Item 2. PROPERTIES

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Item 2. PROPERTIES

General

As of December 31, 2023, we had 411 properties in North America consisting of approximately 47.2 million RSF of operating properties and new Class A/A+ development and redevelopment properties under construction, including 68 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 94.6% as of December 31, 2023. 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, 2023, we held a fee simple interest in each of our properties, with the exception of 36 properties in North America subject to ground leasehold interests, which accounted for approximately 9% of our total number of properties. Of these 36 properties, we held 10 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, 2023, as a percentage of net operating income our ground lease rental expense aggregated 1.5%. Refer to our consolidated financial statements and notes thereto in “Item 15. Exhibits and financial statement schedules” in this annual report on Form 10-K for further discussion.

As of December 31, 2023, we had over 1,000 leases with a total of approximately 800 tenants, and 198, or 48%, of our 411 properties were single-tenant properties. Leases in our multi-tenant buildings typically have initial terms of 4 to 11 years, while leases in our single-tenant buildings typically have initial terms of 11 to 21 years. Additionally, as of December 31, 2023:

Investment-grade or publicly traded large cap tenants represented 52% 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 94% 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 Class A/A+ assets strategically clustered in life science, agtech, and advanced technology mega campuses in AAA innovation cluster markets. The following table sets forth the total RSF, number of properties, and annual rental revenue in effect as of December 31, 2023 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	10,836,743	975,419	1,304,051	(1)	13,116,213	28	%	72		$	820,759		38	%		$	79.82
San Francisco Bay Area	7,906,198	498,142	300,010		8,704,350	18		67		460,272			21			66.04
New York City	922,477	—	—		922,477	2		4		72,993			3			92.75
San Diego	7,831,370	1,187,796	—		9,019,166	19		90		320,460			14			43.48
Seattle	2,962,995	33,349	148,890		3,145,234	7		44		131,377			6			46.57
Maryland	3,582,494	510,601	—		4,093,095	9		51		123,780			6			36.57
Research Triangle	3,840,876	—	—		3,840,876	8		39		120,982			6			32.20
Texas	1,845,159	—	73,298		1,918,457	4		15		57,591			3			32.80
Canada	898,740	—	172,936		1,071,676	2		12		17,222			1			22.01
Non-cluster/other markets	347,806	—	—		347,806	1		10		15,827			1			57.96
Properties held for sale	1,049,135	—	—		1,049,135	2		7		26,907			1			N/A
North America	42,023,993	3,205,307	1,999,185		47,228,485	100	%	411		$	2,168,170		100	%		$	56.08
		5,204,492

(1)Primarily relates to our active redevelopment projects at 840 Winter Street and 40, 50, and 60 Sylvan Road, aggregating 716,604 RSF located in our Alexandria Center® for Life Science – Waltham mega campus, which are 43% leased/negotiating on a combined basis. This mega campus project is expected to capture demand in our Route 128 submarket of Greater Boston.

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	12/31/23			12/31/22		12/31/21		12/31/23		12/31/22		12/31/21
Greater Boston	94.9	%		94.5	%	95.2	%	84.7	%	85.5	%	83.2	%
San Francisco Bay Area	94.8			96.7		93.0		91.4		93.3		92.6
New York City	85.3		(1)	92.3		98.4		85.3		92.3		91.0
San Diego	94.1			95.4		93.1		94.1		95.4		91.7
Seattle	95.2			97.0		95.6		90.7		90.1		88.5
Maryland	95.6			95.8		99.8		95.6		93.3		96.0
Research Triangle	97.8			94.0		94.6		97.8		85.0		86.1
Texas	95.1			91.2		N/A		91.5		81.6		N/A
Subtotal	94.9			95.1		94.9		90.7		89.9		89.1
Canada	87.1			80.8		78.6		73.0		68.2		78.6
Non-cluster/other markets	78.5			75.0		75.1		78.5		75.0		75.1
North America	94.6	%		94.8	%	94.0	%	90.2	%	89.4	%	88.5	%

(1)Occupancy in our New York City market includes vacancy at our Alexandria Center® for Life Science – Long Island City property that is 41.7% occupied as of December 31, 2023. In addition, our mega campus at Alexandria Center® for Life Science – New York City is 95.8% occupied as of December 31, 2023.

Top 20 tenants

92% 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 5.7% of our annual rental revenue in effect as of December 31, 2023. 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, 2023 (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	Moderna, Inc.		13.2		1,370,536		$	122,763		5.7	%	—	—	$	47.4
2	Eli Lilly and Company		9.1		1,154,917		93,815			4.3		A2	A+	$	440.5
3	Bristol-Myers Squibb Company		6.7		852,830		66,339			3.1		A2	A+	$	131.5
4	Roche		6.4		770,279		46,192			2.1		Aa2	AA	$	242.1
5	Takeda Pharmaceutical Company Limited		6.0		549,760		37,399			1.7		Baa2	BBB+	$	49.0
6	Alphabet Inc.		2.9		654,423		36,809			1.7		Aa2	AA+	$	1,509.5
7	Illumina, Inc.		6.6		890,389		36,204			1.7		Baa3	BBB	$	27.9
8	2seventy bio, Inc.(2)		9.7		312,805		33,617			1.6		—	—	$	0.4
9	Harvard University		6.0		389,233		32,494			1.5		Aaa	AAA	$	—
10	Novartis AG		4.6		450,563		31,196			1.4		A1	AA-	$	221.7
11	Cloud Software Group, Inc.		3.2	(3)	292,013		28,537			1.3		—	—	$	—
12	Uber Technologies, Inc.		58.7	(4)	1,009,188		27,750			1.3		—	—	$	84.8
13	Pfizer Inc.		1.2	(5)	524,159		25,242			1.2		A1	A+	$	208.5
14	AstraZeneca PLC		6.0		416,761		24,583			1.1		A3	A	$	212.5
15	United States Government		6.8		340,238		23,023			1.1		Aaa	AA+	$	—
16	Sanofi		7.0		267,278		21,444			1.0		A1	AA	$	129.2
17	New York University		8.1		218,983		21,056			1.0		Aa2	AA-	$	—
18	Massachusetts Institute of Technology		5.4		246,725		20,504			0.9		Aaa	AAA	$	—
19	Boston Children’s Hospital		12.8		266,857		20,066			0.9		Aa2	AA	$	—
20	Merck & Co., Inc.		9.9		312,935		20,033			0.9		A1	A+	$	274.8
	Total/weighted-average		9.6	(4)	11,290,872		$	769,066		35.5	%

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, 2023. 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)As of September 30, 2023, 2seventy bio, Inc. held $250.6 million of cash, cash equivalents, and marketable securities. Additionally, 90.0% of the annual rental revenue generated by 2seventy bio, Inc. is guaranteed by another public biotechnology company (a party related to 2seventy bio, Inc.).

