Item 2. PROPERTIES

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Item 2. PROPERTIES

General

As of December 31, 2021, we had 414 properties in North America containing approximately 43.7 million RSF of operating properties and development and redevelopment of new Class A properties (under construction), including 54 properties that are held by consolidated real estate joint ventures and four 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 94.0% as of December 31, 2021. The exteriors of our properties typically resemble traditional office properties, but the interior infrastructures are designed to accommodate the needs of life science, agtech, and technology 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, 2021, we held a fee simple interest in each of our properties, with the exception of 39 properties in North America that accounted for approximately 9% of our total number of properties. Of these 39 properties, we held 16 properties in the Greater Boston market, 17 properties in the San Francisco Bay Area market, two properties in the New York City market, one property 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, 2021, our ground lease rental expense aggregated 1.6% 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, 2021, we had 1,201 leases with a total of 893 tenants, and 188, or 45%, of our 414 properties were single-tenant properties. Leases in our multi-tenant buildings typically have initial terms of four–11 years, while leases in our single-tenant buildings typically have initial terms of 11–21 years. As of December 31, 2021:

Investment-grade or publicly traded large cap tenants represented 51% of our total annual rental revenue;
Approximately 95% of our leases (on an RSF basis) contained effective annual rent escalations approximating 3.0% that were either fixed or indexed based on a consumer price index or other index;
Approximately 91% 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 94% 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, agtech, and technology cluster markets. The following table sets forth the total RSF, number of properties, and annual rental revenue in effect as of December 31, 2021, 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	9,992,631	972,216	1,440,756	12,405,603	28	%	84		$	621,025		36	%		$	65.30
San Francisco Bay Area	8,041,015	332,821	34,604	8,408,440	19		67		424,836			24			61.09
New York City	1,174,016	—	96,003	1,270,019	3		5		85,099			5			73.67
San Diego	7,889,614	486,004	121,662	8,497,280	19		103		286,784			16			39.04
Seattle	2,639,312	311,631	213,976	3,164,919	7		44		100,497			6			39.82
Maryland	3,961,376	84,264	157,428	4,203,068	10		52		106,786			6			27.48
Research Triangle	3,308,463	257,644	325,936	3,892,043	9		36		81,706			5			26.10
Canada	552,018	—	—	552,018	1		6		10,070			1			23.20
Non-cluster/other markets	1,277,347	—	—	1,277,347	4		17		29,777			1			31.05

North America	38,835,792	2,444,580	2,390,365	43,670,737	100	%	414		$	1,746,580		100	%		$	48.65
		4,834,945

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	12/31/21			12/31/20		12/31/19		12/31/21		12/31/20		12/31/19
Greater Boston	95.2	%	(1)	98.1	%	99.1	%	83.2	%	94.8	%	97.1	%
San Francisco Bay Area	93.0		(1)	95.8		98.3		92.6		94.7		93.6
New York City	98.4			97.3		99.2		91.0		87.8		88.1
San Diego	93.1		(1)	93.5		92.3		91.7		92.4		92.3
Seattle	95.6			96.0		98.7		88.5		85.5		98.7
Maryland	99.8			96.1		96.7		96.0		90.6		95.2
Research Triangle	94.6		(1)	89.6		96.5		86.1		72.7		96.5
Subtotal	94.9			95.5		97.0		89.1		90.7		94.6
Canada	78.6			81.8		93.7		78.6		81.8		93.7
Non-cluster/other markets	75.1			52.7		80.1		75.1		52.7		80.1
North America	94.0	%	(1)	94.6	%	96.8	%	88.5	%	90.0	%	94.4	%

(1)Includes 1.8 million RSF, or 4.7%, of vacancy at recently acquired properties representing lease-up opportunities that are expected to generate incremental annual rental revenues. This vacancy also includes 20% of various spaces, spread across multiple recently acquired properties, that are expected to be converted to laboratory/office space in the future. Approximately 48% of the vacant 1.8 million RSF is currently leased/negotiating, with occupancy expected primarily over the next two quarters. Excluding recently acquired vacancies, occupancy of operating properties in North America was 98.7% as of December 31, 2021, up 100 bps from 97.7% as of December 31, 2020. The following table provides vacancy detail for our recent acquisitions:


		As of December 31, 2021					Percentage of Vacancy Leased/Negotiating
		Vacant	Occupancy Impact
Property	Market/Submarket	RSF	Region		Consolidated
601, 611, and 651 Gateway Boulevard	San Francisco Bay Area/South San Francisco	318,119	4.0	%	0.8	%	44	%
Alexandria Center® for Life Science – Durham	Research Triangle/Research Triangle	150,337	4.5	%	0.4		99
275 Grove Street	Greater Boston/Route 128	134,889	1.3	%	0.3		48
SD Tech by Alexandria	San Diego/Sorrento Mesa	93,494	1.2	%	0.2		8
Other	Greater Boston/Other	94,849	0.9	%	0.2		94
Alexandria Center® for Life Science – Fenway	Greater Boston/Fenway	81,831	0.8	%	0.2		32
Other acquisitions	Various	937,043	N/A		2.6		42
		1,810,562			4.7	%	48	%

Top 20 tenants

88% 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 3.0% of our annual rental revenue in effect as of December 31, 2021. 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, 2021 (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		6.7		916,234		$	53,085		3.0	%	A2	A+	$	140.6
2	Moderna, Inc.		15.1		855,458		52,709			3.0		—	—	$	99.2
3	Eli Lilly and Company		7.5		645,178		40,846			2.3		A2	A+	$	214.9
4	Sanofi		6.8		589,464		40,808			2.3		A1	AA	$	126.5
5	Takeda Pharmaceutical Company Ltd.		7.6		606,249		39,416			2.3		Baa2	BBB+	$	51.9
6	Illumina, Inc.		8.6		891,495		36,141			2.1		Baa3	BBB	$	63.4
7	2seventy bio, Inc.(2)		11.7		312,805		33,558			1.9		—	—	$	0.7
8	Novartis AG		6.6		447,820		30,582			1.8		A1	AA-	$	215.8
9	Roche		5.8		561,883		30,149			1.7		Aa3	AA	$	322.0
10	Uber Technologies, Inc.		61.0	(3)	1,009,188		27,488			1.6		—	—	$	91.5
11	Merck & Co., Inc.		10.8		349,429		22,276			1.3		A1	A+	$	196.1
12	Maxar Technologies		3.7	(4)	478,000		21,803			1.2		—	—	$	2.4
13	Massachusetts Institute of Technology		7.0		257,626		21,165			1.2		Aaa	AAA	$	—
14	United States Government		13.2		918,516		20,697			1.2		Aaa	AA+	$	—
15	The Children's Hospital Corporation		14.8		269,816		20,066			1.1		Aa2	AA	$	—
16	New York University		9.9		203,500		19,241			1.1		Aa2	AA-	$	—
17	Pfizer Inc.		3.2		416,996		17,799			1.0		A2	A+	$	235.8
18	SAP		3.2		211,293		17,479			1.0		A2	A	$	169.2
19	FibroGen, Inc.		6.9		234,249		16,896			1.0		—	—	$	2.1
20	Amgen Inc.		2.3		407,369		16,838			1.0		Baa1	A-	$	132.5
	Total/weighted average		10.9	(3)	10,582,568		$	579,042		33.1	%

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, 2021. 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)2seventy bio, Inc. is a publicly-traded, commercial-stage cell therapy company developing a pipeline of engineered T cells to better treat cancer. 2seventy bio, Inc. was formerly the oncology division of bluebird bio, Inc. and spun out from bluebird in November 2021.

(3)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 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 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 leases, the weighted-average remaining lease term for our top 20 tenants was 8.4 years as of December 31, 2021.

(4)Represents remaining lease term at two recently acquired properties with future redevelopment and development opportunities. The leases with this tenant were in place when we acquired the properties in 2019.


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

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


51%						7.5 Years
of ARE’s Total						Weighted-Average
Annual Rental Revenue(1)						Remaining Term(2)

Industry Mix of 850+ Tenants





Percentage of ARE’s Annual Rental Revenue(1)

(1)Represents annual rental revenue in effect as of December 31, 2021. 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, 2021. 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 3.8 years.

(4)Our other tenants, aggregating 5.0% of our annual rental revenue, comprise 4.0% of annual rental revenue from technology, professional services, finance, telecommunications, and construction/real estate companies and only 1.0% 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

88%
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, 2021.

