Alexandria Real Estate Equities (ARE) 10-K risk factor changes: FY2022 vs FY2021

- Market disruption and volatility, poor economic conditions in the capital markets and global economy, including in connection with [removed: the COVID-19 pandemic,] [added: a widespread pandemic or outbreak of disease (such as COVID-19),] and [removed: high unemployment levels] [added: tight labor markets] could adversely affect the value of the companies in which we hold equity investments or the ability of tenants and the companies in which we invest to [added: continue operations,] raise additional [removed: capital] [added: capital,] or access capital from venture capital investors or financial institutions on favorable terms or at all.

[removed: - The] [added: The] replacement of LIBOR with [removed: an] [added: SOFR or another] alternative reference rate may adversely affect interest expense related to outstanding [removed: debt.][added: debt.]

- The [removed: current] outbreak of COVID-19, or the future outbreak of any other highly infectious or contagious diseases, could adversely impact or cause disruption to our financial condition and results of operations, and/or to the financial condition and results of operations of our tenants and non-real estate investments.

- Seasonal weather conditions, climate change and severe weather, changes in the availability of transportation or labor, [removed: especially in connection with the COVID-19 pandemic,] and other related factors may affect our ability to conduct business, the [removed: products,] [added: products] and services of our tenants, or the availability of such products and services of our tenants and the companies in which we invest.

- System failures or security incidents through cyber attacks, intrusions, or other methods could disrupt our information technology [removed: networks] [added: networks, enterprise applications,] and related systems, cause a loss of assets or data, give rise to remediation or other expenses, expose us to liability under federal and state laws, and subject us to litigation and investigations, which could result in substantial reputational damage and adversely affect our business and financial condition.

However, if we are unable to effectively manage the impact of these and other risks, our ability to meet our investment objectives [removed: would] [added: may] be substantially impaired and any of the foregoing risks could materially adversely affect our financial condition, results of operations, and cash flows, our ability to make distributions to our stockholders, or the market price of our common stock.

Our ability to acquire properties on favorable terms and successfully operate them may be exposed to significant risks, including, but not limited [removed: to] [added: to,] the following:

- We may be unable to acquire a desired property because of competition from other real estate investors with significant capital, including both publicly traded REITs and institutional [removed: funds;][added: funds.]

- Even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price or result in other less favorable [removed: terms;][added: terms.]

- Even if we enter into agreements for the acquisition of properties, these agreements are subject to customary conditions to closing, including completion of due diligence investigations to our [removed: satisfaction;][added: satisfaction.]

- We may be unable to complete an acquisition because we cannot obtain debt and/or equity financing on favorable terms or at [removed: all;][added: all.]

- We may spend more than budgeted amounts to make necessary improvements or renovations to acquired [removed: properties;][added: properties.]

- We may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of operating properties or portfolios of properties, into our existing [removed: operations;][added: operations.]

- Acquired properties may be subject to [added: tax] reassessment, which may result in higher-than-expected property tax [removed: payments;][added: payments.]

- Market conditions may result in higher-than-expected vacancy rates and lower-than-expected rental [removed: rates; and][added: rates.]

The acquisition [removed: of new properties] or [removed: the] development of new properties may give rise to difficulties in predicting revenue potential.

- We may not complete development or redevelopment projects on schedule or within budgeted [removed: amounts;][added: amounts.]

- We may be unable to lease development or redevelopment projects on schedule or within [removed: budgeted amounts;][added: projected amounts.]

- We may encounter project delays or cancellations due to unavailability of necessary labor and construction [removed: materials;][added: materials.]

- We may expend funds on, and devote management’s time to, development and redevelopment projects that we may not [removed: complete;][added: complete.]

- We may abandon development or redevelopment projects after we begin to explore them, and as a result, we may lose deposits or fail to recover costs already [removed: incurred;][added: incurred.]

- Market and economic conditions may deteriorate, which can result in lower-than-expected rental [removed: rates;][added: rates.]

- We may face higher operating costs than we anticipated for development or redevelopment projects, including insurance premiums, utilities, [added: security,] real estate taxes, and costs of complying with changes in government regulations or increases in [removed: tariffs;][added: tariffs.]

- We may face higher requirements for capital improvements than we anticipated for development or redevelopment projects, particularly in older [removed: structures;][added: structures.]

- We may be unable to proceed with development or redevelopment projects because we cannot obtain debt and/or equity financing on favorable terms or at [removed: all;][added: all.]

- We may fail to retain tenants that have pre-leased our development or redevelopment projects if we do not complete the construction of these properties in a timely manner or to the tenants’ [removed: specifications;][added: specifications.]

- Tenants that have pre-leased our development or redevelopment projects may file for bankruptcy or become insolvent, or otherwise elect to terminate their lease prior to delivery, which may adversely affect the income produced by, and the value of, our properties or require us to change the scope of the project, which may potentially result in higher construction costs, significant project delays, or lower financial [removed: returns;][added: returns.]

- We may encounter delays, refusals, unforeseen cost increases, and other impairments resulting from third-party litigation, natural disasters, or severe weather [removed: conditions;][added: conditions.]

- We may encounter delays or refusals in obtaining all necessary zoning, land use, building, occupancy, and other required government permits and [removed: authorizations; and][added: authorizations.]

We may face increased risks and costs associated with volatility in commodity and labor prices or as a result of supply chain or procurement disruptions, which may adversely affect the status of [added: and returns on] our construction projects.

The price of commodities and skilled labor for our construction projects may increase unpredictably due to external factors, including, but not limited to, performance of third-party suppliers and contractors; overall market supply and demand; [added: inflationary pricing;] government regulation; international trade; and changes in general business, economic, or political conditions.

It is uncertain whether we would be able to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control, including, but not limited to, effects of [removed: COVID-19.][added: the COVID-19 pandemic, federal policies, and the ongoing Russia-Ukraine war.]

During [removed: 2021,] [added: 2021 and 2022,] industry prices for certain construction materials, including steel, copper, lumber, plywood, [added: concrete,] electrical materials, and HVAC materials, experienced significant increases as a result of low inventories; surging [removed: demand fueled by the U.S. economy rebounding from the effects of COVID-19;] [added: demand; underinvestment in infrastructure;] tariffs imposed on imports of foreign steel, including on products from key competitors in the [removed: European Union (“EU”)] [added: EU] and [removed: China;] [added: China (tariffs in the U.S. on EU exports of steel] and [added: aluminum were lifted, effective January 2022);] significant changes in the U.S. steel production landscape stemming from the consolidation of certain steel-producing [removed: companies.][added: companies; and increases in global commodity and raw materials prices exacerbated by supply and energy shortages that have emerged since the Russia-Ukraine war in 2022.]

Certain increases in the costs of construction materials, however, can often be managed in our development and redevelopment projects through either (i) general budget contingencies built into our overall construction costs estimates for each of our projects or (ii) [removed: inflation risk borne by our construction general contractors in the form of Guaranteed Maximum Price] [added: guaranteed maximum price] construction contracts, which stipulate a maximum price for certain construction costs [removed: in many of] [added: and shift inflation risk to] our [removed: projects.][added: construction general contractors.]

[removed: Separately,] [added: In addition,] new energy-related initiatives entered into in collaboration with partner countries through global climate agreements may impose stricter requirements for building materials, such as lumber, steel, and concrete, which could significantly increase our construction costs if the manufacturers and suppliers of our materials are burdened with expensive cap-and-trade or similar energy-related regulations or requirements, and the costs of which are passed onto customers like us.

Our ability to continue to identify and develop relationships with a sufficient network of qualified suppliers who can adequately meet our construction timing and quality standards can be a significant challenge, particularly if global supply chain disruptions continue to persist into [removed: 2022.][added: 2023.]

Refer to “Ground lease obligations” [removed: in the “Uses of capital” subsection of the “Capital resources” section] under “Item 7.

- Our properties may not perform as we [removed: expect;][added: expect.]

- We may have to lease space at rates below our [removed: expectations;][added: expectations.]

- We may not be able to obtain financing on acceptable [removed: terms;][added: terms.]

- The enactment of legislation, including the Inflation Reduction Act of 2022, may adversely impact our financial condition and results of operations.

It is uncertain whether we would be able to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control.

During the twelve months ended December 2022, the consumer price index rose by approximately 6.5%, compared to the twelve months ended December 2021.

The recent increases in the consumer price index began during the COVID-19 pandemic and were attributed to disruption in global supply chains and labor shortages.

During the COVID-19 pandemic, the federal government instituted a series of stimulus policies, aggregating approximately $6 trillion, which may have contributed to strong consumer demand and increased consumer spending.

During 2022, China encountered its largest COVID-19 outbreak since the pandemic began in 2020, with approximately two-thirds of the country’s provinces experiencing sustained outbreaks of the virus.

In response, several of China’s largest factory cities ordered lockdowns, which, among its other impacts, imposed strains on the global supply chain and halted production of key consumer goods.

At the end of 2022, China eased its lockdowns significantly, but it is unknown whether such actions will reduce global supply chain strains or result in a new surge of COVID-19 infections and hospitalizations.

Additional supply chain disruptions have been caused by a shortage of long-haul truck drivers and protests by the same.

In addition, federal policies and recent global events may have exacerbated, and may continue to exacerbate, increases in the consumer price index.

Those events include the following:

- In recent years, energy policy in the U.S. has lacked a consistent approach.

Since 2015, during various administrations, the U.S. has joined, abandoned, and rejoined the Paris climate accord.

In addition, the energy policy of the federal government in recent years has, at various times, either limited or increased the production of fossil fuels in the U.S. On March 31, 2022, in response to increases in oil prices, President Biden authorized the release of 1 million barrels per day for the following six months — over 180 million barrels in total — from the Strategic Petroleum Reserve.

In addition, the administration encouraged U.S. oil producers to utilize the approximately 9,000 approved but unused permits for production of oil and gas on federal lands.

- Beginning in late 2021, as political tensions between Russia and Ukraine escalated, Russia amassed troops on the Ukrainian border, and in February 2022, Russia invaded Ukraine.

In response, global economic sanctions were imposed on Russia by the U.S. and the European Union (“EU”), among others.

- In mid-2022, the U.S. administration requested for members of the Organization of the Petroleum Exporting Countries (“OPEC”), including Saudi Arabia and the United Arab Emirates, to significantly increase crude oil production as a way to calm soaring prices on oil.

Conflicts in the Middle East, including a civil war in Yemen where the Saudi government has been heavily involved, also hindered any significant increase in oil production by OPEC beyond a modest increase in the summer months.

In October 2022, due to uncertainty in the global economy and oil market outlook, OPEC announced it would decrease oil production by 2 million barrels a day, the largest cut since the COVID-19 pandemic began.

- On December 5, 2022, the agreement of the G-7 countries to ban their companies from insuring, financing or shipping Russian oil sold at or above $60 a barrel came into effect in the U.S., EU, and the United Kingdom (“U.K.”).

In response, Russia threatened to cut off oil exports which could lead to an increase in global prices.

These factors appear to have had a significant impact on increases to the consumer price index and large fluctuations in energy costs, as reflected in crude oil prices that increased from $60–$70 per barrel in mid-2021 to more than $120 per barrel in March 2022, shortly after Russia’s invasion of Ukraine, then declined during the second half of 2022 and remained at approximately $70–$80 per barrel at the end of 2022.

