Item 2. PROPERTIES

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Item 2. PROPERTIES

General

As of December 31, 2022, we had 432 properties in North America containing approximately 47.4 million RSF of operating properties and development and redevelopment of new Class A properties under construction, including 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 94.8% as of December 31, 2022. The exteriors of our properties typically resemble traditional office properties, but the interior infrastructures are designed to accommodate the needs of life science, agtech, and technology tenants. These improvements typically are generic rather than specific to a particular tenant. As a result, we believe that the improvements have long-term value and utility and are usable by a wide range of tenants. Improvements to our properties typically include:

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

As of December 31, 2022, we held a fee simple interest in each of our properties, with the exception of 40 properties in North America subject to ground leasehold interests, which accounted for approximately 9% of our total number of properties. Of these 40 properties, we held 14 properties in the Greater Boston market, 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 market. During the year ended December 31, 2022, our ground lease rental expense aggregated 1.7% as a percentage of net operating income. Refer to further discussion in our consolidated financial statements and notes thereto in “Item 15. Exhibits and financial statement schedules” in this annual report on Form 10-K.

As of December 31, 2022, we had over 1,000 leases with a total of approximately 1,000 tenants, and 199, or 46%, of our 432 properties were single-tenant properties. Leases in our multi-tenant buildings typically have initial terms of 4–11 years, while leases in our single-tenant buildings typically have initial terms of 11–21 years. As of December 31, 2022:

Investment-grade or publicly traded large cap tenants represented 48% of our total annual rental revenue;
Approximately 96% of our leases (on an annual rental revenue basis) contained effective annual rent escalations approximating 3% that were either fixed or indexed based on a consumer price index or other index;
Approximately 93% of our leases (on an 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 93% of our leases (on an 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.

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

Refer to the definitions of “Annual rental revenue” and “Operating statistics” in the “Non-GAAP measures and definitions” section under “Item 7. Management’s discussion and analysis of financial condition and results of operations” in this annual report on Form 10-K for a description of the basis used to compute the aforementioned measures.

Locations of properties

The locations of our properties are diversified among a number of life science, agtech, and technology cluster markets. The following table sets forth the total RSF, number of properties, and annual rental revenue in effect as of December 31, 2022 in each of our markets in North America (dollars in thousands, except per RSF amounts):


	RSF						Number of Properties		Annual Rental Revenue
Market	Operating	Development	Redevelopment	Total	% of Total			Total			% of Total			Per RSF
Greater Boston	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
New York City	1,270,019	—	—	1,270,019	3		5		97,413			5			83.14
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
Non-cluster/other markets	382,960	—	—	382,960	1		11		14,554			1			50.70
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.

Summary of occupancy percentages in North America

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


	Operating Properties						Operating and Redevelopment Properties
Market	12/31/22		12/31/21		12/31/20		12/31/22		12/31/21		12/31/20
Greater Boston	94.5	%	95.2	%	98.1	%	85.5	%	83.2	%	94.8	%
San Francisco Bay Area	96.7		93.0		95.8		93.3		92.6		94.7
New York City	92.3		98.4		97.3		92.3		91.0		87.8
San Diego	95.4		93.1		93.5		95.4		91.7		92.4
Seattle	97.0		95.6		96.0		90.1		88.5		85.5
Maryland	95.8		99.8		96.1		93.3		96.0		90.6
Research Triangle	94.0		94.6		89.6		85.0		86.1		72.7
Texas	91.2		N/A		N/A		81.6		N/A		N/A
Subtotal	95.1		94.9		95.5		89.9		89.1		90.7
Canada	80.8		78.6		81.8		68.2		78.6		81.8
Non-cluster/other markets	75.0		75.1		52.7		75.0		75.1		52.7
North America	94.8	%	94.0	%	94.6	%	89.4	%	88.5	%	90.0	%

Top 20 tenants

90% of Top 20 Tenants Annual Rental Revenue Is From Investment-Grade

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

Our properties are leased to a high-quality and diverse group of tenants, with no individual tenant accounting for more than 3.5% of our annual rental revenue in effect as of December 31, 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, 2022 (dollars in thousands, except average market cap amounts):


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

	Tenant					Moody’s			S&P
1	Bristol-Myers Squibb Company		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
5	Illumina, Inc.		7.6		891,495		36,204			1.8		Baa3	BBB	$	40.2
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
14	Massachusetts Institute of Technology		6.1		257,626		21,438			1.1		Aaa	AAA	$	—
15	Harvard University		2.0	(3)	286,580		20,086			1.0		Aaa	AAA	$	—
16	Boston Children’s Hospital		13.8		269,816		20,066			1.0		Aa2	AA	$	—
17	United States Government		7.3		315,908		19,660			1.0		Aaa	AA+	$	—
18	New York University		8.9		203,500		19,241			1.0		Aa1	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	%

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

(1)Based on total annual rental revenue in effect as of December 31, 2022. 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 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 our methodologies of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.

(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.

(3)Includes leases at recently acquired properties with future development and redevelopment opportunities. The leases with these tenants were in place when we acquired the properties.

(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 from our consolidated properties and our share of annual rental revenue from our unconsolidated real estate joint ventures. Refer to footnote 1 for additional details. Excluding the ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.1 years as of December 31, 2022.


Long-Duration and Stable Cash Flows From High-Quality Tenants

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


48%						7.1 Years
of ARE’s Total						Weighted-Average
Annual Rental Revenue(1)						Remaining Term(2)


REIT Industry-Leading Tenant Client Base
90%

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

Refer to the definition of “Annual rental revenue” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information on our methodology of calculating annual rental revenue for unconsolidated real estate joint ventures.

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

(2)Based on total annual rental revenue in effect as of December 31, 2022.


High-Quality and Diverse Client Base in AAA Locations

Industry Mix of Approximately 1,000 Tenants		AAA Locations



Percentage of ARE’s Annual Rental Revenue(3)

Solid Occupancy From Historically Strong Demand for Class A Properties in AAA Locations

Solid Historical Occupancy(4)	Occupancy Across Key Locations

96%
Over 10 Years

(1)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.

(2)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.

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

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

Property listing

Mega Campuses Encompass 68% of Our Operating Property RSF**(1)**

The following table provides certain information about our properties as of December 31, 2022 (dollars in thousands):


