Open the filing on EDGARTable of ContentsJune 30, 2026 Second Quarter Ended June 30, 2026 Financial and Operating Results (continued) June 30, 2026 Second Quarter Ended June 30, 2026 Financial and Operating Results (continued) June 30, 2026 2026 GuidanceJune 30, 2026(Dollars in millions, except per share amounts) 2026 Guidance (continued)June 30, 2026(Dollars in millions) 2026 Guidance (continued)June 30, 2026 Dispositions, Sales of Partial Interests, and Other Capital SourcesJune 30, 2026(Dollars in thousands) Earnings Call Information and About the CompanyJune 30, 2026 Consolidated Statements of OperationsJune 30, 2026(Dollars in thousands, except per share amounts) Consolidated Balance SheetsJune 30, 2026(In thousands) Funds From Operations and Funds From Operations per ShareJune 30, 2026(In thousands) Funds From Operations and Funds From Operations per Share (continued)June 30, 2026(In thousands, except per share amounts) Company ProfileJune 30, 2026 Investor InformationJune 30, 2026 Financial and Asset Base HighlightsJune 30, 2026(Dollars in thousands, except per share amounts) Financial and Asset Base Highlights (continued)June 30, 2026(Dollars in thousands, except annual rental revenue per occupied RSF amounts) High-Quality and Diverse Tenant BaseJune 30, 2026 Key Operating MetricsJune 30, 2026 Key Operating Metrics (continued)June 30, 2026 Same Property PerformanceJune 30, 2026(Dollars in thousands) Leasing ActivityJune 30, 2026(Dollars per RSF) Contractual Lease ExpirationsJune 30, 2026 Top 20 TenantsJune 30, 2026(Dollars in thousands, except average market cap amounts) Summary of Properties and OccupancyJune 30, 2026(Dollars in thousands, except per RSF amounts) Summary of Properties and Occupancy (continued)June 30, 2026 Property ListingJune 30, 2026(Dollars in thousands) Property Listing (continued)June 30, 2026(Dollars in thousands) Property Listing (continued)June 30, 2026(Dollars in thousands) Property Listing (continued)June 30, 2026(Dollars in thousands) Property Listing (continued)June 30, 2026(Dollars in thousands) Property Listing (continued)June 30, 2026(Dollars in thousands) Investments in Real EstateJune 30, 2026 Investments in Real Estate (continued)June 30, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Recent DeliveriesJune 30, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Under ConstructionJune 30, 2026 New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)June 30, 2026 New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)June 30, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of PipelineJune 30, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)June 30, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)June 30, 2026(Dollars in thousands) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)June 30, 2026(Dollars in thousands) Construction SpendingJune 30, 2026(Dollars in thousands) Capitalization of InterestJune 30, 2026(Dollars in thousands) Joint Venture Financial InformationJune 30, 2026 Joint Venture Financial Information (continued)June 30, 2026(In thousands) InvestmentsJune 30, 2026(Dollars in thousands) Balance SheetJune 30, 2026 Key Credit MetricsJune 30, 2026 Summary of Debt June 30, 2026 Summary of Debt (continued)June 30, 2026(Dollars in thousands) Summary of Debt (continued)June 30, 2026(Dollars in thousands) Summary of Debt (continued)June 30, 2026(Dollars in thousands) Definitions and ReconciliationsJune 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026 Definitions and Reconciliations (continued)June 30, 2026
2026 SOURCES OF CAPITAL: $2.9B(1) DISPOSITIONS, SALES OF PARTIAL INTERESTS, AND OTHER CAPITAL SOURCES ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSESARE generates more than 2x the NOI per G&A expense compared to the S&P 500 REIT average ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSETMANAGEMENT, DESIGN, AND DEVELOPMENT SUPPORTS TENANT RETENTION AND LONG-TERM CASH FLOWThe Outstanding Building of the Year (TOBY) Awards are the commercial real estate industry’s highest recognition honoring excellence in commercial building management and operations CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES (cont’d) DELIVERED IN JUNE 2026: ALEXANDRIA’S HIGHLY SUSTAINABLESTATE-OF-THE-ART R&D HUB FOR BRISTOL MYERS SQUIBB UNDER A 15-YEAR LEASE
REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE ASSETS
ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS68% of our leasing activity during 2Q26 was generated from our existing tenant base AI’S IMPACT ON DRUG DISCOVERY IS CONSTRAINEDBY THE COMPLEXITY OF HUMAN BIOLOGY 2Q26 TOTAL LEASING VOLUME SURPASSES 1M RSFAND EXCEEDS PRIOR QUARTER AND 2Q25 - 1Q26 AVERAGE Alexandria’s Leasing Performance In Its Top 3 Markets Has Significantly Exceeded Overall MarketOCCUPANCY AS OF 2Q26 FOCUS ON STEADY IMPROVEMENT INOCCUPANCY AND NOI
THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY IS DEPENDENT ON FOUR CRITICAL PILLARS ALEXANDRIA’S PATH FORWARD Longest Debt Maturity Profile Among S&P 500 REITs:Weighted-Average Remaining Debt Term of 9.7 Years LEASING VOLUME
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 8/3/26As of 4/27/26Key Changesto MidpointKey AssumptionsLowHighLowHighOccupancy of operating properties as of December 31, 202686.2%(1)87.8%(1)86.2%87.8%No ChangeSame property performance:Net operating income changes(10.5)%(1)(8.5)%(1)(10.5)%(8.5)%Net operating income changes (cash basis)(10.5)%(1)(8.5)%(1)(10.5)%(8.5)%Lease renewals and re-leasing of space:Rental rate changes(9.0)%(1.0)%(9.0)%(1.0)%Rental rate changes (cash basis)(15.0)%(7.0)%(15.0)%(7.0)%Straight-line rent revenue$45$75$55$85$10 million reduction(2)General and administrative expenses$134$154$134$154No ChangeCapitalization of interest$220$260$225$265$5 million reduction(3)Interest expense$260$300$240$280$20 million increase(4)Realized gains on non-real estate investments(5)$60$90$60$90No Change 2026 and 4Q26 funds from operations per share - diluted, as adjusted Date of TransactionInterest SoldSquare FootageCapitalization RateCapitalization Rate(Cash Basis)Price(Our Share)PropertySubmarket/MarketOperatingFuture Development Completed in 2Q26 and 1H26$7,350Completed in July 2026:Land:3825 and 3875 Fabian Way(1)Palo Alto/San Francisco Bay Area7/14/26100%228,000250,000N/A(1)163,000Total completed 2026 dispositions as of August 3, 2026170,350Our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations1,158,6261,328,976Dispositions, sales of partial interests, and other capital sources in process1,100,000Multiple alternatives under evaluation471,024$2,900,0002026 guidance range for dispositions, sales of partial interests, and other capital sources(2)$2,100,000 - $3,700,000Midpoint$2,900,000Weighted-average projected completion date of 2026 dispositions, sales of partial interests, and other capital sourcesSeptember 2026 Three Months Ended (unless stated otherwise)6/30/263/31/2612/31/259/30/256/30/25Operating Results & MarginsRental revenues$486,589$474,786$538,330$541,070$553,377Tenant recoveries$156,621$178,227$190,542$194,779$183,902General and administrative expenses$36,861$34,685$28,020$29,224$29,128General and administrative expenses as a percentage of net operating income - trailing 12 months6.6%6.0%5.6%5.7%6.3%Operating margin69%67%69%68%71%Adjusted EBITDA margin67%66%70%71%71%Adjusted EBITDA - quarter annualized$1,765,132$1,778,012$2,097,444$2,130,008$2,174,160Adjusted EBITDA - trailing 12 months$1,942,649$2,044,906$2,141,811$2,185,820$2,208,226Leverage & Credit Metrics (at end of period, unless stated otherwise)Net debt $12,404,801$12,165,681$11,921,114$13,085,745$12,844,726Net debt and preferred stock to Adjusted EBITDA - quarter annualized7.0x6.8x5.7x6.1x5.9xNet debt and preferred stock to Adjusted EBITDA - trailing 12 months6.4x5.9x5.6x6.0x5.8xTotal debt and preferred stock $12,812,874$12,519,995$12,400,555$13,593,541$13,294,100Gross assets$41,280,369$40,561,055$40,209,360$43,791,893$43,770,007Total debt and preferred stock to gross assets31%31%31%31%30%Fixed-charge coverage ratio - quarter annualized3.3x3.4x3.7x3.9x4.1xFixed-charge coverage ratio - trailing 12 months3.6x3.8x4.0x4.1x4.3xUnencumbered net operating income as a percentage of total net operating income100.0%100.0%100.0%100.0%99.7%Equity Capitalization & Dividend Information (at end of period, unless stated otherwise)Closing stock price$52.85$46.42$48.94$83.34$72.63Common shares outstanding (in thousands)170,729170,712170,538170,339170,146Total equity capitalization$9,023,023$7,924,465$8,346,123$14,196,059$12,357,709Total market capitalization$21,835,897$20,444,460$20,746,678$27,789,600$25,651,809Dividend per share - quarter/annualized$0.72/$2.88$0.72/$2.88$0.72/$2.88$1.32/$5.28$1.32/$5.28Dividend payout ratio for the quarter42%42%33%60%57%Dividend yield - annualized5.4%6.2%5.9%6.3%7.3%Operating LeasesOperating lease liabilities at end of period$354,905$358,610$360,543$361,986$363,419Rent expense$6,917$7,658$8,566$10,645$12,139Capitalized InterestCapitalized interest$73,717(1)$69,973$81,845$86,091$82,423Average real estate basis capitalized during the period$7,026,243(1)$6,860,098$8,046,984$8,407,332$8,107,180Weighted-average interest rate for capitalization of interest during the period4.20%(1)4.08%4.07%4.10%4.07%Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.(1)Increase in capitalized interest from 1Q26 was primarily driven by an increase in the weighted-average interest rate for capitalization of interest to 4.20% in 2Q26 from 4.08% in 1Q26, reflecting the issuance of debt at a higher interest rate than debt repurchased or repaid. Specifically, the increase reflects the full-quarter impact of the February 2026 issuance of $750 million of 5.25% senior notes, compared with the February 2026 repurchase of $1.33 billion aggregate principal amount of outstanding senior notes bearing interest rates of 3.00%, 3.55%, and 4.00%, and the April 2026 repayment of $350 million of 3.80% unsecured senior notes payable. We expect capitalized interest to decline in 2H26, primarily due to a reduction in the average real estate basis capitalized. Refer to “Capitalization of Interest” under “2026 Guidance” in the Earnings Release and “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. Three Months Ended (unless stated otherwise)6/30/263/31/2612/31/259/30/256/30/25Components of Funds From Operations and Non-Revenue-Enhancing Capital ExpendituresStraight-line rent revenue$901(1)$17,862$14,096$18,821$18,536Amortization of acquired below-market leases$8,381$5,615$5,889$6,456$10,196Amortization of deferred revenue related to tenant-funded and -built landlord improvements$7,484$5,405$5,264$5,455$2,401Straight-line rent expense on ground leases$141$155$116$114$87Stock compensation expense$10,146$11,032$8,232$10,293$12,530Amortization of loan fees $4,417$4,428$4,481$4,505$4,615Amortization of debt discounts$352$320$327$325$335Non-revenue-enhancing capital expenditures:Building improvements $4,600$3,357$4,372$3,948$4,622Tenant improvements and leasing commissions$28,042$22,811$26,494$16,707$23,971Funds from operations attributable to noncontrolling interests$65,332$66,197$77,922$80,236$80,860Property Statistics (at end of period and includes assets held for sale, unless stated otherwise)Number of properties - operating and development and redevelopment projects under construction336339340375384RSF - operating and development and redevelopment projects under construction38,858,65339,260,16839,449,37242,887,96443,699,922Total square footage59,297,72559,377,26759,382,07966,417,02667,220,337Annual rental revenue per occupied RSF$60.45$59.91$59.97$58.94$58.68Occupancy of operating properties (excluding assets held for sale)86.9%(2)87.7%90.9%90.6%90.8%Occupancy of operating and redevelopment properties (excluding assets held for sale) 83.6%84.1%86.9%85.8%86.2%Weighted-average remaining lease term (in years)7.77.57.57.57.4Leasing Statistics Total leasing activity - RSF1,038,917647,3561,220,9441,171,344769,815Lease renewals and re-leasing of space - change in new rental rates over expiring rates:Rental rate changes(0.7)%(15.0)%(9.9)%15.2%5.5%Rental rate changes (cash basis)(4.3)%(15.8)%(5.2)%6.1%6.1%RSF (included in total leasing activity above)640,998380,687821,289354,367483,409Previously vacant leasing activity - RSF329,148148,734393,376256,633154,638Developed/redeveloped leasing activity - RSF68,771117,9356,279560,344131,768Top 20 TenantsAnnual rental revenue$778,069$725,681$725,559$768,528$795,244Annual rental revenue from investment-grade or publicly traded large cap tenants88%87%84%90%89%Weighted-average remaining lease term (in years) 10.09.99.79.49.4Same Property Performance (change over comparable prior year quarter)Net operating income changes(10.6)%(3)(11.9)%(6.0)%(6.0)%(5.4)%Net operating income changes (cash basis)(8.6)%(3)(11.7)%(1.7)%(3.1)%2.0% June 30, 2026June 30, 2026Same Property Financial DataThree Months EndedSix Months EndedSame Property Statistical DataThree Months EndedSix Months EndedPercentage change over comparable period from prior year:Number of same properties289288Net operating income changes(10.6%)(1)(11.5%)(1)Rentable square feet31,733,90531,448,559Net operating income changes (cash basis)(8.6%)(1)(11.2%)(1)Occupancy - current-period average87.1%88.2%Operating margin68%66%Occupancy - same-period prior-year average92.6%93.5% YearRSFPercentage of Occupied RSFAnnual Rental Revenue (per RSF)(1)Percentage of Annual Rental Revenue2026(2)959,3023.2%$44.982.4%20272,938,2159.9%$60.399.8%20283,641,98612.3%$50.4810.2%20291,945,1456.6%$42.344.6%20302,525,2298.5%$43.246.0%20313,571,09912.1%$53.1910.5%2032961,0963.3%$54.692.9%20332,169,3477.3%$49.966.0%20342,566,2568.7%$67.469.6%20351,032,4293.5%$57.153.3%Thereafter7,227,51724.6%$87.1934.7% Summary of properties Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalSAN DIEGOTorrey PinesMegacampus: One Alexandria Square1,092,030 - - 1,092,03010$64,87075.2%75.2%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 Ridge308,481 - - 308,481313,49491.091.010578, 10618, and 10628 Science Center Drive1,400,511 - - 1,400,5111378,36478.778.7University Town CenterMegacampus: Campus Point by Alexandria(1)1,684,979466,598 - 2,151,5778129,65696.496.49880(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)171,001 - - 171,00111,02146.546.52,648,667466,598 - 3,115,26515160,65594.394.3Sorrento MesaMegacampus: SD Tech by Alexandria(1)1,154,144 - - 1,154,1441348,95589.989.99605, 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 Alexandria572,298 - - 572,298621,235100.0100.06290, 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 - - 63,77412,680100.0100.05871 Oberlin Drive33,842 - - 33,84212,103100.0100.02,368,056 - - 2,368,0562797,87391.591.5Sorrento Valley11045 Roselle Street27,689 - - 27,68911,739100.0100.027,689 - - 27,68911,739100.0100.0SAN DIEGO TOTAL6,444,923466,598 - 6,911,52156$338,63189.9%89.9%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.(2)We own 100% of this property. 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)1,561,033212,657 - 1,773,6908$59,56290.0%90.0%1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard SouthSouth 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 Francisco504,414 - - 504,414326,40774.574.5201 Haskins Way and 400 and 450 East Jamie CourtMegacampus: Alexandria Center® for Advanced Technologies - Tanforan222,000 - - 222,00011,008100.0100.01150 El Camino RealAlexandria Technology Center® - Gateway326,197 - - 326,197514,94886.086.0600, 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 - - 155,685110,908100.0100.02,306,095 - 84,1572,390,25216133,15585.182.1San CarlosMegacampus: Alexandria Center® for Life Science - San Carlos634,713 - - 634,713341,62495.695.6825, 835, and 960 Industrial Road 1501-1599 Industrial Road103,325 - - 103,32565,00165.365.3738,038 - - 738,038946,62591.491.4Palo AltoAlexandria Stanford Life Science District705,598 - - 705,598935,33156.856.83160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue3412, 3420, 3440, 3450, and 3460 Hillview Avenue340,103 - - 340,103521,79676.376.32475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road198,548 - - 198,548310,08078.078.02100 Geng Road12,125 - - 12,1251690100.0100.01,256,374 - - 1,256,3741867,89765.865.8SAN FRANCISCO BAY AREA TOTAL5,861,540212,65784,1576,158,35451$307,23983.1%81.9%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.