Alexandria Real Estate Equities, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 27 April 2026: press release. Guidance figures: 2 raised, 10 lowered, 9 kept. The quarter’s numbers.

Key takeaways

FFO per share down year on year: FFO per share, as adjusted, was $1.73 against $2.30 in 1Q25. FFO attributable to common stockholders, as adjusted, totaled $295.9 million versus $392.0 million. Source
Operating occupancy fell to 87.7%: Operating occupancy was 87.7% at March 31, 2026, down from 90.9% at December 31, 2025. Previously disclosed key lease expirations accounted for 1.9 points of the decline. Source
Same-property NOI down 11.9%: Same-property NOI fell 11.9% year over year. Same-property average occupancy was 88.9% for the quarter against 94.0% a year earlier. Management expects improvement in 2H26. Source
Renewal rents fell 15.0%: Renewed and re-leased rents fell 15.0%, or 15.8% on a cash basis. Excluding one 47,719 RSF lease at 480 Arsenal Street, the declines were 10.1% and 9.1%. Source
2027 expirations of 1.5 million RSF: 1.5 million RSF expires in 2027 with $97.4 million of annual rent. Management expects 6 to 24 months of downtime on a weighted-average basis. Source
G&A down 18% from 2024 average: G&A was $34.7 million in 1Q26, 18% below the 2024 quarterly average. Trailing-twelve-month G&A was 6.0% of net operating income. Source
Five projects face strategy choices: Five projects are under review. Laboratory completion would deliver in 2028 at the earliest, while lower-investment alternatives could deliver sooner. Source
$2.18 billion of sales in process: Management identified $2.18 billion of dispositions and partial-interest sales in process. The 2026 guidance midpoint of $2.90 billion is weighted to August 2026. Source

“The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing cash flows with our stockholders.”
Alexandria Real Estate Equities, Inc., press release

Guidance

Area	Period	Figure	Against last quarter
FFO per share, as adjusted (diluted) Source	full year 2026	$6.30 to $6.50 (midpoint $6.40)	Kept
FFO per share, as adjusted (diluted) Source	fourth quarter 2026	$1.40 to $1.50	Lowered from $1.40 to $1.60
Net debt and preferred stock to Adjusted EBITDA; fixed-charge coverage ratio Source	fourth quarter 2026, annualized	5.6x to 6.2x; 3.6x to 4.1x	Kept
Occupancy of operating properties Source	as of December 31, 2026	86.2% to 87.8%	Lowered from 87.7% to 89.3%
Same property net operating income changes (reported and cash basis) Source	full year 2026	(10.5)% to (8.5)%	Lowered from (9.5)% to (7.5)%
Lease renewals and re-leasing rental rate changes (reported and cash basis) Source	full year 2026	(9.0)% to (1.0)%; cash basis (15.0)% to (7.0)%	Lowered from (2.0)% to 6.0%; cash basis (12.0)% to (4.0)%
Straight-line rent revenue Source	full year 2026	$55 million to $85 million	Lowered from $65 million to $95 million
General and administrative expenses Source	full year 2026	$134 million to $154 million	Kept
Capitalization of interest Source	full year 2026	$225 million to $265 million	Lowered from $225 million to $275 million
Interest expense Source	full year 2026	$240 million to $280 million	Raised from $230 million to $280 million
Dispositions and sales of partial interests Source	full year 2026	$2.10 billion to $3.70 billion (midpoint $2.90 billion)	Kept
Net cash provided by operating activities, as adjusted Source	full year 2026	$475 million to $575 million (midpoint $525 million)	Kept
Construction spending Source	full year 2026	$1.50 billion to $2.00 billion (midpoint $1.75 billion)	Kept
Reduction in debt Source	full year 2026	$(1,075) million to $(2,275) million (midpoint $(1,675) million)	Kept
Common stock repurchase program Source	through December 31, 2026	up to $500.0 million	Kept
Non-income-producing assets as a percentage of gross assets Source	by 4Q26	11% to 16%
Incremental annual net operating income from development deliveries Source	2Q26 to 4Q26 placed in service	$92 million	Lowered from $97 million
Incremental annual net operating income from development deliveries Source	2027 to 2028	$93 million	Lowered from $123 million
Annual net operating income uplift from burn-off of initial free rent Source	recently delivered projects, after about four months	$25 million	Lowered from $26 million
Average real estate basis capitalized Source	4Q26	$3.8 billion to $5.3 billion	Lowered from $4.0 billion to $5.5 billion
FFO reduction from potential tenant wind-downs Source	full year 2026	$25 million to $30 million
Vacant space leased but not yet delivered Source	weighted-average expected delivery September 2026	1.1 million RSF; approximately $68 million annual rental revenue	Raised from 899,259 RSF; approximately $52 million annual rental revenue; August 2026
Realized gains on non-real estate investments Source	full year 2026	$60 million to $90 million	Kept

What changed from last quarter

Guidance lowered: Same-property occupancy and net operating income ranges lowered, as the prior assumed benefit from properties to be sold was reduced. Source
Guidance lowered: Development NOI expected from projects placed in service lowered for 4Q26 and 2027 to 2028. Source
Guidance lowered: Projected average real estate basis capitalized for 4Q26 lowered by $200 million at midpoint from the December 2025 range. Source
Guidance kept: 2026 FFO per share midpoint and other key ranges kept; the FFO range itself was narrowed. Source
New: Letters of intent executed in April 2026 for lower-cost alternative uses at two redevelopment projects. Source
New: Tenant wind-down at a Torrey Pines property addressed by terminating the existing lease and signing a new lease in April 2026. Source
New: Tender offers completed in February 2026 to repurchase $1.33 billion of senior notes, funded mainly by $750.0 million of 5.25% notes due 2036. Source
New: Five development and redevelopment projects now have business and financial strategies under evaluation; the prior release cited four additional projects. Source

Results and FFO

Net income positive on debt gain: Diluted net income per share was $2.10 against a $0.07 loss in 1Q25. The gain came from February 2026 tender offers and included write-off of unamortized issuance costs. Source
FFO per share down year on year: FFO per share, as adjusted, was $1.73 against $2.30 in 1Q25. FFO attributable to common stockholders, as adjusted, totaled $295.9 million versus $392.0 million. Source
Net operating income down on dispositions: Net operating income, cash basis, annualized was $1,672 million, down 15.2%. Excluding properties disposed of after January 1, 2025, the decline would have been 8.9%. Source
Rental income fell on both pools: Same-property rental revenues fell 8.8% to $431.4 million. Non-same-property rental revenues fell 45.1% to $43.3 million. Source

Occupancy and same-property results

Operating occupancy fell to 87.7%: Operating occupancy was 87.7% at March 31, 2026, down from 90.9% at December 31, 2025. Previously disclosed key lease expirations accounted for 1.9 points of the decline. Source
Same-property NOI down 11.9%: Same-property NOI fell 11.9% year over year. Same-property average occupancy was 88.9% for the quarter against 94.0% a year earlier. Management expects improvement in 2H26. Source
San Diego and Boston occupancy declines: San Diego occupancy fell from 97.2% to 88.4% and Greater Boston from 86.4% to 83.8% since year-end. Both moves reflect key lease expirations with expected downtime. Source
Prior-year vacancy in South San Francisco: The same-property comparison also reflects a 4Q25 vacancy of 170,618 RSF at one South San Francisco property. Source

“We expect our same property performance to improve in 2H26, primarily due to changes in same property occupancy, including the anticipated delivery of 1.1 million RSF of vacant space”
Alexandria Real Estate Equities, Inc., press release

Leasing and rental rates

Leasing volume of 647,356 RSF: Total leasing was 647,356 RSF: 380,687 RSF of renewals and re-leasing, 148,734 RSF of previously vacant space and 117,935 RSF of development and redevelopment space. Source
Renewal rents fell 15.0%: Renewed and re-leased rents fell 15.0%, or 15.8% on a cash basis. Excluding one 47,719 RSF lease at 480 Arsenal Street, the declines were 10.1% and 9.1%. Source
April leases and letters of intent: Leases and letters of intent for 276,188 RSF in the development and redevelopment pipeline were executed from April 1 through April 27, 2026. Source
Existing tenants drove most leasing: Existing tenants generated 72% of 1Q26 leasing activity. Source

Tenants and lease expirations

Investment-grade and large-cap share up: 55% of annual rental revenue comes from investment-grade or publicly traded large-cap tenants, up from 53% at December 31, 2025. Source
Top 20 tenants have long lease terms: The top 20 tenants have a weighted-average remaining lease term of 9.9 years, and 87% of their annual rental revenue is from investment-grade or large-cap tenants. Source
2026 expirations with downtime: 2026 key lease expirations with expected downtime total 747,383 RSF and $44.7 million of annual rent, with a weighted-average expiration in June 2026. Source
2027 expirations of 1.5 million RSF: 1.5 million RSF expires in 2027 with $97.4 million of annual rent. Management expects 6 to 24 months of downtime on a weighted-average basis. Source

“We expect improvement in our quarter annualized net debt and preferred stock to Adjusted EBITDA ratio in 2H26 as we complete dispositions and sales of partial interests.”
Alexandria Real Estate Equities, Inc., press release

Costs, G&A and margins

G&A down 18% from 2024 average: G&A was $34.7 million in 1Q26, 18% below the 2024 quarterly average. Trailing-twelve-month G&A was 6.0% of net operating income. Source
2025 G&A reduction of $51.3 million: G&A fell $51.3 million, or 30%, in 2025 against 2024, mainly from cost-control and efficiency initiatives. Source
Margins narrowed from 4Q25: Operating margin was 67% and adjusted EBITDA margin 66%, against 69% and 70% in 4Q25. 97% of leases contain annual rent escalations. Source
Tenant wind-down FFO hit began: About $6 million of the expected $25 million to $30 million FFO reduction from potential tenant wind-downs was recognized in 1Q26. Source

Development and pipeline

1.6 million RSF under review: Management is evaluating business and financial strategy for projects totaling 1.6 million RSF to reduce construction funding in the active pipeline. Source
Pipeline concentrated in Megacampuses: 77% of development and redevelopment RSF sits in Megacampus ecosystems. 3.4 million RSF of Class A/A+ space is under construction. Source
Five projects face strategy choices: Five projects are under review. Laboratory completion would deliver in 2028 at the earliest, while lower-investment alternatives could deliver sooner. Source
Capitalized basis tied to milestones: Average real estate basis capitalized was $6.86 billion in 1Q26, including $1.16 billion of land with pre-construction milestones due by August 2026. Source

Dispositions and capital recycling

$2.18 billion of sales in process: Management identified $2.18 billion of dispositions and partial-interest sales in process. The 2026 guidance midpoint of $2.90 billion is weighted to August 2026. Source
$149.1 million pending: Pending transactions subject to non-refundable deposits, signed letters of intent or purchase agreement negotiations total $149.1 million, on the company's share. Source
$2.3 million sale closed in April: One property sale of $2.3 million was completed in April 2026. No gain on sale of real estate was recognized on it. Source

Balance sheet and shareholder returns

Debt term of 10.0 years: Weighted-average remaining debt term is 10.0 years, the longest among S&P 500 REITs. Only 9% of total debt matures through 2028. Source
Liquidity of $4.17 billion: Liquidity was $4.17 billion at March 31, 2026, equal to 3.7 times debt maturities through 2028. Source
Dividend held at $0.72: The quarterly common dividend was held at $0.72, with a 42% payout ratio and a 6.2% annualized yield. Source
No buybacks made yet: No shares had been repurchased under the $500.0 million program by March 31, 2026. Management continues to evaluate the plan. Source

Management team and tenure

Megacampus platform holds 78% of rent: 78% of annual rental revenue in effect comes from the Megacampus platform as of March 31, 2026. Source
Senior team averages 23 years: The executive and senior management team has 70 people averaging 23 years of real estate experience, including 13 years at Alexandria. Source
Regional market directors lead clusters: Regional market directors with long-standing life science community relationships lead the innovation cluster markets. Source

Coming up, as management said on 27 April 2026

2027 guidance at December Investor Day: Management plans to introduce 2027 guidance and related assumptions at its Investor Day on December 2, 2026. Source
Commercial paper to fall below $350 million: Commercial paper outstanding is expected below $350.0 million by end-2026, with the April 2026 note repayment funded by short-term borrowing. Source
Dispositions weighted to August 2026: The weighted-average projected date for dispositions and partial-interest sales is August 2026. Source
Torrey Pines space delivers early 2027: The Torrey Pines lease signed in April 2026 is expected to deliver in early 2027, after tenant improvements are completed. Source
Redevelopment decisions after leasing: If the April letters of intent convert to leases, management will evaluate whether projects reopen without further redevelopment. Source

Figures management reported

Figure	Reported
FFO per share, as adjusted (diluted) Source	$1.73 in 1Q26 vs $2.30 in 1Q25
Occupancy (operating properties) Source	87.7% at March 31, 2026
Same property NOI change (reported and cash basis) Source	(11.9)% reported; (11.7)% cash basis
Leasing spread, renewals and re-leasing Source	(15.0)% reported; (15.8)% cash basis
Dispositions and sales of partial interests Source	$2.18 billion identified and in process; $2.3 million completed in April 2026
Leverage: net debt and preferred stock to Adjusted EBITDA (quarter annualized) Source	6.8x
Fixed-charge coverage ratio (quarter annualized) Source	3.4x

Risks management discussed

Financial: Management funds a large part of 2026 capital needs through dispositions, with $2.18 billion still in process and $149.1 million pending. Source
Demand: A 232,902 RSF single-tenant lease at the Waltham Megacampus, about $27.0 million of annual rent, is not expected to renew, and relocation is now earlier than planned. Source
Demand: Management estimates at least a similar FFO reduction from tenant wind-downs may be needed through 2026 and beyond. Source
Financial: A $5.5 million impairment in 1Q26 related to an amended sales agreement for the Canada portfolio. Source
External: Management's industry slides show FDA novel drug approvals in 1Q26 slightly below the 10-year quarterly average. Source

Earlier plans management reported on

Not stated: The December 3, 2025 4Q26 range is being refined; management now expects $1.40 to $1.50. Source
On track: Management describes the 4Q26 leverage target of 5.6x to 6.2x as on track. Source
Not stated: Management anticipates about half of the 2025 G&A reduction will continue in 2026, as some savings were temporary. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Table of ContentsMarch 31, 2026 First Quarter Ended March 31, 2026 Financial and Operating Results (continued) March 31, 2026 First Quarter Ended March 31, 2026 Financial and Operating Results (continued) March 31, 2026 2026 GuidanceMarch 31, 2026(Dollars in millions, except per share amounts) 2026 Guidance (continued)March 31, 2026(Dollars in millions) 2026 Guidance (continued)March 31, 2026 Dispositions and Sales of Partial InterestsMarch 31, 2026(Dollars in thousands) Earnings Call Information and About the CompanyMarch 31, 2026 Consolidated Statements of OperationsMarch 31, 2026(Dollars in thousands, except per share amounts) Consolidated Balance SheetsMarch 31, 2026(In thousands) Funds From Operations and Funds From Operations per ShareMarch 31, 2026(In thousands) Funds From Operations and Funds From Operations per Share (continued)March 31, 2026(In thousands, except per share amounts) Company ProfileMarch 31, 2026 Investor InformationMarch 31, 2026 Financial and Asset Base HighlightsMarch 31, 2026(Dollars in thousands, except per share amounts) Financial and Asset Base Highlights (continued)March 31, 2026(Dollars in thousands, except annual rental revenue per occupied RSF amounts) High-Quality and Diverse Client BaseMarch 31, 2026 Key Operating MetricsMarch 31, 2026 Same Property PerformanceMarch 31, 2026(Dollars in thousands) Leasing ActivityMarch 31, 2026(Dollars per RSF) Contractual Lease ExpirationsMarch 31, 2026 Top 20 TenantsMarch 31, 2026(Dollars in thousands, except average market cap amounts) Summary of Properties and OccupancyMarch 31, 2026(Dollars in thousands, except per RSF amounts) Property ListingMarch 31, 2026(Dollars in thousands) Property Listing (continued)March 31, 2026(Dollars in thousands) Property Listing (continued)March 31, 2026(Dollars in thousands) Property Listing (continued)March 31, 2026(Dollars in thousands) Property Listing (continued)March 31, 2026(Dollars in thousands) Property Listing (continued)March 31, 2026(Dollars in thousands) Investments in Real EstateMarch 31, 2026 Investments in Real EstateMarch 31, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Recent DeliveriesMarch 31, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Under ConstructionMarch 31, 2026 New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)March 31, 2026 New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)March 31, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of PipelineMarch 31, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)March 31, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)March 31, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)March 31, 2026(Dollars in thousands) Construction SpendingMarch 31, 2026(Dollars in thousands) Capitalization of InterestMarch 31, 2026(Dollars in thousands) Joint Venture Financial InformationMarch 31, 2026 Joint Venture Financial Information (continued)March 31, 2026(In thousands) InvestmentsMarch 31, 2026(Dollars in thousands) Balance SheetMarch 31, 2026 Balance SheetMarch 31, 2026 Key Credit MetricsMarch 31, 2026 Summary of Debt March 31, 2026 Summary of Debt (continued)March 31, 2026(Dollars in thousands) Summary of Debt (continued)March 31, 2026(Dollars in thousands) Summary of Debt (continued)March 31, 2026(Dollars in thousands) Definitions and ReconciliationsMarch 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026 Definitions and Reconciliations (continued)March 31, 2026

Alexandria’s Key Disposition In 4Q25 - 409 and 499 Illinois Street in Mission BayRecord $1,645 Price Per RSF, the Highest Ever Achieved in San Francisco(1) ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSET MANAGEMENT, DESIGN, DEVELOPMENT, AND SUSTAINABILITY DRUG APPROVALS DECELERATED SLIGHTLY IN 1Q26 COMPARED TO 10-YEAR QUARTERLY AVERAGE ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

CONTINUING SUCCESSFUL REDUCTION AND MANAGEMENT OF G&A EXPENSES ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANT MIX72% of our leasing activity during 1Q26 was generated from our existing tenant base

PROJECTED REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE ASSETS THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY IS DEPENDENT ON FOUR CRITICAL PILLARS ALEXANDRIA’S PATH FORWARD: 1Q26 UPDATE

