Item 2. PROPERTIES

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Item 2. PROPERTIES

General

As of December 31, 2020, we had 338 properties in North America containing approximately 35.2 million RSF of operating properties and development and redevelopment of new Class A properties (under construction), including 40 properties that are held by consolidated real estate joint ventures and six properties that are held by unconsolidated real estate joint ventures. Refer to the definitions of “Annual rental revenue” and “Operating statistics” in the “Non-GAAP measures and definitions” section under “Item 7. Management’s discussion and analysis of financial condition and results of operations” in this annual report on Form 10-K for a description of the basis used to compute the aforementioned measures. The occupancy percentage of our operating properties in North America was 94.6% as of December 31, 2020. The exteriors of our properties typically resemble traditional office properties, but the interior infrastructures are designed to accommodate the needs of life science, technology, and agtech tenants. These improvements typically are generic rather than specific to a particular tenant. As a result, we believe that the improvements have long-term value and utility and are usable by a wide range of tenants. Improvements to our properties typically include:

Reinforced concrete floors;
Upgraded roof loading capacity;
Increased floor-to-ceiling heights;
Heavy-duty HVAC systems;
Enhanced environmental control technology;
Significantly upgraded electrical, gas, and plumbing infrastructure; and
Laboratory benches.

As of December 31, 2020, we held a fee simple interest in each of our properties, with the exception of 36 properties in North America that accounted for approximately 11% of our total number of properties. Of these 36 properties, we held 16 properties in the Greater Boston market, 13 properties in the San Francisco market, two properties in the New York City market, two properties in the Seattle market, one property in the Maryland market, and two properties in the Research Triangle market pursuant to ground leasehold interests. During the year ended December 31, 2020, our ground lease rental expense aggregated 1.4% as a percentage of net operating income. Refer to further discussion in our consolidated financial statements and notes thereto in “Item 15. Exhibits and financial statement schedules” in this annual report on Form 10-K.

As of December 31, 2020, we had 909 leases with a total of 670 tenants, and 167, or 49%, of our 338 properties were single-tenant properties. Leases in our multi-tenant buildings typically have initial terms of four to 11 years, while leases in our single-tenant buildings typically have initial terms of 11 to 21 years. As of December 31, 2020:

Investment-grade or publicly traded large cap tenants represented 55% of our total annual rental revenue;
Approximately 94% of our leases (on an RSF basis) contained effective annual rent escalations that were either fixed (generally ranging from approximately 3.0% to 3.5%) or indexed based on a consumer price index or other index;
Approximately 94% of our leases (on an RSF basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent; and
Approximately 93% of our leases (on an RSF basis) provided for the recapture of capital expenditures (such as HVAC maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would typically be borne by the landlord in traditional office leases.

Our leases also typically give us the right to review and approve tenant alterations to the property. Generally, tenant-installed improvements to the properties are reusable generic improvements and remain our property after termination of the lease at our election. However, we are permitted under the terms of most of our leases to require that the tenant, at its expense, remove certain non-generic improvements and restore the premises to their original condition.

Locations of properties

The locations of our properties are diversified among a number of life science, technology, and agtech cluster markets. The following table sets forth the total RSF, number of properties, and annual rental revenue in effect as of December 31, 2020, in each of our markets in North America (dollars in thousands, except per RSF amounts):


	RSF						Number of Properties		Annual Rental Revenue
Market	Operating	Development	Redevelopment	Total	% of Total			Total			% of Total			Per RSF
Greater Boston	8,454,396	—	296,489	8,750,885	25	%	72		$	507,459		36	%		$	61.20
San Francisco	7,495,390	744,715	92,147	8,332,252	24		61		362,262			25			57.87
New York City	1,145,296	—	122,382	1,267,678	3		5		81,185			6			73.68
San Diego	6,367,526	146,456	79,945	6,593,927	19		80		233,128			16			39.14
Seattle	1,747,332	100,086	213,976	2,061,394	6		22		81,477			6			48.59
Maryland	2,821,574	261,096	169,420	3,252,090	9		44		80,429			6			29.97
Research Triangle	2,810,670	410,000	652,381	3,873,051	11		35		61,354			4			24.38
Canada	256,967	—	—	256,967	1		3		4,870			—			23.16
Non-cluster/other markets	549,479	—	—	549,479	1		12		10,608			1			36.64
Properties held for sale	225,849	—	—	225,849	1		4		6,257			—			N/A
North America	31,874,479	1,662,353	1,626,740	35,163,572	100	%	338		$	1,429,029		100	%		$	49.08
		3,289,093

Summary of occupancy percentages in North America

The following table sets forth the occupancy percentages for our operating properties and our operating and redevelopment properties in each of our North America markets, excluding properties held for sale, as of the following dates:


	Operating Properties							Operating and Redevelopment Properties
Market	12/31/20			12/31/19		12/31/18		12/31/20		12/31/19		12/31/18
Greater Boston	98.1	%		99.1	%	98.7	%	94.8	%	97.1	%	98.2	%
San Francisco	95.8		(1)	98.3		100.0		94.7		93.6		96.2
New York City	97.3			99.2		98.3		87.8		88.1		87.3
San Diego	93.5		(1)	92.3		94.7		92.4		92.3		94.7
Seattle	96.0			98.7		97.7		85.5		98.7		97.7
Maryland	96.1			96.7		96.8		90.6		95.2		94.7
Research Triangle	89.6		(1)	96.5		95.4		72.7		96.5		85.9
Subtotal	95.5			97.0		97.6		90.7		94.6		95.3
Canada	81.8			93.7		95.2		81.8		93.7		95.2
Non-cluster/other markets	52.7			80.1		79.0		52.7		80.1		79.0
North America	94.6	%	(1)	96.8	%	97.3	%	90.0	%	94.4	%	95.1	%

(1)Includes 970,199 RSF, or 3.1%, of vacancy in our North America markets, representing lease-up opportunities that will contribute to growth in cash flows at recently acquired properties (noted below). Excluding these acquired vacancies, occupancy of operating properties in North America was 97.7% as of December 31, 2020. The following table provides vacancy detail for our recent acquisitions:


		As of December 31, 2020
		Vacant	Occupancy Impact
Property	Market/Submarket	RSF	Region		Consolidated
Alexandria Center® for Life Science – Durham	Research Triangle/Research Triangle	251,465	8.9	%	0.8	%
601, 611, and 651 Gateway Boulevard	San Francisco/South San Francisco	199,895	2.7	%	0.6
SD Tech by Alexandria	San Diego/Sorrento Mesa	71,462	1.1	%	0.2
Other acquisitions	Various	447,377	N/A		1.5
		970,199			3.1	%

Refer to the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

Top 20 tenants

85% of Top 20 Annual Rental Revenue From Investment-Grade

or Publicly Traded Large Cap Tenants**(1)**

Our properties are leased to a high-quality and diverse group of tenants, with no individual tenant accounting for more than 3.7% of our annual rental revenue in effect as of December 31, 2020. The following table sets forth information regarding leases with our 20 largest tenants in North America based upon annual rental revenue in effect as of December 31, 2020 (dollars in thousands, except average market cap):


		Remaining Lease Term(1) (in Years)			Aggregate RSF		Annual Rental Revenue(1)			Percentage of Aggregate Annual Rental Revenue(1)		Investment-Grade Credit Ratings		Average Market Cap(1) (in billions)