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

Property listing

Mega Campuses Encompass 63% of Our Operating Property RSF**(1)**

The following table provides certain information about our properties as of December 31, 2021 (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
		Mega Campus: Alexandria Center® at Kendall Square	2,369,854	—		403,892		2,773,746	11	$	182,839	98.9	%	84.5	%
		50(2), 60(2), 75/125(2), 100, and 225(2) Binney Street, 161 and 215 First Street, 150 Second Street, 300 Third Street, 11 Hurley Street, and One Rogers Street
		Mega Campus: Alexandria Center® at One Kendall Square	814,779	462,100		—		1,276,879	11	69,341		96.6		96.6
		One Kendall Square – Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000, and 325 and 399 Binney Street
		Mega Campus: Alexandria Technology Square®	1,181,635	—		—		1,181,635	7	114,713		99.8		99.8
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Mega Campus: The Arsenal on the Charles	622,098	—		250,567		872,665	11	30,432		93.8		66.9
		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
		Mega Campus: 480 and 500 and 550 Arsenal Street	495,127	—		—		495,127	3	21,227		98.3		98.3
		640 Memorial Drive	225,504	—		—		225,504	1	14,431		100.0		100.0
		780 and 790 Memorial Drive	99,658	—		—		99,658	2	8,786		100.0		100.0
		167 Sidney Street and 99 Erie Street	54,549	—		—		54,549	2	4,027		100.0		100.0
		79/96 13th Street (Charlestown Navy Yard)	25,309	—		—		25,309	1	797		100.0		100.0
		Cambridge/Inner Suburbs	5,888,513	462,100		654,459		7,005,072	49	446,593		98.2		88.4
	Fenway
		Mega Campus: Alexandria Center® for Life Science – Fenway	927,499	510,116		—		1,437,615	2	59,023		91.2		91.2
		401 Park Drive and 201 Brookline Avenue(2)
	Seaport Innovation District
		Mega Campus: 380 and 420 E Street	195,506	—		—		195,506	2	4,209		100.0		100.0
		5 Necco Street	87,163	—		—		87,163	1	5,888		86.6		86.6
		Seaport Innovation District	282,669	—		—		282,669	3	10,097		95.9		95.9
	Route 128
		Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way	706,988	—		—		706,988	4	29,189		96.7		96.7
		Reservoir Woods	312,845	—		202,428		515,273	3	15,469		100.0		60.7
		40, 50, and 60 Sylvan Road
		275 Grove Street	509,702	—		—		509,702	1	15,649		73.5		73.5
		Alexandria Park at 128	343,882	—		—		343,882	8	12,949		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	316,865	—		—		316,865	3	15,479		90.8		90.8
		840 Winter Street	30,009	—		130,000		160,009	1	1,239		95.1		17.8
		19 Presidential Way	144,892	—		—		144,892	1	5,362		99.8		99.8
		100 Beaver Street	82,330	—		—		82,330	1	4,941		100.0		100.0
		285 Bear Hill Road	26,270	—		—		26,270	1	1,167		100.0		100.0
		Route 128	2,473,783	—		332,428		2,806,211	23	$	101,444	92.3	%	81.4	%
		(1)As of December 31, 2021. Mega campuses are cluster campuses that consist of approximately 1 million or more RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to the “Summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (2)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
Greater Boston (continued)
	Route 495
		111 and 130 Forbes Boulevard	155,846	—		—		155,846	2	$	1,826	100.0	%	100.0	%
		20 Walkup Drive	91,045	—		—		91,045	1	649		100.0		100.0
		Route 495	246,891	—		—		246,891	3	2,475		100.0		100.0
	Other		173,276	—		453,869		627,145	4	1,393		44.9		12.4
		Greater Boston	9,992,631	972,216		1,440,756		12,405,603	84	621,025		95.2		83.2

San Francisco Bay Area
	Mission Bay
		Mega Campus: Alexandria Center® for Science and Technology – Mission Bay(1)	2,015,177	—		—		2,015,177	9	97,216		98.7		98.7
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South
		Mission Bay	2,015,177	—		—		2,015,177	9	97,216		98.7		98.7
	South San Francisco
		Mega Campus: Alexandria Technology Center® – Gateway(1)	1,415,175	230,592		—		1,645,767	12	56,712		76.5		76.5
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
		Mega Campus: 213(1), 249, 259, 269, and 279 East Grand Avenue	919,704	—		—		919,704	5	48,951		100.0		100.0
		Alexandria Center® for Life Science – South San Francisco	443,447	52,311		—		495,758	3	26,509		84.6		84.6
		201 Haskins Way and 400 and 450 East Jamie Court
		Mega Campus: 1122 El Camino Real	223,232	—		—		223,232	1	3,102		100.0		100.0
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,680		100.0		100.0
		7000 Shoreline Court	139,709	—		—		139,709	1	8,632		100.0		100.0
		341 and 343 Oyster Point Boulevard	108,208	—		—		108,208	2	6,578		100.0		100.0
		849/863 Mitten Road/866 Malcolm Road	103,857	—		—		103,857	1	4,716		100.0		100.0
		South San Francisco	3,509,017	282,903		—		3,791,920	26	165,880		88.6		88.6
	Greater Stanford
		Mega Campus: Alexandria Center® for Life Science – San Carlos	689,274	49,918		—		739,192	9	43,398		95.3		95.3
		825, 835, 960, and 1501-1599 Industrial Road
		3825 and 3875 Fabian Way	478,000	—		—		478,000	2	21,802		100.0		100.0
		Alexandria Stanford Life Science District	347,381	—		34,604		381,985	4	29,597		100.0		90.9
		3160, 3165, 3170, and 3181 Porter Drive
		3330, 3412, 3420, 3440, 3450, and 3460 Hillview Avenue	368,495	—		—		368,495	6	26,779		87.4		87.4
		Alexandria PARC	197,498	—		—		197,498	4	9,302		78.0		78.0
		2100, 2200, 2300, and 2400 Geng Road
		2475 and 2625/2627/2631 Hanover Street	116,869	—		—		116,869	2	9,972		100.0		100.0
		2425 Garcia Avenue/2400/2450 Bayshore Parkway	99,208	—		—		99,208	1	$	4,257	100.0	%	100.0	%
		Mega campuses are cluster campuses that consist of approximately 1 million or more RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to the “Summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (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 Francisco Bay Area (continued)
	Greater Stanford (continued)
		Shoreway Science Center	82,462	—		—		82,462	2	$	5,220	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	3,404		83.3		83.3
		Greater Stanford	2,516,821	49,918		34,604		2,601,343	32	161,740		94.7		93.5
		San Francisco Bay Area	8,041,015	332,821		34,604		8,408,440	67	424,836		93.0		92.6

New York City
	New York City
		Mega Campus: Alexandria Center® for Life Science – New York City	740,972	—		—		740,972	3	67,283		97.5		97.5
		430 and 450 East 29th Street
		219 East 42nd Street	349,947	—		—		349,947	1	14,006		100.0		100.0
		Alexandria Center® for Life Science – Long Island City	83,097	—		96,003		179,100	1	3,810		100.0		46.4
		30-02 48th Avenue
		New York City	1,174,016	—		96,003		1,270,019	5	85,099		98.4		91.0

San Diego
	Torrey Pines
		Mega Campus: One Alexandria Square	987,791	146,456		—		1,134,247	13	40,730		92.4		92.4
		3115 and 3215 Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10931/10933, 10975, 11119, 11255, and 11355 North Torrey Pines Road, 10975, 10995, and 10996 Torreyana Road, and 3545 Cray Court
		ARE Torrey Ridge	298,863	—		—		298,863	3	15,570		99.3		99.3
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	213,900	—		—		213,900	4	12,323		100.0		100.0
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
		Torrey Pines	1,500,554	146,456		—		1,647,010	20	68,623		94.9		94.9
	University Town Center
		Mega Campus: Alexandria Point(1)	1,435,916	—		—		1,435,916	8	65,221		96.4		96.4
		9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, and 4242 Campus Point Court
		Mega Campus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978		100.0		100.0
		Mega Campus: University District	406,732	—		—		406,732	5	17,616		100.0		100.0
		9625 Towne Centre Drive(1), 4755, 4757, and 4767 Nexus Center Drive, and 4796 Executive Drive
		University Town Center	2,635,335	—		—		2,635,335	19	$	112,815	98.1	%	98.1	%
		Mega campuses are cluster campuses that consist of approximately 1 million or more RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to the “Summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (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
		Mega Campus: SD Tech by Alexandria(1)	810,517	195,435		51,621		1,057,573	14	$	25,338	85.3	%	80.2	%
		9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10121(2), and 10151(2) Barnes Canyon Road
		Mega Campus: Sequence District by Alexandria	805,223	—		—		805,223	7	26,544		92.5		92.5
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)	632,732	—		—		632,732	6	9,088		88.1		88.1
		9389, 9393, 9401, 9444, 9455, and 9477 Waples Street
		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
		7330 and 7360 Carroll Road	84,441	—		—		84,441	2	2,643		85.7		85.7
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	1,042		40.9		40.9
		9877 Waples Street	63,774	—		—		63,774	1	2,374		100.0		100.0
		5871 Oberlin Drive	33,842	—		—		33,842	1	815		50.1		50.1
		Sorrento Mesa	2,932,271	195,435		51,621		3,179,327	39	82,524		88.6		87.1
	Sorrento Valley
		3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard	151,406	—		—		151,406	6	5,401		100.0		100.0
		11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street	121,655	—		—		121,655	6	3,290		95.0		95.0
		Sorrento Valley	273,061	—		—		273,061	12	8,691		97.8		97.8
	Other		548,393	144,113		70,041		762,547	13	14,131		86.0		76.3
		San Diego	7,889,614	486,004		121,662		8,497,280	103	286,784		93.1		91.7