2026 DISPOSITIONS AND SALES OF PARTIAL INTERESTS LEASING VOLUME BY RSF Weighted-Average Remaining Debt Term of 10.0 Years	(1)
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 As of 4/27/26As of 1/26/26Key Changesto MidpointKey AssumptionsLowHighLowHighOccupancy of operating properties as of December 31, 202686.2%(1)87.8%(1)87.7%89.3%150 bps reduction(2)Same property performance:Net operating income changes(10.5)%(1)(8.5)%(1)(9.5)%(7.5)%100 bps reduction(2)Net operating income changes (cash basis)(10.5)%(1)(8.5)%(1)(9.5)%(7.5)%100 bps reduction(2)Lease renewals and re-leasing of space:Rental rate changes(9.0)%(1.0)%(2.0)%6.0%700 bps reduction(3)Rental rate changes (cash basis)(15.0)%(7.0)%(12.0)%(4.0)%300 bps reduction(3)Straight-line rent revenue$55$85$65$95$10 million reduction(3)General and administrative expenses$134$154$134$154No ChangeCapitalization of interest$225$265$225$275$5 million reduction(4)Interest expense$240$280$230$280$5 million increase(4)Realized gains on non-real estate investments(5)$60$90$60$90No Change 4Q26 funds from operations per share - diluted, as adjusted Price(Our Share)Gain on Sales of Real EstatePropertyCompleted in April 2026$2,250$ - Our share of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations149,106Completed and pending 2026 dispositions as of April 27, 2026151,356Dispositions and sales of partial interests identified and in process2,181,275Additional projected567,369$2,900,0002026 guidance range for dispositions and sales of partial interests$2,100,000 - $3,700,000Midpoint$2,900,000Weighted-average projected disposition and sales of partial interests dateAugust 2026 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 Three Months Ended (unless stated otherwise)3/31/2612/31/259/30/256/30/253/31/25Selected financial data from consolidated financial statements and related informationRental revenues$474,786(1)$538,330$541,070$553,377$552,112Tenant recoveries$178,227$190,542$194,779$183,902$191,063General and administrative expenses$34,685$28,020$29,224$29,128$30,675General and administrative expenses as a percentage of net operating income - trailing 12 months6.0%5.6%5.7%6.3%6.9%Operating margin67%69%68%71%70%Adjusted EBITDA margin66%70%71%71%71%Adjusted EBITDA - quarter annualized$1,778,012$2,097,444$2,130,008$2,174,160$2,165,632Adjusted EBITDA - trailing 12 months$2,044,906$2,141,811$2,185,820$2,208,226$2,218,722Net debt at end of period $12,165,681$11,921,114$13,085,745$12,844,726$12,687,856Net debt and preferred stock to Adjusted EBITDA - quarter annualized6.8x5.7x6.1x5.9x5.9xNet debt and preferred stock to Adjusted EBITDA - trailing 12 months5.9x5.6x6.0x5.8x5.7xTotal debt and preferred stock at end of period$12,519,995$12,400,555$13,593,541$13,294,100$13,090,834Gross assets at end of period$40,561,055$40,209,360$43,791,893$43,770,007$43,486,989Total debt and preferred stock to gross assets at end of period31%31%31%30%30%Fixed-charge coverage ratio - quarter annualized3.4x3.7x3.9x4.1x4.3xFixed-charge coverage ratio - trailing 12 months3.8x4.0x4.1x4.3x4.4xUnencumbered net operating income as a percentage of total net operating income100.0%100.0%100.0%99.7%99.8%Closing stock price at end of period$46.42$48.94$83.34$72.63$92.51Common shares outstanding (in thousands) at end of period 170,712170,538170,339170,146170,130Total equity capitalization at end of period$7,924,465$8,346,123$14,196,059$12,357,709$15,738,715Total market capitalization at end of period$20,444,460$20,746,678$27,789,600$25,651,809$28,829,549Dividend per share - quarter/annualized$0.72/$2.88$0.72/$2.88$1.32/$5.28$1.32/$5.28$1.32/$5.28Dividend payout ratio for the quarter42%33%60%57%57%Dividend yield - annualized6.2%5.9%6.3%7.3%5.7%Amounts related to operating leases:Operating lease liabilities at end of period$358,610$360,543$361,986$363,419$371,412Rent expense$7,658$8,566$10,645$12,139$11,666Capitalized interest$69,973$81,845$86,091$82,423$80,065Average real estate basis capitalized during the period$6,860,098$8,046,984$8,407,332$8,107,180$8,026,566Weighted-average interest rate for capitalization of interest during the period4.08%4.07%4.10%4.07%3.99%Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.(1)The decline from 4Q25 is primarily attributable to i) the disposition of operating properties subsequent to October 1, 2025, ii) key lease expirations aggregating 657,492 RSF, with a weighted-average lease expiration date of January 2026 and prior annual rental revenue of approximately $41.6 million, and iii) rental revenue of $11.4 million recognized during 4Q25, primarily related to a termination fee, net of the deferred rent balances written off, at a property in our South San Francisco submarket that is now vacant and has been fully re-leased, with occupancy expected to commence in 3Q26. Three Months Ended (unless stated otherwise)3/31/2612/31/259/30/256/30/253/31/25Amounts included in funds from operations and non-revenue-enhancing capital expendituresStraight-line rent revenue$17,862$14,096$18,821$18,536$22,023Amortization of acquired below-market leases$5,615$5,889$6,456$10,196$15,222Amortization of deferred revenue related to tenant-funded and -built landlord improvements$5,405$5,264$5,455$2,401$1,651Straight-line rent expense on ground leases$155$116$114$87$149Cash payment for ground lease extension$ - $ - $ - $ - $(135,000)Stock compensation expense$11,032$8,232$10,293$12,530$10,064Amortization of loan fees $4,428$4,481$4,505$4,615$4,691Amortization of debt discounts$320$327$325$335$349Non-revenue-enhancing capital expenditures:Building improvements $3,357$4,372$3,948$4,622$3,789Tenant improvements and leasing commissions$22,811$26,494$16,707$23,971$73,483Funds from operations attributable to noncontrolling interests$66,197$77,922$80,236$80,860$81,012Operating statistics and related information (at end of period)Number of properties 339340375384386RSF (including development and redevelopment projects under construction)39,260,16839,449,37242,887,96443,699,92243,687,343Total square footage 59,377,26759,382,07966,417,02667,220,33768,518,184Annual rental revenue per occupied RSF $59.91$59.97$58.94$58.68$58.38Occupancy of operating properties 87.7%(1)90.9%90.6%90.8%91.7%Occupancy of operating and redevelopment properties 84.1%86.9%85.8%86.2%86.9%Weighted-average remaining lease term (in years) 7.57.57.57.47.6Total leasing activity - RSF647,3561,220,9441,171,344769,8151,030,553Lease renewals and re-leasing of space - change in new rental rates over expiring rates:Rental rate changes(15.0)%(2)(9.9)%15.2%5.5%18.5%Rental rate changes (cash basis)(15.8)%(2)(5.2)%6.1%6.1%7.5%RSF (included in total leasing activity above)380,687821,289354,367483,409884,408Previously vacant leasing activity - RSF148,734393,376256,633154,638139,715Developed/redeveloped leasing activity - RSF117,9356,279560,344131,7686,430Top 20 tenants:Annual rental revenue$725,681$725,559$768,528$795,244$754,354Annual rental revenue from investment-grade or publicly traded large cap tenants87%84%90%89%87%Weighted-average remaining lease term (in years) 9.99.79.49.49.6Same property performance - percentage change over comparable quarter from prior year:Net operating income changes(11.9)%(3)(6.0)%(6.0)%(5.4)%(3.1)%Net operating income changes (cash basis)(11.7)%(3)(1.7)%(3.1)%2.0%5.1% Same Property Financial DataThree Months Ended March 31, 2026Same Property Statistical DataThree Months Ended March 31, 2026Percentage change over comparable period from prior year:Number of same properties294Net operating income changes(11.9)%(1)Rentable square feet31,965,127Net operating income changes (cash basis)(11.7)%(1)Occupancy - current-period average88.9%(1)Operating margin65%Occupancy - same-period prior-year average94.0% YearRSFPercentage of Occupied RSFAnnual Rental Revenue (per RSF)(1)Percentage of Annual Rental Revenue2026(2)1,485,6864.9%$55.844.6%20273,367,99711.2%$56.5110.5%20283,687,60812.3%$49.6610.1%20291,831,3886.1%$44.654.5%20302,446,1908.1%$42.705.8%20313,562,36611.8%$54.9110.8%2032886,7042.9%$57.832.8%20332,177,8347.2%$50.726.1%20342,727,1489.1%$66.9110.1%20351,042,1263.5%$58.193.4%Thereafter6,868,64122.9%$82.4231.3% Summary of properties Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalSan Francisco Bay AreaMission BayMegacampus: Alexandria Center® for Science and Technology - Mission Bay(1)1,560,039212,657 - 1,772,6968$60,22490.1%90.1%1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard SouthMission Bay1,560,039212,657 - 1,772,696860,22490.190.1South San FranciscoMegacampus: Alexandria Center® for Advanced Technologies - South San Francisco812,453 - 84,157896,610542,87879.071.6213(1), 249, 259, 269, and 279 East Grand AvenueAlexandria Center® for Life Science - South San Francisco504,232 - - 504,232326,40774.674.6201 Haskins Way and 400 and 450 East Jamie CourtMegacampus: Alexandria Center® for Advanced Technologies - Tanforan445,232 - - 445,23222,365100.0100.01122 and 1150 El Camino RealAlexandria Technology Center® - Gateway326,197 - - 326,197518,57093.293.2600, 630, 650, 901, and 951 Gateway BoulevardAlexandria Center® for Life Science - Millbrae(1)285,346 - - 285,346137,006100.0100.0230 Harriet Tubman Way500 Forbes Boulevard(1)155,685 - - 155,685110,908100.0100.0South San Francisco2,529,145 - 84,1572,613,30217138,13487.384.5Greater StanfordMegacampus: Alexandria Center® for Life Science - San Carlos738,038 - - 738,038946,65691.491.4825, 835, 960, and 1501-1599 Industrial RoadAlexandria Stanford Life Science District705,767 - - 705,767947,93276.376.33160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue3412, 3420, 3440, 3450, and 3460 Hillview Avenue340,103 - - 340,103524,64086.586.52475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road198,548 - - 198,548313,732100.0100.02100 Geng Road12,125 - - 12,1251690100.0100.0Greater Stanford1,994,581 - - 1,994,58127133,65086.186.1San Francisco Bay Area6,083,765212,65784,1576,380,57952$332,00887.6%86.4%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(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. Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalSan DiegoTorrey PinesMegacampus: One Alexandria Square1,090,978 - - 1,090,97810$68,54982.6%82.6%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 CourtARE Torrey Ridge308,565 - - 308,565314,59186.286.210578, 10618, and 10628 Science Center DriveTorrey Pines1,399,543 - - 1,399,5431383,14083.483.4University Town CenterMegacampus: Campus Point by Alexandria(1)1,258,052893,525 - 2,151,577877,39695.495.49880(2), 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4224, and 4242 Campus Point CourtMegacampus: 5200 Illumina Way(1)792,687 - - 792,687629,978100.0100.09625 Towne Centre Drive(1)163,648 - - 163,6481 - - - University Town Center2,214,387893,525 - 3,107,91215107,37490.090.0Sorrento MesaMegacampus: SD Tech by Alexandria(1)1,154,144 - - 1,154,1441348,43889.989.99605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and 10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon RoadMegacampus: Sequence District by Alexandria671,039 - - 671,039624,306100.0100.06290, 6310, 6340, 6350, 6420, and 6450 Sequence DriveSummers Ridge Science Park(1)316,531 - - 316,531411,521100.0100.09965, 9975, 9985, and 9995 Summers Ridge Road10102 Hoyt Park Drive144,113 - - 144,113111,379100.0100.05810/5820 Nancy Ridge Drive83,354 - - 83,3541 - - - 9877 Waples Street63,774 - - 63,77412,680100.0100.0Sorrento Mesa2,432,955 - - 2,432,9552698,32491.891.8Sorrento Valley3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard151,406 - - 151,40664,85755.955.911045 Roselle Street27,689 - - 27,68911,739100.0100.0Sorrento Valley179,095 - - 179,09576,59662.762.7San Diego6,225,980893,525 - 7,119,50561$295,43488.4%88.4%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(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. Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalSeattleLake UnionMegacampus: Alexandria Center® for Life Science - Eastlake1,151,975 - - 1,151,9759$68,23389.9%89.9%1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and 199 East Blaine Street, and 1600 Fairview Avenue EastMegacampus: Alexandria Center® for Advanced Technologies - South Lake Union413,178227,577 - 640,755423,36798.898.8400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219 Terry Avenue NorthLake Union1,565,153227,577 - 1,792,7301391,60092.392.3Elliott Bay410 Elliott Avenue West2,896 - - 2,8961 - - - BothellMegacampus: Alexandria Center® for Advanced Technologies - Canyon Park815,000 - - 815,0001916,01484.284.222121 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 SoutheastAlexandria Center® for Advanced Technologies - Monte Villa Parkway463,243 - - 463,243612,88079.779.73301, 3303, 3305, 3307, 3555, and 3755 Monte Villa ParkwayBothell1,278,243 - - 1,278,2432528,89482.582.5Seattle2,846,292227,577 - 3,073,86939120,49487.887.8MarylandRockvilleMegacampus: Alexandria Center® for Life Science - Shady Grove1,691,960 - - 1,691,9602093,32692.692.69601, 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 Road1330 Piccard Drive131,507 - - 131,50713,81387.687.61405 and 1450 Research Boulevard114,182 - - 114,18223,32675.175.15 Research Place63,852 - - 63,85213,164100.0100.05 Research Court51,520 - - 51,52011,976100.0100.012301 Parklawn Drive49,185 - - 49,18511,853100.0100.0Rockville2,102,206 - - 2,102,20626$107,45891.9%91.9%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(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. Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalMaryland (continued)GaithersburgAlexandria Technology Center® - Gaithersburg I619,061 - - 619,0619$20,08392.8%92.8%9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper RoadAlexandria Technology Center® - Gaithersburg II486,300 - - 486,300715,89789.289.2700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road401 Professional Drive63,207 - - 63,20711,28376.776.7950 Wind River Lane50,000 - - 50,00011,234100.0100.0620 Professional Drive27,950 - - 27,95011,207100.0100.0Gaithersburg1,246,518 - - 1,246,5181939,70491.091.0Beltsville8000/9000/10000 Virginia Manor Road 191,884 - - 191,88413,423100.0100.0101 West Dickman Street(1)135,958 - - 135,95812,786100.0100.0Beltsville327,842 - - 327,84226,209100.0100.0Maryland3,676,566 - - 3,676,56647153,37192.392.3Research TriangleResearch TriangleMegacampus: Alexandria Center® for Life Science - Durham2,041,067 - - 2,041,0671541,54197.397.36, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, and 2400 Ellis RoadMegacampus: Alexandria Center® for Advanced Technologies and AgTech - Research Triangle712,240 - - 712,240627,48287.287.26, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory DriveMegacampus: Alexandria Center® for Sustainable Technologies259,962 - - 259,96287,12185.185.1104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle DriveAlexandria Technology Center® - Alston121,204 - - 121,20422,29080.580.5800 and 801 Capitola DriveAlexandria Innovation Center® - Research Triangle136,563 - - 136,56334,06496.196.17010, 7020, and 7030 Kit Creek Road2525 East NC Highway 5482,996 - - 82,99613,580100.0100.0407 Davis Drive81,956 - - 81,95613,323100.0100.0Research Triangle3,435,988 - - 3,435,98836$89,40193.8%93.8%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(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. Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalNew York CityNew York CityMegacampus: Alexandria Center® for Life Science - New York City727,674 - - 727,6742$66,51095.8%95.8%430 and 450 East 29th StreetNew York City727,674 - - 727,674266,51095.895.8TexasAustinMegacampus: Intersection Campus1,523,318 - - 1,523,3181234,13584.984.9507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista CircleAustin1,523,318 - - 1,523,3181234,13584.984.9Greater HoustonAlexandria Center® for Advanced Technologies at The Woodlands 127,776 - 66,350194,12613,75244.629.48800 Technology Forest PlaceTexas1,651,094 - 66,3501,717,4441337,88781.878.7Non-cluster/other markets417,523 - - 417,523710,90386.086.0North America, excluding properties held for sale34,403,4701,900,4321,511,87937,815,7813201,803,29487.7%84.1%Properties held for sale 1,444,387 - - 1,444,3871932,56772.1%72.1%Total - North America35,847,8571,900,4321,511,87939,260,168339$1,835,861 99 Coolidge Avenue50 and 60 Sylvan Road(1)1450 Owens StreetGreater Boston/Cambridge/Inner SuburbsGreater Boston/Route 128San Francisco Bay Area/Mission Bay174,662 RSF267,015 RSF212,657 RSF84% Leased/Negotiating74% Leased/Negotiating51% Leased/Negotiating Our Ownership InterestAt 100%Unlevered YieldsProperty/Market/SubmarketIn ServiceCIPCost to CompleteTotal atCompletionInitial StabilizedInitial Stabilized (Cash Basis)Under construction2Q26 - 4Q26 stabilization with 93% leased/negotiating99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs100%$203,361$185,307$55,332$444,0006.0%6.8%4135 Campus Point Court/San Diego/University Town Center57.2% - 444,65979,341524,0009.8%6.2%203,361629,9662027 - 2028 stabilization with 68% leased/negotiating(1)50 and 60 Sylvan Road/Greater Boston/Route 128100% - 360,504TBD1450 Owens Street/San Francisco Bay Area/Mission Bay25.0% - 251,678269 East Grand Avenue/San Francisco Bay Area/South San Francisco100% - 121,60410200 Campus Point Drive/San Diego/University Town Center(2)57.2% - 76,310583,690660,0007.3%6.5%701 Dexter Avenue North/Seattle/Lake Union100% - 320,755TBD - 1,130,851Total$203,361$1,760,817$1,020,000(3)$2,990,000(3)Our share of investment(3)(4)$200,000$1,350,000$680,000$2,230,000Evaluating business and financial strategy with earliest potential labdelivery in 2028(5)311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs100%$28,081$310,025TBD421 Park Drive/Greater Boston/Fenway100% - 606,09040 Sylvan Road/Greater Boston/Route 128100% - 229,5683000 Minuteman Road/Greater Boston/Other100% - 168,7838800 Technology Forest Place/Texas/Greater Houston100%65,56442,049$93,645$1,356,515 77% of Our Total Development and Redevelopment Pipeline RSF MarketProperty/SubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)San Francisco Bay AreaMegacampus: Alexandria Center® for Science and Technology - Mission Bay/Mission Bay25.0%$251,678212,657 - 212,6571450 Owens StreetMegacampus: Alexandria Center® for Advanced Technologies - South San Francisco/South San Francisco100%128,25984,15790,000174,157211(2) and 269 East Grand AvenueMegacampus: Alexandria Center® for Advanced Technologies - Tanforan/South San Francisco100%443,324 - 1,930,0001,930,0001122, 1150, and 1178 El Camino RealAlexandria Center® for Life Science - Millbrae/South San Francisco48.6%162,361 - 348,401348,401201 and 231 Adrian Road and 30 Rollins RoadMegacampus: Alexandria Center® for Life Science - San Carlos/Greater Stanford100%493,425 - 1,497,8301,497,830960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road2100, 2200, 2300, and 2400 Geng Road/Greater Stanford100%128,360 - 240,000240,0001,607,407296,8144,106,2314,403,045San DiegoMegacampus: Campus Point by Alexandria/University Town Center57.2%(3)709,266893,525866,8161,760,34110010(4), 10140(4), and 10200 Campus Point Drive and 4135, 4165, 4224, and 4275(4) Campus Point Court11255 and 11355 North Torrey Pines Road/Torrey Pines100%163,973 - 215,000215,000Megacampus: One Alexandria Square/Torrey Pines100%69,826 - 125,280125,28010975 and 10995 Torreyana RoadMegacampus: 5200 Illumina Way/University Town Center51.0%17,939 - 451,832451,8329625 Towne Centre Drive/University Town Center30.0%837 - 100,000100,000Megacampus: Sequence District by Alexandria/Sorrento Mesa100%49,696 - 1,661,9151,661,9156290, 6310, 6340, 6350, and 6450 Sequence DriveMegacampus: SD Tech by Alexandria/Sorrento Mesa50.0%127,187 - 493,845493,8459805 Scranton Road and 10065 Barnes Canyon Road4075 Sorrento Valley Boulevard/Sorrento Valley100%29,598 - 144,000144,000Other development and redevelopment projects(2)78,404 - 475,000475,000$1,246,726893,5254,533,6885,427,213Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.(2)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (3)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner.(4)We have a 100% interest in this property. MarketProperty/SubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)SeattleMegacampus: Alexandria Center® for Advanced Technologies - South Lake Union/Lake Union(2)$617,648227,5771,057,4001,284,977601 and 701 Dexter Avenue North and 800 Mercer Street1010 4th Avenue South/SoDo100%63,523 - 544,825544,825410 West Harrison Street/Elliott Bay100%25,224 - 91,00091,000Megacampus: Alexandria Center® for Advanced Technologies - Canyon Park/Bothell100%20,692 - 230,000230,00021660 20th Avenue SoutheastOther development and redevelopment projects100%157,385 - 706,087706,087884,472227,5772,629,3122,856,889MarylandMegacampus: Alexandria Center® for Life Science - Shady Grove/Rockville100%28,803 - 296,000296,0009830 Darnestown Road28,803 - 296,000296,000Research TriangleMegacampus: Alexandria Center® for Life Science - Durham/Research Triangle100%167,871 - 2,060,0002,060,000Megacampus: Alexandria Center® for Advanced Technologies and AgTech - Research Triangle/Research Triangle100%115,384 - 1,170,0001,170,0004 and 12 Davis DriveMegacampus: Alexandria Center® for Sustainable Technologies/Research Triangle100%56,960 - 750,000750,000120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle DriveOther development and redevelopment projects100%1,647 - 25,00025,000341,862 - 4,005,0004,005,000New York CityMegacampus: Alexandria Center® for Life Science - New York City/New York City100%180,617 - 550,000(3)550,000$180,617 - 550,000550,000Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.(2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.