However, there is no guarantee that our tenants would be able to absorb these expense increases and be able to continue to pay us their portion of operating expenses, capital expenditures, and rent.

Also, due to rising costs, they may be unable to continue operating their businesses or conducting research and development activities altogether.

Alternatively, our tenants may decide to relocate to areas with lower rent and operating expenses, where we may not currently own properties, and our tenants may cease to lease properties from us.

The success of our business depends in large part on our ability to operate our properties effectively.

If we are unable to retain our tenants or withstand increases in operating expenses, capital expenditures, and rental costs, we may be unable to meet our financial expectations, which may adversely affect our financial condition, results of operations, cash flows, and our ability to make distributions to our stockholders.

In March 2022, in an attempt to curb the inflation rate, the Board of Governors of the Federal Reserve System (the “U.S. Federal Reserve”) raised its benchmark federal funds rate by 0.25% to a range between 0.25% and 0.50%, the first increase since December 2018.

In addition, through a series of rapid federal funds rate increases in May 2022, June 2022, July 2022, September 2022, November 2022, and December 2022, the U.S. Federal Reserve increased the federal funds rate to a range between 4.25% and 4.50%.

In addition, on April 5, 2022, the U.S. Federal Reserve confirmed its plan to reduce its balance sheet at a rapid pace beginning in May 2022, effectively concluding the nearly 15-year-long quantitative easing era (in which the U.S. Federal Reserve effectively increased liquidity to consumers and businesses) and launching a reverse process known as quantitative tightening.

The effect of inflation on interest rates could increase our financing costs over time, either through near-term borrowings on our variable-rate unsecured senior line of credit and commercial paper program, refinancing of our existing borrowings, or the issuance of new debt.

Historically, during periods of increasing interest rates, real estate valuations have generally decreased as a result of rising capitalization rates which tend to move directionally with interest rates.

Consequently, prolonged periods of higher interest rates may negatively impact the valuation of our real estate asset portfolio and result in the decline of our stock price and market capitalization and lower sales proceeds from future real estate dispositions, which in turn could adversely affect our financial condition and our ability to make distributions to our stockholders.

We rely on a number of these third-party suppliers and contractors to supply raw materials, skilled labor, and services for our construction projects.

As a result, the increase in costs of construction materials, heightened by recent inflationary pressure from events noted above, including the Russia-Ukraine conflict, may result in corresponding increases in our overall construction costs.

However, it is not guaranteed that our budget contingencies would accurately account for potential construction cost increases given the current severity of inflation and variety of contributing factors.

Nor is it guaranteed that our general contractors would be able to absorb such increases in costs and complete our construction projects timely, within budget, or at all.

We have not encountered significant difficulty collaborating with our third-party suppliers and contractors and obtaining materials and skilled labor, nor experienced significant delays or increases in overall project costs due to the factors discussed above.

While we do not rely on any single supplier or vendor for the majority of our materials and skilled labor, we may experience difficulties obtaining necessary materials from suppliers or vendors whose supply chains might become impacted by economic or political changes, outmoded technology, aging infrastructure, shortages of shipping containers and/or means of transportation, or difficulties obtaining adequate skilled labor from third-party contractors in a tight labor market.

Price surges on construction materials may result in corresponding increases in our overall construction costs as our projects undergo construction.

In addition, as of October 2021, the U.S. was widely reported to be experiencing serious supply chain disruptions as a result of substantial backlogs of container ships seeking to unload cargo at major ports on both the west and east coasts, with delays caused or

exacerbated by port and trucking labor shortages, railway logistics issues, and a shortage of warehouse space in close proximity to the affected ports.

Widespread shortages of supplies and consumer goods resulting from these supply chain disruptions are expected to continue into 2022.

While we have not been significantly impacted by these backlogs to date, if not resolved, these backlogs and related logistics issues could result in material delays and increased costs for our construction activities and the U.S. economy generally.

The Biden administration and the EU have started discussions to revisit restrictions on steel imports from the EU.

However, it is not known whether these discussions will lead to the elimination or easing of tariffs, especially in light of the U.S. steel companies’ demands to keep the tariffs in effect.

A significant portion of our operating expenses is sensitive to inflation.

We also have ground lease expenses in certain of our properties.

Ground lease costs are contractual, but in some cases, lease payments reset every few years based on changes on consumer price indexes.

As of December 31, 2021, our commitments under our unsecured senior line of credit and commercial paper program aggregated $3.0 billion, of which no borrowings were outstanding under our unsecured senior line of credit and only $270.0 million was outstanding under our commercial paper program, and our unhedged variable-rate debt as a percentage of our total debt was 3%.

Therefore, we do not expect that the effect of inflation on our interest expense would have a material adverse impact on our financing costs in the short term, but it could increase our financing costs over time as we refinance our existing long-term borrowings, or incur additional interest related to the issuance of incremental debt.

If interest rates rise, our debt service costs will increase and the value of our properties may decrease.

Our unsecured senior line of credit and secured construction loans bear interest at variable rates, and we may incur additional variable-rate debt in the future.

Accordingly, these increases could adversely affect our financial condition and our ability to make distributions to our stockholders.

Many of the factors listed above are beyond our control.

- Research Triangle.

- Laboratory benches.

It is also expected that due to inflation reaching a nearly 40-year high in 2021, the U.S. Federal Reserve is likely to increase interest rates in 2022.

Should the U.S. Federal Reserve raise the rate in the future, this will likely result in an increase in market interest rates, which may increase our interest expense under our variable-rate borrowings and the costs of refinancing existing indebtedness or obtaining new debt.

In addition, increases in market interest rates may result in a decrease in the value of our real estate and a decrease in the market price of our common stock.

In December 2016, the 21st Century Cures Act was signed into law.

This legislation is designed to advance medical innovation and empower the FDA with the authority to directly hire positions related to drug and device development and review.

In the past, the FDA was often unable to offer key leadership candidates (including scientists) competitive compensation packages as compared to those offered by private industry.

The 21st Century Cures Act is designed to streamline the agency’s hiring process and enable the FDA to compete for leadership talent by expanding the narrow ranges that are provided in prior compensation structures.

In October 2020, then President Trump signed a stopgap spending bill in order to extend government funding until December 11, 2020.

This bill provided necessary funding to government agencies until more fulsome appropriations were approved to provide funding for the remainder of the 2021 fiscal year.

In December 2020, the U.S. Congress passed additional stopgap bills before finally enacting a budget for the 2021 fiscal year on December 27, 2020.

In December 2021, President Biden signed a continuing resolution to extend government funding through February 18, 2022.

In 2018, several changes were made to the Dodd-Frank Act, including the repeal of certain provisions that eased restrictions on small and medium-sized banks of the Dodd-Frank Act.

It is expected that the Biden administration will reverse a number of the Trump administration’s policies, includes those that relate to deregulation, and will increase the number of financial regulators as current vacancies in the bureaucracy are prioritized and filled under the new administration.

From time to time, we utilize interest rate hedge agreements to manage a portion of our exposure to variable interest rates.

Historically, our interest rate hedge agreements primarily related to our borrowings with variable interest rates based on LIBOR.

Beginning in 2008, concerns were raised that some of the member banks surveyed by the BBA in connection with the calculation of daily LIBOR across a range of maturities and currencies may have underreported, overreported, or otherwise manipulated the interbank lending rate applicable to them in order to profit on their derivatives positions or to avoid an appearance of capital insufficiency or adverse reputational or other consequences that might have resulted from reporting interbank lending rates higher than those they actually submitted.

On September 28, 2012, British regulators published a report on the review of LIBOR.

The report concluded that LIBOR should be retained as a benchmark but recommended a comprehensive reform of LIBOR, including replacing the BBA with a new independent administrator of LIBOR.

Based on this report, final rules for the regulation and supervision of LIBOR by the Financial Conduct Authority (“FCA”) were published and came into effect on April 2, 2013 (the “FCA Rules”), and ICE Benchmark Administration Limited (“IBA”) was appointed as the independent LIBOR administrator.

On July 27, 2017, the FCA announced that it would phase out LIBOR as a benchmark by the end of 2021.

On November 30, 2020, IBA extended the LIBOR transition deadline to June 30, 2023, rather than December 31, 2021, for the overnight and one-, three-, six-, and twelve-month USD LIBOR.

These decisions are subject to consultation, and announcements of the official cessation of any LIBOR settings will be made separately.

Refer to [removed: the definition of] “Annual rental revenue” in the “Non-GAAP measures and definitions” section within this Item 7 for additional details.

[removed: Operating results][added: *Operating results*]

| | | | | | | [removed: 2021 | | | | | | 2020] [added: 2022] | | | | | | [added: 2021] | | | | | | [added: 2020] | | |

| *In millions* | | | | | | $ | [removed: 563.4] [added: 513.3] | | | | | $ | [removed: 760.8] [added: 563.4] | | | | | | | | | | | | | |

| *Per share* | | | | | | $ | [removed: 3.82] [added: 3.18] | | | | | $ | [removed: 6.01] [added: 3.82] | | | | | | | | | | | | | |

| *In millions* | | | | | | $ | [removed: 1,144.9] [added: 1,361.7] | | | | | $ | [removed: 923.8] [added: 1,144.9] | | | | | | | | | | | | | |

| *Per share* | | | | | | $ | [removed: 7.76] [added: 8.42] | | | | | $ | [removed: 7.30] [added: 7.76] | | | | | | | | | | | | | |

| Total leasing activity – RSF | | | | | | [removed: | | | | | | 9,516,301 | | | (1)] [added: 8,405,587] | | | [removed: 5,062,722] | | |

| Leasing of development and redevelopment space – RSF | | | | | | [removed: | | | | | | 3,867,383 | | | (1)] [added: 2,828,539] | | | [removed: 2,258,262] | | |

| Lease renewals and re-leasing of space: | | | | | | | | | | | | [removed: | | | | | | | | |]

| RSF (included in total leasing activity above) | | | | | | [removed: | | | | | | 4,614,040 | | | (1)] [added: 4,540,325] | | | [removed: 2,562,178] | | |

| Rental rate increases | | | | | | [removed: | | | | | | 37.9% | | | (1)] [added: 31.0%] | | | [removed: 37.6%] | | |

| Rental rate increases (cash basis) | | | | | | [removed: | | | | | | 22.6% | | | (1)] [added: 22.1%] | | | [removed: 18.3%] | | |

[removed: (1)Represents] [added: - Rental rate increase (cash basis) of 22.1% on lease renewals and re-leasing of space represents] the [added: second] highest [removed: leasing volume and] rental rate growth [added: (cash basis)] in Company history.

[removed: Continued] [added: *Continued] strong net operating income and internal [added: growth, including highest annual same property] growth [added: in Company history*]

- Total revenues of [removed: $2.1] [added: $2.6] billion, up [removed: 12.1%,] [added: 22.5%,] for the year ended December 31, [removed: 2021,] [added: 2022,] compared to [removed: $1.9] [added: $2.1] billion for the year ended December 31, [removed: 2020.][added: 2021.]

- Net operating income (cash basis) of [removed: $1.3] [added: $1.6] billion for the year ended December 31, [removed: 2021,] [added: 2022,] increased by [removed: $119.2] [added: $292.8] million, or [removed: 9.9%,] [added: 22.2%,] compared to the year ended December 31, [removed: 2020.][added: 2021.]

