q26, with an additional $85 million expected from
projects to be delivered by 4Q28
•During 3Q26, we placed into service 529,061 RSF of development and redevelopment
projects across multiple submarkets. The projects were 84% occupied at delivery and
generated incremental annual net operating income aggregating $40 million. 3Q26 key
deliveries included:
•198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria
Center® for Life Science – Waltham Megacampus.
•174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $67 million upon the burn-off of initial free rent, which has a weighted-average
remaining period of approximately four months.
•80% of the RSF in our total development and redevelopment pipeline is within our
Megacampus ecosystems.
Development and Redevelopment
Projects
Incremental
Annual Net
Operating Income
RSF
Occupied/
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service:
1H26
$58
532,219
91%
3Q26
40
529,061
84
Placed into service in YTD 3Q26
$98
(1)
1,061,280
87%
Expected to be placed into service:(2)
2027
$24
905,582
77%
2028
61
$85
(1)Excludes future incremental annual net operating income from spaces placed into service that were vacant
and/or unleased at delivery.
(2)Excludes 667,002 RSF of redevelopment projects currently under evaluation.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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Third Quarter Ended September 30, 2026 Financial and Operating Results (continued)
September 30, 2026
Continued successful management of general and administrative expenses
•For the trailing twelve months ended September 30, 2026, our general and administrative
expenses represented 7.5% of net operating income, nearly half the average of other S&P
500 REITs for 2023–2025.
•Compared to 2024, we continue to expect approximately $76 million of cumulative general
and administrative expense savings for the two-year period 2025 and 2026 (based on the
midpoint of our 2026 guidance range). Some of the cost savings in 2025 were temporary, and
approximately half of the cost reductions achieved in 2025 are expected to continue in 2026
(based on the midpoint of our 2026 guidance range).
Key capital events
•In August 2026, we completed a public offering of $1.00 billion aggregate principal amount
of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057. The notes
will initially bear interest at 7.250% per year through, but excluding, February 15, 2032.
Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate
plus 2.889%, subject to a minimum interest rate of 7.250%. We may elect to defer interest
payments for up to five consecutive years, subject to the terms of the notes, including
certain restrictions on paying dividends and repurchasing equity. We may also redeem at
100% of principal plus accrued and unpaid interest during the period beginning
November 17, 2031 and ending on February 15, 2032, and thereafter on any interest
payment date. This issuance supports our liquidity, capital structure, and deleveraging
objectives while receiving 50% equity treatment from key rating agencies for purposes of the
computations of leverage, fixed charges, and other credit metrics.
•In September 2026, we closed our amended and restated $5.0 billion unsecured senior line
of credit which, among other changes, extended the maturity date from January 22, 2030 to
January 22, 2032, including extension options that we control. The amendment also reduced
the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. In connection
with the amendment, we recognized a loss on early extinguishment of debt of approximately
$3.3 million related to the partial write-off of unamortized loan fees.
•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
September 30, 2026, no shares have been repurchased under this program and $500.0
million remains available for future share repurchases.
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 3Q26, 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, supporting liquidity, and sharing
cash flows with our stockholders.
•Significant net cash provided by operating activities, as adjusted, retained for reinvestment
aggregating $2.55 billion for the years ended December 31, 2022 through 2025 and the
midpoint of our 2026 guidance range.
•Dividend yield of 6.1% as of September 30, 2026 and dividend payout ratio of 47% for the
three months ended September 30, 2026.
Investments
•As of September 30, 2026:
•Our non-real estate investments aggregated $1.74 billion.
•Unrealized gains presented in our consolidated balance sheet were $243.9 million,
comprising gross unrealized gains and losses aggregating $322.4 million and $78.5 million,
respectively.
•Investment income of $24.0 million for 3Q26, presented in our consolidated statement of
operations, consisted of $16.0 million of realized gains, $21.6 million of unrealized gains, and
$13.6 million of impairment charges.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
4
2026 Guidance
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September 30, 2026
(Dollars in millions, except per share amounts)
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 9 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 10/26/26
As of 8/3/26
Key Changes
Funds from operations per share, as adjusted(1)
$6.38 to $6.42
$6.35 to $6.45
No change to the midpoint,
range narrowed by 6 cents
Midpoint
$6.40
$6.40
Key Credit Metrics Targets
As of 10/26/26
As of 8/3/26
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
3.4x to 3.9x
3.6x to 4.1x
0.2x reduction(2)
As of 10/26/26
As of 8/3/26
Midpoint
Key Sources and Uses of Capital
Range
Midpoint
Certain
Completed Items
Sources of capital:
Net cash provided by operating activities, as adjusted
$475
$575
$525
$525
Dispositions and sales of partial interests
1,100
2,700
1,900
(3)
2,900
Total sources of capital
$1,575
$3,275
$2,425
$3,425
Uses of capital:
Construction(4)
$1,500
$2,000
$1,750
$1,750
Reduction in unsecured debt
75
1,275
675
See below
1,675
Total uses of capital
$1,575
$3,275
$2,425
$3,425
Reduction in unsecured debt (included above):
Repayment of unsecured senior notes payable with 2026 maturities
$650
$650
$650
$650
$650
Tender offers for partial principal repayments of unsecured senior notes payable
952
952
952
$952
952
Issuance of unsecured senior notes payable
(750)
(750)
(750)
$(750)
(750)
Issuance of junior subordinated notes payable(3)
(1,000)
(1,000)
(1,000)
$(1,000)
—
Unsecured senior line of credit, commercial paper, and other
223
1,423
823
823
Reduction in unsecured debt
$75
$1,275
$675
$1,675
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 Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional
details.
(2)Reduction primarily reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, as further discussed in footnote 3 below.
(3)In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, allowing us to reduce the midpoint of our 2026 dispositions and sales of partial interests guidance by $1.0 billion. The
proceeds from this issuance support our capital structure and deleveraging objectives, and the notes receive 50% equity treatment from key rating agencies for the computation of key credit metrics. Refer to the Earnings Press Release in
the Supplemental Information for additional details. We do not anticipate the issuance of any common equity during 2026. As of October 26, 2026, completed dispositions and sales of partial interests aggregated $716.8 million, our share of
pending dispositions and sales of partial interests subject to non-refundable deposits aggregated $355.4 million and signed letters of intent and/or purchase and sale agreement late-stage negotiations aggregated $1.55 billion. These
transactions aggregate approximately $2.62 billion, exceeding the $1.90 billion midpoint of our 2026 guidance and potentially providing advanced funding of our 2027 capital needs, whereby certain dispositions and sales of partial interests
may be completed in 2026 with proceeds deferred or available to be drawn in 2027, subject to timing and market conditions.
(4)We continue to apply a disciplined approach to reduce construction spending for 2027 and seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on: (i) revenue- and non-
revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is already leased or under lease negotiations, in order to support the leasing of
vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77%
leased/negotiating.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
5
2026 Guidance (continued)
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September 30, 2026
(Dollars in millions)
As of 10/26/26
As of 8/3/26
Key Changes
to Midpoint
Key Assumptions
Low
High
Low
High
Occupancy of operating properties as of December 31, 2026
86.2%
87.8%
86.2%
87.8%
No Change
Same property performance:
Net operating income changes
(10.5)%
(8.5)%
(10.5)%
(8.5)%
Net operating income changes (cash basis)
(10.5)%
(8.5)%
(10.5)%
(8.5)%
Lease renewals and re-leasing of space:
Rental rate changes
(9.0)%
(1.0)%
(9.0)%
(1.0)%
Rental rate changes (cash basis)
(15.0)%
(7.0)%
(15.0)%
(7.0)%
Straight-line rent revenue
$40
$70
$45
$75
$5 million reduction(1)
General and administrative expenses
$134
$154
$134
$154
No Change
Capitalization of interest
$220
$260
$220
$260
Interest expense
$260
$300
$260
$300
No Change(2)
Realized gains on non-real estate investments(3)
$50
$80
$60
$90
$10 million reduction(3)
(1)Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind-downs, of
which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26.
(2)We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026.
(3)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. The
midpoint of our revised guidance range for 2026 realized gains on non-real estate investments was reduced by $10 million, primarily due to certain transactions previously expected to close in 2026 that are now expected to close in 2027.
Refer to “Investments” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
6
2026 Guidance (continued)
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September 30, 2026
Summary of key items that may impact 2026 and 2027 results
1)  Potential tenant wind-downs
•Our 2026 guidance includes a $30 million to $35 million reduction in funds from operations for potential tenant wind-downs, of which approximately $30 million was recognized during the nine months
ended September 30, 2026, including approximately $16 million recognized in 3Q26.
•Based upon current market conditions, we preliminarily estimate at least a similar level of reduction in funds from operations may be necessary in 2027.
•Depending on the timing and magnitude of the specific tenant wind-downs, we anticipate that 2027 occupancy may also be negatively impacted.
2)  Development-related other income
•During the nine months ended September 30, 2026, we recognized development fees and other related revenues of approximately $8.0 million, or $11 million annualized, 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 three 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 pursue a 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), we expect these projects would have lower rental rates and stabilized yields compared
to our initial underwriting. The incremental capital required for alternative-use construction and corresponding rental rates earned are generally lower than those associated with laboratory
improvements.
•As of 3Q26, we have executed leases for 66,859 RSF and have additional leases under negotiation for 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in The Arsenal
on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting.
Therefore, we placed this project, aggregating 339,020 RSF, into operation during 3Q26 and included it in our operating occupancy as of September 30, 2026. Refer to the Earnings Press Release
and “Leasing Activity” in the Supplemental Information for additional details.
•In addition, we entered into a purchase and sale agreement with an institutional user for the sale of our development project at 421 Park Drive on the Alexandria Center® for Life Science – Fenway
Megacampus aggregating 339,668 RSF. The disposition is expected to close in 4Q26, resulting in significant sales proceeds and reducing future construction spending by approximately $136 million.
4)  Capitalization of interest
•Our average real estate basis capitalized during 3Q26 was $5.87 billion. As of September 30, 2026, our real estate basis that continued to qualify for capitalization declined to $4.46 billion, primarily driven
by the cessation of capitalization on our projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were
classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus in September 2026. During 4Q26, we expect the
average real estate basis capitalized to range from $3.4 billion to $4.9 billion. Refer to “Capitalization of interest” in the Supplemental Information for additional detail.
•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 potential dispositions or sales of partial interests of these real estate assets. If we cease the 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. During
3Q26, annualized capitalized operating expenses represented approximately 2% of the total average real estate basis subject to capitalization.
5)  2027 Key lease expirations
2027 Key Lease Expirations
RSF
Annual Rental
Revenue
Weighted-Average
Expiration Date
Weighted-Average
Downtime
1,377,960
$100.5 million
March 2027
9 to 24 months
•We estimate that 1.4 million RSF of leases expiring in 2027, with approximately $100.5 million of annual rental revenue, will
have downtime after lease expiration. These 2027 expirations have a weighted-average contractual lease expiration date in
March 2027 and an expected weighted-average downtime ranging from 9 to 24 months. Refer to “Contractual lease
expirations” in the Supplemental Information for additional details.
We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
7
2026 Guidance (continued)
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September 30, 2026
Summary of key items that may impact 2027 and 2028 results
The following key considerations for 2027 and 2028 reflect our preliminary expectations based on current market conditions. These expectations could change materially and are subject to a variety of
factors, including industry, governmental, geopolitical, and macroeconomic conditions, including changes in interest rates, as well as other factors described in our SEC filings, including our most recent annual report
on Form 10-K and any subsequent quarterly reports on Form 10-Q.
1)  Operating occupancy
•For the year ending December 31, 2027, we expect average operating occupancy to temporarily decline relative to our projected operating occupancy as of December 31, 2026, primarily due to expected
downtime associated with the 1.4 million RSF of 2027 key lease expirations disclosed in “Contractual lease expirations” in the Supplemental Information, as well as the potential for tenant wind-downs. 
•For the year ending December 31, 2028, we expect average operating occupancy to improve relative to our projected average operating occupancy for the year ending December 31, 2027, driven by the
lease-up of temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key lease expirations with expected downtime as disclosed in “Contractual lease expirations” in the
Supplemental Information.
2)  Same property performance
•For the year ending December 31, 2027, we expect same property net operating income performance to improve compared with the midpoint of our guidance range for 2026 but remain negative, primarily
due to the expected temporary year-over-year decline in average operating occupancy, including the impact of expected downtime associated with 1.4 million RSF of 2027 key lease expirations.
•For the year ending December 31, 2028, we expect same property net operating income performance to improve compared with 2027, primarily driven by operating occupancy growth and the lease-up of
vacant space, subject to leasing and market conditions.
3)  Construction spending
•For 2027, we continue to apply a disciplined approach to reduce construction spending and we seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to
primarily focus on (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is leased
or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our
development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating as of October 26, 2026.
•For 2028, we expect a further decline in construction spending relative to 2027, primarily driven by lower development and redevelopment spending. Construction spending on revenue- and non-revenue-
enhancing capital expenditures related to our operating portfolio is expected to continue to support the lease-up of temporary vacancy, subject to leasing and market conditions.
4)  Transactional and other capital sources
•For 2027, capital will be required to fund construction spending as we continue to prudently manage our key credit metrics, including net debt and preferred stock to Adjusted EBITDA ratio. In general, we
expect to rely on asset recycling transactions, and other sources of cost-effective capital to support the achievement of our 2027 key credit metric ratio targets, including net debt and preferred stock to
Adjusted EBITDA.
•For 2028, if we have growth in Adjusted EBITDA, we may use incremental long-term debt to fund a portion of our capital needs on a leverage neutral basis. In addition, we may use asset recycling and
other sources of cost-effective capital to support the achievement of our 2028 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
8
Dispositions and Sales of Partial Interests
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September 30, 2026
(Dollars in thousands)
Date of
Transaction
Interest
Sold
Square Footage
Price
(Our Share)
Property
Submarket/Market
Operating
Future
Development
Completed in 1H26
$7,350
Non-core and land dispositions completed in 3Q26:
3825 and 3875 Fabian Way(1)
Palo Alto/San Francisco Bay Area
7/14/26
100%
228,000
250,000
163,000
One Hampshire Street(2)
Cambridge/Greater Boston
8/21/26
100%
104,956
—
44,900
3911, 3931, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard(3)
Sorrento Valley/San Diego
9/23/26
100%
95,814
144,000
26,500
Dispositions completed in 3Q26
234,400
(4)
Total dispositions completed in YTD 3Q26
241,750
Completed in October 2026:
Sales of partial interests:
Campus Point by Alexandria(5)
University Town Center/San Diego
10/23/26
(5)
1,586,697
366,816
475,000
Total completed 2026 dispositions and sales of partial interests as of October 26, 2026
716,750
Our share of pending dispositions and sales of partial interests subject to:
Non-refundable deposits
355,400
Signed letters of intent and/or purchase and sale agreement late-stage negotiations
1,547,850
2,620,000
Proceeds from dispositions and sales of partial interests in excess of 2026 guidance
midpoint which may be deferred into 2027(6)
(720,000)
2026 guidance midpoint for dispositions and sales of partial interests
$1,900,000
2026 guidance range for dispositions and sales of partial interests
$1,100,000 – $2,700,000
Weighted-average projected completion date of 2026 dispositions and sales of partial interests
November 2026
(7)
(1)Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one fully leased operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in
2019 with the intent to develop them for life science use. However, due to the project’s macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer.
(2)Represents one vacant office property that was originally acquired with the intent to redevelop for life science use and expand our Megacampus ecosystem. The asset was sold due to the macroeconomic outlook for the project and the
significant capital required to redevelop and lease the property.
(3)Represents five operating properties, primarily comprising non-laboratory space, and one land parcel. As of 2Q26, these operating properties were 30% occupied with a weighted-average lease term of 2.4 years, and were sold due to the
significant capital that would have been required to convert these properties through redevelopment for laboratory use and their misalignment with our Megacampus strategy.
(4)Our share of dispositions completed during the three months ended September 30, 2026 had annual net operating income of $4.4 million (based on 2Q26 annualized results) with a weighted-average disposition date of July 29, 2026.
(5)In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million. We expect our new partner’s initial share of the annual distributions to
approximate 5.5% of its $475.0 million capital contribution. Upon completion of the sale, our ownership interest decreased from 59% as of September 30, 2026 to approximately 30%. We expect to fund the majority of future construction
costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20% and 30%, respectively, and increase our ownership interest to over
50%. We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we accounted for the $44.2 million difference between the consideration received and the book value of our
interest sold as an increase to additional paid-in capital, with no gain recognized in earnings.
(6)Refer to “Key Sources and Uses of Capital” under “2026 Guidance” in the Earnings Press Release for additional details.
(7)Including the impact of the $1.0 billion junior subordinated notes issued during 3Q26, the weighted-average projected completion date of these sources of capital is expected to be October 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
9
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Earnings Call Information and About the Company
September 30, 2026
We will host a conference call on Tuesday, October 27, 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 third quarter ended September 30, 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, October 27, 2026, through 4:00 p.m. ET on Tuesday, November 3, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 6457127.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 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/2026q3.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 and advanced
technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026, Alexandria has a
total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 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, our failure to complete planned dispositions and sales of partial interests on anticipated terms or timing, 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
10
Consolidated Statements of Operations
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September 30, 2026
(Dollars in thousands, except per share amounts)
 