(3)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science - New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended March 31, 2026 filed with the SEC on April 27, 2026 for additional details. MarketProperty/SubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)TexasAlexandria Center® for Advanced Technologies at The Woodlands/Greater Houston100%$45,10566,350116,405182,7558800 Technology Forest Place1001 Trinity Street and 1020 Red River Street/Austin100%137,652 - 250,010250,010Other development and redevelopment projects100%60,808 - 344,000344,000243,56566,350710,415776,765Other development and redevelopment projects100%47,503 - 597,743597,743Total pipeline as of March 31, 2026, excluding properties held for sale6,857,5693,412,31120,014,54623,426,857Properties held for sale230,905 - 1,619,4251,619,425Total pipeline as of March 31, 2026$7,088,474(2)3,412,31121,633,97125,046,282 Construction spendingProjected Guidance Midpoint for Year Ending December 31, 2026Three Months Ended March 31, 2026Year Ended December 31, 2025Construction of Class A/A+ properties:Active construction projectsDevelopment and redevelopment under construction(1)$1,445,000$184,054$1,216,572Future pipeline pre-constructionPrimarily Megacampus expansion pre-construction work (entitlement, design, and site work)210,000(2)56,610275,971Revenue- and non-revenue-enhancing capital expenditures(3)510,000(4)164,382324,293Construction spending (before contributions from noncontrolling interests or tenants)2,165,000405,0461,816,836Contributions from noncontrolling interests (consolidated real estate joint ventures)(100,000)(5)(23,804)(193,936)Tenant-funded and -built landlord improvements(315,000)(2,694)(178,651)Total construction spending$1,750,000$378,548$1,444,2492026 guidance range for construction spending$1,500,000 - $2,000,000 Leased/NegotiatingAverage Real Estate Basis CapitalizedKey Categories of Real Estate Basis CapitalizedThree Months Ended March 31, 2026PercentageConstruction of Class A/A+ properties:Development and redevelopment of projects under construction and repositioning projects:2026 stabilization93%$330,3992027 - 2028 stabilization68%768,594Evaluating business and financial strategy(1)23%1,277,710Repositioning and smaller redevelopment projects(2)1,538,0223,914,72557%Land/future development projects with critical key pre-construction milestones through:2026(3)1,159,9482027(3)567,6062028 and beyond(4)1,217,8192,945,37343Total average real estate basis capitalized(5)$6,860,098100% We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income DebtStated RateInterest Rate(1)Maturity Date(2)Principal Payments Remaining for the Periods Ending December 31,PrincipalUnamortized (Deferred Financing Cost), (Discount)/PremiumTotal20262027202820292030ThereafterUnsecured senior line of credit and commercial paper program(3)(3)4.27%(3)1/22/30(3)$ - $ - $ - $ - $1,355,271$ - $1,355,271$(1,285)$1,353,986Unsecured senior notes payable3.80%3.964/15/26(4)350,000 - - - - - 350,000(38)349,962Unsecured senior notes payable3.95%4.131/15/27 - 350,000 - - - - 350,000(426)349,574Unsecured senior notes payable3.95%4.071/15/28 - - 425,000 - - - 425,000(782)424,218Unsecured senior notes payable4.50%4.607/30/29 - - - 300,000 - - 300,000(749)299,251Unsecured senior notes payable2.75%2.8712/15/29 - - - 400,000 - - 400,000(1,552)398,448Unsecured senior notes payable4.70%4.817/1/30 - - - - 450,000 - 450,000(1,594)448,406Unsecured senior notes payable4.90%5.0512/15/30 - - - - 700,000 - 700,000(3,751)696,249Unsecured senior notes payable3.375%3.488/15/31 - - - - - 750,000750,000(3,543)746,457Unsecured senior notes payable2.00%2.125/18/32 - - - - - 900,000900,000(5,811)894,189Unsecured senior notes payable1.875%1.972/1/33 - - - - - 1,000,0001,000,000(6,023)993,977Unsecured senior notes payable2.95%3.073/15/34 - - - - - 800,000800,000(6,287)793,713Unsecured senior notes payable4.75%4.884/15/35 - - - - - 500,000500,000(4,385)495,615Unsecured senior notes payable5.50%5.6610/1/35 - - - - - 550,000550,000(6,162)543,838Unsecured senior notes payable5.25%5.413/15/36 - - - - - 750,000750,000(11,130)738,870Unsecured senior notes payable5.25%5.385/15/36 - - - - - 400,000400,000(3,681)396,319Unsecured senior notes payable4.85%4.934/15/49 - - - - - 300,000300,000(2,727)297,273Unsecured senior notes payable4.00%3.912/1/50 - - - - - 390,801390,8015,463396,264Unsecured senior notes payable3.00%3.095/18/51 - - - - - 352,398352,398(4,454)347,944Unsecured senior notes payable3.55%3.643/15/52 - - - - - 475,406475,406(6,233)469,173Unsecured senior notes payable5.15%5.264/15/53 - - - - - 500,000500,000(7,316)492,684Unsecured senior notes payable5.625%5.715/15/54 - - - - - 600,000600,000(6,415)593,585Unsecured debt weighted-average interest rate/subtotal4.06350,000350,000425,000700,0002,505,2718,268,60512,598,876(78,881)12,519,995Weighted-average interest rate/total 4.06%$350,000$350,000$425,000$700,000$2,505,271$8,268,605$12,598,876$(78,881)$12,519,995Balloon payments$350,000$350,000$425,000$700,000$2,505,271$8,268,605$12,598,876$ - $12,598,876Principal amortization - - - - - - - (78,881)(78,881)Total debt$350,000$350,000$425,000$700,000$2,505,271$8,268,605$12,598,876$(78,881)$12,519,995Fixed-rate debt$350,000$350,000$425,000$700,000$1,150,000$8,268,605$11,243,605$(77,596)$11,166,009Variable-rate debt - - - - 1,355,271 - 1,355,271(1,285)1,353,986Total debt$350,000$350,000$425,000$700,000$2,505,271$8,268,605$12,598,876$(78,881)$12,519,995Weighted-average stated rate on maturing debt3.80%3.95%3.95%3.50%4.52%3.84% Our Megacampus Properties Account for 78% of Our Annual Rental Revenue
COMPANY HIGHLIGHTSPagePageAlexandria's Mission and Cluster Model ..............................................iiiEARNINGS PRESS RELEASEFirst Quarter Ended March 31, 2026 Financial and Operating Results...................................................................................................1Consolidated Statements of Operations ..........................................9Guidance ...................................................................................................4Consolidated Balance Sheets............................................................10Dispositions and Sales of Partial Interests ..........................................7Funds From Operations and Funds From Operations per Share 11Earnings Call Information and About the Company ...........................8SUPPLEMENTAL INFORMATIONCompany Profile.......................................................................................14External Growth / Investments in Real EstateInvestor Information .................................................................................15Investments in Real Estate ................................................................31Financial and Asset Base Highlights.....................................................16New Class A/A+ Development and Redevelopment Properties:High-Quality and Diverse Client Base .................................................18Recent Deliveries ...........................................................................33Internal Operating MetricsUnder Construction ........................................................................34Key Operating Metrics.............................................................................19Summary of Pipeline......................................................................37Same Property Performance..................................................................20Construction Spending........................................................................41Leasing Activity.........................................................................................21Capitalization of Interest .....................................................................42Contractual Lease Expirations ...............................................................22Joint Venture Financial Information...................................................43Top 20 Tenants .........................................................................................23Balance Sheet ManagementSummary of Properties and Occupancy ..............................................24Investments ..........................................................................................45Property Listing ........................................................................................25Balance Sheet ......................................................................................46Key Credit Metrics ...............................................................................48Summary of Debt .................................................................................49Definitions and ReconciliationsDefinitions and Reconciliations..........................................................53 Three Months Ended 3/31/2612/31/259/30/256/30/253/31/25Revenues: Income from rentals$653,013(1)$728,872$735,849$737,279$743,175Other income18,009(2)25,542(3)16,09524,76114,983Total revenues671,022754,414751,944762,040758,158Expenses:Rental operations224,142232,543239,234224,433226,395General and administrative34,68528,02029,22429,12830,675Interest64,58465,67454,85255,29650,876Depreciation and amortization305,441322,063340,230346,123342,062Impairment of real estate5,4991,717,188323,870129,60632,154Total expenses634,3512,365,488987,410784,586682,162Equity in (losses) earnings of unconsolidated real estate joint ventures(147)(304)201(9,021)(507)Investment (loss) income(4,582)(3,890)28,161(30,622)(49,992)Gain (loss) on early extinguishment of debt366,435 - (107) - - Gain on sales of real estate - 619,9149,366 - 13,165Net income (loss)398,377(995,354)(197,845)(62,189)38,662Net income attributable to noncontrolling interests(36,724)(85,521)(34,909)(44,813)(47,601)Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders361,653(1,080,875)(232,754)(107,002)(8,939)Net income attributable to unvested restricted stock awards(2,779)(965)(2,183)(2,609)(2,660)Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders$358,874$(1,081,840)$(234,937)$(109,611)$(11,599)Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:Basic$2.10$(6.35)$(1.38)$(0.64)$(0.07)Diluted$2.10$(6.35)$(1.38)$(0.64)$(0.07)Weighted-average shares of common stock outstanding:Basic170,598170,394170,181170,135170,522Diluted170,867170,394170,181170,135170,522Dividends declared per share of common stock$0.72$0.72$1.32$1.32$1.32 Same Property Performance:Net Operating Income ChangesRental Rate Changes: Renewed/Re-Leased SpaceMargins(3)Favorable Lease Structure(4)OperatingAdjusted EBITDAStrategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems67%66%Increasing cash flowsPercentage of leases containing annual rent escalations97%Stable cash flowsLong-Duration Lease Terms(5)Percentage of triple net leases91%9.9 Years7.5 YearsLower capex burdenPercentage of leases providing for therecapture of capital expenditures 92%Top 20 TenantsAll Tenants 99 Coolidge Avenue10075 Barnes Canyon Road8800 Technology Forest PlaceGreater Boston/Cambridge/Inner SuburbsSan Diego/Sorrento MesaTexas/Greater Houston146,147 RSF253,079 RSF57,042 RSF100% Occupancy80% Occupancy100% Occupancy Consolidated Real Estate Joint VenturesPropertyMarketSubmarketNoncontrolling Interest ShareOperating RSF at 100%50 and 60 Binney StreetGreater BostonCambridge/Inner Suburbs66.0%532,39575/125 Binney StreetGreater BostonCambridge/Inner Suburbs60.0%388,270100 and 225 Binney Street and 300 Third StreetGreater BostonCambridge/Inner Suburbs70.0%870,64115 Necco StreetGreater BostonSeaport Innovation District43.3%345,996Alexandria Center® for Science and Technology - Mission Bay(1)San Francisco Bay AreaMission Bay75.0%550,851211 and 213 East Grand AvenueSan Francisco Bay AreaSouth San Francisco70.0%300,930500 Forbes BoulevardSan Francisco Bay AreaSouth San Francisco90.0%155,685Alexandria Center® for Life Science - MillbraeSan Francisco Bay AreaSouth San Francisco51.4%285,3463215 Merryfield RowSan DiegoTorrey Pines70.0%170,523Campus Point by Alexandria(2)(3)San DiegoUniversity Town Center42.8%(4)1,159,7705200 Illumina WaySan DiegoUniversity Town Center49.0%792,6879625 Towne Centre DriveSan DiegoUniversity Town Center70.0%163,648SD Tech by Alexandria(2)(5)San DiegoSorrento Mesa50.0%1,051,752Summers Ridge Science Park(6)San DiegoSorrento Mesa70.0%316,5311201 and 1208 Eastlake Avenue EastSeattleLake Union70.0%206,134400 Dexter Avenue NorthSeattleLake Union70.0%290,754800 Mercer StreetSeattleLake Union40.0% - (2)Unconsolidated Real Estate Joint VenturesPropertyMarketSubmarketOur Ownership ShareOperating RSF at 100%1655 and 1725 Third StreetSan Francisco Bay AreaMission Bay10.0%586,208101 West Dickman StreetMarylandBeltsville58.4%(7)135,958 LiquidityLimited Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit(in millions)$4.2B(in millions)Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program$3,645Cash, cash equivalents, and restricted cash423Investments in publicly traded companies102Liquidity as of March 31, 2026$4,170Net Debt and Preferred Stock to Adjusted EBITDA(1)Fixed-Charge Coverage Ratio(1) 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- Annual rental revenue Class A/A+ properties and AAA locations Development, redevelopment, and pre-construction (continued) Fixed-charge coverage ratio Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s Investment-grade or publicly traded large cap tenants Investments in real estate Joint venture financial information Megacampus™ Net debt and preferred stock to Adjusted EBITDA Net operating income, net operating income (cash basis), and operating margin Net operating income, net operating income (cash basis), and operating margin (continued) Operating statistics Same property comparisons (continued) Tenant collections Unencumbered net operating income as a percentage of total net operating income Weighted-average shares of common stock outstanding - diluted ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
Alexandria Real Estate Equities, Inc. Reports Occupancy and leasing progress on temporary vacancy Continued successful reduction and management of general and administrative expenses Key capital events Investments We will host a conference call on Tuesday, April 28, 2026, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a Alexandria’s executive and senior management team consists of 70 Corporate Headquarters New York Stock Exchange Trading Symbol Information Requests26 North Euclid Avenue Common stock: ARE Phone:(626) 578-0777Pasadena, California 91101 Email:corporateinformation@are.comwww.are.com Website:investor.are.com Stable Cash Flows From Our High-Quality and Diverse Mix of TenantsInvestment-Grade or Publicly Traded Large Cap Tenants87%of ARE’s Top 20 Tenant Annual Rental RevenueWeighted Average Remaining Term(3)9.9 Yearsof ARE’s Top 20 Tenants55%of ARE’s TotalAnnual Rental Revenue Three Months EndedYear EndedMarch 31, 2026December 31, 2025Including Straight-Line RentCash BasisIncluding Straight-Line RentCash BasisLeasing activity:Renewed/re-leased space(1)Rental rate changes(15.0)%(2)(15.8)%(2)7.0%3.5%New rates$49.88$53.43$52.71$53.66Expiring rates$58.67$63.42$49.27$51.87RSF380,6872,543,473Tenant improvements/leasing commissions$59.92(2)$55.34Weighted-average lease term8.4 years9.0 yearsPreviously vacant/developed/redeveloped space leasedNew rates$53.34$52.10$72.30$67.56Previously vacant RSF148,734944,362Developed/redeveloped RSF(3)117,935704,821(4)Weighted-average lease term14.0 years13.8 yearsLeasing activity summary (totals):New rates$51.30$52.88$60.42$59.13RSF647,3564,192,656Weighted-average lease term12.0 years11.9 yearsLease expirations(1)Expiring rates$56.43$62.28$54.22$55.56RSF1,340,809(5)4,460,081 87% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade Property/Market/SubmarketLocated on Mega-campusDev/RedevSquare FootagePercentageOccupancy(1)In ServiceCIPTotalLeasedLeased/NegotiatingInitialStabilizedUnder construction2Q26 - 4Q26 stabilization99 Coolidge Avenue/Greater Boston/Cambridge/Inner SuburbsXDev146,147174,662320,80984%84%4Q234Q264135 Campus Point Court/San Diego/University Town CenterXDev - 426,927426,9271001003Q263Q26146,147601,589747,73693932027 - 2028 stabilization50 and 60 Sylvan Road/Greater Boston/Route 128XRedev - 267,015267,01574744Q2620271450 Owens Street/San Francisco Bay Area/Mission BayXDev - 212,657212,657515120272027269 East Grand Avenue/San Francisco Bay Area/South San FranciscoXRedev - 84,15784,15740402H26202710200 Campus Point Drive/San Diego/University Town Center(2)XDev - 466,598466,59810010020282028701 Dexter Avenue North/Seattle/Lake UnionXDev - 227,577227,57723233Q262027 - 1,258,0041,258,0046868Total146,1471,859,5932,005,74077%77%Evaluating business and financial strategy with earliest potential lab delivery in 2028(3)311 Arsenal Street/Greater Boston/Cambridge/Inner SuburbsXRedev56,904333,758390,6629%28%421 Park Drive/Greater Boston/FenwayXDev - 392,011392,011131340 Sylvan Road/Greater Boston/Route 128XRedev - 329,049329,049 - - 3000 Minuteman Road/Greater Boston/OtherXRedev - 431,550431,550 - 378800 Technology Forest Place/Texas/Greater HoustonRedev57,04266,350123,3924646113,9461,552,7181,666,6649%23% not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of “forward-looking statements” on page 8 of the •On December 3, 2025, we provided guidance for our projected 4Q26 funds from operations per share - diluted, as adjusted, to be within 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 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 RSFNumber of PropertiesAnnual Rental RevenueMarketOperatingDevelopmentRedevelopmentTotal% of TotalTotal% of TotalPer RSFGreater Boston9,338,588566,6731,361,37211,266,63329%63$697,28638%$89.09San Francisco Bay Area6,083,765212,65784,1576,380,5791652332,0081869.11San Diego6,225,980893,525 - 7,119,5051861295,4341553.67Seattle2,846,292227,577 - 3,073,869839120,494748.21Maryland3,676,566 - - 3,676,566947153,371845.94Research Triangle3,435,988 - - 3,435,98893689,401527.74New York City727,674 - - 727,6742266,510495.46Texas1,651,094 - 66,3501,717,44441337,887228.04Non-cluster/other markets(1)417,523 - - 417,5231710,903130.36Properties held for sale1,444,387 - - 1,444,38741932,567231.27North America35,847,8571,900,4321,511,87939,260,168100%339$1,835,861100%$59.913,412,311 (loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details. Debt covenantsUnsecured Senior Notes PayableUnsecured Senior Line of CreditDebt Covenant Ratios(1)RequirementMarch 31, 2026RequirementMarch 31, 2026Total Debt to Total Assets≤ 60%32%≤ 60.0%34.5%Secured Debt to Total Assets≤ 40% - %≤ 45.0% - %Consolidated EBITDA to Interest Expense≥ 1.5x7.7x≥ 1.50x3.23xUnencumbered Total Asset Value to Unsecured Debt≥ 150%302%N/AN/AUnsecured Interest Coverage RatioN/AN/A≥ 1.75x6.93x CONFERENCE CALLINFORMATION:Tuesday, April 28, 20262:00 p.m. Eastern Time11:00 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.comJOEL S. MARCUSExecutive Chairman &Founder PETER M. MOGLIAChief Executive Officer & Chief Investment OfficerMARC E. BINDAChief Financial Officer & Treasurer PAULA SCHWARTZManaging Director,Rx Communications Group(917) 633-7790
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 common stockholders common stockholders (continued) Development and RedevelopmentUnder ConstructionOperating2Q26 - 4Q26 Stabilization2027 - 2028 StabilizationEvaluating StrategyFutureSubtotalTotalSquare footageOperating34,403,470 - - - - - 34,403,470Future Class A/A+ development and redevelopment properties - 601,5891,258,0041,552,71820,014,54623,426,85723,426,857Future development and redevelopment square feet currently included in rental properties(1) - - - - (1,516,872)(1,516,872)(1,516,872)Total square footage, excluding properties held for sale34,403,470601,5891,258,0041,552,71818,497,67421,909,98556,313,455Properties held for sale1,444,387 - - - 1,619,4251,619,4253,063,812Total square footage35,847,857601,5891,258,0041,552,71820,117,09923,529,41059,377,267Investments in real estateGross book value as of March 31, 2026(2)$28,135,300$629,966$1,130,851$1,356,515$3,971,142$7,088,474(3)$35,223,774Properties held for sale423,335 - - - 230,905230,905654,240Total gross investment in real estate, excluding properties held for sale$27,711,965$629,966$1,130,851$1,356,515$3,740,237$6,857,569$34,569,534 As of March 31, 2026Noncontrolling Interest Share of Consolidated Real Estate JVsOur Share of Unconsolidated Real Estate JVsInvestments in real estate$3,261,264$88,793Cash, cash equivalents, and restricted cash111,5091,648Other assets411,56310,686Secured notes payable - (60,821)Other liabilities(154,688)(9,786)Redeemable noncontrolling interests(9,234) - $3,620,414$30,520 ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM ALEXANDRIA: HIGHLY IMPACTFUL, CONSEQUENTIAL COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE DOMINATE IT. $1.40 - $1.50
Fixed-rate and variable-rate debtFixed-RateDebtVariable-Rate DebtTotalPercentageWeighted-AverageInterest Rate(1)Remaining Term(in years)Unsecured senior notes payable$11,166,009$ - $11,166,00989.2%4.03%10.7Unsecured senior line of credit(2) and commercial paper program(3) - 1,353,9861,353,98610.84.273.8(4)Total/weighted average$11,166,009$1,353,986$12,519,995100.0%4.06%10.0(4)Percentage of total debt89.2%10.8%100.0% for the first quarter ended March 31, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria a range of $1.40 to $1.60 as part of our path forward. The decline in our quarterly FFO from 1Q26 to 4Q26 is due, in part, to projected 1Q26 Net Income per Share - Diluted of $2.10; and 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. 3/31/2612/31/259/30/256/30/253/31/25Assets Investments in real estate$28,830,116$28,689,996$31,743,917$32,160,600$32,121,712Investments in unconsolidated real estate joint ventures30,52030,67739,60140,23450,086Cash and cash equivalents418,720549,062579,474520,545476,430Restricted cash4,6654,6934,7057,4037,324Tenant receivables7,3626,6726,4096,2676,875Deferred rent1,200,0471,179,4031,257,3781,232,7191,210,584Deferred leasing costs456,405458,311505,241491,074489,287Investments1,536,4191,501,2491,537,6381,476,6961,479,688Other assets 1,683,1431,661,7721,700,7851,688,0911,758,442Total assets$34,167,397$34,081,835$37,375,148$37,623,629$37,600,428Liabilities, Noncontrolling Interests, and EquitySecured notes payable$ - $ - $ - $153,500$150,807Unsecured senior notes payable11,166,00912,047,39412,044,99912,042,60712,640,144Unsecured senior line of credit and commercial paper1,353,986353,1611,548,5421,097,993299,883Accounts payable, accrued expenses, and other liabilities2,154,7822,397,0732,432,7262,360,8402,281,414Dividends payable128,880127,771230,603229,686228,622Total liabilities14,803,65714,925,39916,256,87015,884,62615,600,870Commitments and contingenciesRedeemable noncontrolling interests9,23458,78858,6629,6129,612Alexandria Real Estate Equities, Inc.’s stockholders’ equity:Common stock1,7071,7051,7031,7011,701Additional paid-in capital15,763,32115,497,76016,669,80217,200,94917,509,148Accumulated other comprehensive loss(30,936)(29,395)(32,203)(27,415)(46,202)Alexandria Real Estate Equities, Inc.’s stockholders’ equity15,734,09215,470,07016,639,30217,175,23517,464,647Noncontrolling interests3,620,4143,627,5784,420,3144,554,1564,525,299Total equity19,354,50619,097,64821,059,61621,729,39121,989,946Total liabilities, noncontrolling interests, and equity$34,167,397$34,081,835$37,375,148$37,623,629$37,600,428 best-in-class, mission-driven life science REIT making a positive and lasting impact on the Is Within Our Megacampus Ecosystems We present certain operating statistics related to our properties, including number of Unencumbered net operating income as a percentage of total net operating income is a non- Alexandria’s common stockholders - diluted, and funds from operations attributable to Alexandria’s common stockholders - diluted, as adjusted, for the periods below: 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 Furthermore, we believe net operating income is useful to investors as a performance individuals averaging 23 years of real estate experience, including 13 years Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we Operating occupancy as of December 31, 202590.9%Reduction in occupancy related to previously disclosed 1Q26 key lease expirations(1.9)(1)Other changes in occupancy(1.3)(2)Operating occupancy as of March 31, 202687.7Vacant space leased but not yet delivered3.2(3)Operating occupancy as of March 31, 2026, including vacant space leased but not yet delivered 90.9% Annual rental revenue represents the annualized fixed base rental obligations, calculated in Class A/A+ properties are properties clustered in AAA locations that provide innovative Investment-grade or publicly traded large cap tenants represent tenants that are investment- The following table reconciles net income (loss) to net operating income and net operating From time to time, we enter into capital market transactions, including forward equity sales