- [removed: 95%] [added: 96%] of our leases contain contractual annual rent escalations approximating 3%.

- Same property net operating income growth of [removed: 4.2%] [added: 6.6%] and [removed: 7.1%] [added: 9.6%] (cash basis) for the year ended December 31, [removed: 2021,] [added: 2022,] compared to the year ended December 31, [removed: 2020.][added: 2021, with both increases representing the highest growth in Company history.]

| Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants | | | | | | | | | [removed: 51] [added: 48] | | % | | | |

| Occupancy of operating properties in North America | | | | | | | | | [removed: 94] [added: 94.8] | | % | | | |

| Operating margin | | | | | | | | | 70 | | % | [removed: (2)] [added: (1)] | | |

| Adjusted EBITDA margin | | | | | | | | | [removed: 71] [added: 69] | | % | [removed: (2)] [added: (1)] | | |

| All tenants | | | | | | | | | [removed: 7.5] [added: 7.1] | | | years | | |

| Top 20 tenants | | | | | | | | | [removed: 10.9] [added: 9.4] | | | years | | |

[removed: (2)For] [added: (1)For] the three months ended December 31, [removed: 2021.][added: 2022.]

[removed: Our highly] [added: - Highly] leased value-creation pipeline of current and [added: seven] near-term projects [removed: that are under construction or that will commence construction in the next six quarters is] expected to generate greater than [removed: $610] [added: $655] million of incremental [removed: annual rental revenues,] [added: net operating income,] primarily commencing from the first quarter of [removed: 2022] [added: 2023] through the fourth quarter of [removed: 2024.][added: 2025.]

[added: -] Common stock dividend declared for the three months ended December 31, [removed: 2021 of $1.15] [added: 2022 was $1.21] per common share, aggregating [removed: $4.48] [added: $4.72] per common share for the year ended December 31, [removed: 2021,] [added: 2022,] up 24 cents, or [removed: 6%,] [added: 5%,] over the year ended December 31, [removed: 2020.][added: 2021.]

[removed: Alexandria] [added: *Alexandria is] at the vanguard of innovation for [removed: over 850 tenants, with] a [removed: focus] [added: high-quality client base of approximately 1,000 tenants, focused] on accommodating [added: their] current [removed: tenant] needs and providing [added: them with] a path for [removed: their] future [removed: growth][added: growth*]

[removed: *•*During 2021,] [added: - During the year ended December 31, 2022,] we completed acquisitions in our key life science cluster submarkets aggregating [removed: 18.4] [added: 10.2] million SF, [removed: comprising 15.2] [added: which comprise 9.5] million RSF of value-creation opportunities and [removed: 3.2] [added: 0.7] million RSF of operating space, for an aggregate purchase price of [removed: $5.5 billion, including our previously announced acquisition of One Rogers Street in our Cambridge submarket for a purchase price of $849.4 million.][added: $2.8 billion.]

[removed: Delivery] [added: *Delivery] and commencement of value-creation [removed: projects][added: projects*]

[removed: *•*Annual] [added: - Annual] net operating income (cash basis) is expected to increase by [removed: $39] [added: $57] million upon the burn-off of initial free rent from recently delivered projects.

| Value-creation pipeline of new Class A development and redevelopment projects as a percentage of gross assets | | | | | | December 31, [removed: 2021] [added: 2022] | | | | | | | | | | | | | | | | | |

| Under construction projects [removed: 82%] [added: 68%] leased/negotiating | | | | | | | | | [removed: 9%] [added: 10%] | | | | | | | | | | | | | | |

| Income-producing/potential cash flows/covered land play(1) | | | | | | | | | [removed: 6%] [added: 7%] | | | | | | | | | | | | | | |

| Land | | | | | | | | | [removed: 2%] [added: 3%] | | | | | | | | | | | | | | |

[removed: 2021] [added: *2022] capital [removed: strategy][added: strategy*]

During [removed: 2021,] [added: 2022,] we continued to execute on many of the long-term components of our capital strategy, as described below.

- Generated significant [added: net] cash flows from operating activities

[added: -] In [removed: 2021,] [added: 2022,] we funded approximately [removed: $230] [added: $460] million of our equity capital needs with [added: net] cash flows from operating [removed: activities.][added: activities after dividends.]

Sources: Bloomberg and S&P Global Market Intelligence.

Assumes reinvestment of dividends.

(1)Alexandria’s IPO priced at $20.00 per share on May 27, 1997.

(2)Represents the FTSE Nareit Equity Office Index.

Refer to “Net debt and preferred stock to Adjusted EBITDA” in the “Non-GAAP measures and definitions” section within this Item 7 for additional details.

As of December 31, 2022.

(1)Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants.

Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Non-GAAP measures and definitions” section within this Item 7 for additional details.

(2)Represents annual rental revenue currently generated from space that is targeted for a future change in use, including 1.1% of total annual rental revenue that is generated from covered land play projects.

The weighted-average remaining term of these leases is 5.2 years.

(3)Our other tenants, which aggregate 2.0% of our annual rental revenue, comprise technology, professional services, finance, telecommunications, and construction/real estate companies and less than 1.0% of retail-related tenants by annual rental revenue.

(4)Represents annual rental revenue in effect as of December 31, 2022.

(1)Based on the closing price of common stock as of December 31, 2022 of $145.67 and the common stock dividend declared for the three months ended December 31, 2022 of $1.21 annualized.

(1)Includes initial proceeds from our joint venture partners’ contribution toward construction projects.

(2)Represents the aggregate gain and consideration in excess of book value recognized on dispositions and partial interest sales, respectively.

(3)Represents the weighted-average capitalization rates for stabilized operating assets.

Refer to “Net operating income” in the “Non-GAAP measures and definitions” section within this Item 7 for additional details and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.

(1)As of December 31, 2022.

Represents projects under construction aggregating 5.6 million RSF and seven near-term projects aggregating 2.0 million RSF expected to commence construction during the next four quarters.

(1)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time.

Top 10% ranking represents credit rating levels from Moody’s Investors Service and S&P Global Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services as of December 31, 2022.

As of December 31, 2022.

(1)Quarter annualized.

Refer to “Net debt and preferred stock to Adjusted EBITDA” in the “Non-GAAP measures and definitions” section within this Item 7 for additional details.

| | | | | | | 2022 | | | | | | 2021 | | | | | | | | | | | | | | |

*An operationally excellent, industry-leading REIT with a high-quality client base of approximately 1,000 tenants supporting high-quality revenues, cash flows, and strong margins*

| Sustained strength in tenant collections: | | | | | | | | | | | | | | |

| Tenant receivables as of December 31, 2022 | | | | | | | | | $ | 7.6 | | million | | |

| January 2023 tenant rent and receivables collected as of the date of this report | | | | | | | | | 99.4 | | % | | | |

*Second-highest annual leasing volume and rental rate increases (cash basis)*

*•*Annual leasing volume of 8.4 million RSF in 2022 represents the second highest in Company history, with 74% generated from our client base of approximately 1,000 tenants.

| | | | | | | 2022 | | | | | |

- Our 2022 same property growth outperformed our 10-year averages of 3.6% and 6.7% (cash basis) as a result of an increase in same property occupancy of 100 bps and early lease renewals that commenced in late 2021/early 2022.

*Continued strong, consistent, and increasing dividends with a focus on retaining significant net cash flows from operating activities after dividends for reinvestment*

- Dividend yield of 3.3% as of December 31, 2022.

- Dividend payout ratio of 58% for the three months ended December 31, 2022.

- Average annual dividend per-share growth of 6.5% over the last five years.

*Alexandria’s value-creation pipeline drives visibility for future growth aggregating over $655 million of incremental net operating income*

- 7.6 million RSF of value-creation projects, which are 72% leased.

- 77% of the leased RSF of our value-creation projects was generated from our client base of approximately 1,000 tenants.

(1)Represents total equity capitalization for publicly traded U.S. REITs, from Bloomberg Professional Services as of December 31, 2021.

Alexandria’s total equity capitalization is calculated using shares outstanding and the closing stock price as of December 31, 2021.

As of December 31, 2021.

(1)We also expect other projects to commence construction in 2022.

Historic leasing volume and rental rate growth

*•*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.

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | 2021 | | | | | | Previous Annual Record | | |

| | | | | | | | | | | | | | | | | | | | | |

A REIT industry-leading high-quality tenant roster with high-quality revenues and cash flows, strong margins, and operational excellence; growth of 100 bps in occupancy over December 31, 2020(1)

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Occupancy of operating properties in North America (excluding vacancy at recently acquired properties) | | | | | | | | | 98.7 | | % | (1) | | |

(1)Excludes 1.8 million RSF, or 4.7%, of vacancy at recently acquired properties representing lease-up opportunities that are expected to provide incremental annual rental revenues.

Excluding recently acquired vacancies, occupancy was 98.7% as of December 31, 2021, up 100 bps from 97.7% as of December 31, 2020.

Refer to the “Summary of occupancy percentages in North America” section under Item 2 in this annual report on Form 10-K for additional information regarding vacancy from recently acquired properties.

Historic high demand drives visibility for future growth aggregating $610 million of incremental annual rental revenue from 7.4 million RSF of value-creation projects that are 83% leased/negotiating

- 7.4 million RSF of our value-creation projects are either under construction or expected to commence construction in the next six quarters.

- 83% leased/negotiating.

Continued dividend strategy to share growth in cash flows with stockholders

Our FFO payout ratio of 60% for the three months ended December 31, 2021 allows us to continue to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment.

These acquisitions are primarily focused on future development or redevelopment opportunities to expand our mega campuses and accommodate the future growth of our tenants.

*•*Since the beginning of 2021, we placed into service development and redevelopment projects aggregating 2.0 million RSF that are 100% leased across multiple submarkets.

- We commenced development and redevelopment projects aggregating 3.4 million RSF during the year ended December 31, 2021.

- During the three months ended December 31, 2021, we commenced construction on four value-creation projects aggregating 1.1 million RSF , including a 403,892 RSF recently acquired redevelopment project at One Rogers Street, which expands our Alexandria Center® at Kendall Square mega campus in Cambridge.

We pre-leased the entire building by executing leases aggregating 403,892 RSF prior to the closing of the acquisition in December 2021.

- In January 2022, we completed the acquisition of 202,997 SF additional development entitlements, for an aggregate of 507,997 SF, at our 421 Park Drive future development site in our Alexandria Center® for Life Science – Fenway mega campus in our Fenway submarket.

Alexandria’s disciplined management of our value-creation pipeline

| | | | | | | | | | | | | | | | | | | | | | | | |

| Pre-leased/negotiating near-term projects 89% leased/negotiating | | | | | | | | | 2% | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

- $3.8 billion liquidity as of December 31, 2021.

- Weighted-average remaining term of debt of 12.1 years as of December 31, 2021, with no debt maturing prior to 2024.

*Continued to strengthen our credit profile*

*•*In October 2021, S&P Global Ratings upgraded our corporate issuer credit rating outlook to BBB+/Positive from BBB+/Stable.

(1)Percentages calculated based on RSF as of December 31, 2021.