Seattle
	Lake Union
		Mega Campus: The Eastlake Life Science Campus by Alexandria	937,290	311,631		—		1,248,921	9	54,997		99.5		99.5
		1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
		Mega Campus: Alexandria Center® for Life Science – South Lake Union
		400(1) and 601 Dexter Avenue North	308,791	—		—		308,791	2	15,130		100.0		100.0
		219 Terry Avenue North	30,705	—		—		30,705	1	1,853		100.0		100.0
		Lake Union	1,276,786	311,631		—		1,588,417	12	71,980		99.6		99.6
	SoDo
		830 4th Avenue South	42,380	—		—		42,380	1	1,576		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	36,849	—		—		36,849	2	1,395		100.0		100.0
		Elliott Bay	84,595	—		—		84,595	3	$	3,234	100.0	%	100.0	%
	Mega campuses are cluster campuses that consist of approximately 1 million or more RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to the “Summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (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)
	Bothell
		Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park	886,467	—		—		886,467	20	$	17,827	90.9	%	90.9	%
		22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522, 22722, and 22745 29th Drive Southeast, 21540 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast
		Alexandria Center® for Advanced Technologies – Monte Villa Parkway	246,647	—		213,976		460,623	6	4,817		95.4		51.1
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,133,114	—		213,976		1,347,090	26	22,644		91.9		77.3
	Other		102,437	—		—		102,437	2	1,063		93.7		93.7
		Seattle	2,639,312	311,631		213,976		3,164,919	44	100,497		95.6		88.5

Maryland
	Rockville
		Mega Campus: Alexandria Center® for Life Science – Shady Grove	1,642,741	84,264		76,878		1,803,883	21	42,720		100.0		95.5
		9601, 9603, 9605, 9609, 9613, 9615, 9704, 9708, 9712, 9714, 9800, 9804, 9900, 9920, and 9950 Medical Center Drive, 14920 and 15010 Broschart Road, and 9920 Belward Campus Drive
		1330 Piccard Drive	131,511	—		—		131,511	1	4,021		100.0		100.0
		1405 and 1450(1) Research Boulevard	114,849	—		—		114,849	2	2,947		100.0		100.0
		1500 and 1550 East Gude Drive	91,359	—		—		91,359	2	1,844		100.0		100.0
		5 Research Place	63,852	—		—		63,852	1	2,950		100.0		100.0
		5 Research Court	51,520	—		—		51,520	1	1,788		100.0		100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,530		100.0		100.0
		Rockville	2,145,017	84,264		76,878		2,306,159	29	57,800		100.0		96.5
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	613,438	—		—		613,438	9	17,384		100.0		100.0
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
		Alexandria Technology Center® – Gaithersburg II	486,324	—		—		486,324	7	17,637		100.0		100.0
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
		20400 Century Boulevard	—	—		80,550		80,550	1	—		N/A		—
		401 Professional Drive	63,154	—		—		63,154	1	1,911		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	1,240,866	—		80,550		1,321,416	20	$	39,143	100.0	%	93.9	%
	Mega campuses are cluster campuses that consist of approximately 1 million or more RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to the “Summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (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
Maryland (continued)
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	$	2,768	96.7	%	96.7	%
		101 West Dickman Street(1)	135,423	—		—		135,423	1	948		100.0		100.0
		Beltsville	327,307	—		—		327,307	2	3,716		98.0		98.0
	Northern Virginia
		14225 Newbrook Drive	248,186	—		—		248,186	1	6,127		100.0		100.0
		Maryland	3,961,376	84,264		157,428		4,203,068	52	106,786		99.8		96.0

Research Triangle
	Research Triangle
		Mega Campus: Alexandria Center® for Life Science – Durham	1,912,211	—		325,936		2,238,147	16	36,948		92.1		78.7
		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
		Mega Campus: Alexandria Center® for Advanced Technologies	182,487	184,753		—		367,240	4	6,089		90.6		90.6
		6, 8, 10, and 12 Davis Drive
		Alexandria Center® for AgTech	267,509	72,891		—		340,400	2	11,064		100.0		100.0
		5 and 9 Laboratory Drive
		Alexandria Technology Center® – Alston	186,870	—		—		186,870	3	4,405		96.7		96.7
		100, 800, and 801 Capitola Drive
		108/110/112/114 TW Alexander Drive	158,417	—		—		158,417	1	5,196		97.4		97.4
		Alexandria Innovation Center® – Research Triangle	136,729	—		—		136,729	3	4,155		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	1,147		100.0		100.0
		6101 Quadrangle Drive	31,600	—		—		31,600	1	728		100.0		100.0
		Research Triangle	3,308,463	257,644		325,936		3,892,043	36	81,706		94.6		86.1

Canada			552,018	—		—		552,018	6	10,070		78.6		78.6

Non-cluster/other markets			1,277,347	—		—		1,277,347	17	29,777		75.1		75.1

Total – North America			38,835,792	2,444,580		2,390,365		43,670,737	414	$	1,746,580	94.0	%	88.5	%

Mega campuses are cluster campuses that consist of approximately 1 million or more RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. Refer to the “Summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(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.

Leasing activity

During the year ended December 31, 2021, historic demand for our high-quality office/laboratory space has translated into record leasing volume and rental rate growth in 2021 for our overall portfolio and our value-creation pipeline.

Executed a total of 318 leases, with a weighted-average lease term of 8.8 years, for 9.5 million RSF, including 3.9 million RSF related to our development and redevelopment projects, representing the highest annual total leasing volume;
Highest annual leasing activity of 4.6 million RSF for renewed and re-leased spaces; and
Highest annual rental rate increases of 37.9% and 22.6% (cash basis) on renewed and re-leased space.

Approximately 54% of the 318 leases executed during the year ended December 31, 2021, did not include concessions for free rent. During the year ended December 31, 2021, we granted tenant concessions/free rent averaging 2.4 months with respect to the 9.5 million RSF leased.

The following chart presents renewed/re-leased space and development/redevelopment/previously vacant space leased for the years ended December 31, 2021, 2020, and 2019:

Lease structure

Our Same Properties total revenue growth of 5.4% for the year ended December 31, 2021, and our Same Properties net operating income and Same Properties net operating income (cash basis) increases for the year ended December 31, 2021, of 4.2% and 7.1%, 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 for the year ended December 31, 2021, of 37.9% and 22.6% (cash basis) on 4.6 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 72.0% and occupancy of 96.6% across our 247 Same Properties aggregating 23.5 million RSF. As of December 31, 2021, approximately 91% 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 95% of our leases (on an RSF basis) contained contractual annual rent escalations approximating 3% that were either fixed or based on a consumer price index or another index, and approximately 94% 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, 2021 and 2020:


	Year Ended December 31,
	2021				2020
	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	37.9%	(2)	22.6%	(2)	37.6%	18.3%
New rates	$59.00		$55.60		$49.51	$46.53
Expiring rates	$42.80		$45.36		$35.99	$39.32
RSF	4,614,040	(3)			2,556,833
Tenant improvements/leasing commissions	$41.05	(4)			$35.08
Weighted-average lease term	6.3 years				6.0 years

Developed/redeveloped/previously vacant space leased(5)
New rates	$78.52		$69.42		$56.67	$53.61
RSF	4,902,261	(3)			1,802,013
Weighted-average lease term	11.2 years				9.0 years

Leasing activity summary (totals):
New rates	$69.05		$62.72		$52.47	$49.46
RSF	9,516,301	(3)(6)			4,358,846
Weighted-average lease term	8.8 years				7.3 years

Lease expirations(1)
Expiring rates	$41.53		$43.70		$36.03	$39.01
RSF	5,747,192				3,560,188

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

(1)Excludes month-to-month leases aggregating 110,180 RSF and 96,383 RSF as of December 31, 2021 and 2020, respectively.