General and administrative expenses for 1Q26 aggregated $34.7 million, which represents a •In February 2026, we completed tender offers to repurchase an aggregate debt principal •As of March 31, 2026: Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of 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. Development, redevelopment, and pre-construction spending also includes the following The following table reconciles our investments in real estate as of March 31, 2026: We present components of balance sheet and operating results information related to our real A Megacampus ecosystem is a cluster campus that consists of approximately 1 million RSF or The following table reconciles the number of same properties to total properties for the three Tenant collections represent the percentage of recognized rental income billed during the dispositions and partial interest sales of land, non-core, and core properties aggregating $2.9 billion at our guidance midpoint, currently 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, 1Q26 FFO per Share - Diluted, as Adjusted, of $1.73 world. With our founding in 1994, Alexandria pioneered the life science real estate niche. properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end GAAP financial measure that we believe is useful to investors as a performance measure of the results measure of our consolidated properties because, when compared across periods, net operating income 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 or Publicly Traded Large Cap Tenants(1) believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net accordance with GAAP. It includes the amortization of deferred revenue related to tenant-funded and tenants with highly dynamic and collaborative environments that enhance their ability to successfully grade rated or publicly traded companies with an average daily market capitalization greater than $10 income (cash basis) and computes operating margin: agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes AMONG S&P 500 REITS AT ALMOST 2X THE AVERAGE DEBT TERM FOR THESE REITS Alexandria’s opportunistic sale to UCSF, a longstanding tenant, generates proceeds to recycle into the business and enables UCSF to expand its Mission Bay campus. Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage: On Track for Annualized 4Q26 Leverage(1) of 5.6x to 6.2xReduce Capital Spend and Funding Needs: 242,408 RSF Letters of Intent Executed for Lower-Investment Alternatives at Two Redevelopment ProjectsSubstantially Complete Large-Scale Core, Non-Core, And Sales of Partial Interests Disposition Plan: $2.33 billion in Process or Pending(2)Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant Base: 3.2% Future Benefit to Occupancy from 1.1 million RSF of Leased Space Not Yet Delivered as of 1Q26(3) Continue to Successfully Manage G&A:$7.4 million, or 18%, in 1Q26 G&A Savings Compared to 2024 Quarterly AverageMaintain Optionality for Future Growth Focused on MegacampusTM Investment:77% of Our Pipeline is Within Our Megacampus Ecosystems(4)Consider Flexible and Opportunistic Share Buyback Plan: Continuing to Evaluate Share Buyback Plan decrease of $7.4 million, or 18%, compared to the quarterly average for 2024. For the trailing amount of $1.33 billion across a portion of our outstanding 4.00% Senior Notes due 2050, •Our non-real estate investments aggregated $1.54 billion. with Alexandria. Our executive management team alone averages 16 years costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified The following table reconciles net income (loss) to funds from operations for the share of estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP. greater, including operating, active development/redevelopment, and land RSF less operating RSF months ended March 31, 2026: respective quarter that has been collected as of the date of this report. Rental income from tenants for Three Months Ended3/31/2612/31/259/30/256/30/253/31/25Net income (loss) attributable to Alexandria’s common stockholders - basic and diluted$358,874$(1,081,840)$(234,937)$(109,611)$(11,599)Depreciation and amortization of real estate assets303,296319,865338,182343,729339,381Noncontrolling share of depreciation and amortization from consolidated real estate JVs(29,473)(39,942)(45,327)(36,047)(33,411)Our share of depreciation and amortization from unconsolidated real estate JVs9148558529421,054Gain on sales of real estate - (307,132)(9,824) - (13,165)Impairment of real estate - rental properties and land5,499(1)1,439,303323,870131,090 - Allocation to unvested restricted stock awards (2,181)(1,903)(1,648)(1,222)(686)Funds from operations attributable to Alexandria’s common stockholders - diluted(2)636,929329,206371,168328,881281,574Unrealized losses (gains) on non-real estate investments10,332(98,548)(18,515)21,93868,145Significant realized losses on non-real estate investments - 103,329 - - - Impairment of non-real estate investments12,448(3)20,18125,13939,21611,180Impairment of real estate - 12,619 - 7,18932,154(Gain) loss on early extinguishment of debt(366,435)(4) - 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) - - 285Allocation to unvested restricted stock awards2,674(363)(74)(794)(1,329)Funds from operations attributable to Alexandria’s common stockholders - diluted, as adjusted$295,948$368,538$377,825$396,430$392,009 Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common Stockholders - DilutedAs of 4/27/26As of 1/26/26Key Changes Funds from operations per share, as adjusted(1)$6.30 to $6.50$6.25 to $6.55No change to midpoint; range narrowed by 10 centsMidpoint$6.40$6.40 INCREMENTAL ANNUAL NET OPERATING INCOME GROWTH EXPECTED FROM ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT DELIVERIES KEY HIGHLIGHTS:Repurchased $1.33 billion debt principal at a 28% discount for $952.2 million across 2050, 2051, and 2052 notesFunded repurchase primarily with issuance of $750 million of 5.25% senior unsecured notes due 2036Recognized $366.4 million(1) gain on early extinguishment of debt with a ~0.2x benefit to leverage(2)No significant impact on 2026 FFO per share - diluted, as adjusted, interest expense, or fixed-charge coverage ratioARE’s overall weighted-average remaining debt term: 10.0 years(3) (continues to be the longest among S&P 500 REITs) $1,645SALES PRICE PER RSF$767.1M$180.3M(Our Share)(2)SALES PRICE IN 4Q25$416.7M$103.9M(Our Share)GAIN ON SALE OFREAL ESTATE$293.0MARE ORIGINAL PURCHASE PRICE (2011)40%OCCUPANCY AS OF 3Q25 Three Months Ended March 31, 2026Year Ended December 31, 2025Realized gains (losses):Realized gains$18,198$115,722Impairment of non-real estate investments(12,448)(1)(95,716)Significant realized loss - (103,329)5,750(83,323)Unrealized (losses) gains(10,332)(2)26,980(3)Investment loss$(4,582)$(56,343) with a weighted-average projected completion date in August 2026. April 28, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 8933833. (In thousands)Investments in Real EstateGross investments in real estate$35,223,774Less: accumulated depreciation(6,393,658)Investments in real estate$28,830,116 of the period. We believe these measures are useful to investors because they facilitate an of operations of our unencumbered real estate assets as it reflects those income and expense items that Alexandria is the preeminent and longest-tenured owner, operator, and developer of reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and tenant-built landlord improvements for leases in effect as of the end of the period, related to our recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These billion for the twelve months ended March 31, 2026, as reported by Bloomberg Professional Services. redevelopment projects, and for general working capital purposes. While the Forward Agreements are rounding. that real estate values diminish over time. In an effort to overcome the difference between real estate MarketProperty/SubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)Greater BostonMegacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs100%$322,671333,75834,157367,915 311 Arsenal StreetMegacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue/Cambridge/Inner Suburbs100%209,508174,662560,000734,662446, 458, and 500 Arsenal Street, and 99 Coolidge AvenueMegacampus: Alexandria Center® for Life Science - Fenway/Fenway100%606,090392,011 - 392,011421 Park DriveMegacampus: Alexandria Center® for Life Science - Waltham/Route 128100%655,867596,064515,0001,111,06440, 50, and 60 Sylvan Road, and 35 Gatehouse DriveMegacampus: 30, 200, and 3000 Minuteman Road/Other100%194,127431,550350,000781,5503000 Minuteman RoadMegacampus: Alexandria Technology Square®/Cambridge100%8,858 - 100,000100,00010 Necco Street/Seaport Innovation District100%107,101 - 175,000175,000215 Presidential Way/Route 128100%6,816 - 112,000112,000Other development and redevelopment projects100%165,576 - 740,000740,000$2,276,6141,928,0452,586,1574,514,202Refer 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. supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends. Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA and Adjusted EBITDA margin (continued) twelve months ended March 31, 2026, our general and administrative expenses as a 3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052. Cash consideration paid •Unrealized gains presented in our consolidated balance sheet were $125.9 million, during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion consolidated real estate joint ventures attributable to noncontrolling interests and our share of We present the proportionate share of certain financial line items as follows: (i) for each real estate joint expected to be demolished. whom collection is considered not probable is recognized only upon receipt of cash and, accordingly, is Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalGreater BostonCambridge/Inner SuburbsMegacampus: Alexandria Center® at Kendall Square2,213,866 - - 2,213,8668$207,87791.7%91.7%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 Square1,295,185 - - 1,295,18511136,11891.291.2One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), and 325 and 399 Binney StreetMegacampus: Alexandria Technology Square®1,205,526 - - 1,205,526774,95571.871.8100, 200, 300, 400, 500, 600, and 700 Technology Square Megacampus: The Arsenal on the Charles787,659 - 333,7581,121,4171342,50377.854.7 311, 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 AvenueMegacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue403,514174,662 - 578,176525,54591.891.8Cambridge/Inner Suburbs5,905,750174,662333,7586,414,17044486,99885.781.1FenwayMegacampus: Alexandria Center® for Life Science - Fenway1,452,183392,011 - 1,844,194399,43776.576.5401 and 421 Park Drive and 201 Brookline AvenueSeaport Innovation District5 and 15(1) Necco Street459,395 - - 459,395247,17397.097.0Route 128Megacampus: Alexandria Center® for Life Science - Waltham465,981 - 596,0641,062,045544,71886.538.040, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street19, 225, and 235 Presidential Way585,226 - - 585,226314,19497.097.0Route 1281,051,207 - 596,0641,647,271858,91292.459.0OtherMegacampus: 30, 200, and 3000 Minuteman Road470,053 - 431,550901,60364,76650.926.5Greater Boston9,338,588566,6731,361,37211,266,63363$697,28683.8%73.1%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(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. PASADENA, Calif. - April 27, 2026 - Alexandria Real Estate Equities, Inc. (NYSE: ARE) with Alexandria. Solid leasing of development and redevelopment space •As of April 27, 2026, we continue to refine this guidance and currently expect to be within a range of $1.40 to $1.50. The updated range Three Months Ended(Dollars in thousands)3/31/263/31/25Net income$398,377$38,662Equity in losses of unconsolidated real estate joint ventures147507General and administrative expenses34,68530,675Interest expense64,58450,876Depreciation and amortization305,441342,062Impairment of real estate5,49932,154Gain on early extinguishment of debt(366,435) - Gain on sales of real estate - (13,165)Investment loss4,58249,992Net operating income446,880531,763Straight-line rent revenue(17,862)(22,023)Amortization of deferred revenue related to tenant-funded and -built landlord improvements(5,405)(1,651)Amortization of acquired below-market leases(5,615)(15,222)Provision for expected credit losses on financial instruments - 285Net operating income (cash basis)$417,998$493,152Net operating income (cash basis) - annualized$1,671,992$1,972,608Net operating income (from above)$446,880$531,763Total revenues$671,022$758,158Operating margin67%70% understanding of certain trends for our properties. We compute the number of properties, RSF, Development and redevelopment - under constructionProperties99 Coolidge Avenue11450 Owens Street1421 Park Drive14135 Campus Point Court1701 Dexter Avenue North110200 Campus Point Drive140, 50, and 60 Sylvan Road3269 East Grand Avenue18800 Technology Forest Place1311 Arsenal Street13000 Minuteman Road214Development - placed into service after January 1, 2025230 Harriet Tubman Way1500 North Beacon Street and 4 Kingsbury Avenue210935, 10945, and 10955 Alexandria Way310075 Barnes Canyon Road17Acquisitions after January 1, 2025Other22Unconsolidated real estate JVs3Properties held for sale19Total properties excluded from same properties45Same properties294Total properties in North America as of March 31, 2026339 are incurred at the unencumbered property level. Unencumbered net operating income is derived from immediately apparent from net income or loss. Net operating income can be used to measure the initial collaborative Megacampus ecosystems in AAA life science innovation cluster locations, restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our properties are typically well-located, professionally managed, and well-maintained, offering a wide range Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under values and historical cost accounting for real estate assets, the Nareit Board of Governors established Three Months Ended3/31/2612/31/259/30/256/30/253/31/25Net income (loss) per share attributable to Alexandria’s common stockholders - diluted$2.10$(6.35)$(1.38)$(0.64)$(0.07)Depreciation and amortization of real estate assets1.611.651.731.811.80Gain on sales of real estate - (1.80)(0.06) - (0.08)Impairment of real estate - rental properties and land0.038.451.900.77 - Allocation to unvested restricted stock awards(0.01)(0.02)(0.01)(0.01) - Funds from operations per share attributable to Alexandria’s common stockholders - diluted3.731.932.181.931.65Unrealized losses (gains) on non-real estate investments0.06(0.58)(0.11)0.130.40Significant realized losses on non-real estate investments - 0.61 - - - Impairment of non-real estate investments0.070.120.150.230.07Impairment of real estate - 0.07 - 0.040.19(Gain) loss on early extinguishment of debt(2.14) - - - - Acceleration of stock compensation expense due to executive officer resignation - 0.01 - - - Allocation to unvested restricted stock awards0.01 - - - (0.01)Funds from operations per share attributable to Alexandria’s common stockholders - diluted, as adjusted$1.73$2.16$2.22$2.33$2.30Weighted-average shares of common stock outstanding - dilutedEarnings per share - diluted170,867170,394170,181170,135170,522Funds from operations - diluted, per share170,867170,504170,305170,192170,599Funds from operations - diluted, as adjusted, per share170,867170,504170,305170,192170,599 Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, TenantRemaining Lease Term(1) (in years)Aggregate RSFAnnual Rental Revenue(1)Percentage of Annual Rental Revenue(1)Investment-Grade Credit RatingsAverage Market Cap(in billions)Moody’sS&P1Bristol-Myers Squibb Company5.91,226,762$107,0215.8%A2A$102.782Eli Lilly and Company9.21,053,59292,0495.0Aa3A+$826.643Moderna, Inc.12.7462,10071,5713.9 - - $12.414AstraZeneca PLC5.9611,32655,4803.0A1A+$255.265Takeda Pharmaceutical Company Limited10.6386,11141,6732.3Baa1BBB+$48.856Eikon Therapeutics, Inc.(2)13.2299,63838,9072.1 - - $0.727Illumina, Inc.5.6792,68729,9771.6Baa3BBB$16.588United States Government4.4414,49929,334(3)1.6AaaAA+$ - 9Uber Technologies, Inc.56.5(4)1,009,18827,8651.5Baa1BBB$178.5610Boston Children's Hospital11.0309,23126,2941.4Aa2AA$ - 11Novartis AG2.2(5)321,74325,1111.4Aa3AA-$273.5512Sanofi4.8267,27822,0451.2Aa3AA$119.9313Alphabet Inc.2.1418,60021,8371.2Aa2AA+$2,946.3414New York University6.3218,98321,0731.1Aa2AA-$ - 15Massachusetts Institute of Technology3.8242,42820,5291.1AaaAAA$ - 16Charles River Laboratories, Inc.9.4238,93820,0451.1 - - $8.1117Merck & Co., Inc.7.8308,35619,6101.1Aa3A+$231.1918Vaxcyte, Inc.8.8230,75518,6721.0 - - $5.4719Altos Labs, Inc.(6)15.0158,99018,4071.0 - - $ - 20Amgen Inc.9.7317,15718,1811.0Baa1BBB+$167.68Total/weighted-average9.9(4)9,288,362$725,68139.4% of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and unconsolidated real estate joint ventures: venture that we consolidate in our financial statements, which are controlled by us through contractual included in this calculation only to the extent recognized and collected. percentage of net operating income were 6.0%, approximately half the average of other S&P was $952.2 million. In connection with the debt repurchase, we recognized a gain on early comprising gross unrealized gains and losses aggregating $191.5 million and $65.6 million, Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2026 is available in the “For Investors” section of our website at www.are.com or by announced financial and operating results for the first quarter ended March 31, 2026. reflects an assumption for lower capitalized interest, and a corresponding increase in interest expense, in 4Q26 due to earlier than
Leasing volume of 647,356 RSF during 1Q26. The following table reconciles net income (loss), the most directly comparable financial occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or stabilized yields of our properties by calculating net operating income generated by a property divided by funds from operations as an improved measurement tool. Since its introduction, funds from operations Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint of amenities and featuring premium construction materials and finishes. Class A/A+ properties are entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, EXECUTIVE MANAGEMENT TEAMJoel S. MarcusPeter M. MogliaExecutive Chairman & FounderChief Executive Officer & Chief Investment OfficerMarc E. BindaHunter L. KassChief Financial Officer & TreasurerCo-President & Regional Market Director - Greater BostonHart ColeJoseph HakmanCo-President & Co-Regional Market Director - SeattleCo-Chief Operating Officer & Chief Strategic Transactions OfficerLawrence J. DiamondBlake L. StevensCo-Chief Operating Officer & Regional Market Director - MarylandEVP - Regional Market Director - Research TriangleBret E. GossettJesse J. NelsonEVP - Co-Regional Market Director & Head of Leasing - San DiegoEVP - Regional Market Director - San FranciscoJoshua J. MitchellMichael E. BossEVP - Regional Market Director - New YorkEVP - Co-Regional Market Director - San DiegoHallie E. KuhnJenna R. FogerEVP - Capital Markets & Co-Lead - Life ScienceEVP - Co-Lead - Life ScienceJackie B. ClemAndres R. GavinetGeneral Counsel & SecretaryChief Accounting OfficerOnn C. LeeKristina A. Fukuzaki-CarlsonEVP - AccountingEVP - Business OperationsMadeleine T. AlsbrookGregory C. ThomasEVP - Talent ManagementEVP - Chief Technology OfficerGary D. DeanEVP - Real Estate Legal Affairs less amortization of loan fees and debt premiums (discounts). We believe Adjusted EBITDA provides investors with relevant and useful information as it 1Q26 TENDEROFFERS ANDNEW ISSUANCEEFFICIENT DE-LEVERAGING THROUGH LIABILITY MANAGEMENT growth-stage life science companies. rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest The following table reconciles our annual rental revenue and development and redevelopment 500 REITs for 2023-2025. extinguishment of debt of $366.4 million, including the write-off of unamortized debt issuance respectively. following this link: https://www.are.com/fs/2026q1.pdf. anticipated completion of construction/pre-construction milestones on several projects (refer to the “Capitalized interest” item below for
1Q26 leasing of development and redevelopment space aggregating 117,935 RSF, up measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the Three Months Ended March 31, 2026Noncontrolling Interest Share of Consolidated Real Estate JVsOur Share of Unconsolidated Real Estate JVsNet income (loss)$36,724$(147)Depreciation and amortization of real estate assets29,473914Funds from operations$66,197$767 properties classified as held for sale, for all properties in which we have an investment, including other security interest, as of the period for which income is presented. our investment in the property. Net operating income excludes certain components from net income in has become a widely used non-GAAP financial measure among equity REITs. We believe that funds EBITDA. ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of generally newer or have undergone substantial redevelopment and are generally expected to command obligation upon such tenant’s default. We monitor the credit quality and related material changes of our stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares. Key highlightsOperating results1Q261Q25Net income (loss) attributable to Alexandria’s common stockholders - diluted:In millions$358.9$(11.6)Per share$2.10$(0.07)Funds from operations attributable to Alexandria’s common stockholders - diluted, as adjusted:In millions$295.9$392.0Per share$1.73$2.30 Research Triangle, and New York City. allows investors to evaluate the operating performance of our business activities without having to Three Months Ended March 31,20262025$ Change% ChangeIncome from rentals:Same properties$431,442$473,233$(41,791)(8.8)%Non-same properties43,34478,879(35,535)(45.1)Rental revenues474,786552,112(77,326)(14.0)Same properties166,149165,4197300.4Non-same properties12,07825,644(13,566)(52.9)Tenant recoveries178,227191,063(12,836)(6.7)Income from rentals653,013743,175(90,162)(12.1)Same properties250303(53)(17.5)Non-same properties17,75914,6803,07921.0Other income18,00914,9833,02620.2Same properties597,841638,955(41,114)(6.4)Non-same properties73,181119,203(46,022)(38.6)Total revenues671,022758,158(87,136)(11.5)Same properties208,056196,58711,4695.8Non-same properties16,08629,808(13,722)(46.0)Rental operations224,142226,395(2,253)(1.0)Same properties389,785442,368(52,583)(11.9)Non-same properties57,09589,395(32,300)(36.1)Net operating income$446,880$531,763$(84,883)(16.0)%Net operating income - same properties$389,785$442,368$(52,583)(11.9)%Straight-line rent revenue (13,114)(15,469)2,355(15.2)Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements(10,063)(11,558)1,495(12.9)Net operating income - same properties (cash basis)$366,608$415,341$(48,733)(11.7)% economic ownership percentage to each financial item to arrive at the amount of such cumulative pipeline RSF, excluding properties classified as held for sale, as of March 31, 2026: SIGNIFICANTLIQUIDITYPERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2)$4.2B96.4%REMAINING DEBT TERM(IN YEARS)DEBT INTEREST RATE10.04.06%Longest Among S&P 500 REITs(3)4Q26 ANNUALIZED GUIDANCE5.6x to 6.2x3.6x to 4.1xNET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDAFIXED-CHARGE COVERAGE RATIO