Three Months Ended
Nine Months Ended
 
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Revenues:
 
 
 
 
 
 
 
Income from rentals
$653,618
$643,210
$653,013
$728,872
$735,849
$1,949,841
$2,216,303
Other income
17,564
19,574
18,009
25,542
16,095
55,147
55,839
Total revenues
671,182
662,784
671,022
754,414
751,944
2,004,988
2,272,142
Expenses:
Rental operations
227,931
207,336
224,142
232,543
239,234
659,409
690,062
General and administrative
40,915
36,861
34,685
28,020
29,224
112,461
89,027
Interest
79,687
64,342
64,584
65,674
54,852
208,613
161,024
Depreciation and amortization
304,419
304,384
305,441
322,063
340,230
914,244
1,028,415
Impairment of real estate
637,904
(1)
222,470
5,499
1,717,188
323,870
865,873
485,630
Total expenses
1,290,856
835,393
634,351
2,365,488
987,410
2,760,600
2,454,158
Equity in earnings (losses) of unconsolidated real estate joint ventures
75
413
(147)
(304)
201
341
(9,327)
Investment income (losses)
23,990
133,227
(4,582)
(3,890)
28,161
152,635
(52,453)
(Loss) gain on early extinguishment of debt
(3,323)
—
366,435
—
(107)
363,112
(107)
Gain on sales of real estate
—
—
—
619,914
9,366
—
22,531
Net (loss) income
(598,932)
(38,969)
398,377
(995,354)
(197,845)
(239,524)
(221,372)
Net income attributable to noncontrolling interests
(38,754)
(33,814)
(36,724)
(85,521)
(34,909)
(109,292)
(127,323)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
stockholders
(637,686)
(72,783)
361,653
(1,080,875)
(232,754)
(348,816)
(348,695)
Net income attributable to unvested restricted stock awards
(766)
(908)
(2,779)
(965)
(2,183)
(2,603)
(7,452)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
common stockholders
$(638,452)
$(73,691)
$358,874
$(1,081,840)
$(234,937)
$(351,419)
$(356,147)
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.’s common stockholders:
Basic
$(3.74)
$(0.43)
$2.10
$(6.35)
$(1.38)
$(2.06)
$(2.09)
Diluted
$(3.74)
$(0.43)
$2.10
$(6.35)
$(1.38)
$(2.06)
$(2.09)
Weighted-average shares of common stock outstanding:
Basic
170,751
170,718
170,598
170,394
170,181
170,689
170,278
Diluted
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Dividends declared per share of common stock
$0.72
$0.72
$0.72
$0.72
$1.32
$2.16
$3.96
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details regarding impairment of real estate.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
11
Consolidated Balance Sheets
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September 30, 2026
(In thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Assets
 
 
 
 
Investments in real estate
$28,426,999
$29,125,895
$28,830,116
$28,689,996
$31,743,917
Investments in unconsolidated real estate joint ventures
28,580
28,910
30,520
30,677
39,601
Cash and cash equivalents
508,855
470,449
418,720
549,062
579,474
Restricted cash
4,908
4,690
4,665
4,693
4,705
Tenant receivables
6,168
7,661
7,362
6,672
6,409
Deferred rent
1,210,911
1,209,722
1,200,047
1,179,403
1,257,378
Deferred leasing costs
452,164
453,761
456,405
458,311
505,241
Investments
1,735,673
1,685,695
1,536,419
1,501,249
1,537,638
Other assets
1,677,464
1,645,443
1,683,143
1,661,772
1,700,785
Total assets
$34,051,722
$34,632,226
$34,167,397
$34,081,835
$37,375,148
Liabilities, Noncontrolling Interests, and Equity
Unsecured senior notes payable
$10,820,687
$10,818,366
$11,166,009
$12,047,394
$12,044,999
Junior subordinated notes payable
985,143
—
—
—
—
Unsecured senior line of credit and commercial paper
1,091,166
1,994,508
1,353,986
353,161
1,548,542
Accounts payable, accrued expenses, and other liabilities
2,604,418
2,513,526
2,154,782
2,397,073
2,432,726
Dividends payable
131,999
130,468
128,880
127,771
230,603
Total liabilities
15,633,413
15,456,868
14,803,657
14,925,399
16,256,870
Commitments and contingencies
Redeemable noncontrolling interests
9,119
9,119
9,234
58,788
58,662
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,708
1,707
1,707
1,705
1,703
Additional paid-in capital
14,839,182
15,585,296
15,763,321
15,497,760
16,669,802
Accumulated other comprehensive loss
(33,691)
(33,027)
(30,936)
(29,395)
(32,203)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
14,807,199
15,553,976
15,734,092
15,470,070
16,639,302
Noncontrolling interests
3,601,991
3,612,263
3,620,414
3,627,578
4,420,314
Total equity
18,409,190
19,166,239
19,354,506
19,097,648
21,059,616
Total liabilities, noncontrolling interests, and equity
$34,051,722
$34,632,226
$34,167,397
$34,081,835
$37,375,148
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
12
Funds From Operations and Funds From Operations per Share
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September 30, 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
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted
$(638,452)
$(73,691)
$358,874
$(1,081,840)
$(234,937)
$(351,419)
$(356,147)
Depreciation and amortization of real estate assets
302,240
302,238
303,296
319,865
338,182
907,774
1,021,292
Noncontrolling share of depreciation and amortization from consolidated real estate JVs
(32,458)
(31,518)
(29,473)
(39,942)
(45,327)
(93,449)
(114,785)
Our share of depreciation and amortization from unconsolidated real estate JVs
858
805
914
855
852
2,577
2,848
Gain on sales of real estate
—
—
—
(307,132)
(9,824)
—
(22,989)
Impairment of real estate – rental properties and land
637,904
(1)
222,470
5,499
1,439,303
323,870
865,873
454,960
Allocation to unvested restricted stock awards
(1,042)
(2,201)
(2,181)
(1,903)
(1,648)
(7,141)
(3,590)
Funds from operations attributable to Alexandria’s common stockholders – diluted(2)
269,050
418,103
636,929
329,206
371,168
1,324,215
981,589
Unrealized (gains) losses on non-real estate investments
(21,563)
(131,933)
10,332
(98,548)
(18,515)
(143,164)
71,568
Significant realized losses on non-real estate investments
—
—
—
103,329
—
—
—
Impairment of non-real estate investments
13,580
(3)
8,998
12,448
20,181
25,139
35,026
75,535
Impairment of real estate
—
—
—
12,619
—
—
39,343
Loss (gain) on early extinguishment of debt
3,323
—
(366,435)
—
107
(363,112)
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
33
909
2,674
(363)
(74)
3,496
(2,156)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as
adjusted
$264,423
$296,077
$295,948
$368,538
$377,825
$856,461
$1,166,271
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Primarily reflects impairment charges to reduce the carrying amounts of real estate assets classified as held for sale as of 3Q26 to their respective estimated fair values less costs to sell, including (i) $343.3 million related to a development
project in our Fenway submarket that is expected to be sold to an institutional user which would have required significant capital to complete and lease, (ii) $135.3 million related to four non-Megacampus vacant office properties in our Palo
Alto submarket that would have required significant capital investment to convert to laboratory use, (iii) $79.2 million related to six non-Megacampus operating properties in our San Carlos submarket that would have required significant
capital investment to convert to laboratory use, (iv) $50.4 million related to a land parcel located outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v) $41.6 million related to one future development project in
our Palo Alto submarket that, due to the project’s financial outlook, would have required significant capital to complete the development and lease the properties.
(2)Calculated in accordance with standards established by the Nareit Board of Governors.
(3)Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
13
Funds From Operations and Funds From Operations per Share (continued)
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September 30, 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
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted
$(3.74)
$(0.43)
$2.10
$(6.35)
$(1.38)
$(2.06)
$(2.09)
Depreciation and amortization of real estate assets
1.58
1.59
1.61
1.65
1.73
4.77
5.34
Gain on sales of real estate
—
—
—
(1.80)
(0.06)
—
(0.14)
Impairment of real estate – rental properties and land
3.74
1.30
0.03
8.45
1.90
5.07
2.67
Allocation to unvested restricted stock awards
(0.01)
(0.02)
(0.01)
(0.02)
(0.01)
(0.04)
(0.02)
Funds from operations per share attributable to Alexandria’s common stockholders –
diluted
1.57
2.44
3.73
1.93
2.18
7.74
5.76
Unrealized (gains) losses on non-real estate investments
(0.13)
(0.77)
0.06
(0.58)
(0.11)
(0.84)
0.42
Significant realized losses on non-real estate investments
—
—
—
0.61
—
—
—
Impairment of non-real estate investments
0.08
0.05
0.07
0.12
0.15
0.20
0.45
Impairment of real estate
—
—
—
0.07
—
—
0.23
Loss (gain) on early extinguishment of debt
0.02
—
(2.14)
—
—
(2.12)
—
Acceleration of stock compensation expense due to executive officer resignation
—
—
—
0.01
—
—
—
Allocation to unvested restricted stock awards
—
0.01
0.01
—
—
0.02
(0.01)
Funds from operations per share attributable to Alexandria’s common stockholders –
diluted, as adjusted
$1.54
$1.73
$1.73
$2.16
$2.22
$5.00
$6.85
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Funds from operations – diluted, per share
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Funds from operations – diluted, as adjusted, per share
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
SUPPLEMENTAL
INFORMATION
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
15
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Company Profile
September 30, 2026
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 and advanced technology
innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay
Area, Seattle, Maryland, Research Triangle, and New York City.
As of September 30, 2026, Alexandria has a total market capitalization of
$21.01 billion and an asset base that includes 36.5 million RSF of operating properties and
1.9 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 57% of our 
annual rental revenue generated from tenants that are investment-grade rated or publicly
traded large cap companies. The quality, diversity, breadth, and depth of our significant
relationships with our tenants provide Alexandria with high-quality and stable cash flows.
Alexandria’s underwriting team and long-term industry relationships positively distinguish
us from all other publicly traded REITs and real estate companies.
Executive and senior management team
Alexandria’s executive and senior management team has unique experience and
expertise in creating, owning, and operating highly dynamic and collaborative
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 &
Founder
Chief Executive Officer &
Chief Investment Officer
Marc E. Binda
Hunter L. Kass
Chief Financial Officer &
Treasurer
Co-President & Regional Market Director –
Greater Boston
Hart Cole
Joseph Hakman
Co-President & Co-Regional Market
Director – Seattle
Co-Chief Operating Officer &
Chief Strategic Transactions Officer
Lawrence J. Diamond
Blake L. Stevens
Co-Chief Operating Officer & Co-Regional
Market Director – Maryland
EVP – Regional Market Director –
Research Triangle
Bret E. Gossett
Jesse J. Nelson
EVP – Co-Regional Market Director &
Head of Leasing – San Diego
EVP – Regional Market Director –
San Francisco Bay Area
Joshua J. Mitchell
Michael E. Boss
EVP – Regional Market Director –
New York
EVP – Co-Regional Market Director –
San Diego
Hallie E. Kuhn
Jenna R. Foger
EVP – Capital Markets & Co-Lead –
Life 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
16
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Investor Information
September 30, 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.
Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or
forecasts of Alexandria or our management. Alexandria does not, by our reference or distribution of the information below, imply our endorsement of or concurrence with any opinions,
estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to
time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
BMO
Citigroup Global Markets Inc.
Green Street
RBC Capital Markets
John Kim / Juan Sanabria
Nicholas Joseph / Seth Bergey
Dylan Burzinski / Natacha Jouonang
Michael Carroll / Henry Newell
(212) 885-4115 / (312) 845-4074
(212) 816-1909 / (212) 816-2066
(949) 640-8780 / (949) 640-8780
(440) 715-2649 / (440) 715-2651
BNP Paribas Exane
Citizens
J.P. Morgan Securities LLC
Robert W. Baird & Co. Incorporated
Nate Crossett / Monir Koummal
Aaron Hecht
Anthony Paolone / Daniella De Armas Rosales
Wesley Golladay / Nicholas Thillman
(646) 342-1588 / (646) 342-1554
(415) 835-3963
(212) 622-6682 / (212) 622-0050
(216) 737-7510 / (414) 298-5053
BofA Securities
Deutsche Bank AG
Jefferies
Farrell Granath / Andrew Reale
Tayo Okusanya
Joe Dickstein / Andrew Hernandez
(646) 855-1351 / (646) 855-1272
(212) 250-9284
(212) 778-8771 / (212) 284-1742
BTIG, LLC
Evercore ISI
Mizuho Securities USA LLC
Tom Catherwood / Michael Tompkins
Steve Sakwa / James Kammert
Vikram Malhotra / Jyoti Yadav
(212) 738-6140 / (212) 527-3566
(212) 446-9462 / (312) 705-4233
(212) 282-3827 / (212) 471-2683
Cantor Fitzgerald
Goldman Sachs
Morgan Stanley & Co. LLC
Richard Anderson / Jeffrey Carr
Julien Blouin / Ryan Treais
Ronald Kamdem / Derrick Metzler
(929) 441-6927 / (929) 709-0434
(415) 393-7638 / (415) 249-7061
(212) 296-8319 / (212) 761-3366
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 / Benjamin Stueck
(212) 553-0376
 
Michael Souers
(212) 526-3521 / (212) 526-2970
(212) 834-5086 / (212) 270-6757
 
(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
17
Financial and Asset Base Highlights
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September 30, 2026
(Dollars in thousands, except per share amounts)
 