(2)Represents the highest annual rental rate growth in Company history.

(3)Represents the highest annual leasing volumes in Company history.

(4)Includes tenant improvements and leasing commissions averaging $78.91 per RSF related to long-term lease extensions aggregating 938,004 RSF with two tenants in Greater Boston. The weighted-average lease term of these extensions was 8.0 years, with a weighted-average increase of 50% in net effective rents from the existing leases. Excluding these leases, new tenant improvements and leasing commissions for renewed/re-leased space was $31.39 per RSF during the year ended December 31, 2021.

(5)Refer to “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 for additional information on total project costs.

(6)During the year ended December 31, 2021, we granted tenant concessions/free rent averaging 2.4 months with respect to the 9,516,301 RSF leased. Approximately 54% of the leases executed during the year ended December 31, 2021 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, 2021:


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

	2022	(2)		2,793,222		7.7	%		$	40.58		6.5	%
	2023			3,827,027		10.5	%		$	40.73		8.9	%
	2024			3,166,324		8.7	%		$	43.36		7.9	%
	2025			2,978,305		8.2	%		$	50.41		8.6	%
	2026			2,267,304		6.2	%		$	47.63		6.2	%
	2027			2,135,473		5.9	%		$	45.41		5.6	%
	2028			3,322,877		9.1	%		$	52.67		10.0	%
	2029			2,089,274		5.7	%		$	56.45		6.8	%
	2030			2,186,023		6.0	%		$	57.85		7.2	%
	2031			2,617,681		7.2	%		$	59.61		8.9	%
Thereafter				9,000,095		24.8	%		$	45.39		23.4	%

(1)Represents amounts in effect as of December 31, 2021.

(2)Excludes month-to-month leases aggregating 110,180 RSF as of December 31, 2021.

The following tables present information by market with respect to our 2022 and 2023 contractual lease expirations in North America as of December 31, 2021:


	2022 Contractual Lease Expirations (in RSF)												Annual Rental Revenue (Per RSF)(2)
Market	Leased		Negotiating/ Anticipating		Targeted for Development/ Redevelopment(3)			Remaining Expiring Leases(4)			Total(1)

Greater Boston	112,267		188,384		—			295,070			595,721		$	56.30
San Francisco Bay Area	57,726		60,906		490,127			90,111			698,870		49.09
New York City	14,891		6,918		—			5,085			26,894		N/A
San Diego	123,522		52,652		305,034		(5)	155,646			636,854		35.85
Seattle	—		26,177		51,255			123,760			201,192		25.94
Maryland	70,933		—		—			88,187			159,120		21.08
Research Triangle	40,884		—		62,490			106,172			209,546		23.24
Canada	26,426		—		—			2,197			28,623		20.18
Non-cluster/other markets	—		65,188		70,700			100,514			236,402		21.84
Total	446,649		400,225		979,606			966,742			2,793,222		$	40.58
Percentage of expiring leases	16	%	14	%	35	%		35	%		100	%

	2023 Contractual Lease Expirations (in RSF)												Annual Rental Revenue (Per RSF)(2)
Market	Leased		Negotiating/ Anticipating		Targeted for Development/ Redevelopment			Remaining Expiring Leases			Total

Greater Boston	66,361		14,857		312,845			751,245			1,145,308		$	49.57
San Francisco Bay Area	—		—		—			431,620		(6)	431,620		66.57
New York City	—		—		—			52,724			52,724		N/A
San Diego	—		269,053		269,048			744,404			1,282,505		34.12
Seattle	—		—		84,782			227,636			312,418		21.95
Maryland	—		144,051		—			207,761			351,812		26.19
Research Triangle	—		—		—			219,521			219,521		31.18
Canada	—		13,224		—			—			13,224		30.65
Non-cluster/other markets	—		—		—			17,895			17,895		68.01
Total	66,361		441,185		666,675			2,652,806			3,827,027		$	40.73
Percentage of expiring leases	2	%	12	%	17	%		69	%		100	%

(1)Excludes month-to-month leases aggregating 110,180 RSF as of December 31, 2021.

(2)Represents amounts in effect as of December 31, 2021.

(3)Represents RSF targeted for development or redevelopment upon expiration of existing in-place leases primarily related to recently acquired properties with an average contractual lease expiration date, weighted by annual rental revenue, of May 2, 2022. 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.

(4)The largest remaining contractual expiration is 113,555 RSF in our Cambridge/Inner Suburbs submarket.

(5)Includes 139,135 RSF at 11255 and 11355 North Torrey Pines Road in our Torrey Pines submarket which we plan to develop into two buildings totaling 309,094 RSF that are fully leased.

(6)Includes 76,752 RSF at 3412 Hillview Avenue in our Greater Stanford submarket which is under evaluation to be redeveloped, subject to market conditions.

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, agtech, and technology campuses in AAA 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.

Our investments in real estate consisted of the following as of December 31, 2021 (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, 2021(1)	$	22,204,468	$	3,168,442	$	1,147,726		$	738,464	$	1,474,008	$	6,528,640	$	28,733,108

Square footage
Operating	38,835,792		—		—			—		—		—		38,835,792
New Class A development and redevelopment properties	—		4,834,945		6,209,111		(2)	3,855,608		17,620,857		32,520,521		32,520,521
Value-creation square feet currently included in rental properties(3)	—		—		(1,250,525)			(122,991)		(3,012,092)		(4,385,608)		(4,385,608)
Total square footage	38,835,792		4,834,945		4,958,586			3,732,617		14,608,765		28,134,913		66,970,705

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

(2)Includes 2,565,808 RSF currently 89% leased/negotiating expected to commence construction in the next six quarters. Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 for additional details.

(3)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, 2021 consisted of the following (dollars in thousands):


Property	Submarket/Market	Date of Purchase	Number of Properties	Operating Occupancy				Square Footage									Purchase Price
		Acquisitions With Development and Redevelopment Opportunities(1)							Operating		Total(3)
		Future Development	Active Development/Redevelopment	Operating With Future Development/ Redevelopment			Operating(2)

Year ended December 31, 2021:
One Rogers Street	Cambridge/Inner Suburbs Greater Boston	12/30/21	1	100	%	(4)		TBD		403,892		—	4,367		—	408,259		$	849,422
550 Arsenal Street	Cambridge/Inner Suburbs/Greater Boston	4/21/21	1	98				775,000		—		260,867	—		—	775,000			130,000
Alexandria Center® for Life Science – Fenway	Fenway/Greater Boston	1/29/21	2	90		(5)		305,000	(6)	510,116		311,066	662,079		—	1,788,261			1,483,200	(5)(6)
One Investors Way	Route 128/Greater Boston	4/6/21	1	100				350,000		—		—	240,000	(7)	—	590,000			105,000
840 Winter Street	Route 128/Greater Boston	1/20/21	1	100				—		130,000		—	30,009		—	160,009			58,126
Other	Other/Greater Boston	8/24/21	4	45				440,992		453,869		173,276	—		—	1,068,137			192,000
1178 El Camino Real	South San Francisco/San Francisco Bay Area	11/5/21	—	N/A				620,000		—		—	—		—	620,000			128,000
1122 El Camino Real	South San Francisco/San Francisco Bay Area	9/14/21	1	100				700,000		—		223,232	—		—	700,000			105,250
3420 and 3440 Hillview Avenue	Greater Stanford/San Francisco Bay Area	10/5/21	2	75				—		—		185,228	—		—	185,228			203,800
1501-1599 Industrial Road	Greater Stanford/San Francisco Bay Area	6/22/21	6	88				—		—		103,063	—		—	103,063			112,000
2475 Hanover Street	Greater Stanford/San Francisco Bay Area	4/28/21	1	100				—		—		83,980	—		—	83,980			105,000
888 Bransten Road	Greater Stanford/San Francisco Bay Area	11/4/21	—	N/A				210,830		—		—	—		—	210,830			55,000
6260, 6290, 6310, 6340, and 6350 Sequence Drive	Sorrento Mesa/San Diego	6/10/21	5	100				887,000		—		487,023	—		—	887,000			298,476
Pacific Technology Park (50% interest in consolidated JV)	Sorrento Mesa/San Diego	8/5/21	5	100				—		—		228,871	315,481		—	544,352			85,750
Other	Other/San Diego	7/21/21	9	77	%			64,235		—		211,440	98,428		—	374,103		$	135,484