In 2025, we achieved general and administrative expense reduction of $51.3 million, or 30%, costs and other transaction-related costs. •Investment loss of $4.6 million for 1Q26 presented in our consolidated statement of additional details). Equity Research Coverage Adjusted EBITDA margin: properties owned by our consolidated and unconsolidated real estate joint ventures. For operating from operations is helpful to investors as an additional measure of the performance of an equity order to provide results that are more closely related to the results of operations of our properties. For 135%, from the prior five-quarter average, excluding a build-to-suit lease executed in July 100% of the RSF of our consolidated properties and our share of the RSF of properties held in higher annual rental rates compared to other classes of similar properties. AAA locations are in close tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion, The following table reconciles interest expense, the most directly comparable financial account for differences recognized because of investing and financing decisions related to our real 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, Revenue-enhancing and repositioning capital expenditures represent spending to reposition noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that Tenant recoveries compared to 2024, primarily as a result of cost-control and efficiency initiatives. Some of •We funded the repurchase as follows: operations consisted of $18.2 million of realized gains, $10.3 million of unrealized losses, and The following table reconciles debt to net debt and preferred stock and computes the ratio to REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our 9%OF TOTAL DEBT metrics based on annual rental revenue, refer to the definition of annual rental revenue herein. The following table summarizes unencumbered net operating income as a percentage of total example, interest expense is not necessarily linked to the operating performance of a real estate asset 2025 with a long-standing multinational pharmaceutical tenant. unconsolidated real estate joint ventures. As of March 31, 2026, approximately 91% of our leases (on an proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is which are not immediately reflected in the twelve-month average, may result in their exclusion from this The weighted-average shares of common stock outstanding used in calculating EPS - diluted, 1) Potential tenant wind-downs measure calculated and presented in accordance with GAAP, to cash interest and computes fixed- estate and non-real estate investments, our capital structure, capital market transactions, and variances chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790. As of March 31, 2026, Alexandria has a total market capitalization of or significantly change the use of a property, including through improvement in the asset quality from we do not control and do not consolidate, which are instead controlled jointly or by our joint venture 21%OF TOTAL DEBT (Dollars in thousands)Annual Rental RevenueDevelopment and Redevelopment Pipeline RSFMegacampus$1,414,43816,919,119Core and non-core388,8564,990,866Total$1,803,29421,909,985Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF78%77% Three Months Ended(Dollars in thousands)3/31/2612/31/259/30/256/30/253/31/25Net income (loss)$398,377$(995,354)$(197,845)$(62,189)$38,662Interest expense64,58465,67454,85255,29650,876Income taxes3,2251,8513,7371,0201,145Depreciation and amortization305,441322,063340,230346,123342,062Stock compensation expense11,0328,23210,29312,53010,064(Gain) loss on early extinguishment of debt(366,435)(1) - 107 - - Gain on sales of real estate - (619,914)(9,366) - (13,165)Unrealized losses (gains) on non-real estate investments10,332(98,548)(18,515)21,93868,145Significant realized losses on non-real estate investments - 103,329 - - - Impairment of real estate5,4991,717,188323,870129,60632,154Impairment of non-real estate investments12,44820,18125,13939,21611,180(Decrease) increase in provision for expected credit losses on financial instruments - (341) - - 285Adjusted EBITDA$444,503$524,361$532,502$543,540$541,408Total revenues$671,022$754,414$751,944$762,040$758,158Adjusted EBITDA margin66%70%71%71%71% these cost savings were temporary, and we anticipate that approximately half of the cost •$750.0 million through the issuance of 5.25% unsecured senior notes due 2036; and $12.4 million of impairment charges. 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. performance to the performance of other real estate companies on a consistent basis, without having to Adjusted EBITDA: Tenant recoveries represent revenues comprising reimbursement of real estate taxes, net operating income: and is often incurred at the corporate level rather than at the property level. In addition, depreciation and annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real important to note that our definition of property classification may not be directly comparable to other measure. FFO per share - diluted, and FFO per share - diluted, as adjusted, during each period are calculated as •Our 2026 guidance includes a $25 million to $30 million reduction in funds from operations for potential tenant wind-downs, of which •From April 1, 2026 through April 27, 2026, we have executed leases and/or letters of charge coverage ratio: resulting from the volatility of market conditions outside of our control. For example, we exclude gains or TOP 15% Class B to Class A/A+. partners through contractual rights or majority voting rights, we apply our economic ownership $20.44 billion and an asset base that includes 35.8 million RSF of operating properties and Key Credit Metrics TargetsAs of 4/27/26As of 1/26/26Key ChangesNet debt and preferred stock to Adjusted EBITDA - 4Q26 annualized 5.6x to 6.2x5.6x to 6.2xNo ChangeFixed-charge coverage ratio - 4Q26 annualized3.6x to 4.1x3.6x to 4.1x (1)Represents previously disclosed key lease expirations aggregating 657,492 RSF, with a weighted-average reduction achieved in 2025 will continue in 2026. •Approximately $200 million through short-term borrowings under our commercial paper account for differences recognized because of real estate acquisition and disposition decisions, Same property comparisons insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses Three Months Ended(Dollars in thousands)3/31/2612/31/259/30/256/30/253/31/25Unencumbered net operating income$446,880$521,871$512,710$535,766$530,691Encumbered net operating income - - - 1,8411,072Total net operating income$446,880$521,871$512,710$537,607$531,763Unencumbered net operating income as a percentage of total net operating income100.0%100.0%100.0%99.7%99.8% The following table presents our new Class A/A+ development and redevelopment pipeline, amortization, because of historical cost accounting and useful life estimates, may distort comparability of approximately $6 million was recognized in 1Q26. estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating equity REITs. follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with intent aggregating 276,188 RSF related to our development and redevelopment pipeline. losses on the early extinguishment of debt to allow investors to measure our performance independent About the Company percentage to each financial item to arrive at our proportionate share of each component presented. 3.4 million RSF of Class A/A+ properties undergoing construction. lease expiration date of January 2026 and prior annual rental revenue of approximately $41.6 million. These (Dollars in thousands)3/31/2612/31/259/30/256/30/253/31/25Secured notes payable$ - $ - $ - $153,500$150,807Unsecured senior notes payable 11,166,00912,047,39412,044,99912,042,60712,640,144Unsecured senior line of credit and commercial paper1,353,986353,1611,548,5421,097,993299,883Unamortized deferred financing costs69,07174,31476,38378,57480,776Cash and cash equivalents(418,720)(549,062)(579,474)(520,545)(476,430)Restricted cash(4,665)(4,693)(4,705)(7,403)(7,324)Preferred stock - - - - - Net debt and preferred stock$12,165,681$11,921,114$13,085,745$12,844,726$12,687,856Adjusted EBITDA: - quarter annualized$1,778,012$2,097,444$2,130,008$2,174,160$2,165,632 - trailing 12 months$2,044,906$2,141,811$2,185,820$2,208,226$2,218,722Net debt and preferred stock to Adjusted EBITDA: - quarter annualized6.8x5.7x6.1x5.9x5.9x - trailing 12 months5.9x5.6x6.0x5.8x5.7x Market2026 Contractual Lease Expirations (in RSF)Annual Rental Revenue(per RSF)(1)2027 Contractual Lease Expirations (in RSF)Annual Rental Revenue(per RSF)(1)LeasedNegotiating/AnticipatingRemainingExpiring LeasesTotal(2)LeasedNegotiating/AnticipatingRemainingExpiring LeasesTotalGreater Boston119,82211,894110,339242,055$42.9350,37524,386110,518185,279$67.27San Francisco Bay Area4,90821,671115,876142,45574.741,8738,927183,000193,80072.78San Diego - - 104,945104,94557.70 - 62,415335,515397,93045.00Seattle10,55312,90839,00262,46324.749,43593,839305,254408,52847.30Maryland8,155 - 48,30256,45726.82 - - 191,188191,18830.63Research Triangle41,51811,91319,78373,21443.5830,696 - 283,614314,31034.13New York City - - 36,50136,501103.49 - - 100,787100,78797.97Texas - - - - - - 65,55126,16091,71126.10Non-cluster/other markets - - 20,21320,21357.70 - - - - - Subtotal184,95658,386494,961738,30351.8692,379255,1181,536,0361,883,53349.28Key lease expirations with expected downtime17,27181,642648,470747,383(3)59.77 - - 1,484,4641,484,464(4)65.64Total202,227140,0281,143,4311,485,686$55.8492,379255,1183,020,5003,367,997$56.51Percentage of expiring leases14%9%77%100%3%8%89%100% program, which will be repaid through planned dispositions and sales of partial interests financing decisions, capital structure, capital market transactions, variances resulting from the volatility Three Months Ended(Dollars in thousands)3/31/2612/31/259/30/256/30/253/31/25Adjusted EBITDA$444,503$524,361$532,502$543,540$541,408Interest expense$64,584$65,674$54,852$55,296$50,876Capitalized interest69,97381,84586,09182,42380,065Amortization of loan fees(4,428)(4,481)(4,505)(4,615)(4,691)Amortization of debt discounts(320)(327)(325)(335)(349)Cash interest and fixed charges$129,809$142,711$136,113$132,769$125,901Fixed-charge coverage ratio: - quarter annualized3.4x3.7x3.9x4.1x4.3x - trailing 12 months3.8x4.0x4.1x4.3x4.4x and earned in the period during which the applicable expenses are incurred and the tenant’s obligation excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental operating performance at the property level. Impairments of real estate have been excluded in deriving •Based upon current market conditions, we estimate at least a similar level of reduction in funds from operations may be necessary expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class (2) Investments of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and •72% of our leasing activity during 1Q26 was generated from our existing tenant base. Reduction of capital spend and funding needs Non-revenue-enhancing capital expenditures represent costs required to maintain the current vacant spaces are currently 48% leased or under negotiation and the remaining 52% is being actively As a result of changes within our total property portfolio during the comparative periods Near-Term DeliveriesIntermediate-Term Deliveries2Q26 - 4Q262027 - 2028$92M$93M93%Leased/Negotiating68%Leased/Negotiating601,589 RSF1.3 million RSF of market conditions outside of our control, or other corporate activities that may not be representative of included in our 2026 guidance. 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, The components of balance sheet and operating results information related to our real estate to reimburse us arises. $76MProjected CumulativeG&A Savingsin 2025 and 2026Relative to 2024(1) SIGNIFICANTLIQUIDITYPERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2)$4.2B96.4%REMAINING DEBT TERM(IN YEARS)DEBT INTEREST RATE10.04.06%Longest Among S&P 500 REITs(3)4Q26 ANNUALIZED GUIDANCE5.6x to 6.2x3.6x to 4.1xNET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDAFIXED-CHARGE COVERAGE RATIO Credit ratings through 2026 and beyond. revenue as of March 31, 2026: net operating income because we do not consider impairments of real estate to be property-level operating expenses recovered from our tenants. Amounts recovered from our tenants related to these method for each of the respective periods presented below. gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real marketed for re-lease. Leasing Activity in RSF:1Q26Leasing of development and redevelopment space 117,935Leasing of previously vacant space 148,734Lease renewals and re-leasing of space380,687647,356Lease renewals and re-leasing of space:Rental rate changes(15.0)%Rental rate changes (cash basis)(15.8)% revenues of a stabilized property, including the associated costs for renewed and re-leased space. (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 (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. Alexandria has a long-standing and proven track record of developing Class A/A+ presented, including changes from assets acquired or sold, properties placed into development or •We are evaluating the business and financial strategy for certain projects aggregating 1.6 the operating performance of our properties. •The repurchase reduced debt and improved leverage by approximately 0.2x. Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own, operating expenses. Impairments of real estate relate to changes in the values of our assets and do not operating expenses, along with base rent, are classified in income from rentals in our consolidated (Dollars in thousands)Book ValuePercentage of Gross AssetsProjects under active construction$3,117,3328%Future development projects(1) and land parcels primarily located in Megacampuses3,740,2379Total Class A/A+ development and redevelopment pipeline, excluding properties held for sale6,857,56917Properties held for sale - land parcels230,9051Total Class A/A+ development and redevelopment pipeline$7,088,47418% (2)Includes i) 139,408 RSF, or 0.4%, resulting from spaces vacated by tenants winding down operations, which estate investments, changes in provision for expected credit losses on financial instruments, and the computation of EBITDA as described in Exchange Act Release No. 47226. (2)As of March 31, 2026, we had no outstanding balance on our unsecured senior line of credit. We hold investments in publicly traded companies and privately held entities primarily CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(1) HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS OF LIFE SCIENCE AND TECHNOLOGY INNOVATIONLEADING CLIENT TENANT BASE WITHINTHE LIFE SCIENCE REAL ESTATE SECTORHIGH-QUALITY, LONG-TERM CASH FLOWSPROVEN UNDERWRITING EXPERTISESTRONG AND FLEXIBLE BALANCE SHEETLONG-TENURED, HIGHLY EXPERIENCED MANAGEMENT TEAM WITH UNIQUESECTOR EXPERTISE 2) Development-related other income redevelopment, and development or redevelopment properties recently placed into service, the properties clustered in highly dynamic and collaborative Megacampus environments that million RSF to reduce future construction funding requirements within our active pipeline. Three Months Ended(In thousands)3/31/2612/31/259/30/256/30/253/31/25Basic shares for earnings per share170,598170,394170,181170,135170,522Unvested RSAs with forfeitable dividends269 - - - - Diluted shares for earnings per share170,867170,394170,181170,135170,522Basic shares for funds from operations per share and funds from operations per share, as adjusted170,598170,394170,181170,135170,522Unvested RSAs with forfeitable dividends2691101245777Diluted shares for funds from operations per share and funds from operations per share, as adjusted170,867170,504170,305170,192170,599Weighted-average unvested RSAs with nonforfeitable dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted1,3401,5701,9171,9982,053 647,356 5.6 Years Average Debt Term of S&P 500 REITs as of December 31, 2025
This transaction did not have a significant impact to our funds from operations per share cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of March 31, 2026, Alexandria has a total market capitalization of the joint venture agreement generally determines what equity holders can receive upon capital events, We classify rental revenues and tenant recoveries generated through the leasing of real Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of reflect the current operating performance with respect to related revenues or expenses. Our are being actively marketed for re-lease and ii) delivery of 50,531 vacant RSF, or 0.2%, at our 10075 Barnes statements of operations. (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 significant termination fees allows investors to evaluate performance from period to period on a March 31, 2026December 31, 2025InvestmentsCostUnrealized GainsUnrealized LossesCarrying AmountCarrying AmountPublicly traded companies$83,916$34,674$(16,514)$102,076$94,928Entities that report NAV471,058102,050(38,132)534,976512,376Entities that do not report NAV:Entities with observable price changes82,12854,780(10,991)125,917123,238Entities without observable price changes405,567 - - 405,567413,324Investments accounted for under the equity method N/AN/AN/A367,883357,383March 31, 2026$1,042,669(4)$191,504$(65,637)$1,536,419$1,501,249December 31, 2025$1,010,488$184,434$(51,056)$1,501,249 involved in the life science industry. We recognize, measure, present, and disclose these investments as Dividend payout ratio (common stock) TOP 15% BMOCFRAGoldman SachsMorgan Stanley & Co. LLCJohn Kim / Juan SanabriaNathan SchmidtJulien Blouin / Ryan TreaisRonald Kamdem / Derrick Metzler(212) 885-4115 / (312) 845-4074(646) 517-1144(415) 393-7638 / (415) 249-7061 (212) 296-8319 / (212) 761-3366BNP Paribas ExaneCitigroup Global Markets Inc.Green StreetRBC Capital MarketsNate Crossett / Monir KoummalNicholas Joseph / Seth BergeyDylan BurzinskiMichael Carroll / Henry Newell(646) 342-1588 / (646) 342-1554(212) 816-1909 / (212) 816-2066(949) 640-8780(440) 715-2649 / (440) 715-2651BofA SecuritiesCitizensJ.P. Morgan Securities LLCRobert W. Baird & Co. IncorporatedFarrell Granath / Julieta MichelinAaron Hecht / Linda FuAnthony Paolone Wesley Golladay / Nicholas Thillman(646) 855-1351 / (646) 855-1898(415) 835-3963 / (415) 869-4411(212) 622-6682 (216) 737-7510 / (414) 298-5053BTIG, LLCDeutsche Bank AGJefferiesTom Catherwood / Michael TompkinsTayo Okusanya / Samuel OhiomahJoe Dickstein / Katie Elders(212) 738-6140 / (212) 527-3566(212) 250-9284 / (212) 250-0057(212) 778-8771 / (917) 421-1968Cantor FitzgeraldEvercore ISIMizuho Securities USA LLCRichard Anderson / Jeffrey CarrSteve Sakwa / James KammertVikram Malhotra / Jyoti Yadav(929) 441-6927 / (929) 709-0434(212) 446-9462 / (312) 705-4233(212) 282-3827 / (212) 471-2683Fixed Income Research CoverageRating AgenciesBarclays Capital Inc.J.P. Morgan Securities LLCMoody’s Ratings S&P Global RatingsSrinjoy Banerjee / Ishaan PandyaMark Streeter / Tyler Schachner(212) 553-0376 Michael Souers(212) 526-3521 / (212) 526-2970(212) 834-5086 / (212) 834-2238 (212) 438-2508CreditSightsMizuho Securities USA LLCNicholas MogliaThierry Perrein(212) 340-3886(212) 205-7665 •During 1Q26, we recognized development fees and other related revenues of approximately $2.5 million, most of which are expected to consolidated total income from rentals, as well as rental operating expenses in our operating results, can The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”) enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire •Driven by demand for our Megacampuses and access to amenities at our 311 Arsenal $20.44 billion and an asset base that includes 35.8 million RSF of operating properties and 3.4 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record (2) (2) such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their estate assets within revenues in income from rentals in our consolidated statements of operations. We March 31, 2026. A credit rating is not a recommendation to buy, sell, or hold securities and may be diluted, as adjusted, interest expense, or fixed-charge coverage ratio. impairments of real estate represent the write-down in the value of the assets to the estimated fair value 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 Canyon Road development project located at our SD Tech by Alexandria Megacampus. consistent basis without having to account for differences recognized because of investing and financing follows: (1) (1) cease by the end of 2026 as we complete the respective projects. show significant changes from period to period. In order to supplement an evaluation of our results of defines funds from operations as net income (computed in accordance with GAAP), excluding gains or productivity, efficiency, creativity, and success. Gross assets Street and 3000 Minuteman Road redevelopment projects, we executed letters of intent 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 Unconsolidated real estate joint ventures’ debtAt 100%Unconsolidated Joint VentureMaturity DateStated RateInterest Rate(1)Aggregate CommitmentDebt Balance(2)Our Share101 West Dickman Street10/29/26SOFR+1.95%(3)5.68%$26,750$19,04858.4%1655 and 1725 Third Street2/10/356.37%6.44%500,000496,96710.0%$526,750$516,015 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 (3)Represents temporary vacancies aggregating 1.1 million RSF, primarily in the Greater Boston, San Francisco respective legal ownership of any residual cash from a joint venture only after all liabilities, priority provide investors with a separate presentation of rental revenues and tenant recoveries in “Same Three Months Ended March 31, 2026Noncontrolling Interest Share of Consolidated Real Estate JVsOur Share of Unconsolidated Real Estate JVsTotal revenues$97,212$3,006Rental operations(30,677)(1,191)66,5351,815General and administrative(622)(22)Interest(63)(1,026)Depreciation and amortization of real estate assets(29,473)(914)Fixed returns allocated to redeemable noncontrolling interest(1)347 - $36,724$(147)Straight-line rent and below-market lease revenue $2,981$197Funds from operations(2)$66,197$767 A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease subject to revision or withdrawal at any time. less cost to sell. These impairments result from investing decisions or a deterioration in market As of 4/27/26As of 1/26/26 MidpointKey Sources and Uses of CapitalRangeMidpointCertain Completed ItemsSources of capital:Reduction in debt$(1,075)$(2,275)$(1,675)See below$(1,675)Net cash provided by operating activities, as adjusted475575525525Dispositions and sales of partial interests (refer to page 7)(2)2,1003,7002,900(2)2,900Total sources of capital$1,500$2,000$1,750$1,750Uses of capital:Construction$1,500$2,000$1,750$1,750Total uses of capital$1,500$2,000$1,750$1,750Reduction in debt (included above):Repayment of unsecured notes payable with 2026 maturities(3)$(650)$(650)$(650)$(650)$(650)Tender offers for partial principal repayments of unsecured senior notes payable(4)(952)(952)(952)$(952) - Issuance of unsecured senior notes payable(4)750750750$750 - Unsecured senior line of credit, commercial paper, and other(223)(1,423)(823)(1,025)Reduction in debt$(1,075)$(2,275)$(1,675)$(1,675) •Following this transaction, our weighted-average remaining term of debt as of 1Q26 is Capitalization rates Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends (1)Our guidance for operating occupancy percentage as of December 31, 2026 and for same property performance net operating income changes assumes an approximate 1% and 2% benefit, respectively, related to a range of assets with decisions related to our real estate and non-real estate investments or other corporate activities that Statements of OperationsBalance SheetGains and LossesCarrying AmountUnrealizedRealizedDifference between proceeds received upon disposition and historical costPublicly traded companiesFair valueChanges in fair valuePrivately held entities without readily determinable fair values that:Report NAVFair value, using NAV as a practical expedientChanges in NAV, as a practical expedient to fair valueDo not report NAVCost, 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 costEquity method investmentsContributions, 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 investeeOur share of realized gains or losses reported by the investee, and other-than-temporary impairments losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of