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
Greater Boston
	Cambridge/Inner Suburbs
		Mega Campus: Alexandria Center® at Kendall Square	2,449,354	—		403,892		2,853,246	11	$	198,373	99.1	%	85.1	%
		50(2), 60(2), 75/125(2), 100(2), and 225(2) Binney Street, 215 First Street, 150 Second Street, 300 Third Street(2), 11 Hurley Street, One Rogers Street, and 100 Edwin H. Land Boulevard
		Mega Campus: Alexandria Center® at One Kendall Square	903,777	462,100		—		1,365,877	12	76,350		95.8		95.8
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street
		Mega Campus: Alexandria Technology Square®	1,185,190	—		—		1,185,190	7	116,609		99.1		99.1
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Mega Campus: The Arsenal on the Charles	872,665	248,018		—		1,120,683	13	50,582		96.2		96.2
		311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street, 1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
		Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street	533,327	—		—		533,327	5	24,241		97.6		97.6
		99 Coolidge Avenue(2)	—	320,809		—		320,809	1	—		N/A		N/A
		640 Memorial Drive	242,477	—		—		242,477	1	19,320		77.6		77.6
		780 and 790 Memorial Drive	99,658	—		—		99,658	2	9,257		100.0		100.0
		Cambridge/Inner Suburbs	6,286,448	1,030,927		403,892		7,721,267	52	494,732		97.3		91.4
	Fenway
		Mega Campus: Alexandria Center® for Life Science – Fenway	1,267,572	170,043		—		1,437,615	2	94,904		92.9		92.9
		401 Park Drive and 201 Brookline Avenue(2)
	Seaport Innovation District
		5 and 15(2) Necco Street	95,400	345,995		—		441,395	2	4,414		86.6		86.6
		Mega Campus: 380 and 420 E Street	195,506	—		—		195,506	2	4,490		100.0		100.0
		Seaport Innovation District	290,906	345,995		—		636,901	4	8,904		95.6		95.6
	Route 128
		Mega Campus: 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street	638,651	—		342,412		981,063	5	38,439		100.0		65.1
		Mega Campus: One Moderna Way	706,988	—		—		706,988	4	29,059		100.0		100.0
		19, 225, and 235 Presidential Way	585,022	—		—		585,022	3	13,996		99.9		99.9
		275 Grove Street	509,702	—		—		509,702	3	15,704		66.1		66.1
		225, 266, and 275 Second Avenue	329,005	—		—		329,005	3	18,650		100.0		100.0
		100 Beaver Street	82,330	—		—		82,330	1	5,262		100.0		100.0
		Route 128	2,851,698	—		342,412		3,194,110	19	121,110		93.9		83.8
	Other		753,923	—		453,869		1,207,792	7	11,360		75.2		46.9
		Greater Boston	11,450,547	1,546,965		1,200,173		14,197,685	84	$	731,010	94.5	%	85.5	%
	(1)As of December 31, 2022. Refer to the “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (2)We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional details.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
San Francisco Bay Area
	Mission Bay
		Mega Campus: Alexandria Center® for Science and Technology – Mission Bay(1)	2,015,177	212,796		—		2,227,973	10	$	98,444	100.0	%	100.0	%
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South
		Mission Bay	2,015,177	212,796		—		2,227,973	10	98,444		100.0		100.0
	South San Francisco
		Mega Campus: Alexandria Technology Center® – Gateway(1)	1,114,890	230,592		300,010		1,645,492	12	60,385		92.6		73.0
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
		Mega Campus: 213(1), 249, 259, 269, and 279 East Grand Avenue	919,704	—		—		919,704	5	48,854		100.0		100.0
		Mega Campus: 1122 and 1150 El Camino Real	725,172	—		—		725,172	2	10,948		97.8		97.8
		Alexandria Center® for Life Science – South San Francisco	504,551	—		—		504,551	3	37,153		100.0		100.0
		201 Haskins Way and 400 and 450 East Jamie Court
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,680		100.0		100.0
		849/863 Mitten Road/866 Malcolm Road	103,857	—		—		103,857	1	4,834		100.0		100.0
		South San Francisco	3,523,859	230,592		300,010		4,054,461	24	172,854		97.2		89.6
	Greater Stanford
		Mega Campus: Alexandria Center® for Life Science – San Carlos	739,192	—		—		739,192	9	49,953		97.3		97.3
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	703,742	—		—		703,742	9	65,349		100.0		100.0
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
		3875 Fabian Way	228,000	—		—		228,000	1	9,402		100.0		100.0
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	338,751	—		—		338,751	5	20,926		73.8		73.8
		2100, 2200, 2300, and 2400 Geng Road	196,276	—		—		196,276	4	8,448		70.7		70.7
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	194,503	—		—		194,503	3	18,040		100.0		100.0
		2425 Garcia Avenue/2400/2450 Bayshore Parkway	99,208	—		—		99,208	1	4,257		100.0		100.0
		3350 West Bayshore Road	61,537	—		—		61,537	1	4,518		99.9		99.9
		Greater Stanford	2,561,209	—		—		2,561,209	33	180,893		93.5		93.5
		San Francisco Bay Area	8,100,245	443,388		300,010		8,843,643	67	452,191		96.7		93.3

New York City
	New York City
		Mega Campus: Alexandria Center® for Life Science – New York City	740,972	—		—		740,972	3	71,779		94.2		94.2
		430 and 450 East 29th Street
		219 East 42nd Street	349,947	—		—		349,947	1	18,638		100.0		100.0
		Alexandria Center® for Life Science – Long Island City	179,100	—		—		179,100	1	6,996		69.1		69.1
		30-02 48th Avenue
		New York City	1,270,019	—		—		1,270,019	5	$	97,413	92.3	%	92.3	%
	Refer to the “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information. (2)We own 100% of this property.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
San Diego
	Torrey Pines
		Mega Campus: One Alexandria Square and One Alexandria North	904,883	—		—		904,883	10	$	53,236	99.9	%	99.9	%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10975 and 11119 North Torrey Pines Road, 10975, 10995, and 10996 Torreyana Road, and 3545 Cray Court
		ARE Torrey Ridge	298,863	—		—		298,863	3	15,747		100.0		100.0
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	213,900	—		—		213,900	4	11,297		88.1		88.1
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
		Torrey Pines	1,417,646	—		—		1,417,646	17	80,280		98.2		98.2
	University Town Center
		Mega Campus: Campus Point by Alexandria(1)	1,662,342	—		—		1,662,342	11	75,970		97.7		97.7
		9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, 4242, and 4275(2) Campus Point Court
		Mega Campus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978		100.0		100.0
		Mega Campus: University District	415,462	—		—		415,462	7	18,641		100.0		100.0
		9625 Towne Centre Drive(1), 4755, 4757, and 4767 Nexus Center Drive, 4796 Executive Drive, 8505 Costa Verde Boulevard, and 4260 Nobel Drive
		University Town Center	2,870,491	—		—		2,870,491	24	124,589		98.7		98.7
	Sorrento Mesa
		Mega Campus: SD Tech by Alexandria(1)	1,059,754	254,771		—		1,314,525	15	43,387		94.1		94.1
		9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road
		Mega Campus: Sequence District by Alexandria	803,319	—		—		803,319	7	23,993		89.0		89.0
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)	544,352	—		—		544,352	5	8,106		88.6		88.6
		9389, 9393, 9401, 9455, and 9477 Waples Street
		Summers Ridge Science Park(1)	316,531	—		—		316,531	4	11,521		100.0		100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		Scripps Science Park by Alexandria	244,083	—		—		244,083	3	10,226		100.0		100.0
		10102 Hoyt Park Drive and 10256 and 10260 Meanley Drive
		ARE Portola	101,857	—		—		101,857	3	3,880		100.0		100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	3,853		100.0		100.0
		9877 Waples Street	63,774	—		—		63,774	1	2,521		100.0		100.0
		5871 Oberlin Drive	33,842	—		—		33,842	1	1,772		100.0		100.0
		Sorrento Mesa	3,250,866	254,771		—		3,505,637	40	$	109,259	93.5	%	93.5	%
	Refer to the “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information. (2)We own 100% of this property.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
San Diego (continued)
	Sorrento Valley
		3911, 3931, 3985, 4025, and 4045 Sorrento Valley Boulevard	131,698	—		—		131,698	5	$	3,930	75.7	%	75.7	%
		11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street	119,513	—		—		119,513	6	4,312		100.0		100.0
		Sorrento Valley	251,211	—		—		251,211	11	8,242		87.3		87.3
	Other		309,743	—		—		309,743	2	8,343		79.5		79.5
		San Diego	8,099,957	254,771		—		8,354,728	94	330,713		95.4		95.4