(1)We expect to provide total estimated costs and related yields for development and redevelopment projects in the future, subsequent to the commencement of construction. Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 for additional information on active development and redevelopment projects. (2)Represents the operating component of our value-creation acquisitions that is not expected to undergo development or redevelopment. (3)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 operations with future development or redevelopment opportunities. We intend to demolish and develop or redevelop the existing properties upon expiration of the existing in-place leases. 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. (4)We pre-leased the entire building by executing leases aggregating 403,892 RSF prior to closing of the acquisition in December 2021. (5)The campus includes an operating property with future redevelopment opportunities at 401 Park Drive, a development project at 201 Brookline Avenue, and a future development opportunity. 401 Park Drive, aggregating 973,145 RSF, is 90% occupied, with an additional 3% of leased space that is under renovation, and has initial stabilized yields of 5.7% and 4.5% (cash basis). We expect to provide total estimated costs and related yields for the development projects at 201 Brookline Avenue and the future development/redevelopment opportunities in the future, subsequent to the commencement of construction. Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 for additional information. (6)Excludes the 202,997 RSF in additional development entitlements achieved during the three months ended December 31, 2021 at our 421 Park Drive future development site. We expect to settle this acquisition consideration during the three months ending March 31, 2022. (7)Upon acquisition of this property, we entered into a 12-year lease with Moderna, Inc.

Acquisitions (continued)


Property	Submarket/Market	Date of Purchase	Number of Properties	Operating Occupancy			Square Footage									Purchase Price
		Acquisitions With Development and Redevelopment Opportunities(1)						Operating		Total(3)
		Future Development	Active Development/Redevelopment	Operating With Future Development/ Redevelopment		Operating(2)

Year ended December 31, 2021:

9601, 9605, 9609, 9613, and 9615 Medical Center Drive(4)	Rockville/Maryland	5/12/21	5	100	%		258,000		94,256		—	595,381	—		947,637		$	80,382
3029 East Cornwallis Road	Research Triangle/Research Triangle	7/30/21	—	N/A			1,055,000		—		—	—	—		1,055,000			91,000
Other	Various	Various	43	89			4,999,768		390,675		1,229,735	859,663	426,460	(5)	7,906,301			1,251,264
			87	91	%		10,665,825		1,982,808		3,497,781	2,805,408	426,460		18,407,160		$	5,469,154

(1)We expect to provide total estimated costs and related yields for development and redevelopment projects in the future, subsequent to the commencement of construction. Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 for additional information on active development and redevelopment projects.

(2)Represents the operating component of our value-creation acquisitions that is not expected to undergo development or redevelopment.

(3)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 operations with future development or redevelopment opportunities. We intend to demolish and develop or redevelop the existing properties upon expiration of the existing in-place leases. 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.

(4)We acquired land subject to two ground leases aggregating 595,381 RSF at 9609, 9613, and 9615 Medical Center Drive. We also acquired the land at 9605 Medical Center Drive, where we had previously acquired the building subject to a ground lease during the three months ended March 31, 2020.

(5)Includes the acquisition of our partner’s 43.2% ownership interest in our previously unconsolidated real estate joint venture at 704 Quince Orchard Road for $9.4 million. We completed the redevelopment of this stabilized property during the three months ended June 30, 2019.

Dispositions and sales of partial interests

Our completed dispositions of and sales of partial interests in real estate assets during the year ended December 31, 2021 consisted of the following (dollars in thousands, except for sales price per RSF):


Property	Submarket/Market	Date of Sale			Interest Sold				RSF	Capitalization Rate		Capitalization Rate (Cash Basis)		Sales Price(1)			Sales Price per RSF		Gain (Loss) or Consideration in Excess of Book Value
Year ended December 31, 2021:
50 and 60 Binney Street	Cambridge/Inner Suburbs/ Greater Boston	12/15/21			66	%	(2)		532,395	4.3	%	3.9	%	$	782,259		$	2,226	$	457,529	(3)

409 and 499 Illinois Street	Mission Bay/San Francisco Bay Area	10/5/21			35	%	(2)(4)		455,069	5.0	%	4.2	%	274,681			$	1,366	113,756		(3)
1500 Owens Street	Mission Bay/San Francisco Bay Area		25.1	%	(2)(4)			158,267

455 Mission Bay Boulevard South	Mission Bay/San Francisco Bay Area	12/16/21			75.0	%	(2)		228,140	4.1	%	3.8	%	381,355			$	1,295	221,868		(3)
1700 Owens Street	Mission Bay/San Francisco Bay Area				164,513

213 East Grand Avenue	South San Francisco/ San Francisco Bay Area	4/22/21			70	%	(2)		300,930	4.5	%	4.0	%	301,000			$	1,429	103,679		(3)
Menlo Gateway	Greater Stanford/ San Francisco Bay Area	12/21/21			(5)		(2)		772,983	5.4	%	5.1	%	397,851		(6)	$	1,430	101,050		(7)
260 Townsend Street	SoMa/San Francisco Bay Area	7/30/21			100	%			66,682	N/A		N/A		49,000		(8)	$	735	(435)		(7)
9444 Waples Street	Sorrento Mesa/San Diego	8/5/21			50	%	(2)		88,380	N/A		N/A		11,469			$	260	—
400 Dexter Avenue North	Lake Union/Seattle	7/23/21			70	%	(2)		290,111	4.1	%	4.2	%	254,814			$	1,255	95,467		(3)
2301 5th Avenue	Lake Union/Seattle	12/22/21			100	%			197,135	6.3	%	4.9	%	118,707			$	602	23,175		(7)
220 and 240 2nd Avenue South	SoDo/Seattle	7/29/21			100	%			80,160	N/A		N/A		24,100			$	301	—
Other	Various	Various			100	%			264,007	N/A		N/A		34,900			N/A		2,779		(7)
									3,598,772					$	2,630,136	(9)			$	1,118,868	(10)

(1)For sales of partial interests; represents the contractual sales price for the percentage interest of the property sold by us.

(2)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.

(3)For each partial interest sale, we control the newly formed real estate joint venture and therefore continue to consolidate this property. We accounted 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.

(4)We recapitalized these consolidated real estate joint ventures and sold: (i) a 35% interest in 409 and 499 Illinois Street and (ii) a 25.1% interest in 1500 Owens Street, resulting in an acquisition by the investor of a 75% ownership interest in each joint venture, including the interest held by our previous joint venture partners.

(5)We sold our 49.0% interest in Menlo Gateway, which represented our entire equity interest in this unconsolidated real estate joint venture.

(6)Represents a sales price of $541.5 million less our share of the debt held by the unconsolidated real estate joint venture assumed by the buyer aggregating $143.6 million.

(7)We sold our entire interest in this property and recognized the related gains (losses) in earnings, classified within gain on sales of real estate in our consolidated statements of operations.

(8)Includes the assumption by the buyer of a secured loan of $28.2 million.

(9)Represents the highest total volume of dispositions in Company history, at a weighted-average capitalization rate (cash basis) of 4.1%.

(10)We achieved a weighted-average value-creation margin of 75% on our completed dispositions and sales of partial interest.

New Class A development and redevelopment properties

Demand for our value-creation development and redevelopment projects of high-quality office/laboratory space and our continued operational excellence at our world-class, sophisticated laboratory facilities and strong execution by our team has translated into record leasing activity.


Projects Either Under Construction or Expected to Commence Construction in the Next Six Quarters
>$610 Million Projected Incremental Annual Rental Revenues Primarily commencing from the first quarter of 2022 through the fourth quarter of 2024

7.4 million RSF(1)

83% Leased/Negotiating

As of December 31, 2021.

(1)Includes 4.8 million RSF under construction and 2.6 million RSF expected to commence construction in the next six quarters.