operations over a given quarterly or annual period, we analyze the operating performance for all SOFR+0.835%. As of March 31, 2026, we had $1.35 billion of commercial paper notes outstanding. Bay Area, and Seattle markets, that are leased and expected to be occupied upon completion of building and/ aggregating 242,408 RSF in April 2026. These letters of intent are for lower-cost alternative 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 distributions, and claims have been repaid or satisfied. property performance” in this Supplemental Information because we believe it promotes investors’ vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, but that had not yet met such criteria as of March 31, 2026. Refer to the chart below for key drivers of the changes to conditions. We also exclude realized and unrealized investment gain or loss, which results from terms 3) Development and redevelopment projects under business and financial strategy evaluation on our common stock (shares of common stock outstanding on the respective record dates multiplied by 10.0 years, which continues to be the longest among S&P 500 REITs. may not be representative of the operating performance of our properties. SUPPLEMENTAL operating real estate assets, and after adjustments for our share of consolidated and unconsolidated Gross assets are calculated as total assets plus accumulated depreciation: consolidated properties that were fully operating for the entirety of the comparative periods presented, (4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the or tenant improvements. The weighted-average expected delivery date is approximately September 2026, with $2.9BSales Amount (1) Capitalization rates are calculated based on net operating income and net operating income certain key projected operating metrics and assumptions included in our 2026 guidance. Alexandria also provides strategic capital to transformative life science Development, redevelopment, and pre-construction 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 uses for all or a portion of these projects, including advanced technology. If we are understanding of our operating results. We believe that the presentation of tenant recoveries is useful to investment decisions that occur at the corporate level related to non-real estate investments in publicly •We have five development and redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, the related dividend per share) to funds from operations attributable to Alexandria’s common •In January 2026 and April 2026, we repaid, upon maturity, $300.0 million of 4.30% unsecured CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(1) Substantial Reduction in Land Drives Decrease in Average Real Estate Basis Capitalized August 2026Weighted-Average Projected Disposition Date Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (As of March 31, 2026, unless stated otherwise)Occupancy of operating properties 87.7%Percentage of annual rental revenue in effect from Megacampus platform78%Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants55%Operating margin67%Adjusted EBITDA margin66%Percentage of leases containing annual rent escalations97%Weighted-average remaining lease term:Top 20 tenants9.9yearsAll tenants7.5yearsStrong 1Q26 tenant collections(1):1Q26 rents and receivables collected as of April 27, 202699.9%(1)Refer to “Tenant Collections” under “Definitions and reconciliations” in the Supplemental Information for additional details. partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair consolidated weighted-average maturity of our debt is 9.6 years. The commercial paper notes sold during the three months ended March 31, 2026 were issued at a weighted-average yield to maturity of 4.08% and had a Summary of occupancy expected annual rental revenue of approximately $68 million. We believe that this information can help investors estimate the balance sheet and operating referred to as same properties. We separately present quarterly and year-to-date same property results (2)Decline primarily relates to changes to a range of properties that could potentially be sold during 2026 that were assumed in our prior guidance. Refer to the chart below. (cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter (In thousands)3/31/2612/31/259/30/256/30/253/31/25Total assets$34,167,397$34,081,835$37,375,148$37,623,629$37,600,428Accumulated depreciation6,393,6586,127,5256,416,7456,146,3785,886,561Gross assets$40,561,055$40,209,360$43,791,893$43,770,007$43,486,989 information on Alexandria, please visit www.are.com. companies through our venture capital platform. We believe our unique business model investors as a supplemental measure of our ability to recover operating expenses under our triple net pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or disposition. Refer to “New Class A/A+ development and redevelopment properties: traded companies and certain privately held entities. Therefore, we do not consider these activities to be successful in executing these potential leases, we expect to evaluate whether all or a stockholders - diluted, as adjusted. Renewals & Re-leasing In addition, we believe that excluding charges related to stock compensation and unrealized senior notes payable and $350.0 million of 3.80% unsecured senior notes payable, Projected capital contributions from partners in consolidated real estate joint ventures to fund constructionTimingAmount(5)2Q26 - 4Q26$76,0002027 and beyond44,000Total$120,000 Net cash provided by operating activities, as adjusted weighted-average maturity term of 13 days. value over the recoverability period is less than the carrying value due to changes in general market results information related to our partially owned entities. Presenting this information provides a to align with the interim financial information required by the SEC in our management’s discussion and 6.0%14.3%Alexandria1Q26(2)S&P 500 REIT(3)Average 2023 - 2025(excluding Alexandria) (3)Decline primarily related to the re-lease of two spaces subject to tenant wind-downs. Refer to the chart below. Operating PropertiesOperating and Redevelopment PropertiesMarket3/31/2612/31/253/31/253/31/2612/31/253/31/25Greater Boston83.8%(2)86.4%91.8%73.1%75.1%78.4%San Francisco Bay Area87.6(2)90.990.386.489.486.3San Diego88.4(2)97.294.388.497.294.3Seattle87.888.491.587.888.491.5Maryland92.3(3)93.694.192.393.694.1Research Triangle93.8(4)95.293.493.895.293.4New York City95.896.487.695.896.487.6Texas81.879.982.178.776.578.9Subtotal87.890.991.884.086.987.1CanadaN/A(1)N/A(1)94.6N/AN/A82.4Non-cluster/other markets86.091.273.086.091.273.0North America87.7%(5)90.9%91.7%84.1%86.9%86.9% A key component of our business model is our disciplined allocation of capital to the Weighted-average interest rate for capitalization of interest preceding the date on which the property is sold, or near-term prospective net operating income. under construction” in the Supplemental Information for additional details. (1)Total square footage includes 1.5 million RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate” leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common and diligent underwriting ensure a high-quality and diverse tenant base that results in an indication of operating performance of our real estate assets at the property level. Our calculation of (1) (2) portion of these projects will be placed back into operation without the need to further Key operating metrics gains or losses facilitates for investors a comparison of our business activities across periods without the respectively. These repayments were funded temporarily with borrowings under our INFORMATION conditions and do not necessarily reflect the operating performance of the properties during the (4)The $5 million reduction and corresponding $5 million increase to the midpoints of our guidance ranges for 2026 capitalized interest and 2026 interest expense, respectively, are primarily driven by the anticipated earlier completion of perspective not immediately available from consolidated financial statements and one that can analysis of our financial condition and results of operations. These same properties are analyzed development and redevelopment of new Class A/A+ properties, as well as property enhancements under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. ◦If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for net operating income also excludes charges incurred from changes in certain financing decisions, such We use net cash provided by operating activities, as adjusted, as a supplemental measure for higher occupancy levels, longer lease terms, higher rental income, higher returns, and Dividend yield redevelop. volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a Forward-Looking Statements corresponding period. (1) certain milestones on several projects. Refer to the discussion of 4Q26 funds from operations per share - diluted, as adjusted and “Capitalized interest” item on the following page, and “Capitalization of interest” in the Supplemental The weighted-average interest rate required for calculating capitalization of interest pursuant commercial paper program, which will be repaid through planned dispositions and sales of supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in separately from properties acquired subsequent to the first day in the earliest comparable quarterly or identified during the underwriting of certain acquired properties. These efforts are primarily concentrated Operating metrics1Q26(dollars in millions)Net operating income (cash basis) $1,672(1)Decrease compared to 1Q25(15.2)%(2)Same property performance:Net operating income changes(11.9)%(3)Net operating income changes (cash basis) (11.7)%(3)Occupancy - current-period average88.9%Occupancy - same-period prior-year average94.0% (2)Includes $3.12 billion of projects that are currently under construction. Capitalized interest ◦If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), these projects could deliver earlier than 2028. The incremental capital required for 269 East Grand Avenue4135 Campus Point Court10200 Campus Point Drive701 Dexter Avenue NorthSan Francisco Bay Area/South San FranciscoSan Diego/University Town CenterSan Diego/University Town CenterSeattle/Lake Union84,157 RSF426,927 RSF466,598 RSF227,577 RSF40% Leased/Negotiating 100% Leased100% Leased23% Leased/Negotiating any significant variability to components of our operating expenses. as losses on early extinguishment of debt and changes in provision for expected credit losses on financial and operational decision-making, and as a supplemental means of evaluating period-to-period Three Months Ended March 31, 2026Average Debt OutstandingWeighted-Average Interest RateLong-term fixed-rate debt$11,432,6753.94%Short-term variable-rate unsecured senior line of credit and commercial paper program debt1,736,2264.05Blended-average interest rate13,168,9013.95Loan fee amortization and annual facility fee related to unsecured senior line of creditN/A0.13Total/weighted average$13,168,9014.08% greater long-term asset value. For more information on Alexandria, please visit •Non-income-producing assets are 17% as a percentage of gross assets, a reduction of 3% measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future •Excluding the impact of one lease aggregating 47,719 RSF at 480 Arsenal Street in our BBB+Negative Information for additional details. to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates partial interests included in our 2026 guidance. No gain or loss was incurred in connection our consolidated results. year-to-date period presented, properties that underwent development or redevelopment at any time in collaborative Megacampus ecosystems within AAA life science innovation clusters, as well as other (1) alternative use construction, and corresponding rental rates earned, is generally lower compared to laboratory improvements. Dividend yield for the quarter represents the annualized quarter dividend divided by the We compute funds from operations, as adjusted, as funds from operations calculated in 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. financial instruments, as these charges often relate to corporate strategy. Property operating expenses comparisons on a consistent basis. Net cash provided by operating activities, as adjusted, is calculated $8.1B (1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes (5)Represents realized gains and losses included in funds from operations per share - diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. Refer to www.are.com. requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant since 4Q24; targeting a further reduction to 11% to 16% by 4Q26. Cambridge/Inner Suburbs submarket, rental rates for renewed and re-leased space for 1Q26 applicable to borrowings outstanding during the period, including expense/income related to interest rate with these repayments. during the comparative periods, unconsolidated real estate joint ventures, properties classified as held strategic locations that support innovation and growth. These projects are generally focused on We capitalize interest cost as a cost of a project during periods for which activities necessary closing common stock price at the end of the quarter. accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized development rights associated with existing operating campuses. (1) The following table reconciles income from rentals to tenant recoveries: “Investments” in the Supplemental Information for additional details. 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 included in determining net operating income primarily consist of costs that are related to our operating as net cash provided by operating activities as shown in our consolidated statements of cash flows, Property/Market/SubmarketOur Ownership InterestRSF Placed in ServiceOccupancy Percentage(2)Total ProjectUnlevered Yields1Q26 Delivery Date(1)Prior to 1/1/261Q26TotalInitial StabilizedInitial Stabilized (Cash Basis)RSFInvestmentDevelopment projects99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs1/27/26100%129,41316,734146,147100%320,809$444,0006.0%6.8%10075 Barnes Canyon Road/San Diego/Sorrento Mesa3/31/2650.0%171,46981,610(3)253,07980%253,079314,0005.55.7Redevelopment projects8800 Technology Forest Place/Texas/Greater Houston2/5/26100%50,0946,94857,042100%123,392112,0006.36.0Weighted average/total1/28/26350,976105,292456,268697,280$870,0005.9%6.3% measure of performance, it does not represent net income (loss) or cash flows from operations The components of balance sheet and operating results information related to our real estate would have decreased by 10.1% and 9.1% (cash basis). The space at 480 Arsenal Street $6.8B hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank 4) Capitalized interest (1)Includes interest expense and amortization of loan fees. •Under our common stock repurchase program authorized in December 2025, we may for sale, and corporate entities (legal entities performing general and administrative functions), which are providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide Development/RedevelopmentUnder Construction and Repositioning Projects Land/Future Development to develop, redevelop, or reposition a project for its intended use are ongoing, provided that Alexandria’s development and redevelopment pipeline is anticipated to deliver $92 million of on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments 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,” properties, such as utilities, repairs, and maintenance; rental expense related to ground leases; adjusted for changes in operating assets and liabilities (as they represent timing differences), and Incremental annual net operating income on development and redevelopment projects calculated and presented in accordance with GAAP, and it should not be considered as an alternative to joint ventures are limited as an analytical tool as the overall economic ownership interest does not Tenant base (2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2026. •For the three months ended March 31, 2026, average real estate basis capitalized of $6.86 billion comprised the following: fees. A separate calculation is performed to determine our weighted-average interest rate for was re-leased to an entertainment studio user to accommodate their expansion needs and excluded from same property results. Additionally, termination fees, if any, are excluded from the results Three Months Ended(In thousands)3/31/2612/31/259/30/256/30/253/31/25Income from rentals$653,013$728,872$735,849$737,279$743,175Rental revenues(474,786)(538,330)(541,070)(553,377)(552,112)Tenant recoveries$178,227$190,542$194,779$183,902$191,063 repurchase up to $500.0 million of our common stock through December 31, 2026. As of range of tenants. Upon completion, each development or redevelopment project is expected to generate WEIGHTED AVERAGE Occupancy of Operating PropertiesSame Property PerformanceLease Renewals and Re-leasing of SpaceStraight-Line Rent RevenueKey Drivers of Changes to Certain 2026 Projected Operating Metrics and AssumptionsAs of December 31, 2026Benefit From Potential Held For Sale Assets(1)Net Operating Income ChangesNet Operating Income Changes (Cash Basis)Benefit From Potential Held For Sale Assets(1)Rental Rate ChangesRental RateChanges (Cash Basis)Guidance ranges as of 1/26/2687.7% to 89.3%2%(9.5)% to (7.5)%(9.5)% to (7.5)%3%(2.0)% to 6.0%(12.0)% to (4.0)%$65M to $95MChanges to range of properties that could potentially be sold during 2026 that were assumed in prior 2026 guidance(1)(1.3)(1)(1.0)(1.0)(1) - - - Primarily related to the re-lease of two spaces subject to tenant wind-downs(2)(0.2) - - - - (7.0)(3.0)(10)(3)Total changes to 2026 guidance midpoints(1.5)(1)(1.0)(1.0)(1)(7.0)(3.0)(10)Guidance ranges as of 4/27/2686.2% to 87.8%1%(10.5)% to (8.5)%(10.5)% to (8.5)%2%(9.0)% to (1.0)%(15.0)% to (7.0)%$55M to $85M The square footage presented in the table below is classified as operating as of March 31, expenditures for the asset have been made and interest cost has been incurred. Activities necessary to incremental annual net operating income by 4Q26 primarily from projects that are 93% leased/ of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that Space Intentionally Blank “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 contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from (3)This loan is subject to a fixed SOFR floor of 0.75%. BBB+Negative those indicators in evaluating performance or liquidity. represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In •$2.64 billion of active development and redevelopment of projects under construction that are expected to stabilize through 2028 and are 77% leased and repositioning projects; capitalization for each month. The rate will vary each month due to changes in variable interest rates, Contractual lease expirations for properties classified as held for sale as of March 31, 2026 are excluded from the information on this page. secure a long-term extension. In addition, the reorientation of this building layout provides of same properties. increases in rental income, net operating income, and cash flows. Our development and redevelopment March 31, 2026, no shares have been repurchased. Alexandria is known for our high-quality and diverse tenant base, with 55% of our Incremental annual net operating income represents the amount of net operating income, on 2026. These lease expirations or vacant space at recently acquired properties represent future develop, redevelop, or reposition a project include pre-construction activities such as entitlements, we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the negotiating 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 property-level salaries. General and administrative expenses consist primarily of accounting and asset sales). We are not able to forecast the net income of future periods without unreasonable effort, and $3.8B - $5.3B addition, joint venture financial information may include financial information related to the •$1.28 billion of development and redevelopment projects for which we are evaluating the business and financial strategy with weighted-average critical key construction milestones by March 2027; outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms (1)Amounts in effect as of March 31, 2026. (2) Development & Redevelopment 20% flexibility to market the remaining available space to a broader range of user demand. projects are generally in locations that are highly desirable to high-quality entities, which we believe annual rental revenue being generated from tenants that are investment-grade rated or an annual basis, expected to be realized upon a project being placed into service and achieving full opportunities for which we intend, subject to market conditions and leasing, to commence first-time permitting, design, site work, and other activities preceding commencement of construction of Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. provision for expected credit losses on financial instruments, significant termination fees, acceleration of 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 corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total unconsolidated real estate joint ventures that we do not control. We believe that, to facilitate investors’ Space Intentionally Blank •$1.16 billion of land with weighted-average critical key pre-construction milestones by August 2026; (2)Excludes month-to-month leases aggregating 103,632 RSF as of March 31, 2026. •Annual net operating income (cash basis) from recently delivered projects is expected to (3) of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization. results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater Development/RedevelopmentUnder ConstructionLand/FutureDevelopment 17% Public/Private Mix (Cost)Tenant/Non-Tenant Mix (Cost) occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied conversion from non-laboratory space to laboratory space, or to commence future ground-up aboveground building improvements. The advancement of pre-construction efforts is focused on publicly traded large cap companies. The quality, diversity, breadth, and depth of our stock compensation expense due to the resignations of executive officers, deal costs, the income tax 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 part of corporate office management. We calculate operating margin as net operating income divided by (3)Represents 2026 key lease expirations with expected downtime aggregating 747,383 RSF with a weighted-average expiration date of June 2026 and annual rental revenue aggregating $44.7 million as of March 31, 2026. This includes i) Ongoing execution of Alexandria’s capital recycling strategy We believe net cash provided by operating activities, as adjusted, provides investors with is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market •$567.6 million of land with weighted-average critical key pre-construction milestones by April 2027; and revenues as presented in our consolidated statements of operations. We believe that this supplemental clear understanding of our operating results and our total assets and liabilities, joint venture financial WEIGHTED AVERAGE 3.6x to 4.1x Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. increase by $25 million upon the burn-off of initial free rent, which has a weighted-average Dividend strategy to share net cash flows from operating activities with stockholders while long-term asset value. Baa1Negative 5.6x to 6.2x 137,316 RSF generating $13.3 million of annual rental revenues at Alexandria Stanford Life Science District, where we are evaluating a redevelopment for advanced technology space, ii) 108,136 RSF generating $8.1 million of annual by the project’s total cost at completion. development: reducing the time required to deliver projects to prospective tenants. These critical activities add effect related to such items, and the amount of such items that is allocable to our unvested restricted significant relationships with our tenants provide Alexandria with high-quality and stable 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 total revenues. relevant and useful information as it allows investors to evaluate our operating cash flows on a more conditions outside of our control, including the timing of dispositions, capital events, and financing •$1.22 billion of land with critical key pre-construction milestones through 2028 and beyond. performance measure provides investors with additional useful information regarding the profitability of information should be examined in conjunction with our consolidated statements of operations and 11% - 16% We plan to continue funding a significant portion of our capital requirements for the year ending Space Intentionally Blank remaining period of approximately four months. (1)Primarily represents an incremental impairment charge recognized in 1Q26 in connection with the amendment of the sales agreement for our Canada portfolio, which was classified as held for sale as of December 31, 2025. retaining a significant portion for reinvestment rental revenues at Alexandria Center® at One Kendall Square, where expected downtime is primarily driven by tenant relocations to other ARE-developed properties, and iii) 99,271 RSF generating $7.9 million of annual rental revenues at ALEXANDRIA’SMEGACAMPUS™ PLATFORM REPRESENTS78%OF OUR ANNUAL RENTAL REVENUE Dev/RedevRSF of Lease Expirations Targeted forDevelopment and RedevelopmentProperty/Submarket20262027Thereafter(1)TotalFuture projects:446, 458, and 500 Arsenal Street/Cambridge/Inner SuburbsDev - - 116,623116,6231122 and 1150 El Camino Real/South San FranciscoDev - - 375,232375,2322100 Geng Road/Greater Stanford Dev - - 12,12512,125960 Industrial Road/Greater StanfordDev - - 112,590112,590Campus Point by Alexandria/University Town CenterDev - - 96,80596,805Sequence District by Alexandria/Sorrento MesaDev/Redev - - 555,754555,754CanadaRedev - - 247,743247,743Total - - 1,516,8721,516,872 significant value for future ground-up development and are required for the vertical construction of stock awards. We compute the amount that is allocable to our unvested restricted stock awards with (1)Includes smaller conversions to laboratory space through redevelopment. 