Seattle
	Lake Union
		Mega Campus: The Eastlake Life Science Campus by Alexandria	937,290	311,631		—		1,248,921	9	56,305		97.4		97.4
		1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
		Mega Campus: Alexandria Center® for Life Science – South Lake Union
		400(1) and 601 Dexter Avenue North	309,434	—		—		309,434	2	15,494		100.0		100.0
		219 Terry Avenue North	30,705	—		—		30,705	1	1,935		100.0		100.0
		Lake Union	1,277,429	311,631		—		1,589,060	12	73,734		98.1		98.1
	SoDo
		830 4th Avenue South	42,380	—		—		42,380	1	1,691		70.5		70.5
	Elliott Bay
		3000/3018 Western Avenue	47,746	—		—		47,746	1	3,147		100.0		100.0
		410 West Harrison Street and 410 Elliott Avenue West	36,849	—		—		36,849	2	1,613		100.0		100.0
		Elliott Bay	84,595	—		—		84,595	3	4,760		100.0		100.0
	Bothell
		Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park	1,060,958	—		—		1,060,958	22	23,042		96.7		96.7
		22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522, 22722, and 22745 29th Drive Southeast, 21540, 22213, and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast
		Alexandria Center® for Advanced Technologies – Monte Villa Parkway	246,647	—		213,976		460,623	6	4,657		97.3		52.1
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,307,605	—		213,976		1,521,581	28	27,699		96.8		83.2
	Other		102,437	—		—		102,437	2	1,145		93.5		93.5
		Seattle	2,814,446	311,631		213,976		3,340,053	46	$	109,029	97.0	%	90.1	%
	Refer to the “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
Maryland
	Rockville
		Mega Campus: Alexandria Center® for Life Science – Shady Grove	1,090,102	282,000		61,322		1,433,424	19	$	49,353	99.0	%	93.7	%
		9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward Campus Drive, and 9810 Darnestown Road
		1330 Piccard Drive	131,511	—		—		131,511	1	4,034		100.0		100.0
		1405 and 1450(1) Research Boulevard	114,849	—		—		114,849	2	2,631		62.8		62.8
		1500 and 1550 East Gude Drive	91,359	—		—		91,359	2	1,844		100.0		100.0
		5 Research Place	63,852	—		—		63,852	1	2,999		100.0		100.0
		5 Research Court	51,520	—		—		51,520	1	1,788		100.0		100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,530		100.0		100.0
		Rockville	1,592,378	282,000		61,322		1,935,700	27	64,179		96.6		93.0
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	613,438	—		—		613,438	9	17,359		98.6		98.6
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
		Alexandria Technology Center® – Gaithersburg II	486,324	—		—		486,324	7	17,632		96.5		96.5
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
		20400 Century Boulevard	50,738	—		29,812		80,550	1	2,035		100.0		63.0
		401 Professional Drive	63,154	—		—		63,154	1	1,918		100.0		100.0
		950 Wind River Lane	50,000	—		—		50,000	1	1,234		100.0		100.0
		620 Professional Drive	27,950	—		—		27,950	1	1,207		100.0		100.0
		Gaithersburg	1,291,604	—		29,812		1,321,416	20	41,385		98.0		95.8
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	2,951		100.0		100.0
		101 West Dickman Street(1)	135,423	—		—		135,423	1	705		51.1		51.1
		Beltsville	327,307	—		—		327,307	2	3,656		79.8		79.8
	Northern Virginia
		14225 Newbrook Drive	248,186	—		—		248,186	1	6,127		100.0		100.0
		Maryland	3,459,475	282,000		91,134		3,832,609	50	$	115,347	95.8	%	93.3	%
	Refer to the “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)We own a partial interest in this property through a real estate joint venture. Refer to the “Joint venture financial information” section under Item 7 in this annual report in Form 10-K for additional information.

Property listing (continued)


												Occupancy Percentage
			RSF						Number of Properties	Annual Rental Revenue
					Operating		Operating and Redevelopment
Market / Submarket / Address			Operating	Development		Redevelopment		Total
Research Triangle
	Research Triangle
		Mega Campus: Alexandria Center® for Life Science – Durham	1,880,185	—		376,871		2,257,056	16	$	37,681	93.2	%	77.6	%
		6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
		Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle	350,267	180,000		—		530,267	5	15,869		93.9		93.9
		4, 6, 8, 10, and 12 Davis Drive
		Alexandria Center® for AgTech	342,881	—		—		342,881	2	15,315		94.1		94.1
		5 and 9 Laboratory Drive
		104, 108, 110, 112, and 114 TW Alexander Drive	227,902	—		—		227,902	5	7,375		94.3		94.3
		Alexandria Technology Center® – Alston	186,870	—		—		186,870	3	4,009		94.1		94.1
		100, 800, and 801 Capitola Drive
		6040 George Watts Hill Drive	61,547	88,038		—		149,585	2	2,148		100.0		100.0
		Alexandria Innovation Center® – Research Triangle	136,729	—		—		136,729	3	3,963		97.2		97.2
		7010, 7020, and 7030 Kit Creek Road
		7 Triangle Drive	104,531	—		—		104,531	1	4,422		100.0		100.0
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,651		100.0		100.0
		407 Davis Drive	81,956	—		—		81,956	1	1,644		100.0		100.0
		601 Keystone Park Drive	77,395	—		—		77,395	1	1,072		74.3		74.3
		5 Triangle Drive	32,120	—		—		32,120	1	1,147		100.0		100.0
		6101 Quadrangle Drive	31,600	—		—		31,600	1	759		100.0		100.0
		Research Triangle	3,596,979	268,038		376,871		4,241,888	42	99,055		94.0		85.0

Texas
	Austin
		Mega Campus: Intersection Campus	1,525,613	—		—		1,525,613	12	39,039		90.0		90.0
		1001 Trinity Street and 1020 Red River Street	198,972	—		—		198,972	2	6,746		100.0		100.0
		Austin	1,724,585	—		—		1,724,585	14	45,785		90.0		90.0
	Greater Houston
		8800 Technology Forest Place	—	—		201,499		201,499	1	—		N/A		—
		Texas	1,724,585	—		201,499		1,926,084	15	45,785		91.2		81.6

Canada			577,225	—		107,081		684,306	8	9,868		80.8		68.2

Non-cluster/other markets			382,960	—		—		382,960	11	14,554		75.0		75.0

North America, excluding properties held for sale			41,476,438	3,106,793		2,490,744		47,073,975	422	2,004,965		94.8	%	89.4	%

Properties held for sale			297,284	—		—		297,284	10	2,476		34.0	%	34.0	%

Total – North America			41,773,722	3,106,793		2,490,744		47,371,259	432	$	2,007,441

Refer to the “New Class A development and redevelopment properties: summary of pipeline” section within this Item 2 and the definition of “Mega campus” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

Leasing activity

During the year ended December 31, 2022, strong demand for our high-quality office/laboratory space has translated into the second-highest year of leasing volume in Company history and solid rental rate growth in 2022 for our overall portfolio and our value-creation pipeline.

Executed a total of 336 leases, with a weighted-average lease term of 8.1 years, for 8.4 million RSF, representing the second-highest leasing year in Company history, 74% of which was generated from our client base of approximately 1,000 tenants, including 2.8 million RSF related to our development and redevelopment projects;
Annual leasing activity of 4.5 million RSF for renewed and re-leased spaces; and
Annual rental rate increases of 31.0% and 22.1% (cash basis) on renewed and re-leased space, representing the second-highest annual rental rate growth (cash basis) in Company history.

Approximately 63% of the 336 leases executed during the year ended December 31, 2022 did not include concessions for free rent. During the year ended December 31, 2022, we granted tenant concessions/free rent averaging 2.1 months with respect to the 8.4 million RSF leased.