New Class A development and redevelopment properties: recent deliveries


The Arsenal on the Charles	201 Haskins Way	825 and 835 Industrial Road
Greater Boston/ Cambridge/Inner Suburbs	San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ Greater Stanford
137,111 RSF	270,879 RSF	476,211 RSF
100% Occupancy	100% Occupancy	100% Occupancy


3160 Porter Drive	30-02 48 Avenue	5505 Morehouse Drive
San Francisco Bay Area/ Greater Stanford	New York City/New York City	San Diego/Sorrento Mesa
57,696 RSF	41,848 RSF	28,324 RSF
100% Occupancy	100% Occupancy	100% Occupancy

New Class A development and redevelopment properties: recent deliveries (continued)


1165 Eastlake Avenue East	9601 and 9603 Medical Center Drive	9804 Medical Center Drive
Seattle/Lake Union	Maryland/Rockville	Maryland/Rockville
100,086 RSF	17,378 RSF	176,832 RSF
100% Occupancy	100% Occupancy	100% Occupancy


700 Quince Orchard Road	2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive(1)	5 and 9 Laboratory Drive(2)	8 and 10 Davis Drive(3)
Maryland/Gaithersburg	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
171,239 RSF	326,445 RSF	87,109 RSF	65,247 RSF
100% Occupancy	100% Occupancy	100% Occupancy	100% Occupancy

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

(2)Image represents 9 Laboratory Drive in our Alexandria Center® for AgTech campus.

(3)Image represents 10 Davis Drive in our Alexandria Center® for Advanced Technologies mega campus.

New Class A development and redevelopment properties: recent deliveries (continued)

The following table presents value-creation development and redevelopment of new Class A properties placed into service during the year ended December 31, 2021 (dollars in thousands):


Property/Market/Submarket	4Q21 Delivery Date(1)		Our Ownership Interest		RSF Placed in Service											Occupancy Percentage(2)			Total Project			Unlevered Yields
		Prior to 1/1/21		1Q21		2Q21		3Q21		4Q21		Total			Initial Stabilized			Initial Stabilized (Cash Basis)
									RSF		Investment
Development projects
201 Haskins Way/San Francisco Bay Area/South San Francisco	11/1/21		100%		—		—		171,042		55,358		44,479	270,879			100%		323,190	$	370,000		6.4	%		6.2	%
825 and 835 Industrial Road/San Francisco Bay Area/Greater Stanford	10/22/21		100%		96,463		99,557		114,157		6,369		159,665	476,211			100%		526,129	630,000			6.4			6.1
1165 Eastlake Avenue East/Seattle/ Lake Union	N/A		100%		—		100,086		—		—		—	100,086			100%		100,086	138,000			6.3		(3)	6.4		(3)
9804 Medical Center Drive/Maryland/Rockville	N/A		100%		—		176,832		—		—		—	176,832			100%		176,832	89,300			8.3			8.0
5 and 9 Laboratory Drive/Research Triangle/Research Triangle	11/27/21		100%		—		—		—		25,812		61,297	87,109			100%		340,400	193,000			7.1			7.0
8 and 10 Davis Drive/Research Triangle/Research Triangle	10/24/21		100%		—		—		—		20,500		44,747	65,247			100%		250,000	151,000			7.5			7.3

Redevelopment projects
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs	12/27/21		100%		—		—		—		86,546		50,565	137,111			100%		872,665	772,000			6.2			5.5
3160 Porter Drive/San Francisco Bay Area/Greater Stanford	10/15/21		100%		—		—		—		43,578		14,118	57,696			100%		92,300	107,000			5.2			5.0
30-02 48th Avenue/New York City/ New York City	12/1/21		100%		17,716		—		15,176		—		8,956	41,848			100%		179,100	224,000			5.8			5.8
5505 Morehouse Drive/San Diego/ Sorrento Mesa	11/19/21		100%		—		—		—		—		28,324	28,324			100%		79,945	67,000			6.9			7.0
Other/San Diego	N/A		100%		—		—		128,745		—		—	128,745			100%		128,745	47,000			8.0		(4)	8.0		(4)
9601 and 9603 Medical Center Drive/Maryland/Rockville	12/1/21		100%		—		—		—		—		17,378	17,378			100%		94,256	54,000			8.4			7.1
700 Quince Orchard Road/Maryland/Rockville	11/1/21		100%		—		—		—		—		171,239	171,239			100%		171,239	79,000			8.8			7.4
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle	N/A		100%		—		—		326,445		—		—	326,445			100%		652,381	245,000			7.5			6.7
Total	11/5/21				114,179		376,475		755,565		238,163		600,768	2,085,150					3,987,268	$	3,166,300		6.6	%		6.2	%

(1)Represents the average delivery date for deliveries that occurred during the three months ended December 31, 2021, weighted by annual rental revenue.

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

(3)Unlevered yields represent 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.

(4)We achieved yields greater than 8.0%.

New Class A development and redevelopment properties: current projects


325 Binney Street	One Rogers Street	The Arsenal on the Charles	201 Brookline Avenue	40, 50, and 60 Sylvan Road
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway	Greater Boston/Route 128
462,100 RSF	403,892 RSF	250,567 RSF	510,116 RSF	202,428 RSF
100% Leased	100% Leased	94% Leased/Negotiating	96% Leased/Negotiating	61% Leased/Negotiating


840 Winter Street	201 Haskins Way	751 Gateway Boulevard	825 and 835 Industrial Road	3160 Porter Drive
Greater Boston/Route 128	San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ Greater Stanford	San Francisco Bay Area/ Greater Stanford
130,000 RSF	52,311 RSF	230,592 RSF	49,918 RSF	34,604 RSF
99% Leased/Negotiating	100% Leased	100% Leased	100% Leased	97% Leased/Negotiating

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


30-02 48th Avenue	3115 Merryfield Row	10055 Barnes Canyon Road	1150 Eastlake Avenue East	9601 and 9603 Medical Center Drive
New York City/New York City	San Diego/Torrey Pines	San Diego/Sorrento Mesa	Seattle/Lake Union	Maryland/Rockville
96,003 RSF	146,456 RSF	195,435 RSF	311,631 RSF	76,878 RSF
69% Leased/Negotiating	100% Leased	100% Leased	62% Leased/Negotiating	100% Leased/Negotiating


9950 Medical Center Drive	20400 Century Boulevard	2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive(1)	5 and 9 Laboratory Drive(2)	8 and 10 Davis Drive(3)
Maryland/Rockville	Maryland/Gaithersburg	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
84,264 RSF	80,550 RSF	325,936 RSF	72,891 RSF	184,753 RSF
100% Leased	40% Leased/Negotiating	80% Leased/Negotiating	95% Leased/Negotiating	94% Leased/Negotiating

(1)Image represents 14 TW Alexander Drive in our Alexandria Center® for Life Science – Durham mega campus.

(2)Image represents 9 Laboratory Drive in our Alexandria Center® for AgTech campus.

(3)Image represents 10 Davis Drive in our Alexandria Center® for Advanced Technologies mega 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/negotiating near-term projects expected to commence construction in the next six quarters as of December 31, 2021 (dollars in thousands):