	Tenant					Moody’s			S&P
1	Bristol-Myers Squibb Company		7.7		896,867		$	52,460		3.7	%	A2	A+	$	137.9
2	Takeda Pharmaceutical Company Ltd.		8.6		606,249		39,342			2.8		Baa2	BBB+	$	56.7
3	Facebook, Inc.		11.0		903,786		38,899			2.7		—	—	$	668.4
4	Illumina, Inc.		9.6		891,495		35,907			2.5		—	BBB	$	47.7
5	Sanofi		7.5		494,693		33,868			2.4		A1	AA	$	124.0
6	Eli Lilly and Company		8.5		531,784		33,527			2.3		A2	A+	$	142.4
7	Moderna, Inc.		11.4		615,458		32,147			2.2		—	—	$	24.1
8	Novartis AG		7.6		423,914		30,101			2.1		A1	AA-	$	217.7
9	Uber Technologies, Inc.		61.9	(2)	1,009,188		27,379			1.9		—	—	$	62.3
10	Roche		2.7	(3)	649,482		24,129			1.7		Aa3	AA	$	295.3
11	bluebird bio, Inc.		6.4		312,805		23,142			1.6		—	—	$	3.7
12	Maxar Technologies		4.5		478,000		21,577			1.5		—	—	$	1.2
13	Massachusetts Institute of Technology		8.0		257,626		21,145			1.5		Aaa	AAA	$	—
14	Jazz Pharmaceuticals, Inc.		9.7		198,041		20,003			1.4		—	—	$	7.2
15	New York University		10.7		204,691		19,531			1.4		Aa2	AA-	$	—
16	Merck & Co., Inc.		13.4		311,015		19,392			1.4		A1	AA-	$	204.9
17	Pfizer Inc.		4.2		416,979		17,762			1.2		A2	A+	$	203.2
18	Amgen Inc.		3.3		407,369		16,838			1.2		Baa1	A-	$	135.9
19	United States Government		6.8		284,777		16,601			1.2		Aaa	AA+	$	—
20	athenahealth, Inc.		12.4		333,956		15,413			1.1		—	—	$	—
	Total/weighted average		11.0	(2)	10,228,175		$	539,163		37.8	%

Annual rental revenue and RSF include 100% of each property managed by us in North America.

(1)Based on aggregate annual rental revenue in effect as of December 31, 2020. Refer to the definitions of “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information about our methodology on annual rental revenue from unconsolidated real estate joint ventures and average market capitalization.

(2)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) owned by our unconsolidated joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue of our consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint ventures. Refer to footnote 1 for additional details. Excluding the ground lease, the weighted-average remaining lease term for our top 20 tenants was 8.4 years as of December 31, 2020.

(3)Includes 197,787 RSF expiring in 2022 at our recently acquired property at 651 Gateway Boulevard in our South San Francisco submarket. Upon expiration of the lease, 651 Gateway Boulevard will be redeveloped into a Class A office/laboratory building. Excluding this 197,787 RSF, the weighted-average remaining term of space occupied by Roche is 3.1 years.


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

Investment-Grade or Publicly Traded Large Cap Tenants						Long-Duration Lease Terms


55%						7.6 Years
of ARE’s						Weighted-Average
Annual Rental Revenue(1)						Remaining Term(2)

Tenant Mix





Percentage of ARE’s Annual Rental Revenue(1)

(1)Represents annual rental revenue in effect as of December 31, 2020. Refer to the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(2)Based on aggregate annual rental revenue in effect as of December 31, 2020. Refer to definition of “Annual rental revenue” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for our methodology on annual rental revenue for unconsolidated real estate joint ventures.

(3)Represents annual rental revenue currently generated from office space that is targeted for a future change in use. The weighted-average remaining term of these leases is 3.3 years.

(4)Represents annual rental revenue from publicly traded tenants with an average daily market capitalization greater than $200 billion for the twelve months ended December 31, 2020.

(5)Annual rental revenues from our other tenants, aggregating 3.0%, comprise 2.5% of annual rental revenue from technology, professional services, finance, telecommunications, and construction/real estate companies and only 0.5% from retail-related tenants.


High-Quality Cash Flows From High Quality Tenants and Class A Properties in AAA Locations

Industry-Leading Tenant Roster			AAA Locations

85%
of ARE’s Top 20 Annual Rental Revenue(1) From Investment-Grade or Publicly Traded Large Cap Tenants
			Percentage of ARE’s Annual Rental Revenue(1)



Solid Historical Occupancy(2)			Occupancy Across Key Locations(3)

96%
Over 10 Years

(2)Represents average occupancy of operating properties in North America as of each December 31 for the last 10 years.

(3)As of December 31, 2020.

(4)Refer to the “Summary of occupancy percentages in North America” section within this Item 2 for additional information on vacancy at acquired properties.

Property listing

The following table provides certain information about our properties as of December 31, 2020 (dollars in thousands):


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
Greater Boston
	Cambridge/Inner Suburbs
		Alexandria Center® at Kendall Square	2,365,487	—		—		2,365,487	10	$	168,794	98.9	%	98.9	%
		50, 60, 75/125(1), 100, and 225(1) Binney Street, 161 and 215 First Street, 150 Second Street, 300 Third Street, and 11 Hurley Street
		Alexandria Technology Square®	1,181,635	—		—		1,181,635	7	101,943		99.7		99.7
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		The Arsenal on the Charles	539,799	—		296,489		836,288	11	21,914		100.0		64.5
		311, 321, and 343 Arsenal Street, 300 and 400 North Beacon Street, 1, 2, and 3 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
		Alexandria Center® at One Kendall Square	815,156	—		—		815,156	10	67,853		96.8		96.8
		One Kendall Square – Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, 2000, and 399 Binney Street
		480 and 500 Arsenal Street	234,260	—		—		234,260	2	9,769		86.6		86.6
		640 Memorial Drive	225,504	—		—		225,504	1	13,860		100.0		100.0
		780 and 790 Memorial Drive	99,658	—		—		99,658	2	8,292		100.0		100.0
		167 Sidney Street and 99 Erie Street	54,549	—		—		54,549	2	4,025		100.0		100.0
		79/96 13th Street (Charlestown Navy Yard)	25,309	—		—		25,309	1	620		100.0		100.0
		Cambridge/Inner Suburbs	5,541,357	—		296,489		5,837,846	46	397,070		98.4		93.4
	Seaport Innovation District
		380 and 420 E Street	195,506	—		—		195,506	2	3,522		100.0		100.0
		5 Necco Street	87,163	—		—		87,163	1	4,672		86.6		86.6
		Seaport Innovation District	282,669	—		—		282,669	3	8,194		95.9		95.9
	Route 128
		Reservoir Woods	515,273	—		—		515,273	3	22,004		100.0		100.0
		40, 50, and 60 Sylvan Road
		275 Grove Street	509,702	—		—		509,702	1	22,577		87.4		87.4
		One Upland Road and 100 Tech Drive	443,513	—		—		443,513	2	18,008		100.0		100.0
		Alexandria Park at 128	343,882	—		—		343,882	8	12,544		100.0		100.0
		3 and 6/8 Preston Court, 29, 35, and 44 Hartwell Avenue, 35 and 45/47 Wiggins Avenue, and 60 Westview Street
		225, 266, and 275 Second Avenue	317,617	—		—		317,617	3	14,073		100.0		100.0
		19 Presidential Way	144,892	—		—		144,892	1	5,174		99.8		99.8
		100 Beaver Street	82,330	—		—		82,330	1	4,254		100.0		100.0
		285 Bear Hill Road	26,270	—		—		26,270	1	1,167		100.0		100.0
		Route 128	2,383,479	—		—		2,383,479	20	99,801		97.3		97.3
	Route 495
		111 and 130 Forbes Boulevard	155,846	—		—		155,846	2	1,745		100.0		100.0
		20 Walkup Drive	91,045	—		—		91,045	1	649		100.0		100.0
		Route 495	246,891	—		—		246,891	3	2,394		100.0		100.0
		Greater Boston	8,454,396	—		296,489		8,750,885	72	$	507,459	98.1	%	94.8	%
		(1) We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional details.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total

San Francisco
	Mission Bay
		Alexandria Center® for Science and Technology – Mission Bay	1,990,262	—		—		1,990,262	9	$	90,364	99.9	%	99.9	%
		1455, 1515, 1655(1), and 1725(1) Third Street, 409 and 499 Illinois Street(1), 1500(1) and 1700 Owens Street, and 455 Mission Bay Boulevard South
		Mission Bay	1,990,262	—		—		1,990,262	9	90,364		99.9		99.9