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 cash flows. Alexandria’s underwriting team and long-term industry relationships positively consistent basis that excludes period-to-period timing differences in operating assets and liabilities decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or •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, our operating activities. balance sheets. Joint venture financial information should not be considered an alternative to our Alexandria Center® for Life Science - Eastlake, where the tenant is also relocating to another ARE-developed property. Additionally, we have identified prospective tenants or are in early discussions for 111,983 RSF in our Greater Boston December 31, 2026 through dispositions of land, non-core assets, and core assets (primarily (2)Calculated in accordance with standards established by the Nareit Board of Governors. •77% of the RSF in our total development and redevelopment pipeline is within our Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. Development projects generally consist of the ground-up development of generic and Previously Vacant Initial stabilized yield (unlevered) buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related (2)Approximately 75% represents capitalized costs. •Common stock dividend declared of $0.72 per share for 1Q26, consistent with the preceding nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net 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 We believe that, to facilitate investors’ clear understanding of our operating results, net (working capital) and reflects cash dividends and distributions paid quarterly. (ii) pause future investments, or (iii) consider the potential dispositions of these real estate assets. If we cease activities necessary to prepare a project for its intended use, costs related to such project, losses on non-real estate investments, impairments of real estate, impairments of non-real estate distinguish us from all other publicly traded REITs and real estate companies. and San Francisco Bay Area markets. We continue to evaluate business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect weighted-average downtime to be approximately 6 to 24 consolidated financial statements, which are presented and prepared in accordance with GAAP. (3)Primarily related to two non-real estate investments in privately held entities that do not report NAV. (4) sales of partial interests). Megacampus ecosystems. reusable laboratory facilities. Redevelopment projects generally consist of the permanent change in use (3)Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements. months. to such project are expensed as incurred. Baa1Negative income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested quarter. The declared dividend per common share reflects our commitment to maintaining the non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. Annualized capitalized operating operating income should be examined in conjunction with net income or loss as presented in our (1)Quarter annualized. investments, and changes in provision for expected credit losses on financial instruments. Our attempt We are not able to forecast the net income of future periods without unreasonable effort, and (4)In February 2026, we completed tender offers to repurchase debt principal aggregating $1.33 billion across a portion of our outstanding 4.00% Senior Notes due 2050, 3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052 for Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details. We are not able to forecast the net income of future periods without unreasonable effort, and (2) Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South. Initial stabilized yield is calculated as the estimated amounts of net operating income at (4)The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 58% of the total spending within this category. The first project relates to a property located at the Alexandria Center® for (4)Represents space with an annual rental revenue of $97.4 million, with a weighted-average lease expiration date of February 2027, and a weighted-average downtime of approximately 6 to 24 months. Of the expiring 1.5 million RSF, we Development and Redevelopment ProjectsIncremental Annual Net Operating IncomeRSFLeased/NegotiatingPercentage(dollars in millions)Expected to be placed into service:2Q26 - 4Q26$92(1)601,589(2)93%(3)2027 - 2028931,258,00468%$185 of acquired office, warehouse, or shell space into facilities designed for life science innovation or (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. Total equity capitalization (dollars in millions)Sales Price%Completed and pending transactions subject to non-refundable deposits, signed letters of intent, and/or sale agreement negotiations as of April 27, 2026$1515%Identified and in process2,18175%Additional projected56820%2026 guidance midpoint for dispositions and sales of partial interests$2,900 Net operating income is a non-GAAP financial measure calculated as net income (loss), the restricted stock awards with nonforfeitable dividends by applying the respective weighted-average (2)Change in net operating income (cash basis) reflects the impact of operating properties disposed of after expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1Q26. $952.2 million. The gain includes the write-off of unamortized debt issuance costs and other transaction-related costs. strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing 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 consolidated statements of operations. Net operating income should not be considered as an alternative The following table reconciles net cash flows from operating activities, the most directly to predict these amounts may produce significant but inaccurate estimates, which would potentially be therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to Executive and senior management team Space Intentionally Blank 6%Public 17%Tenant (3) have identified prospective tenants or are in early discussions for 532,585 RSF. Compared to 4Q25, 2027 key lease expirations increased primarily due to a 232,902-RSF lease expiration with a single tenant at our Alexandria Center® for (1)In February 2026, we completed tender offers to repurchase debt principal aggregating $1.33 billion across a (2)Includes properties currently under construction or in our future development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information 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 stabilization divided by our investment in the property. For this calculation, we exclude any tenant- (2)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 57.2% ownership interest. The project is fully leased to a longtime multinational pharmaceutical tenant that advanced technology. We generally will not commence new development projects for aboveground January 1, 2025. Excluding these dispositions, net operating income (cash basis), annualized, for the three Cash interest most directly comparable financial measure calculated and presented in accordance with GAAP, (1)We expect to provide total estimated costs and related yields for each project over the next several quarters. •We expect average real estate basis capitalized to decrease from $6.86 billion for 1Q26 to a range from $3.8 billion to $5.3 billion for 4Q26, driven by potential dispositions, deliveries of development and shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference 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 to net income or loss as an indication of our performance, nor as an alternative to cash flows as a comparable financial measure presented in accordance with GAAP, to net cash provided by operating cash flows with our stockholders. misleading for our investors. forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of Life Science - Waltham Megacampus with $27.0 million of annual rental revenue, for which we no longer expect the tenant to renew on a short-term basis. Other key considerations of this expiring 1.5 million RSF include: the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions portion of our outstanding 4.00% Senior Notes due 2050, 3.00% Senior Notes due 2051, and 3.55% Senior for additional details. the Alexandria Technology Square® Megacampus in our Cambridge submarket, which are undergoing their first major renovation in 16 years. Total equity capitalization is equal to the outstanding shares of common stock multiplied by the Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all currently occupies one building within the Megacampus aggregating 52,853 RSF, which generated annual rental revenue of $4.1 million as of 1Q26. The tenant is expected to vacate this building during 2028. We expect to fund the majority funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized months ended March 31, 2026, would have decreased by 8.9%. construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such Alexandria’s executive and senior management team has unique experience and (2)Refer to footnote 2 on the prior page for additional details. excluding equity in the earnings of our unconsolidated real estate joint ventures, general and redevelopment, and pauses in construction/pre-construction activities. The estimated range for 4Q26 represents a $200 million reduction (at the midpoint) in the projected range from $4.0 billion to $5.5 Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor 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 measure of our liquidity or our ability to make distributions. activities, as adjusted: items that depend on market conditions outside of our control, including the timing of dispositions, •Significant net cash provided by operating activities, as adjusted, retained for reinvestment Notes due 2052 for $952.2 million. The gain includes the write-off of unamortized debt issuance costs and other outside of our control, including the timing of dispositions, capital events, and financing decisions, as (3)Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court. Average Real Estate Basis Capitalized (4) (5)Represents contractual capital commitments from existing real estate joint venture partners to fund construction. of future construction costs at the Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner. closing price on the last trading day at the end of each period presented. publicly traded U.S. REITs (3)The quarter-over-quarter decline was due to a decrease in same property occupancy, primarily driven by the yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment Cash interest is equal to interest expense calculated in accordance with GAAP plus (3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. space, except when there is solid market demand for high-quality Class A/A+ properties. Leasing activity includes 100% of results for properties in North America in which we have an investment. Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively. expertise in creating, owning, and operating highly dynamic and collaborative billion initially disclosed on December 3, 2025. Refer to "Capitalization of interest" in the Supplemental Information for additional details. administrative expenses, interest expense, depreciation and amortization, impairments of real estate, Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics. funds from operations, as adjusted, should be considered as alternatives to net income (determined in Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. 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 transaction-related costs. Three Months Ended(in thousands)3/31/263/31/25Net cash provided by operating activities$196,624$207,949Decreases in operating assets and liabilities143,523220,294Common stock dividends paid(123,752)(229,987)Distributions to noncontrolling interests(60,111)(66,034)Net cash provided by operating activities, as adjusted$156,284$132,222 (4)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, capital events, and financing decisions, as well as quarterly components such as gain on sales of real (1) well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non- aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the (3)We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or previously disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during 1Q26, (4)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus projects are generally expected to increase over time due to contractual annual rent escalations. Our capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition Debt Maturities by Year ($ in millions) (1)10 properties in Canada were classified as held for sale in 4Q25 and the remaining one property in Canada is now included in our non-cluster market. gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment •$20.44 billion in total market capitalization. Megacampus real estate in key life science cluster locations to catalyze innovation. From Stabilized occupancy date accordance with GAAP) as indications of financial performance, or to cash flows from operating after which future capital would be contributed pro rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. (1)Based on annual rental revenue in effect as of March 31, 2026. 94%Private Progress on 2027 Key Lease Expirations 36%61%533K RSFof ARR Relocating to ARE Development/Redevelopment ProjectsAverage RSF Expansion by Relocating TenantsUnder Negotiation (36% of Expiring RSF) 83%Non-Tenant most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. We are not able to forecast the net income of future periods without unreasonable effort, and (1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details. estate, unrealized gains or losses on non-real estate investments, impairments of real estate, 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 real estate investments, impairments of real estate, impairments of non-real estate investments, and midpoint of our 2026 guidance range. (1)Excludes month-to-month leases aggregating 103,632 RSF and 58,516 RSF as of March 31, 2026 and December 31, 2025, respectively. During the trailing twelve months ended March 31, 2026, we granted free rent with a weighted-average lease expiration date of January 2026, and by vacancy in 4Q25 at one property Total market capitalization 5) Key lease expirations Point project. (2)Decline in occupancy since December 31, 2025 was primarily attributable to previously disclosed key lease expirations with expected downtime, including: estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable Pre-construction activities include entitlements, permitting, design, site work, and other (5)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (2)Eikon Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a biopharmaceutical executive who previously served as an executive vice president of Merck & Co., Inc. As of December 31, 2025, the company held income or loss. We believe net operating income provides useful information to investors regarding our (1)Represents an allocation of joint venture earnings to redeemable noncontrolling interest for a property in the San Francisco Bay Area market. This redeemable noncontrolling interest earns a fixed return on their investment rather (2)We expect our dispositions and sales of partial interests for the year ending December 31, 2026 to consist of land, non-core assets, and core assets (primarily sales of partial interests). As of April 27, 2026, our share of pending dispositions activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the •$7.92 billion in total equity capitalization. design to development to the management of our high-quality, sustainable real estate, as We use Adjusted EBITDA as a supplemental performance measure of our operations, for therefore do not provide a reconciliation for net operating income on a forward-looking basis. This is due into operation. If the properties are completed as laboratory/office, we do not expect significant deliveries until 2028 at the earliest. impairments of non-real estate investments, and changes in provision for expected credit losses on concessions averaging 2.0 months per annum. changes in provision for expected credit losses on financial instruments. Our attempt to predict these aggregating 170,618 RSF at Alexandria Center® for Advanced Technologies - South San Francisco in our GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(4) (5)Refer to footnote 3 on the prior page for additional details. (1)Includes projects aggregating 1.6 million RSF for which we are evaluating business and financial strategy and that are expected to reach anticipated construction or delivery milestones, on a weighted-average real estate investment basis, •Dividend yield of 6.2% as of March 31, 2026 and dividend payout ratio of 42% for the three •Greater Boston: 45,636 RSF at Alexandria Center® at Kendall Square in our Cambridge submarket and 52,467 RSF in our Route 128 submarket. •We estimate 1.5 million RSF of leases expiring in 2027, with approximately $97.4 million of annual rental revenue, to have 6 to 24 months of downtime on a weighted-average basis. These expirations represent our initial estimates at the commencement of the project. We expect to update this information financial measure calculated and presented in accordance with GAAP, to cash interest. The stabilized occupancy date represents the estimated date on which a development or activities preceding commencement of construction of aboveground building improvements. The (6)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. $336 million in cash and marketable securities. than participate in the operating results of the property. subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $149.1 million. We have an additional $2.18 billion of dispositions and sales of partial interests identified and in process. financial condition and results of operations because it primarily reflects those income and expense Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP. availability of funds for our cash needs, including our ability to make distributions. financial and operational decision-making, and as a supplemental means of evaluating period-to-period •Net debt and preferred stock to Adjusted EBITDA of 6.8x and fixed-charge coverage ratio of 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 to the inherent difficulty of forecasting the timing and/or amount of items that depend on market well as our ongoing cultivation of collaborative environments with unique amenities and (2)Includes the impact of one lease aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, which was signed with an entertainment studio user to accommodate their expansion needs and Total market capitalization is equal to the sum of total equity capitalization and total debt. South San Francisco submarket. We expect our same property performance to improve in 2H26, primarily due financial instruments. Our attempt to predict these amounts may produce significant but inaccurate by March 2027. We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology amounts may produce significant but inaccurate estimates, which would potentially be misleading for our Percentage of Alexandria’s Annual Rental Revenue