(2)Decline to 91% from 94% as of December 31, 2020 is primarily related to non-triple net leases in place at operating properties with future development or redevelopment opportunities acquired during the year ended December 31, 2021.

We expect to transition these properties to our triple net lease structure in conjunction with our future development or redevelopment activities.

- In February 2021, Alexandria was ranked as the third most sustainable REIT, as featured in *Barron’s* “The 10 Most Sustainable REITs, According to Calvert.”

- In March 2021, Alexandria LaunchLabs® at the Alexandria Center® at One Kendall Square in our Cambridge submarket was awarded the Fitwel Impact Award for achieving the highest-scoring project of all time.

As of December 31, [removed: 2021,] [added: 2022,] we did not have any outstanding interest rate hedge agreements.

The following [removed: table illustrates] [added: tables illustrate] the effect of a 1% change in interest rates, assuming [removed: an] [added: a zero percent] interest rate [removed: floor of 0%,] [added: floor,] on our fixed- and variable-rate debt as of December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] (in thousands):

| Rate increase of 1% | | | $ | [removed: (527)] [added: (597)] | | | | | $ | [removed: (407)] [added: (527)] | |

| Rate decrease of 1% | | | $ | [removed: 106] [added: 597] | | | | | $ | [removed: 89] [added: 106] | |

| Rate increase of 1% | | | $ | [removed: (811,028)] [added: (668,639)] | | | | | $ | [removed: (700,861)] [added: (811,028)] | |

| Rate decrease of 1% | | | $ | [removed: 944,392] [added: 759,638] | | | | | $ | [removed: 795,966] [added: 944,392] | |

These amounts are determined by considering the effect of the hypothetical interest rates on our borrowings as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

We have exposure to equity price market risk because [removed: of our] [added: we hold] equity investments in publicly traded companies and privately held entities.

All of our investments in actively traded public companies are reflected in [removed: the] [added: our] consolidated balance sheets at fair value.

The following table illustrates the effect that a 10% change in the value of our equity investments would have on earnings as of December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] (in thousands):

| Fair value increase of 10% | | | $ | [removed: 187,656] [added: 161,507] | | | | | $ | [removed: 161,111] [added: 187,656] | |

| Fair value decrease of 10% | | | $ | [removed: (187,656)] [added: (161,507)] | | | | | $ | [removed: (161,111)] [added: (187,656)] | |

The following [removed: table illustrates] [added: tables illustrate] the effect that a 10% change in foreign currency rates relative to the U.S. dollar would have on our potential future earnings and on the fair value of our net investment in foreign subsidiaries based on our current operating assets outside the U.S. as of December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] (in thousands):

| Rate increase of 10% | | | $ | [removed: 120] [added: 147] | | | | | $ | [removed: 118] [added: 120] | |

| Rate decrease of 10% | | | $ | [removed: (120)] [added: (147)] | | | | | $ | [removed: (118)] [added: (120)] | |

| Rate increase of 10% | | | $ | [removed: 18,790] [added: 22,523] | | | | | $ | [removed: 9,740] [added: 18,790] | |

| Rate decrease of 10% | | | $ | [removed: (18,790)] [added: (22,523)] | | | | | $ | [removed: (9,740)] [added: (18,790)] | |

[removed: This] [added: The] sensitivity [removed: analysis assumes] [added: analyses assume] a parallel shift of all foreign currency exchange rates with respect to the U.S. dollar; however, foreign currency exchange rates do not typically move in such a manner, and actual results may differ materially.

Our exposure to market risk elements for the year ended December 31, [removed: 2021] [added: 2022] was consistent with the risk elements presented above, including the effects of changes in interest rates, equity prices, and foreign currency exchange rates.

| | | | 2022 | | | | | | 2021 | | |

| | | | 2022 | | | | | | 2021 | | |

| | | | 2022 | | | | | | 2021 | | |

| | | | 2021 | | | | | | 2020 | | |

| | | | 2021 | | | | | | 2020 | | |

| | | | 2021 | | | | | | 2020 | | |

The [added: trusted partner to approximately 1,000 tenants, Alexandria has a total market capitalization of $35.0 billion and an] asset base in North America [added: of 74.6 million SF as of December 31, 2022, which] includes [removed: 38.8] [added: 41.8] million RSF of operating properties and [removed: 4.8] [added: 5.6] million RSF of Class A properties undergoing construction, [removed: 8.7] [added: 9.9] million RSF of near-term and intermediate-term development and redevelopment projects, and [removed: 14.7] [added: 17.3] million SF of future development projects.

[removed: Founded] [added: As the pioneer of the life science real estate niche since its founding] in 1994, [removed: we pioneered this niche] [added: Alexandria is the preeminent] and [removed: have since established a significant market presence] [added: longest-tenured owner, operator, and developer of collaborative life science, agtech, and technology campuses] in [removed: key] [added: AAA innovation cluster] locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle.

[removed: We have] [added: Alexandria has] a longstanding and proven track record of developing Class A properties clustered [removed: within urban] [added: in] life science, agtech, and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success.

Alexandria also provides strategic capital to transformative life science, [removed: agtech,] [added: agrifoodtech, climate innovation,] and technology [removed: campuses] [added: companies] through our venture capital platform.

We believe [removed: these advantages result] [added: our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results] in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.

Our [added: portfolio includes 64] operating properties and development projects [removed: include 54 properties] that are held by consolidated real estate joint ventures and four properties that are held by unconsolidated real estate joint ventures.

The occupancy percentage of our operating properties in North America was [removed: 94.0%] [added: 94.8%] as of December 31, [removed: 2021.][added: 2022.]

Our 10-year average occupancy percentage of our operating properties as of December 31, [removed: 2021,] [added: 2022] was 96%.

Investment-grade or publicly traded large cap tenants represented [removed: 51%] [added: 48%] of our total annual rental revenue in effect as of December 31, [removed: 2021.][added: 2022.]

A key element of our strategy is our unique focus on Class A properties [removed: clustered] [added: located] in [removed: urban] [added: collaborative life science, agtech, and technology] campuses [removed: located] in AAA innovation [removed: cluster locations.][added: clusters.]

These key [removed: urban] campus locations are [added: generally] characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space.

They [added: generally] represent highly desirable locations for tenancy by life science, agtech, and technology entities because of their close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses.

These critical activities add significant value to our future ground-up [removed: development] [added: developments] and are required for the vertical construction of buildings.

We also hold [added: strategic] investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries.

- Maintaining access to diverse sources of capital, which include [added: net] cash flows from operating activities after dividends, incremental leverage-neutral debt supported by growth in EBITDA, strategic value harvesting and asset recycling through real estate dispositions and sales of partial interests, non-real estate investment sales, sales of equity, and other capital;

- Allocating capital to Class A properties located in collaborative life science, agtech, and technology campuses in AAA [removed: urban] innovation clusters;

- Selectively acquiring high-quality office/laboratory, agtech, and [removed: tech office] [added: technology] space in our target urban innovation cluster submarkets at prices that enable us to realize attractive returns;

In general, other office/laboratory and [removed: tech office] [added: technology] properties are located in close proximity to our properties.

As the first, longest-tenured, and pioneering publicly traded [removed: urban office] [added: life science] REIT to focus primarily on the office/laboratory real estate niche, we provide world-class collaborative life science, agtech, and technology campuses in AAA innovation cluster locations and maintain and cultivate many of the most important and strategic relationships in the life science, agtech, and technology industries.

The presence of contamination or the failure to remediate contamination at our properties may expose us to third-party liability or may materially adversely affect our ability to sell, lease, or develop the real estate or to borrow [added: capital] using the real estate as collateral.

To date, these assessments have not revealed any material environmental liability that we believe would have a material adverse effect on our business, assets, or results of operations, and ongoing expenditures to comply [added: with existing environmental regulations are not expected to be material.]

Additionally, any amendments to, and waivers of, our Business Integrity Policy that apply to our [removed: Co-Chief] [added: Chief] Executive [removed: Officers] [added: Officer] or our Chief Financial Officer will be available free of charge on our corporate website in accordance with applicable SEC and NYSE requirements.

As of December 31, [removed: 2021,] [added: 2022,] we had [removed: 559] [added: 593] employees.

[removed: In order to] [added: To] promote an exceptional corporate culture, Alexandria continuously monitors employee satisfaction, seeks employee feedback, and proactively [removed: seeks opportunities to enhance] [added: enhances] our employee offerings.

We participate in annual performance reviews with our employees and conduct formal employee surveys, and our talent management team holds [removed: annual] [added: regular] meetings with employees to continuously gather feedback and improve the employee experience.

The positive employee experience is evidenced by our low voluntary and total turnover rates averaging [removed: 3.5%] [added: 3.6%] and [removed: 7.4%,] [added: 7.7%,] respectively, over the last five years, from [removed: 2017] [added: 2018] to [removed: 2021,] [added: 2022,] which are substantially lower than the reported [removed: median] [added: average] voluntary and total turnover rates of [removed: 7.0%] [added: 16.0%] and [removed: 13.0%,] [added: 19.0%,] respectively, in the [added: 2022] Nareit [removed: 2021] Compensation & Benefits Survey (data for [removed: 2020).][added: 2021).]

Alexandria’s executive and senior management teams, represented by our senior vice presidents and above, consist of [removed: 53] [added: 60] individuals, averaging [removed: 25] [added: 24] years of real estate experience, including 12 years with Alexandria.

Building a diverse [added: board of directors] and inclusive workforce

We [removed: work diligently every day] [added: strive] to create an open and respectful environment [removed: where] [added: in which] our employees can actively contribute, have access to opportunities and resources, and realize their [added: full] potential.

Our Corporate Governance Guidelines highlight our Board of Directors’ focus on [removed: diversity,] [added: diversity at the board level,] which explicitly states [removed: our] [added: the] Board’s commitment to considering qualified women and minority director candidates, as well its policy of requesting an initial list of diverse candidates of any search firm it retains.

As an equal opportunity employer, we have [added: an Equal Employment Opportunity Policy and] a [removed: diversity, equal employment opportunity,] [added: Diversity, Equal Employment Opportunity,] and [removed: fair labor policy] [added: Fair Labor Policy] that emphasizes inclusion through hiring and compensation practices and considers a pool of diverse candidates for open positions and internal advancement opportunities.

To address issues related to pay discrimination, [removed: we do not ask potential candidates about their current or previous compensation during] the [removed: hiring process,] [added: Company has implemented a ban on any] and [added: all inquiries into an applicant’s salary history and] we incorporate fair pay reviews into every employment compensation decision.

To reinforce our corporate culture of respect, diversity, and inclusion, we provide anti-harassment training [removed: annually.][added: annually for all employees.]

Providing exceptional benefits to support our employees’ [removed: well-being, medical,] [added: medical] and financial [removed: health][added: health and well-being]

Our [removed: Company-sponsored] [added: company-sponsored] suite of benefits covers 100% of the premiums for our employees and their dependents and includes, but is not limited to, a high-coverage, low-deductible PPO [added: (preferred provider organization)] medical plan, [added: a 24/7 telehealth and concierge] medical care [removed: and] services program, PPO dental and orthodontia coverage, a generous vision plan, comprehensive prescription drug plan, infertility and family planning benefits, short- and long-term disability benefits, and life and accidental death and dismemberment coverage.