(3)Includes one lease at a recently acquired property with future development and redevelopment opportunities. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was 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) in our Mission Bay submarket 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 7.8 years as of December 31, 2023.

(5)Primarily relates to one office building in our New York City submarket aggregating 349,947 RSF with a contractual lease expiration in the third quarter of 2024, which was classified as held for sale as of December 31, 2023.


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

REIT Industry-Leading Client Base
Investment-Grade or Publicly Traded Large Cap Tenants

92%						52%
of ARE’s Top 20 Tenants Annual Rental Revenue(1)						of ARE’s Total Annual Rental Revenue(1)

Long-Duration Lease Terms
9.6 Years						7.4 Years
Top 20 Tenants						All Tenants
Weighted-Average Remaining Term(2)


Sustained Strength in Tenant Collections(3)

99.9%
For the Three Months Ended December 31, 2023

99.4%
January 2024

(1)Represents annual rental revenue in effect as of December 31, 2023. Refer to the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(2)Based on total annual rental revenue in effect as of December 31, 2023.

(3)Represents the portion of total receivables billed for each indicated period collected through the date of this report.


High-Quality and Diverse Client Base in AAA Locations

Solid and Well-Diversified Tenant Base

	Industry		Annual Rental Revenue(1) per RSF
	Multinational Pharmaceutical		$	64.22
	Public Biotechnology – Approved or Marketed Product		$	68.98
	Institutional (Academic/Medical, Non-Profit, and U.S. Government)		$	59.95
	Public Biotechnology – Preclinical or Clinical Stage		$	70.25
	Private Biotechnology		$	82.51
	Life Science Product, Service, and Device		$	43.45
	Future Change in Use(2)		$	44.38
	Investment-Grade or Large Cap Tech		$	31.93
	Other(3)		$	32.61
Percentage of ARE’s Annual Rental Revenue(1)

Solid Historical Occupancy of 96% Over Past 10 Years(4) From Historically Strong Demand for Our Class A/A+ Properties in AAA Locations

AAA Locations		Occupancy Across Key Locations



Percentage of ARE’s Annual Rental Revenue(1)

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

(1)Represents annual rental revenue in effect as of December 31, 2023.

(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 for future development opportunities. The weighted-average remaining term of these leases is 4.0 years.

(3)Our “Other” tenants, which represent an aggregate of 3.0% of our annual rental revenue, comprise technology, professional services, finance, telecommunications, and construction/real estate companies, and (by less than 1.0% of our annual rental revenue) retail-related tenants.

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

(5)Refer to footnote 1 in the “Summary of occupancy percentages in North America” section within this Item 2 for additional details.

(6)Acquired vacancy of 1.7% from properties recently acquired in 2021 and 2022 primarily represents lease-up opportunities. Excluding acquired vacancy, occupancy of operating properties in North America was 96.3% as of December 31, 2023.

Property listing

Mega Campuses Encompass 75% of Our Annual Rental Revenue**(1)**

The following table provides certain information about our properties as of December 31, 2023 (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	2,856,043	—		—		2,856,043	11	$	266,549	99.6	%	99.6	%
		50(2), 60(2), 75/125(2), 100(2), and 225(2) Binney Street, 140 and 215 First Street, 150 Second Street, 300 Third Street(2), 11 Hurley Street, and 100 Edwin H. Land Boulevard
		Mega Campus: Alexandria Center® at One Kendall Square	1,370,989	—		—		1,370,989	12	140,216		88.0		88.0
		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®	1,185,284	—		—		1,185,284	7	115,886		99.9		99.9
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Mega Campus: The Arsenal on the Charles	872,883	248,018		—		1,120,901	13	51,957		97.6		97.6
		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	521,735	—		—		521,735	5	27,136		99.2		99.2
		99 Coolidge Avenue(2)	43,568	277,241		—		320,809	1	5,221		100.0		100.0
		Cambridge/Inner Suburbs	6,850,502	525,259		—		7,375,761	49	606,965		97.0		97.0
	Fenway
		Mega Campus: Alexandria Center® for Life Science – Fenway	1,234,888	450,160		133,578		1,818,626	3	98,035		92.0		83.0
		401 and 421(2) Park Drive and 201 Brookline Avenue(2)
	Seaport Innovation District
		5 and 15(2) Necco Street	441,396	—		—		441,396	2	39,724		75.7		75.7
		Seaport Innovation District	441,396	—		—		441,396	2	39,724		75.7		75.7
	Route 128
		Mega Campus: Alexandria Center® for Life Science – Waltham	326,110	—		716,604		1,042,714	5	22,738		100.0		31.3
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		Mega Campus: One Moderna Way	706,988	—		—		706,988	4	29,059		100.0		100.0
		19, 225, and 235 Presidential Way	585,226	—		—		585,226	3	13,374		100.0		100.0
		Route 128	1,618,324	—		716,604		2,334,928	12	65,171		100.0		69.3
	Other		691,633	—		453,869		1,145,502	6	10,864		79.2		47.8
		Greater Boston	10,836,743	975,419		1,304,051		13,116,213	72	$	820,759	94.9	%	84.7	%
	(1)As of December 31, 2023. Refer to “New Class A/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 “Consolidated and unconsolidated real estate joint ventures” 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)	2,012,791	212,796		—		2,225,587	10	$	91,856	94.9	%	94.9	%
		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	2,012,791	212,796		—		2,225,587	10	91,856		94.9		94.9
	South San Francisco
		Mega Campus: Alexandria Technology Center® – Gateway(1)	1,342,194	—		300,010		1,642,204	12	75,299		86.6		70.8
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
		Mega Campus: Alexandria Center® for Advanced Technologies – South San Francisco	919,704	—		—		919,704	5	57,055		100.0		100.0
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	503,388	—		—		503,388	3	32,372		89.8		89.8
		201 Haskins Way and 400 and 450 East Jamie Court
		Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	4,011		100.0		100.0
		1122 and 1150 El Camino Real
		Alexandria Center® for Life Science – Millbrae(1)	—	285,346		—		285,346	1	—		N/A		N/A
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)	155,685	—		—		155,685	1	10,680		100.0		100.0
		South San Francisco	3,366,203	285,346		300,010		3,951,559	24	179,417		93.1		85.5
	Greater Stanford
		Mega Campus: Alexandria Center® for Life Science – San Carlos	739,157	—		—		739,157	9	50,755		99.0		99.0
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	703,570	—		—		703,570	9	65,005		98.3		98.3
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	338,751	—		—		338,751	5	24,275		83.2		83.2
		3875 Fabian Way	228,000	—		—		228,000	1	9,402		100.0		100.0
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	194,503	—		—		194,503	3	18,294		100.0		100.0
		2100, 2200, 2300, and 2400 Geng Road	162,584	—		—		162,584	4	12,241		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	61,431	—		—		61,431	1	4,770		100.0		100.0
		Greater Stanford	2,527,204	—		—		2,527,204	33	188,999		97.0		97.0
		San Francisco Bay Area	7,906,198	498,142		300,010		8,704,350	67	460,272		94.8		91.4