Three Months Ended (unless stated otherwise)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Operating Results & Margins
Rental revenues
$481,348
$486,589
(1)
$474,786
$538,330
$541,070
Tenant recoveries
$172,270
$156,621
$178,227
$190,542
$194,779
General and administrative expenses
$40,915
$36,861
$34,685
$28,020
$29,224
General and administrative expenses as a percentage of net operating income – trailing 12 months
7.5%
6.6%
6.0%
5.6%
5.7%
Operating margin
66%
69%
67%
69%
68%
Adjusted EBITDA margin
65%
67%
66%
70%
71%
Adjusted EBITDA – quarter annualized
$1,731,920
$1,765,132
$1,778,012
$2,097,444
$2,130,008
Adjusted EBITDA – trailing 12 months
$1,843,127
$1,942,649
$2,044,906
$2,141,811
$2,185,820
Leverage & Credit Metrics (at end of period, unless stated otherwise)
Net debt
$11,963,187
(3)
$12,404,801
$12,165,681
$11,921,114
$13,085,745
Net debt and preferred stock to Adjusted EBITDA – quarter annualized
6.9x
(2)
7.0x
6.8x
5.7x
6.1x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months
6.5x
6.4x
5.9x
5.6x
6.0x
Total debt and preferred stock, as adjusted
$12,396,996
(3)
$12,812,874
$12,519,995
$12,400,555
$13,593,541
Gross assets
$40,931,103
$41,280,369
$40,561,055
$40,209,360
$43,791,893
Total debt and preferred stock, as adjusted, to gross assets
30%
(3)
31%
31%
31%
31%
Fixed-charge coverage ratio – quarter annualized
3.2x
3.3x
3.4x
3.7x
3.9x
Fixed-charge coverage ratio – trailing 12 months
3.4x
3.6x
3.8x
4.0x
4.1x
Unencumbered net operating income as a percentage of total net operating income
100.0%
100.0%
100.0%
100.0%
100.0%
Equity Capitalization & Dividend Information (at end of period, unless stated otherwise)
Closing stock price
$47.46
$52.85
$46.42
$48.94
$83.34
Common shares outstanding (in thousands)
170,849
170,729
170,712
170,538
170,339
Total equity capitalization
$8,108,475
$9,023,023
$7,924,465
$8,346,123
$14,196,059
Total market capitalization
$21,005,471
$21,835,897
$20,444,460
$20,746,678
$27,789,600
Dividend per share – quarter/annualized
$0.72/$2.88
$0.72/$2.88
$0.72/$2.88
$0.72/$2.88
$1.32/$5.28
Dividend payout ratio for the quarter
47%
42%
42%
33%
60%
Dividend yield – annualized
6.1%
5.4%
6.2%
5.9%
6.3%
Operating Leases
Operating lease liabilities at end of period
$354,028
$354,905
$358,610
$360,543
$361,986
Rent expense
$6,979
$6,917
$7,658
$8,566
$10,645
Capitalized Interest
Capitalized interest
$62,922
$73,717
$69,973
$81,845
$86,091
Average real estate basis capitalized during the period
$5,866,853
$7,026,243
$6,860,098
$8,046,984
$8,407,332
Weighted-average interest rate for capitalization of interest during the period
4.29%
4.20%
4.08%
4.07%
4.10%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, for which we recognized a $5.3 million write-off of deferred rent receivable in connection with a lease termination and the receipt
of a $10.5 million payment from the tenant; the space has since been re-leased, with delivery expected in 1Q27 upon completion of tenant improvements.
(2)On a pro forma basis, leverage was 6.6x, reflecting the October 23, 2026 sale of a partial interest in the Campus Point by Alexandria joint venture. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release
for additional details.
(3)Excludes 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
18
Financial and Asset Base Highlights (continued)
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September 30, 2026
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
 
Three Months Ended (unless stated otherwise)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Components of Funds From Operations and Non-Revenue-Enhancing Capital Expenditures
Straight-line rent revenue
$2,466
(1)
$901
$17,862
$14,096
$18,821
Amortization of acquired below-market leases
$8,233
$8,381
$5,615
$5,889
$6,456
Amortization of deferred revenue related to tenant-funded and -built landlord improvements
$11,992
$7,484
$5,405
$5,264
$5,455
Straight-line rent expense on ground leases
$123
$141
$155
$116
$114
Stock compensation expense
$11,953
$10,146
$11,032
$8,232
$10,293
Amortization of loan fees
$4,422
$4,417
$4,428
$4,481
$4,505
Amortization of debt discounts
$353
$352
$320
$327
$325
Non-revenue-enhancing capital expenditures:
Building improvements
$4,989
$4,600
$3,357
$4,372
$3,948
Tenant improvements and leasing commissions
$31,906
$28,042
$22,811
$26,494
$16,707
Funds from operations attributable to noncontrolling interests
$71,212
$65,332
$66,197
$77,922
$80,236
Property Statistics (at end of period and includes assets held for sale, unless stated otherwise)
Number of properties – operating and development and redevelopment projects under construction
328
336
339
340
375
RSF – operating and development and redevelopment projects under construction
38,453,624
38,858,653
39,260,168
39,449,372
42,887,964
Total square footage
58,510,821
59,297,725
59,377,267
59,382,079
66,417,026
Annual rental revenue per occupied RSF
$60.93
$60.45
$59.91
$59.97
$58.94
Occupancy of operating properties (excluding assets held for sale)
87.1%
(2)
86.9%
87.7%
90.9%
90.6%
Occupancy of operating and redevelopment properties (excluding assets held for sale)
85.4%
83.6%
84.1%
86.9%
85.8%
Weighted-average remaining lease term (in years)
7.7
7.7
7.5
7.5
7.5
Leasing Statistics
Total leasing activity – RSF
1,236,030
1,038,917
647,356
1,220,944
1,171,344
Lease renewals and re-leasing of space – change in new rental rates over expiring rates:
Rental rate changes
(2.4)%
(0.7)%
(15.0)%
(9.9)%
15.2%
Rental rate changes (cash basis)
(3.3)%
(4.3)%
(15.8)%
(5.2)%
6.1%
RSF (included in total leasing activity above)
785,069
640,998
380,687
821,289
354,367
Previously vacant leasing activity – RSF
450,961
329,148
148,734
393,376
256,633
Developed/redeveloped leasing activity – RSF
—
68,771
117,935
6,279
560,344
Top 20 Tenants
Annual rental revenue
$803,625
$778,069
$725,681
$725,559
$768,528
Annual rental revenue from investment-grade or publicly traded large cap tenants
84%
88%
87%
84%
90%
Weighted-average remaining lease term (in years)
10.0
10.0
9.9
9.7
9.4
Same Property Performance (change over comparable prior year quarter)
Net operating income changes
(6.7)%
(3)
(10.6)%
(11.9)%
(6.0)%
(6.0)%
Net operating income changes (cash basis)
(2.8)%
(3)
(8.6)%
(11.7)%
(1.7)%
(3.1)%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes $9.8 million reduction in rental revenues related to rents not expected to be collected in full through the lease term.
(2)Refer to page 1 in the Earnings Press Release and “Summary of properties and occupancy” 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
19
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High-Quality and Diverse Tenant Base
September 30, 2026
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Stable Cash Flows From Our High-Quality and Diverse Tenants
chart-ea545dfa81a349a08f9.gif
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Investment-Grade or
Publicly Traded Large Cap Tenants
57%
84%
of ARE’s Total
Annual Rental Revenue
of ARE’s Top 20 Tenant
Annual Rental Revenue
Weighted Average Remaining Term(3)
7.7 Years
10.0 Years
All Tenants
Top 20 Tenants
(1)
(2)
(4)
Percentage of Alexandria’s Annual Rental Revenue
As of September 30, 2026. Annual rental revenue represents amounts in effect as of September 30, 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)89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.
(3)Represents the weighted-average remaining term based on annual rental revenue in effect as of September 30, 2026.
(4)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
20
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Key Operating Metrics
September 30, 2026
leasingactivitybackgroundv3.jpg
Same Property Performance and Occupancy
Same Property Net Operating Income Changes
chart-c522260f801d4d2aba5.gif
chart-a0099f2b129d44cab90.gif
(1)
(1)
Occupancy
chart-2aa47ab544784367a8b.gif
Occupancy of Operating Properties
Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation
from the most directly comparable financial measures presented in accordance with GAAP.
(1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
21
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Key Operating Metrics (continued)
September 30, 2026
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Rental Rate Changes, Lease Structure, and Margins
Rental Rate Changes:
Renewed/Re-Leased Space
Favorable Lease Structure(1)
Strategic Lease Structure by Owner and Operator
of Collaborative Megacampus Ecosystems
Increasing cash flows
Percentage of leases containing
annual rent escalations
97%
Stable cash flows
Percentage of triple net leases
91%
Lower capex burden
Percentage of leases providing for the
recapture of capital expenditures
91%
chart-6c57e4cf3c044661923.gif
chart-22c95792a39348d3878.gif
Margins(2)
Operating
Adjusted EBITDA
66%
65%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable
financial measures presented in accordance with GAAP.
(1)Percentages calculated based on our annual rental revenue in effect as of September 30, 2026.
(2)For the three months ended September 30, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
22
Same Property Performance
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September 30, 2026
(Dollars in thousands)
September 30, 2026
September 30, 2026
Same Property Financial Data
Three Months
Ended
Nine Months
Ended
Same Property Statistical Data
Three Months
Ended
Nine Months
Ended
Percentage change over comparable period from prior year:
Number of same properties
288
284
Net operating income changes
(6.7)%
(1)
(9.2)%
(1)
Rentable square feet
32,250,516
31,629,122
Net operating income changes (cash basis)
(2.8)%
(1)
(8.4)%
(1)
Occupancy – current-period average
88.1%
88.6%
Operating margin
66%
66%
Occupancy – same-period prior-year average
91.7%
92.8%
 
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
$ Change
% Change
2026
2025
$ Change
% Change
Income from rentals:
Same properties
$432,586
$454,624
$(22,038)
(4.8)%
$1,268,273
$1,361,022
$(92,749)
(6.8)%
Non-same properties
48,762
86,446
(37,684)
(43.6)
174,450
285,537
(111,087)
(38.9)
Rental revenues
481,348
541,070
(59,722)
(11.0)
1,442,723
1,646,559
(203,836)
(12.4)
Same properties
167,825
175,145
(7,320)
(4.2)
478,425
498,454
(20,029)
(4.0)
Non-same properties
4,445
19,634
(15,189)
(77.4)
28,693
71,290
(42,597)
(59.8)
Tenant recoveries
172,270
194,779
(22,509)
(11.6)
507,118
569,744
(62,626)
(11.0)
Income from rentals
653,618
735,849
(82,231)
(11.2)
1,949,841
2,216,303
(266,462)
(12.0)
Same properties
—
—
—
—
—
—
—
—
Non-same properties
17,564
16,095
1,469
9.1
55,147
55,839
(692)
(1.2)
Other income
17,564
16,095
1,469
9.1
55,147
55,839
(692)
(1.2)
Same properties
600,411
629,769
(29,358)
(4.7)
1,746,698
1,859,476
(112,778)
(6.1)
Non-same properties
70,771
122,175
(51,404)
(42.1)
258,290
412,666
(154,376)
(37.4)
Total revenues
671,182
751,944
(80,762)
(10.7)
2,004,988
2,272,142
(267,154)
(11.8)
Same properties
205,923
207,133
(1,210)
(0.6)
600,620
597,930
2,690
0.4
Non-same properties
22,008
32,101
(10,093)
(31.4)
58,789
92,132
(33,343)
(36.2)
Rental operations
227,931
239,234
(11,303)
(4.7)
659,409
690,062
(30,653)
(4.4)
Same properties
394,488
422,636
(28,148)
(6.7)
1,146,078
1,261,546
(115,468)
(9.2)
Non-same properties
48,763
90,074
(41,311)
(45.9)
199,501
320,534
(121,033)
(37.8)
Net operating income
$443,251
$512,710
$(69,459)
(13.5)%
$1,345,579
$1,582,080
$(236,501)
(14.9)%
Net operating income – same properties
$394,488
$422,636
$(28,148)
(6.7)%
$1,146,078
$1,261,546
$(115,468)
(9.2)%
Straight-line rent revenue
480
(19,711)
20,191
(102.4)
(16,915)
(35,696)
18,781
(52.6)
Amortization of acquired below-market leases and deferred
revenue related to tenant-funded and -built landlord
improvements
(13,938)
(10,945)
(2,993)
27.3
(36,925)
(32,826)
(4,099)
12.5
Net operating income – same properties (cash basis)
$381,030
$391,980
$(10,950)
(2.8)%
$1,092,238
$1,193,024
$(100,786)
(8.4)%
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 decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26,
respectively, with weighted-average lease expiration dates of August 2026 and April 2026, respectively.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
23
Leasing Activity
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September 30, 2026
(Dollars per RSF)
Three Months Ended
Nine Months Ended
Year Ended
September 30, 2026
September 30, 2026
December 31, 2025
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Leasing activity:
Renewed/re-leased space(1)
 