	South San Francisco
		Alexandria Technology Center® – Gateway	1,412,480	—		—		1,412,480	11	54,517		81.5		81.5
		600, 601(1), 611(1), 630, 650, 651(1), 681(1), 685(1), 701(1), 901, and 951 Gateway Boulevard
		213, 249, 259, 269, and 279 East Grand Avenue	919,704	—		—		919,704	5	48,744		100.0		100.0
		201 Haskins Way	—	315,000		—		315,000	1	—		N/A		N/A
		400 and 450 East Jamie Court	163,035	—		—		163,035	2	9,549		100.0		100.0
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	6,619		100.0		100.0
		7000 Shoreline Court	136,395	—		—		136,395	1	8,547		99.4		99.4
		341 and 343 Oyster Point Boulevard	107,960	—		—		107,960	2	5,767		100.0		100.0
		849/863 Mitten Road/866 Malcolm Road	103,857	—		—		103,857	1	5,086		100.0		100.0
		South San Francisco	2,999,116	315,000		—		3,314,116	24	138,829		91.3		91.3
	Greater Stanford
		Menlo Gateway(1)	772,983	—		—		772,983	3	29,790		100.0		100.0
		100 Independence Drive and 125 and 135 Constitution Drive
		Alexandria Center® for Life Science – San Carlos	233,201	429,715		—		662,916	5	10,853		100.0		100.0
		825, 835, and 960 Industrial Road and 987 and 1075 Commercial Street
		3825 and 3875 Fabian Way	478,000	—		—		478,000	2	21,577		100.0		100.0
		Alexandria Stanford Life Science District	289,685	—		92,147		381,832	4	23,888		100.0		75.9
		3160, 3165, 3170, and 3181 Porter Drive
		Alexandria PARC	197,498	—		—		197,498	4	10,164		85.9		85.9
		2100, 2200, 2300, and 2400 Geng Road
		3330, 3412, 3450, and 3460 Hillview Avenue	183,267	—		—		183,267	4	15,180		100.0		100.0
		2425 Garcia Avenue/2400/2450 Bayshore Parkway	99,208	—		—		99,208	1	4,257		100.0		100.0
		Shoreway Science Center	82,462	—		—		82,462	2	5,340		100.0		100.0
		75 and 125 Shoreway Road
		1450 Page Mill Road	77,634	—		—		77,634	1	8,009		100.0		100.0
		3350 West Bayshore Road	60,000	—		—		60,000	1	2,191		62.3		62.3

		2625/2627/2631 Hanover Street	32,074	—		—		32,074	1	1,820		100.0		100.0
		Greater Stanford	2,506,012	429,715		92,147		3,027,874	28	133,069		98.0		94.5
		San Francisco	7,495,390	744,715		92,147		8,332,252	61	$	362,262	95.8	%	94.7	%
(1) We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total

New York City
	New York City
		Alexandria Center® for Life Science – New York City	740,972	—		—		740,972	3	$	64,994	95.9	%	95.9	%
		430 and 450 East 29th Street
		219 East 42nd Street	349,947	—		—		349,947	1	14,006		100.0		100.0
		Alexandria Center® – Long Island City	54,377	—		122,382		176,759	1	2,185		100.0		30.8
		30-02 48th Avenue
		New York City	1,145,296	—		122,382		1,267,678	5	81,185		97.3		87.8

San Diego
	Torrey Pines
		ARE Spectrum	336,461	146,456		—		482,917	4	18,072		100.0		100.0
		3115 and 3215 Merryfield Row and 3013 and 3033 Science Park Road
		ARE Torrey Ridge	294,326	—		—		294,326	3	10,297		72.1		72.1
		10578, 10618, and 10628 Science Center Drive
		ARE Sunrise	236,635	—		—		236,635	3	8,238		100.0		100.0
		10931/10933 and 10975 North Torrey Pines Road, 3010 Science Park Road, and 10996 Torreyana Road
		ARE Nautilus	220,651	—		—		220,651	4	10,924		100.0		100.0
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
		11119, 11255, and 11355 North Torrey Pines Road	211,641	—		—		211,641	3	8,738		100.0		100.0
		3545 Cray Court	118,225	—		—		118,225	1	—		—		—
		Torrey Pines	1,417,939	146,456		—		1,564,395	18	56,269		85.9		85.9
	University Town Center
		Alexandria Point(1)	1,435,916	—		—		1,435,916	8	61,391		99.1		99.1
		9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, and 4242 Campus Point Court
		5200 Illumina Way(1)	792,687	—		—		792,687	6	29,977		100.0		100.0
		University District	535,459	—		—		535,459	8	19,979		100.0		100.0
		9363, 9393, and 9625(1) Towne Centre Drive, 4755, 4757, and 4767 Nexus Center Drive, and 4555 and 4796 Executive Drive
		University Town Center	2,764,062	—		—		2,764,062	22	$	111,347	99.5	%	99.5	%
		(1) We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information. (2) We own 100% of this property.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total

San Diego (continued)
	Sorrento Mesa
		SD Tech by Alexandria(1)	779,989	—		79,945		859,934	13	$	24,130	87.3	%	79.2	%
		9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10065, 10121(2), and 10151(2) Barnes Canyon Road
		6420 and 6450 Sequence Drive	318,200	—		—		318,200	2	8,069		89.5		89.5
		Summers Ridge Science Park	316,531	—		—		316,531	4	11,077		100.0		100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		ARE Portola	101,857	—		—		101,857	3	3,603		100.0		100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive	82,272	—		—		82,272	1	855		41.4		41.4
		7330 Carroll Road	66,244	—		—		66,244	1	2,431		100.0		100.0
		9877 Waples Street	63,774	—		—		63,774	1	2,364		100.0		100.0
		5871 Oberlin Drive	33,817	—		—		33,817	1	892		50.2		50.2
		Sorrento Mesa	1,762,684	—		79,945		1,842,629	26	53,421		88.8		84.9
	Sorrento Valley
		3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard	191,406	—		—		191,406	7	5,691		100.0		100.0
		11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street	121,655	—		—		121,655	6	3,428		100.0		100.0
		Sorrento Valley	313,061	—		—		313,061	13	9,119		100.0		100.0
	I-15 Corridor
		13112 Evening Creek Drive	109,780	—		—		109,780	1	2,972		100.0		100.0
		San Diego	6,367,526	146,456		79,945		6,593,927	80	233,128		93.5		92.4

Seattle
	Lake Union
		The Eastlake Life Science Campus by Alexandria	837,204	100,086		—		937,290	8	46,609		97.6		97.6
		1165, 1201(1), 1208(1), 1616 and 1551 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East


		400 Dexter Avenue North	290,111	—		—		290,111	1	14,820		100.0		100.0
		2301 5th Avenue	197,135	—		—		197,135	1	9,308		99.0		99.0
		219 Terry Avenue North	30,705	—		—		30,705	1	1,852		100.0		100.0
		601 Dexter Avenue North	18,680	—		—		18,680	1	425		100.0		100.0
		Lake Union	1,373,835	100,086		—		1,473,921	12	$	73,014	98.4	%	98.4	%
		(1) We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information. (2) We own 100% of this property.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total

Seattle (continued)
	SoDo
		830 4th Avenue South	42,380	—		—		42,380	1	$	1,479	70.5	%	70.5	%
	Elliott Bay
		3000/3018 Western Avenue	47,746	—		—		47,746	1	1,839		100.0		100.0
		410 West Harrison Street and 410 Elliott Avenue West	36,724	—		—		36,724	2	415		36.4		36.4
		Elliott Bay	84,470	—		—		84,470	3	2,254		72.4		72.4

	Other		246,647	—		213,976		460,623	6	4,730		94.9		50.8
		Seattle	1,747,332	100,086		213,976		2,061,394	22	81,477		96.0		85.5