Market Property/Submarket				Square Footage						Percentage								Occupancy(1)
	Dev/Redev		In Service		CIP		Total		Leased				Leased/Negotiating				Initial			Stabilized
Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs		Dev		—		462,100		462,100		100	%			100	%				2023		2024
One Rogers Street/Cambridge/Inner Suburbs		Redev		4,367		403,892		408,259		100				100					2023		2023
The Arsenal on the Charles/Cambridge/Inner Suburbs		Redev		622,098		250,567		872,665		83				94					3Q21		2022
201 Brookline Avenue/Fenway		Dev		—		510,116		510,116		88				96					2022		2023
40, 50, and 60 Sylvan Road/Route 128		Redev		312,845		202,428		515,273		61				61					2023		2024
840 Winter Street/Route 128		Redev		30,009		130,000		160,009		18				99					2023		2024
Other		Redev		—		453,869		453,869		—				—				2023			TBD
San Francisco Bay Area
201 Haskins Way/South San Francisco		Dev		270,879		52,311		323,190		100				100				2Q21			2022
751 Gateway Boulevard/South San Francisco		Dev		—		230,592		230,592		100				100					2023		2023
825 and 835 Industrial Road/Greater Stanford		Dev		476,211		49,918		526,129		100				100				4Q20			2022
3160 Porter Drive/Greater Stanford		Redev		57,696		34,604		92,300		89				97					3Q21		2022
New York City
30-02 48th Avenue/New York City		Redev		83,097		96,003		179,100		60				69				4Q20			2022
San Diego
3115 Merryfield Row/Torrey Pines		Dev		—		146,456		146,456		100				100					2022		2022
10055 Barnes Canyon Road/Sorrento Mesa		Dev		—		195,435		195,435		100				100					2022		2022
5505 Morehouse Drive/Sorrento Mesa		Redev		28,324		51,621		79,945		100				100					4Q21		2022
10102 Hoyt Park Drive/Other		Dev		—		144,113		144,113		100				100					2023		2023
10277 Scripps Ranch Boulevard/Other		Redev		—		70,041		70,041		—				—					2023		TBD
Seattle
1150 Eastlake Avenue East/Lake Union		Dev		—		311,631		311,631		32				62					2023		TBD
3301, 3555, and 3755 Monte Villa Parkway/Bothell		Redev		246,647		213,976		460,623		53				53					2022		2023
Maryland
9601 and 9603 Medical Center Drive/Rockville		Redev		17,378		76,878		94,256		51				100					4Q21		2023
9950 Medical Center Drive/Rockville		Dev		—		84,264		84,264		100				100					1H22		2022
20400 Century Boulevard/Gaithersburg		Redev		—		80,550		80,550		40				40					2022		2023
Research Triangle
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle		Redev		326,445		325,936		652,381		77				80				2Q21			2022
5 and 9 Laboratory Drive/Research Triangle		Redev/Dev		267,509		72,891		340,400		93				95					3Q21		2022
8 and 10 Davis Drive/Research Triangle		Dev		65,247		184,753		250,000	(2)	83		(2)		94		(2)		3Q21			2022
				2,808,752		4,834,945		7,643,697		75	%			82	%
(1)Initial occupancy dates are subject to leasing and/or market conditions. 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)Represents 150,000 RSF that is 90% leased/negotiating at 8 Davis Drive and 100,000 RSF that is 100% leased at 10 Davis Drive.

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


Market Property/Submarket				Square Footage						Percentage
	Dev/Redev		In Service		CIP		Total		Leased			Leased/Negotiating
Pre-leased/negotiating near-term projects expected to commence construction in the next six quarters
Greater Boston
99 Coolidge Avenue/Cambridge/Inner Suburbs		Dev		—		275,000		275,000		—	%		34	%
The Arsenal on the Charles, Phase I/Cambridge/Inner Suburbs		Dev		—		120,454		120,454		84			84
The Arsenal on the Charles, Phase II/Cambridge/Inner Suburbs		Dev		—		100,000		100,000		—			88
15 Necco Street/Seaport Innovation District		Dev		—		350,000		350,000		—			97
San Diego
11255 and 11355 North Torrey Pines Road/Torrey Pines		Dev		—		309,094		309,094		100			100
10931 and 10933 North Torrey Pines Road/Torrey Pines		Dev		—		299,158		299,158		100			100
Alexandria Point, Phase II/University Town Center		Dev		—		409,000		409,000		—			100
Alexandria Point, Phase I/University Town Center		Dev		—		171,102		171,102		100			100
Maryland
9820 Darnestown Road/Rockville		Dev		—		250,000		250,000		—			100
9810 Darnestown Road/Rockville		Dev		—		192,000		192,000		100			100
9808 Medical Center Drive/Rockville		Dev		—		90,000		90,000		29			29
				—		2,565,808		2,565,808		43			89
				2,808,752		7,400,753		10,209,505		67	%		83	%

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


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

Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs	100	%		$	—	$	240,287	$	540,713		$	781,000			8.6	%		7.2	%
One Rogers Street/Cambridge/Inner Suburbs	100	%		10,844		847,262		347,894			1,206,000				5.2	%		4.2	%
The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		500,636		226,128		45,236			772,000				6.2	%		5.5	%
201 Brookline Avenue/Fenway	98.3	%		—		476,012		257,988			734,000				7.2	%	(1)	6.2	%	(1)
40, 50, and 60 Sylvan Road/Route 128	100	%		173,595		92,461		TBD
840 Winter Street/Route 128	100	%		14,013		66,142
Other	100	%		—		115,214
San Francisco Bay Area
201 Haskins Way/South San Francisco	100	%		304,606		49,710		15,684			370,000				6.4	%		6.2	%
751 Gateway Boulevard/South San Francisco	49.9	%		—		78,007		211,993			290,000				6.5	%		6.3	%
825 and 835 Industrial Road/Greater Stanford	100	%		565,335		46,072		18,593			630,000				6.4	%		6.1	%
3160 Porter Drive/Greater Stanford	100	%		62,893		38,826		5,281			107,000				5.2	%		5.0	%
New York City
30-02 48th Avenue/New York City	100	%		75,062		108,037		40,901			224,000				5.8	%		5.8	%
San Diego
3115 Merryfield Row/Torrey Pines	100	%		—		124,372		27,628			152,000				6.2	%		6.2	%
10055 Barnes Canyon Road/Sorrento Mesa	50.0	%		—		88,400		92,600			181,000				7.2	%		6.6	%
5505 Morehouse Drive/Sorrento Mesa	100	%		17,909		37,074		12,017			67,000				6.9	%		7.0	%
10102 Hoyt Park Drive/Other	100	%		—		42,713		71,287			114,000				7.4	%		6.5	%
10277 Scripps Ranch Boulevard/Other	100	%		—		25,966		TBD
Seattle
1150 Eastlake Avenue East/Lake Union	100	%		—		117,929		287,071			405,000				6.4	%		6.2	%
3301, 3555, and 3755 Monte Villa Parkway/Bothell	100	%		55,198		72,233		TBD
Maryland
9601 and 9603 Medical Center Drive/Rockville	100	%		6,124		24,179		23,697			54,000				8.4	%		7.1	%
9950 Medical Center Drive/Rockville	100	%		—		42,673		16,927			59,600				8.6	%		7.7	%
20400 Century Boulevard/Gaithersburg	100	%		—		16,217		18,783			35,000				8.5	%		8.6	%
Research Triangle
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle	100	%		92,403		77,021		75,576			245,000				7.5	%		6.7	%
5 and 9 Laboratory Drive/Research Triangle	100	%		148,582		39,347		5,071			193,000				7.1	%		7.0	%
8 and 10 Davis Drive/Research Triangle	100	%		30,252		76,160		44,588			151,000				7.5	%		7.3	%
				$	2,057,452	$	3,168,442	$	3,070,000	(2)(3)	$	8,290,000	(2)

(1)We expect to achieve initial stabilized yields of 7.2% and 6.2% (cash basis), which represent improvements of 40 bps and 20 bps, from the respective initial stabilized yields disclosed on October 25, 2021. The increase is primarily attributable to higher rental rates.

(2)Amounts rounded to the nearest $10 million.

(3)Based on the expected incremental EBITDA generated upon stabilization of these projects over the period of 2022 to 2024 and our fourth quarter of 2022 annualized target of net debt and preferred stock to adjusted EBITDA of less than or equal to 5.1x, we expect $1.1 billion of incremental equity funding on a leverage neutral basis to complete our projects under construction aggregating 4.8 million RSF as of December 31, 2021. The balance of the remaining cost to complete is expected to be funded with $2.0 billion of debt. Refer to the “Capital resources” section under “Item 7. Management’s discussion and analysis of financial condition and results of operations” in this annual report on Form 10-K additional details. Actual debt and equity capital funding until stabilization of these projects may vary from these estimates.