The following chart presents renewed/re-leased space and developed/redeveloped/previously vacant space leased for the years ended December 31, 2020, 2021, and 2022:

Lease structure

Our Same Properties total revenue growth of 9.8% for the year ended December 31, 2022, and our Same Properties net operating income and Same Properties net operating income increases (cash basis) for the year ended December 31, 2022 of 6.6% and 9.6%, respectively, benefited significantly from strong market fundamentals. The limited supply of Class A space in AAA locations and strong demand from innovative tenants drove rental rate increases for the year ended December 31, 2022 of 31.0% and 22.1% (cash basis) on 4.5 million renewed/re-leased RSF, while a favorable triple net lease structure with contractual annual rent escalations resulted in both a consistent Same Properties operating margin of 70.0% and Same Properties current-period average occupancy of 95.7% for the year ended December 31, 2022, an increase of 100 bps for the same-period prior-year average, across our 253 Same Properties aggregating 26.1 million RSF. As of December 31, 2022, approximately 93% of our leases (on an 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. Additionally, approximately 96% of our leases (on an annual rental revenue basis) contained contractual annual rent escalations approximating 3% that were either fixed or based on a consumer price index or another index, and approximately 93% of our leases (on an annual rental revenue basis) provided for the recapture of certain capital expenditures.

Leasing activity (continued)

The following table summarizes our leasing activity at our properties for the years ended December 31, 2022 and 2021:


	Year Ended December 31,
	2022				2021
	Including Straight-Line Rent		Cash Basis		Including Straight-Line Rent	Cash Basis
(Dollars per RSF)
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes	31.0%		22.1%	(2)	37.9%	22.6%
New rates	$50.37		$48.48		$59.00	$55.60
Expiring rates	$38.44		$39.69		$42.80	$45.36
RSF	4,540,325				4,614,040
Tenant improvements/leasing commissions	$27.83				$41.05
Weighted-average lease term	5.0 years				6.3 years

Developed/redeveloped/previously vacant space leased(3)
New rates	$73.46		$64.04		$78.52	$69.42
RSF	3,865,262				4,902,261
Weighted-average lease term	11.8 years				11.2 years

Leasing activity summary (totals):
New rates	$60.98		$55.64		$69.05	$62.72
RSF	8,405,587	(2)(4)			9,516,301
Weighted-average lease term	8.1 years				8.8 years

Lease expirations(1)
Expiring rates	$37.41		$38.06		$41.53	$43.70
RSF	6,572,286				5,747,192

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

(1)Excludes month-to-month leases aggregating 266,292 RSF and 110,180 RSF as of December 31, 2022 and 2021, respectively.

(2)Represents the second highest annual leasing volume and annual rental rate growth (cash basis) in Company history.

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

(4)During the year ended December 31, 2022, we granted tenant concessions/free rent averaging 2.1 months with respect to the 8,405,587 RSF leased. Approximately 63% of the leases executed during the year ended December 31, 2022 did not include concessions for free rent.

Summary of contractual lease expirations

The following table summarizes information with respect to the contractual lease expirations at our properties as of December 31, 2022:


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

	2023	(2)		2,871,438		7.3	%		$	45.10		6.5	%
	2024			4,341,944		11.1	%		$	46.70		10.2	%
	2025			3,312,092		8.5	%		$	48.22		8.1	%
	2026			2,628,988		6.7	%		$	50.79		6.7	%
	2027			2,669,028		6.8	%		$	55.36		7.5	%
	2028			4,160,778		10.6	%		$	51.51		10.8	%
	2029			2,467,070		6.3	%		$	53.31		6.6	%
	2030			2,766,240		7.1	%		$	58.03		8.1	%
	2031			3,006,892		7.7	%		$	52.83		8.0	%
	2032			1,298,945		3.3	%		$	56.91		3.7	%
Thereafter				9,613,205		24.6	%		$	48.72		23.8	%

(1)Represents amounts in effect as of December 31, 2022.

(2)Excludes month-to-month leases aggregating 266,292 RSF as of December 31, 2022.

The following tables present information by market with respect to our 2023 and 2024 contractual lease expirations in North America as of December 31, 2022:


	2023 Contractual Lease Expirations (in RSF)										Annual Rental Revenue (per RSF)(3)
Market	Leased		Negotiating/ Anticipating		Targeted for Future Development/ Redevelopment(1)		Remaining Expiring Leases(4)		Total(2)

Greater Boston	61,091		83,346		323,110		428,905		896,452		$	56.56
San Francisco Bay Area	30,876		10,208		—		342,952		384,036		52.63
New York City	—		—		—		88,372		88,372		N/A
San Diego	184,287		124,745		—		426,615		735,647		33.50
Seattle	14,979		8,167		18,680		266,038		307,864		27.22
Maryland	6,674		115,454		—		131,735		253,863		35.41
Research Triangle	81,956		15,043		—		77,286		174,285		33.08
Texas	—		—		—		—		—		—
Canada	13,321		—		—		2,484		15,805		28.89
Non-cluster/other markets	—		—		—		15,114		15,114		41.42
Total	393,184		356,963		341,790		1,779,501		2,871,438		$	45.10
Percentage of expiring leases	14	%	12	%	12	%	62	%	100	%

	2024 Contractual Lease Expirations (in RSF)										Annual Rental Revenue (per RSF)(3)
Market	Leased		Negotiating/ Anticipating		Targeted for Future Development/ Redevelopment(1)		Remaining Expiring Leases(4)		Total

Greater Boston	102,060		5,881		122,465		500,918		731,324		$	73.74
San Francisco Bay Area	35,798		407,369		—		592,252		1,035,419		50.33
New York City	—		—		349,947		5,645		355,592		N/A
San Diego	—		—		580,021		394,852		974,873		31.10
Seattle	—		267,350		50,552		415,503		733,405		35.04
Maryland	—		3,555		—		62,016		65,571		25.15
Research Triangle	15,519		—		—		194,008		209,527		52.01
Texas	—		—		126,034		72,938		198,972		33.91
Canada	—		—		—		6,786		6,786		24.38
Non-cluster/other markets	—		—		—		30,475		30,475		65.74
Total	153,377		684,155		1,229,019		2,275,393		4,341,944		$	46.70
Percentage of expiring leases	4	%	16	%	28	%	52	%	100	%

(1)Represents RSF targeted for future development or redevelopment upon expiration of existing in-place leases primarily related to recently acquired properties with an average contractual lease expiration date of January 7, 2023 and July 13, 2024 for 2023 and 2024, respectively, weighted by annual rental revenue. Refer to “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional details on value-creation square feet currently included in rental properties.

(2)Excludes month-to-month leases aggregating 266,292 RSF as of December 31, 2022.

(3)Represents amounts in effect as of December 31, 2022.

(4)The largest remaining contractual expiration for 2023 and 2024 is 108,020 RSF in our Bothell submarket and 98,808 RSF in our Mission Bay submarket, respectively.

Investments in real estate

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

Our investments in real estate consisted of the following as of December 31, 2022 (dollars in thousands):


			Development and Redevelopment
	Operating		Under Construction		Near Term			Intermediate Term		Future		Subtotal		Total
Investments in real estate
Gross book value as of December 31, 2022(1)	$	25,568,121	$	4,055,353	$	1,738,913		$	918,528	$	2,002,541	$	8,715,335	$	34,283,456

Square footage
Operating	41,773,722		—		—			—		—		—		41,773,722
New Class A development and redevelopment properties	—		5,597,537		6,248,830		(2)	4,780,268		20,716,308		37,342,943		37,342,943
Value-creation square feet currently included in rental properties(3)	—		—		(656,378)			(434,776)		(3,459,383)		(4,550,537)		(4,550,537)
Total square footage	41,773,722		5,597,537		5,592,452			4,345,492		17,256,925		32,792,406		74,566,128

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

(2)Includes 2.0 million RSF currently 88% leased and expected to commence construction in the next four quarters. Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 for additional details.