Maryland
	Rockville
		9800, 9804, 9900, 9920, and 9950 Medical Center Drive	383,956	261,096		—		645,052	8	14,944		93.1		93.1
		9704, 9708, 9712, and 9714 Medical Center Drive	215,619	—		—		215,619	4	7,926		100.0		100.0
		1330 Piccard Drive	131,511	—		—		131,511	1	3,810		100.0		100.0
		9605 Medical Center Drive	115,691	—		—		115,691	1	3,100		83.1		83.1
		1500 and 1550 East Gude Drive	90,489	—		—		90,489	2	1,411		77.3		77.3
		14920 and 15010 Broschart Road	86,703	—		—		86,703	2	2,283		100.0		100.0
		1405 Research Boulevard	72,170	—		—		72,170	1	2,476		100.0		100.0
		5 Research Place	63,852	—		—		63,852	1	2,743		100.0		100.0
		5 Research Court	51,520	—		—		51,520	1	1,788		100.0		100.0
		9920 Belward Campus Drive	51,181	—		—		51,181	1	1,687		100.0		100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,329		100.0		100.0
		Rockville	1,311,877	261,096		—		1,572,973	23	43,497		94.9		94.9
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	613,438	—		—		613,438	9	16,177		96.3		96.3
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
		Alexandria Technology Center® – Gaithersburg II	315,085	—		169,420		484,505	7	7,966		94.3		61.3
		700, 704(1), and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
		401 Professional Drive	63,154	—		—		63,154	1	1,833		100.0		100.0
		950 Wind River Lane	50,000	—		—		50,000	1	1,004		100.0		100.0
		620 Professional Drive	27,950	—		—		27,950	1	1,207		100.0		100.0
		Gaithersburg	1,069,627	—		169,420		1,239,047	19	28,187		96.2		83.0
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	2,618		98.4		98.4
	Northern Virginia
		14225 Newbrook Drive	248,186	—		—		248,186	1	6,127		100.0		100.0
		Maryland	2,821,574	261,096		169,420		3,252,090	44	$	80,429	96.1	%	90.6	%
		(1) We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total

Research Triangle
	Research Triangle
		Alexandria Center® for Life Science – Durham	1,585,766	—		652,381		2,238,147	16	$	26,261	84.1	%	59.6	%
		6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Parmer Way, 2400 Ellis Road, and 14 TW Alexander Drive
		Alexandria Center® for Advanced Technologies	100,000	250,000		—		350,000	3	2,296		99.0		99.0
		6, 8, and 10 Davis Drive
		Alexandria Center® for AgTech	180,400	160,000		—		340,400	2	6,488		95.2		95.2
		5 and 9 Laboratory Drive
		Alexandria Technology Center® – Alston	186,870	—		—		186,870	3	3,951		94.7		94.7
		100, 800, and 801 Capitola Drive
		108/110/112/114 TW Alexander Drive	158,417	—		—		158,417	1	4,624		85.8		85.8
		Alexandria Innovation Center® – Research Triangle	136,455	—		—		136,455	3	4,108		100.0		100.0
		7010, 7020, and 7030 Kit Creek Road
		7 Triangle Drive	96,626	—		—		96,626	1	3,156		100.0		100.0
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,651		100.0		100.0
		407 Davis Drive	81,956	—		—		81,956	1	1,644		100.0		100.0
		601 Keystone Park Drive	77,395	—		—		77,395	1	1,375		100.0		100.0
		6040 George Watts Hill Drive	61,547	—		—		61,547	1	2,148		100.0		100.0
		5 Triangle Drive	32,120	—		—		32,120	1	1,112		100.0		100.0
		6101 Quadrangle Drive	30,122	—		—		30,122	1	540		100.0		100.0
		Research Triangle	2,810,670	410,000		652,381		3,873,051	35	61,354		89.6		72.7


Canada			256,967	—		—		256,967	3	4,870		81.8		81.8

Non-cluster/other markets			549,479	—		—		549,479	12	10,608		52.7		52.7

North America, excluding properties held for sale			31,648,630	1,662,353		1,626,740		34,937,723	334	1,422,772		94.6	%	90.0	%

Properties held for sale			225,849	—		—		225,849	4	6,257		51.1	%	51.1	%

Total – North America			31,874,479	1,662,353		1,626,740		35,163,572	338	$	1,429,029

Leasing activity

Executed a total of 244 leases, with a weighted-average lease term of 7.3 years, for 4.4 million RSF, including 1.0 million RSF related to our development and redevelopment projects, during the year ended December 31, 2020; leasing activity of 2.6 million RSF of renewed and re-leased space represents the highest annual leasing activity in the past 10 years; and
Strong rental rate increases of 37.6% and 18.3% (cash basis) on renewed and re-leased space, representing our highest annual increase during the past 10 years.

Approximately 59% of the 244 leases executed during the year ended December 31, 2020, did not include concessions for free rent. During the year ended December 31, 2020, we granted tenant concessions/free rent averaging 2.1 months with respect to the 4.4 million RSF leased.

The following chart presents renewed/re-leased space and development/redevelopment/previously vacant space leased for the years ended December 31, 2020, 2019, and 2018:

Lease structure

Our Same Properties total revenue growth of 2.1% for the year ended December 31, 2020, and our Same Properties net operating income and Same Properties net operating income (cash basis) increases for the year ended December 31, 2020, of 2.6% and 5.1%, respectively, benefited significantly from strong market fundamentals. The limited supply of Class A space in AAA locations and strong demand from innovative tenants drove rental rate increases of 37.6% and 18.3% (cash basis) on 2.6 million renewed/re-leased RSF, while a favorable triple net lease structure with contractual annual rent escalations resulted in both a consistent Same Properties operating margin of 73.0% and occupancy of 96.6% across our 209 Same Properties aggregating 20.7 million RSF. As of December 31, 2020, approximately 94% of our leases (on an RSF basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent. Additionally, approximately 94% of our leases (on an RSF basis) contained contractual annual rent escalations that were either fixed or based on a consumer price index or another index, and approximately 93% of our leases (on an RSF basis) provided for the recapture of certain capital expenditures.

Leasing activity (continued)

The following table summarizes our leasing activity at our properties for the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020				2019
	Including Straight-Line Rent		Cash Basis		Including Straight-Line Rent	Cash Basis
(Dollars per RSF)
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes	37.6%	(2)	18.3%	(2)	32.2%	17.6%
New rates	$49.51		$46.53		$58.65	$56.19
Expiring rates	$35.99		$39.32		$44.35	$47.79
RSF	2,556,833	(2)			2,427,108
Tenant improvements/leasing commissions	$35.08				$20.28
Weighted-average lease term	6.0 years				5.7 years

Developed/redeveloped/previously vacant space leased
New rates	$56.67		$53.61		$55.95	$52.19
RSF	1,802,013				2,635,614
Tenant improvements/leasing commissions	$28.17				$13.74
Weighted-average lease term	9.0 years				9.8 years

Leasing activity summary (totals):
New rates	$52.47		$49.46		$57.25	$54.11
RSF	4,358,846	(3)			5,062,722
Tenant improvements/leasing commissions	$32.22				$16.88
Weighted-average lease term	7.3 years				7.8 years

Lease expirations(1)
Expiring rates	$36.03		$39.01		$43.43	$46.59
RSF	3,560,188				2,822,434

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

(1)Excludes month-to-month leases aggregating 96,383 RSF and 41,809 RSF as of December 31, 2020 and 2019, respectively.

(2)Represents our highest annual rental rate increases and RSF leasing activity for renewed and re-leased space in the past 10 years.

(3)During the year ended December 31, 2020, we granted tenant concessions/free rent averaging 2.1 months with respect to the 4,358,846 RSF leased. Approximately 59% of the leases executed during the year ended December 31, 2020, did not include concessions for free rent.