These benefits support the health of our employees and their families, their overall well-being, [added: and] their [added: future] plans [removed: for the future,] and [added: also] reward and recognize their operational excellence.

- 100% [removed: Company-paid unlimited] [added: company-paid] therapy and [removed: life-coaching] [added: life coaching] for our employees and their eligible dependents to [added: help them] prioritize their mental health and make [removed: it] [added: these resources] accessible and available

- 24/7 telehealth [removed: and medical care] [added: and medical care,] including COVID-19 testing

- Additional [removed: Company-paid] [added: company-paid] holidays and paid time off to encourage employees to [removed: properly] rest and recharge

- [removed: Internal] [added: Expert-led internal] webinar series [removed: featuring leading experts on COVID-19] [added: addressing relevant and engaging subjects] to educate and inform our [removed: employees] [added: employees, including] with the most up-to-date and reliable information [added: on COVID-19] by leveraging our world-class life sciences network

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world.

We place a significant focus on building loyalty and trusted relationships with our employees.

We recognize that the fundamental strength of Alexandria results from the contributions of each and every team member within the organization and that our future growth is dependent upon the same.

Alexandria devotes extraordinary efforts to hiring, developing, and retaining our talented employees, and we understand firsthand the health, happiness, and well-being of our best-in-class team are key factors to the success of our employees and of the Company.

Furthermore, as a federal government contractor, Alexandria maintains affirmative action plans, which sets forth the policies, practices, and procedures to which the Company is committed in order to ensure that its policies of nondiscrimination and affirmative action are followed for qualified females, minorities, individuals with disabilities, and protected veterans.

To continuously monitor and improve employee performance and engagement, we use employee engagement surveys, the most recent of which was conducted in 2022 and had an employee response rate of 91.4%.

We are an S&P 500® urban office REIT and the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, with a total market capitalization of $44.0 billion as of December 31, 2021, and an asset base in North America of 67.0 million SF.

with existing environmental regulations are not expected to be material.

We believe that we maintain good relations with our employees.

- Bimonthly expert-led wellness webinars addressing relevant and engaging topics such as “Caring for Your Mental Health” and “Staying Healthy while Working from Home”

For the fiscal year ended December 31, [removed: 2021][added: 2022]

The aggregate market value of the shares of Common Stock held by non-affiliates of registrant was approximately [removed: $27.5] [added: $23.5] billion based on the closing price for such shares on the New York Stock Exchange on June 30, [removed: 2021.][added: 2022.]

As of January [removed: 14, 2022, 159,943,331] [added: 13, 2023, 173,087,087] shares of common stock were outstanding.

Part III of this annual report on Form 10-K incorporates certain information by reference from the registrant’s definitive proxy statement to be filed within 120 days of the end of the fiscal year covered by this annual report on Form 10-K in connection with the registrant’s annual meeting of stockholders to be held on or about May [removed: 17, 2022.][added: 16, 2023.]

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Certain information and statements included in this annual report on Form 10-K, including, without limitation, statements containing the words “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” [added: “targets,”] or “will,” or the negative of [removed: these] [added: those] words or similar words, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

| ITEM 6. | | | [\[RESERVED\]](#i87a291e67d5f4e61841d9becadb050e6_112) | | | [87](#i87a291e67d5f4e61841d9becadb050e6_112) | | |

| | | | | | |

| ITEM 6. | | | [\[RESERVED\]](#i589ff29cdc0c4594a8abaf75570a2217_5345) | | | [85](#i589ff29cdc0c4594a8abaf75570a2217_5345) | | |

| BBA | | | British Bankers’ Association | | |

| IFRS | | | International Financial Reporting Standards | | |

As of December 31, [removed: 2021,] [added: 2022,] we had [removed: 414] [added: 432] properties in North America containing approximately [removed: 43.7] [added: 47.4] million RSF of operating properties and development and redevelopment of new Class A properties [removed: (under construction),] [added: under construction,] including [removed: 54] [added: 64] properties that are held by consolidated real estate joint ventures and four properties that are held by unconsolidated real estate joint ventures.

The occupancy percentage of our operating properties in North America was [removed: 94.0%] [added: 94.8%] as of December 31, [removed: 2021.][added: 2022.]

As of December 31, [removed: 2021,] [added: 2022,] we held a fee simple interest in each of our properties, with the exception of [removed: 39] [added: 40] properties in North America [removed: that] [added: subject to ground leasehold interests, which] accounted for approximately 9% of our total number of properties.

Of these [removed: 39] [added: 40] properties, we held [removed: 16] [added: 14] properties in the Greater Boston market, [removed: 17] [added: 20] 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 [removed: market pursuant to ground leasehold interests.][added: market.]

During the year ended December 31, [removed: 2021,] [added: 2022,] our ground lease rental expense aggregated [removed: 1.6%] [added: 1.7%] as a percentage of net operating income.

As of December 31, [removed: 2021,] [added: 2022,] we had [removed: 1,201] [added: over 1,000] leases with a total of [removed: 893] [added: approximately 1,000] tenants, and [removed: 188,] [added: 199,] or [removed: 45%,] [added: 46%,] of our [removed: 414] [added: 432] properties were single-tenant properties.

Leases in our multi-tenant buildings typically have initial terms of [removed: four–11] [added: 4–11] years, while leases in our single-tenant buildings typically have initial terms of 11–21 years.

- Investment-grade or publicly traded large cap tenants represented [removed: 51%] [added: 48%] of our total annual rental revenue;

- Approximately [removed: 95%] [added: 96%] of our leases (on an [removed: RSF] [added: annual rental revenue] basis) contained effective annual rent escalations approximating [removed: 3.0%] [added: 3%] that were either fixed or indexed based on a consumer price index or other index;

- Approximately [removed: 91%] [added: 93%] of our leases (on an [removed: RSF] [added: annual rental revenue] basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent; and

- Approximately [removed: 94%] [added: 93%] of our leases (on an [removed: RSF] [added: annual rental revenue] 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.

The following table sets forth the total RSF, number of properties, and annual rental revenue in effect as of December 31, [removed: 2021,] [added: 2022] in each of our markets in North America (dollars in thousands, except per RSF amounts):

| New York City | | | | | | [removed: 1,174,016] [added: 1,270,019] | | | | | | — | | | | | | [removed: 96,003] [added: —] | | | | | | 1,270,019 | | | | | | 3 | | | | | | 5 | | | | | | [removed: 85,099] [added: 97,413] | | | | | | 5 | | | | | | [removed: 73.67] [added: 83.14] | | |

| Non-cluster/other markets | | | | | | [removed: 1,277,347 | | | | | |] — | | | | | | — | | | | | | [removed: 1,277,347 | | | | | | 4 | | | | | | 17] [added: —] | | | | | | [removed: 29,777] [added: 15,114] | | | | | | [removed: 1] [added: 15,114] | | | | | | [removed: 31.05] [added: 41.42] | | |

| Market | | | | | | [removed: 12/31/21] [added: 12/31/22] | | | | | | [removed: 12/31/20] [added: 12/31/21] | | | | | | [removed: 12/31/19] [added: 12/31/20] | | | | | | [removed: 12/31/21] [added: 12/31/22] | | | | | | [removed: 12/31/20] [added: 12/31/21] | | | | | | [removed: 12/31/19] [added: 12/31/20] | | |

| Greater Boston | | | | | | [removed: 95.2] [added: 94.5] | | % | [removed: (1)] | | | [removed: 98.1] [added: 95.2] | | % | | | | [removed: 99.1] [added: 98.1] | | % | | | | [removed: 83.2] [added: 85.5] | | % | | | | [removed: 94.8] [added: 83.2] | | % | | | | [removed: 97.1] [added: 94.8] | | % |

| San Francisco Bay Area | | | | | | [removed: 93.0] [added: 96.7] | | | [removed: (1)] | | | [removed: 95.8] [added: 93.0] | | | | | | [removed: 98.3] [added: 95.8] | | | | | | [removed: 92.6] [added: 93.3] | | | | | | [removed: 94.7] [added: 92.6] | | | | | | [removed: 93.6] [added: 94.7] | | |

| New York City | | | | | | [removed: 98.4] [added: 92.3] | | | | | | [removed: 97.3] [added: 98.4] | | | | | | [removed: 99.2] [added: 97.3] | | | | | | [removed: 91.0] [added: 92.3] | | | | | | [removed: 87.8] [added: 91.0] | | | | | | [removed: 88.1] [added: 87.8] | | |

| San Diego | | | | | | [removed: 93.1] [added: 95.4] | | | [removed: (1)] | | | [removed: 93.5] [added: 93.1] | | | | | | [removed: 92.3] [added: 93.5] | | | | | | [removed: 91.7] [added: 95.4] | | | | | | [removed: 92.4] [added: 91.7] | | | | | | [removed: 92.3] [added: 92.4] | | |

| Seattle | | | | | | [removed: 95.6] [added: 97.0] | | | | | | [removed: 96.0] [added: 95.6] | | | | | | [removed: 98.7] [added: 96.0] | | | | | | [removed: 88.5] [added: 90.1] | | | | | | [removed: 85.5] [added: 88.5] | | | | | | [removed: 98.7] [added: 85.5] | | |

| Maryland | | | | | | [removed: 99.8] [added: 95.8] | | | | | | [removed: 96.1] [added: 99.8] | | | | | | [removed: 96.7] [added: 96.1] | | | | | | [removed: 96.0] [added: 93.3] | | | | | | [removed: 90.6] [added: 96.0] | | | | | | [removed: 95.2] [added: 90.6] | | |

| Research Triangle | | | | | | [removed: 94.6] [added: 94.0] | | | [removed: (1)] | | | [removed: 89.6] [added: 94.6] | | | | | | [removed: 96.5] [added: 89.6] | | | | | | [removed: 86.1] [added: 85.0] | | | | | | [removed: 72.7] [added: 86.1] | | | | | | [removed: 96.5] [added: 72.7] | | |

| Subtotal | | | | | | [removed: 94.9] [added: 95.1] | | | | | | [removed: 95.5] [added: 94.9] | | | | | | [removed: 97.0] [added: 95.5] | | | | | | [removed: 89.1] [added: 89.9] | | | | | | [removed: 90.7] [added: 89.1] | | | | | | [removed: 94.6] [added: 90.7] | | |

| Canada | | | | | | [removed: 78.6] [added: 80.8] | | | | | | [removed: 81.8] [added: 78.6] | | | | | | [removed: 93.7] [added: 81.8] | | | | | | [removed: 78.6] [added: 68.2] | | | | | | [removed: 81.8] [added: 78.6] | | | | | | [removed: 93.7] [added: 81.8] | | |

| Non-cluster/other markets | | | | | | [removed: 75.1] [added: 75.0] | | | | | | [removed: 52.7] [added: 75.1] | | | | | | [removed: 80.1] [added: 52.7] | | | | | | [removed: 75.1] [added: 75.0] | | | | | | [removed: 52.7] [added: 75.1] | | | | | | [removed: 80.1] [added: 52.7] | | |

| North America | | | | | | [removed: 94.0] [added: 94.8] | | % | [removed: (1)] | | | [removed: 94.6] [added: 94.0] | | % | | | | [removed: 96.8] [added: 94.6] | | % | | | | [removed: 88.5] [added: 89.4] | | % | | | | [removed: 90.0] [added: 88.5] | | % | | | | [removed: 94.4] [added: 90.0] | | % |

| Alexandria Center® for Life Science – Durham | | | | | | Research [removed: Triangle/Research] [added: Triangle/ Research] Triangle | | | | | | [removed: 150,337] [added: 1/11/22] | | | | | | [removed: 4.5] [added: —] | | [removed: %] | | | | [removed: 0.4] [added: N/A] | | | | | | [removed: 99] | | | [added: 1,175,000] | | | | | | | | | | | | [added: —] | | | [added: | | | — | | | | | | | | | | | | 1,175,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | 99,428 | | | | | |]

[removed: 88%] [added: 90%] of Top 20 [added: Tenants] Annual Rental Revenue [added: Is] From Investment-Grade

Our properties are leased to a high-quality and diverse group of tenants, with no individual tenant accounting for more than [removed: 3.0%] [added: 3.5%] of our annual rental revenue in effect as of December 31, [removed: 2021.][added: 2022.]