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

Acquisitions

Our real estate asset acquisitions for the year ended December 31, 2022 consisted of the following (dollars in thousands):


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


One Hampshire Street(4)	Cambridge/Inner Suburbs/Greater Boston	6/23/22	1	100%			—		88,591	—	88,591	$	140,000
100 Edwin H. Land Boulevard	Cambridge/Inner Suburbs/Greater Boston	8/1/22	1	100			TBD		104,500	—	104,500		170,000
421 Park Drive	Fenway/Greater Boston	1/13/22	—	N/A			202,997	(5)	—	—	202,997		81,119	(5)
35 Gatehouse Drive(6)	Route 128/Greater Boston	12/29/22	1	100			75,000		31,611	265,965	372,576		272,500
225 and 235 Presidential Way	Route 128/Greater Boston	1/28/22	2	100			—		440,130	—	440,130		124,673
1150 El Camino Real	South San Francisco/ San Francisco Bay Area	2/8/22	1	99			610,000		431,940	70,000	680,000		118,000
3301, 3303, 3305, and 3307 Hillview Avenue	Greater Stanford/ San Francisco Bay Area	1/6/22	4	100			—		292,013	—	292,013		446,000
Costa Verde by Alexandria	University Town Center/ San Diego	1/11/22	2	100			537,000		8,730	—	545,730		125,000
10010 and 10140 Campus Point Drive and 4275 Campus Point Court	University Town Center/ San Diego	9/29/22	3	100			750,000		226,144	—	750,000		106,380
800 Mercer Street (60% interest in consolidated JV)	Lake Union/Seattle	3/18/22	—	N/A			869,000		—	—	869,000		87,608
Alexandria Center® for Life Science – Durham	Research Triangle/ Research Triangle	1/11/22	—	N/A			1,175,000		—	—	1,175,000		99,428
104 and 108/110/112/114 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive(7)	Research Triangle/ Research Triangle	1/6/22	4	89			750,000		69,485	—	819,485		80,000
Intersection Campus	Austin/Texas	2/18/22	9	81			—		998,099	—	998,099		400,400
1001 Trinity Street and 1020 Red River Street	Austin/Texas	10/4/22	2	100			51,038		198,972	—	250,010		108,000
Other	Various	Various	12	91			1,644,994		646,132	381,760	2,634,686		459,344
			42	92	%		6,665,029		3,536,347	717,725	10,222,817	$	2,818,452

(1)We expect to provide total estimated costs and related yields for development and redevelopment projects in the future, subsequent to the commencement of construction. (2)Represents the operating component of our value-creation acquisitions that is not expected to undergo future development or redevelopment. (3)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operations with future development or redevelopment opportunities. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (4)Represents the acquisition of a condominium interest in two floors of a seven-story building. (5)Represents the incremental purchase price related to the achievement of additional entitlement rights aggregating 202,997 SF at our Alexandria Center® for Life Science – Fenway mega campus. (6)Represents an opportunity to expand our existing properties at 40, 50, and 60 Sylvan Road and 840 Winter Street into a mega campus. (7)Includes the acquisition of fee simple interests in the land underlying our recently acquired 108/110/112/114 TW Alexander Drive buildings, which were previously subject to ground leases.

Dispositions and sales of partial interests

Our completed dispositions of and sales of partial interests in real estate assets during the year ended December 31, 2022 consisted of the following (dollars in thousands, except for sales price per RSF):


Property	Submarket/Market	Date of Sale	Interest Sold			RSF	Capitalization Rate		Capitalization Rate (Cash Basis)		Sales Price			Sales Price per RSF		Gain or Consideration in Excess of Book Value

100 Binney Street	Cambridge/Inner Suburbs/Greater Boston	3/30/22	70	%		432,931	3.6	%	3.5	%	$	713,228	(1)	$	2,353	$	413,615	(2)
300 Third Street	Cambridge/Inner Suburbs/Greater Boston	6/27/22	70	%		131,963	4.6	%	4.3	%	166,485		(1)	$	1,802	113,020		(2)
Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive	Route 128 and Route 495/Greater Boston	6/8/22	100	%		617,043	5.1	%	5.1	%	334,397			$	542	202,325
1450 Owens Street	Mission Bay/San Francisco Bay Area	7/1/22	20	%	(3)	191,000	N/A		N/A		25,039		(1)	N/A		10,083		(2)
341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and Shoreway Science Center	South San Francisco and Greater Stanford/San Francisco Bay Area	9/15/22	100	%		330,379	5.2	%	5.2	%	383,635			$	1,161	223,127
3215 Merryfield Row	Torrey Pines/San Diego	9/1/22	70	%		170,523	4.5%		4.2%		149,940		(1)	$	1,256	42,214		(2)
Summers Ridge Science Park	Sorrento Mesa/San Diego	9/15/22	70	%		316,531	4.9%		4.6%		159,600		(1)	$	720	65,097		(2)
7330 and 7360 Carroll Road	Sorrento Mesa/San Diego	9/15/22	100	%		84,442	4.4%		4.6%		59,476			$	704	35,463
Other	Various						N/A		N/A		230,496			N/A		77,003
											$	2,222,296				$	1,181,947

(1)Represents the contractual sales price for the percentage interest of the property sold by us.

(2)We retained control over the newly formed real estate joint venture and therefore continue to consolidate this property. We accounted for the difference between the consideration received and the book value of the interest sold as an equity transaction, with no gain or loss recognized in earnings.

(3)Relates to the sale of a partial interest in a land parcel. The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes capital for construction over time. As of December 31, 2022, the noncontrolling interest share of our joint venture partner was 40.3%.

New Class A development and redevelopment properties

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

New Class A development and redevelopment properties: recent deliveries


The Arsenal on the Charles	201 Brookline Avenue	201 Haskins Way	825 and 835 Industrial Road
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Fenway	San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ Greater Stanford
387,678 RSF	340,073 RSF	323,190 RSF	526,129 RSF
96% Occupancy	100% Occupancy	100% Occupancy	100% Occupancy


3160 Porter Drive	30-02 48th Avenue	3115 Merryfield Row	10055 Barnes Canyon Road
San Francisco Bay Area/ Greater Stanford	New York City/New York City	San Diego/Torrey Pines	San Diego/Sorrento Mesa
92,300 RSF	137,187 RSF	146,456 RSF	195,435 RSF
83% Occupancy	69% Occupancy	93% Occupancy	100% Occupancy

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


10102 Hoyt Park Drive	5505 Morehouse Drive	9601 and 9603 Medical Center Drive	9950 Medical Center Drive
San Diego/Sorrento Mesa	San Diego/Sorrento Mesa	Maryland/Rockville	Maryland/Rockville
144,113 RSF	79,945 RSF	34,589 RSF	84,264 RSF
100% Occupancy	100% Occupancy	100% Occupancy	100% Occupancy


20400 Century Boulevard	2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive(1)	5 and 9 Laboratory Drive(2)	8 and 10 Davis Drive(3)
Maryland/Gaithersburg	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
50,738 RSF	326,445 RSF	342,881 RSF	250,000 RSF
100% Occupancy	100% Occupancy	94% Occupancy	94% Occupancy

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

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

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

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

The following table presents value-creation development and redevelopment of new Class A properties placed into service during the year ended December 31, 2022 (dollars in thousands):