San Francisco Bay Area: 78,962 RSF at Alexandria Stanford Life Science District in our Greater Stanford submarket, where we are evaluating a redevelopment for advanced technology use, and 42,299 RSF in our South have a weighted-average contractual lease expiration date of February 2027. 2027 expirations increased from the prior quarter primarily due to one expiration of a 232,902 RSF single-tenant lease at our months ended March 31, 2026. (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. (3)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United upon completion of the project, or sooner if there are significant changes to the expected project yields 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. redevelopment project is expected to reach occupancy of 95% or greater. (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. (3)In January 2026 and April 2026, we repaid, upon maturity, $300.0 million of 4.30% unsecured senior notes payable and $350.0 million of 3.80% unsecured senior notes payable, respectively. These repayments were funded temporarily with advancement of pre-construction efforts is focused on reducing the time required to deliver projects to items that are incurred at the property level. Therefore, we believe net operating income is a useful secure a long-term extension. The reorientation of the building layout needed to accommodate the tenant also provides flexibility to market the remaining available space to a broader range of user demand. Excluding this to changes in same property occupancy, including the anticipated delivery of 1.1 million RSF of vacant space (1)Our prior guidance for occupancy percentage as of December 31, 2026 and 2026 same property performance net operating income changes assumed a benefit of approximately 2% and 3%, respectively, related to a range of assets with comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, 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. conditions outside of our control, including the timing of dispositions, capital events, and financing use), or disposition. Upon achievement of these milestones, if we choose not to pursue future construction or other activities, capitalized interest and other project costs may no longer qualify for capitalization. 3.4x for 1Q26 annualized, with 4Q26 annualized targets of 5.6x to 6.2x and 3.6x to 4.1x, events, the Alexandria team has a best-in-class reputation of excellence in life science real estimates, which would potentially be misleading for our investors. San Francisco submarket which is currently under early-stage negotiations. investors. Alexandria Center® for Life Science - Waltham Megacampus with approximately $27.0 million of annual rental revenue, for which we no longer expect the tenant to renew. While our initial acquisition States Government is cancellable prior to the lease expiration date. borrowings under our commercial paper program, which will be repaid through planned dispositions and sales of partial interests included in our 2026 guidance. No gain or loss was incurred in connection with these repayments. or costs. (1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from projects prospective tenants. These critical activities add significant value for future ground-up development and lease, rental rates for renewed and re-leased space for the three months ended March 31, 2026 would have decreased by 10.1% and 9.1% (cash basis) and tenant improvements and leasing commissions would have (1)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue. that was leased but not yet delivered as of March 31, 2026, which has a weighted-average expected delivery vacancy that could potentially be sold in 2026 and/or qualify for classification as held for sale by December 31, 2026 but had not yet met such criteria as of December 31, 2025. Our updated guidance for these metrics assumes a reduced measure for investors to evaluate the operating performance of our consolidated real estate assets. Net (2)Includes the real estate basis related to the 1.1 million RSF of vacant space as of March 31, 2026 that is leased with future delivery. The weighted-average expected delivery date is approximately September 2026. We are not able to forecast the net income of future periods without unreasonable effort, and depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on Non-Income-Producing Assets(4) as a Percentage of Gross Assets 1Q262025 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 •San Diego: decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on respectively. estate. Alexandria’s highly experienced management team includes regional market underwriting assumed this tenant would eventually relocate to another submarket, the relocation by the tenant is expected to occur earlier than previously anticipated. Refer to “Contractual lease (4)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by (4)In February 2026, we completed tender offers to repurchase debt principal aggregating $1.33 billion across a portion of our outstanding 4.00% Senior Notes due 2050, 3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052 for expected to be placed into service commencing through 2026 is projected to be $70 million. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: under construction” in been $46.18 per RSF. (2)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected. date of approximately September 2026, and is expected to generate annual rental revenue of approximately are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality benefit of approximately 1% and 2%, respectively, related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, primarily due to our revised (3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction, on a operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line (1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including •163,648 RSF at a property in our University Town Center submarket, for which we have executed a letter of intent to re-lease the entire premises; therefore do not provide a reconciliation for funds from operations on a forward-looking basis. This is early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes 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, non-real estate investments, impairments of real estate, impairments of non-real estate investments, •We expect improvement in our quarter annualized net debt and preferred stock to Adjusted directors with leading reputations and long-standing relationships within the life science expirations” in the Supplemental Information for additional details. 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 •Initial stabilized yield reflects rental income, including contractual rent escalations and any rent 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 $952.2 million and recognized a gain on early extinguishment of debt of $366.4 million, including the write-off of unamortized debt issuance costs and other transaction-related costs. The tender offers were primarily funded through the the Supplemental Information for additional details. (3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs. (3)Includes 50,531 RSF that were vacant and/or unleased at delivery. $68 million. expectation that we may no longer sell as many assets with significant vacancy driven, in part, by positive leasing prospects for certain spaces that are currently vacant. weighted-average real estate investment basis by August 2026 and April 2027, for the 2026 and 2027 milestones, respectively. At each milestone date, we will evaluate whether to proceed with additional pre-construction and/or facilities and are expected to generate significant revenue and cash flows. speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years •118,225 RSF at One Alexandria Square in our Torrey Pines submarket. Of this space, 58,282 RSF has already been re-leased, with occupancy expected to phase in commencing in 4Q26; and rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market As of March 31, 2026. Annual rental revenue represents amounts in effect as of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual in provision for expected credit losses on financial instruments, and significant termination fees. Adjusted trademarks, and logos referenced herein are the property of their respective owners. and changes in provision for expected credit losses on financial instruments. Our attempt to predict revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.1 years as of March 31, 2026. 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. issuance of $750.0 million unsecured senior notes payable, due 2036, with an interest rate of 5.25%. Refer to “Key capital events” in the Earnings Press Release for additional details. concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any EBITDA ratio in 2H26 as we complete dispositions and sales of partial interests. communities in their respective innovation clusters. We believe that our experience, (2)Our share of incremental annual net operating income from projects expected to stabilize in 2027-2028 is projected to be $60 million. (4)Includes the largest life science lease in company history, executed in July 2025 with a long-standing multinational pharmaceutical tenant. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located (2)Includes the impacts of i) one lease aggregating 81,220 RSF in our Torrey Pines submarket, for which we proactively addressed a tenant wind-down by terminating the existing lease and executing a new lease in April 2026 with a growth- (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. construction activities based on leasing demand and/or market conditions, pause future investments, or consider for potential disposition. Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income”, “Adjusted EBITDA” under “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental •83,354 RSF at 5810 and 5820 Nancy Ridge Drive in our Sorrento Mesa submarket which has been re-leased, with occupancy expected to commence in 4Q26. WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) 6) Construction spending rental revenue from unconsolidated real estate joint ventures. related to tenant-funded and tenant-built landlord improvements, and changes in the provision for conditions outside of our control, including the timing of dispositions, capital events, and financing (1)The decline from 4Q25 is primarily attributable to: i) the disposition of operating properties subsequent to October 1, 2025, ii) previously disclosed 2026 key lease expirations aggregating 657,492 RSF, that became vacant during 1Q26, with (5)Includes one lease at 100 Technology Square at Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 255,441 RSF, which generates annualized rental revenue of $21.0 million and expires in March EBITDA also excludes unrealized gains or losses and significant realized gains or losses and (1)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science - Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket. these amounts may produce significant but inaccurate estimates, which would potentially be misleading (3)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026. amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements. at the Campus Point by Alexandria Megacampus in our University Town Center submarket. Excluding this lease, developed/redeveloped space for the year ended December 31, 2025 was 238,223 RSF. •As of March 31, 2026: stage life science company advancing next-generation therapeutics to accommodate their expansion needs within our portfolio, with expected delivery in early 2027 following the completion of tenant improvements, and ii) one lease expertise, reputation, and key relationships in the real estate and life science industries (1)The quarter-over-quarter decline was due to a decrease in same property occupancy, primarily driven by the previously disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during 1Q26, with a (2)Reflects any extension options that we control. (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. (4)Includes future Megacampus development projects at Alexandria Center® for Advanced Technologies - Tanforan in our South San Francisco submarket and Alexandria Center® for Life Science - San Carlos in our Greater Stanford and its reconciliation from the most directly comparable financial measure presented in accordance with GAAP. Information for additional details. (3)Decline in occupancy was primarily driven by the expiration of one private biotechnology lease aggregating 30,161 RSF in our Rockville submarket. (1)Refer to “Net debt and preferred stock to adjusted EBITDA” in “Definitions and reconciliations” in the Supplemental Information for additional details. As of March 31, 2026.
We are currently evaluating our future construction spending estimates beyond 2026, and a number of factors could cause our preliminary estimates for the period beyond 2026 to change as we refine our a weighted-average lease expiration date of January 2026 and prior annual rental revenue of approximately $41.6 million, and iii) rental revenue of $11.4 million recognized during 4Q25, primarily related to a termination fee, net of the 2028. We are actively marketing the space for re-lease. expected credit losses on financial instruments required by GAAP. We believe that net operating income decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on impairments that result from our non-real estate investments. These non-real estate investment amounts for our investors. (4)Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027-2028. (1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same (5)Includes previously disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during 1Q26, with a weighted-average lease expiration date of January 2026. aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, with the space re-leased in 1Q26. Refer to "Leasing activity" in the Supplemental Information for additional details. As of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. •Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental weighted-average lease expiration date of January 2026, and by vacancy in 4Q25 at one property aggregating 170,618 RSF at Alexandria Center® for Advanced Technologies - South San Francisco in our South San Francisco Refer to “Key assumptions” on the following page. (1)In April 2026, we repaid $350.0 million of 3.80% unsecured senior notes payable upon maturity using short-term borrowings, which we expect to retire in 2026 with future proceeds from our dispositions and sales of partial (3)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. (1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. (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 submarket, which represents approximately 68% of the total average capitalized real estate basis with 2028 and beyond milestones during the three months ended March 31, 2026. These projects are located at transit-friendly sites with Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Primarily related to two non-real estate investments in privately held entities that do not report NAV. (2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries •Significant liquidity of $4.17 billion, or 3.7x of our debt maturities through 2028. (4)Decline in occupancy was primarily due to 30,667 RSF of vacancy from a tenant winding down operations in the Research Triangle submarket. provide Alexandria significant competitive advantages in attracting new business (2)Includes dispositions and sales of partial interests: (i) $2.3 million completed, (ii) $149.1 million of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement (1)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants. (1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details. estimates over the course of the year. We estimate our annual construction spending beyond 2026 could decline by approximately $500 million, subject to market conditions, and is expected to primarily deferred rent balances written off, at a property in our South San Francisco submarket that is now vacant and has been fully re-leased, with occupancy expected to commence in 3Q26. (6)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer and President, R&D at GlaxoSmithKline. Altos Labs launched with $3.0 billion in private funding in 2022, and is backed by a group As of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Includes vacant square footage as of March 31, 2026. Source: U.S. Food and Drug Administration, April 2026. YTD 2026 as of March 31, 2026. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details. (1)Based on the midpoint of our guidance range for 2026 general and administrative expenses. on a cash basis is helpful to investors as an additional measure of operating performance because it non-real estate investments, impairments of real estate, impairments of non-real estate investments, are classified in our consolidated statements of operations outside of total revenues. Refer to “Leasing activity” in the Supplemental Information for additional details. issuer. Observable price changes result from, among other things, equity transactions for the same issuer with (3)Primarily attributable to the write-off of a deferred rent receivable in April 2026 of approximately $5 million in connection with the lease termination and a payment of $10.5 million from a tenant in our Torrey Pines submarket discussed in (1)Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2026. submarket. We expect our same property performance to improve in 2H26, primarily due to changes in same property occupancy, including the anticipated delivery of 1.1 million RSF of vacant space that was leased but not yet interests. No gain or loss was incurred in connection with this repayment. (4)In April 2026, we repaid our 3.80% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment. (2)Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. future access to exceptional amenities. concessions, if any, have elapsed and our total cash investment in the property. (2)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended March 31, 2026. through 2026 from projects expected to stabilize in 2027-2028. (5)Includes temporary vacancies as of March 31, 2026 aggregating 1.1 million RSF, or 3.2% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, which are leased and expected to negotiations, and (iii) $2.18 billion identified and in process. (2)76% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. •Only 9% of our total debt matures through 2028. (1)Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details. opportunities. (2)Refer to footnote 2 under “Leasing Activity” in the Supplemental Information for additional details. (1)Includes one lease aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, which was signed with an entertainment studio user to accommodate their expansion needs and secure a long-term (2)During 1Q26, we recognized certain development fees and other related revenues included in other income aggregating approximately $2.5 million, most of which we expect to cease by the end of 2026 as we complete the related projects. of prominent investors. (1)Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2026. focus on, i) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased, and ii) revenue- and non-revenue- products containing active moieties that have not previously been approved by the FDA. (2)Trailing twelve months ended March 31, 2026. eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases similar rights and obligations executed during the reporting period, including subsequent equity offerings or other and changes in provision for expected credit losses on financial instruments. Our attempt to predict footnote 2 above. (2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through March 31, 2026. delivered as of March 31, 2026, which has a weighted-average expected delivery date of approximately September 2026, and is expected to generate annual rental revenue of approximately $68 million. (2)Refer to footnotes 2 through 4 on page 50 under “Fixed-rate and variable-rate debt” in the Supplemental Information for additional details. We expect our commercial paper outstanding balance to be less than $350.0 million by (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. (1)Based on the midpoint of 2026 guidance for dispositions and partial interest sales. Actual results may differ significantly. (3)Our share of investment in our development and redevelopment pipeline as of March 31, 2026 is $6.45 billion. (5)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, payroll, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities (3)Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025. (3)Represents the current leased/negotiating percentage of the 601,589 RSF of development and redevelopment be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately September 2026, with expected annual rental revenue of approximately $68 million. (3)Anticipated delivery of 1.1 million RSF of vacant space that was leased but not yet delivered as of March 31, 2026, which has a weighted-average expected delivery date of approximately September 2026, and is expected to (1)Includes the write-off of unamortized debt issuance costs and other transaction-related costs. (3)Based on annual rental revenue in effect as of March 31, 2026. (1)The projected 2Q26 leasing RSF is an estimate based on our current assessment of a range of potential leasing outcomes, subject to ongoing negotiations. These assumptions are inherently uncertain, and some or all of the (2)Refer to “Leasing activity” in the Supplemental Information for additional details. Located on Megacampuses(based on RSF) Laboratory Space(based on RSF) Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (3)For the three months ended March 31, 2026. extension. (3)Includes an asset management fee of $7.0 million recognized in 4Q25, which was paid by our joint venture partner in connection with the disposition of 409 and 499 Illinois Street in the Mission Bay submarket. •10.0-year weighted-average remaining debt term, the longest among S&P 500 REITs. (2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through March 31, 2026. (3)Source for S&P 500 REIT data: S&P Global Market Intelligence. enhancing capital expenditures, in order to secure leasing of vacant space and renewals and re-leasing of space at our operating properties. reported equity transactions related to the same issuer. (1)Source: Capital IQ. (3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025, except for ARE, which is as of March 31, 2026. and tenant-funded and tenant-built landlord improvements. the end of 2026. (4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018 - 2021 data, not including 2020 due to lack of collection during COVID-19 pandemic. (2)Dispositions and sales of partial interests identified and in process. (4)Excludes properties classified as held for sale, of which land parcels represented approximately 1% of total non-income-producing assets as of December 31, 2024 and 2025. necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total average real these amounts may produce significant but inaccurate estimates, which would potentially be misleading (4)Represents 2.6% of gross assets as of March 31, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details. projects that are expected to stabilize in 2026. (4)81% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. generate annual rental revenue of approximately $68 million. (2)Refer to “Net debt and preferred stock to adjusted EBITDA” in Definitions and reconciliations in the Supplemental Information for additional details. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (3)Refer to “Same property performance” in the Supplemental Information for additional details. contemplated transactions may not be executed by June 30, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” on page 8 of the Earnings Press Release (1)Excludes properties classified as held for sale as of each date presented. Land parcels classified as held for sale represented approximately 1% of total non-income-producing assets as of December 31, 2024 and 2025. (4)Percentages calculated based on our annual rental revenue in effect as of March 31, 2026. (3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025, except for ARE, which is as of March 31, 2026. (4)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details. •Total debt and preferred stock to gross assets of 31%. (1)Represents the highest price per RSF in San Francisco history for sales of comparable institutional office or laboratory assets. Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025, except for ARE, which is as of March 31, 2026. (2)Source: State Street. XBI constituents as of November 13, 2025. Near-commercial refers to companies with products in Phase III or registrational trials. (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. (3)Includes $2.3 million of completed and $149.1 million of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations. estate basis subject to capitalization for 1Q26. (4)As of March 31, 2026. (3)As of March 31, 2026. (1)Quarter annualized. for our investors. for additional details. As of March 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (2)Represents non-core assets outside of our Megacampus ecosystems. (5)Represents the weighted-average remaining term based on annual rental revenue in effect as of March 31, 2026. We expect to introduce 2027 guidance and related assumptions at our Investor Day on December 2, 2026, consistent with our historical practice. (2)Represents our share of the sales price, net of seller credits and transaction costs. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026iii Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026iv Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026v Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026vi Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026vii Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026viii Alexandria Real Estate Equities, Inc. 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