New York City
	New York City
		Mega Campus: Alexandria Center® for Life Science – New York City	743,377	—		—		743,377	3	67,706		95.8		95.8
		430 and 450 East 29th Street
		Alexandria Center® for Life Science – Long Island City	179,100	—		—		179,100	1	5,287		41.7		41.7
		30-02 48th Avenue
		New York City	922,477	—		—		922,477	4	$	72,993	85.3	%	85.3	%
	Refer to “New Class A/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 “Consolidated and unconsolidated real estate joint ventures” 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	833,589	334,996		—		1,168,585	12	$	49,861	100.0	%	100.0	%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10935, 10945, and 10955 Alexandria Way, 10975 North Torrey Pines Road, 10975, 10995, and 10996 Torreyana Road, and 3545 Cray Court
		ARE Torrey Ridge	296,290	—		—		296,290	3	13,969		85.8		85.8
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	213,900	—		—		213,900	4	8,729		88.2		88.2
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
		Torrey Pines	1,343,779	334,996		—		1,678,775	19	72,559		95.0		95.0
	University Town Center
		Mega Campus: Campus Point by Alexandria(1)	1,666,590	598,029		—		2,264,619	13	77,574		99.0		99.0
		9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135, 4155, 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
		ARE Esplanade	243,084	—		—		243,084	4	5,022		47.7		47.7
		4755, 4757, and 4767 Nexus Center Drive and 4796 Executive Drive
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	6,528		100.0		100.0
		Costa Verde by Alexandria	8,730	—		—		8,730	2	879		100.0		100.0
		8505 Costa Verde Boulevard and 4260 Nobel Drive
		University Town Center	2,874,739	598,029		—		3,472,768	26	119,981		95.0		95.0
	Sorrento Mesa
		Mega Campus: SD Tech by Alexandria(1)	1,064,267	254,771		—		1,319,038	15	44,628		95.6		95.6
		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	800,151	—		—		800,151	7	23,930		89.0		89.0
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)	544,352	—		—		544,352	5	8,969		89.1		89.1
		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	144,113	—		—		144,113	1	11,069		100.0		100.0
		10102 Hoyt Park Drive
		ARE Portola	101,857	—		—		101,857	3	4,034		100.0		100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	4,693		100.0		100.0
		9877 Waples Street	63,774	—		—		63,774	1	2,680		100.0		100.0
		5871 Oberlin Drive	33,842	—		—		33,842	1	1,799		100.0		100.0
		Sorrento Mesa	3,152,241	254,771		—		3,407,012	38	$	113,323	93.8	%	93.8	%
	Refer to “New Class A/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 “Consolidated and unconsolidated real estate joint ventures” 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, and 3985 Sorrento Valley Boulevard	108,812	—		—		108,812	3	$	4,112	85.0	%	85.0	%
		11045 and 11055 Roselle Street	42,055	—		—		42,055	2	2,156		100.0		100.0
		Sorrento Valley	150,867	—		—		150,867	5	6,268		89.2		89.2
	Other		309,744	—		—		309,744	2	8,329		87.6		87.6
		San Diego	7,831,370	1,187,796		—		9,019,166	90	320,460		94.1		94.1

Seattle
	Lake Union
		Mega Campus: The Eastlake Life Science Campus by Alexandria	1,214,448	33,349		—		1,247,797	9	80,053		95.9		95.9
		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	290,754	—		—		290,754	1	17,969		100.0		100.0
		400 Dexter Avenue North(1)
		219 Terry Avenue North	25,966	—		—		25,966	1	1,372		90.7		90.7
		Lake Union	1,531,168	33,349		—		1,564,517	11	99,394		96.6		96.6
	SoDo
		830 4th Avenue South	42,380	—		—		42,380	1	1,052		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	1,586		100.0		100.0
		Elliott Bay	84,595	—		—		84,595	3	4,733		100.0		100.0
	Bothell
		Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park	916,446	—		—		916,446	21	19,348		92.6		92.6
		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, 22213 and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast
		Alexandria Center® for Advanced Technologies – Monte Villa Parkway	311,030	—		148,890		459,920	6	5,972		96.8		65.4
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,227,476	—		148,890		1,376,366	27	25,320		93.7		83.6
	Other		77,376	—		—		77,376	2	878		100.0		100.0
		Seattle	2,962,995	33,349		148,890		3,145,234	44	$	131,377	95.2	%	90.7	%
	Refer to “New Class A/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 “Consolidated and unconsolidated real estate joint ventures” 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	1,176,744	510,601		—		1,687,345	20	$	53,655	96.6	%	96.6	%
		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 and 9820 Darnestown Road
		1330 Piccard Drive	131,508	—		—		131,508	1	4,197		100.0		100.0
		1405 and 1450(1) Research Boulevard	114,849	—		—		114,849	2	3,025		73.3		73.3
		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	3,073		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	1,598		100.0		100.0
		Rockville	1,679,017	510,601		—		2,189,618	28	69,180		95.8		95.8
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	619,241	—		—		619,241	9	17,532		93.6		93.6
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
		Alexandria Technology Center® – Gaithersburg II	486,633	—		—		486,633	7	18,543		100.0		100.0
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
		20400 Century Boulevard	81,006	—		—		81,006	1	3,298		100.0		100.0
		401 Professional Drive	63,154	—		—		63,154	1	2,135		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	1,327,984	—		—		1,327,984	20	43,949		97.0		97.0
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	3,021		100.0		100.0
		101 West Dickman Street(1)	135,423	—		—		135,423	1	1,503		64.4		64.4
		Beltsville	327,307	—		—		327,307	2	4,524		85.3		85.3
	Northern Virginia
		14225 Newbrook Drive	248,186	—		—		248,186	1	6,127		100.0		100.0
		Maryland	3,582,494	510,601		—		4,093,095	51	$	123,780	95.6	%	95.6	%
	Refer to “New Class A/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 “Consolidated and unconsolidated real estate joint ventures” 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	2,155,252	—		—		2,155,252	15	$	52,175	97.5	%	97.5	%
		6, 8, 10, 12, 14, 40, 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 Sustainable Technologies	364,493	—		—		364,493	7	14,233		99.9		99.9
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
		Alexandria Center® for AgTech	345,467	—		—		345,467	2	16,541		97.2		97.2
		5 and 9 Laboratory Drive
		Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle	341,626	—		—		341,626	4	16,079		99.4		99.4
		6, 8, 10, and 12 Davis Drive
		Alexandria Technology Center® – Alston	155,533	—		—		155,533	3	3,837		90.9		90.9
		100, 800, and 801 Capitola Drive
		6040 George Watts Hill Drive	149,585	—		—		149,585	2	7,375		100.0		100.0
		Alexandria Innovation Center® – Research Triangle	136,729	—		—		136,729	3	4,093		97.2		97.2
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,651		100.0		100.0
		601 Keystone Park Drive	77,595	—		—		77,595	1	2,137		100.0		100.0
		6101 Quadrangle Drive	31,600	—		—		31,600	1	861		100.0		100.0
		Research Triangle	3,840,876	—		—		3,840,876	39	120,982		97.8		97.8