Summary of contractual lease expirations

The following table summarizes information with respect to the contractual lease expirations at our properties as of December 31, 2020:


Year			RSF		Percentage of Occupied RSF			Annual Rental Revenue (Per RSF)(1)			Percentage of Total Annual Rental Revenue

	2021	(2)		1,880,366		6.3	%		$	40.75		5.3	%
	2022			2,512,016		8.4	%		$	45.95		7.9	%
	2023			3,387,053		11.3	%		$	41.50		9.6	%
	2024			2,273,200		7.6	%		$	45.03		7.0	%
	2025			2,366,093		7.9	%		$	46.79		7.6	%
	2026			1,725,242		5.8	%		$	47.71		5.6	%
	2027			2,071,365		6.9	%		$	52.36		7.4	%
	2028			2,449,460		8.2	%		$	49.28		8.3	%
	2029			1,829,233		6.1	%		$	55.68		7.0	%
	2030			2,074,876		6.9	%		$	52.67		7.5	%
Thereafter				7,386,330		24.6	%		$	52.73		26.8	%

(1)Represents amounts in effect as of December 31, 2020.

(2)Excludes month-to-month leases aggregating 96,383 RSF as of December 31, 2020.

The following tables present information by market with respect to our 2021 and 2022 contractual lease expirations in North America as of December 31, 2020:


	2021 Contractual Lease Expirations (in RSF)											Annual Rental Revenue (Per RSF)(4)
Market	Leased		Negotiating/ Anticipating		Targeted for Development/ Redevelopment(1)		Remaining Expiring Leases(2)			Total(3)

Greater Boston	60,186		80,265		266,484		228,358			635,293		$	44.31
San Francisco	37,839		233,606		26,738		212,785			510,968		45.76
New York City	—		7,924		—		2,007			9,931		N/A
San Diego	101,437		89,576		41,475		213,047			445,535		31.73
Seattle	—		15,184		—		20,974			36,158		49.69
Maryland	33,000		—		—		29,865			62,865		23.38
Research Triangle	16,942		—		—		90,364			107,306		31.37
Canada	—		—		—		13,672			13,672		23.71
Non-cluster/other markets	—		—		—		58,638			58,638		44.70
Total	249,404		426,555		334,697		869,710			1,880,366		$	40.75
Percentage of expiring leases	13	%	23	%	18	%	46	%		100	%

	2022 Contractual Lease Expirations (in RSF)											Annual Rental Revenue (Per RSF)(4)
Market	Leased		Negotiating/ Anticipating		Targeted for Development/ Redevelopment(1)		Remaining Expiring Leases(5)			Total

Greater Boston	—		7,072		—		568,831		(6)	575,903		$	58.15
San Francisco	—		10,011		490,127		277,836			777,974		49.56
New York City	18,120		27,179		—		2,979			48,278		N/A
San Diego	83,104		—		231,585		243,454			558,143		38.55
Seattle	—		—		51,255		125,462			176,717		36.36
Maryland	—		—		—		74,817			74,817		29.40
Research Triangle	—		—		—		221,937			221,937		21.77
Canada	—		—		—		28,664			28,664		20.97
Non-cluster/other markets	—		—		—		49,583			49,583		55.84
Total	101,224		44,262		772,967		1,593,563			2,512,016		$	45.95
Percentage of expiring leases	4	%	2	%	31	%	63	%		100	%

(1)Represents RSF targeted for development or redevelopment upon expiration of existing in-place leases, primarily related to recently acquired properties. Refer to “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional details on value-creation square feet currently included in rental properties.

(2)The largest remaining contractual lease expirations are three leases ranging from 35,000 RSF to 45,000 RSF.

(3)Excludes month-to-month leases aggregating 96,383 RSF as of December 31, 2020.

(4)Represents amounts in effect as of December 31, 2020.

(5)The largest remaining contractual lease expiration includes Class A office/laboratory buildings aggregating 113,555 RSF in our Cambridge/Inner Suburbs submarket and four other leases ranging from 50,000 RSF to 60,000 RSF.

(6)68% of the remaining expiring leases in Greater Boston are located in our Cambridge/Inner Suburbs submarket.

Investments in real estate

A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A properties located in collaborative life science, technology, and agtech campuses in AAA urban innovation clusters. These projects are focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of, and are reusable by, a wide range of tenants. Upon completion, each value-creation project is expected to generate a significant increase in rental income, net operating income, and cash flows. Our development and redevelopment projects are generally in locations that are highly desirable to high-quality entities, which we believe results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. Our pre-construction activities are undertaken in order to get the property ready for its intended use and include entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements.

As of the date of this report, construction activities were in process at all of our active construction projects. Construction workers continue to observe social distancing and follow rules that restrict gatherings of large groups of people in close proximity, as

well as adhere to other appropriate measures, which may slow the pace of construction.

Our investments in real estate consisted of the following as of December 31, 2020 (dollars in thousands):


			Development and Redevelopment
	Operating		Under Construction		Near Term		Intermediate Term		Future		Subtotal		Total
Investments in real estate
Book value as of December 31, 2020(1)	$	17,423,908	$	1,667,842	$	955,207	$	452,404	$	738,994	$	3,814,447	$	21,238,355

Square footage
Operating	31,874,479		—		—		—		—		—		31,874,479
New Class A development and redevelopment properties	—		3,289,093		4,931,216		3,521,115		9,208,795		20,950,219		20,950,219
Value-creation square feet currently included in rental properties(2)	—		—		(617,749)		(684,030)		(1,810,218)		(3,111,997)		(3,111,997)
Total square footage	31,874,479		3,289,093		4,313,467		2,837,085		7,398,577		17,838,222		49,712,701

(1)Balances exclude our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint ventures in our consolidated balance sheets.

(2)Refer to “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional details on value-creation square feet currently included in rental properties.

Acquisitions

Our real estate asset acquisitions for the year ended December 31, 2020, consisted of the following (dollars in thousands):


Property	Submarket/Market	Date of Purchase	Number of Properties	Operating Occupancy			Square Footage						Unlevered Yields						Purchase Price
		Future Development	Active Redevelopment	Operating With Future Development/ Redevelopment			Operating		Initial Stabilized		Initial Stabilized (Cash)

Year ended December 31, 2020:
Alexandria Center® for Life Science – Durham	Research Triangle/ Research Triangle	8/21/20	16	84	%		—		652,381	100,145		1,485,621	(1)			(1)			$	590,412
Reservoir Woods	Route 128/ Greater Boston	8/25/20	3	100			440,000		—	515,273		—	(2)			(2)				325,307
275 Grove Street	Route 128/ Greater Boston	1/10/20	1	99			—		—	—		509,702	8.0	%		6.7	%			226,512
601, 611, and 651 Gateway Boulevard (51% interest in consolidated JV)	South San Francisco/ San Francisco	1/28/20	3	73		(3)	260,000		—	300,010		475,993	(2)			(2)				(4)
6420 and 6450 Sequence Drive	Sorrento Mesa/San Diego	11/13/20	2	89		(5)	709,000		—	202,915		115,285	7.2	%	(5)	6.2	%	(5)		169,698
380 and 420 E Street	Seaport Innovation District/Greater Boston	10/29/20	2	100			1,000,000	(6)	—	195,506		—	(2)			(2)				168,500
3181 Porter Drive	Greater Stanford/ San Francisco	8/6/20	1	100			—		—	—		104,011	7.2	%		5.0	%			115,200
987 and 1075 Commercial Street	Greater Stanford/ San Francisco	4/14/20	2	N/A			700,000	(6)	—	26,738		—	(2)			(2)				113,250
One Upland Road	Route 128/Greater Boston	8/19/20	1	100			450,000		—	—		243,082	6.3	%	(7)	5.6	%	(7)		110,257
3330 and 3412 Hillview Avenue	Greater Stanford/ San Francisco	2/5/20	2	100			—		—	—		106,316	7.6	%		4.2	%			105,000
9808 and 9868 Scranton Road(8)	Sorrento Mesa/San Diego	1/10/20	2	88			—		—	—		219,628	7.3	%		6.8	%			102,250
11255 and 11355 North Torrey Pines Road	Torrey Pines/San Diego	7/22/20	2	100			240,000	(6)	—	139,135		—	(2)			(2)				97,500
3450 and 3460 Hillview Avenue	Greater Stanford/ San Francisco	10/6/20	2	100			—		—	76,951		—	(2)			(2)				65,748
4555 Executive Drive	University Town Center/San Diego	6/2/20	1	100			200,000	(6)	—	41,475		—	(2)			(2)				43,000
700 Quince Orchard Road	Gaithersburg/Maryland	10/23/20	1	N/A			—		169,420	—		—	8.6	%		7.3	%			43,000
Other	Various	Various	14	55			1,082,713		277,750	164,656		570,952	N/A			N/A				287,768
			55	85	%		5,081,713		1,099,551	1,762,804		3,830,590							$	2,563,402

(1)The campus includes 16 properties, of which three properties aggregating 652,381 RSF are currently undergoing active redevelopment. We expect to achieve unlevered initial stabilized yields of 6.2% and 5.8% (cash basis) for the 13 operating properties. These operating properties generate 99% of annual rental revenue from investment-grade tenants. Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 in this annual report on Form 10-K for additional details on the three properties undergoing active redevelopment.