Deliveries in 4Q22 commenced $28 million in annual net operating income


Property/Market/Submarket	4Q22 Delivery Date(1)		Our Ownership Interest	RSF Placed in Service						Occupancy Percentage(2)				Total Project			Unlevered Yields
		Prior to 1/1/22			1Q22		2Q22		3Q22		4Q22		Total			Initial Stabilized			Initial Stabilized (Cash Basis)
						RSF		Investment
Development projects
201 Brookline Avenue/Greater Boston/Fenway	11/3/22		98.8%	—				—		—		261,990		78,083	340,073			100%		510,116	$	734,000	7.2	%	6.2	%
201 Haskins Way/San Francisco Bay Area/South San Francisco	N/A		100%	270,879				52,311		—		—		—	323,190			100%		323,190	367,000		6.3		6.0
825 and 835 Industrial Road/San Francisco Bay Area/Greater Stanford	N/A		100%	476,211				49,918		—		—		—	526,129			100%		526,129	631,000		6.7		6.5
3115 Merryfield Row/San Diego/Torrey Pines	N/A		100%	—				146,456		—		—		—	146,456			93%		146,456	150,000		6.3		6.2
10055 Barnes Canyon Road/San Diego/Sorrento Mesa	11/21/22		50.0%	—				—		110,454		9,473		75,508	195,435			100%		195,435	189,000		7.2		6.7
10102 Hoyt Park Drive/San Diego/Sorrento Mesa	11/15/22		100%	—				—		—		—		144,113	144,113			100%		144,113	114,000		7.4		6.8
9950 Medical Center Drive/Maryland/Rockville	N/A		100%	—				84,264		—		—		—	84,264			100%		84,264	57,000		8.9		7.8
5 and 9 Laboratory Drive/ Research Triangle/Research Triangle	12/21/22		100%	267,509				11,211		—		1,485		62,676	342,881			94%		342,881	221,000		6.9		7.0
8 and 10 Davis Drive/ Research Triangle/Research Triangle	N/A		100%	65,247				44,980		139,773		—		—	250,000			94%		250,000	159,000		7.6		7.3

Redevelopment projects
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs	12/31/22		100%	137,111				99,796		50,663		43,351		56,757	387,678			96%		872,665	834,000		6.3		5.6
3160 Porter Drive/San Francisco Bay Area/Greater Stanford	N/A		100%	57,696				34,604		—		—		—	92,300			83%		92,300	117,000		4.6		4.6
30-02 48th Avenue/New York City/New York City	12/31/22		100%	41,848				11,092		18,689		10,197		55,361	137,187			69%		179,100	248,000		5.8		6.0
5505 Morehouse Drive/San Diego/Sorrento Mesa	N/A		100%	28,324				—		51,621		—		—	79,945			100%		79,945	68,000		7.1		7.2
9601 and 9603 Medical Center Drive/Maryland/Rockville	11/17/22		100%	17,378				—		—		—		17,211	34,589			100%		95,911	54,000		8.4		7.1
20400 Century Boulevard/Maryland/Gaithersburg	10/17/22		100%	—				32,033		4,194		6,465		8,046	50,738			100%		80,550	35,000		8.5		8.6
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle	N/A		100%	326,445				—		—		—		—	326,445			100%		703,316	337,000		7.5		6.7
Weighted average/total	11/18/22			1,688,648				566,665		375,394		332,961		497,755	3,461,423					4,626,371	$	4,315,000	6.8	%	6.3	%

Refer to “New Class A development and redevelopment properties: current projects” within this Item 2 for details on the RSF in service and under construction, if applicable.

(1)Represents the average delivery date for deliveries that occurred during the three months ended December 31, 2022, weighted by annual rental revenue.

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

New Class A development and redevelopment properties: current projects


325 Binney Street	One Rogers Street	99 Coolidge Avenue	500 North Beacon Street and 4 Kingsbury Avenue(1)	201 Brookline Avenue
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway
462,100 RSF	403,892 RSF	320,809 RSF	248,018 RSF	170,043 RSF
100% Leased	100% Leased	36% Leased/Negotiating	85% Leased/Negotiating	98% Leased/Negotiating


15 Necco Street	40, 50, and 60 Sylvan Road(2)	1450 Owens Street	651 Gateway Boulevard	751 Gateway Boulevard
Greater Boston/ Seaport Innovation District	Greater Boston/Route 128	San Francisco Bay Area/ Mission Bay	San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ South San Francisco
345,995 RSF	202,428 RSF	212,796 RSF	300,010 RSF	230,592 RSF
97% Leased/Negotiating	61% Leased/Negotiating	—% Leased/Negotiating	7% Leased/Negotiating	100% Leased

(1)Image represents 500 North Beacon Street in our The Arsenal on the Charles mega campus.

(2)Image represents 50 Sylvan Road.

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


10075 Barnes Canyon Road	1150 Eastlake Avenue East	9810 Darnestown Road	9808 Medical Center Drive
San Diego/Sorrento Mesa	Seattle/Lake Union	Maryland/Rockville	Maryland/Rockville
254,771 RSF	311,631 RSF	192,000 RSF	90,000 RSF
—% Leased/Negotiating	89% Leased/Negotiating	100% Leased	73% Leased/Negotiating


9601 and 9603 Medical Center Drive	2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive(1)	4 Davis Drive	6040 George Watts Hill Drive, Phase II
Maryland/Rockville	Research Triangle/Research Triangle	Research Triangle/Research Triangle	Research Triangle/Research Triangle
61,322 RSF	376,871 RSF	180,000 RSF	88,038 RSF
100% Leased	86% Leased/Negotiating	6% Leased/Negotiating	100% Leased

(1)Image represents 41 Moore Drive in our Alexandria Center® for Life Science – Durham mega campus.

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

The following tables set forth a summary of our new Class A development and redevelopment properties under construction and pre-leased/negotiating near-term projects as of December 31, 2022 (dollars in thousands):


Market Property/Submarket				Square Footage						Percentage							Occupancy(1)
	Dev/Redev		In Service		CIP		Total		Leased			Leased/Negotiating				Initial			Stabilized
Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs		Dev		—		462,100		462,100		100	%		100	%				2023		2024
One Rogers Street/Cambridge/Inner Suburbs		Redev		4,367		403,892		408,259		100			100					2023		2023
99 Coolidge Avenue/Cambridge/Inner Suburbs		Dev		—		320,809		320,809		36			36					2024		2025
500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs		Dev		—		248,018		248,018		85			85					2024		2025
201 Brookline Avenue/Fenway		Dev		340,073		170,043		510,116		97			98					3Q22		2023
15 Necco Street/Seaport Innovation District		Dev		—		345,995		345,995		97			97					2024		2024
40, 50, and 60 Sylvan Road/Route 128		Redev		312,845		202,428		515,273		61			61					2023		2024
840 Winter Street/Route 128		Redev		28,230		139,984		168,214		100			100					2024		2024
Other		Redev		—		453,869		453,869		—			—		(2)		2023			2025
San Francisco Bay Area
1450 Owens Street/Mission Bay		Dev		—		212,796		212,796		—			—		(2)			2024		2025
651 Gateway Boulevard/South San Francisco		Redev		—		300,010		300,010		7			7		(2)			2023		2025
751 Gateway Boulevard/South San Francisco		Dev		—		230,592		230,592		100			100					2023		2023
San Diego
10075 Barnes Canyon Road/Sorrento Mesa		Dev		—		254,771		254,771		—			—		(2)			2024		2025
Seattle
1150 Eastlake Avenue East/Lake Union		Dev		—		311,631		311,631		89			89					2023		2024
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell		Redev		246,647		213,976		460,623		84			84					2023		2024
Maryland
9810 Darnestown Road/Rockville		Dev		—		192,000		192,000		100			100					2024		2024
9808 Medical Center Drive/Rockville		Dev		—		90,000		90,000		29			73					2023		2024
9601 and 9603 Medical Center Drive/Rockville		Redev		34,589		61,322		95,911		100			100					4Q21		2023
20400 Century Boulevard/Gaithersburg		Redev		50,738		29,812		80,550		100			100					1Q22		2023
Research Triangle
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/ Research Triangle		Redev		326,445		376,871		703,316		86			86				2Q21			2024
4 Davis Drive/Research Triangle		Dev		—		180,000		180,000		—			6		(2)			2023		2024
6040 George Watts Hill Drive, Phase II/Research Triangle		Dev		—		88,038		88,038		100			100					2024		2024
Texas
8800 Technology Forest Place/Greater Houston		Redev		—		201,499		201,499		23			23					2023		2024
Canada
Canada		Redev		22,992		107,081		130,073		71			81					2023		2024
				1,366,926		5,597,537		6,964,463		67	%		68	%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Multi-tenant projects may have occupancy by tenants over a period of time. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. (2)This project is focused on demand from our existing tenants in our adjacent properties/campuses and will also address demand from other non-Alexandria properties/campuses.