(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$59,27890.8%90.8%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 - 640,755423,40798.898.8400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219 Terry Avenue North1,565,153227,577 - 1,792,7301382,68592.992.9Elliott Bay410 Elliott Avenue West2,896 - - 2,8961 - - - BothellMegacampus: Alexandria Center® for Advanced Technologies - Canyon Park815,000 - - 815,0001915,77882.982.922121 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 Parkway463,084 - - 463,084612,75378.878.83301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway1,278,084 - - 1,278,0842528,53181.481.4SEATTLE TOTAL2,846,133227,577 - 3,073,71039111,21687.787.7MARYLAND RockvilleMegacampus: Alexandria Center® for Life Science - Shady Grove1,691,960 - - 1,691,9602091,18792.292.29601, 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 - - 131,50713,70487.687.61405 and 1450 Research Boulevard114,182 - - 114,18223,31775.175.15 Research Place63,852 - - 63,85213,164100.0100.05 Research Court51,520 - - 51,52011,974100.0100.012301 Parklawn Drive49,185 - - 49,18511,853100.0100.02,102,206 - - 2,102,20626$105,19991.6%91.6%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. Market / Submarket / AddressRSF Number of PropertiesAnnual Rental RevenueOccupancy Percentage OperatingOperating and RedevelopmentOperatingDevelopmentRedevelopmentTotalMARYLAND (CONTINUED)GaithersburgAlexandria Technology Center® - Gaithersburg I619,061 - - 619,0619$19,69988.6%88.6%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 Drive63,396 - - 63,39611,28376.876.8950 Wind River Lane50,000 - - 50,00011,234100.0100.0620 Professional Drive27,950 - - 27,95011,207100.0100.01,246,707 - - 1,246,7071939,32089.089.0Beltsville8000/9000/10000 Virginia Manor Road 191,884 - - 191,88413,444100.0100.0101 West Dickman Street(1)135,958 - - 135,95813,456100.0100.0327,842 - - 327,84226,900100.0100.0MARYLAND TOTAL3,676,755 - - 3,676,75547151,41991.591.5RESEARCH TRIANGLEResearch TriangleMegacampus: Alexandria Center® for Life Science - Durham2,041,067 - - 2,041,0671539,83397.897.86, 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 Triangle712,410 - - 712,410627,71886.486.46, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory DriveMegacampus: Alexandria Center® for Sustainable Technologies259,962 - - 259,96287,25885.185.1104, 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 - - 136,56334,83296.996.97010, 7020, and 7030 Kit Creek Road2525 East NC Highway 5482,996 - - 82,99613,580100.0100.0407 Davis Drive81,956 - - 81,95613,323100.0100.0RESEARCH TRIANGLE TOTAL3,436,158 - - 3,436,15836$88,83493.9%93.9%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 RedevelopmentOperatingDevelopmentRedevelopmentTotalNEW YORK CITYNew York CityMegacampus: Alexandria Center® for Life Science - New York City727,674 - - 727,6742$65,19295.5%95.5%430 and 450 East 29th StreetNEW YORK CITY TOTAL727,674 - - 727,674265,19295.595.5TEXASAustinMegacampus: Intersection Campus1,523,318 - - 1,523,3181236,19288.788.7507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista CircleGreater HoustonAlexandria Center® for Advanced Technologies at The Woodlands 127,776 - 66,350194,12613,75244.629.48800 Technology Forest PlaceTEXAS TOTAL1,651,094 - 66,3501,717,4441339,94485.382.0Non-cluster/other markets170,429 - - 170,42965,67954.154.1Total, excluding properties held for sale34,314,8811,473,5051,351,93237,140,3183131,807,84886.9%83.6%Properties held for sale 1,718,335 - - 1,718,3352338,55475.5%75.5%Total36,033,2161,473,5051,351,93238,858,653336$1,846,402 99 Coolidge Avenue50 and 60 Sylvan Road(1)10200 Campus Point DriveGreater Boston/Cambridge/Inner SuburbsGreater Boston/Route 128San Diego/University Town Center174,662 RSF267,015 RSF466,598 RSF84% Leased/Negotiating74% Leased/Negotiating100% Leased 96% of Development and Redevelopment RSF Under Construction Our Ownership InterestAt 100%Unlevered YieldsPropertyMarket/SubmarketIn ServiceCIPCost to CompleteTotal atCompletionInitial StabilizedInitial Stabilized (Cash Basis)Under construction2H26 stabilization with 84% leased/negotiating99 Coolidge AvenueGreater Boston/Cambridge/Inner Suburbs100%$203,414$201,882$38,704$444,0006.0%6.8%2027 - 2028 stabilization with 68% leased/negotiating(1)50 and 60 Sylvan RoadGreater Boston/Route 128100% - 373,082TBD10200 Campus Point Drive(2)San Diego/University Town Center58.2% - 87,875572,125660,0007.3%6.5%1450 Owens StreetSan Francisco Bay Area/Mission Bay25.0% - 257,055TBD269 East Grand AvenueSan Francisco Bay Area/South San Francisco100% - 143,100701 Dexter Avenue NorthSeattle/Lake Union100% - 334,555 - 1,195,667Total$203,414$1,397,549$860,000(3)$2,460,000(3)Our share of investment(3)(4)$200,000$1,170,000$560,000$1,930,000Evaluating business and financial strategy; earliest potential labdelivery in 2028(5)311 Arsenal StreetGreater Boston/Cambridge/Inner Suburbs100%$28,100$318,772TBD421 Park DriveGreater Boston/Fenway100% - 629,36740 Sylvan RoadGreater Boston/Route 128100% - 233,2553000 Minuteman RoadGreater Boston/Other100% - 95,5348800 Technology Forest PlaceTexas/Greater Houston100%65,58842,111$93,688$1,319,039 79% of Our Total Development and Redevelopment Pipeline RSF MarketPropertySubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)SAN DIEGOMegacampus: Campus Point by AlexandriaUniversity Town Center58.2%(2)$265,441466,598866,8161,333,41410010(3), 10140(3), and 10200 Campus Point Drive and 4165, 4224, and 4275(3) Campus Point Court11255 and 11355 North Torrey Pines RoadTorrey Pines100%166,000 - 215,000215,000Megacampus: One Alexandria SquareTorrey Pines100%69,959 - 125,280125,28010975 and 10995 Torreyana RoadMegacampus: 5200 Illumina WayUniversity Town Center51.0%17,940 - 451,832451,8329625 Towne Centre DriveUniversity Town Center30.0%852 - 100,000100,000Megacampus: Sequence District by AlexandriaSorrento Mesa100%50,290 - 1,661,9151,661,9156290, 6310, 6340, 6350, and 6450 Sequence DriveMegacampus: SD Tech by AlexandriaSorrento Mesa50.0%136,170 - 493,845493,8459805 Scranton Road and 10065 Barnes Canyon RoadOther development and redevelopment projects(4) - - 50,00050,000SAN DIEGO TOTAL706,652466,5983,964,6884,431,286SAN FRANCISCO BAY AREAMegacampus: Alexandria Center® for Science and Technology - Mission BayMission Bay25.0%257,055212,657 - 212,6571450 Owens StreetMegacampus: Alexandria Center® for Advanced Technologies - South San FranciscoSouth San Francisco100%149,75584,15790,000174,157211(4) and 269 East Grand AvenueMegacampus: Alexandria Center® for Advanced Technologies - TanforanSouth San Francisco100%462,052 - 1,930,0001,930,0001122, 1150, and 1178 El Camino RealAlexandria Center® for Life Science - MillbraeSouth San Francisco48.6%164,583 - 348,401348,401201 and 231 Adrian Road and 30 Rollins RoadMegacampus: Alexandria Center® for Life Science - San CarlosSan Carlos100%503,588 - 1,497,8301,497,830960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road2100, 2200, 2300, and 2400 Geng RoadPalo Alto100%130,290 - 240,000240,000SAN FRANCISCO BAY AREA TOTAL$1,667,323296,8144,106,2314,403,045Refer 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)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.(3)We have a 100% interest in this property.(4)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. MarketPropertySubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)SEATTLEMegacampus: Alexandria Center® for Advanced Technologies - South Lake UnionLake Union(2)$634,437227,5771,057,4001,284,977601 and 701 Dexter Avenue North and 800 Mercer Street1010 4th Avenue SouthSoDo100%64,266 - 544,825544,825410 West Harrison StreetElliott Bay100%26,141 - 91,00091,000Megacampus: Alexandria Center® for Advanced Technologies - Canyon ParkBothell100%20,823 - 230,000230,00021660 20th Avenue SoutheastOther development and redevelopment projects100%159,938 - 706,087706,087SEATTLE TOTAL905,605227,5772,629,3122,856,889MARYLANDMegacampus: Alexandria Center® for Life Science - Shady GroveRockville100%30,138 - 296,000296,0009830 Darnestown RoadMARYLAND TOTAL30,138 - 296,000296,000RESEARCH TRIANGLEMegacampus: Alexandria Center® for Life Science - DurhamResearch Triangle100%169,483 - 2,060,0002,060,000Megacampus: Alexandria Center® for Advanced Technologies and AgTech - Research Triangle100%116,137 - 1,170,0001,170,0004 and 12 Davis DriveMegacampus: Alexandria Center® for Sustainable TechnologiesResearch Triangle100%57,622 - 750,000750,000120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle DriveOther development and redevelopment projects100%1,647 - 25,00025,000RESEARCH TRIANGLE TOTAL344,889 - 4,005,0004,005,000NEW YORK CITYMegacampus: Alexandria Center® for Life Science - New York CityNew York City100%182,969 - 550,000(3)550,000NEW YORK CITY TOTAL$182,969 - 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 60.0% 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 June 30, 2026 filed with the SEC on August 3, 2026 for additional details. MarketPropertySubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)TEXASAlexandria Center® for Advanced Technologies at The WoodlandsGreater Houston100%$45,21166,350116,405182,7558800 Technology Forest Place1001 Trinity Street and 1020 Red River StreetAustin100%140,035 - 250,010250,010Other development and redevelopment projects100%61,513 - 344,000344,000TEXAS TOTAL246,75966,350710,415776,765Other development and redevelopment projects100%47,504 - 350,000350,000Total pipeline as of June 30, 2026, excluding properties held for sale6,446,1962,825,43719,372,30322,197,740Properties held for sale188,192 - 2,013,9252,013,925Total pipeline as of June 30, 2026$6,634,388(2)2,825,43721,386,22824,211,665 Construction spendingProjected Guidance Midpoint for Year Ending December 31, 2026Six Months Ended June 30, 2026Year Ended December 31, 2025Construction of Class A/A+ properties:Active construction projectsDevelopment and redevelopment under construction(1)$1,505,000$820,291$1,216,572Future pipeline pre-constructionPrimarily Megacampus expansion pre-construction work (entitlement, design, and site work)210,000(2)102,052275,971Revenue- and non-revenue-enhancing capital expenditures(3)510,000(4)269,067324,293Construction spending (before contributions from noncontrolling interests or tenants)2,225,0001,191,4101,816,836Contributions from noncontrolling interests (consolidated real estate joint ventures)(100,000)(5)(38,325)(193,936)Tenant-funded and -built landlord improvements(375,000)(371,746)(178,651)Total construction spending$1,750,000$781,339$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 CapitalizedSix Months Ended June 30, 2026Weighted Average Delivery/Milestone DateConstruction of Class A/A+ properties:Development and redevelopment of projects under construction and repositioning projects:2H26 stabilization84%$117,693October 20262027 - 2028 stabilization68%799,738October 2026Evaluating business and financial strategy(1)15%1,243,636January 2027Repositioning and smaller redevelopment projects(2)1,580,601N/A3,741,668Land/future development projects with critical key pre-construction milestones through:2026(3)765,490August 20262027(3)719,619May 20272028 and beyond(4)1,312,919N/A2,798,028Total average real estate basis capitalized, excluding projects delivered or no longer requiring capitalization of interest as of 2Q266,539,696Average real estate basis of projects delivered in 1H26 or no longer requiring capitalization of interest as of 2Q26403,475May 2026Total average real estate basis capitalized(5)$6,943,171 We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income DebtStated RateInterest Rate(1)Maturity Date(2)Principal Payments Remaining for the Periods Ending December 31,PrincipalUnamortized (Deferred Financing Cost), (Discount)/PremiumTotal20262027202820292030ThereafterUnsecured senior line of credit and commercial paper program(3)(3)4.27%(3)1/22/30(3)$ - $ - $ - $ - $1,996,859$ - $1,996,859$(2,351)$1,994,508Unsecured senior notes payable3.95%4.131/15/27 - 350,000 - - - - 350,000(296)349,704Unsecured senior notes payable3.95%4.071/15/28 - - 425,000 - - - 425,000(675)424,325Unsecured senior notes payable4.50%4.607/30/29 - - - 300,000 - - 300,000(693)299,307Unsecured senior notes payable2.75%2.8712/15/29 - - - 400,000 - - 400,000(1,449)398,551Unsecured senior notes payable4.70%4.817/1/30 - - - - 450,000 - 450,000(1,501)448,499Unsecured senior notes payable4.90%5.0512/15/30 - - - - 700,000 - 700,000(3,555)696,445Unsecured senior notes payable3.375%3.488/15/31 - - - - - 750,000750,000(3,381)746,619Unsecured senior notes payable2.00%2.125/18/32 - - - - - 900,000900,000(5,579)894,421Unsecured senior notes payable1.875%1.972/1/33 - - - - - 1,000,0001,000,000(5,805)994,195Unsecured senior notes payable2.95%3.073/15/34 - - - - - 800,000800,000(6,096)793,904Unsecured senior notes payable4.75%4.884/15/35 - - - - - 500,000500,000(4,270)495,730Unsecured senior notes payable5.50%5.6610/1/35 - - - - - 550,000550,000(6,007)543,993Unsecured senior notes payable5.25%5.413/15/36 - - - - - 750,000750,000(10,866)739,134Unsecured senior notes payable5.25%5.385/15/36 - - - - - 400,000400,000(3,595)396,405Unsecured senior notes payable4.85%4.934/15/49 - - - - - 300,000300,000(2,698)297,302Unsecured senior notes payable4.00%3.952/1/50 - - - - - 390,801390,8015,441396,242Unsecured senior notes payable3.00%3.165/18/51 - - - - - 352,398352,398(4,413)347,985Unsecured senior notes payable3.55%3.703/15/52 - - - - - 475,406475,406(6,180)469,226Unsecured senior notes payable5.15%5.264/15/53 - - - - - 500,000500,000(7,260)492,740Unsecured senior notes payable5.625%5.715/15/54 - - - - - 600,000600,000(6,361)593,639Unsecured debt weighted-average interest rate/subtotal4.08 - 350,000425,000700,0003,146,8598,268,60512,890,464(77,590)12,812,874Weighted-average interest rate/total 4.08%$ - $350,000$425,000$700,000$3,146,859$8,268,605$12,890,464$(77,590)$12,812,874Balloon payments$ - $350,000$425,000$700,000$3,146,859$8,268,605$12,890,464$ - $12,890,464Principal amortization - - - - - - - (77,590)(77,590)Total debt$ - $350,000$425,000$700,000$3,146,859$8,268,605$12,890,464$(77,590)$12,812,874Fixed-rate debt$ - $350,000$425,000$700,000$1,150,000$8,268,605$10,893,605$(75,239)$10,818,366Variable-rate debt - - - - 1,996,859 - 1,996,859(2,351)1,994,508Total debt$ - $350,000$425,000$700,000$3,146,859$8,268,605$12,890,464$(77,590)$12,812,874Weighted-average stated rate on maturing debtN/A3.95%3.95%3.50%4.47%3.84% On track for annualized 4Q26 leverage guidance of 5.6x to 6.2x COMPANY HIGHLIGHTSPagePageAlexandria's Mission and Cluster Model ..............................................iiiEARNINGS PRESS RELEASESecond Quarter Ended June 30, 2026 Financial and Operating Results...................................................................................................1Consolidated Statements of Operations ..........................................9Guidance ...................................................................................................4Consolidated Balance Sheets............................................................10Dispositions, Sales of Partial Interests, and Other Capital Sources7Funds 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 ................................................................33Financial and Asset Base Highlights.....................................................16New Class A/A+ Development and Redevelopment Properties:High-Quality and Diverse Tenant Base ...............................................18Recent Deliveries ...........................................................................35Internal Operating MetricsUnder Construction ........................................................................36Key Operating Metrics.............................................................................19Summary of Pipeline......................................................................39Same Property Performance..................................................................21Construction Spending........................................................................43Leasing Activity.........................................................................................22Capitalization of Interest .....................................................................44Contractual Lease Expirations ...............................................................23Joint Venture Financial Information...................................................45Top 20 Tenants .........................................................................................24Balance Sheet ManagementSummary of Properties and Occupancy ..............................................25Investments ..........................................................................................47Property Listing ........................................................................................27Balance Sheet ......................................................................................48Key Credit Metrics ...............................................................................49Summary of Debt .................................................................................50Definitions and ReconciliationsDefinitions and Reconciliations..........................................................54 Three Months EndedSix Months Ended 6/30/263/31/2612/31/259/30/256/30/256/30/266/30/25Revenues: Income from rentals$643,210$653,013$728,872$735,849$737,279$1,296,223$1,480,454Other income19,57418,00925,54216,09524,76137,58339,744Total revenues662,784671,022754,414751,944762,0401,333,8061,520,198Expenses:Rental operations207,336224,142232,543239,234224,433431,478450,828General and administrative36,86134,68528,02029,22429,12871,54659,803Interest64,34264,58465,67454,85255,296128,926106,172Depreciation and amortization304,384305,441322,063340,230346,123609,825688,185Impairment of real estate222,4705,4991,717,188323,870129,606227,969161,760Total expenses835,393634,3512,365,488987,410784,5861,469,7441,466,748Equity in earnings (losses) of unconsolidated real estate joint ventures413(147)(304)201(9,021)266(9,528)Investment income (losses)133,227(4,582)(3,890)28,161(30,622)128,645(80,614)Gain (loss) on early extinguishment of debt - 366,435 - (107) - 366,435 - Gain on sales of real estate - - 619,9149,366 - - 13,165Net (loss) income(38,969)398,377(995,354)(197,845)(62,189)359,408(23,527)Net income attributable to noncontrolling interests(33,814)(36,724)(85,521)(34,909)(44,813)(70,538)(92,414)Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders(72,783)361,653(1,080,875)(232,754)(107,002)288,870(115,941)Net income attributable to unvested restricted stock awards(908)(2,779)(965)(2,183)(2,609)(2,149)(5,269)Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders$(73,691)$358,874$(1,081,840)$(234,937)$(109,611)$286,721$(121,210)Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:Basic$(0.43)$2.10$(6.35)$(1.38)$(0.64)$1.68$(0.71)Diluted$(0.43)$2.10$(6.35)$(1.38)$(0.64)$1.68$(0.71)Weighted-average shares of common stock outstanding:Basic170,718170,598170,394170,181170,135170,658170,328Diluted170,718170,867170,394170,181170,135171,040170,328Dividends declared per share of common stock$0.72$0.72$0.72$1.32$1.32$1.44$2.64 Incremental Annual Net Operating Income Generated From 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%345,9963215 Merryfield RowSan DiegoTorrey Pines70.0%170,523Campus Point by Alexandria(1)(2)San DiegoUniversity Town Center41.8%(3)1,586,6975200 Illumina WaySan DiegoUniversity Town Center49.0%792,6879625 Towne Centre DriveSan DiegoUniversity Town Center70.0%171,001SD Tech by Alexandria(1)(4)San DiegoSorrento Mesa50.0%1,051,752Summers Ridge Science Park(5)San DiegoSorrento Mesa70.0%316,531Alexandria Center® for Science and Technology - Mission Bay(6)San Francisco Bay AreaMission Bay75.0%551,845211 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%285,3461201 and 1208 Eastlake Avenue EastSeattleLake Union70.0%206,134400 Dexter Avenue NorthSeattleLake Union70.0%290,754800 Mercer Street(1)SeattleLake Union40.0% - 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)$3.6B(in millions)Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program$3,003Cash, cash equivalents, and restricted cash475Investments in publicly traded companies123Liquidity as of June 30, 2026$3,601Net 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- Advanced technology 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 Real Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real 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 Our Megacampus Properties Account for 80% of Our Annual Rental Revenue Alexandria Real Estate Equities, Inc. Reports Occupancy and leasing progress Reduction of capital spend and funding needs (continued) Continued successful management of general and administrative expenses Investments We will host a conference call on Tuesday, August 4, 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 Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a Alexandria’s executive and senior management team consists of 69 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 Three Months EndedSix Months EndedYear EndedJune 30, 2026June 30, 2026December 31, 2025Including Straight-Line RentCash BasisIncluding Straight-Line RentCash BasisIncluding Straight-Line RentCash BasisLeasing activity:Renewed/re-leased space(1) Rental rate changes(0.7)%(4.3)%(7.4)%(9.6)%7.0%3.5%New rates$39.03(2)$41.66(2)$43.08$46.04$52.71$53.66Expiring rates$39.29$43.52$46.51$50.94$49.27$51.87RSF640,9981,021,6852,543,473Tenant improvements/leasing commissions$45.57(3)$50.92$55.34Weighted-average lease term6.8 years7.5 years9.0 yearsPreviously vacant/developed/redeveloped space leasedNew rates$33.55(2)$34.13(2)$41.49$41.34$72.30(4)$67.56Previously vacant RSF329,148477,882944,362Developed/redeveloped RSF(5)68,771186,706704,821(4)Weighted-average lease term9.6 years12.4 years13.8 yearsLeasing activity summary (totals):New rates$36.93$38.77$42.45$44.19$60.42$59.13RSF1,038,9171,686,2734,192,656Weighted-average lease term8.0 