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

(3)Includes 199,895 RSF of vacancy as of December 31, 2020. Refer to the “Summary of occupancy percentages in North America” section earlier within this Item 2 in this annual report on Form 10-K for additional details.

(4)Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements under Item 15 in this annual report on Form 10-K for additional details.

(5)The two operating properties are currently 89% occupied, and upon completion of renovations, a lease for 60,432 RSF will commence in the second half of 2021, which will increase occupancy to 100%. We expect to achieve unlevered initial stabilized yields of 7.2% and 6.2% (cash basis) for these operating properties.

(6)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties with inherent future development or redevelopment opportunities. We intend to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(7)Represents unlevered initial stabilized yields for the operating property, excluding excess land.

(8)In April 2020, we completed the sale of properties at 9808 and 9868 Scranton Road to the existing SD Tech by Alexandria consolidated real estate joint venture, of which we own 50%. We received gross proceeds of $51.1 million for the 50% interest in the properties that our joint venture partner acquired through the joint venture. We continue to control and consolidate this joint venture; therefore, we accounted for the sale as an equity transaction with no gain or loss recognized in earnings. Refer to the next page for additional information.

Dispositions

Our completed dispositions of real estate assets during the year ended December 31, 2020, consisted of the following (dollars in thousands, except for sales price per RSF):


Property	Submarket/Market	Date of Sale	Interest Sold	RSF	Sales Price			Sales Price per RSF		Gain
510 Townsend Street and 505 Brannan Street	SoMa/San Francisco	11/20/20	100%	443,479	$	560,162	(1)	$	1,263	$	151,871
945 Market Street	SoMa/San Francisco	9/4/20	99.5%	255,765	198,000			$	774	—
9808 and 9868 Scranton Road	Sorrento Mesa/San Diego	4/13/20	50%	219,628	51,104			$	465	(2)
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street	Lake Union/Seattle	11/24/20	70%	321,218	314,466		(3)	$	1,399	(4)
Other	Various	Various	100%	105,614	13,600			$	129	2,218
				1,345,704	$	1,137,332				$	154,089

(1)We completed the dispositions of these two tech office properties at capitalization rates of 5.3% and 5.0% (cash basis) based on annualized net operating income and net operating income (cash basis), respectively, for the three months ended September 30, 2020.

(2)We completed the sale of properties at 9808 and 9868 Scranton Road in our Sorrento Mesa submarket to the existing SD Tech by Alexandria consolidated real estate joint venture, in which we have a 50% ownership interest. We retained control over this real estate joint venture, and therefore, we continue to consolidate these properties. For consolidated joint ventures, we account for the difference between the consideration received and the book value of the interest sold as an equity transaction, with no gain or loss recognized in earnings.

(3)This transaction represents capitalization rate of 4.2%, based on annualized net operating income and net operating income (cash basis) for the three months ended December 31, 2020.

(4)This sale of a partial interest represents consideration in excess of book value aggregating $211.3 million. We retained control over this real estate joint venture, and therefore, we continue to consolidate these properties. For consolidated joint ventures, we account for the consideration in excess of net book value of the interest sold as an equity transaction, with no gain or loss recognized in earnings.

Sustainability

(1)Source: Centers for Disease Control and Prevention, “Overdose Deaths Accelerating During COVID-19,” December 17, 2020.

(1)13 projects have been certified and another 38 projects are in process targeting WELL or Fitwel certification.

(2)Alexandria LaunchLabs® – New York City achieved the WELL Health-Safety Rating in October 2020.

(3)Relative to a 2015 baseline for buildings in operation that Alexandria directly manages.

(4)For buildings in operation that Alexandria indirectly and directly manages.

(5)Reflects sum of annual like-for-like progress from 2015 to 2019.

(6)Reflects progress for all buildings in operation in 2019 that Alexandria indirectly and directly manages.

New Class A development and redevelopment properties: recent deliveries


Alexandria Center® for Life Science – San Carlos	Alexandria Center® – Long Island City	9877 Waples Street
San Francisco/Greater Stanford	New York City/New York City	San Diego/Sorrento Mesa
96,463 RSF	17,716 RSF	63,744 RSF

The following table presents value-creation development and redevelopment of new Class A properties placed into service during the three months ended December 31, 2020 (dollars in thousands):


Property/Market/Submarket	Delivery Date	Our Ownership Interest	Dev/Redev		RSF Placed in Service in 4Q20	Occupancy Percentage(1)		Total Project			Unlevered Yields
				Initial Stabilized			Initial Stabilized (Cash Basis)
			RSF		Investment
Alexandria Center® for Life Science – San Carlos/San Francisco/Greater Stanford	December 2020	100%	Dev		96,463		100%	526,178	$	630,000		6.4	%	6.1	%
Alexandria Center® – Long Island City/New York City/New York City	December 2020	100%	Redev		17,716		100%	176,759	$	184,300		5.5	%	5.6	%
9877 Waples Street/San Diego/Sorrento Mesa	December 2020	100%	Redev		63,774		100%	63,744	$	31,000		8.8	%	8.1	%
Total					177,953

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

New Class A development and redevelopment properties: current projects


The Arsenal on the Charles	201 Haskins Way	Alexandria Center® for Life Science – San Carlos
Greater Boston/ Cambridge/Inner Suburbs	San Francisco/South San Francisco	San Francisco/Greater Stanford
296,489 RSF	315,000 RSF	429,715 RSF


3160 Porter Drive	Alexandria Center® – Long Island City	3115 Merryfield Row	5505 Morehouse Drive
San Francisco/Greater Stanford	New York City/New York City	San Diego/Torrey Pines	San Diego/Sorrento Mesa
92,147 RSF	122,382 RSF	146,456 RSF	79,945 RSF

New Class A development and redevelopment properties: current projects (continued)


1165 Eastlake Avenue East	9804 Medical Center Drive	9950 Medical Center Drive
Seattle/Lake Union	Maryland/Rockville	Maryland/Rockville
100,086 RSF	176,832 RSF	84,264 RSF


700 Quince Orchard Road	Alexandria Center® for Life Science – Durham(1)	Alexandria Center® for AgTech	Alexandria Center® for Advanced Technologies
Maryland/Gaithersburg	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
169,420 RSF	652,381 RSF	160,000 RSF	250,000 RSF

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

New Class A development and redevelopment properties: current projects (continued)

The following tables set forth a summary of our new Class A development and redevelopment properties under construction and pre-leased near-term projects as of December 31, 2020 (dollars in thousands):