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


Market Property/Submarket				Square Footage						Percentage
	Dev/Redev		In Service		CIP		Total		Leased			Leased/Negotiating
Near-term projects expected to commence construction in the next four quarters
San Francisco Bay Area
230 Harriet Tubman Way/South San Francisco		Dev		—		285,346		285,346		100	%		100	%
San Diego
11255 and 11355 North Torrey Pines Road/Torrey Pines		Dev		—		309,094		309,094		100			100
10931 and 10933 North Torrey Pines Road/Torrey Pines		Dev		—		299,158		299,158		100			100
Campus Point by Alexandria, Phase II/University Town Center		Dev		—		426,927		426,927		100			100
Campus Point by Alexandria, Phase I/University Town Center		Dev		—		171,102		171,102		100			100
Seattle
701 Dexter Avenue North/Lake Union		Dev		—		226,586		226,586		—			—		(1)
Maryland
9820 Darnestown Road/Rockville		Dev		—		250,000		250,000		100			100
				—		1,968,213		1,968,213		88			88
Total				1,366,926		7,565,750		8,932,676		72	%		72	%

(1)This project was initiated due to demand from neighboring tenants.

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


	Our Ownership Interest			At 100%										Unlevered Yields
Market Property/Submarket			In Service	CIP		Cost to Complete		Total at Completion			Initial Stabilized						Initial Stabilized (Cash Basis)

Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs	100	%		$	—	$	477,206	$	413,794		$	891,000			8.5	%		7.2	%
One Rogers Street/Cambridge/Inner Suburbs	100	%		10,814		1,040,421		154,765			1,206,000				5.2	%		4.2	%
99 Coolidge Avenue/Cambridge/Inner Suburbs	75.0	%		—		174,817		TBD
500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs	100	%		—		156,299		270,701			427,000				6.2	%		5.5	%
201 Brookline Avenue/Fenway	98.8	%		482,455		208,188		43,357			734,000				7.2	%		6.2	%
15 Necco Street/Seaport Innovation District	90.0	%		—		339,207		227,793			567,000				6.7	%		5.5	%
40, 50, and 60 Sylvan Road/Route 128	100	%		173,686		151,887		TBD
840 Winter Street/Route 128	100	%		13,642		99,117		95,241			208,000				7.5	%		6.5	%
Other	100	%		—		128,736		TBD
San Francisco Bay Area
1450 Owens Street/Mission Bay	59.7	%		—		122,012		TBD
651 Gateway Boulevard/South San Francisco	50.0	%		—		182,941
751 Gateway Boulevard/South San Francisco	51.0	%		—		171,315		118,685			290,000				6.5	%		6.3	%
San Diego
10075 Barnes Canyon Road/Sorrento Mesa	50.0	%		—		51,389		TBD
Seattle
1150 Eastlake Avenue East/Lake Union	100	%		—		213,339		191,661			405,000				6.4	%		6.2	%
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell	100	%		59,309		99,001		70,690			229,000				6.3	%		6.2	%
Maryland
9810 Darnestown Road/Rockville	100	%		—		78,508		54,492			133,000				6.9	%		6.2	%
9808 Medical Center Drive/Rockville	100	%		—		51,050		TBD
9601 and 9603 Medical Center Drive/Rockville	100	%		18,187		30,907		4,906			54,000				8.4	%		7.1	%
20400 Century Boulevard/Gaithersburg	100	%		21,185		7,584		6,231			35,000				8.5	%		8.6	%
Research Triangle
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle	100	%		93,858		121,944		121,198			337,000				7.5	%		6.7	%
4 Davis Drive/Research Triangle	100	%		—		38,090		TBD
6040 George Watts Hill Drive, Phase II/Research Triangle	100	%		—		20,583		43,417			64,000				8.0	%		7.0	%
Texas
8800 Technology Forest Place/Greater Houston	100	%		—		73,436		TBD
Canada
Canada	100	%		3,154		17,376		TBD

				$	876,290	$	4,055,353	$	3,690,000	(1)	$	8,620,000	(1)
(1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD.

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


	Our Ownership Interest			At 100%
Market Property/Submarket			In Service	CIP		Cost to Complete		Total at Completion

Near-term projects expected to commence construction in the next four quarters
San Francisco Bay Area								TBD
230 Harriet Tubman Way/South San Francisco	45.3	%		$	—	$	110,278
San Diego
11255 and 11355 North Torrey Pines Road/Torrey Pines	100	%		—		126,748
10931 and 10933 North Torrey Pines Road/Torrey Pines	100	%		—		83,241
Campus Point by Alexandria, Phase II/University Town Center	55.0	%		—		53,495
Campus Point by Alexandria, Phase I/University Town Center	55.0	%		—		46,821
Seattle
701 Dexter Avenue North/Lake Union	100	%		—		124,303
Maryland
9820 Darnestown Road/Rockville	100	%		—		38,952

				—		583,838		1,830,000		(1)	2,420,000		(1)
Total				$	876,290	$	4,639,191	$	5,520,000	(1)	$	11,040,000	(1)

Our share of investment(2)								$	4,660,000	(1)	$	9,730,000	(1)

(1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD.

(2)Represents our share of investment based on our ownership percentages at the completion of development or redevelopment projects.

New Class A development and redevelopment properties: summary of pipeline

The following table summarizes the key information for all our development and redevelopment projects in North America as of December 31, 2022 (dollars in thousands):


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

Greater Boston
Mega Campus: Alexandria Center® at One Kendall Square/Cambridge/ Inner Suburbs	100	%		$	477,206	462,100	—	—	—	462,100
325 Binney Street
Mega Campus: Alexandria Center® at Kendall Square/Cambridge/ Inner Suburbs	100	%		1,097,991		403,892	104,500	—	41,955	550,347
One Rogers Street and 100 Edwin H. Land Boulevard
99 Coolidge Avenue/Cambridge/Inner Suburbs	75.0	%		174,817		320,809	—	—	—	320,809
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		167,226		248,018	—	—	342,603	590,621
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway	(2)			524,791		170,043	507,997	—	—	678,040
201 Brookline Avenue and 421 Park Drive
15 Necco Street/Seaport Innovation District	90.0	%		339,207		345,995	—	—	—	345,995
Mega Campus: 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street/Route 128	100	%		308,205		342,412	341,075	—	515,000	1,198,487
275 Grove Street/Route 128	100	%		—		—	160,251	—	—	160,251
10 Necco Street/Seaport Innovation District	100	%		98,667		—	—	175,000	—	175,000
215 Presidential Way/Route 128	100	%		6,808		—	—	112,000	—	112,000
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs	100	%		77,582		—	—	—	902,000	902,000
446, 458, and 550 Arsenal Street
Mega Campus: Alexandria Technology Square®/Cambridge/ Inner Suburbs	100	%		7,881		—	—	—	100,000	100,000
Mega Campus: 380 and 420 E Street/Seaport Innovation District	100	%		125,786		—	—	—	1,000,000	1,000,000
99 A Street/Seaport Innovation District	100	%		49,800		—	—	—	235,000	235,000
Mega Campus: One Moderna Way/Route 128	100	%		24,686		—	—	—	1,100,000	1,100,000
Other value-creation projects	100	%		202,708		453,869	260,992	—	449,549	1,164,410
				$	3,683,361	2,747,138	1,374,815	287,000	4,686,107	9,095,060
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 RSF, which is currently under construction, and a 100% ownership interest in the near-term development project at 421 Park Drive aggregating 507,997 SF.