Texas
	Austin
		Mega Campus: Intersection Campus	1,525,359	—		—		1,525,359	12	43,031		98.8		98.8
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		1001 Trinity Street and 1020 Red River Street	198,972	—		—		198,972	2	11,630		100.0		100.0
		Austin	1,724,331	—		—		1,724,331	14	54,661		98.9		98.9
	Greater Houston
		Alexandria Center® for Advanced Technologies at The Woodlands	120,828	—		73,298		194,126	1	2,930		41.5		25.8
		8800 Technology Forest Place
		Texas	1,845,159	—		73,298		1,918,457	15	57,591		95.1		91.5

Canada			898,740	—		172,936		1,071,676	12	17,222		87.1		73.0

Non-cluster/other markets			347,806	—		—		347,806	10	15,827		78.5		78.5

North America, excluding properties held for sale			40,974,858	3,205,307		1,999,185		46,179,350	404	2,141,263		94.6	%	90.2	%

Properties held for sale			1,049,135	—		—		1,049,135	7	26,907		63.3	%	63.3	%

Total – North America			42,023,993	3,205,307		1,999,185		47,228,485	411	$	2,168,170

Refer to “New Class A/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, 2023, strong demand for our high-quality Class A/A+ properties translated into solid leasing activity and rental rate growth in 2023 for our overall portfolio and our value-creation pipeline.

Executed a total of 222 leases, with a weighted-average lease term of 11.3 years, for 4.3 million RSF, including 596,533 RSF related to our development and redevelopment projects;
76% of our leasing activity during the last twelve months was generated from our existing tenant base;
Annual leasing activity of 3.0 million RSF for renewed and re-leased spaces; and
Annual rental rate increases of 29.4% and 15.8% (cash basis) on renewed and re-leased space.

During the year ended December 31, 2023, we granted tenant concessions/free rent averaging 0.6 months per annum with respect to the 4.3 million RSF leased.

Lease structure

Our Same Properties total revenue growth of 4.3% for the year ended December 31, 2023, and our Same Properties net operating income and Same Properties net operating income increases (cash basis) for the year ended December 31, 2023 of 3.4% and 4.6%, respectively, benefited significantly from strong market fundamentals. The limited supply of Class A/A+ space in AAA locations and strong demand from innovative tenants drove rental rate increases for the year ended December 31, 2023 of 29.4% and 15.8% (cash basis) on 3.0 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 69% and Same Properties current-period average occupancy of 94.6% for the year ended December 31, 2023, a decrease of 80 bps for the same-period prior-year average, across our 288 Same Properties aggregating 28.7 million RSF. As of December 31, 2023, approximately 94% 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, 2023 and 2022:


	Year Ended December 31,
	2023				2022
	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	29.4%	(2)	15.8%	(2)	31.0%	22.1%
New rates	$52.35		$50.82		$50.37	$48.48
Expiring rates	$40.46		$43.87		$38.44	$39.69
RSF	3,046,386				4,540,325
Tenant improvements/leasing commissions	$26.09				$27.83
Weighted-average lease term	8.7 years				5.0 years

Developed/redeveloped/previously vacant space leased(3)
New rates	$65.66		$59.74		$73.46	$64.04
RSF	1,259,686				3,865,262
Weighted-average lease term	13.8 years				11.8 years

Leasing activity summary (totals):
New rates	$56.09		$53.33		$60.98	$55.64
RSF	4,306,072				8,405,587
Weighted-average lease term	11.3 years				8.1 years

Lease expirations(1)
Expiring rates	$43.84		$45.20		$37.41	$38.06
RSF	5,027,773				6,572,286

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

(1)Excludes month-to-month leases aggregating 86,092 RSF and 266,292 RSF as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, we granted free rent concessions averaging 0.6 months per annum.

(2)Includes the re-lease of 99,557 RSF to Cargo Therapeutics at 835 Industrial at a 4.1% decline in the cash rental rate compared with the rate from the former tenant that was less than three years into a 10-year lease. Excluding this lease, the rental rate increase on renewals and re-leasing of space was 32.4% and 17.0% (cash basis) for 2023.

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

Summary of contractual lease expirations

The following table summarizes information with respect to the contractual lease expirations at our properties as of December 31, 2023:


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

	2024	(2)		3,443,219		8.8	%		$	49.36		7.9	%
	2025			3,876,007		9.9	%		$	52.08		9.3	%
	2026			2,576,109		6.6	%		$	52.02		6.2	%
	2027			2,720,041		6.9	%		$	52.75		6.6	%
	2028			4,685,961		11.9	%		$	51.92		11.2	%
	2029			2,517,755		6.4	%		$	52.73		6.1	%
	2030			2,549,798		6.5	%		$	50.18		5.9	%
	2031			3,711,668		9.4	%		$	56.14		9.6	%
	2032			1,157,219		2.9	%		$	59.66		3.2	%
	2033			2,780,801		7.1	%		$	51.97		6.7	%
Thereafter				9,310,793		23.6	%		$	63.13		27.3	%

(1)Represents amounts in effect as of December 31, 2023.