years10.1 years11.9 yearsLease expirations(1)Expiring rates$50.81$53.94$53.81$58.39$54.22$55.56RSF1,169,042(6)2,509,8514,460,081 88% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade 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 ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY Occupancy and Leasing Progress CONFERENCE CALLINFORMATION:Tuesday, August 4, 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 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 Boston9,500,175566,6731,201,42511,268,27329%63$699,69438%$88.73San Diego6,444,923466,598 - 6,911,5211956338,6311858.44San Francisco Bay Area5,861,540212,65784,1576,158,3541651307,2391770.78Seattle2,846,133227,577 - 3,073,710839111,216644.58Maryland3,676,755 - - 3,676,755947151,419845.79Research Triangle3,436,158 - - 3,436,15893688,834527.52New York City727,674 - - 727,6742265,192493.85Texas1,651,094 - 66,3501,717,44441339,944228.37Non-cluster/other markets170,429 - - 170,429 - 65,679 - 61.58Properties held for sale1,718,335 - - 1,718,33542338,554229.7136,033,2161,473,5051,351,93238,858,653100%336$1,846,402100%$60.452,825,437 (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)RequirementJune 30, 2026RequirementJune 30, 2026Total Debt to Total Assets≤ 60%32%≤ 60.0%35.5%Secured Debt to Total Assets≤ 40% - %≤ 45.0% - %Consolidated EBITDA to Interest Expense≥ 1.5x7.4x≥ 1.50x3.07xUnencumbered Total Asset Value to Unsecured Debt≥ 150%300%N/AN/AUnsecured Interest Coverage RatioN/AN/A≥ 1.75x6.50x •On April 27, 2026, we provided a guidance range of $6.30 to $6.50 for projected 2026 funds from operations per share - diluted, as 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 $1.40 - $1.50 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 Estate Equities, Inc.’s common stockholders Estate Equities, Inc.’s common stockholders (continued) Development and RedevelopmentUnder ConstructionOperating2H26 Stabilization2027 - 2028 StabilizationEvaluating StrategyFutureSubtotalTotalSquare footageOperating34,314,881 - - - - - 34,314,881Future Class A/A+ development and redevelopment properties - 174,6621,258,0041,392,77119,372,30322,197,74022,197,740Future development and redevelopment square feet currently included in rental properties(1) - - - - (947,156)(947,156)(947,156)Total square footage, excluding properties held for sale34,314,881174,6621,258,0041,392,77118,425,14721,250,58455,565,465Properties held for sale1,718,335 - - - 2,013,9252,013,9253,732,260Total square footage36,033,216174,6621,258,0041,392,77120,439,07223,264,50959,297,725Investments in real estateGross book value as of June 30, 2026(2)$29,139,650$201,882$1,195,667$1,319,039$3,917,800$6,634,388(3)$35,774,038Properties held for sale455,917 - - - 188,192188,192644,109Total gross investment in real estate, excluding properties held for sale$28,683,733$201,882$1,195,667$1,319,039$3,729,608$6,446,196$35,129,929 As of June 30, 2026Noncontrolling Interest Share of Consolidated Real Estate JVsOur Share of Unconsolidated Real Estate JVsInvestments in real estate$3,376,318$86,697Cash, cash equivalents, and restricted cash116,8122,559Other assets401,55010,406Secured notes payable - (61,061)Other liabilities(273,298)(9,691)Redeemable noncontrolling interests(9,119) - $3,612,263$28,910 ALEXANDRIA’S 9.7-YEAR WEIGHTED-AVERAGE REMAINING DEBT TERM IS THE LONGEST ALEXANDRIA: HIGHLY IMPACTFUL, CONSEQUENTIAL COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE DOMINATE IT. Fixed-rate and variable-rate debtFixed-RateDebtVariable-Rate DebtTotalPercentageWeighted-AverageInterest Rate(1)Remaining Term(in years)Unsecured senior notes payable$10,818,366$ - $10,818,36684.4%4.04%10.9Unsecured senior line of credit(2) and commercial paper program(3) - 1,994,5081,994,50815.64.273.6(4)Total/weighted average$10,818,366$1,994,508$12,812,874100.0%4.08%9.7(4)Percentage of total debt84.4%15.6%100.0% results for the second quarter ended June 30, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for 2Q26 and 1H26 Net (Loss) Income per Share - Diluted of $(0.43) and $1.68, respectively, 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. 6/30/263/31/2612/31/259/30/256/30/25Assets Investments in real estate$29,125,895$28,830,116$28,689,996$31,743,917$32,160,600Investments in unconsolidated real estate joint ventures28,91030,52030,67739,60140,234Cash and cash equivalents470,449418,720549,062579,474520,545Restricted cash4,6904,6654,6934,7057,403Tenant receivables7,6617,3626,6726,4096,267Deferred rent1,209,7221,200,0471,179,4031,257,3781,232,719Deferred leasing costs453,761456,405458,311505,241491,074Investments1,685,6951,536,4191,501,2491,537,6381,476,696Other assets 1,645,4431,683,1431,661,7721,700,7851,688,091Total assets$34,632,226$34,167,397$34,081,835$37,375,148$37,623,629Liabilities, Noncontrolling Interests, and EquitySecured notes payable$ - $ - $ - $ - $153,500Unsecured senior notes payable10,818,36611,166,00912,047,39412,044,99912,042,607Unsecured senior line of credit and commercial paper1,994,5081,353,986353,1611,548,5421,097,993Accounts payable, accrued expenses, and other liabilities2,513,5262,154,7822,397,0732,432,7262,360,840Dividends payable130,468128,880127,771230,603229,686Total liabilities15,456,86814,803,65714,925,39916,256,87015,884,626Commitments and contingenciesRedeemable noncontrolling interests9,1199,23458,78858,6629,612Alexandria Real Estate Equities, Inc.’s stockholders’ equity:Common stock1,7071,7071,7051,7031,701Additional paid-in capital15,585,29615,763,32115,497,76016,669,80217,200,949Accumulated other comprehensive loss(33,027)(30,936)(29,395)(32,203)(27,415)Alexandria Real Estate Equities, Inc.’s stockholders’ equity15,553,97615,734,09215,470,07016,639,30217,175,235Noncontrolling interests3,612,2633,620,4143,627,5784,420,3144,554,156Total equity19,166,23919,354,50619,097,64821,059,61621,729,391Total liabilities, noncontrolling interests, and equity$34,632,226$34,167,397$34,081,835$37,375,148$37,623,629 best-in-class, mission-driven life science REIT making a positive and lasting impact on the Is Within Our Megacampus Ecosystems adjusted. On August 3, 2026, we narrowed this range to $6.35 to $6.45 while maintaining the midpoint of $6.40. Our outlook includes the 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- 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 Advanced technology space serves tech office and non-life-science uses of real estate by 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 INCREMENTAL ANNUAL NET OPERATING INCOME GROWTH EXPECTED FROM ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT DELIVERIES Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of 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 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 June 30, 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 six Tenant collections represent the percentage of recognized rental income billed during the Is Within our Megacampus Ecosystem
- As of 2Q26, we executed letters of intent aggregating 108,800 RSF for advanced technology Operating occupancy as of March 31, 202687.7%Key changes to occupancy:Reclassification of space at 3000 Minuteman Road from redevelopment to operating in 2Q26, fully leased with expected occupancy in 2Q27(0.4)(1)Previously disclosed 2Q26 key lease expirations with expected downtime(0.8)Increase in occupancy, primarily due to the commencement of leases during 2Q260.4Operating occupancy as of June 30, 202686.9Vacant space with executed leases and future occupancy4.0(2)Operating occupancy as of June 30, 2026, including executed leases with future occupancy90.9% Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on following assumptions: 1H26 Deliveries Aggregated $58 million and 2Q26 and 1H26 FFO per Share - Diluted, as Adjusted, of $1.73 and $3.46, respectively 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 •General and administrative expenses for 2Q26 aggregated $36.9 million, an increase of •As of June 30, 2026: 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 for evaluating our balance sheet leverage. Net users whose operations require building characteristics, infrastructure, or systems beyond those 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 common stockholders - diluted, and funds from operations attributable to Alexandria’s common stockholders - diluted, as adjusted, for the periods below: 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 June 30, 2026: respective quarter that has been collected as of the date of this report. Rental income from tenants for Same Property Performance and Occupancy Stable Cash Flows From Our High-Quality and Diverse Tenants Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common Stockholders - DilutedAs of 8/3/26As of 4/27/26Key Changes Funds from operations per share, as adjusted(1)$6.35 to $6.45$6.30 to $6.50No change to midpoint; range narrowed by 10 cents(2)Midpoint$6.40$6.40 June 30, 2026Year Ended December 31, 2025Three Months EndedSix Months EndedRealized gains (losses):Realized gains$10,292$28,490$115,722Impairment of non-real estate investments(8,998)(1)(21,446)(95,716)Significant realized loss - - (103,329)1,2947,044(83,323)Unrealized gains131,933(2)121,601(2)26,980(3)Investment income (losses)$133,227$128,645$(56,343) use at our redevelopment project at 311 Arsenal Street. If we are successful in executing •The $6.40 midpoint of the guidance range for 2026 funds from operations per share - diluted, as adjusted, remains unchanged, as Tuesday, August 4, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 5367901. +4.0% future benefit to occupancy from 1.4 million RSF of leased space not yet occupied as of 2Q26(1) Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant BaseContinue to Successfully Manage G&AMaintain Optionality for Future Growth Focused on MegacampusTM InvestmentConsider Flexible and Opportunistic Share Buyback Plan (In thousands)Investments in Real EstateGross investments in real estate$35,774,038Less: accumulated depreciation(6,648,143)Investments in real estate$29,125,895 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 calculated at the end of the applicable period and equals total consolidated $7.7 million, or 26.5%, from 2Q25, but a decrease of $7.8 million, or 17.4%, from 2Q24, •Our non-real estate investments aggregated $1.69 billion. typically found in traditional office space. Similar to laboratory space, advanced technology space may recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These billion for the twelve months ended June 30, 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 MarketPropertySubmarketOur Ownership InterestBook ValueDevelopment and Redevelopment Square FootageUnder ConstructionFutureTotal(1)GREATER BOSTONMegacampus: The Arsenal on the CharlesCambridge/Inner Suburbs100%$331,654333,75834,157367,915 311 Arsenal StreetMegacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99 Coolidge AvenueCambridge/Inner Suburbs100%226,573174,662560,000734,662446, 458, and 500 Arsenal Street, and 99 Coolidge AvenueMegacampus: Alexandria Center® for Life Science - FenwayFenway100%629,367392,011 - 392,011421 Park DriveMegacampus: Alexandria Center® for Life Science - WalthamRoute 128100%673,010596,064515,0001,111,06440, 50, and 60 Sylvan Road, and 35 Gatehouse DriveMegacampus: 30, 200, and 3000 Minuteman RoadOther100%113,619271,603350,000621,6033000 Minuteman RoadMegacampus: Alexandria Center® at Kendall SquareCambridge100%49,411 - 174,500174,500100 Edwin H. Land BoulevardMegacampus: Alexandria Technology Square®Cambridge100%8,982 - 100,000100,00010 Necco StreetSeaport Innovation District100%107,225 - 175,000175,000215 Presidential WayRoute 128100%6,816 - 112,000112,000Other development and redevelopment projects100%167,700 - 740,000740,000GREATER BOSTON TOTAL$2,314,3571,768,0982,760,6574,528,755Refer 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) during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion Non-Income-Producing Assets(1) as a Percentage of Gross Assets Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage Reduce Capital Spend and Funding Needs while Prioritizing Capital Necessary to Lease SpaceExecute on Varied Cost-Efficient Sources of Capital, Including Land and Non-core Dispositions, Sales of Partial Interests, and Other Capital to Support the Achievement of Our Leverage Ratio Targets Annual Rental Revenue (“ARR”)From Non-Core Assets as a Percentage of Total ARR(2) 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$208,56591.7%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 Square1,296,825 - - 1,296,82511131,17186.286.2One 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 - - 1,205,526779,71975.475.4100, 200, 300, 400, 500, 600, and 700 Technology Square Megacampus: The Arsenal on the Charles787,659 - 333,7581,121,4171342,50577.854.7311, 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 - 578,176524,80586.386.35,907,390174,662333,7586,415,81044486,76584.980.4FenwayMegacampus: Alexandria Center® for Life Science - Fenway1,452,183392,011 - 1,844,1943101,57876.576.5401 and 421 Park Drive and 201 Brookline AvenueSeaport Innovation District5 and 15(1) Necco Street459,395 - - 459,395247,00397.097.0Route 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 - - 585,226314,19497.097.01,051,207 - 596,0641,647,271858,91292.459.0OtherMegacampus: 30, 200, and 3000 Minuteman Road630,000 - 271,603901,60365,43654.137.8GREATER BOSTON TOTAL9,500,175566,6731,201,42511,268,27363$699,69483.0%73.7%Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. PASADENA, Calif. - August 3, 2026 - Alexandria Real Estate Equities, Inc. (NYSE: ARE) with Alexandria. we expect the benefit from the later dispositions, sales of partial interests, and other capital sources to substantially offset the higher Three Months EndedSix Months Ended6/30/263/31/2612/31/259/30/256/30/256/30/266/30/25Net (loss) income attributable to Alexandria’s common stockholders - basic and diluted$(73,691)$358,874$(1,081,840)$(234,937)$(109,611)$286,721$(121,210)Depreciation and amortization of real estate assets302,238303,296319,865338,182343,729605,534683,110Noncontrolling share of depreciation and amortization from consolidated real estate JVs(31,518)(29,473)(39,942)(45,327)(36,047)(60,991)(69,458)Our share of depreciation and amortization from unconsolidated real estate JVs8059148558529421,7191,996Gain on sales of real estate - - (307,132)(9,824) - - (13,165)Impairment of real estate - rental properties and land222,470(1)5,4991,439,303323,870131,090227,969131,090Allocation to unvested restricted stock awards (2,201)(2,181)(1,903)(1,648)(1,222)(5,877)(1,916)Funds from operations attributable to Alexandria’s common stockholders - diluted(2)418,103636,929329,206371,168328,8811,055,075610,447Unrealized (gains) losses on non-real estate investments(131,933)10,332(98,548)(18,515)21,938(121,601)90,083Significant realized losses on non-real estate investments - - 103,329 - - - - Impairment of non-real estate investments8,998(3)12,44820,18125,13939,21621,44650,396Impairment of real estate - - 12,619 - 7,189 - 39,343(Gain) loss on early extinguishment of debt - (366,435) - 107 - (366,435) - 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 awards9092,674(363)(74)(794)3,541(2,116)Funds from operations attributable to Alexandria’s common stockholders - diluted, as adjusted$296,077$295,948$368,538$377,825$396,430$592,026$788,438 Three Months EndedSix Months Ended(Dollars in thousands)6/30/266/30/256/30/266/30/25Net (loss) income$(38,969)$(62,189)$359,408$(23,527)Equity in (earnings) losses of unconsolidated real estate joint ventures(413)9,021(266)9,528General and administrative expenses36,86129,12871,54659,803Interest expense64,34255,296128,926106,172Depreciation and amortization304,384346,123609,825688,185Impairment of real estate222,470129,606227,969161,760Gain on early extinguishment of debt - - (366,435) - Gain on sales of real estate - - - (13,165)Investment (income) loss(133,227)30,622(128,645)80,614Net operating income455,448537,607902,3281,069,370Straight-line rent revenue(901)(18,536)(18,763)(40,559)Amortization of deferred revenue related to tenant-funded and -built landlord improvements(7,484)(2,401)(12,889)(4,052)Amortization of acquired below-market leases(8,381)(10,196)(13,996)(25,418)Provision for expected credit losses on financial instruments - - - 285Net operating income (cash basis)$438,682$506,474$856,680$999,626Net operating income (cash basis) - annualized$1,754,728$2,025,896$1,713,360$1,999,252Net operating income (from above)$455,448$537,607$902,328$1,069,370Total revenues$662,784$762,040$1,333,806$1,520,198Operating margin69%71%68%70% these potential leases, we expect to evaluate whether all or a portion of this project will be PropertyMarket/SubmarketDev/RedevSquare FootagePercentageOccupancy(1)In ServiceCIPTotalLeasedLeased/NegotiatingInitialStabilizedUnder construction2H26 stabilization99 Coolidge AvenueGreater Boston/Cambridge/Inner SuburbsDev146,147174,662320,80984%84%4Q234Q262027 - 2028 stabilization50 and 60 Sylvan RoadGreater Boston/Route 128Redev - 267,015267,01574744Q26202710200 Campus Point Drive(2)San Diego/University Town CenterDev - 466,598466,598100100202820281450 Owens StreetSan Francisco Bay Area/Mission BayDev - 212,657212,657515120272027269 East Grand AvenueSan Francisco Bay Area/South San FranciscoRedev - 84,15784,15740402H262027701 Dexter Avenue NorthSeattle/Lake UnionDev - 227,577227,57723233Q262027 - 1,258,0041,258,0046868Total146,1471,432,6661,578,81371%71%Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)311 Arsenal StreetGreater Boston/Cambridge/Inner SuburbsRedev56,904333,758390,66216%44%421 Park DriveGreater Boston/FenwayDev - 392,011392,011 - - 40 Sylvan RoadGreater Boston/Route 128Redev - 329,049329,049 - - 3000 Minuteman RoadGreater Boston/OtherRedev - 271,603271,603(4) - - 8800 Technology Forest PlaceTexas/Greater HoustonRedev57,04266,350123,3924646113,9461,392,7711,506,7178%15% understanding of certain trends for our properties. We compute the number of properties, RSF, Development and redevelopment - under constructionProperties99 Coolidge Avenue11450 Owens Street1421 Park Drive1701 Dexter Avenue North110200 Campus Point Drive140, 50, and 60 Sylvan Road3269 East Grand Avenue18800 Technology Forest Place1311 Arsenal Street13000 Minuteman Road112Development - placed into service after January 1, 2025230 Harriet Tubman Way1500 North Beacon Street and 4 Kingsbury Avenue210935, 10945, and 10955 Alexandria Way310075 Barnes Canyon Road14135 Campus Point Court18Acquisitions after January 1, 2025Other22Unconsolidated real estate JVs3Properties held for sale23Total properties excluded from same properties48Same properties288Total properties as of June 30, 2026336 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 and advanced technology debt (including unsecured senior and secured debt) plus preferred stock, less cash, cash equivalents, require enhanced floor-loading capacity; increased electrical capacity, redundancy, and resilience; 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 reflecting the continued benefit from cost‑efficiency initiatives implemented in prior years. •Unrealized gains presented in our consolidated balance sheet were $223.9 million, Rental Rate Changes, Lease Structure, and Margins Three Months EndedSix Months Ended6/30/263/31/2612/31/259/30/256/30/256/30/266/30/25Net (loss) income per share attributable to Alexandria’s common stockholders - diluted$(0.43)$2.10$(6.35)$(1.38)$(0.64)$1.68$(0.71)Depreciation and amortization of real estate assets1.591.611.651.731.813.193.61Gain on sales of real estate - - (1.80)(0.06) - - (0.08)Impairment of real estate - rental properties and land1.300.038.451.900.771.330.77Allocation to unvested restricted stock awards(0.02)(0.01)(0.02)(0.01)(0.01)(0.03)(0.01)Funds from operations per share attributable to Alexandria’s common stockholders - diluted2.443.731.932.181.936.173.58Unrealized (gains) losses on non-real estate investments(0.77)0.06(0.58)(0.11)0.13(0.71)0.53Significant realized losses on non-real estate investments - - 0.61 - - - - Impairment of non-real estate investments0.050.070.120.150.230.130.30Impairment of real estate - - 0.07 - 0.04 - 0.23(Gain) loss on early extinguishment of debt - (2.14) - - - (2.14) - Acceleration of stock compensation expense due to executive officer resignation - - 0.01 - - - - Allocation to unvested restricted stock awards0.010.01 - - - 0.01(0.01)Funds from operations per share attributable to Alexandria’s common stockholders - diluted, as adjusted$1.73$1.73$2.16$2.22$2.33$3.46$4.63Weighted-average shares of common stock outstanding - dilutedEarnings per share - diluted170,718170,867170,394170,181170,135171,040170,328Funds from operations - diluted, per share171,210170,867170,504170,305170,192171,040170,390Funds from operations - diluted, as adjusted, per share171,210170,867170,504170,305170,192171,040170,390 Fixed charges equal interest expense calculated in accordance with GAAP plus capitalized interest, plus 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 Company8.51,653,689$161,5728.8%A2A$107.152Eli Lilly and Company9.01,054,24192,2025.0Aa3AA-$883.163Moderna, Inc.12.4462,10071,5713.9 - - $15.004AstraZeneca PLC5.7611,32656,151(2)3.0A1A+$273.815Takeda Pharmaceutical Company Limited10.3386,11141,6732.3Baa1BBB+$50.276Eikon Therapeutics, Inc.