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, [removed: 2021] [added: 2022] (dollars in thousands, except average market [removed: cap):][added: cap amounts):]

| [removed: 6] [added: 5] | | | | | | Illumina, Inc. | | | | | | | | | [removed: 8.6] [added: 7.6] | | | | | | | | | | | | 891,495 | | | | | | | | | | | | [removed: 36,141] [added: 36,204] | | | | | | | | | [removed: 2.1] [added: 1.8] | | | | | | | | | Baa3 | | | | | | BBB | | | | | | $ | [removed: 63.4] [added: 40.2] | | | | |

| [removed: 13] [added: 14] | | | | | | Massachusetts Institute of Technology | | | | | | | | | [removed: 7.0] [added: 6.1] | | | | | | | | | | | | 257,626 | | | | | | | | | | | | [removed: 21,165] [added: 21,438] | | | | | | | | | [removed: 1.2] [added: 1.1] | | | | | | | | | Aaa | | | | | | AAA | | | | | | $ | — | | | | |

| [removed: 15] [added: 16] | | | | | | [removed: The Children's] [added: Boston Children’s] Hospital [removed: Corporation] | | | | | | | | | [removed: 14.8] [added: 13.8] | | | | | | | | | | | | 269,816 | | | | | | | | | | | | 20,066 | | | | | | | | | [removed: 1.1] [added: 1.0] | | | | | | | | | Aa2 | | | | | | AA | | | | | | $ | — | | | | |

| [removed: 16] [added: 18] | | | | | | New York University | | | | | | | | | [removed: 9.9] [added: 8.9] | | | | | | | | | | | | 203,500 | | | | | | | | | | | | 19,241 | | | | | | | | | [removed: 1.1] [added: 1.0] | | | | | | | | | [removed: Aa2] [added: Aa1] | | | | | | [removed: AA-] [added: AA+] | | | | | | $ | — | | | | |

(1)Based on [removed: aggregate] [added: total] annual rental revenue in effect as of December 31, [removed: 2021.][added: 2022.]

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 [removed: additional information about] our [removed: methodology on] [added: methodologies of calculating] annual rental revenue from unconsolidated real estate joint ventures and average market [removed: capitalization.][added: capitalization, respectively.]

[removed: (3)Includes] [added: (4)Includes] (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) 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 [removed: of] [added: from] our consolidated properties and our share of annual rental revenue [removed: for] [added: from] our unconsolidated real estate joint ventures.

Excluding the ground leases, the weighted-average remaining lease term for our top 20 tenants was [removed: 8.4] [added: 7.1] years as of December 31, [removed: 2021.][added: 2022.]

[removed: (4)Represents remaining lease term] [added: (3)Includes leases] at [removed: two] recently acquired properties with future [removed: redevelopment and] development [added: and redevelopment] opportunities.

As of December 31, 2022:

| Greater Boston | | | | | | 11,450,547 | | | | | | 1,546,965 | | | | | | 1,200,173 | | | | | | 14,197,685 | | | | | | 30 | | % | | | | 84 | | | | | | $ | 731,010 | | | | | 36 | | % | | | | $ | 67.58 | |

| San Francisco Bay Area | | | | | | 8,100,245 | | | | | | 443,388 | | | | | | 300,010 | | | | | | 8,843,643 | | | | | | 19 | | | | | | 67 | | | | | | 452,191 | | | | | | 23 | | | | | | 61.88 | | |

| San Diego | | | | | | 8,099,957 | | | | | | 254,771 | | | | | | — | | | | | | 8,354,728 | | | | | | 18 | | | | | | 94 | | | | | | 330,713 | | | | | | 16 | | | | | | 42.79 | | |

| Seattle | | | | | | 2,814,446 | | | | | | 311,631 | | | | | | 213,976 | | | | | | 3,340,053 | | | | | | 7 | | | | | | 46 | | | | | | 109,029 | | | | | | 5 | | | | | | 39.95 | | |

| Maryland | | | | | | 3,459,475 | | | | | | 282,000 | | | | | | 91,134 | | | | | | 3,832,609 | | | | | | 8 | | | | | | 50 | | | | | | 115,347 | | | | | | 6 | | | | | | 35.12 | | |

| Research Triangle | | | | | | 3,596,979 | | | | | | 268,038 | | | | | | 376,871 | | | | | | 4,241,888 | | | | | | 9 | | | | | | 42 | | | | | | 99,055 | | | | | | 5 | | | | | | 29.31 | | |

| Texas | | | | | | 1,724,585 | | | | | | — | | | | | | 201,499 | | | | | | 1,926,084 | | | | | | 4 | | | | | | 15 | | | | | | 45,785 | | | | | | 2 | | | | | | 29.11 | | |

| Canada | | | | | | 577,225 | | | | | | — | | | | | | 107,081 | | | | | | 684,306 | | | | | | 1 | | | | | | 8 | | | | | | 9,868 | | | | | | 1 | | | | | | 21.15 | | |

| Properties held for sale | | | | | | 297,284 | | | | | | — | | | | | | — | | | | | | 297,284 | | | | | | — | | | | | | 10 | | | (1) | | | 2,476 | | | | | | — | | | | | | N/A | | |

| North America | | | | | | 41,773,722 | | | | | | 3,106,793 | | | | | | 2,490,744 | | | | | | 47,371,259 | | | | | | 100 | | % | | | | 432 | | | | | | $ | 2,007,441 | | | | | 100 | | % | | | | $ | 51.75 | |

| | | | | | | | | | | | | 5,597,537 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

(1)Represents properties held for sale in three submarkets, including eight contiguous properties aggregating 128,870 RSF in a non-core submarket.

| Texas | | | | | | 91.2 | | | | | | N/A | | | | | | N/A | | | | | | 81.6 | | | | | | N/A | | | | | | N/A | | |

| 1 | | | | | | Bristol-Myers Squibb Company | | | | | | | | | 4.3 | | | | | | | | | | | | 962,439 | | | | | | | | | | | | $ | 69,870 | | | | | | | | 3.5 | | % | | | | | | | A2 | | | | | | A+ | | | | | | $ | 156.1 | | | | |

| 2 | | | | | | Moderna, Inc. | | | | | | | | | 13.8 | | | | | | | | | | | | 908,340 | | | | | | | | | | | | 51,926 | | | | | | | | | 2.6 | | | | | | | | | — | | | | | | — | | | | | | $ | 62.1 | | | | |

| 3 | | | | | | Eli Lilly and Company | | | | | | | | | 6.2 | | | | | | | | | | | | 743,267 | | | | | | | | | | | | 49,890 | | | | | | | | | 2.5 | | | | | | | | | A2 | | | | | | A+ | | | | | | $ | 292.5 | | | | |

| 4 | | | | | | Takeda Pharmaceutical Company Limited | | | | | | | | | 7.0 | | | | | | | | | | | | 549,760 | | | | | | | | | | | | 37,399 | | | | | | | | | 1.9 | | | | | | | | | Baa2 | | | | | | BBB+ | | | | | | $ | 45.0 | | | | |

| 6 | | | | | | Sanofi | | | | | | | | | 7.6 | | | | | | | | | | | | 434,648 | | | | | | | | | | | | 34,104 | | | | | | | | | 1.7 | | | | | | | | | A1 | | | | | | AA | | | | | | $ | 122.2 | | | | |

| 7 | | | | | | 2seventy bio, Inc.(2) | | | | | | | | | 10.7 | | | | | | | | | | | | 312,805 | | | | | | | | | | | | 33,617 | | | | | | | | | 1.7 | | | | | | | | | — | | | | | | — | | | | | | $ | 0.5 | | | | |

| 8 | | | | | | Novartis AG | | | | | | | | | 5.6 | | | | | | | | | | | | 447,831 | | | | | | | | | | | | 30,749 | | | | | | | | | 1.5 | | | | | | | | | A1 | | | | | | AA- | | | | | | $ | 206.3 | | | | |

| 9 | | | | | | TIBCO Software, Inc. | | | | | | | | | 4.2 | | | (3) | | | | | | | | | 292,013 | | | | | | | | | | | | 28,537 | | | | | | | | | 1.4 | | | | | | | | | — | | | | | | — | | | | | | $ | — | | | | |

| 10 | | | | | | Uber Technologies, Inc. | | | | | | | | | 59.7 | | | (4) | | | | | | | | | 1,009,188 | | | | | | | | | | | | 27,704 | | | | | | | | | 1.4 | | | | | | | | | — | | | | | | — | | | | | | $ | 57.7 | | | | |

| 11 | | | | | | Roche | | | | | | | | | 6.5 | | | | | | | | | | | | 417,011 | | | | | | | | | | | | 27,188 | | | | | | | | | 1.4 | | | | | | | | | Aa2 | | | | | | AA | | | | | | $ | 290.6 | | | | |

| 12 | | | | | | Amgen Inc. | | | | | | | | | 3.5 | | | | | | | | | | | | 503,832 | | | | | | | | | | | | 24,680 | | | | | | | | | 1.2 | | | | | | | | | Baa1 | | | | | | BBB+ | | | | | | $ | 133.2 | | | | |

| 13 | | | | | | Pfizer Inc. | | | | | | | | | 1.7 | | | | | | | | | | | | 416,996 | | | | | | | | | | | | 22,376 | | | | | | | | | 1.1 | | | | | | | | | A1 | | | | | | A+ | | | | | | $ | 280.1 | | | | |

| 15 | | | | | | Harvard University | | | | | | | | | 2.0 | | | (3) | | | | | | | | | 286,580 | | | | | | | | | | | | 20,086 | | | | | | | | | 1.0 | | | | | | | | | Aaa | | | | | | AAA | | | | | | $ | — | | | | |

| 17 | | | | | | United States Government | | | | | | | | | 7.3 | | | | | | | | | | | | 315,908 | | | | | | | | | | | | 19,660 | | | | | | | | | 1.0 | | | | | | | | | Aaa | | | | | | AA+ | | | | | | $ | — | | | | |

| 19 | | | | | | Merck & Co., Inc. | | | | | | | | | 11.3 | | | | | | | | | | | | 300,930 | | | | | | | | | | | | 18,913 | | | | | | | | | 0.9 | | | | | | | | | A1 | | | | | | A+ | | | | | | $ | 227.3 | | | | |

| 20 | | | | | | AstraZeneca PLC | | | | | | | | | 3.8 | | | | | | | | | | | | 348,363 | | | | | | | | | | | | 18,641 | | | | | | | | | 0.9 | | | | | | | | | A3 | | | | | | A | | | | | | $ | 195.1 | | | | |

| | | | | | | Total/weighted average | | | | | | | | | 9.4 | | | (4) | | | | | | | | | 9,872,348 | | | | | | | | | | | | $ | 612,289 | | | | | | | | 30.6 | | % | | | | | | | | | | | | | | | | | | | | | | | | |

Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants.