(2)Excludes month-to-month leases aggregating 86,092 RSF as of December 31, 2023.

Summary of contractual lease expirations (continued)

The following tables present information by market with respect to our 2024 and 2025 contractual lease expirations in North America as of December 31, 2023:


	2024 Contractual Lease Expirations (in RSF)												Annual Rental Revenue (per RSF)(4)
Market	Leased		Negotiating/ Anticipating		Targeted for Future Development/ Redevelopment(1)			Remaining Expiring Leases(2)			Total(3)

Greater Boston	76,696		12,962		412,946		(5)	471,370			973,974		$	65.16
San Francisco Bay Area	48,238		3,038		191,333			491,345			733,954		62.13
New York City	—		—		—			363,218		(6)	363,218		57.25
San Diego	—		17,105		580,021		(7)	184,459			781,585		25.18
Seattle	6,748		18,724		50,552			197,588			273,612		26.33
Maryland	89,831		—		—			41,378			131,209		32.55
Research Triangle	72,078		17,000		—			75,140			164,218		50.44
Texas	—		—		—			—			—		—
Canada	20,107		—		—			—			20,107		26.57
Non-cluster/other markets	—		—		—			1,342			1,342		106.21
Total	313,698		68,829		1,234,852			1,825,840			3,443,219		$	49.36
Percentage of expiring leases	9	%	2	%	36	%		53	%		100	%
	2025 Contractual Lease Expirations (in RSF)												Annual Rental Revenue (per RSF)(4)
Market	Leased		Negotiating/ Anticipating		Targeted for Future Development/ Redevelopment(1)			Remaining Expiring Leases(2)			Total

Greater Boston	15,798		8,500		25,312		(5)	1,203,988		(8)	1,253,598		$	69.79
San Francisco Bay Area	35,797		—		—			476,712			512,509		66.85
New York City	—		—		—			65,538			65,538		88.23
San Diego	—		32,767		—			355,302			388,069		40.52
Seattle	11,220		—		—			323,344			334,564		30.29
Maryland	—		—		—			198,094			198,094		27.23
Research Triangle	—		—		—			220,439			220,439		50.92
Texas	—		—		198,972			604,382			803,354		36.27
Canada	—		—		—			88,412			88,412		20.44
Non-cluster/other markets	—		—		—			11,430			11,430		80.31
Total	62,815		41,267		224,284			3,547,641			3,876,007		$	52.08
Percentage of expiring leases	2	%	1	%	6	%		91	%		100	%

(1)Represents lease expirations, primarily related to acquired properties, targeted for:


	2024	2025
Future redevelopment expected to commence construction in the near term	466,248	151,346
Future development expected to be demolished following the lease expiration and the commencement of which is subject to tenant demand and overall market conditions	768,604	72,938
Average expiration date (weighted by expiring annual rental revenue)	July 22, 2024	January 12, 2025

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)Excluding the expiration described in footnote 6, the largest remaining contractual lease expiration in 2024 is 97,702 RSF in our Mission Bay submarket where we are working to retain the current tenant, and in 2025 is 357,136 RSF in our Austin submarket which we are in early negotiations to renew the existing tenant.

(3)Excludes month-to-month leases aggregating 86,092 RSF as of December 31, 2023.

(4)Represents amounts in effect as of December 31, 2023.

(5)Includes 308,446 RSF and 25,312 RSF in 2024 and 2025, respectively, at 311 Arsenal Street in our Cambridge/Inner Suburbs submarket which is targeted for redevelopment upon expiration of the existing leases.

(6)Includes 349,947 RSF at 219 East 42nd Street that was previously classified as targeted for future development/redevelopment and is now classified as held for sale as of December 31, 2023 and expected to be sold in 2024.

(7)Includes 159,884 RSF at 4161 Campus Point Court in our University Town Center submarket that is targeted for future development into a 492,570 RSF building at 4165 Campus Point Court, which is 51% leased/negotiating and expected to commence construction in the next two years subject to tenant demand and overall market conditions.

(8)Includes 905,127 RSF in our Cambridge/Inner Suburbs submarket with the largest remaining contractual lease expiration aggregating 171,945 RSF at our Alexandria Technology Square® mega campus.

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/A+ properties, and property enhancements identified during the underwriting of certain acquired properties, located in collaborative life science, agtech, and advanced technology mega campuses in AAA innovation clusters. These projects are focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide range of tenants. Upon completion, each value-creation project is expected to generate increases 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, 2023 (dollars in thousands):


			Development and Redevelopment
			Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
	Operating		Under Construction 61% Leased		Committed Near Term 51% Leased/Negotiating(1)		Priority Anticipated		Future		Subtotal		Total
Square footage
Operating	40,974,858		—		—		—		—		—		40,974,858
New Class A/A+ development and redevelopment properties	—		5,204,492		492,570		2,710,462		26,754,679		35,162,203		35,162,203
Value-creation square feet currently included in rental properties(2)	—		—		(159,884)		(617,594)		(3,111,413)		(3,888,891)		(3,888,891)
Total square footage, excluding properties held for sale	40,974,858		5,204,492		332,686		2,092,868		23,643,266		31,273,312		72,248,170

Properties held for sale	1,049,135		—		—		—		235,000		235,000		1,284,135
Total square footage	42,023,993		5,204,492		332,686		2,092,868		23,878,266		31,508,312		73,532,305

Investments in real estate
Gross book value as of December 31, 2023(3)	$	28,388,009	$	3,661,679	$	46,257	$	702,248	$	3,816,125	$	8,226,309	$	36,614,318

(1)Represents one near-term project expected to commence construction during the next two years after December 31, 2023.

(2)Refer to “Investments in real estate” 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.

(3)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.