(3)13.0299,63838,9072.1 - - $0.627Illumina, Inc.5.3792,68729,9771.6Baa3BBB$18.908United States Government4.1414,49929,340(4)1.6AaaAA+$ - 9Uber Technologies, Inc.56.3(5)1,009,18827,8691.5Baa1BBB+$172.8610Boston Children's Hospital10.7309,23126,2941.4Aa2AA$ - 11Novartis AG1.9(6)321,74325,1111.4Aa3AA-$290.2412Sanofi4.5267,27822,0451.2Aa3AA$115.6613Alphabet Inc.1.9418,60021,8371.2Aa2AA+$3,530.7314New York University6.1218,98321,0731.1Aa2AA-$ - 15Massachusetts Institute of Technology3.5242,42820,5291.1AaaAAA$ - 16Merck & Co., Inc.7.8300,93018,8951.0Aa3A+$253.4817Vaxcyte, Inc.8.5230,75518,6561.0 - - $6.3618Altos Labs, Inc.(7)14.8158,99018,4071.0 - - $ - 19Charles River Laboratories, Inc.9.3187,41818,0611.0 - - $8.6320Amgen Inc.9.6309,94517,8991.0Baa1BBB+$175.75Total/weighted-average10.0(5)9,649,780$778,06942.2% 99 Coolidge Avenue4135 Campus Point Court10075 Barnes Canyon Road8800 Technology Forest PlaceGreater Boston/Cambridge/Inner SuburbsSan Diego/University Town CenterSan Diego/Sorrento MesaTexas/Greater Houston146,147 RSF426,927 RSF253,079 RSF57,042 RSF100% Occupancy100% Occupancy80% Occupancy100% Occupancy 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. Solid 2Q26 leasing volume exceeding 1.0 million RSF Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2026 is available in the “For Investors” section of our website at www.are.com or announced financial and operating results for the second quarter ended June 30, 2026. interest expense and lower capitalization of interest for 2026. The narrowed guidance range reflects additional visibility into our full- (1) placed back into operation without the need to further redevelop for laboratory use. 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 restricted cash, and the portion of any hybrid instrument included in debt or preferred stock that is greater floor-to-floor heights or clear heights; enhanced freight and loading access; enhanced security 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 innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay 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 & Co-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 Francisco Bay AreaJoshua 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 preferred stock dividends, less amortization of loan fees and debt premiums (discounts), and less any Some of the cost savings in 2025 were temporary, and approximately half of the cost comprising gross unrealized gains and losses aggregating $290.5 million and $66.6 million, We believe Adjusted EBITDA provides investors with relevant and useful information as it growth-stage life science companies. Noncontrolling Interest Share of Consolidated Real Estate JVsOur Share of Unconsolidated Real Estate JVsJune 30, 2026June 30, 2026(In thousands)Three Months EndedSix Months EndedThree Months EndedSix Months EndedNet income$33,814$70,538$413$266Depreciation and amortization of real estate assets31,51860,9918051,719Funds from operations$65,332$131,529$1,218$1,985 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 year outlook. by following this link: https://www.are.com/fs/2026q2.pdf. $1.33B
- Non-income-producing assets for 2Q26 are 16% of gross assets, a 4% reduction since 4Q24; KEY HIGHLIGHTS measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the 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 treated as equity, generally consistent with the treatment by key rating agencies. Refer to the definition features; and specialized HVAC, exhaust, or other critical building systems. 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. Area, Seattle, Maryland, Research Triangle, and New York City. portion of interest expense or preferred stock dividends incurred from any corresponding portion of any allows investors to evaluate the operating performance of our business activities without having to reductions achieved in 2025 are expected to continue in 2026. respectively. 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 June 30, 2026: Tenant recoveries (1)
- We expect higher 3Q26 funds from operations per share - diluted, as adjusted, than previously assumed due to the approximately •2Q26 total leasing volume surpassed 1.0 million RSF, increasing 60% from 1Q26 and Equity Research Coverage Adjusted EBITDA margin: properties owned by our consolidated and unconsolidated real estate joint ventures. For operating targeting a range of 11% to 16% by 4Q26. 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 of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted 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, hybrid instrument that is treated as equity, generally consistent with the treatment by key rating account for differences recognized because of investing and financing decisions related to our real $24.4MSavings vs. 2024 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, six-week shift in the weighted-average projected completion date of the dispositions, sales of partial interests, and other capital •Compared to 2024, we continue to expect approximately $76 million of cumulative general •Investment income of $133.2 million for 2Q26, presented in our consolidated statement of Revenue-enhancing and repositioning capital expenditures represent spending to reposition noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that Three Months Ended June 30,Six Months Ended June 30,20262025$ Change% Change20262025$ Change% ChangeIncome from rentals:Same properties$434,779$477,026$(42,247)(8.9)%$855,554$940,034$(84,480)(9.0)%Non-same properties51,81076,351(24,541)(32.1)105,821165,455(59,634)(36.0)Rental revenues486,589553,377(66,788)(12.1)961,3751,105,489(144,114)(13.0)Same properties148,483166,400(17,917)(10.8)312,684327,564(14,880)(4.5)Non-same properties8,13817,502(9,364)(53.5)22,16447,401(25,237)(53.2)Tenant recoveries156,621183,902(27,281)(14.8)334,848374,965(40,117)(10.7)Income from rentals643,210737,279(94,069)(12.8)1,296,2231,480,454(184,231)(12.4)Same properties - - - - - - - - Non-same properties19,57424,761(5,187)(20.9)37,58339,744(2,161)(5.4)Other income19,57424,761(5,187)(20.9)37,58339,744(2,161)(5.4)Same properties583,262643,426(60,164)(9.4)1,168,2381,267,598(99,360)(7.8)Non-same properties79,522118,614(39,092)(33.0)165,568252,600(87,032)(34.5)Total revenues662,784762,040(99,256)(13.0)1,333,8061,520,198(186,392)(12.3)Same properties187,351200,594(13,243)(6.6)395,913394,6921,2210.3Non-same properties19,98523,839(3,854)(16.2)35,56556,136(20,571)(36.6)Rental operations207,336224,433(17,097)(7.6)431,478450,828(19,350)(4.3)Same properties395,911442,832(46,921)(10.6)772,325872,906(100,581)(11.5)Non-same properties59,53794,775(35,238)(37.2)130,003196,464(66,461)(33.8)Net operating income$455,448$537,607$(82,159)(15.3)%$902,328$1,069,370$(167,042)(15.6)%Net operating income - same properties$395,911$442,832$(46,921)(10.6)%$772,325$872,906$(100,581)(11.5)%Straight-line rent revenue (5,138)(18,773)13,635(72.6)(16,624)(26,420)9,796(37.1)Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements(12,915)(10,731)(2,184)20.4(22,677)(20,999)(1,678)8.0Net operating income - same properties (cash basis)$377,858$413,328$(35,470)(8.6)%$733,024$825,487$(92,463)(11.2)% exceeding the 2Q25 - 1Q26 quarterly average of 952,365 RSF by approximately 87,000 RSF. Operating results2Q262Q251H261H25Net (loss) income attributable to Alexandria’s common stockholders - diluted:In millions$(73.7)$(109.6)$286.7$(121.2)Per share$(0.43)$(0.64)$1.68$(0.71)Funds from operations attributable to Alexandria’s common stockholders - diluted, as adjusted:In millions$296.1$396.4$592.0$788.4Per share$1.73$2.33$3.46$4.63 Same Property Net Operating Income Changes REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our metrics based on annual rental revenue, refer to the definition of annual rental revenue herein. Tenant recoveries represent revenues comprising reimbursement of real estate taxes, 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 EBITDA. Annual rental revenue 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, agencies. estate and non-real estate investments, our capital structure, capital market transactions, and variances sources assumed at the midpoint of our 2026 guidance, from August to September 2026. 6%OF TOTAL DEBT SIGNIFICANTLIQUIDITYPERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2)$3.6B95.7%REMAINING DEBT TERM(IN YEARS)DEBT INTEREST RATE9.74.08%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 chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790. As of June 30, 2026, Alexandria has a total market capitalization of $21.84 billion 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 (Dollars in thousands)Annual Rental RevenueDevelopment and Redevelopment Pipeline RSFMegacampus$1,444,10616,828,718Core and non-core363,7424,421,866Total$1,807,84821,250,584Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF80%79% and administrative expense savings in 2025 and 2026 (based on the midpoint of our 2026 operations, consisted of $10.3 million of realized gains, $131.9 million of unrealized gains, Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $57 million during 2Q26, with an additional $42 million anticipated to be delivered by 4Q26 Three Months Ended(Dollars in thousands)6/30/263/31/2612/31/259/30/256/30/25Net (loss) income$(38,969)$398,377$(995,354)$(197,845)$(62,189)Interest expense64,34264,58465,67454,85255,296Income taxes1,8453,2251,8513,7371,020Depreciation and amortization304,384305,441322,063340,230346,123Stock compensation expense10,14611,0328,23210,29312,530(Gain) loss on early extinguishment of debt - (366,435) - 107 - Gain on sales of real estate - - (619,914)(9,366) - Unrealized (gains) losses on non-real estate investments(131,933)10,332(98,548)(18,515)21,938Significant realized losses on non-real estate investments - - 103,329 - - Impairment of real estate222,4705,4991,717,188323,870129,606Impairment of non-real estate investments8,99812,44820,18125,13939,216Decrease in provision for expected credit losses on financial instruments - - (341) - - Adjusted EBITDA$441,283$444,503$524,361$532,502$543,540Total revenues$662,784$671,022$754,414$751,944$762,040Adjusted EBITDA margin67%66%70%71%71% •Includes 397,919 RSF for combined previously vacant and development and 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. $168M 1,039 Key Credit Metrics TargetsAs of 8/3/26As of 4/27/26Key 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 performance to the performance of other real estate companies on a consistent basis, without having to insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses net operating income: and is often incurred at the corporate level rather than at the property level. In addition, depreciation and important to note that our definition of property classification may not be directly comparable to other measure. 20%OF TOTAL DEBT FFO per share - diluted, and FFO per share - diluted, as adjusted, during each period are calculated as •During 4Q26, we expect lower capitalization of interest than previously assumed primarily driven by the achievement of certain resulting from the volatility of market conditions outside of our control. For example, we exclude gains or Class B to Class A/A+. partners through contractual rights or majority voting rights, we apply our economic ownership and an asset base that includes 36.0 million RSF of operating properties and 2.8 million guidance range). and $9.0 million of impairment charges. (2) Investment-Grade or Publicly Traded Large Cap Tenants88%57%of ARE’s Top 20 Tenant Annual Rental Revenueof ARE’s TotalAnnual Rental RevenueWeighted Average Remaining Term(3)10.0 Years7.7 YearsTop 20 TenantsAll Tenants redevelopment space; second-highest amount since 2Q24, excluding the 466,598 RSF Annual rental revenue represents the annualized fixed base rental obligations, calculated in account for differences recognized because of real estate acquisition and disposition decisions, The following table reconciles debt to net debt and preferred stock and computes the ratio to Same property comparisons and are earned in the period during which the applicable expenses are incurred and the tenant’s Three Months Ended(Dollars in thousands)6/30/263/31/2612/31/259/30/256/30/25Unencumbered net operating income$455,448$446,880$521,871$512,710$535,766Encumbered net operating income - - - - 1,841Total net operating income$455,448$446,880$521,871$512,710$537,607Unencumbered net operating income as a percentage of total net operating income100.0%100.0%100.0%100.0%99.7% 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 milestone dates across several projects, including a potential decline related to projects for which we are evaluating business and equity REITs. $76MProjected CumulativeG&A Savingsin 2025 and 2026(1)Relative to 2024 follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with The following table reconciles interest expense, the most directly comparable financial losses on the early extinguishment of debt to allow investors to measure our performance independent About the Company RSF of Class A/A+ properties undergoing construction. •For the trailing twelve months ended June 30, 2026, our general and administrative expenses percentage to each financial item to arrive at our proportionate share of each component presented. build-to-suit lease signed in 3Q25. financing decisions, capital structure, capital market transactions, variances resulting from the volatility accordance with GAAP. It includes the amortization of deferred revenue related to tenant-funded and 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 Boston101,34712,19093,849207,386$51.5642,458 - 106,399148,857$66.73San Diego - - 83,96583,96560.25 - - 383,498383,49842.30San Francisco Bay Area15517,35717,03134,54337.4837515,212180,738196,32572.94Seattle6,1936,27622,29134,76029.3718,20596,573174,346289,12442.21Maryland6,833 - 7,69614,52981.74 - - 170,981170,98129.91Research Triangle13,38511,9138,85334,15123.9939,891 - 206,807246,69834.64New York City - - 32,89032,89097.03 - - 98,61298,61298.03Texas65,628 - - 65,62828.77 - - 26,16026,16027.74Subtotal193,54147,736266,575507,85249.34100,929111,7851,347,5411,560,25549.26Key lease expirations with expected downtime31,391192,847227,212451,450(3)40.10 - - 1,377,9601,377,960(3)72.92Total224,932240,583493,787959,302$44.98100,929111,7852,725,5012,938,215$60.39Percentage of expiring leases23%25%52%100%3%4%93%100% Adjusted EBITDA: obligation to reimburse us arises. financial strategies. The lower capitalized interest is expected to result in our 4Q26 funds from operations per share - diluted, as 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 Rental Rate Changes: Renewed/Re-Leased SpaceFavorable Lease Structure(1)Strategic Lease Structure by Owner and Operator of Collaborative Megacampus EcosystemsIncreasing cash flowsPercentage of leases containing annual rent escalations97%Stable cash flowsPercentage of triple net leases91%Lower capex burdenPercentage of leases providing for therecapture of capital expenditures 91% nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class measure calculated and presented in accordance with GAAP, to cash interest and computes fixed- Investments of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and Non-revenue-enhancing capital expenditures represent costs required to maintain the current TOP 20% (3) represented 6.6% of net operating income, approximately half the average of other S&P 500 As a result of changes within our total property portfolio during the comparative periods of market conditions outside of our control, or other corporate activities that may not be representative of •75% of our leasing activity during the last twelve months was generated from our existing tenant-built landlord improvements for leases in effect as of the end of the period, related to our adjusted, being at the lower end of our previously provided, and now reiterated, range of $1.40 to $1.50. 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 Placed Into ServiceNear-Term DeliveriesIntermediate-Term Deliveries1H26Projected Stabilization:2H26Projected Stabilization:2027 - 2028$58M$42M$93M91% Occupied84%Leased/Negotiating68%Leased/Negotiating532,219 RSF174,662 RSF1.3 million RSF SIGNIFICANTLIQUIDITYPERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2)$3.6B95.7%REMAINING DEBT TERM(IN YEARS)DEBT INTEREST RATE9.74.08%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 revenue as of June 30, 2026: net operating income because we do not consider impairments of real estate to be property-level method for each of the respective periods presented below. charge coverage ratio: gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real 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. 