 
Rental rate changes
(2.4)%
(3.3)%
(5.1)%
(6.9)%
7.0%
3.5%
New rates
$49.15
$47.59
$45.71
$46.71
$52.71
$53.66
Expiring rates
$50.34
$49.21
$48.18
$50.19
$49.27
$51.87
RSF
785,069
1,806,754
2,543,473
Tenant improvements/leasing commissions
$40.64
$46.45
$55.34
Weighted-average lease term
11.2 years
9.7 years
9.0 years
Previously vacant/developed/redeveloped space leased
New rates
$58.33
$58.60
$48.30
$48.32
$72.30
(2)
$67.56
(2)
Previously vacant RSF
450,961
(3)
928,843
944,362
Developed/redeveloped RSF(4)
—
(3)
186,706
704,821
(2)
Weighted-average lease term
11.9 years
12.2 years
13.8 years
Leasing activity summary (totals):
New rates
$52.50
$51.61
$46.70
$47.33
$60.42
$59.13
RSF
1,236,030
2,922,303
4,192,656
Weighted-average lease term
11.5 years
10.9 years
11.9 years
Lease expirations(1)
Expiring rates
$52.13
$54.53
$53.30
$57.21
$54.22
$55.56
RSF
1,102,282
(5)
3,612,133
4,460,081
Leasing activity includes 100% of results for properties in which we have an investment.
(1)Excludes month-to-month leases aggregating 272,378 RSF and 58,516 RSF as of September 30, 2026 and December 31, 2025, respectively. During the trailing twelve months ended September 30, 2026, we granted free
rent concessions averaging 2.0 months per annum. This includes a lease concession for a 20-year lease with a non-life science tenant in the Research Triangle market executed in 3Q26. Excluding this lease, free rent
concessions were 1.1 months per annum.
(2)Includes the largest life science lease in company history, executed in July 2025 with Novartis AG. 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, previously vacant/developed/redeveloped rental rates would have been $58.31 and $58.70 (cash basis) and development/redevelopment
leasing volume would have been 238,223 RSF, for the year ended December 31, 2025.
(3)During 3Q26, we executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in our Greater Boston market, all of which
will be reflected as leasing of previously vacant space. This activity enabled us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately
$220 million. As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26.
(4)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.
(5)Includes previously disclosed key lease expirations aggregating 282,878 RSF that became vacant during 3Q26, with a weighted-average lease expiration date of August 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
24
Contractual Lease Expirations
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September 30, 2026
Year
RSF
Percentage of Occupied RSF
Annual Rental Revenue (per RSF)(1)
Percentage of Annual Rental Revenue
2026
(2)
481,770
1.6%
$39.19
1.0%
2027
3,054,723
9.9%
$57.27
9.4%
2028
3,701,167
(3)
12.0%
$50.94
10.1%
2029
2,150,332
7.0%
$41.53
4.8%
2030
2,653,670
8.6%
$43.44
6.2%
2031
3,510,598
11.4%
$53.88
10.1%
2032
1,067,200
3.5%
$56.34
3.2%
2033
2,400,457
7.8%
$46.43
6.0%
2034
2,627,230
8.6%
$65.93
9.3%
2035
1,158,790
3.8%
$55.45
3.4%
Thereafter
7,916,798
25.8%
$85.89
36.5%
Market
2026 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
2027 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
Leased
Negotiating
Early Tenant
Discussions
Marketing/
Remaining
Total(2)
Leased
Negotiating
Early Tenant
Discussions
Marketing/
Remaining
Total
Greater Boston
93,181
—
—
37,384
130,565
$29.94
90,664
—
24,259
112,178
227,101
$44.93
San Diego
—
49,603
5,520
10,274
65,397
62.16
—
141,838
82,641
136,502
360,981
41.97
San Francisco Bay Area
12,719
—
2,927
—
15,646
22.45
32,944
40,996
24,694
68,536
167,170
78.12
Seattle
25,552
12,335
—
5,692
43,579
40.59
18,205
116,459
153,984
38,241
326,889
33.02
Maryland
—
—
—
2,796
2,796
14.95
—
35,465
25,766
103,250
164,481
30.28
Research Triangle
13,385
5,506
—
2,690
21,581
25.94
43,238
14,870
140,150
46,314
244,572
34.56
New York City
—
—
—
33,634
33,634
113.67
—
72,428
5,894
26,332
104,654
96.32
Texas
—
—
—
—
—
—
—
—
—
26,160
26,160
27.74
Non-cluster/other markets
—
—
—
—
—
—
—
—
—
54,755
54,755
15.21
Subtotal
144,837
67,444
8,447
92,470
313,198
46.37
185,051
422,056
457,388
612,268
1,676,763
44.36
Key lease expirations with
expected downtime
—
12,801
77,775
77,996
168,572
25.86
—
305,643
521,300
551,017
1,377,960
(3)
72.92
Total
144,837
80,245
86,222
170,466
481,770
$39.19
185,051
727,699
978,688
1,163,285
3,054,723
$57.27
Percentage of expiring leases
30%
17%
18%
35%
100%
6%
24%
32%
38%
100%
Contractual lease expirations for properties classified as held for sale as of September 30, 2026 are excluded from the information on this page.
(1)Amounts in effect as of September 30, 2026.
(2)Excludes month-to-month leases aggregating 272,378 RSF.
(3)See tables below for additional details.
(4)Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across four properties, generating $24.0 million of annual rental revenue with a weighted-average expiration date of April 2027. Upon lease expiration, BMS will
relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was delivered in June 2026. We expect the vacated space to experience a period of downtime and we are currently under negotiation for 190,085 RSF.
(5)Refer to the footnote for Novartis AG under "Top 20 tenants" in the Supplemental Information for additional details.
2027 Key Lease Expirations with Expected Downtime
2028 Key Lease Expirations with Expected Downtime
Total
Annual Rental
Revenue(1)
Weighted Average
Expiration Date
Weighted Average
Expected Downtime
Total
Annual Rental
Revenue(1)
Weighted Average
Expiration Date
Weighted Average
Expected Downtime
1,377,960 RSF
$100.5M
March 2027
9 to 24 months
717,546 RSF
$60.4M
April 2028
9 to 24 months
Reason for Expected Downtime
(Based on RSF)
Reason for Expected Downtime
(Based on RSF)
chart-c4434ea62326421889f.gif
chart-c07388af366a408d9fc.gif
Relocation to Other
ARE Properties(4)
Leases at Assets Originally
Acquired for Redevelopment
Other
Relocation to Other
ARE Properties
Leases at Assets Originally
Acquired for Redevelopment
100 Technology Square(5)
Other
Current Leasing Status
(Based on RSF) 
Current Leasing Status
(Based on RSF)
chart-86b5548d5d524fd7bb7.gif
chart-7043c12af8e245a79f2.gif
Negotiating
Early Tenant Discussions
Marketing/Remaining
Early Tenant
Discussions
Marketing/Remaining
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
25
Contractual Lease Expirations (continued)
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September 30, 2026
(Dollars in thousands)
Summary of 2027 Key Lease Expirations with Expected Downtime
Expiration
Date
Annual
Rental
Revenue
RSF
Campus
Negotiating
Early Tenant
Discussions
Marketing/
Remaining
Total
Campus Point by Alexandria/San Diego – University Town Center
March 2027
$18,776
190,085
—
61,775
251,860
(1)
Alexandria Center® for Life Science – Waltham/Greater Boston – Route 128
January 2027
27,045
—
232,902
—
232,902
(2)
Alexandria Center® for Advanced Technologies – South San Francisco/San
Francisco Bay Area – South San Francisco
January 2027
8,805
—
—
129,501
129,501
199 East Blaine Street/Seattle – Lake Union
June 2027
7,177
—
66,464
43,505
109,969
Sequence District by Alexandria/San Diego – Sorrento Mesa
January 2027
3,282
90,000
—
—
90,000
(2)
Alexandria Center® for Advanced Technologies – South Lake Union/Seattle –
Lake Union
March 2027
4,089
—
50,946
32,144
83,090
(2)
3033 Science Park Road/San Diego – Torrey Pines
March 2027
5,258
—
—
65,525
65,525
(1)
Alexandria Technology Square®/Greater Boston – Cambridge/Inner Suburbs
January 2027
5,652
—
37,960
22,951
60,911
(1)
ARE Torrey Ridge/San Diego – Torrey Pines
March 2027
2,889
—
—
59,248
59,248
The Arsenal on the Charles/Greater Boston – Cambridge/Inner Suburbs
February 2027
4,732
—
54,109
—
54,109
(1)
Alexandria Center® for Advanced Technologies – Canyon Park/Seattle – Bothell
July 2027
1,725
—
—
50,297
50,297
(2)
Alexandria Center® for Life Science – Shady Grove/Maryland – Rockville
January 2027
1,599
—
—
48,500
48,500
(1)
10970 Alexandria Way/San Diego – Torrey Pines
November 2027
2,675
—
—
36,172
36,172
Other
Various
6,781
25,558
78,919
1,399
105,876
March 2027
(3)
$100,485
305,643
521,300
551,017
1,377,960
22%
38%
40%
(1)Relocation to other ARE properties.
(2)Leases at assets originally acquired for redevelopment or repositioning.
(3)Represents the weighted-average expiration date based on annual rental revenue as of September 30, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
26
Top 20 Tenants
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September 30, 2026
(Dollars in thousands, except average market cap amounts)
84% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade
or Publicly Traded Large Cap Tenants(1)
Tenant
Remaining Lease
Term(1) (in years)
Aggregate
RSF
Annual Rental
Revenue(1)
Percentage of
Annual Rental
Revenue(1)
Investment-Grade
Credit Ratings
Average
Market Cap
(in billions)
Moody’s
S&P
1
Bristol Myers Squibb Company
8.3
1,654,290
$162,062
8.6%
A2
A
$115.74
2
Eli Lilly and Company
8.7
1,054,241
92,120
4.9
Aa3
AA-
$985.81
3
Moderna, Inc.
12.2
462,100
71,445
3.8
—
—
$23.15
4
AstraZeneca PLC
5.5
611,326
56,683
(2)
3.0
A1
A+
$280.03
5
Takeda Pharmaceutical Company Limited
10.1
386,111
41,673
2.2
Baa1
BBB+
$52.65
6
Eikon Therapeutics, Inc.(3)
12.8
299,638
38,907
2.1
—
—
$0.59
7
Intellia Therapeutics, Inc.(4)
6.9
283,272
35,090
1.9
—
—
$1.64
8
Illumina, Inc.
5.1
792,687
29,977
1.6
Baa3
BBB
$23.02
9
United States Government
3.9
414,499
29,435
(5)
1.6
Aaa
AA+
$—
10
Novo Nordisk A/S
11.3
262,382
28,876
1.5
Aa3
AA
$209.80
11
Uber Technologies, Inc.
56.0
(6)
1,009,188
27,879
1.5
Baa1
BBB+
$161.24
12
Boston Children's Hospital
14.0
309,231
26,294
1.4
Aa2
AA
$—
13
Novartis AG
1.7
(7)
321,743
25,111
1.3
Aa3
AA-
$303.20
14
Sanofi
4.3
267,278
22,045
1.2
Aa3
AA
$112.32
15
New York University
5.8
218,983
21,073
1.1
Aa2
AA-
$—
16
Massachusetts Institute of Technology
3.3
242,428
20,529
1.1
Aaa
AAA
$—
17
Merck & Co., Inc.
7.6
300,930
18,895
1.0
Aa3
A+
$287.66
18
Vaxcyte, Inc.
8.3
230,755
18,656
1.0
—
—
$7.45
19
Charles River Laboratories, Inc.
9.1
189,549
18,467
1.0
—
—
$9.85
20
Altos Labs, Inc.(8)
14.5
158,990
18,408
1.0
—
—
$—
Total/weighted-average
10.0
(6)
9,469,621
$803,625
42.8%
Annual rental revenue and RSF include 100% of each property managed by us. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information for
additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of September 30, 2026.
(2)Of the $56.7 million of annual rental revenue generated by this tenant, $27.0 million relates to a 232,902 RSF lease at our Alexandria Center® for Life Science – Waltham Megacampus, which expires in 1Q27. This lease is included in the 1.4
million RSF of 2027 key lease expirations with expected downtime disclosed on page 24. We do not expect the tenant to renew its lease and are actively marketing the space.
(3)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 June 30, 2026, the company held $531 million
in cash and marketable securities.
(4)Intellia Therapeutics, Inc. is an established, publicly traded clinical-stage biotechnology company focused on CRISPR-based gene-editing therapies. The company reported positive Phase 3 clinical results in 2026 and reported cash, cash
equivalents and marketable securities of $628.4 million as of June 30, 2026. Additionally, on September 4, 2026, the company announced it secured a non-dilutive senior secured term loan facility for up to $400 million.
(5)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 cancelable prior to the lease expiration date.
(6)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 8.4 years as of September 30, 2026.
(7)Includes one direct 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
2028. The tenant has leased the building since 2002 and has subsequently expanded and consolidated its operations in Cambridge into a larger footprint. As a result, we do not expect the tenant to renew its lease upon expiration. We are
actively marketing the space for re-leasing and expect significant downtime following lease expiration to upgrade and re-lease the  space.
(8)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former GlaxoSmithKline Chief Scientific Officer and President, R&D. 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
27
Summary of Properties and Occupancy
footerlogov2.jpg
September 30, 2026
(Dollars in thousands, except per RSF amounts)
Summary of properties
RSF
Number of
Properties
Annual Rental Revenue
Market
Operating
Development
Redevelopment
Total
% of Total
Total
% of Total
Per RSF
Greater Boston
10,338,586
—
600,652
10,939,238
28%
63
$740,938
39%
$88.46
San Diego
6,419,662
466,598
—
6,886,260
18
55
341,035
18
59.23
San Francisco Bay Area
5,469,953
212,657
50,377
5,732,987
16
39
300,013
17
70.79
Seattle
2,900,871
175,950
—
3,076,821
8
39
115,007
6
43.74
Maryland
3,676,755
—
—
3,676,755
10
47
151,322
8
45.77
Research Triangle
3,436,285
—
—
3,436,285
9
36
86,341
5
26.59
New York City
727,674
—
—
727,674
2
2
65,575
3
93.24
Texas
1,651,094
—
66,350
1,717,444
4
13
41,539
2
29.50
Non-cluster/other markets/Canada
954,935
(1)
—
—
954,935
2
16
21,981
1
29.49
Properties held for sale
965,557
339,668
—
1,305,225
3
18
21,775
1
40.90
36,541,372
1,194,873
717,379
38,453,624
100%
328
$1,885,526
100%
$60.93
1,912,252
Summary of occupancy
 