Acquisitions

Our real estate asset acquisitions completed for the year ended December 31, 2023 and projected for the year ending December 31, 2024 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(2)
		Future Development	Active Development/Redevelopment	Operating With Future Development/ Redevelopment

2023 Acquisitions
Canada	Canada	1/30/23	1	100	%	—		—	247,743	247,743		$	100,837
Other	Various	Various	4	100		1,089,349		110,717	185,676	1,385,742			158,139
Total 2023 acquisitions			5	100	%	1,089,349		110,717	433,419	1,633,485		$	258,976

2024 Acquisitions
Completed through January 29, 2024	Various	Various	—	N/A		300,000		—	—	300,000		$	103,250
Pending acquisitions as of January 29, 2024, subject to signed letters of intent or purchase and sale agreements													358,746
												$	461,996

2024 guidance range										$250,000 – $750,000

(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 total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes RSF of buildings currently in operation with future development or redevelopment opportunities. Refer to the definition of “Investments in real estate” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

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, 2023 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

Value harvesting dispositions of 100% interest in properties not integral to our mega campus strategy:
11119 North Torrey Pines Road(1)	Torrey Pines/San Diego	5/4/23	100	%		72,506	4.4	%	(1)	4.6	%	(1)	$	86,000	$	1,186
225, 266, and 275 Second Avenue and 780 and 790 Memorial Drive(2)	Route 128 and Cambridge/Inner Suburbs/Greater Boston	6/13/23	100	%		428,663	N/A			N/A			365,226		$	852
275 Grove Street(3)	Route 128/Greater Boston	6/27/23	100	%		509,702	N/A			N/A			109,349		N/A
640 Memorial Drive, 100 Beaver Street, and 11025 and 11035 Roselle Street(4)	Cambridge and Inner Suburbs and Route 128/Greater Boston and Sorrento Valley/San Diego	12/20/23	100	%		361,102	N/A			N/A			312,244		$	865
380 and 420 E Street(5)	Seaport Innovation District/ Greater Boston	12/20/23	100	%		195,506	N/A			N/A			86,969		$	445
Other													81,845
													1,041,633
Strategic dispositions and partial interest sales:
15 Necco Street(6)	Seaport Innovation District/ Greater Boston	4/11/23	18	%	(6)	345,996	6.6	%		5.4	%		66,108		$	1,626
9625 Towne Centre Drive(7)	University Town Center/ San Diego	6/21/23	20.1	%		163,648	4.2	%		4.5	%		32,261		$	981
421 Park Drive(8)	Fenway/Greater Boston	9/19/23	(8)			(8)	N/A			N/A			174,412		N/A
													272,781
Total 2023 dispositions and sales of partial interests													$	1,314,414

(1)We calculated capitalization rates based upon net operating income and net operating income (cash basis) for the three months ended March 31, 2023 annualized. Upon completion of the sale, we recognized a gain on sales of real estate aggregating $27.6 million.

(2)Represents five laboratory properties at 225, 266, and 275 Second Avenue aggregating 329,005 RSF and 780 and 790 Memorial Drive aggregating 99,658 RSF. We calculated capitalization rates of 5.0% and 5.2% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for the three months ended June 30, 2023 annualized that includes vacancy available for redevelopment. Upon completion of the sale, we recognized a gain on sales of real estate aggregating $187.2 million.

(3)During the three months ended June 30, 2023, we recognized a real estate impairment charge of $145.4 million to reduce our investment to its current fair value less costs to sell.

(4)Represents four operating properties that were 46% occupied as of September 30, 2023 consisting of two laboratory properties at 640 Memorial Drive aggregating 242,477 RSF in Cambridgeport, MA and 100 Beaver Street aggregating 82,330 RSF in Waltham, MA, and two non-laboratory properties at 11025 and 11035 Roselle Street aggregating 36,295 RSF in our Sorrento Valley submarket. These non-core assets were not integral to our mega campus strategy and would have required significant capital to stabilize. Upon completion of the sale, we recognized a gain on sales of real estate aggregating $59.7 million.

(5)Represents two non-laboratory properties initially acquired as industrial and self-storage space with the intention to demolish the properties upon expiration of the existing in-place leases to entitle and develop a life science campus. During the three months ended December 31, 2023, we decided to not proceed with this project due to the change in macroeconomic environment and a lack of transit options near the properties and recognized an impairment charge of $94.8 million to reduce our investment to its current fair value less costs to sell.

(6)Represents a development project delivered in November 2023 aggregating 345,996 RSF, 97% of which is leased to Eli Lilly and Company for the Lilly Institute for Genetic Medicine. In April 2023, an investor acquired a 20% interest in this joint venture, which consisted of an 18% interest sold by us and a 2% interest sold by our existing partner. Upon completion of the sale, our ownership interest in the consolidated real estate joint venture was 72% and our existing and new partners’ noncontrolling interests were 8% and 20%, respectively. We retained control over this real estate joint venture and therefore continue to consolidate it. The sales price of the 18% interest sold by us was $66.1 million, or $1,626 per RSF, representing capitalization rates of 6.6% and 5.4% (cash basis). At completion of the project, we expect our new joint venture partner to have contributed approximately $130 million to fund its share of construction and accrete its ownership interest in the joint venture to 37% from 20%.

(7)An investor acquired a 70.0% interest in this consolidated real estate joint venture, which consisted of a 20.1% interest sold by us and a 49.9% interest held by our previous joint venture partner. Our portion of the sales price was $32.3 million, or $981 per RSF, representing capitalization rates of 4.2% and 4.5% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for the three months ended June 30, 2023 annualized. We retained control over this real estate joint venture and therefore continue to consolidate this property. This transaction resulted in consideration in excess of book value of $15.6 million.

(8)Represents the disposition of 268,023 RSF in a 660,034 RSF active development project at 421 Park Drive in our Fenway submarket. The proceeds from this transaction will help fund the construction of our remaining 392,011 RSF. The project commenced vertical construction during the three months ended December 31, 2023 and is expected to be substantially completed in 2026. The buyer will fund the remaining costs to construct its 268,023 RSF, and as such, these costs are not included in our projected construction spending. We will develop and operate the completed project and will earn development fees over the next three years.

New Class A/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)Our share of incremental annual net operating income from development and redevelopment projects placed into service primarily commencing from 1Q24 through 4Q27 is $389 million.

(2)Represents expected incremental annual net operating income to be placed into service, including partial deliveries for projects that stabilize in future years.

(3)Includes 1.4 million RSF expected to be stabilized in 2024 and is 93% leased. Refer to the initial and stabilized occupancy years in the “New Class A/A+ development and redevelopment properties: current projects” section within this Item 2 in this annual report on Form 10-K for additional information.