20% $51.3MSavings vs. 2024 (1) (Dollars in thousands)6/30/263/31/2612/31/259/30/256/30/25Secured notes payable$ - $ - $ - $ - $153,500Unsecured senior notes payable 10,818,36611,166,00912,047,39412,044,99912,042,607Unsecured senior line of credit and commercial paper1,994,5081,353,986353,1611,548,5421,097,993Unamortized deferred financing costs67,06669,07174,31476,38378,574Cash and cash equivalents(470,449)(418,720)(549,062)(579,474)(520,545)Restricted cash(4,690)(4,665)(4,693)(4,705)(7,403)Preferred stock - - - - - Net debt and preferred stock$12,404,801$12,165,681$11,921,114$13,085,745$12,844,726Adjusted EBITDA: - quarter annualized$1,765,132$1,778,012$2,097,444$2,130,008$2,174,160 - trailing 12 months$1,942,649$2,044,906$2,141,811$2,185,820$2,208,226Net debt and preferred stock to Adjusted EBITDA: - quarter annualized7.0x6.8x5.7x6.1x5.9x - trailing 12 months6.4x5.9x5.6x6.0x5.8x 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 •During 2Q26, we placed into service one development project aggregating 426,927 RSF that REITs for 2023 - 2025. the operating performance of our properties. operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our tenant base. Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced 647 joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own, We classify rental revenues and tenant recoveries generated through the leasing of real operating expenses. Impairments of real estate relate to changes in the values of our assets and do not (Dollars in thousands)Book ValuePercentage of Gross AssetsProjects under active construction$2,716,5887%Future development projects(1) and land parcels primarily located in Megacampuses3,729,6089Total Class A/A+ development and redevelopment pipeline, excluding properties held for sale6,446,19616Properties held for sale - land parcels188,192 - Total Class A/A+ development and redevelopment pipeline$6,634,38816% 1) Development-related other income 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 June 30, 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 HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS OF LIFE SCIENCE AND TECHNOLOGY INNOVATIONLEADING 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 DEEPSECTOR EXPERTISE $144M(1) redevelopment, and development or redevelopment properties recently placed into service, the properties clustered in highly dynamic and collaborative Megacampus environments that (1)Refer to “Reduction of capital spend and funding needs” in this Earnings Press Release for additional details is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University Three Months EndedSix Months Ended(In thousands)6/30/263/31/2612/31/259/30/256/30/256/30/266/30/25Basic shares for earnings per share170,718170,598170,394170,181170,135170,658170,328Unvested RSAs with forfeitable dividends - 269 - - - 382 - Diluted shares for earnings per share170,718170,867170,394170,181170,135171,040170,328Basic shares for funds from operations per share and funds from operations per share, as adjusted170,718170,598170,394170,181170,135170,658170,328Unvested RSAs with forfeitable dividends4922691101245738262Diluted shares for funds from operations per share and funds from operations per share, as adjusted171,210170,867170,504170,305170,192171,040170,390Weighted-average unvested RSAs with nonforfeitable dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted1,2761,3401,5701,9171,9981,3082,025 Three Months Ended(Dollars in thousands)6/30/263/31/2612/31/259/30/256/30/25Adjusted EBITDA$441,283$444,503$524,361$532,502$543,540Interest expense$64,342$64,584$65,674$54,852$55,296Capitalized interest73,71769,97381,84586,09182,423Amortization of loan fees(4,417)(4,428)(4,481)(4,505)(4,615)Amortization of debt discounts(352)(320)(327)(325)(335)Cash interest and fixed charges$133,290$129,809$142,711$136,113$132,769Fixed-charge coverage ratio: - quarter annualized3.3x3.4x3.7x3.9x4.1x - trailing 12 months3.6x3.8x4.0x4.1x4.3x consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2026, Alexandria has a total the joint venture agreement generally determines what equity holders can receive upon capital events, estate assets within revenues in income from rentals in our consolidated statements of operations. We 6.6%14.3%Alexandria2Q26(1)S&P 500 REIT(2)Average 2023 - 2025(excluding Alexandria) 5.5 Years Average Debt Term of S&P 500 REITs as of March 31, 2026 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 Key capital events (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 As of 8/3/26As of 4/27/26 MidpointKey Sources and Uses of CapitalRangeMidpointCertain Completed ItemsSources of capital:Net cash provided by operating activities, as adjusted$475$575$525$525Dispositions, sales of partial interests, and other capital sources(3)2,1003,7002,900(3)2,900Total sources of capital$2,575$4,275$3,425$3,425Uses of capital:Construction(4)(5)$1,500$2,000$1,750$1,750Reduction in unsecured senior debt1,0752,2751,675See below1,675Total uses of capital$2,575$4,275$3,425$3,425Reduction in unsecured senior debt (included above):Repayment of unsecured senior notes payable with 2026 maturities$650$650$650$650$650Tender offers for partial principal repayments of unsecured senior notes payable952952952$952952Issuance of unsecured senior notes payable(750)(750)(750)$(750)(750)Unsecured senior line of credit, commercial paper, and other2231,423823823Reduction in unsecured senior debt$1,075$2,275$1,675$1,675 significant termination fees allows investors to evaluate performance from period to period on a Leasing Volume in RSF:2Q261Q261H26Leasing of development and redevelopment space68,771117,935186,706Leasing of previously vacant space 329,148148,734477,882397,919266,669664,588Lease renewals and re-leasing of space640,998380,6871,021,685Total leasing volume1,038,917647,3561,686,273Lease renewals and re-leasing of space:Rental rate changes(0.7)%(15.0)%(7.4)%Rental rate changes (cash basis)(4.3)%(15.8)%(9.6)% •During 1H26, we recognized development fees and other related revenues of approximately $5.6 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete involved in the life science industry. We recognize, measure, present, and disclose these investments as Dividend payout ratio (common stock) TOP 20% BMOCitigroup Global Markets Inc.Green StreetRBC Capital MarketsJohn Kim / Juan SanabriaNicholas Joseph / Seth BergeyDylan BurzinskiMichael Carroll / Henry Newell(212) 885-4115 / (312) 845-4074(212) 816-1909 / (212) 816-2066(949) 640-8780(440) 715-2649 / (440) 715-2651BNP Paribas ExaneCitizensJ.P. Morgan Securities LLCRobert W. Baird & Co. IncorporatedNate Crossett / Monir KoummalAaron HechtAnthony Paolone / Daniella De Armas RosalesWesley Golladay / Nicholas Thillman(646) 342-1588 / (646) 342-1554(415) 835-3963(212) 622-6682 / (212) 622-0050(216) 737-7510 / (414) 298-5053BofA SecuritiesDeutsche Bank AGJefferiesFarrell Granath / Julieta MichelinTayo OkusanyaJoe Dickstein / Andrew Hernandez(646) 855-1351 / (646) 855-1898(212) 250-9284(212) 778-8771 / (212) 284-1742BTIG, LLCEvercore ISIMizuho Securities USA LLCTom Catherwood / Michael TompkinsSteve Sakwa / James KammertVikram Malhotra / Jyoti Yadav(212) 738-6140 / (212) 527-3566(212) 446-9462 / (312) 705-4233(212) 282-3827 / (212) 471-2683Cantor FitzgeraldGoldman SachsMorgan Stanley & Co. LLCRichard Anderson / Jeffrey CarrJulien Blouin / Ryan TreaisRonald Kamdem / Derrick Metzler(929) 441-6927 / (929) 709-0434(415) 393-7638 / (415) 249-7061(212) 296-8319 / (212) 761-3366Fixed Income Research CoverageRating AgenciesBarclays Capital Inc.J.P. Morgan Securities LLCMoody’s Ratings S&P Global RatingsSrinjoy Banerjee / Ishaan PandyaMark Streeter / Benjamin Stueck(212) 553-0376 Michael Souers(212) 526-3521 / (212) 526-2970(212) 834-5086 / (212) 270-6757 (212) 438-2508CreditSightsMizuho Securities USA LLCNicholas MogliaThierry Perrein(212) 340-3886(212) 205-7665 regarding the 159,947 RSF lease executed in 2Q26. 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 Town Center submarket and delivered incremental annual net operating income aggregating ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of June 30, 2026December 31, 2025InvestmentsCostUnrealized GainsUnrealized LossesCarrying AmountCarrying AmountPublicly traded companies$86,268$50,949$(14,405)$122,812$94,928Entities that report NAV496,043180,952(40,937)636,058512,376Entities that do not report NAV:Entities with observable price changes91,62158,568(11,210)138,979123,238Entities without observable price changes390,401 - - 390,401413,324Investments accounted for under the equity method N/AN/AN/A397,445357,383June 30, 2026$1,064,333(4)$290,469$(66,552)$1,685,695$1,501,249December 31, 2025$1,010,488$184,434$(51,056)$1,501,249 (1) such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their provide investors with a separate presentation of rental revenues and tenant recoveries in “Same June 30, 2026. A credit rating is not a recommendation to buy, sell, or hold securities and may be 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 market capitalization of $21.84 billion and an asset base that includes 36.0 million RSF of operating properties and 2.8 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing the respective projects. consistent basis without having to account for differences recognized because of investing and financing follows: CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(1) (2)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of 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. $57 million. 100% of the RSF of our consolidated properties and our share of the RSF of properties held in 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 Street10/29/26(3)SOFR+1.95%(4)5.68%$26,750$19,44558.4%1655 and 1725 Third Street2/10/356.37%6.44%500,000497,05210.0%$526,750$516,497 respective legal ownership of any residual cash from a joint venture only after all liabilities, priority property performance” in this Supplemental Information because we believe it promotes investors’ Noncontrolling Interest Share of Consolidated Real Estate JVsOur Share of Unconsolidated Real Estate JVsJune 30, 2026June 30, 2026Three Months EndedSix Months EndedThree Months EndedSix Months EndedTotal revenues$98,861$196,073$3,004$6,010Rental operations(32,953)(63,630)(961)(2,152)65,908132,4432,0433,858General and administrative(661)(1,283)(2)(24)Interest(107)(170)(975)(2,001)Depreciation and amortization of real estate assets(31,518)(60,991)(805)(1,719)Gain on sale of interest of unconsolidated JV - - 152152Fixed returns allocated to redeemable noncontrolling interest(1)192539 - - $33,814$70,538$413$266Straight-line rent and below-market lease revenue $1,144$4,125$137$334Funds from operations(2)$65,332$131,529$1,218$1,985 subject to revision or withdrawal at any time. and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class less cost to sell. These impairments result from investing decisions or a deterioration in market Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms decisions related to our real estate and non-real estate investments or other corporate activities that •In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of 17% 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 building and/or tenant improvements. The weighted-average expected occupancy date is approximately 2) Development and redevelopment projects under business and financial strategy evaluation 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 Gross assets SOFR+0.835%. As of June 30, 2026, we had $1.99 billion of commercial paper notes outstanding. unconsolidated real estate joint ventures. As of June 30, 2026, approximately 91% of our leases (on an •Annual net operating income (cash basis) from recently delivered projects is expected to distributions, and claims have been repaid or satisfied. understanding of our operating results. We believe that the presentation of tenant recoveries is useful to talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique conditions. We also exclude realized and unrealized investment gain or loss, which results from on our common stock (shares of common stock outstanding on the respective record dates multiplied by November 2026, with expected annual rental revenue of approximately $69 million. We expect 64% of the total may not be representative of the operating performance of our properties. $2.9BGuidanceMidpoint (1) September 2026Projected Weighted-Average Completion Date credit. The amendment is expected to become effective in September 2026, upon the SUPPLEMENTAL operating real estate assets, and after adjustments for our share of consolidated and unconsolidated •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, 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 FOCUS ON INCREASING OCCUPANCY and CASH FLOWS throughLEASING (1)Our guidance for occupancy of operating properties as of December 31, 2026, and for 2026 same property net operating income changes assumes a benefit of approximately 1% and 2%, respectively, related to a range of assets with annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real Alexandria also provides strategic capital to transformative life science Development, redevelopment, and pre-construction increase by $40 million upon the burn-off of initial free rent, which has a weighted-average investors as a supplemental measure of our ability to recover operating expenses under our triple net business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset investment decisions that occur at the corporate level related to non-real estate investments in publicly 1.4 million RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater the related dividend per share) to funds from operations attributable to Alexandria’s common Development/RedevelopmentUnder ConstructionLand/FutureDevelopment CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(1) 16% satisfaction of certain conditions. The amendment extends the maturity date from pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to “New Class A/A+ development and redevelopment partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair Gross assets are calculated as total assets plus accumulated depreciation: consolidated weighted-average maturity of our debt is 9.2 years. The commercial paper notes sold during the six months ended June 30, 2026 were issued at a weighted-average yield to maturity of 4.17% and had a weighted- Summary of occupancy 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 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 June 30, 2026. 83.0%74.6% +8.4%89.9%78.2%+11.7%83.1%74.4%+8.7% $117M estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating (As of or for the three months ended June 30, 2026, unless stated otherwise)Occupancy of operating properties 86.9%Occupancy of operating properties, including executed leases with future occupancy90.9%Percentage of annual rental revenue in effect from Megacampus platform80%Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants57%Operating margin69%Adjusted EBITDA margin67%Percentage of leases containing annual rent escalations97%Weighted-average remaining lease term:Top 20 tenants10.0yearsAll tenants7.7yearsStrong 2Q26 tenant collections(1):2Q26 rents and receivables collected as of August 3, 202699.9%(1)Refer to “Tenant collections” under “Definitions and reconciliations” in the Supplemental Information. companies through our venture capital platform. We believe our unique business model Boston, San Diego, and San Francisco Bay Area markets. leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common value. For more information on Alexandria, please visit www.are.com. traded companies and certain privately held entities. Therefore, we do not consider these activities to be remaining period of approximately five months. stockholders - diluted, as adjusted. In addition, we believe that excluding charges related to stock compensation and unrealized properties: under construction” in the Supplemental Information for additional details. Projected capital contributions from partners in consolidated real estate joint ventures to fund constructionTimingAmount(5)Second half of 2026$62,0002027 and beyond42,000Total$104,000 Net cash provided by operating activities, as adjusted average maturity term of 15 days. January 22, 2030 to January 22, 2032, including extension options that we control. In value over the recoverability period is less than the carrying value due to changes in general market (2)Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance continues to assume a $25 million to $30 million reduction in funds from operations related to potential tenant wind- 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 Operating PropertiesOperating and Redevelopment PropertiesMarket6/30/263/31/266/30/256/30/263/31/266/30/25Greater Boston83.0%(1)83.8%90.1%73.7%73.1%76.7%San Diego89.988.494.889.988.494.8San Francisco Bay Area83.1(2)87.688.981.986.485.2Seattle87.787.890.387.787.890.3Maryland91.592.393.991.592.393.9Research Triangle93.993.892.893.993.892.8New York City95.595.888.995.595.888.9Texas85.381.882.182.078.778.9Subtotal87.187.891.083.884.086.3CanadaN/AN/A90.7N/AN/A85.8Non-cluster/other markets54.186.072.654.186.072.686.9%(3)87.7%90.8%83.6%84.1%86.2% A key component of our business model is our disciplined allocation of capital to the (1) (1) Weighted-average interest rate for capitalization of interest (In thousands)6/30/263/31/2612/31/259/30/256/30/25Total assets$34,632,226$34,167,397$34,081,835$37,375,148$37,623,629Accumulated depreciation6,648,1436,393,6586,127,5256,416,7456,146,378Gross assets$41,280,369$40,561,055$40,209,360$43,791,893$43,770,007 expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these area expenses, and other operating expenses, and of our ability to mitigate the effect on net income of 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 •79% of the RSF in our total development and redevelopment pipeline is within our gains or losses facilitates investors’ comparison of our business activities across periods without the •If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. INFORMATION downs, of which approximately $14 million was recognized during 1H26, including approximately $8 million recognized in 2Q26. conditions and do not necessarily reflect the operating performance of the properties during the Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. addition, the amendment reduces the applicable borrowing rate to SOFR plus 0.725% from 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 (1) (2) (3) KEY OPERATING METRICS operating expenses recovered from our tenants. Amounts recovered from our tenants related to these any significant variability in components of our operating expenses. 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 Megacampus ecosystems. Substantial Reduction in Land Drives Decrease in Average Real Estate Basis Capitalized