Operating Properties
Operating and Redevelopment Properties
Market
9/30/26
6/30/26
9/30/25
9/30/26
6/30/26
9/30/25
Greater Boston
81.0%
(2)
83.0%
86.8%
76.6%
73.7%
73.6%
San Diego
89.7
89.9
95.2
89.7
89.9
95.2
San Francisco Bay Area
87.1
83.1
90.4
86.3
81.9
86.4
Seattle
90.6
87.7
90.1
90.6
87.7
90.1
Maryland
91.5
91.5
93.9
91.5
91.5
93.9
Research Triangle
94.5
93.9
94.9
94.5
93.9
94.9
New York City
96.6
95.5
98.3
96.6
95.5
98.3
Texas
85.3
85.3
79.9
82.0
82.0
76.5
Subtotal
87.4
87.1
90.8
85.6
83.8
85.9
Non-cluster/other markets/Canada
78.0
54.1
85.2
78.0
54.1
81.7
87.1%
(3)
86.9%
90.6%
85.4%
83.6%
85.8%
(1)Includes 779,842 RSF and $14.9 million of annual rental revenue in Canada.
(2)Decline in occupancy was primarily due to 339,020 RSF at our 311 Arsenal Street redevelopment project in our Greater Boston market being placed back into operation following the execution of leases aggregating 66,859 RSF,
with additional leases aggregating 100,684 RSF under negotiation for advanced technology use as of 3Q26. This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future
construction spend by approximately $220 million.
(3)Excludes leases aggregating 1.3 million RSF, or 3.7% of total operating RSF, executed as of September 30, 2026 and expected to be occupied upon completion of building and/or tenant improvements. See the Occupancy and
Leasing Progress chart on the following page for additional information.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
28
Summary of Properties and Occupancy (continued)
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September 30, 2026
Occupancy and Leasing Progress
(Operating Properties)
(1)
a3q26leasingactivityv7.jpg
(1)Represents executed leases aggregating 1.3 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately June 2027, with
expected annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. These executed leases relate solely to our operating portfolio, and therefore
exclude an additional 686 thousand RSF of executed leases with future delivery related to our development and redevelopment properties under construction. Refer to “New Class A/A+ development and redevelopment
properties: under construction” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
29
Property Listing
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September 30, 2026
(Dollars in thousands)
Our Megacampus Properties Account for 80% of Our Annual Rental Revenue
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
GREATER BOSTON
Cambridge/Inner Suburbs
Megacampus: Alexandria Center® at Kendall Square
2,213,866
—
—
2,213,866
8
$208,716
91.8%
91.8%
50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street,
and 300 Third Street(1)
Megacampus: Alexandria Center® at One Kendall Square
1,299,411
—
—
1,299,411
11
123,158
83.8
83.8
One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400,
1800, and 2000), and 325 and 399 Binney Street
Megacampus: Alexandria Technology Square®
1,205,526
—
—
1,205,526
7
95,411
87.4
87.4
100, 200, 300, 400, 500, 600, and 700 Technology Square
Megacampus: The Arsenal on the Charles
1,127,487
—
—
1,127,487
13
42,845
54.5
54.5
311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,
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
Coolidge Avenue
578,176
—
—
578,176
5
34,104
81.4
81.4
6,424,466
—
—
6,424,466
44
504,234
81.9
81.9
Fenway
Megacampus: Alexandria Center® for Life Science – Fenway
1,504,526
—
—
1,504,526
3
100,523
74.0
74.0
401 and 421 Park Drive and 201 Brookline Avenue
Seaport Innovation District
5 and 15(1) Necco Street
459,395
—
—
459,395
2
48,088
98.6
98.6
Route 128
Megacampus: Alexandria Center® for Life Science – Waltham
734,973
—
329,049
1,064,022
5
68,463
87.1
60.2
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
1,320,199
—
329,049
1,649,248
8
82,657
91.5
73.2
Other
Megacampus: 30, 200, and 3000 Minuteman Road
630,000
—
271,603
901,603
6
5,436
54.1
37.8
GREATER BOSTON TOTAL
10,338,586
—
600,652
10,939,238
63
$740,938
81.0%
76.6%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
30
Property Listing (continued)
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September 30, 2026
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
SAN DIEGO
Torrey Pines
Megacampus: One Alexandria Square
1,094,258
—
—
1,094,258
10
$62,880
75.9%
75.9%
3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park
Road, 10935, 10945, 10955, and 10970 Alexandria Way, 10996
Torreyana Road, and 3545 Cray Court
ARE Torrey Ridge
308,681
—
—
308,681
3
14,973
97.3
97.3
10578, 10618, and 10628 Science Center Drive
1,402,939
—
—
1,402,939
13
77,853
80.6
80.6
University Town Center
Megacampus: Campus Point by Alexandria(1)
1,684,979
466,598
—
2,151,577
8
130,615
96.8
96.8
9880(2), 10200, 10290, and 10300 Campus Point Drive and 4135, 4155,
4224, and 4242 Campus Point Court
Megacampus: 5200 Illumina Way(1)
792,687
—
—
792,687
6
29,978
100.0
100.0
9625 Towne Centre Drive(1)
171,001
—
—
171,001
1
5,340
46.5
46.5
2,648,667
466,598
—
3,115,265
15
165,933
94.5
94.5
Sorrento Mesa
Megacampus: SD Tech by Alexandria(1)
1,154,144
—
—
1,154,144
13
48,331
86.0
86.0
9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and
10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road
Megacampus: Sequence District by Alexandria
572,298
—
—
572,298
6
21,235
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
5871 Oberlin Drive
33,842
—
—
33,842
1
2,103
100.0
100.0
2,368,056
—
—
2,368,056
27
97,249
89.7
89.7
SAN DIEGO TOTAL
6,419,662
466,598
—
6,886,260
55
$341,035
89.7%
89.7%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(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.
(2)We own 100% of this property.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
31
Property Listing (continued)
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September 30, 2026
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
SAN FRANCISCO BAY AREA
Mission Bay
Megacampus: Alexandria Center® for Science and Technology –
Mission Bay(1)
1,561,033
212,657
—
1,773,690
8
$62,130
90.5%
90.5%
1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700
Owens Street, and 455 Mission Bay Boulevard South
South San Francisco
Megacampus: Alexandria Center® for Advanced Technologies – South
San Francisco
861,136
—
50,377
911,513
5
40,481
73.8
69.8
213(1), 249, 259, 269, and 279 East Grand Avenue
Alexandria Center® for Life Science – South San Francisco
504,414
—
—
504,414
3
26,516
76.1
76.1
201 Haskins Way and 400 and 450 East Jamie Court
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan
222,000
—
—
222,000
1
1,008
100.0
100.0
1150 El Camino Real
Alexandria Technology Center® – Gateway
326,197
—
—
326,197
5
14,928
86.0
86.0
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
2,354,778
—
50,377
2,405,155
16
130,847
83.4
81.6
San Carlos
Megacampus: Alexandria Center® for Life Science – San Carlos
634,713
—
—
634,713
3
41,624
95.6
95.6
825, 835, and 960 Industrial Road
634,713
—
—
634,713
3
41,624
95.6
95.6
Palo Alto
Alexandria Stanford Life Science District
412,852
—
—
412,852
5
33,880
97.1
97.1
3160, 3165, 3170, and 3181 Porter Drive and 3330 Hillview Avenue
3412, 3420, 3440, 3450, and 3460 Hillview Avenue
340,103
—
—
340,103
5
21,796
76.3
76.3
2475 Hanover Street and 1450 Page Mill Road
166,474
—
—
166,474
2
9,736
73.7
73.7
919,429
—
—
919,429
12
65,412
85.2
85.2
SAN FRANCISCO BAY AREA TOTAL
5,469,953
212,657
50,377
5,732,987
39
$300,013
87.1%
86.3%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(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.
(2)We own 100% of this property.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
32
Property Listing (continued)
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September 30, 2026
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
SEATTLE
Lake Union
Megacampus: Alexandria Center® for Life Science – Eastlake
1,152,482
—
—
1,152,482
9
$54,583
84.8%
84.8%
1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188
and 199 East Blaine Street, and 1600 Fairview Avenue East
Megacampus: Alexandria Center® for Advanced Technologies – South
Lake Union
465,406
175,950
—
641,356
4
27,546
98.9
98.9
400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and
219 Terry Avenue North
1,617,888
175,950
—
1,793,838
13
82,129
88.9
88.9
Elliott Bay
410 Elliott Avenue West
2,896
—
—
2,896
1
—
—
—
Bothell
Megacampus: Alexandria Center® for Advanced Technologies – Canyon
Park
814,995
—
—
814,995
19
19,103
94.8
94.8
22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,
22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, and
22522 29th Drive Southeast, 22213 and 22309 30th Drive Southeast, and
1629, 1631, 1725, 1916, and 1930 220th Street Southeast
Alexandria Center® for Advanced Technologies – Monte Villa Parkway
465,092
—
—
465,092
6
13,775
90.2
90.2
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
1,280,087
—
—
1,280,087
25
32,878
93.1
93.1
SEATTLE TOTAL
2,900,871
175,950
—
3,076,821
39
115,007
90.6
90.6
MARYLAND
Rockville
Megacampus: Alexandria Center® for Life Science – Shady Grove
1,691,960
—
—
1,691,960
20
91,252
92.2
92.2
9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and
9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920
Belward Campus Drive, and 9810 and 9820 Darnestown Road
1330 Piccard Drive
131,507
—
—
131,507
1
3,704
87.6
87.6
1405 and 1450 Research Boulevard
114,182
—
—
114,182
2
3,317
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
1,974
100.0
100.0
12301 Parklawn Drive
49,185
—
—
49,185
1
1,853
100.0
100.0
2,102,206
—
—
2,102,206
26
$105,264
91.6%
91.6%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
33
Property Listing (continued)
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September 30, 2026
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
MARYLAND (CONTINUED)
Gaithersburg
Alexandria Technology Center® – Gaithersburg I
619,061
—
—
619,061
9
$19,669
88.6%
88.6%
9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940
Clopper Road
Alexandria Technology Center® – Gaithersburg II
486,300
—
—
486,300
7
16,429
89.2
89.2
700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield
Road
401 Professional Drive
63,396
—
—
63,396
1
1,205
76.4
76.4
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
1,246,707
—
—
1,246,707
19
39,744
88.9
88.9
Beltsville
8000/9000/10000 Virginia Manor Road
191,884
—
—
191,884
1
3,500
100.0
100.0
101 West Dickman Street(1)
135,958
—
—
135,958
1
2,814
100.0
100.0
327,842
—
—
327,842
2
6,314
100.0
100.0
MARYLAND TOTAL
3,676,755
—
—
3,676,755
47
151,322
91.5
91.5
RESEARCH TRIANGLE
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham
2,041,067
—
—
2,041,067
15
39,833
97.8
97.8
6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31
Alexandria Way, and 2400 Ellis Road
Megacampus: Alexandria Center® for Advanced Technologies and
AgTech – Research Triangle
712,537
—
—
712,537
6
25,588
88.9
88.9
6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
Megacampus: Alexandria Center® for Sustainable Technologies
259,962
—
—
259,962
8
7,289
85.7
85.7
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
4,438
96.9
96.9
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 TOTAL
3,436,285
—
—
3,436,285
36
$86,341
94.5%
94.5%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
34
Property Listing (continued)
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September 30, 2026
(Dollars in thousands)
 