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 and a key pending acquisition as of December 31, 2021 (dollars in thousands):


Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Under Construction	Near Term		Intermediate Term	Future

Greater Boston
Mega Campus: Alexandria Center® at One Kendall Square/Cambridge/Inner Suburbs	100	%		$	240,287	462,100	—	—	—	462,100
325 Binney Street
Mega Campus: Alexandria Center® at Kendall Square/Cambridge/ Inner Suburbs	100	%		847,262		403,892	—	—	—	403,892
One Rogers Street
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		267,261		250,567	220,454	—	34,157	505,178
311 Arsenal Street, 300 and 400 North Beacon Street, and 100 and 200 Talcott Avenue
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway	(2)			719,937		510,116	—	507,997	—	1,018,113
201 Brookline Avenue and 421 Park Drive
Reservoir Woods/Route 128	100	%		140,723		202,428	312,845	—	440,000	955,273
40, 50, and 60 Sylvan Road
840 Winter Street/Route 128	100	%		66,142		130,000	—	—	—	130,000
99 Coolidge Avenue/Cambridge/Inner Suburbs	75.0	%		66,124		—	275,000	—	—	275,000
15 Necco Street/Seaport Innovation District	90.0	%		227,051		—	350,000	—	—	350,000
10 Necco Street/Seaport Innovation District	100	%		94,490		—	—	175,000	—	175,000
215 Presidential Way/Route 128	100	%		6,808		—	—	112,000	—	112,000
Mega Campus: Alexandria Technology Square®/Cambridge/ Inner Suburbs	100	%		7,881		—	—	—	100,000	100,000
Mega Campus: 480 Arsenal Way and 500 and 550 Arsenal Street/Cambridge/Inner Suburbs	100	%		55,680		—	—	—	775,000	775,000
Mega Campus: 380 and 420 E Street/Seaport Innovation District	100	%		120,865		—	—	—	1,000,000	1,000,000
99 A Street/Seaport Innovation District	100	%		47,139		—	—	—	235,000	235,000
Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way/Route 128	100	%		22,861		—	—	—	1,100,000	1,100,000
Other value-creation projects	100	%		165,496		453,869	190,992	—	466,504	1,111,365
				$	3,096,007	2,412,972	1,349,291	794,997	4,150,661	8,707,921
(1)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. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence 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. (2)We have a 98.3% ownership interest in 201 Brookline Avenue aggregating 510,116 RSF, which is currently under construction. We have a 100% ownership interest in the intermediate-term development project at 421 Park Drive aggregating 507,997 SF.

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


Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Under Construction	Near Term		Intermediate Term	Future

San Francisco Bay Area
Mega Campus: Alexandria Technology Center® – Gateway/ South San Francisco	49.9	%		$	100,575	230,592	300,010	—		291,000	821,602
651 and 751 Gateway Boulevard
Alexandria Center® for Life Science – South San Francisco/ South San Francisco	100	%		49,710		52,311	—	—		—	52,311
201 Haskins Way
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford	100	%		391,038		49,918	—	700,000		797,830	1,547,748
825, 835, and 960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
3160 Porter Drive/Greater Stanford	100	%		38,826		34,604	—	—		—	34,604
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay	100	%		53,408		—	191,000	—		—	191,000
1450 Owens Street
3825 and 3875 Fabian Way/Greater Stanford	100	%		—		—	250,000	—		228,000	478,000
901 California Avenue/Greater Stanford	100	%		3,797		—	56,924	—		—	56,924
3450 and 3460 Hillview Avenue/Greater Stanford	100	%		—		—	42,340	34,611		—	76,951
Mega Campus: 88 Bluxome Street/SoMa	100	%		323,680		—	1,070,925	—		—	1,070,925
Mega Campus: 1122 and 1178 El Camino Real/South San Francisco	100	%		235,985		—	—	—		1,320,000	1,320,000
Mega Campus: 213, 249, 259, 269, and 279 East Grand Avenue/ South San Francisco	30.0	%		6,352		—	—	—		90,000	90,000
2475 Hanover Street/Greater Stanford	100	%		—		—	—	—		83,980	83,980
Other value-creation projects	(2)			54,275		—	—	—		303,407	303,407
				1,257,646		367,425	1,911,199	734,611		3,114,217	6,127,452
New York City
Alexandria Center® for Life Science – Long Island City/New York City	100	%		138,631		96,003	135,938	—		—	231,941
30-02 48th Avenue and 47-50 30th Street
Mega Campus: Alexandria Center® for Life Science – New York City/ New York City	100	%		79,961		—	—	550,000	(3)	—	550,000
219 East 42nd Street/New York City	100	%		—		—	—	—		579,947	579,947
				$	218,592	96,003	135,938	550,000		579,947	1,361,888
(1)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. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence 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. (2)Includes a future development project aggregating 278,407 RSF at Alexandria Center® for Life Science – Millbrae Station, where we have a 40.3% ownership interest. (3)Pursuant to an option agreement, 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.

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


Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Under Construction	Near Term		Intermediate Term	Future

San Diego
Mega Campus: One Alexandria Square/Torrey Pines	100	%		$	287,221	146,456	608,252	—	125,280	879,988
3115 Merryfield Row, 10931, 10933, 11255, and 11355 North Torrey Pines Road, and 10975 and 10995 Torreyana Road
Mega Campus: SD Tech by Alexandria/Sorrento Mesa	50.0	%		215,498		247,056	190,074	160,000	333,845	930,975
9805 Scranton Road, 5505 Morehouse Drive(2), and 10055 and 10075 Barnes Canyon Road
10102 Hoyt Park Drive/Other	100	%		42,713		144,113	—	—	—	144,113
10277 Scripps Ranch Boulevard/Other	100	%		25,966		70,041	—	—	—	70,041
Mega Campus: Alexandria Point/University Town Center	55.0	%		117,757		—	580,102	—	324,445	904,547
10260 Campus Point Drive and 4110, 4150, and 4160 Campus Point Court
Mega Campus: Sequence District by Alexandria/Sorrento Mesa	100	%		40,142		—	200,000	509,000	1,089,915	1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Mega Campus: University District/University Town Center	100	%		68,817		—	—	600,000	—	600,000
9363, 9373, 9393 Towne Centre Drive, and 4555 Executive Drive
9444 Waples Street/Sorrento Mesa	50.0	%		19,062		—	—	149,000	—	149,000
Mega Campus: 5200 Illumina Way/University Town Center	51.0	%		13,524		—	—	—	451,832	451,832
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley	100	%		14,710		—	—	—	247,000	247,000
Other value-creation projects	100	%		14,162		—	54,000	—	114,235	168,235
				859,572		607,666	1,632,428	1,418,000	2,686,552	6,344,646
Seattle
Mega Campus: The Eastlake Life Science Company by Alexandria/ Lake Union	100	%		117,929		311,631	—	—	—	311,631
1150 Eastlake Avenue East
Mega Campus: Alexandria Center® for Life Science – South Lake Union/Lake Union	100	%		114,210		—	217,000	—	188,400	405,400
601 and 701 Dexter Avenue North
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell	100	%		72,233		213,976	51,255	—	—	265,231
3301, 3555, and 3755 Monte Villa Parkway
1010 4th Avenue South/SoDo	100	%		51,395		—	—	—	544,825	544,825
830 4th Avenue South/SoDo	100	%		—		—	—	—	52,488	52,488
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell	100	%		12,835		—	—	—	230,000	230,000
21660 20th Avenue Southeast
Other value-creation projects	100	%		77,484		—	—	—	691,000	691,000
				$	446,086	525,607	268,255	—	1,706,713	2,500,575
(1)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. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence 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. (2)We own 100% of this property.

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


Property/Submarket	Our Ownership Interest			Book Value			Square Footage
			Development and Redevelopment						Total(1)
			Under Construction	Near Term			Intermediate Term	Future

Maryland
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville	100	%		$	135,795		161,142	532,000	258,000	38,000	989,142
9601, 9603, and 9950 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road
20400 Century Boulevard/Gaithersburg	100	%		16,217			80,550	—	—	—	80,550
				152,012			241,692	532,000	258,000	38,000	1,069,692
Research Triangle
Mega Campus: Alexandria Center® for Life Science – Durham/ Research Triangle	100	%		120,888			325,936	100,000	—	885,000	1,310,936
40 and 41 Moore Drive and 14 TW Alexander Drive
Mega Campus: Alexandria Center® for Advanced Technologies/ Research Triangle	100	%		121,663			184,753	180,000	—	990,000	1,354,753
4, 8, and 10 Davis Drive
Alexandria Center® for AgTech/Research Triangle	100	%		39,347			72,891	—	—	—	72,891
9 Laboratory Drive
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle	100	%		96,056			—	100,000	100,000	855,000	1,055,000
3029 East Cornwallis Road
Other value-creation projects	100	%		4,185			—	—	—	76,262	76,262
				382,139			583,580	380,000	100,000	2,806,262	3,869,842
Other value-creation projects	100	%		116,586			—	—	—	2,538,505	2,538,505
Total pipeline as of December 31, 2021				$	6,528,640	(2)	4,834,945	6,209,111	3,855,608	17,620,857	32,520,521	(1)

Key pending acquisition
Mega Campus: Alexandria Center® for Life Science – South Lake Union/Lake Union							—	800,000	—	—	800,000
800 Mercer Street
							4,834,945	7,009,111	3,855,608	17,620,857	33,320,521

(1)Total square footage includes 4,385,608 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.

(2)Total book value includes $3.2 billion of projects currently under construction that are 82% leased/negotiating. We also expect to commence construction on pre-leased/negotiating near-term projects aggregating $570.5 million in the next six quarters that are 89% leased/negotiating.

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