New Class A/A+ development and redevelopment properties: recent deliveries


325 Binney Street	140 First Street	99 Coolidge Avenue
Greater Boston/Cambridge	Greater Boston/Cambridge	Greater Boston/ Cambridge/Inner Suburbs
462,100 RSF	403,892 RSF	43,568 RSF
100% Occupancy	100% Occupancy	100% Occupancy


201 Brookline Avenue	15 Necco Street	751 Gateway Boulevard	1150 Eastlake Avenue East
Greater Boston/Fenway	Greater Boston/ Seaport Innovation District	San Francisco Bay Area/ South San Francisco	Seattle/Lake Union
451,967 RSF	345,996 RSF	230,592 RSF	278,282 RSF
100% Occupancy	97% Occupancy	100% Occupancy	100% Occupancy

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


Alexandria Center® for Advanced Technologies – Monte Villa Parkway(1)	9808 Medical Center Drive	9601 and 9603 Medical Center Drive(2)	20400 Century Boulevard
Seattle/Bothell	Maryland/Rockville	Maryland/Rockville	Maryland/Gaithersburg
65,086 RSF	26,460 RSF	95,911 RSF	81,006 RSF
100% Occupancy	100% Occupancy	100% Occupancy	100% Occupancy


2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive(3)	6040 George Watts Hill Drive, Phase II	8800 Technology Forest Place
Research Triangle/Research Triangle	Research Triangle/Research Triangle	Texas/Greater Houston
603,316 RSF	88,038 RSF	50,094 RSF
100% Occupancy	100% Occupancy	100% Occupancy

(1)Image represents 3755 Monte Villa Parkway.

(2)Image represents 9601 Medical Center Drive.

(3)Image represents 2400 Ellis Road on the Alexandria Center® for Life Science – Durham mega campus.

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

The following table presents value-creation development and redevelopment of new Class A/A+ properties placed into service during the year ended December 31, 2023 (dollars in thousands):

Highest Incremental Annual Net Operating Income in Company History Generated

From 2023 Deliveries Totaled $265 Million, Including $145 Million in 4Q23


Property/Market/Submarket	4Q23 Delivery Date(1)		Our Ownership Interest		RSF Placed in Service											Occupancy Percentage(2)			Total Project			Unlevered Yields
		Prior to 1/1/23		1Q23		2Q23		3Q23		4Q23		Total			Initial Stabilized			Initial Stabilized (Cash Basis)
									RSF		Investment
Development projects
325 Binney Street/Greater Boston/Cambridge	11/17/23		100%		—		—		—		—		462,100	462,100			100%		462,100	$	823,000		8.9	%	7.6	%
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	12/13/23		75.0%		—		—		—		—		43,568	43,568			100%		320,809	468,000			7.1		7.0

201 Brookline Avenue/Greater Boston/Fenway	N/A		99.0%		340,073		107,174		4,720		—		—	451,967			100%		510,116	775,000			7.2		6.5
15 Necco Street/Greater Boston/Seaport Innovation District	11/17/23		56.7%		—		—		—		—		345,996	345,996			97%		345,996	540,000			6.7		5.6
751 Gateway Boulevard/San Francisco Bay Area/South San Francisco	N/A		51.0%		—		—		—		230,592		—	230,592			100%		230,592	246,000			7.0		7.5
1150 Eastlake Avenue East/Seattle/Lake Union	10/28/23		100%		—		—		—		—		278,282	278,282			100%		311,631	443,000			6.6		6.7
9808 Medical Center Drive/Maryland/Rockville	N/A		100%		—		—		—		26,460		—	26,460			100%		95,061	113,000			5.5		5.5
6040 George Watts Hill Drive, Phase II/Research Triangle/Research Triangle	11/1/23		100%		—		—		—		—		88,038	88,038			100%		88,038	66,000			8.1		7.1
Redevelopment projects
140 First Street/Greater Boston/Cambridge	N/A		100%		—		—		325,346		78,546		—	403,892			100%		408,259	1,248,000			5.6		4.7
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell	N/A		100%		—		35,847		—		29,239		—	65,086			100%		460,623	229,000			6.3		6.2
9601 and 9603 Medical Center Drive/Maryland/Rockville	N/A		100%		34,589		13,927		—		47,395		—	95,911			100%		95,911	63,000			8.0		6.8
20400 Century Boulevard/Maryland/Gaithersburg	N/A		100%		50,738		19,692		10,576		—		—	81,006			100%		81,006	35,000			9.5		9.3
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle	N/A		100%		326,445		276,871		—		—		—	603,316			100%		603,316	241,000			8.1		6.8
8800 Technology Forest Place/Texas/Greater Houston	N/A		100%		—		—		46,434		3,660		—	50,094			100%		123,392	112,000			6.3		6.0
Canada	10/31/23		100%		—		—		—		34,242		10,620	44,862			100%		250,790	104,000			7.0		7.0
Weighted average/total	11/12/23				751,845		453,511		387,076		450,134		1,228,604	3,271,170					4,387,640	$	5,506,000		7.0	%	6.3	%

Refer to “New Class A/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, 2023, weighted by annual rental revenue.

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

New Class A/A+ development and redevelopment properties: current projects


99 Coolidge Avenue	500 North Beacon Street and 4 Kingsbury Avenue(1)	201 Brookline Avenue	401 Park Drive	421 Park Drive
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway	Greater Boston/Fenway	Greater Boston/Fenway
277,241 RSF	248,018 RSF	58,149 RSF	133,578 RSF	392,011 RSF
36% Leased	85% Leased	98% Leased	17% Leased	13% Leased


40, 50, and 60 Sylvan Road(2)	840 Winter Street	1450 Owens Street(3)	651 Gateway Boulevard	230 Harriet Tubman Way
Greater Boston/Route 128	Greater Boston/Route 128	San Francisco Bay Area/ Mission Bay	San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ South San Francisco
576,924 RSF	139,680 RSF	212,796 RSF	300,010 RSF	285,346 RSF
29% Leased	100% Leased	—% Leased/Negotiating	22% Leased	100% Leased

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

(2)Image represents 50 Sylvan Road. The Alexandria Center® for Life Science – Waltham mega campus project is expected to capture demand in our Route 128 submarket.

(3)Image represents a single- or multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay mega campus, which will be 100% funded by our joint venture partner. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants.

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


10935, 10945, and 10955 Alexandria Way	4135 Campus Point Court	4155 Campus Point Court	10075 Barnes Canyon Road	1150 Eastlake Avenue East
San Diego/Torrey Pines	San Diego/ University Town Center	San Diego/ University Town Center	San Diego/Sorrento Mesa	Seattle/Lake Union
334,996 RSF	426,927 RSF	171,102 RSF	254,771 RSF	33,349 RSF
75% Leased	100% Leased	100% Leased	24% Leased/Negotiating	100% Leased


Alexandria Center® for Advanced Technologies – Monte Villa Parkway(1)	9810 and 9820 Darnestown Road	9808 Medical Center Drive	8800 Technology Forest Place
Seattle/Bothell	Maryland/Rockville	Maryland/Rockville	Texas/Greater Houston
148,890 RSF	442,000 RSF	68,601 RSF	73,298 RSF
90% Leased	100% Leased	60% Leased	41% Leased

(1)Image represents 3755 Monte Villa Parkway.