(2)Represents two leases in our Greater Boston and Seattle markets with in-place cash rents that are 20%–25% below current market.

As of September 30, 2022, 2seventy bio, Inc. held $127.0 million of cash and cash equivalents.

| 48% | | | | | | 7.1 Years | | |

| REIT Industry-Leading Tenant Client Base | | | | | | | | |

| 90% | | | | | | | | |

| High-Quality and Diverse Client Base in AAA Locations | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| Industry Mix of Approximately 1,000 Tenants | | | | | | | | | | | | AAA Locations | | |

As of December 31, 2021:

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 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 | | |

| 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 | | |

| 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

(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 | | % | | | | | | | | | | | | | | | |

| 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 | | % | | | | | | | | | | | | | | | |

| 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 | | | | |

| 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 | | | | |

Our common stock is traded on the NYSE under the symbol “ARE.” On January [removed: 14, 2022,] [added: 13, 2023,] the last reported sales price per share of our common stock was [removed: $210.28,] [added: $155.57,] and there were [removed: 632] [added: 683] holders of record of our common stock (excluding beneficial owners whose shares are held in the name of Cede & Co.).

From the date of issuance of our preferred stock through December 31, [removed: 2021,] [added: 2022,] we have paid full cumulative dividends on our preferred stock.

As of December 31, [removed: 2021,] [added: 2022,] we had no outstanding shares of preferred stock.

As of December 31, [removed: 2021,] [added: 2022,] we had performed an evaluation, under the supervision of our [removed: Co-Chief Executive Officers (“Co-CEOs”)] [added: principal executive officers] and [removed: our Chief Financial Officer (“CFO”),] [added: principal financial officer] of the effectiveness of the design and operation of our disclosure controls and procedures.

Based on our evaluation, the [removed: Co-CEOs] [added: principal executive officers] and [removed: the CFO] [added: principal financial officer] concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2021.][added: 2022.]

There has not been any change in our internal control over financial reporting during the three months ended December 31, [removed: 2021,] [added: 2022,] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended, and is a process designed by, or under the supervision of, the [removed: Co-CEOs] [added: CEOs] and the CFO and effected by the Company’s Board of Directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with GAAP.

Management has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

In making its assessment, management has utilized the criteria set forth [added: in the 2013 framework issued] by the Committee of Sponsoring Organizations [removed: (“COSO 2013”)] of the Treadway Commission in *Internal Control – Integrated Framework* [removed: (2013 framework).][added: (COSO 2013).]

Management concluded that based on its assessment, the Company’s internal control over financial reporting was effective as of December 31, [removed: 2021.][added: 2022.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] has been audited by Ernst & Young LLP, an independent registered accounting firm, as stated in its report, which is included herein.

We have audited Alexandria Real Estate Equities, Inc.’s internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Alexandria Real Estate Equities, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and noncontrolling [removed: interests] [added: interests,] and cash flows for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] and the related notes and financial statement schedule, and our report dated January [removed: 31, 2022,] [added: 30, 2023,] expressed an unqualified opinion thereon.

January 30, 2023

January 31, 2022

The information required by this Item is incorporated herein by reference from our definitive proxy statement for our [removed: 2022] [added: 2023] annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days after the end of our fiscal year (the [removed: “2022] [added: “2023] Proxy Statement”) under the captions [removed: “Board of Directors] [added: “Directors] and Executive Officers” and “Corporate Governance Guidelines and Code of Ethics.”

The information required by this Item is incorporated herein by reference from our [removed: 2022] [added: 2023] Proxy Statement under the caption “Executive Compensation.”

The following table sets forth information on the Company’s equity compensation plan as of December 31, [removed: 2021:][added: 2022:]

| Equity Compensation Plan Approved by Stockholders — Amended and Restated 1997 Stock Award and Incentive Plan | | | | | | — | | | | | | — | | | | | | [removed: 2,556,301] [added: 3,838,370] | | |

The other information required by this Item is incorporated herein by reference from our [removed: 2022] [added: 2023] Proxy Statement under the caption “Security Ownership of Certain Beneficial Owners and Management.”

The information required by this Item is incorporated herein by reference from our [removed: 2022] [added: 2023] Proxy Statement under the captions “Certain Relationships and Related Transactions,” “Policies and Procedures with Respect to Related-Person Transactions,” and “Director Independence.”

The information required by this Item is incorporated herein by reference from our [removed: 2022] [added: 2023] Proxy Statement under the caption “Fees Billed by Independent Registered Public Accountants.”

| [Report of Independent Registered Public Accounting [removed: Firm](#i589ff29cdc0c4594a8abaf75570a2217_346)] [added: Firm](#i87a291e67d5f4e61841d9becadb050e6_352)] (PCAOB ID: 00042) | | | [removed: [1](#i589ff29cdc0c4594a8abaf75570a2217_346)] [added: F-[1](#i87a291e67d5f4e61841d9becadb050e6_352)] | | |

| [Consolidated Balance Sheets as of December [removed: 31,](#i589ff29cdc0c4594a8abaf75570a2217_349) 2021] [added: 31,](#i87a291e67d5f4e61841d9becadb050e6_355) 2022] and [removed: 2020] [added: 2021] | | | [removed: [3](#i589ff29cdc0c4594a8abaf75570a2217_349)] [added: F-[3](#i87a291e67d5f4e61841d9becadb050e6_355)] | | |

| Consolidated Financial Statements for the Years Ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019:] [added: 2020:] | | | | | |

| [Consolidated Statements of [removed: Operations](#i589ff29cdc0c4594a8abaf75570a2217_352)] [added: Operations](#i87a291e67d5f4e61841d9becadb050e6_358)] | | | [removed: [4](#i589ff29cdc0c4594a8abaf75570a2217_352)] [added: F-[4](#i87a291e67d5f4e61841d9becadb050e6_358)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i589ff29cdc0c4594a8abaf75570a2217_355)] [added: Income](#i87a291e67d5f4e61841d9becadb050e6_361)] | | | [removed: [5](#i589ff29cdc0c4594a8abaf75570a2217_355)] [added: F-[5](#i87a291e67d5f4e61841d9becadb050e6_361)] | | |

| [Consolidated Statements of Changes in Stockholders’ Equity and Noncontrolling [removed: Interests](#i589ff29cdc0c4594a8abaf75570a2217_358)] [added: Interests](#i87a291e67d5f4e61841d9becadb050e6_364)] | | | [removed: [6](#i589ff29cdc0c4594a8abaf75570a2217_358)] [added: F-[6](#i87a291e67d5f4e61841d9becadb050e6_364)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i589ff29cdc0c4594a8abaf75570a2217_361)] [added: Flows](#i87a291e67d5f4e61841d9becadb050e6_367)] | | | [removed: [8](#i589ff29cdc0c4594a8abaf75570a2217_361)] [added: F-[8](#i87a291e67d5f4e61841d9becadb050e6_367)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i589ff29cdc0c4594a8abaf75570a2217_364)] [added: Statements](#i87a291e67d5f4e61841d9becadb050e6_370)] | | | [removed: [10](#i589ff29cdc0c4594a8abaf75570a2217_364)] [added: F-[10](#i87a291e67d5f4e61841d9becadb050e6_370)] | | |

| [Schedule III – Consolidated Financial Statement Schedule of Real Estate and Accumulated [removed: Depreciation](#i589ff29cdc0c4594a8abaf75570a2217_577)] [added: Depreciation](#i87a291e67d5f4e61841d9becadb050e6_580)] | | | [removed: [52](#i589ff29cdc0c4594a8abaf75570a2217_577)] [added: F-[50](#i87a291e67d5f4e61841d9becadb050e6_580)] | | |

| [removed: 3.4*] [added: 3.5*] | | | | | | [Articles Supplementary, dated June 9, 1999, relating to the 9.50% Series A Cumulative Redeemable Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000104746999031959/0001047469-99-031959.txt) | | | | | | Form 10-Q | | | | | | August 13, 1999 | | |

| [removed: 3.5*] [added: 3.6*] | | | | | | [Articles Supplementary, dated February 10, 2000, relating to the election to be subject to Subtitle 8 of Title 3 of the Maryland General Corporation Law](http://www.sec.gov/Archives/edgar/data/1035443/000091205700005173/0000912057-00-005173.txt) | | | | | | Form 8-K | | | | | | February 10, 2000 | | |

| [removed: 3.6*] [added: 3.7*] | | | | | | [Articles Supplementary, dated February 10, 2000, relating to the Series A Junior Participating Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000091205700005173/0000912057-00-005173.txt) | | | | | | Form 8-K | | | | | | February 10, 2000 | | |

| [removed: 3.7*] [added: 3.8*] | | | | | | [Articles Supplementary, dated January 18, 2002, relating to the 9.10% Series B Cumulative Redeemable Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000091205702001962/a2068018zex-3_4.htm) | | | | | | Form 8-A | | | | | | January 18, 2002 | | |

| [removed: 3.8*] [added: 3.9*] | | | | | | [Articles Supplementary, dated June 22, 2004, relating to the 8.375% Series C Cumulative Redeemable Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000104746904021772/a2139174zex-3_4.htm) | | | | | | Form 8-A | | | | | | June 28, 2004 | | |

| [removed: 3.9*] [added: 3.10*] | | | | | | [Articles Supplementary, dated March 25, 2008, relating to the 7.00% Series D Cumulative Convertible Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000110465908019527/a08-8916_1ex3d1.htm) | | | | | | Form 8-K | | | | | | March 25, 2008 | | |

| [removed: 3.10*] [added: 3.11*] | | | | | | [Articles Supplementary, dated March 12, 2012, relating to the 6.45% Series E Cumulative Redeemable Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000110465912018256/a12-7118_1ex3d1.htm) | | | | | | Form 8-K | | | | | | March 14, 2012 | | |

| [removed: 3.11*] [added: 3.12*] | | | | | | [Articles Supplementary, dated May 10, 2017, relating to Reclassified Preferred Stock](http://www.sec.gov/Archives/edgar/data/1035443/000103544317000096/exhibit31-articlessuppleme.htm) | | | | | | Form 8-K | | | | | | May 12, 2017 | | |

| [removed: 3.12*] [added: 3.13*] | | | | | | [Amended and Restated Bylaws of the Company (Amended July 27, 2018)](http://www.sec.gov/Archives/edgar/data/1035443/000103544318000159/ex31amendedrestatedbylaws2.htm) | | | | | | Form 8-K | | | | | | August 2, 2018 | | |