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
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
$65,575
96.6%
96.6%
430 and 450 East 29th Street
NEW YORK CITY TOTAL
727,674
—
—
727,674
2
65,575
96.6
96.6
TEXAS
Austin
Megacampus: Intersection Campus
1,523,318
—
—
1,523,318
12
37,787
88.7
88.7
507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center
Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
Greater Houston
Alexandria Center® for Advanced Technologies at The Woodlands
127,776
—
66,350
194,126
1
3,752
44.6
29.4
8800 Technology Forest Place
TEXAS TOTAL
1,651,094
—
66,350
1,717,444
13
41,539
85.3
82.0
Non-cluster/other markets/Canada
954,935
—
—
954,935
16
21,981
78.0
78.0
Total, excluding properties held for sale
35,575,815
855,205
717,379
37,148,399
310
1,863,751
87.1%
85.4%
Properties held for sale
965,557
339,668
—
1,305,225
18
21,775
55.1%
55.1%
Total
36,541,372
1,194,873
717,379
38,453,624
328
$1,885,526
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
35
Investments in Real Estate
footerlogov2.jpg
September 30, 2026
(Dollars in thousands)
Development and Redevelopment
Under Construction
Operating
2027–2028
Stabilization
Evaluating
Strategy
Future
Subtotal
Total
Square footage
Operating
35,575,815
—
—
—
—
35,575,815
Future Class A/A+ development and redevelopment properties
—
905,582
667,002
18,912,303
20,484,887
20,484,887
Future development and redevelopment square feet currently included in rental properties(1)
—
—
—
(935,031)
(935,031)
(935,031)
Total square footage, excluding properties held for sale
35,575,815
905,582
667,002
17,977,272
19,549,856
55,125,671
Properties held for sale
965,557
—
339,668
2,079,925
2,419,593
3,385,150
Total square footage
36,541,372
905,582
1,006,670
20,057,197
21,969,449
58,510,821
Investments in real estate
Gross book value as of September 30, 2026(2)
$30,198,713
$670,176
$611,311
$3,826,180
$5,107,667
(3)
$35,306,380
Properties held for sale
459,477
—
238,232
241,902
480,134
939,611
Total gross investment in real estate, excluding properties held for sale
$29,739,236
$670,176
$373,079
$3,584,278
$4,627,533
$34,366,769
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20%
Development/
Redevelopment
Under Construction
Land/Future
Development
17%
11% to 16%
12%
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 September 30, 2026 is $4.63 billion.
(4)Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026, compared with approximately 1% as of December 31, 2025
and 2024.
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36
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
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September 30, 2026
99 Coolidge Avenue
50 and 60 Sylvan Road(1)
4135 Campus Point Court
Megacampus: 480 Arsenal Way, 446, 458, and
500 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life
Science – Waltham
Megacampus: Campus Point by Alexandria
320,809 RSF
268,992 RSF
426,927 RSF
84% Occupancy
88% Occupancy
100% Occupancy
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10075 Barnes Canyon Road
269 East Grand Avenue
701 Dexter Avenue North
Megacampus: SD Tech by Alexandria
Megacampus: Alexandria Center® for Advanced
Technologies – South San Francisco
Megacampus: Alexandria Center® for Advanced
Technologies – South Lake Union
253,079 RSF
33,780 RSF
51,627 RSF
80% Occupancy
100% Occupancy
100% Occupancy
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(1)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus.
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37
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued)
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September 30, 2026
(Dollars in thousands)
Incremental Annual Net Operating Income Generated From YTD 3Q26 Deliveries
Aggregated $98 million(1), Including $40 million in 3Q26
Property/Market/Submarket
Our
Ownership
Interest
RSF Placed in Service
Occupancy
Percentage(4)
Total Project
Unlevered Yields(2)
3Q26
Delivery
Date(3)
Prior to
1/1/26
1Q26
2Q26
3Q26
Total
Initial
Stabilized
Initial
Stabilized
(Cash Basis)
RSF
Investment
Development projects
99 Coolidge Avenue/Greater Boston/Cambridge/
Inner Suburbs
8/11/26
100%
129,413
16,734
—
174,662
320,809
84%
320,809
$446,000
5.8%
6.8%
4135 Campus Point Court/San Diego/University
Town Center
N/A
59.3%
—
—
426,927
—
426,927
100%
426,927
$524,000
10.8%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento
Mesa
N/A
50.0%
171,469
81,610
—
—
253,079
80%
253,079
$314,000
5.5%
5.7%
701 Dexter Avenue North/Seattle/Lake Union
7/9/26
100%
—
—
—
51,627
51,627
100%
227,577
TBD
Redevelopment projects
50 and 60 Sylvan Road/Greater Boston/Route 128
9/1/26
100%
—
—
—
268,992
268,992
88%
268,992
$432,000
6.3%
4.1%
(5)
269 East Grand Avenue/San Francisco Bay Area/
South San Francisco
8/21/26
100%
—
—
—
33,780
33,780
100%
84,157
TBD
8800 Technology Forest Place/Texas/Greater
Houston
N/A
100%
50,094
6,948
—
—
57,042
100%
123,392
$112,000
6.3%
6.0%
Weighted average/total
8/20/26
350,976
105,292
426,927
529,061
1,412,256
1,704,933
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)Excludes future incremental annual net operating income from recently delivered spaces aggregating 134,767 RSF that were vacant and/or unleased at delivery.
(2)The delivered leases contain effective annual rent escalations of 3%, which are expected to contribute to growth in net operating income (cash basis) over the respective lease term.
(3)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(4)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.
(5)The lease with Novo Nordisk, an investment-grade tenant, was executed in a highly competitive leasing environment and provides strong long-term value through a 15-year term and 3% annual rent escalations. The lower cash yield
relative to the original underwriting is primarily driven by higher development costs and lower rental assumptions than initially forecasted due to market changes.
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38
New Class A/A+ Development and Redevelopment Properties: Under Construction
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September 30, 2026
10200 Campus Point Drive
1450 Owens Street
Megacampus: Campus Point by Alexandria
Megacampus: Alexandria Center® for Science and
Technology – Mission Bay
466,598 RSF
212,657 RSF
100% Leased
51% Leased/Negotiating
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269 East Grand Avenue
701 Dexter Avenue North
Megacampus: Alexandria Center® for Advanced
Technologies – South San Francisco
Megacampus: Alexandria Center® for Advanced
Technologies – South Lake Union
50,377 RSF
175,950 RSF
40% Leased/Negotiating
69% Leased/Negotiating
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a701dexter-newconstruction.jpg
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39
New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)
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September 30, 2026
(Dollars in thousands)
Property
Market/Submarket
Dev/
Redev
Square Footage
Percentage
Occupancy(1)
In Service
CIP
Total
Leased
Leased/
Negotiating
Initial
Stabilized
Under construction
2027–2028 stabilization
10200 Campus Point Drive(2)
San Diego/University Town Center
Dev
—
466,598
466,598
100%
100%
4Q28
4Q28
1450 Owens Street
San Francisco Bay Area/Mission Bay
Dev
—
212,657
212,657
51
51
2Q27
2028
269 East Grand Avenue
San Francisco Bay Area/South San Francisco
Redev
33,780
50,377
84,157
40
40
3Q26
2H27
701 Dexter Avenue North
Seattle/Lake Union
Dev
51,627
175,950
227,577
34
69
3Q26
2028
85,407
905,582
990,989
69%
77%
Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)(4)
40 Sylvan Road
Greater Boston/Route 128
Redev
—
329,049
329,049
—%
—%
3000 Minuteman Road
Greater Boston/Other
Redev
—
271,603
271,603
—
—
8800 Technology Forest Place
Texas/Greater Houston
Redev
57,042
66,350
123,392
46
46
57,042
667,002
724,044
8%
8%
Our
Ownership
Interest
At 100%
Unlevered Yields
Property
Market/Submarket
In Service
CIP
Cost to
Complete
Total at
Completion
Initial
Stabilized
Initial Stabilized
(Cash Basis)
Under construction
2027–2028 stabilization(5)
10200 Campus Point Drive(2)
San Diego/University Town Center
59.3%
$—
$106,862
$553,138
$660,000
7.3%
6.5%
1450 Owens Street
San Francisco Bay Area/Mission Bay
25.0%
—
263,855
TBD
269 East Grand Avenue
San Francisco Bay Area/South San Francisco
100%
49,793
53,299
701 Dexter Avenue North
Seattle/Lake Union
100%
96,398
246,160
$146,191
$670,176
$780,000
(6)
$1,590,000
(6)
Our share of investment(6)(7)
$150,000
$420,000
$500,000
(6)
$1,070,000
(6)
Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)(4)
40 Sylvan Road
Greater Boston/Route 128
100%
$—
$233,594
TBD
3000 Minuteman Road
Greater Boston/Other
100%
—
97,248
8800 Technology Forest Place
Texas/Greater Houston
100%
65,640
42,237
$65,640
$373,079
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(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 have a 59.3% ownership interest as of September 30, 2026. The project is fully leased to Novartis AG with 3% rent
escalations. The tenant currently occupies a building within the Megacampus aggregating 52,853 RSF that generated annual rental revenue of $4.1 million as of 3Q26. The tenant is expected to vacate this building during 2028. We expect
to fund the majority of future construction costs at the Megacampus. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details.
(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 pursue a
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. We would also expect stabilized yields under such alternatives to be lower than our initial underwriting assumptions. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest
deliveries of these projects are in 2028.
(4)As of June 30, 2026, 311 Arsenal Street and 421 Park Drive in our Greater Boston market were included in projects for which we were evaluating our business and financial strategy. During 3Q26, we reclassified the 339,020 RSF
redevelopment project at 311 Arsenal Street to operating following the execution of leases aggregating 66,859 RSF, with additional leases aggregating 100,684 RSF under negotiation for advanced technology use, which is expected to
reduce future potential construction spending by approximately $220 million. We also entered into a purchase and sale agreement with an institutional user for the sale of 339,668 RSF at 421 Park Drive, representing substantially all of our
development project at this location. This portion of the project was classified as held for sale as of 3Q26. The transaction is anticipated to close in 4Q26 and is expected to reduce future potential construction spending by approximately
$136 million.
(5)We expect to provide total estimated costs and related yields for each project over the next several quarters.
(6)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.
(7)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects, and will be adjusted as our ownership percentage increases at the Campus Point project.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
40
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
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September 30, 2026
(Dollars in thousands)
80% of Our Total Development and Redevelopment Pipeline RSF
Is Within Our Megacampus Ecosystems
Market
Property
Submarket
Our
Ownership
Interest
Book Value
Development and Redevelopment
Square Footage
Under
Construction
Future
Total(1)
GREATER BOSTON
Megacampus: Alexandria Center® for Life Science – Waltham
Route 128
100%
$300,320
329,049
515,000
844,049
40 Sylvan Road and 35 Gatehouse Drive
Megacampus: 30, 200, and 3000 Minuteman Road
Other
100%
115,366
271,603
350,000
621,603
3000 Minuteman Road
Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99
Coolidge Avenue
Cambridge/Inner Suburbs
100%
25,123
—
560,000
560,000
446, 458, and 500 Arsenal Street
Megacampus: Alexandria Center® at Kendall Square
Cambridge
100%
49,415
—
174,500
174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®
Cambridge
100%
9,176
—
100,000
100,000
10 Necco Street
Seaport Innovation District
100%
107,225
—
175,000
175,000
215 Presidential Way
Route 128
100%
6,816
—
112,000
112,000
Other development and redevelopment projects
100%
182,944
—
774,157
774,157
GREATER BOSTON TOTAL
$796,385
600,652
2,760,657
3,361,309
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.
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41
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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September 30, 2026
(Dollars in thousands)
Market
Property
Submarket
Our
Ownership
Interest
Book Value
Development and Redevelopment
Square Footage
Under
Construction
Future
Total(1)
SAN DIEGO
Megacampus: Campus Point by Alexandria
University Town Center
59.3%
(2)
$288,339
466,598
866,816
1,333,414
10010(3), 10140(3), and 10200 Campus Point Drive and 4165, 4224, and 4275(3)
Campus Point Court
11255 and 11355 North Torrey Pines Road
Torrey Pines
100%
168,945
—
215,000
215,000
Megacampus: One Alexandria Square
Torrey Pines
100%
71,391
—
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%
859
—
100,000
100,000
Megacampus: Sequence District by Alexandria
Sorrento Mesa
100%
51,110
—
1,661,915
1,661,915
6290, 6310, 6340, 6350, and 6450 Sequence Drive
Megacampus: SD Tech by Alexandria
Sorrento Mesa
50.0%
144,675
—
493,845
493,845
9805 Scranton Road and 10065 Barnes Canyon Road
Other development and redevelopment projects
(4)
—
—
50,000
50,000
SAN DIEGO TOTAL
743,258
466,598
3,964,688
4,431,286
SAN FRANCISCO BAY AREA
Megacampus: Alexandria Center® for Science and Technology – Mission Bay
Mission Bay
25.0%
263,855
212,657
—
212,657
1450 Owens Street
Megacampus: Alexandria Center® for Advanced Technologies – South San
Francisco
South San Francisco
100%
59,954
50,377
90,000
140,377
211(4) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan
South San Francisco
100%
471,396
—
1,930,000
1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae
South San Francisco
48.6%
164,771
—
348,401
348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center® for Life Science – San Carlos
San Carlos
100%
510,128
—
1,497,830
1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
SAN FRANCISCO BAY AREA TOTAL
$1,470,104
263,034
3,866,231
4,129,265
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)In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million, which reduced our interest to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is
expected to increase our ownership interest over time to over 50%. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details.
(3)We have a 100% interest in this property.
(4)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.
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42
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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September 30, 2026
(Dollars in thousands)
Market
Property
Submarket
Our
Ownership
Interest
Book Value
Development and Redevelopment
Square Footage
Under
Construction
Future
Total(1)
SEATTLE
Megacampus: Alexandria Center® for Advanced Technologies – South Lake
Union
Lake Union
(2)
$548,166
175,950
1,057,400
1,233,350
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South
SoDo
100%
64,353
—
544,825
544,825
410 West Harrison Street
Elliott Bay
100%
27,147
—
91,000
91,000
Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park
Bothell
100%
20,823
—
230,000
230,000
21660 20th Avenue Southeast
Other development and redevelopment projects
100%
161,663
—
706,087
706,087
SEATTLE TOTAL
822,152
175,950
2,629,312
2,805,262
MARYLAND
Megacampus: Alexandria Center® for Life Science – Shady Grove
Rockville
100%
25,968
—
296,000
296,000
9830 Darnestown Road
MARYLAND TOTAL
25,968
—
296,000
296,000
RESEARCH TRIANGLE
Megacampus: Alexandria Center® for Life Science – Durham
Research Triangle
100%
170,969
—
2,060,000
2,060,000
Megacampus: Alexandria Center® for Advanced Technologies and AgTech –
Research Triangle
100%
118,275
—
1,170,000
1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for Sustainable Technologies
Research Triangle
100%
57,656
—
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
RESEARCH TRIANGLE TOTAL
348,547
—
4,005,000
4,005,000
NEW YORK CITY
Megacampus: Alexandria Center® for Life Science – New York City
New York City
100%
185,936
—
550,000
(3)
550,000
NEW YORK CITY TOTAL
$185,936
—
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 364,350 RSF and a 60.0% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.
(3)In 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to
develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended September 30, 2026 filed with the SEC
on October 26, 2026 for additional details.
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43
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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September 30, 2026
(Dollars in thousands)
Market
Property
Submarket
Our
Ownership
Interest
Book Value
Development and Redevelopment
Square Footage
Under
Construction
Future
Total(1)
TEXAS
Alexandria Center® for Advanced Technologies at The Woodlands
Greater Houston
100%
$45,351
66,350
116,405
182,755
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street
Austin
100%
142,328
—
250,010
250,010
Other development and redevelopment projects
100%
—
—
—
—
TEXAS TOTAL
187,679
66,350
366,415
432,765
Other development and redevelopment projects
100%
47,504
—
474,000
474,000
Total pipeline as of September 30, 2026, excluding properties held for sale
4,627,533
1,572,584
18,912,303
20,484,887
Properties held for sale
480,134
339,668
2,079,925
2,419,593
Total pipeline as of September 30, 2026
$5,107,667
(2)
1,912,252
20,992,228
22,904,480
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 935,031 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 $1.04 billion of projects that are currently under construction.
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44
Construction Spending
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September 30, 2026
(Dollars in thousands)
Construction spending
Projected Guidance
Midpoint for Year Ending
December 31, 2026
Nine Months Ended
September 30, 2026
Year Ended
December 31, 2025
Construction of Class A/A+ properties:
Active construction projects
Development and redevelopment under construction(1)
$
1,555,000
$
1,039,228
$
1,216,572
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
210,000
(2)
140,645
275,971
Revenue- and non-revenue-enhancing capital expenditures(3)
510,000
(4)
430,365
324,293
Construction spending (before contributions from noncontrolling interests or tenants)
2,275,000
1,610,238
1,816,836
Contributions from noncontrolling interests (consolidated real estate joint ventures)
(100,000)
(5)
(50,727)
(193,936)
Tenant-funded and -built landlord improvements
(425,000)
(405,733)
(178,651)
Total construction spending
$
1,750,000
$
1,153,778
$
1,444,249
2026 guidance range for construction spending
$1,500,000 – $2,000,000
Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing
Amount(5)
4Q26
$49,000
2027 and beyond
56,000
Total
$105,000
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes smaller conversions to laboratory space through redevelopment.
(2)Approximately 74% 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 53% 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.
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45
Capitalization of Interest
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September 30, 2026
(Dollars in thousands)
Key Categories of Average Real Estate Basis Qualifying for Capitalization
Three Months Ended
September 30, 2026
Total(1)
$5,866,853
Projects delivered in 3Q26 or other projects no longer requiring capitalization of interest as of the end of 3Q26(2)
(1,402,235)
Projects continuing to qualify for capitalization of interest as of the end of 3Q26
$4,464,618
Components of average real estate basis of projects continuing to qualify for capitalization of interest as of the end of 3Q26
Class A/A+ development and redevelopment projects under construction and repositioning projects:
2027–2028 stabilization
$384,632
Repositioning and smaller redevelopment projects(3)
1,735,127
2,119,759
Land/future development projects with pre-construction milestones through 2028(4)
2,344,859
Average real estate basis of projects continuing to qualify for capitalization as of the end of 3Q26
$4,464,618
4Q26 projected range for average real estate capitalization basis
$3,400,000 – $4,900,000
Substantial Reduction in Land and Development and Redevelopment Drives Decrease in Average Real Estate Basis Capitalized
chart-d68f29758ff1498d9c4.gif
$8.1B
Development/Redevelopment
Under Construction and
Repositioning Projects
Land/Future Development
$7.0B
$6.9B
$5.9B
$3.4B – $4.9B
Average Real Estate Basis Capitalized
(1)In addition to capitalized interest, we incur other capitalized project costs, including property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities necessary to
prepare a project for its intended use, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximately 2% of the total average real estate basis subject to capitalization for 3Q26.
(2)Primarily includes projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well
as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus during 3Q26.
(3)Primarily consists of projects related to our operating assets that generally have shorter periods for which capitalization of interest is required, including executed leases aggregating 1.3 million RSF as of September 30, 2026, with future
occupancy expected after completion of building and/or tenant improvements by June 2027 on a weighted-average basis. The balance also includes redevelopment projects for which we are evaluating business and financial strategy.
(4)Includes future pipeline projects expected to reach pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction, with a weighted-average
key construction milestone by 1H28. As projects progress, 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 potential disposition. These projects include, among others, future Megacampus development projects at (i) Alexandria Center® for Advanced Technologies – Tanforan, (ii) Alexandria Center® for Life Science – San Carlos, where
we have a letter of intent for approximately 235,600 RSF related to existing industrial buildings that were originally expected to be demolished to allow for future development, (iii) Alexandria Center® for Life Science – New York City, and (iv)
Campus Point by Alexandria, which represent approximately 52% of the total real estate basis that continues to qualify for capitalization in this category as of September 30, 2026.
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46
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Joint Venture Financial Information
September 30, 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
3215 Merryfield Row
San Diego
Torrey Pines
70.0%
170,523
Campus Point by Alexandria(1)(2)
San Diego
University Town Center
40.7%
(3)
1,586,697
5200 Illumina Way
San Diego
University Town Center
49.0%
792,687
9625 Towne Centre Drive
San Diego
University Town Center
70.0%
171,001
SD Tech by Alexandria(1)(4)
San Diego
Sorrento Mesa
50.0%
1,051,752
Summers Ridge Science Park(5)
San Diego
Sorrento Mesa
70.0%
316,531
Alexandria Center® for Science and Technology – Mission Bay(6)
San Francisco Bay Area
Mission Bay
75.0%
551,845
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
1201 and 1208 Eastlake Avenue East
Seattle
Lake Union
70.0%
206,134
400 Dexter Avenue North
Seattle
Lake Union
70.0%
291,355
800 Mercer Street(1)
Seattle
Lake Union
40.0%
—
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 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.
(2)Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court.
(3)In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million which reduced our interest to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus,
which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20.0% and 30.0%, respectively, and increase our ownership interest to over 50.0%. Refer to
“Dispositions and sales of partial interests” in the Earnings Press Release and “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details.
(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(6)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South.
(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
47
Joint Venture Financial Information (continued)
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September 30, 2026
(In thousands)
As of September 30, 2026
Noncontrolling Interest
Share of Consolidated
Real Estate JVs
Our Share of
Unconsolidated
Real Estate JVs
Investments in real estate
$
3,363,861
$
85,927
Cash, cash equivalents, and restricted cash
136,379
2,514
Other assets
403,837
10,486
Secured notes payable
—
(61,016)
Other liabilities
(292,967)
(9,331)
Redeemable noncontrolling interests
(9,119)
—
$
3,601,991
$
28,580
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
September 30, 2026
September 30, 2026
Three Months Ended
Nine Months Ended
Three Months Ended
Nine Months Ended
Total revenues
$
105,561
$
301,634
$
2,885
$
8,895
Rental operations
(33,927)
(97,557)
(940)
(3,092)
71,634
204,077
1,945
5,803
General and administrative
(593)
(1,876)
(23)
(47)
Interest
(20)
(190)
(989)
(2,990)
Depreciation and amortization of real estate assets
(32,458)
(93,449)
(858)
(2,577)
Gain on sale of interest of unconsolidated JV
—
—
—
152
Fixed returns allocated to redeemable noncontrolling interest(1)
191
730
—
—
$
38,754
$
109,292
$
75
$
341
Straight-line rent and below-market lease revenue
$
4,909
$
9,034
$
216
$
550
Funds from operations(2)
$
71,212
$
202,741
$
933
$
2,918
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 its investment rather
than participating 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.
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48
Investments
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September 30, 2026
(Dollars in thousands)
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
(losses) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.
September 30, 2026
Year Ended
December 31, 2025
Three Months Ended
Nine Months Ended
Realized gains (losses):
Realized gains
$16,007
$44,497
$115,722
Impairment of non-real estate investments
(13,580)
(1)
(35,026)
(95,716)
Significant realized losses
—
—
(103,329)
2,427
9,471
(83,323)
Unrealized gains
21,563
(2)
143,164
(2)
26,980
(3)
Investment income (losses)
$23,990
$152,635
$(56,343)
September 30, 2026
December 31, 2025
Investments
Cost
Unrealized Gains
Unrealized Losses
Carrying Amount
Carrying Amount
Publicly traded companies
$105,921
$56,294
$(24,638)
$137,577
$94,928
Entities that report NAV
507,978
215,565
(43,100)
680,443
512,376
Entities that do not report NAV:
Entities with observable price changes
77,062
50,568
(10,785)
116,845
123,238
Entities without observable price changes
406,415
—
—
406,415
413,324
Investments accounted for under the equity method
  N/A
N/A
N/A
394,393
357,383
September 30, 2026
$1,097,376
(4)
$322,427
$(78,523)
$1,735,673
$1,501,249
December 31, 2025
$1,010,488
$184,434
$(51,056)
$1,501,249
Public/Private Mix (Cost)
Tenant/Non-Tenant Mix (Cost)
chart-c974d09677504d8e95f.gif
chart-b733337261de426b824.gif
18%
Tenant
7%
Public
82%
Non-Tenant
93%
Private
(1)Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.
(2)Primarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and nine months ended September 30, 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 2.7% of gross assets as of September 30, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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49
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Balance Sheet
September 30, 2026
ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
balancesheetv4.jpg
SIGNIFICANT
LIQUIDITY
PERCENTAGE OF FIXED-RATE
DEBT SINCE 2022(2)
$4.6B
95.5%
REMAINING DEBT TERM
(IN YEARS)(3)
DEBT INTEREST
RATE
11.6
4.33%
Longest Among S&P 500 REITs(4)
4Q26 ANNUALIZED GUIDANCE
5.6x to 6.2x
3.4x to 3.9x
NET DEBT AND PREFERRED
STOCK TO ADJUSTED EBITDA
FIXED-CHARGE
COVERAGE RATIO
TOP 20%
CREDIT RATING RANKING AMONG
ALL PUBLICLY TRADED U.S. REITS(1)
BBB+
Negative
WEIGHTED AVERAGE
Baa2
Stable
As of September 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Top 20% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of September 30, 2026.
(2)Represents the average quarterly percentage of fixed-rate debt as of each quarter-end from January 1, 2022 through September 30, 2026.
(3)Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.
(4)Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026, except for ARE, which is as of September 30, 2026.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
50
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Key Credit Metrics
September 30, 2026
Liquidity
Limited Outstanding Borrowings and Significant Availability
on Unsecured Senior Line of Credit
(in millions)
$4.6B
(in millions)
Availability under our unsecured senior line of credit, net of amounts
outstanding under our commercial paper program
$3,908
Cash, cash equivalents, and restricted cash
514
Investments in publicly traded companies
138
Liquidity as of September 30, 2026
$4,560
Net Debt and Preferred Stock to Adjusted EBITDA(1)
Fixed-Charge Coverage Ratio(1)
chart-7edc0e278bb24d5aa33.gif
$5,000
$5,000
$5,000
q326lineofcreditv3.jpg
$1,091
$353
<$350
Remaining amounts available for borrowing
under our unsecured senior line of credit
Outstanding balance under our
unsecured senior line of credit and/or
commercial paper program
6.9x
chart-dd00857e49674ea8bbb.gif
6.6x(2)
chart-b1330e5de4a94d3a928.gif
5.6x to 6.2x
3.4x to 3.9x
3.7x
5.7x
Mid-5x Range
3.2x
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.
(2)The pro forma amount reflects the October 23, 2026 sale of our partial interest in the Campus Point by Alexandria joint venture for $475.0 million. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press
Release for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
51
Summary of Debt
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September 30, 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
$10,820,687
$—
$10,820,687
83.9%
4.04%
10.60
Junior subordinated notes payable
985,143
—
985,143
7.6%
7.37
(4)
30.40
(4)
Unsecured senior line of credit(2) and commercial
paper program(3)
—
1,091,166
1,091,166
8.5
4.40
5.30
(5)
Total/weighted average
$11,805,830
$1,091,166
$12,896,996
100.0%
4.33%
11.6
(5)
Percentage of total debt
91.5%
8.5%
100.0%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)As of September 30, 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+0.725%. As of September 30, 2026, we had $1.09 billion of commercial paper notes outstanding.
(4)Our junior subordinated notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject
to a minimum interest rate of 7.250%. In addition, we may redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and
thereafter on any interest payment date.
(5)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the
consolidated weighted-average maturity of our debt is 11.2 years. The commercial paper notes sold during the nine months ended September 30, 2026 were issued at a weighted-average yield to maturity of 4.19% and had a
weighted-average maturity term of 14 days. Our total weighted-average remaining term also assumes the full maturity of our junior subordinated notes payable due in 2057. Pro forma for the potential early redemption of our
junior subordinated notes on February 15, 2032, our total weighted-average remaining debt term would have been 9.7 years.
Average Debt Outstanding
Weighted-Average Interest Rate
September 30, 2026
September 30, 2026
Three Months Ended
Nine Months Ended
Three Months Ended
Nine Months Ended
Long-term fixed-rate debt
$11,341,163
$11,239,142
4.15%
4.04%
Short-term variable-rate unsecured senior line of credit and commercial paper
program debt
1,915,075
1,945,860
4.21
4.18
Blended-average interest rate
13,256,238
13,185,002
4.16
4.06
Loan fee amortization and annual facility fee related to unsecured senior line of
credit
N/A
N/A
0.13
0.13
Total/weighted average
$13,256,238
$13,185,002
4.29%
4.19%
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
52
Summary of Debt (continued)
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September 30, 2026
(Dollars in thousands)
Debt covenants
Unsecured Senior Notes Payable
Unsecured Senior Line of Credit
Debt Covenant Ratios(1)
Requirement
September 30, 2026
Requirement
September 30, 2026
Total Debt to Total Assets
≤ 60%
33%
≤ 60.0%
35.5%
Secured Debt to Total Assets
≤ 40%
—%
≤ 45.0%
—%
Consolidated EBITDA to Interest Expense
≥ 1.5x
5.6x
≥ 1.50x
2.91x
Unencumbered Total Asset Value to Unsecured Debt
≥ 150%
295%
N/A
N/A
Unsecured Interest Coverage Ratio
N/A
N/A
≥ 1.75x
5.84x
(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to
the computation of EBITDA as described in Exchange Act Release No. 47226.
Unconsolidated real estate joint ventures’ debt
As of September 30, 2026
At 100%
Unconsolidated Joint Venture
Maturity Date
Stated Rate
Interest Rate(1)
Aggregate
Commitment
Debt Balance(2)
Our Share
101 West Dickman Street
10/29/26
(3)
SOFR+1.95%
(4)
5.91%
$26,750
$19,354
58.4%
1655 and 1725 Third Street
2/10/35
6.37%
6.44%
500,000
497,138
10.0%
$526,750
$516,492
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2026.
(3)In October 2026, the unconsolidated real estate joint venture refinanced this debt with a new $22.5 million secured note payable bearing interest at SOFR+1.85% and maturing in October 2030. As of September 30, 2026, our
investment in this unconsolidated real estate joint venture was $9.9 million.
(4)This loan is subject to a SOFR floor of 0.75%.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
53
Summary of Debt (continued)
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September 30, 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
2027
2028
2029
2030
Thereafter
Unsecured senior notes payable
3.95%
4.13%
1/15/27
$—
$350,000
$—
$—
$—
$—
$350,000
$(167)
$349,833
Unsecured senior notes payable
3.95%
4.07
1/15/28
—
—
425,000
—
—
—
425,000
(569)
424,431
Unsecured senior notes payable
4.50%
4.60
7/30/29
—
—
—
300,000
—
—
300,000
(637)
299,363
Unsecured senior notes payable
2.75%
2.87
12/15/29
—
—
—
400,000
—
—
400,000
(1,346)
398,654
Unsecured senior notes payable
4.70%
4.81
7/1/30
—
—
—
—
450,000
—
450,000
(1,408)
448,592
Unsecured senior notes payable
4.90%
5.05
12/15/30
—
—
—
—
700,000
—
700,000
(3,359)
696,641
Unsecured senior notes payable
3.375%
3.48
8/15/31
—
—
—
—
—
750,000
750,000
(3,219)
746,781
Unsecured senior notes payable
2.00%
2.12
5/18/32
—
—
—
—
—
900,000
900,000
(5,347)
894,653
Unsecured senior notes payable
1.875%
1.97
2/1/33
—
—
—
—
—
1,000,000
1,000,000
(5,586)
994,414
Unsecured senior notes payable
2.95%
3.07
3/15/34
—
—
—
—
—
800,000
800,000
(5,905)
794,095
Unsecured senior notes payable
4.75%
4.88
4/15/35
—
—
—
—
—
500,000
500,000
(4,155)
495,845
Unsecured senior notes payable
5.50%
5.66
10/1/35
—
—
—
—
—
550,000
550,000
(5,852)
544,148
Unsecured senior notes payable
5.25%
5.41
3/15/36
—
—
—
—
—
750,000
750,000
(10,601)
739,399
Unsecured senior notes payable
5.25%
5.38
5/15/36
—
—
—
—
—
400,000
400,000
(3,508)
396,492
Unsecured senior notes payable
4.85%
4.93
4/15/49
—
—
—
—
—
300,000
300,000
(2,670)
297,330
Unsecured senior notes payable
4.00%
3.95
2/1/50
—
—
—
—
—
390,801
390,801
5,419
396,220
Unsecured senior notes payable
3.00%
3.16
5/18/51
—
—
—
—
—
352,398
352,398
(4,373)
348,025
Unsecured senior notes payable
3.55%
3.70
3/15/52
—
—
—
—
—
475,406
475,406
(6,127)
469,279
Unsecured senior notes payable
5.15%
5.26
4/15/53
—
—
—
—
—
500,000
500,000
(7,204)
492,796
Unsecured senior notes payable
5.625%
5.71
5/15/54
—
—
—
—
—
600,000
600,000
(6,304)
593,696
Unsecured senior notes payable weighted-
average interest rate/subtotal
4.04
—
350,000
425,000
700,000
1,150,000
8,268,605
10,893,605
(72,918)
10,820,687
Junior subordinated notes payable
7.25%
(3)
7.37
(3)
2/15/57
(3)
—
—
—
—
—
1,000,000
1,000,000
(14,857)
985,143
Unsecured senior line of credit and commercial
paper program(4)
(4)
4.40%
(4)
1/22/32
(4)
—
—
—
—
—
1,092,450
1,092,450
(1,284)
1,091,166
Weighted-average interest rate/total
4.33%
$—
$350,000
$425,000
$700,000
$1,150,000
$10,361,055
$12,986,055
$(89,059)
$12,896,996
Fixed-rate debt
$—
$350,000
$425,000
$700,000
$1,150,000
$9,268,605
$11,893,605
$(87,775)
$11,805,830
Variable-rate debt
—
—
—
—
—
1,092,450
1,092,450
(1,284)
1,091,166
Total debt
$—
$350,000
$425,000
$700,000
$1,150,000
$10,361,055
$12,986,055
$(89,059)
$12,896,996
Weighted-average stated rate on maturing debt
N/A
3.95%
3.95%
3.50%
4.82%
4.22%
(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 footnote 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.
(4)Refer to footnotes 2, 3, and 5 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In September 2026, we amended and restated our $5.0 billion unsecured senior line of credit which, among other changes,
extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%.
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Definitions and Reconciliations
September 30, 2026
This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-
GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Adjusted EBITDA and Adjusted EBITDA margin
 