Property/Market/Submarket				Square Footage						Percentage
	Dev/Redev		In Service		CIP		Total		Leased				Leased/Negotiating				Initial Occupancy(1)
Under construction
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs		Redev		539,799		296,489		836,288		86	%			92	%				2021
201 Haskins Way/San Francisco/South San Francisco		Dev		—		315,000		315,000		100				100				2Q21
Alexandria Center® for Life Science – San Carlos/San Francisco/ Greater Stanford		Dev		96,463		429,715		526,178		89				100				4Q20
3160 Porter Drive/San Francisco/Greater Stanford		Redev		—		92,147		92,147		20				20					1H21
Alexandria Center® – Long Island City/New York City/New York City		Redev		54,377		122,382		176,759		31				31				4Q20
3115 Merryfield Row/San Diego/Torrey Pines		Dev		—		146,456		146,456		80				87					2022
5505 Morehouse Drive/San Diego/Sorrento Mesa		Redev		—		79,945		79,945		35				35					2021
1165 Eastlake Avenue East/Seattle/Lake Union		Dev		—		100,086		100,086		100				100				2Q21
Other/Seattle		Redev		246,647		213,976		460,623		51				51					2022
9804 Medical Center Drive/Maryland/Rockville		Dev		—		176,832		176,832		100				100					1Q21
9950 Medical Center Drive/Maryland/Rockville		Dev		—		84,264		84,264		100				100					2021
700 Quince Orchard Road/Maryland/Gaithersburg		Redev		—		169,420		169,420		100				100					2021
Alexandria Center® for Life Science – Durham/Research Triangle/ Research Triangle(2)		Redev		—		652,381		652,381		77				77				1H21/2022
Alexandria Center® for AgTech/Research Triangle/Research Triangle(3)		Redev/Dev		180,400		160,000		340,400		55				55					2021
Alexandria Center® for Advanced Technologies/Research Triangle/ Research Triangle		Dev		—		250,000		250,000	(4)	40		(4)		55		(4)		2H21/2022
				1,117,686		3,289,093		4,406,779		74				78
Pre-leased near-term projects
Alexandria Point/San Diego/University Town Center(5)		Dev		—		171,102		171,102		100				100
SD Tech by Alexandria/San Diego/Sorrento Mesa(6)		Dev		—		176,428		176,428		59				59
				—		347,530		347,530		79				79
				1,117,686		3,636,623		4,754,309		75	%			78	%
Key additions in January 2021
201 Brookline Avenue/Greater Boston/Fenway		Dev		—		510,116		510,116		17	%			25	%
840 Winter Street/Greater Boston/Route 128		Redev		30,009		130,000		160,009		19	%			19	%
				30,009		640,116		670,125
				1,147,695		4,276,739		5,424,434

(1)Initial occupancy dates are subject to leasing and/or market conditions. Construction disruptions resulting from COVID-19 and observance of social distancing measures may further impact construction and occupancy forecasts and will continue to be monitored closely. Multi-tenant projects may have occupancy by tenants over a period of time. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy.

(2)The recently acquired Alexandria Center® for Life Science – Durham redevelopment project includes three properties at 40 Moore Drive, 2400 Ellis Road, and 14 TW Alexander Drive. 2400 Ellis Road is 100% leased, with initial occupancy anticipated in the first half of 2021 and stabilized occupancy expected for the remaining buildings in 2022.

(3)The new strategic collaborative agtech campus consists of Phase I at 5 Laboratory Drive, including campus amenities, and Phase II at 9 Laboratory Drive.

(4)Represents 150,000 RSF with 26% negotiating at 8 Davis Drive and 100,000 RSF that is 100% leased at 10 Davis Drive. Vertical construction at 8 Davis Drive has commenced, and 10 Davis Drive is expected to commence in the second quarter of 2021.

(5)Represents our 4150 Campus Point Court property and is expected to commence vertical construction in the second quarter of 2021.

(6)Represents our 10055 Barnes Canyon Road property and is expected to commence vertical construction in the second quarter of 2021.

New Class A development and redevelopment properties: current projects (continued)


	Our Ownership Interest												Unlevered Yields
Property/Market/Submarket			In Service	CIP		Cost to Complete		Total at Completion				Initial Stabilized				Initial Stabilized (Cash Basis)

Under construction
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs	100	%		$	391,180	$	184,995	$	195,825	$	772,000			6.2	%		5.5	%
201 Haskins Way/San Francisco/South San Francisco	100	%		—		255,992		$	114,008	$	370,000			6.4	%		6.2	%
Alexandria Center® for Life Science – San Carlos/San Francisco/Greater Stanford	100	%		85,898		389,460		$	154,642	$	630,000			6.4	%		6.1	%
3160 Porter Drive/San Francisco/Greater Stanford	100	%		—		60,895		TBD
Alexandria Center® – Long Island City/New York City/New York City	100	%		33,683		125,929		$	24,688	$	184,300			5.5	%		5.6	%
3115 Merryfield Row/San Diego/Torrey Pines	100	%		—		66,609		$	85,391	$	152,000			6.2	%		6.2	%
5505 Morehouse Drive/San Diego/Sorrento Mesa	100	%		—		16,996		TBD
1165 Eastlake Avenue East/Seattle/Lake Union	100	%		—		106,061		$	31,939	$	138,000			6.5	%	(1)	6.3	%	(1)
Other/Seattle	100	%		53,941		64,323		TBD
9804 Medical Center Drive/Maryland/Rockville	100	%		—		85,725		$	9,675	$	95,400			7.7	%		7.2	%
9950 Medical Center Drive/Maryland/Rockville	100	%		—		40,520		$	13,780	$	54,300			7.3	%		6.8	%
700 Quince Orchard Road/Maryland/Gaithersburg	100	%		—		45,887		$	33,613	$	79,500			8.6	%		7.3	%
Alexandria Center® for Life Science – Durham/Research Triangle/Research Triangle	100	%		—		134,451		$	110,549	$	245,000			7.5	%		6.7	%
Alexandria Center® for AgTech/Research Triangle/Research Triangle	100	%		90,001		57,394		TBD
Alexandria Center® for Advanced Technologies/Research Triangle/Research Triangle	100	%		—		32,605
				654,703		1,667,842

Pre-leased near-term projects
Alexandria Point/San Diego/University Town Center	55.0	%		—		26,922
SD Tech by Alexandria/San Diego/Sorrento Mesa	50.0	%		—		15,310
				—		42,232
Total				$	654,703	$	1,710,074

(1)Unlevered yields represent anticipated aggregate returns for 1165 Eastlake Avenue East, an amenity-rich research headquarters for Adaptive Biotechnologies Corporation, and 1208 Eastlake Avenue East, an adjacent multi-tenant office/laboratory building.

New Class A development and redevelopment properties: summary of pipeline

The following table summarizes the key information for all our development and redevelopment projects in North America as of December 31, 2020 (dollars in thousands):


Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment						Total
			Under Construction	Near Term		Intermediate Term	Future

Greater Boston
The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		$	202,801	296,489	264,056	(1)(2)	—		—		560,545
325 Binney Street/Cambridge	100	%		128,666		—	450,000	(1)	—		—		450,000
57 Coolidge Avenue/Cambridge/Inner Suburbs	75.0	%		47,461		—	275,000	(1)	—		—		275,000
15 Necco Street/Seaport Innovation District	97.1	%		185,049		—	350,000	(1)	—		—		350,000
Reservoir Woods/Route 128	100	%		42,246		—	202,428	(1)(2)	—		752,845	(2)	955,273
10 Necco Street/Seaport Innovation District	100	%		91,032		—	—		175,000		—		175,000
215 Presidential Way/Route 128	100	%		6,803		—	—		112,000		—		112,000
Alexandria Technology Square®/Cambridge	100	%		7,881		—	—		—		100,000		100,000
380 and 420 E Street/Seaport Innovation District	100	%		115,818		—	—		—		1,000,000	(2)	1,000,000
99 A Street/Seaport Innovation District	95.5	%		44,700		—	—		—		235,000		235,000
One Upland Road and 100 Tech Drive/Route 128	100	%		8,498		—	—		—		750,000		750,000
231 Second Avenue/Route 128	100	%		1,093		—	—		—		32,000		32,000
Other value-creation projects	100	%		9,774		—	—		—		16,955		16,955
				891,822		296,489	1,541,484		287,000		2,886,800		5,011,773
San Francisco
201 Haskins Way/South San Francisco	100	%		255,992		315,000	—		—		—		315,000
Alexandria Center® for Life Science – San Carlos/Greater Stanford	100	%		641,372		429,715	—		700,000	(2)	587,000	(2)	1,716,715
3160 Porter Drive/Greater Stanford	100	%		60,895		92,147	—		—		—		92,147
88 Bluxome Street/SoMa	100	%		300,025		—	1,070,925		—		—		1,070,925
Alexandria Technology Center® – Gateway/South San Francisco	45.1	%		45,814		—	517,010	(1)(2)	—		291,000		808,010
3825 and 3875 Fabian Way/Greater Stanford	100	%		—		—	—		250,000	(2)	228,000	(2)	478,000
3450 and 3460 Hillview Avenue/Greater Stanford	100	%		—		—	—		76,951	(2)	—		76,951
East Grand Avenue/South San Francisco	100	%		6,112		—	—		—		90,000		90,000
Other value-creation projects	100	%		55,379		—	—		191,000		25,000		216,000
				$	1,365,589	836,862	1,587,935		1,217,951		1,221,000		4,863,748