| 4.17* | | | | | | [Form of 4.700% Senior Note Due 2030 (included in Exhibit [removed: 4.](http://www.sec.gov/Archives/edgar/data/1035443/000110465918041555/a18-15110_6ex4d4.htm)[1](http://www.sec.gov/Archives/edgar/data/1035443/000110465918041555/a18-15110_6ex4d4.htm)[6](http://www.sec.gov/Archives/edgar/data/1035443/000110465918041555/a18-15110_6ex4d4.htm)] [added: 4.](http://www.sec.gov/Archives/edgar/data/1035443/000110465918041555/a18-15110_6ex4d4.htm)[16](http://www.sec.gov/Archives/edgar/data/1035443/000110465918041555/a18-15110_6ex4d4.htm)] [above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465918041555/a18-15110_6ex4d4.htm) | | | | | | Form 8-K | | | | | | June 21, 2018 | | |

| 4.30* | | | | | | [Form of 4.900% Senior Note due 2030 (included in Exhibit [removed: 4.](http://www.sec.gov/Archives/edgar/data/1035443/000110465920038807/tm2012803d4_ex4-2.htm)[29](http://www.sec.gov/Archives/edgar/data/1035443/000110465920038807/tm2012803d4_ex4-2.htm) [above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465920038807/tm2012803d4_ex4-2.htm)] [added: 4.29 above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465920038807/tm2012803d4_ex4-2.htm)] | | | | | | Form 8-K | | | | | | March 26, 2020 | | |

| 4.32* | | | | | | [Form of 1.875% Senior Notes due 2033 (included in Exhibit [removed: 4.3](http://www.sec.gov/Archives/edgar/data/1035443/000110465920090856/tm2025795d7_ex4-2.htm)[1](http://www.sec.gov/Archives/edgar/data/1035443/000110465920090856/tm2025795d7_ex4-2.htm) [above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465920090856/tm2025795d7_ex4-2.htm)] [added: 4.31 above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465920090856/tm2025795d7_ex4-2.htm)] | | | | | | Form 8-K | | | | | | August 5, 2020 | | |

| [removed: 4.37*] [added: 4.41] | | | | | | [Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934](http://www.sec.gov/Archives/edgar/data/1035443/000103544320000042/a4q19-ex433.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex441.htm)] | | | | | | [removed: Form 10-K] [added: N/A] | | | | | | [removed: February 4, 2020] [added: Filed herewith] | | |

| 10.1* | | | | | | [removed: [Credit] [added: [Amended and Restated Credit] Agreement, [removed: effective] [added: dated] as of [removed: October 6, 2020,] [added: September 22, 2022,] among the Company, as the Borrower, Alexandria Real Estate Equities, L.P., as a Guarantor, Citibank, N.A., as Administrative Agent, and the Other Lenders Party [removed: thereto,] [added: Thereto,] Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, RBC Capital Markets, [added: the] Bank of Nova Scotia, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, and U.S. Bank National Association, as Joint Lead Arrangers, Citibank, N.A., BofA Securities, [removed: Inc,] [added: Inc.,] JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, and RBC Capital Markets, as Joint Bookrunners, Bank of America, N.A., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, and Royal Bank of Canada, as Co-Syndication Agents, and [added: the] Bank of Nova Scotia, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, U.S. Bank National Association, Bank of the West, Barclays Bank PLC, Capital One, N.A., [removed: BBVA USA f/k/a Compass Bank,] [added: Banco Bilbao Vizcaya Argentaria, S.A. New York Branch,] Fifth Third Bank, [added: National Association,] PNC Bank, National Association, Regions Bank, TD Bank, N.A., [added: The Huntington National Bank,] and Truist Bank, as Co-Documentation [removed: Agents](http://www.sec.gov/Archives/edgar/data/1035443/000103544321000044/a4q20-ex101.htm)] [added: Agents, and Citibank, N.A., as Sustainability Structuring Agent](http://www.sec.gov/Archives/edgar/data/1035443/000103544322000308/a3q22-ex101.htm)] | | | | | | Form [removed: 10-K] [added: 10-Q] | | | | | | [removed: February 1, 2021] [added: October 24, 2022] | | |

| 10.2* | | | (1) | | | [Amended and Restated 1997 Stock Award and Incentive Plan of the [removed: Company](http://www.sec.gov/Archives/edgar/data/1035443/000103544320000169/ex101stockplan20200608.htm)] [added: Company](http://www.sec.gov/Archives/edgar/data/1035443/000103544322000166/a20228-kproxyresultsxex101.htm)] | | | | | | Form 8-K | | | | | | [removed: June 9, 2020] [added: May 19, 2022] | | |

| [removed: 10.23] [added: 10.23*] | | | (1) | | | [Executive Employment Agreement between the Company and Hunter Kass, entered into on January 1, 2021 and effective as of January 1, [removed: 2021](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex1023.htm)] [added: 2021](http://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex1023.htm)] | | | | | | [removed: N/A] [added: Form 10-K] | | | | | | [removed: Filed herewith] [added: January 31, 2022] | | |

| 10.25 | | | (1) | | | [Summary of Director Compensation [removed: Arrangements](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex1025.htm)] [added: Arrangements](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex1025.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 14.1 | | | | | | [The Company’s Business Integrity Policy and Procedures for Reporting Non-Compliance (code of ethics pursuant to Item 406 of Regulation [removed: S-K)](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex141.htm)] [added: S-K)](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex141.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 21.1 | | | | | | [List of Subsidiaries of the [removed: Company](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex211.htm)] [added: Company](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex211.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 22.1 | | | | | | [List of Guarantor Subsidiaries of [removed: Alexandria Real Estate Equities, Inc.](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex221.htm)] [added: the Company](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex221.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 23.1 | | | | | | [Consent of Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex231.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex231.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 31.1 | | | | | | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex311.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex311.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 31.2 | | | | | | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex312.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex312.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 31.3 | | | | | | [Certification of Principal [removed: Executive] [added: Financial] Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex313.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex313.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| [removed: 31.4] [added: 32.0] | | | | | | [Certification of Principal [added: Executive Officers and Principal] Financial Officer Pursuant to [added: 18 U.S.C.] Section [removed: 302] [added: 1350, as Adopted Pursuant to Section 906] of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/a4q21-ex314.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/a4q22-ex320.htm)] | | | | | | N/A | | | | | | Filed herewith | | |

| 101.1 | | | | | | The following materials from the Company’s annual report on Form 10-K for the year ended December 31, [removed: 2021,] [added: 2022,] formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] (ii) Consolidated Statements of Operations for the years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] (iv) Consolidated Statements of Changes in Stockholders’ Equity and Noncontrolling Interests for the years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] (v) Consolidated Statements of Cash Flows for the years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] (vi) Notes to Consolidated Financial Statements, and (vii) Schedule III [removed: -] [added: —] Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation of the Company. | | | | | | N/A | | | | | | Filed herewith | | |

| Dated: | | | January [removed: 31, 2022] [added: 30, 2023] | | | By: | | | /s/ Joel S. Marcus | | |

| | | | | | | | | | [removed: Stephen A. Richardson Co-Chief] [added: Peter M. Moglia Chief] Executive Officer [added: and Co-Chief Investment Officer] (Principal Executive Officer) | | |

| [removed: | | |] [added: /s/ Peter M. Moglia] | | | | | | [removed: Peter M. Moglia Co-Chief] [added: Chief] Executive Officer and Co-Chief Investment Officer (Principal Executive Officer) | | | [added: | | | January 30, 2023 | | |]

| /s/ Joel S. Marcus | | | | | | Executive Chairman (Principal Executive Officer) | | | | | | January [removed: 31, 2022] [added: 30, 2023] | | |

| /s/ Dean A. Shigenaga | | | | | | President and Chief Financial Officer (Principal Financial Officer) | | | | | | January [removed: 31, 2022] [added: 30, 2023] | | |

| 3.4* | | | | | | [Articles of Amendment of the Company, dated May 18, 2022](http://www.sec.gov/Archives/edgar/data/1035443/000103544322000166/a20228-kproxyresultsxex31.htm) | | | | | | Form 8-K | | | | | | May 19, 2022 | | |

| 4.37* | | | | | | [Supplemental Indenture No.](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm) [](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm)[16, dated February 1](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm)[6](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm)[, 2022, among the Company, as Issuer, Alexandria Real Estate Equities, L.P. as Guarantor,](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm) [](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm)[and Tru](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm)[i](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm)[st Bank, as Trustee](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm) | | | | | | Form 8-K | | | | | | February 16, 2022 | | |

| 4.38* | | | | | | [Form of 2.950% Senior Notes due 2034 (included in Exhibit 4.37 above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-2.htm) | | | | | | Form 8-K | | | | | | February 16, 2022 | | |

| 4.39* | | | | | | [Supplemental Indenture No. 17, dated February 1](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-4.htm)[6](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-4.htm)[, 2022, among the Company, as Issuer, Alexandria Real Estate Equities, L.P., as Guarantor, and Tru](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-4.htm)[i](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-4.htm)[st Bank, as Trustee](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-4.htm) | | | | | | Form 8-K | | | | | | February 16, 2022 | | |

| 4.40* | | | | | | [Form of 3.550% Senior Notes due 2052 (included in Exhibit 4.39 above)](http://www.sec.gov/Archives/edgar/data/1035443/000110465922024245/tm224710d6_ex4-4.htm) | | | | | | Form 8-K | | | | | | February 16, 2022 | | |

| /s/ Cynthia L. Feldmann | | | | | | Director | | | | | | January 30, 2023 | | |

| Cynthia L. Feldmann | | | | | | | | | | | | | | |

January 30, 2023

| | | | 2022 | | | | | | 2021 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance as of December 31, 2021 | | | | | | 158,043,880 | | | | | | $ | 1,580 | | | | | $ | 16,195,256 | | | | | $ | — | | | | | $ | (7,294) | | | | | $ | 2,834,096 | | | | | $ | 19,023,638 | | | | | $ | 9,612 | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | 521,660 | | | | | | — | | | | | | 148,236 | | | | | | 669,896 | | | | | | 805 | | |

| Contributions from and sales of noncontrolling interests | | | | | | — | | | | | | — | | | | | | 649,623 | | | | | | — | | | | | | — | | | | | | 910,506 | | | | | | 1,560,129 | | | | | | — | | |

| Distributions to and redemption of noncontrolling interests | | | | | | — | | | | | | — | | | | | | (111) | | | | | | — | | | | | | — | | | | | | (191,590) | | | | | | (191,701) | | | | | | (805) | | |

| Issuance of common stock | | | | | | 12,250,645 | | | | | | 123 | | | | | | 2,346,321 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,346,444 | | | | | | — | | |

| Issuance pursuant to stock plan | | | | | | 749,101 | | | | | | 7 | | | | | | 109,217 | | | | | | — | | | | | | — | | | | | | — | | | | | | 109,224 | | | | | | — | | |

| Balance as of December 31, 2022 | | | | | | 170,748,395 | | | | | | $ | 1,707 | | | | | $ | 18,991,492 | | | | | $ | — | | | | | $ | (20,812) | | | | | $ | 3,701,248 | | | | | $ | 22,673,635 | | | | | $ | 9,612 | |

| The accompanying notes are an integral part of these consolidated financial statements. | | | | | | | | | | | | | | | | | |

The accompanying notes are an integral part of these consolidated financial statements.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® life science REIT, is the pioneer of the life science real estate niche since its founding in 1994.