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


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

San Francisco Bay Area
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay	59.7	%		$	122,012	212,796	—	—		—	212,796
1450 Owens Street
Mega Campus: Alexandria Technology Center® – Gateway/South San Francisco	(2)			378,730		530,602	—	—		291,000	821,602
651 and 751 Gateway Boulevard
Alexandria Center® for Life Science – Millbrae/South San Francisco	45.3	%		252,173		—	633,747	—		—	633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
3825 and 3875 Fabian Way/Greater Stanford	100	%		137,076		—	—	250,000		228,000	478,000
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford	100	%		397,323		—	105,000	700,000		692,830	1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
901 California Avenue/Greater Stanford	100	%		11,698		—	56,924	—		—	56,924
Mega Campus: 88 Bluxome Street/SoMa	100	%		348,135		—	1,070,925	—		—	1,070,925
Mega Campus: 1122, 1150, and 1178 El Camino Real/South San Francisco	100	%		350,590		—	—	—		1,930,000	1,930,000
Mega Campus: 211(3), 213(3), 249, 259, 269, and 279 East Grand Avenue/ South San Francisco	100	%		6,655		—	—	—		90,000	90,000
211 East Grand Avenue
Other value-creation projects	100	%		—		—	—	—		25,000	25,000
				2,004,392		743,398	1,866,596	950,000		3,256,830	6,816,824
New York City
Mega Campus: Alexandria Center® for Life Science – New York City/New York City	100	%		133,505		—	—	550,000	(4)	—	550,000
219 East 42nd Street/New York City	100	%		—		—	—	579,947		—	579,947
				$	133,505	—	—	1,129,947		—	1,129,947
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (2)We have a 50.0% ownership interest in 651 Gateway Boulevard aggregating 300,010 RSF and a 51.0% ownership interest in 751 Gateway Boulevard aggregating 230,592 RSF. (3)We own a partial interest in this property through a real estate joint venture. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements under Item 15 of this annual report on Form 10-K for additional details. (4)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new building of approximately 550,000 SF.

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


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

San Diego
Mega Campus: SD Tech by Alexandria/Sorrento Mesa	50.0	%		$	116,330	254,771	—	160,000	333,845	748,616
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road
Mega Campus: One Alexandria Square and One Alexandria North/Torrey Pines	100	%		262,456		—	608,252	125,280	—	733,532
10931, 10933, 11255, and 11355 North Torrey Pines Road and 10975 and 10995 Torreyana Road
Mega Campus: Campus Point by Alexandria/University Town Center	55.0	%		259,044		—	598,029	—	1,074,445	1,672,474
10010(2), 10140(2), and 10260 Campus Point Drive and 4110, 4150, 4161, and 4275(2) Campus Point Court
Mega Campus: Sequence District by Alexandria/Sorrento Mesa	100	%		43,100		—	200,000	509,000	1,089,915	1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa	100	%		69,978		—	105,000	175,041	164,000	444,041
10048 and 10219 Meanley Drive, and 10277 Scripps Ranch Boulevard
Mega Campus: University District/University Town Center	100	%		143,990		—	—	937,000	—	937,000
9363, 9373, and 9393 Towne Centre Drive, 8410-8750 Genesee Avenue, and 4282 Esplanade Court
Pacific Technology Park/Sorrento Mesa	50.0	%		21,981		—	—	149,000	—	149,000
9444 Waples Street
Mega Campus: 5200 Illumina Way/University Town Center	51.0	%		16,652		—	—	—	451,832	451,832
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley	100	%		21,282		—	—	—	247,000	247,000
Other value-creation projects	100	%		68,606		—	—	—	475,000	475,000
				1,023,419		254,771	1,511,281	2,055,321	3,836,037	7,657,410
Seattle
Mega Campus: The Eastlake Life Science Campus by Alexandria/Lake Union	100	%		213,339		311,631	—	—	—	311,631
1150 Eastlake Avenue East
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell	100	%		99,001		213,976	50,552	—	—	264,528
3301, 3555, and 3755 Monte Villa Parkway
Mega Campus: Alexandria Center® for Life Science – South Lake Union/ Lake Union	(3)			377,870		—	1,095,586	—	188,400	1,283,986
601 and 701 Dexter Avenue North and 800 Mercer Street
830 and 1010 4th Avenue South/SoDo	100	%		$	53,937	—	—	—	597,313	597,313
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (2)We have a 100% ownership interest in this property. (3)We have a 100% ownership interest in 601 and 701 Dexter Avenue North aggregating 414,986 SF and a 60% ownership interest in the near-term development project at 800 Mercer Street aggregating 869,000 SF.

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


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

Seattle (continued)
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell	100	%		$	14,059	—	—	—	230,000	230,000
21660 20th Avenue Southeast
Other value-creation projects	100	%		84,369		—	—	—	691,000	691,000
				842,575		525,607	1,146,138	—	1,706,713	3,378,458
Maryland
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville	100	%		218,117		343,322	250,000	258,000	38,000	889,322
9601, 9603, and 9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road
20400 Century Boulevard/Gaithersburg	100	%		7,584		29,812	—	—	—	29,812
				225,701		373,134	250,000	258,000	38,000	919,134
Research Triangle
Mega Campus: Alexandria Center® for Life Science – Durham/ Research Triangle	100	%		271,547		376,871	—	—	2,060,000	2,436,871
40 and 41 Moore Drive and 14 TW Alexander Drive
Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle/Research Triangle	100	%		74,801		180,000	—	—	990,000	1,170,000
4 and 12 Davis Drive
6040 George Watts Hill Drive, Phase II/Research Triangle	100	%		20,583		88,038	—	—	—	88,038
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle	100	%		100,290		—	100,000	100,000	855,000	1,055,000
3029 East Cornwallis Road
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle	100	%		51,083		—	—	—	750,000	750,000
Other value-creation projects	100	%		4,185		—	—	—	76,262	76,262
				$	522,489	644,909	100,000	100,000	4,731,262	5,576,171
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

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


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

Texas
8800 Technology Forest Place/Greater Houston	100	%		$	84,514		201,499	—	—	116,287	317,786
1020 Red River Street/Austin	100	%		9,197			—	—	—	177,072	177,072
Other value-creation projects	100	%		127,618			—	—	—	1,694,000	1,694,000
				221,329			201,499	—	—	1,987,359	2,188,858
Canada	100	%		17,376			107,081	—	—	124,000	231,081
Other value-creation projects	100	%		41,188			—	—	—	350,000	350,000
Total pipeline as of December 31, 2022				$	8,715,335	(2)	5,597,537	6,248,830	4,780,268	20,716,308	37,342,943

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

(1)Total square footage includes 4,550,537 RSF of buildings currently in operation that we intend to demolish or redevelop and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(2)Total book value includes $4.1 billion of projects currently under construction that are 68% leased/negotiating. We also expect to commence construction of seven near-term projects aggregating $583.8 million, which are 88% leased, in the next four quarters.

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