- 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 volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a (3)Reduction driven primarily by the achievement of certain milestone dates across several projects impacting 4Q26, including a potential decline related to projects for which we are evaluating business and financial strategies. Refer to the Forward-Looking Statements corresponding period. The weighted-average interest rate required for calculating capitalization of interest pursuant the currently applicable SOFR plus 0.835%. In connection with the amendment, we expect 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 11% to 16% identified during the underwriting of certain acquired properties. These efforts are primarily concentrated operating expenses, along with base rent, are classified in income from rentals in our consolidated 1450 Owens Street269 East Grand Avenue701 Dexter Avenue NorthSan Francisco Bay Area/Mission BaySan Francisco Bay Area/South San FranciscoSeattle/Lake Union212,657 RSF84,157 RSF227,577 RSF51% Leased/Negotiating40% Leased/Negotiating23% Leased/Negotiating 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 $471M Average Debt OutstandingWeighted-Average Interest RateJune 30, 2026June 30, 2026Three Months EndedSix Months EndedThree Months EndedSix Months EndedLong-term fixed-rate debt$10,943,589$11,188,1324.02%3.98%Short-term variable-rate unsecured senior line of credit and commercial paper program debt2,186,2781,961,2524.274.16Blended-average interest rate13,129,86713,149,3844.064.01Loan fee amortization and annual facility fee related to unsecured senior line of creditN/AN/A0.140.13Total/weighted average$13,129,867$13,149,3844.20%4.14% alternative-use construction, and corresponding rental rates earned, are generally lower than those associated with laboratory improvements. greater long-term asset value. For more information on Alexandria, please visit Operating metrics2Q261H26Same property performance:Net operating income changes(10.6)%(1)(11.5)%(1)Net operating income changes (cash basis) (8.6)%(1)(11.2)%(1)Occupancy - current-period average87.1%88.2%Occupancy - same-period prior-year average92.6%93.5% discussion of “2026 and 4Q26 funds from operations per share - diluted, as adjusted” and “Capitalization of interest” on the following page, and “Capitalization of interest” in the Supplemental Information for additional details. Development and Redevelopment ProjectsIncremental Annual Net Operating IncomeRSFOccupied/Leased/NegotiatingPercentage(dollars in millions)Placed into service in 1H26$58532,21991%Expected to be placed into service:2H26$42(1)174,662(2)84%(3)2027 - 2028931,258,00468%$135 measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future (1)Total square footage includes 0.9 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” to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates our consolidated results. year-to-date period presented, properties that underwent development or redevelopment at any time to recognize a loss on early extinguishment of debt of approximately $3.3 million related to in collaborative Megacampus ecosystems within AAA life science and advanced technology innovation statements of operations. Dividend yield for the quarter represents the annualized quarterly dividend per share divided We compute funds from operations, as adjusted, as funds from operations calculated in $8.1B The following table reconciles income from rentals to tenant recoveries: (4)Includes: (i) an approximate $15 million increase resulting primarily from a shift of approximately six weeks in the weighted-average projected completion date of our 2026 dispositions, sales of partial interests, and other capital sources, 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 •In 2Q26, we executed a lease with an advanced technology tenant at the 3000 Minuteman Road redevelopment project in our Greater Boston market. This lease is for a lower-cost alternative use at 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. (1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. www.are.com. requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant applicable to borrowings outstanding during the period, including expense/income related to interest rate during the comparative periods, unconsolidated real estate joint ventures, properties classified as held clusters, as well as other strategic locations that support innovation and growth. These projects are the partial write-off of unamortized loan fees in 3Q26. Development/RedevelopmentUnder Construction and Repositioning Projects Land/Future Development (1) by the closing common stock price at the end of the quarter. (1)Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the from August 2026 to September 2026, and (ii) an approximate $5 million increase resulting primarily from the reduction in 2026 capitalization of interest in 4Q26 discussed in the footnote above. accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed one building at our 3000 Minuteman Road redevelopment project, aggregating 159,947 RSF, back into development rights associated with existing operating campuses. (2)Includes $2.72 billion of projects that are currently under construction. 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, 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 (1) $6.9B Ongoing execution of Alexandria’s capital recycling strategy 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 hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank (1)Includes interest expense and amortization of loan fees. for sale, and corporate entities (legal entities performing general and administrative functions), which are BBB+Negative Three Months EndedSix Months Ended(In thousands)6/30/263/31/2612/31/259/30/256/30/256/30/266/30/25Income from rentals$643,210$653,013$728,872$735,849$737,279$1,296,223$1,480,454Rental revenues(486,589)(474,786)(538,330)(541,070)(553,377)(961,375)(1,105,489)Tenant recoveries$156,621$178,227$190,542$194,779$183,902$334,848$374,965 generally focused on providing high-quality, generic, and reusable spaces that meet the real estate •In April 2026, we repaid, upon maturity, $350.0 million of 3.80% unsecured senior notes intent to develop them for life science use. However, due to the project’s macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer. Based on 2Q26 annualized results, the assets (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 Capitalization rates operation this quarter and included it in our operating occupancy as of June 30, 2026. Refer to the Earnings Press Release and “Leasing Activity” in the Supplemental Information for additional on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments 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 Occupancy 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,” 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 June 30, 2026. fees. A separate calculation is performed to determine our weighted-average interest rate for excluded from same property results. Additionally, termination fees, if any, are excluded from the results generated approximately $6.2 million of annual net operating income. requirements of a wide range of tenants. Upon completion, each development or redevelopment project “Investments” in the Supplemental Information for additional details. details. payable. The repayment was funded temporarily with borrowings under our commercial The square footage presented in the table below is classified as operating as of June 30, 2026 of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and Incremental annual net operating income on development and redevelopment projects reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from BBB+Negative “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 We plan to continue funding a significant portion of our capital requirements for the year ending those indicators in evaluating performance or liquidity. represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In capitalization for each month. The rate will vary each month due to changes in variable interest rates, (3)The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. As of June 30, 2026, our investment in this unconsolidated real estate joint venture was $9.8 million. (2)For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased Capitalization rates are calculated based on net operating income and net operating income of same properties. is expected to generate increases in rental income, net operating income, and cash flows. Our •In addition, we have signed letters of intent at our 311 Arsenal Street redevelopment project for non-laboratory use, including advanced technology uses, aggregating 108,800 RSF. If we are Alexandria is known for our high-quality and diverse tenant base, with 57% of our and excludes properties classified as held for sale. These lease expirations or vacant space at recently paper program, which will be repaid through planned dispositions, sales of partial interests, $3.4B - $4.9B we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the property-level salaries. General and administrative expenses consist primarily of accounting and asset sales). 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 (4)This loan is subject to a SOFR floor of 0.75%. addition, joint venture financial information may include financial information related to the December 31, 2026 through dispositions of land, non-core dispositions, sales of partial Contractual lease expirations for properties classified as held for sale as of June 30, 2026 are excluded from the information on this page. 20% Property/Market/SubmarketOur Ownership InterestRSF Placed in ServiceOccupancy Percentage(2)Total ProjectUnlevered Yields2Q26 Delivery Date(1)Prior to 1/1/261Q262Q26TotalInitial StabilizedInitial Stabilized (Cash Basis)RSFInvestmentDevelopment projects99 Coolidge Avenue/Greater Boston/Cambridge/Inner SuburbsN/A100%129,41316,734 - 146,147100%320,809$444,0006.0%6.8%4135 Campus Point Court/San Diego/University Town Center6/1/2658.2% - - 426,927426,927100%426,927524,00010.86.210075 Barnes Canyon Road/San Diego/Sorrento MesaN/A50.0%171,46981,610(3) - 253,07980%253,079314,0005.55.7Redevelopment projects8800 Technology Forest Place/Texas/Greater HoustonN/A100%50,0946,948 - 57,042100%123,392112,0006.36.0Weighted average/total6/1/26350,976105,292426,927883,1951,124,207$1,394,0007.7%6.3% outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA - 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate (cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter successful in executing these potential leases for advanced technology use, we expect lower rental rates and stabilized yields than our initial underwriting. development and redevelopment projects are generally in locations that are highly desirable to high- Incremental annual net operating income represents the amount of net operating income, on annual rental revenue generated from tenants that are investment-grade rated or publicly acquired properties represent future opportunities for which we intend, subject to market conditions and provision for expected credit losses on financial instruments, significant termination fees, acceleration of and other capital sources included in our 2026 guidance. No gain or loss was incurred in corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as 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 WEIGHTED AVERAGE $1.10B 5% to 10% 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’ available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026. Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. interests, and other capital sources. of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization. (1)Amounts in effect as of June 30, 2026. preceding the date on which the property is sold, or near-term prospective net operating income. quality entities, which we believe results in higher occupancy levels, longer lease terms, higher rental (2) Development/RedevelopmentUnder ConstructionLand/FutureDevelopment 5.6x to 6.2x an annualized basis, expected to be realized upon a project being placed into service and achieving full leasing, to commence first-time conversion from non-laboratory space to laboratory space, or to 3) Capitalization of interest traded large cap companies. The quality, diversity, breadth, and depth of our significant stock compensation expense due to the resignations of executive officers, deal costs, the income tax connection with this repayment. part of corporate office management. We calculate operating margin as net operating income divided by We believe net cash provided by operating activities, as adjusted, provides investors with 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 17% WEIGHTED AVERAGE (4) 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 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (2)Excludes month-to-month leases aggregating 291,724 RSF. (in millions)Sales Price%Completed as of August 3, 2026$170Pending transactions subject to non-refundable deposits, signed letters of intent, and/or sale agreement negotiations1,1591,32946%Dispositions, sales of partial interests, and other capital sources in process1,10038%Multiple alternatives under evaluation47116%2026 guidance midpoint for dispositions, sales of partial interests, and other capital sources$2,900 Public/Private Mix (Cost)Tenant/Non-Tenant Mix (Cost) income, higher returns, and greater long-term asset value. 16% 3.6x to 4.1x occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied commence future ground-up development: effect related to such items, and the amount of such items that is allocable to our unvested restricted relationships with our tenants provide Alexandria with high-quality and stable cash flows. •We expect average real estate basis capitalized to decline from $6.94 billion for 1H26 to an updated range of $3.4 billion to $4.9 billion for 4Q26, primarily driven by the achievement of certain milestone total revenues. relevant and useful information as it allows investors to evaluate our operating cash flows on a more •Under our common stock repurchase program authorized in December 2025, we may 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 We are not able to forecast the net income of future periods without unreasonable effort, and (3)See tables below for additional details. 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 Refer to “Same property comparisons” and “Net operating income” under “Definitions and reconciliations” in the ALEXANDRIA’SMEGACAMPUS™ PLATFORM REPRESENTS80%OF OUR ANNUAL RENTAL REVENUE 11% to 16% Capitalized interest by the project’s total cost at completion. Dev/RedevRSF of Lease Expirations Targeted forDevelopment and RedevelopmentProperty/Submarket20262027Thereafter(1)TotalFuture projects:446, 458, and 500 Arsenal Street/Cambridge/Inner SuburbsDev - - 116,623116,623Campus Point by Alexandria/University Town CenterDev - - 96,80596,805Sequence District by Alexandria/Sorrento MesaDev/Redev - - 457,013457,0131150 El Camino Real/South San FranciscoDev - - 152,000152,0002100 Geng Road/Palo Alto Dev - - 12,12512,125960 Industrial Road/San CarlosDev - - 112,590112,590Total - - 947,156947,156 dates across several projects due to deliveries of development and redevelopment projects, deliveries of leased vacant space under construction, and pauses in construction and pre-construction stock awards. We compute the amount that is allocable to our unvested restricted stock awards with (4)Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across four properties, generating $24.0 million of annual rental revenue with a weighted-average expiration date of April 2027. Upon lease expiration, BMS will Mid-5x Range (1)Includes smaller conversions to laboratory space through redevelopment. Alexandria’s underwriting team and long-term industry relationships positively distinguish consistent basis that excludes period-to-period timing differences in operating assets and liabilities 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 therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This repurchase up to $500.0 million of our common stock through December 31, 2026. As of our operating activities. balance sheets. Joint venture financial information should not be considered an alternative to our Supplemental Information for additional details and their respective reconciliations from the most directly comparable Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Development projects generally consist of the ground-up development of generic and relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was delivered in June 2026. We expect the vacated space to experience a period of downtime and we are currently in early discussions for 190,085 RSF. activities, including a potential decline related to projects for which we are evaluating business and financial strategies. The updated range for 4Q26 represents a $400 million reduction (at the midpoint) (2)Approximately 70% represents capitalized costs. Baa2Stable Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net We believe that, to facilitate investors’ clear understanding of our operating results, net (working capital) and reflects cash dividends and distributions paid quarterly. 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 is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market us from all other publicly traded REITs and real estate companies. financial measures presented in accordance with GAAP. June 30, 2026, no shares have been repurchased under this program and $500.0 million consolidated financial statements, which are presented and prepared in accordance with GAAP. We capitalize interest cost as a cost of a project during periods for which activities necessary (1)Primarily reflects impairment charges to reduce the carrying amounts of the following real estate assets classified as held for sale as of 2Q26 to their respective estimated fair values less costs to sell, including (i) $64.2 million related to a reusable laboratory facilities. Redevelopment projects generally consist of the permanent change in use from the projected range of $3.8 billion to $5.3 billion that was previously disclosed on April 27, 2026. Refer to "Capitalization of interest" in the Supplemental Information for additional details. (3)Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements. Initial stabilized yield (unlevered) Total equity capitalization 2026 Key Lease Expirations with Expected Downtime 2027 Key Lease Expirations with Expected Downtime TotalAnnual Rental Revenue(1)Weighted Average Expiration DateWeighted Average Expected DowntimeTotalAnnual Rental Revenue(1)Weighted Average Expiration DateWeighted Average Expected Downtime451,450 RSF$18.1MAugust 202612 to 24 months1,377,960 RSF$100.5MMarch 2027 12 to 24 months income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested Baa2Stable (5) operating income should be examined in conjunction with net income or loss as presented in our (1)We expect to provide total estimated costs and related yields for each project over the next several quarters. 