(1)We expect to commence vertical construction or redevelopment of all or a portion of this project in 2021. (2)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities, for which we have the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

New Class A development and redevelopment properties: summary of pipeline (continued)


Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment						Total
			Under Construction	Near Term		Intermediate Term	Future

New York City
Alexandria Center® – Long Island City/New York City	100	%		$	125,929	122,382	—		—		—		122,382
47-50 30th Street/New York City	100	%		29,351		—	135,938		—		—		135,938
Alexandria Center® for Life Science – New York City/New York City	100	%		58,381		—	—		550,000	(1)	—		550,000
219 East 42nd Street/New York City	100	%		—		—	—		—		579,947	(2)	579,947
				213,661		122,382	135,938		550,000		579,947		1,388,267
San Diego
3115 Merryfield Row/Torrey Pines	100	%		66,609		146,456	—		—		—		146,456
5505 Morehouse Drive/Sorrento Mesa	100	%		16,996		79,945	—		—		—		79,945
Alexandria Point/University Town Center	55.0	%		104,646		—	351,102	(3)	249,164	(4)	320,281	(4)	920,547
SD Tech by Alexandria/Sorrento Mesa	50.0	%		99,681		—	366,502	(3)	160,000		333,845		860,347
Townsgate by Alexandria/Del Mar Heights	100	%		22,424		—	185,000		—		—		185,000
10931 and 10933 Torrey Pines Road/Torrey Pines	100	%		—		—	—		242,000	(4)	—		242,000
University District/University Town Center	100	%		54,020		—	—		600,000	(4)(5)	—		600,000
11255 and 11355 North Torrey Pines Road/Torrey Pines	100	%		106,889		—	—		—		240,000	(4)	240,000
5200 Illumina Way/University Town Center	51.0	%		12,302		—	—		—		451,832		451,832
6450 Sequence Drive and Excess Land/Sorrento Mesa	100	%		35,834		—	—		—		911,915	(4)	911,915
4045 and 4075 Sorrento Valley Boulevard/Sorrento Valley	100	%		7,671		—	—		—		149,000	(4)	149,000
Other value-creation projects	100	%		—		—	—		—		50,000		50,000
				$	527,072	226,401	902,604		1,251,164		2,456,873		4,837,042
(1)We are currently negotiating a long-term ground lease with the City of New York for the future site of a new building approximating 550,000 RSF. (2)Includes 349,947 RSF in operation with an opportunity either to convert the existing office space into office/laboratory space through future redevelopment or to expand the building by an additional 230,000 RSF through ground-up development. The building is currently occupied by Pfizer Inc. with a remaining lease term of approximately five years. (3)We expect to commence vertical construction or redevelopment of all or a portion of this project during 2021. (4)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities, for which we have the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (5)Includes our recently acquired project at 4555 Executive Drive and 9363, 9373, and 9393 Towne Centre Drive in our University Town Center submarket, which is currently under evaluation for development, subject to future market conditions.

New Class A development and redevelopment properties: summary of pipeline (continued)


Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment						Total
			Under Construction	Near Term		Intermediate Term	Future

Seattle
1165 Eastlake Avenue East/Lake Union	100	%		$	106,061	100,086	—		—	—		100,086
1150 Eastlake Avenue East/Lake Union	100	%		49,196		—	260,000	(1)	—	—		260,000
701 Dexter Avenue North/Lake Union	100	%		53,612		—	217,000		—	—		217,000
601 Dexter Avenue North/Lake Union	100	%		35,356		—	—		—	188,400	(2)	188,400
1010 4th Avenue South/SoDo	100	%		49,278		—	—		—	544,825		544,825
830 4th Avenue South/SoDo	100	%		—		—	—		—	52,488	(2)	52,488
Other value-creation projects	100	%		70,304		213,976	51,255	(2)	—	35,000		300,231
				363,807		314,062	528,255		—	820,713		1,663,030
Maryland
9804 and 9800 Medical Center Drive/Rockville	100	%		87,765		176,832	90,000	(1)	—	—		266,832
9950 Medical Center Drive/Rockville	100	%		40,520		84,264	—		—	—		84,264
700 Quince Orchard Road/Gaithersburg	100	%		45,887		169,420	—		—	—		169,420
14200 Shady Grove Road/Rockville	100	%		28,668		—	145,000		145,000	145,000		435,000
				202,840		430,516	235,000		145,000	145,000		955,516
Research Triangle
Alexandria Center® for Life Science – Durham/Research Triangle	100	%		134,451		652,381	—		—	—		652,381
Alexandria Center® for Advanced Technologies/Research Triangle	100	%		48,769		250,000	—		70,000	700,000		1,020,000
Alexandria Center® for AgTech, Phase II/Research Triangle	100	%		57,394		160,000	—		—	—		160,000
Other value-creation projects	100	%		4,185		—	—		—	76,262		76,262
				244,799		1,062,381	—		70,000	776,262		1,908,643
Other value-creation projects	100	%		4,857		—	—		—	322,200		322,200
Total pipeline as of December 31, 2020				$	3,814,447	3,289,093	4,931,216		3,521,115	9,208,795		20,950,219	(3)

Key subsequent and pending acquisitions
Alexandria Center® for Life Science – Fenway/Fenway						510,116	—		305,000	—		815,116
840 Winter Street/Route 128						130,000	—		—	—		130,000
Mercer Mega Block/Lake Union						—	800,000		—	—		800,000


						3,929,209	5,731,216		3,826,115	9,208,795		22,695,335

(1)We expect to commence vertical construction or redevelopment of all or a portion of this project during 2021.

(2)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities, for which we have the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(3)Total square footage includes 3,111,997 RSF of buildings currently in operation that will be redeveloped or replaced with new development RSF upon commencement of future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

Summary of capital expenditures

Our construction spending for the year ended December 31, 2020, consisted of the following (in thousands):


	Year Ended
Construction Spending	December 31, 2020
Additions to real estate – consolidated projects	$	1,445,171
Investments in unconsolidated real estate joint ventures	3,444
Contributions from noncontrolling interests	(22,045)
Construction spending (cash basis)	1,426,570
Change in accrued construction	29,819
Construction spending	$	1,456,389

The following table summarizes the total projected construction spending for the year ending December 31, 2021, which includes interest, property taxes, insurance, payroll, and other indirect project costs (in thousands):


	Year Ending
Projected Construction Spending	December 31, 2021
Development, redevelopment, and pre-construction projects	$	1,625,000
Contributions from noncontrolling interests (consolidated real estate joint ventures)	(100,000)
Revenue-enhancing and repositioning capital expenditures	150,000
Non-revenue-enhancing capital expenditures	65,000
Guidance midpoint	$	1,740,000

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