The following table reconciles net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the
Adjusted EBITDA margin:
 
Three Months Ended
(Dollars in thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Net (loss) income
$(598,932)
$(38,969)
$398,377
$(995,354)
$(197,845)
Interest expense
79,687
64,342
64,584
65,674
54,852
Income taxes
2,609
1,845
3,225
1,851
3,737
Depreciation and amortization
304,419
304,384
305,441
322,063
340,230
Stock compensation expense
11,953
10,146
11,032
8,232
10,293
Loss (gain) on early extinguishment of debt
3,323
—
(366,435)
—
107
Gain on sales of real estate
—
—
—
(619,914)
(9,366)
Unrealized (gains) losses on non-real estate
investments
(21,563)
(131,933)
10,332
(98,548)
(18,515)
Significant realized losses on non-real
estate investments
—
—
—
103,329
—
Impairment of non-real estate investments
13,580
8,998
12,448
20,181
25,139
Impairment of real estate
637,904
222,470
5,499
1,717,188
323,870
Decrease in provision for expected credit
losses on financial instruments
—
—
—
(341)
—
Adjusted EBITDA
$432,980
$441,283
$444,503
$524,361
$532,502
Total revenues
$671,182
$662,784
$671,022
$754,414
$751,944
Adjusted EBITDA margin
65%
67%
66%
70%
71%
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 investors’ 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.
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Definitions and Reconciliations (continued)
September 30, 2026
Advanced technology
Advanced technology space serves tech office and non-life-science users whose operations
require building characteristics, infrastructure, or systems beyond those typically found in traditional
office space. Similar to laboratory space, advanced technology space may require enhanced floor-
loading capacity; increased electrical capacity, redundancy, and resilience; greater floor-to-floor heights
or clear heights; enhanced freight and loading access; enhanced security features; and specialized
HVAC, exhaust, or other critical building systems.
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 September 30, 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, debt premiums (discounts) and interest expense
associated with the equity treatment of junior subordinated notes payable. Refer to the definition of
fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable
financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative
tenants with highly dynamic and collaborative environments that enhance their ability to successfully
recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These
properties are typically well-located, professionally managed, and well-maintained, offering a wide range
of amenities and featuring premium construction materials and finishes. Class A/A+ properties are
generally newer or have undergone substantial redevelopment and are generally expected to command
higher annual rental rates compared to other classes of similar properties. AAA locations are in close
proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is
important to note that our definition of property classification may not be directly comparable to other
equity REITs.
Credit ratings
Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of
September 30, 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 and advanced technology 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.
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Definitions and Reconciliations (continued)
September 30, 2026
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 quarterly dividend per share divided
by the closing common stock price at the end of the quarter.
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Fixed charges equal interest expense calculated in accordance with GAAP plus capitalized interest, plus
preferred stock dividends, less amortization of loan fees and debt premiums (discounts), and less any
portion of interest expense or preferred stock dividends incurred from any corresponding portion of any
hybrid instrument that is treated as equity, generally consistent with the treatment by key rating
agencies, as excluding such amounts provides investors with useful supplemental information regarding
the effect of that equity-credit treatment on our credit profile and fixed-charge coverage.
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:
 