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 conditions outside of our control, including the timing of dispositions, capital events, and financing We are not able to forecast the net income of future periods without unreasonable effort, and remains available for future share repurchases. (1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key (2) land parcel in Sorrento Mesa that is expected to be sold to a residential developer, (ii) $61.6 million, including $8.9 million attributable to foreign currency translation, related to one operating property in Canada, which was classified as held (1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027 - 2028, including (1)Includes properties currently under construction or in our future development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information to develop, redevelop, or reposition a project for its intended use are ongoing, provided that (4)The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 53% of the total spending within this category. The first project relates to a property located at the Alexandria Center® for •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, of acquired office, warehouse, or shell space into facilities designed for life science innovation or (2)Refer to footnote 2 on the prior page for additional details. restricted stock awards with nonforfeitable dividends by applying the respective weighted-average (1) 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 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 decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with Executive and senior management team Net operating income is a non-GAAP financial measure calculated as net income (loss), the Total equity capitalization is equal to the outstanding shares of common stock multiplied by the for sale following our decision to sell the asset and reallocate the substantial near-term capital that its redevelopment would have required toward other projects with greater value-creation opportunities, (iii) $28.2 million related to one land speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years for additional details. 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 Initial stabilized yield is calculated as the estimated amounts of net operating income at (ii) pause future investments, or (iii) consider potential dispositions of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project, expenditures for the asset have been made and interest cost has been incurred. Activities necessary to Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 6/30/26) advanced technology. We generally will not commence new development projects for aboveground This new 426,927 RSF facility will support BMS’scutting-edge research in cancer as well as immune-mediated and neurodegenerative diseases Average Real Estate Basis Capitalized (3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference We use Adjusted EBITDA as a supplemental performance measure of our operations, for 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 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics. 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 weighted-average lease expiration dates of January 2026 and April 2026, respectively. losses on non-real estate investments, impairments of real estate, impairments of non-real estate We are not able to forecast the net income of future periods without unreasonable effort, and the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions Margins(2)OperatingAdjusted EBITDA69%67% 6%Public 17%Tenant parcel and five operating properties, primarily comprising non-laboratory space, in our Sorrento Valley submarket, which were 30% occupied as of 2Q26, had a weighted-average lease term of 2.4 years, and would have required significant under “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental (2)Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court. the Alexandria Technology Square® Megacampus in our Cambridge submarket, which are undergoing their first major renovation in 16 years. most directly comparable financial measure calculated and presented in accordance with GAAP, closing price on the last trading day at the end of each period presented. 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 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. stabilization divided by our investment in the property. For this calculation, we exclude any tenant- develop, redevelop, or reposition a project include pre-construction activities such as entitlements, (4) (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 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 Annual rental revenue and RSF include 100% of each property managed by us. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor (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. financial and operational decision-making, and as a supplemental means of evaluating period-to-period measure of our liquidity or our ability to make distributions. activities, as adjusted: 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 investments, and changes in provision for expected credit losses on financial instruments. Our attempt therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a capital investment to convert to laboratory use, and (iv) $24.8 million related to one vacant office property, aggregating 104,956 RSF, in the Cambridge submarket of our Greater Boston market, for which we elected not to pursue a outside of our control, including the timing of dispositions, capital events, and financing decisions, as 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%, (5)Represents contractual capital commitments from existing real estate joint venture partners to fund construction. (1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional Reduction of capital spend and funding needs Leasing activity includes 100% of results for properties in which we have an investment. expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1H26. excluding equity in the earnings of our unconsolidated real estate joint ventures, general and funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized Point project. permitting, design, site work, and other activities preceding commencement of construction of space, except when there is solid market demand for high-quality Class A/A+ properties. 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 (2)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 58.2% ownership interest. The project is fully leased to Novartis AG that currently occupies one building funds from operations, as adjusted, should be considered as alternatives to net income (determined in Renewals & Re-leasingDevelopment & RedevelopmentPreviously VacantProjected Total Leasing GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(3) comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, Six Months Ended(in thousands)6/30/266/30/25Net cash provided by operating activities$533,592$668,190Decreases in operating assets and liabilities166,799203,101Common stock dividends paid(247,594)(457,217)Distributions to noncontrolling interests(111,860)(123,618)Net cash provided by operating activities, as adjusted$340,937$290,456 conversion to laboratory space. (2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries 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 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. details. to predict these amounts may produce significant but inaccurate estimates, which would potentially be forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non- (1)Includes five projects aggregating 1.4 million RSF for which we are evaluating business and financial strategy. We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, administrative expenses, interest expense, depreciation and amortization, impairments of real estate, Total market capitalization (5)Refer to footnote 3 on the prior page for additional details. yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment aboveground building improvements. The advancement of pre-construction efforts is focused on •Common stock dividend declared of $0.72 per share for 2Q26, consistent with the preceding •$21.84 billion in total market capitalization. (1)Decline in occupancy was primarily due to 159,947 RSF at our 3000 Minuteman Road redevelopment project in our Greater Boston market being placed back into operation following the execution of a lease with an advanced within the Megacampus aggregating 52,853 RSF, that generated annual rental revenue of $4.1 million as of 2Q26. The tenant is expected to vacate this building during 2028. We expect to fund the majority of future construction costs at the Debt Maturities by Year ($ in millions) Percentage of Alexandria’s Annual Rental Revenue (1)Excludes month-to-month leases aggregating 291,724 RSF and 58,516 RSF as of June 30, 2026 and December 31, 2025, respectively. During the trailing twelve months ended June 30, 2026, we granted free rent Megacampus real estate in key life science cluster locations to catalyze innovation. From Stabilized occupancy date (2)Refer to “2026 and 4Q26 funds from operations per share - diluted, as adjusted” on page 6 for additional details. (2)Calculated in accordance with standards established by the Nareit Board of Governors. accordance with GAAP) as indications of financial performance, or to cash flows from operating through 2026 from projects expected to stabilize in 2027 - 2028. 4) 2Q26 Key lease expirations (4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (1)Based on annual rental revenue in effect as of June 30, 2026. depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on We are not able to forecast the net income of future periods without unreasonable effort, and most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. misleading for our investors. items that depend on market conditions outside of our control, including the timing of dispositions, real estate investments, impairments of real estate, impairments of non-real estate investments, and pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. If we choose not to pursue future construction or other activities, capitalized interest and other project costs may no Key Lease ExpirationsRSFAnnual Rental RevenueWeighted-Average Expiration DateWeighted-Average Downtime2026451,450$18.1 millionAugust 202612 to 24 months20271,377,960$100.5 millionMarch 202712 to 24 months gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment •In 2Q26, we executed a lease aggregating 159,947 RSF with an advanced technology tenant technology tenant in 2Q26. The lease enables us to pivot a portion of the redevelopment project from future laboratory use to a lower-cost advanced technology use, reducing the project’s expected aggregate construction projects are generally expected to increase over time due to contractual annual rent escalations. Our Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner. reducing the time required to deliver projects to prospective tenants. These critical activities add quarter. The declared dividend per common share reflects our commitment to maintaining the •$9.02 billion in total equity capitalization. Pre-construction activities include entitlements, permitting, design, site work, and other concessions averaging 1.5 months per annum. (3)For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased (3)Primarily related to two non-real estate investments in privately held entities that do not report NAV. 94%Private 83%Non-Tenant Reason for Expected Downtime(Based on RSF)Reason for Expected Downtime(Based on RSF) (3)Represents the current leased/negotiating percentage of our 174,662 RSF development project that is (5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (2)Of the $56.2 million of annual rental revenue generated by this tenant, $27.0 million relates to a 232,902-RSF lease at our Alexandria Center® for Life Science - Waltham Megacampus, which expires in 1Q27. This lease is included in the activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the design to development to the management of our high-quality, sustainable real estate, as early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes therefore do not provide a reconciliation for net operating income on a forward-looking basis. This is due Total market capitalization is equal to the sum of total equity capitalization and total debt. •We estimate 451 thousand RSF and 1.4 million RSF of leases expiring in 2026 and 2027 with approximately $18.1 longer qualify for capitalization. Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. capital events, and financing decisions, as well as quarterly components such as gain on sales of real changes in provision for expected credit losses on financial instruments. Our attempt to predict these budget by approximately $80 million. We expect to deliver the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant improvements. income or loss. We believe net operating income provides useful information to investors regarding our (3)We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA - 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate significant value for future ground-up development and are required for the vertical construction of (2)Leases executed with advanced technology tenants represented 29.2% of our total 2Q26 leasing volume. Advanced technology space typically generates lower rental rates, and requires lower capital investment, compared to The stabilized occupancy date represents the estimated date on which a development or expected to stabilize in 4Q26. activities preceding commencement of construction of aboveground building improvements. The (6)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South. 1.4 million RSF of 2027 key lease expirations with expected downtime disclosed on page 23. We do not anticipate the tenant to renew its lease and are actively marketing the space. strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing •Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) (2)These projects generally have shorter periods for which capitalization of interest is required and consist of a variety of projects related to our operating assets, including the executed leases aggregating 1.4 million RSF as of June 30, 2026 availability of funds for our cash needs, including our ability to make distributions. million and $100.5 million of annual rental revenue, respectively, to have downtime after lease expiration. These in provision for expected credit losses on financial instruments, and significant termination fees. Adjusted 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 We expect to allocate this capital as follows (based on guidance midpoints): 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 estate, unrealized gains or losses on non-real estate investments, impairments of real estate, amounts may produce significant but inaccurate estimates, which would potentially be misleading for our 2Q26 Leasing Volume by Tenant Type (% of 2Q26 Total RSF Leased) (2)Decline in occupancy since March 31, 2026 was primarily attributable to previously disclosed key lease expirations with expected downtime, including 137,316 RSF of office space at Alexandria Stanford Life Science District, 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 financial condition and results of operations because it primarily reflects those income and expense available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026. As of August 3, laboratory space. represent our initial estimates at the commencement of the project. We expect to update this information (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)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 March 31, 2026, the company held buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related lease enables us to pivot a portion of the redevelopment project from future laboratory and/or redevelopment project is expected to reach occupancy of 95% or greater. advancement of pre-construction efforts is focused on reducing the time required to deliver projects to with future occupancy expected after completion of building and/or tenant improvements by November 2026 on a weighted-average basis. The average basis subject to capitalization for this category over the last eight quarters was $1.20 (1)Represents an allocation of joint venture earnings to redeemable noncontrolling interest for a property in the San Francisco Bay Area market. This redeemable noncontrolling interest earns a fixed return on its investment rather cash flows with our stockholders. 3.3x for 2Q26 annualized; 4Q26 annualized targets: 5.6x - 6.2x and 3.6x - 4.1x, respectively. 2026 and 2027 expirations have weighted-average contractual lease expiration dates of August 2026 and March EBITDA also excludes unrealized gains or losses and significant realized gains or losses and conditions outside of our control, including the timing of dispositions, capital events, and financing 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. events, the Alexandria team has a best-in-class reputation of excellence in life science real impairments of non-real estate investments, and changes in provision for expected credit losses on where we are evaluating a repositioning for advanced technology space, and 71,567 RSF across two properties in our Palo Alto and South San Francisco submarkets. Of the latter, we have re-leased 17,271 RSF, and are investors. into operation. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. (in millions)2026 Guidance(Midpoint)Construction focused on highly leased developments and lease-up of vacant space$1,750Reduction of debt to meet our leverage goal 1,675Net cash provided by operating activities, as adjusted(525)$2,900 2026, completed dispositions aggregated $170.4 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated (3)Includes the impact of one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, executed in April 2026 to accommodate the expansion needs of a growth-stage life science company items that are incurred at the property level. Therefore, we believe net operating income is a useful $512 million in cash and marketable securities. Non-Income-Producing Assets(4) as a Percentage of Gross Assets upon completion of the project, or sooner if there are significant changes to the expected project yields billion. Subject to market conditions, we expect the average real estate basis capitalized for this category to be closer to the historical eight-quarter average over the next few quarters as we deliver leased spaces, partially offset by new to such project are expensed as incurred. biomanufacturing use to a lower-cost advanced technology use, reducing the project’s than participating in the operating results of the property. prospective tenants. These critical activities add significant value for future ground-up development and 2027, respectively, and expected weighted-average downtime of 12 to 24 months. Refer to “Contractual lease •Significant net cash provided by operating activities, as adjusted, retained for reinvestment •We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted We are not able to forecast the net income of future periods without unreasonable effort, and (1) actively marketing the remaining space. impairments that result from our non-real estate investments. These non-real estate investment amounts decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on 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 (4)The decrease from 431,550 RSF as of March 31, 2026 to 271,603 RSF as of June 30, 2026 for this project reflects 159,947 RSF being placed back into operation from redevelopment following the execution of a lease with an advanced $1.16 billion, and in-process dispositions, sales of partial interests, and other capital sources aggregated $1.10 billion, with the remaining $471.0 million representing multiple alternatives that we are currently evaluating. financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estate. Alexandria’s highly experienced management team includes regional market 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. advancing next-generation therapeutics and to backfill a vacancy from a tenant wind-down. Delivery of the space is expected in 1Q27 upon completion of tenant improvements. Excluding this lease, tenant improvements and (4)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 measure for investors to evaluate the operating performance of our consolidated real estate assets. Net leasing which may require construction. or costs. (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. are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality expected aggregate construction budget by approximately $80 million. We expect to deliver expirations” in the Supplemental Information for additional details. As of June 30, 2026. Annual rental revenue represents amounts in effect as of June 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental (3)Excludes leases aggregating 1.4 million RSF, or 4.0% of total operating RSF, executed as of June 30, 2026 and expected to be occupied upon completion of building and/or tenant improvements. See the Occupancy and aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the therefore do not provide a reconciliation for funds from operations on a forward-looking basis. This is (4)We are currently evaluating our future construction spending estimates for 2027, and a number of factors could cause our preliminary estimates for 2027 to change as we refine our estimates over the next several months. As of August 3, EBITDA ratio in 2H26 as we complete dispositions, sales of partial interests, and other technology tenant, enabling a pivot of redevelopment strategy from future laboratory use to advanced technology use. As of June 30, 2026, the 159,947 RSF of leased space remains vacant within our operating pool and is expected to be Relocation to Other ARE PropertiesOther Occupancy of Operating Properties Relocation to Other ARE Properties(4)Leases at Assets Originally Acquired for RedevelopmentOther are classified in our consolidated statements of operations outside of total revenues. non-real estate investments, impairments of real estate, impairments of non-real estate investments, 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, estimates, which would potentially be misleading for our investors. leasing commissions for the three months ended June 30, 2026 was $28.60 per RSF. directors with leading reputations and long-standing relationships within the life science States Government is cancellable prior to the lease expiration date. (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. As (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. operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line Cash interest facilities and are expected to generate significant revenue and cash flows. revenue from unconsolidated real estate joint ventures. Leasing Progress chart on the following page for additional information. 2026, our updated estimate of 2027 construction spending assumes a decline of $100 million to $600 million (relative to the $1.75 billion midpoint of our 2026 guidance range), resulting in an expected range of $1.15 billion to $1.65 billion, the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant delivered in 2Q27 upon completion of building and tenant improvements. (1)Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery. due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market midpoint of our 2026 guidance range. (4)Includes the largest life science lease in company history, executed in July 2025 with Novartis AG. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located at the Campus Point by Alexandria capital sources. and changes in provision for expected credit losses on financial instruments. Our attempt to predict WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) trademarks, and logos referenced herein are the property of their respective owners. (5)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 projects progress through these activities, we will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, pause future investments, or consider for •Initial stabilized yield reflects rental income, including contractual rent escalations and any rent (2)Reflects any extension options that we control. communities in their respective innovation clusters. We believe that our experience, 5) Dispositions, sales of partial interests, and other capital sources rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue Refer to “Dispositions, sales of partial interests, and other capital sources” in the Earnings Press Release for additional details. subject to market conditions. The updates to our 2027 construction spending outlook primarily reflect additional leasing activity since 1Q26, including recently executed leases and leases currently under negotiation, which has refined our (2)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 improvements. Megacampus in our University Town Center submarket. Excluding this lease, previously vacant/developed/redeveloped rental rates would have been $58.31 and $58.70 (cash basis) and development/redevelopment conditions outside of our control, including the timing of dispositions, capital events, and financing potential disposition. Refer to “Definitions and reconciliations” 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 (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 •Dividend yield of 5.4% as of June 30, 2026 and dividend payout ratio of 42% for the three
- Significant liquidity of $3.60 billion and extension of our $5.0 billion unsecured senior line of (3)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any Current Leasing Status(Based on RSF) Current Leasing Status(Based on RSF) 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 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. expertise, reputation, and key relationships in the real estate and life science industries Cash interest is equal to interest expense calculated in accordance with GAAP plus •We may utilize multiple sources of capital, including land dispositions, non-core dispositions, sales of partial interests, and other capital sources to support the achievement of our leverage ratio targets related to tenant-funded and tenant-built landlord improvements, and changes in the provision for (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. expectations regarding the amount and timing of 2027 construction spending. (1)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately November 2026, ANNUAL GENERAL & ADMINISTRATIVE EXPENSE (1)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants. As of June 30, 2026, unless stated otherwise. (1)Includes vacant square footage as of June 30, 2026. (1)Based on the midpoint of our 2026 guidance range for dispositions, sales of partial interests, and other capital sources. Actual results may differ significantly. expected to be placed into service commencing through 2026 is projected to be $42 million. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: under construction” in leasing volume would have been 238,223 RSF, for the year ended December 31, 2025. (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 San Carlos submarket, revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.3 years as of June 30, 2026. •As a result, the leased space was reclassified from redevelopment to operating, reducing decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on expected to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, for our investors. (1)Decrease from 1Q26 is primarily due to (i) one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, for which we recognized a $5.3 million write-off of deferred rent receivable in connection with a 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. months ended June 30, 2026. credit to 2032. amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements. (1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same (1)Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025. (5)We expect 2027 construction spending to primarily focus on: (i) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, (ii) five projects (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 beyond 2026, given (i) key lease expirations in 2027 with downtime and the factors previously described that could negatively impact EBITDA, (ii) construction spending required to complete our (2)83% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition with expected annual rental revenue of approximately $69 million. We expect 64% of the total RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San provide Alexandria significant competitive advantages in attracting new business expected credit losses on financial instruments required by GAAP. We believe that net operating income (2)We may utilize multiple sources of capital, including sales of partial interests and other capital sources, intended to support the achievement of our leverage ratio targets. We continue to evaluate available alternatives and expect to (1)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue. the Supplemental Information for additional details. which represent approximately 64% of the total average capitalized real estate basis with 2028 and beyond milestones during the six months ended June 30, 2026. These projects are located at transit-friendly sites with future access to (5)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Reflects the unsecured senior line of credit and commercial paper at the pro forma maturity date of January 22, 2032, based on the July 2026 amendment to the unsecured senior line of credit, which extends the maturity date (6)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 As of June 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. the amendment reduces the applicable borrowing rate and eliminates the existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility fee of SOFR plus 0.725% and 0.15%, respectively, from the lease termination and the receipt of a $10.5 million payment from the tenant; the space has since been re-leased, with delivery expected in 1Q27 upon completion of tenant improvements; and (ii) a $4.5 million reduction in rental non-real estate investments, impairments of real estate, impairments of non-real estate investments, the redevelopment project from 431,550 RSF as of 1Q26 to 271,603 RSF as of 2Q26. (1)Primarily related to two non-real estate investments in privately held entities that do not report NAV. 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 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable under evaluation which may require significant capital to complete, and (iii) revenue- and non-revenue-enhancing capital expenditures, in order to secure leasing of vacant space and renewals and re-leasing of space at our operating (3)Represents the weighted-average remaining term based on annual rental revenue in effect as of June 30, 2026. (2)Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” •Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. •Only 6% of our total debt matures through 2028. development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, and (iii) revenue- and non-revenue-enhancing capital expenditures required to secure leasing of Francisco Bay Area markets. As of June 30, 2026, unless stated otherwise. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with weighted- (1)Trailing twelve months ended June 30, 2026. of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable execute on cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (2)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected. (3)Our share of incremental annual net operating income from projects expected to stabilize in 2027 - 2028 is projected to be $59 million. on a cash basis is helpful to investors as an additional measure of operating performance because it exceptional amenities. opportunities. (6)Includes previously disclosed key lease expirations aggregating 260,888 RSF that became vacant during 2Q26, with a weighted-average lease expiration date of April 2026. from January 22, 2030 and is expected to become effective in September 2026. The weighted-average remaining debt term of 9.7 years does not reflect the effect of this amendment. Pro forma for the amended and restated 2028. We do not expect the tenant to renew the lease and are actively marketing the space for re-lease. Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation (1)Top 20% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of June 30, 2026. revenue related to rents not expected to be collected in full through the lease term. currently applicable borrowing rate and facility fee of SOFR plus 0.835% and 0.14%, respectively. In connection with the amendment, we expect to recognize a loss on early extinguishment of debt of approximately $3.3 million related to the (1)Excludes properties classified as held for sale. Land parcels classified as held for sale represented approximately 0.5% of total non-income-producing assets as of June 30, 2026, compared with approximately 1% as of December (2)Primarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and six months ended June 30, 2026. 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 (4)81% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. properties. financial measures presented in accordance with GAAP. (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. •We continue to evaluate the business and financial strategy for five projects aggregating (3)Our share of investment in our development and redevelopment pipeline as of June 30, 2026 is $6.17 billion. (1)Top 20% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of June 30, 2026. vacant space and renewals and re-leasing of space at our operating properties. Refer to footnotes 4 and 5 under “Key sources and uses of capital” on page 4 for additional details. concessions, if any, have elapsed and our total cash investment in the property. Source: U.S. Food and Drug Administration, June 2026. 1H26 covers the period from January 1, 2026 to June 30, 2026. average lease expiration dates of January 2026 and April 2026, respectively. (2)Source for S&P 500 REIT data: S&P Global Market Intelligence. (1)The projected 3Q26 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 (3)As of August 3, 2026, completed dispositions aggregated $170.4 million and our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement •9.7-year weighted-average remaining debt term, the longest among S&P 500 REITs. (1)Quarter annualized. (3)Includes 50,531 RSF that were vacant and/or unleased at delivery. (4)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026. (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 (1)Includes a 159,947 RSF lease with an advanced technology tenant at 3000 Minuteman Road in our Greater Boston market executed in 2Q26, enabling a pivot from a redevelopment strategy for laboratory use to advanced financial measure calculated and presented in accordance with GAAP, to cash interest. eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases unsecured senior line of credit, our weighted-average remaining debt term would have been 10.0 years. Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for (7)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 (2)Refer to page 1 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details. from the most directly comparable financial measures presented in accordance with GAAP. (2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through June 30, 2026. partial write-off of unamortized loan fees in 3Q26. 31, 2025 and 2024. (3)Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025. reported equity transactions related to the same issuer. Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 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 the COVID-19 pandemic. (4)Excludes properties classified as held for sale. Land parcels classified as held for sale represented approximately 0.5% of total non-income-producing assets as of June 30, 2026, compared with approximately 1% as of December 31, these amounts may produce significant but inaccurate estimates, which would potentially be misleading (2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through June 30, 2026. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have not previously been approved by the FDA. (3)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details. contemplated transactions may not be executed by September 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 1.4 million RSF, which may allow us to further reduce future construction funding 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 negotiations aggregated $1.16 billion. (5)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)Percentages calculated based on our annual rental revenue in effect as of June 30, 2026. technology use. (1)Represents 1.4 million RSF of leases executed but not occupied as of June 30, 2026, with a weighted-average future expected occupancy date of approximately November 2026. These leases are expected to generate annual (3)Refer to “Same property performance” in the Supplemental Information for additional details. •Total debt and preferred stock to gross assets of 31%. additional details. of prominent investors. (3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026. We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice. and tenant-funded and tenant-built landlord improvements. Leased/NegotiatingEarly DiscussionsMarketing Early DiscussionsMarketing (1)Based on the midpoint of our guidance range for 2026 general and administrative expenses. (2)Represents non-core assets outside of our Megacampus ecosystems. (4)Represents 2.6% of gross assets as of June 30, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Pro forma for the amended and restated unsecured senior line of credit expected to become effective in September 2026, our weighted-average remaining debt term would have been 10.0 years. (1)Source: Alexandria’s proprietary market database. Represents the market occupancy in the Greater Boston, San Diego, and San Francisco Bay Area markets as of June 30, 2026. (1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details. (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. 2025 and 2024. (3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026. for our investors. estate basis subject to capitalization for 1H26. Release for additional details. As of June 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (2)For the three months ended June 30, 2026. rental revenue of approximately $69 million. requirements within our active pipeline.
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