Three Months Ended
(Dollars in thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Adjusted EBITDA
$432,980
$441,283
$444,503
$524,361
$532,502
Interest expense
$79,687
$64,342
$64,584
$65,674
$54,852
Capitalized interest
62,922
73,717
69,973
81,845
86,091
Amortization of loan fees
(4,422)
(4,417)
(4,428)
(4,481)
(4,505)
Amortization of debt discounts
(353)
(352)
(320)
(327)
(325)
Interest expense associated with the equity
treatment of junior subordinated notes
payable(1)
(4,028)
—
—
—
—
Cash interest and fixed charges
$133,806
$133,290
$129,809
$142,711
$136,113
Fixed-charge coverage ratio:
– quarter annualized
3.2x
3.3x
3.4x
3.7x
3.9x
– trailing 12 months
3.4x
3.6x
3.8x
4.0x
4.1x
(1)Represents 50% of the interest expense associated with our junior subordinated notes payable, corresponding to
the portion of the related amount that key rating agencies treat as equivalent to a common dividend for credit-
analysis purposes.
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.
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Definitions and Reconciliations (continued)
September 30, 2026
Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real
Estate Equities, Inc.’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 Real
Estate Equities, Inc.’s common stockholders (continued)
The following table reconciles net income (loss) to funds from operations for the share of
consolidated real estate joint ventures attributable to noncontrolling interests and our share of
unconsolidated real estate joint ventures:
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
September 30, 2026
September 30, 2026
(In thousands)
Three Months
Ended
Nine Months
Ended
Three Months
Ended
Nine Months
Ended
Net income
$38,754
$109,292
$75
$341
Depreciation and amortization of real
estate assets
32,458
93,449
858
2,577
Funds from operations
$71,212
$202,741
$933
$2,918
Gross assets
Gross assets are calculated as total assets plus accumulated depreciation:
(In thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Total assets
$34,051,722
$34,632,226
$34,167,397
$34,081,835
$37,375,148
Accumulated depreciation
6,879,381
6,648,143
6,393,658
6,127,525
6,416,745
Gross assets
$40,931,103
$41,280,369
$40,561,055
$40,209,360
$43,791,893
Incremental annual net operating income on development and redevelopment projects
Incremental annual net operating income represents the annualized net operating income
expected to be realized upon a project being placed into service and achieving stabilized occupancy. For
projects placed into service during the period, the incremental annual net operating income disclosed
excludes future incremental annual net operating income from space that was vacant or unleased at
delivery. 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.
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Definitions and Reconciliations (continued)
September 30, 2026
Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-
grade rated or publicly traded companies with an average daily market capitalization greater than $10
billion for the twelve months ended September 30, 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
proceeds received upon
disposition and historical
cost
Publicly traded
companies
Fair value
Changes in fair
value
Privately held entities
without readily
determinable fair
values that:
Report NAV
Fair value, using NAV
as a practical
expedient
Changes in NAV, as
a practical expedient
to fair value
Do not report NAV
Cost, adjusted for
observable price
changes and
impairments(1)
Observable price
changes(1)
Impairments to reduce costs
to fair value, which result in
an adjusted cost basis and
the differences between
proceeds received upon
disposition and adjusted or
historical cost
Equity method
investments
Contributions,
adjusted for our share
of the investee’s
earnings or losses,
less distributions
received, reduced by
other-than-temporary
impairments
Our share of
unrealized gains or
losses reported by
the investee
Our share of realized gains
or losses reported by the
investee, and other-than-
temporary impairments
(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same
issuer. Observable price changes result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including subsequent equity offerings or other
reported equity transactions related to the same issuer.
Investments in real estate
The following table reconciles our investments in real estate as of September 30, 2026:
(In thousands)
Investments in
Real Estate
Gross investments in real estate
$35,306,380
Less: accumulated depreciation
(6,879,381)
Investments in real estate
$28,426,999
The following table presents our new Class A/A+ development and redevelopment pipeline,
excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental
revenue as of September 30, 2026:
(Dollars in thousands)
Book Value
Percentage of
Gross Assets
Projects under active construction
$1,043,255
3%
Future development projects(1) and land parcels primarily located in
Megacampuses
3,584,278
9
Total Class A/A+ development and redevelopment pipeline, excluding
properties held for sale
4,627,533
12
Properties held for sale – land and development parcels
480,134
1
Total Class A/A+ development and redevelopment pipeline
$5,107,667
13%
(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
September 30, 2026 and excludes properties classified as held for sale. 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/
Redev
RSF of Lease Expirations Targeted for
Development and Redevelopment
Property/Submarket
2026
2027
Thereafter(1)
Total
Future projects:
446, 458, and 500 Arsenal Street/Cambridge/Inner
Suburbs
Dev
—
—
116,623
116,623
Campus Point by Alexandria/University Town Center
Dev
—
—
96,805
96,805
Sequence District by Alexandria/Sorrento Mesa
Dev/
Redev
—
—
457,013
457,013
1150 El Camino Real/South San Francisco
Dev
—
—
152,000
152,000
960 Industrial Road/San Carlos
Dev
—
—
112,590
112,590
Total
—
—
935,031
935,031
(1)Includes vacant square footage as of September 30, 2026.
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Definitions and Reconciliations (continued)
September 30, 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.
Megacampus™
A Megacampus ecosystem is a cluster campus that consists of approximately 1 million RSF or
greater, including operating, active development/redevelopment, and land RSF less operating RSF
expected to be demolished. The following table reconciles our annual rental revenue and development
and redevelopment pipeline RSF, excluding properties classified as held for sale, as of September 30,
2026:
(Dollars in thousands)
Annual Rental
Revenue
Development and
Redevelopment
Pipeline RSF
Megacampus
$1,485,494
15,575,865
Core and non-core
378,257
3,973,991
Total
$1,863,751
19,549,856
Megacampus as a percentage of annual rental revenue and
of total development and redevelopment pipeline RSF
80%
80%
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:
Nine Months Ended
(in thousands)
9/30/26
9/30/25
Net cash provided by operating activities
$875,410
$1,101,668
Changes in operating assets and liabilities
154,064
188,563
Common stock dividends paid
(371,427)
(684,419)
Distributions to noncontrolling interests
(171,248)
(186,725)
Net cash provided by operating activities, as adjusted
$486,799
$419,087
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Definitions and Reconciliations (continued)
September 30, 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 for evaluating our balance sheet leverage. Net
debt and preferred stock is calculated at the end of the applicable period and equals total consolidated
debt (including secured debt, unsecured senior debt, and junior subordinated debt) plus preferred stock,
less cash, cash equivalents, restricted cash, and the portion of any hybrid instrument included in debt or
preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies,
as excluding such amounts provides investors with useful supplemental information regarding the effect
of that equity-credit treatment on our leverage. Refer to the definition of Adjusted EBITDA and Adjusted
EBITDA margin for further information on the calculation of Adjusted EBITDA.
The following table reconciles debt to net debt and preferred stock and computes the ratio to
Adjusted EBITDA:
(Dollars in thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Secured notes payable
$—
$—
$—
$—
$—
Unsecured senior notes payable
10,820,687
10,818,366
11,166,009
12,047,394
12,044,999
Junior subordinated notes payable
985,143
—
—
—
—
Unsecured senior line of credit and
commercial paper
1,091,166
1,994,508
1,353,986
353,161
1,548,542
Unamortized deferred financing costs
79,954
67,066
69,071
74,314
76,383
Cash and cash equivalents
(508,855)
(470,449)
(418,720)
(549,062)
(579,474)
Restricted cash
(4,908)
(4,690)
(4,665)
(4,693)
(4,705)
Equity treatment of junior subordinated
notes payable(1)
(500,000)
—
—
—
—
Preferred stock
—
—
—
—
—
Net debt and preferred stock
$11,963,187
$12,404,801
$12,165,681
$11,921,114
$13,085,745
Adjusted EBITDA:
– quarter annualized
$1,731,920
$1,765,132
$1,778,012
$2,097,444
$2,130,008
– trailing 12 months
$1,843,127
$1,942,649
$2,044,906
$2,141,811
$2,185,820
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized
6.9x
7.0x
6.8x
5.7x
6.1x
– trailing 12 months
6.5x
6.4x
5.9x
5.6x
6.0x
(1)Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our
junior subordinated notes payable.
Net debt and preferred stock to Adjusted EBITDA (continued)
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
Nine Months Ended
(Dollars in thousands)
9/30/26
9/30/25
9/30/26
9/30/25
Net loss
$(598,932)
$(197,845)
$(239,524)
$(221,372)
Equity in (earnings) losses of unconsolidated real
estate joint ventures
(75)
(201)
(341)
9,327
General and administrative expenses
40,915
29,224
112,461
89,027
Interest expense
79,687
54,852
208,613
161,024
Depreciation and amortization
304,419
340,230
914,244
1,028,415
Impairment of real estate
637,904
323,870
865,873
485,630
Loss (gain) on early extinguishment of debt
3,323
107
(363,112)
107
Gain on sales of real estate
—
(9,366)
—
(22,531)
Investment (income) losses
(23,990)
(28,161)
(152,635)
52,453
Net operating income
443,251
512,710
1,345,579
1,582,080
Straight-line rent revenue
(2,466)
(18,821)
(21,229)
(59,380)
Amortization of deferred revenue related to tenant-
funded and -built landlord improvements
(11,992)
(5,455)
(24,881)
(9,507)
Amortization of acquired below-market leases
(8,233)
(6,456)
(22,229)
(31,874)
Provision for expected credit losses on financial
instruments
—
—
—
285
Net operating income (cash basis)
$420,560
$481,978
$1,277,240
$1,481,604
Net operating income (cash basis) – annualized
$1,682,240
$1,927,912
$1,702,987
$1,975,472
Net operating income (from above)
$443,251
$512,710
$1,345,579
$1,582,080
Total revenues
$671,182
$751,944
$2,004,988
$2,272,142
Operating margin
66%
68%
67%
70%
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Definitions and Reconciliations (continued)
September 30, 2026
Net operating income, net operating income (cash basis), and operating margin (continued)
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.
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 for assets held for sale or to their estimated fair value for assets held and used. These
impairments result from investing decisions or a deterioration in market conditions or changes in the
intended use of a property. 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.
Net operating income, net operating income (cash basis), and operating margin (continued)
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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Definitions and Reconciliations (continued)
September 30, 2026
Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the nine
months ended September 30, 2026:
Development and redevelopment – under construction
Properties
1450 Owens Street
1
701 Dexter Avenue North
1
10200 Campus Point Drive
1
40 Sylvan Road
1
269 East Grand Avenue
1
8800 Technology Forest Place
1
3000 Minuteman Road Building 4
1
7
Development and redevelopment – placed into service or reclassified into
operating 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
4135 Campus Point Court
1
99 Coolidge Avenue
1
50 and 60 Sylvan Road
2
311 Arsenal Street
1
3000 Minuteman Road Building 3
1
421 Park Drive
1
14
Acquisitions after January 1, 2025
Other
2
2
Unconsolidated real estate JVs
3
Properties held for sale
18
Total properties excluded from same properties
44
Same properties
284
Total properties as of September 30, 2026
328
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 are 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 on net income of
any significant variability in components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:
Three Months Ended
Nine Months Ended
(In thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Income from rentals
$653,618
$643,210
$653,013
$728,872
$735,849
$1,949,841
$2,216,303
Rental revenues
(481,348)
(486,589)
(474,786)
(538,330)
(541,070)
(1,442,723)
(1,646,559)
Tenant recoveries
$172,270
$156,621
$178,227
$190,542
$194,779
$507,118
$569,744
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Definitions and Reconciliations (continued)
September 30, 2026
Total debt and preferred stock, as adjusted
Total debt and preferred stock, as adjusted, is calculated at the end of the applicable period
and equals total consolidated debt (including secured debt, unsecured senior, and junior subordinated
debt) plus preferred stock, less the portion of any hybrid instrument included in debt or preferred stock
that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding
such amounts provides investors with useful supplemental information regarding the effect of that
equity-credit treatment on our leverage.
The following table reconciles total debt and preferred stock, as adjusted:
(Dollars in thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Secured notes payable
$—
$—
$—
$—
$—
Unsecured senior notes payable
10,820,687
10,818,366
11,166,009
12,047,394
12,044,999
Junior subordinated notes payable
985,143
—
—
—
—
Unsecured senior line of credit and
commercial paper
1,091,166
1,994,508
1,353,986
353,161
1,548,542
Equity treatment of junior
subordinated notes payable(1)
(500,000)
—
—
—
—
Preferred stock
—
—
—
—
—
Total debt and preferred stock, as
adjusted
$12,396,996
$12,812,874
$12,519,995
$12,400,555
$13,593,541
(1)Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our
junior subordinated notes payable.
Total equity capitalization
Total equity capitalization is equal to the outstanding shares of common stock multiplied by the
closing price on the last trading day at the end of each period presented.
Total market capitalization
Total market capitalization is equal to the sum of total equity capitalization and total debt.
Unencumbered net operating income as a percentage of total net operating income
Unencumbered net operating income as a percentage of total net operating income is a non-
GAAP financial measure that we believe is useful to investors as a performance measure of the results
of operations of our unencumbered real estate assets as it reflects those income and expense items that
are incurred at the unencumbered property level. Unencumbered net operating income is derived from
assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or
other security interest, as of the period for which income is presented.
The following table summarizes unencumbered net operating income as a percentage of total
net operating income:
 
Three Months Ended
(Dollars in thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Unencumbered net operating income
$443,251
$455,448
$446,880
$521,871
$512,710
Encumbered net operating income
—
—
—
—
—
Total net operating income
$443,251
$455,448
$446,880
$521,871
$512,710
Unencumbered net operating income as a
percentage of total net operating income
100.0%
100.0%
100.0%
100.0%
100.0%
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.
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.
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Definitions and Reconciliations (continued)
September 30, 2026
The weighted-average shares of common stock outstanding used in calculating EPS – diluted,
FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as
follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with
nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class
method for each of the respective periods presented below.
Three Months Ended
Nine Months Ended
(In thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Basic shares for earnings per
share
170,751
170,718
170,598
170,394
170,181
170,689
170,278
Unvested RSAs with
forfeitable dividends
—
—
269
—
—
—
—
Diluted shares for earnings
per share
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Basic shares for funds from
operations per share and
funds from operations per
share, as adjusted
170,751
170,718
170,598
170,394
170,181
170,689
170,278
Unvested RSAs with
forfeitable dividends
667
492
269
110
124
480
73
Diluted shares for funds from
operations per share and
funds from operations per
share, as adjusted
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Weighted-average unvested
RSAs with nonforfeitable
dividends used in
calculating the allocations
of net income, funds from
operations, and funds from
operations, as adjusted
1,224
1,276
1,340
1,570
1,917
1,280
1,989

Source: View Original Filing on SEC EDGAR

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