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

The following tables set forth a summary of our new Class A/A+ development and redevelopment properties under construction and pre-leased/negotiating near-term projects as of December 31, 2023 (dollars in thousands):


Property/Market/Submarket				Square Footage						Percentage							Occupancy(1)
	Dev/Redev		In Service		CIP		Total		Leased			Leased/Negotiating				Initial			Stabilized
Under construction
2024 stabilization
201 Brookline Avenue/Greater Boston/Fenway		Dev		451,967		58,149		510,116		98	%		98	%				3Q22		2024
840 Winter Street/Greater Boston/Route 128		Redev		28,534		139,680		168,214		100			100					2024		2024
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco		Dev		—		285,346		285,346		100			100					2024		2024
4155 Campus Point Court/San Diego/University Town Center		Dev		—		171,102		171,102		100			100					2024		2024
1150 Eastlake Avenue East/Seattle/Lake Union		Dev		278,282		33,349		311,631		100			100					4Q23		2024
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell		Redev		311,733		148,890		460,623		90			90					1Q23		2024
9820 Darnestown Road/Maryland/Rockville		Dev		—		250,000		250,000		100			100					2024		2024
9810 Darnestown Road/Maryland/Rockville		Dev		—		192,000		192,000		100			100					2024		2024
9808 Medical Center Drive/Maryland/Rockville		Dev		26,460		68,601		95,061		60			60					3Q23		2024
8800 Technology Forest Place/Texas/Greater Houston		Redev		50,094		73,298		123,392		41			41					2Q23		2024
				1,147,070		1,420,415		2,567,485		93			93
2025 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		Dev		43,568		277,241		320,809		36			36					4Q23		2025
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs		Dev		—		248,018		248,018		85			85					2024		2025
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco		Redev		—		300,010		300,010		22			22					2024		2025
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		Dev		—		254,771		254,771		12			24					2024		2025
Canada		Redev		77,854		172,936		250,790		73			73					3Q23		2025
				121,422		1,252,976		1,374,398		44			46		(2)
				1,268,492		2,673,391		3,941,883		76			77
2026 and beyond stabilization
401 Park Drive/Greater Boston/Fenway		Redev		—		133,578		133,578		17			17					2024		2026
421 Park Drive/Greater Boston/Fenway		Dev		—		392,011		392,011		13			13					2026		2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128		Redev		—		576,924		576,924		29			29					2025		2027
Other/Greater Boston		Redev		—		453,869		453,869		—			—					2025		2026
1450 Owens Street/San Francisco Bay Area/Mission Bay		Dev		—		212,796		212,796		—			—		(3)			2025		2026
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines		Dev		—		334,996		334,996		75			75					2025		2026
4135 Campus Point Court/San Diego/University Town Center		Dev		—		426,927		426,927		100			100					2026		2026
				—		2,531,101		2,531,101		36			36		(2)
				1,268,492		5,204,492		6,472,984		61			61
Near-term project expected to commence construction in the next two years
4165 Campus Point Court/San Diego/University Town Center		Dev		—		492,570		492,570		—			51
Total				1,268,492		5,697,062		6,965,554		56	%		60	%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)These projects are focused on demand from our existing tenants in our adjacent properties/campuses and will also address demand from other non-Alexandria properties/campuses. (3)Represents a single- or multi-tenant project expanding our existing mega campus, which will be 100% funded by our joint venture partner. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants.

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


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

Under construction
2024 stabilization
201 Brookline Avenue/Greater Boston/Fenway	99.0	%		$	661,831	$	80,604		$	32,565		$	775,000			7.2	%		6.5	%
840 Winter Street/Greater Boston/Route 128	100	%		13,648		130,274			64,078			208,000				7.5	%		6.5	%
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco	47.1	%		—		237,118			272,882			510,000				7.4	%		6.4	%
4155 Campus Point Court/San Diego/University Town Center	55.0	%		—		89,704			83,296			173,000				7.4	%		6.5	%
1150 Eastlake Avenue East/Seattle/Lake Union	100	%		363,824		33,827			45,349			443,000				6.6	%		6.7	%
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell	100	%		93,238		104,608			31,154			229,000				6.3	%		6.2	%
9820 Darnestown Road/Maryland/Rockville	100	%		—		144,388			32,612			177,000				6.3	%		5.6	%
9810 Darnestown Road/Maryland/Rockville	100	%		—		108,644			24,356			133,000				6.9	%		6.2	%
9808 Medical Center Drive/Maryland/Rockville	100	%		34,825		54,312			23,863			113,000				5.5	%		5.5	%
8800 Technology Forest Place/Texas/Greater Houston	100	%		43,529		56,245			12,226			112,000				6.3	%		6.0	%
				1,210,895		1,039,724
2025 stabilization(1)
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	75.0	%		48,183		245,314			174,503			468,000				7.1	%		7.0	%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs	100	%		—		337,677			89,323			427,000				6.2	%		5.5	%
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco	50.0	%		—		306,273			TBD
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	50.0	%		—		124,450
Canada	100	%		29,400		47,974			26,626			104,000				7.0	%		7.0	%
				77,583		1,061,688
2026 and beyond stabilization(1)
401 Park Drive/Greater Boston/Fenway	100	%		—		140,156			TBD
421 Park Drive/Greater Boston/Fenway	99.6	%		—		301,730
40, 50, and 60 Sylvan Road/Greater Boston/Route 128	100	%		—		397,582
Other/Greater Boston	100	%		—		136,992
1450 Owens Street/San Francisco Bay Area/Mission Bay	40.6	%		—		268,290
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines	100	%		—		177,828			325,172			503,000				6.2	%		5.8	%
4135 Campus Point Court/San Diego/University Town Center	55.0	%		—		137,689			TBD
				—		1,560,267
				1,288,478		3,661,679
Near-term project expected to commence construction in the next two years
4165 Campus Point Court/San Diego/University Town Center	55.0	%		—		46,257			TBD

Total				$	1,288,478	$	3,707,936		$	3,970,000	(2)	$	8,960,000	(2)
Our share of investment(3)						$	2,990,000	(2)	$	3,090,000	(2)	$	7,350,000	(2)
(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2025 and beyond over the next several quarters. (2)Amounts are rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. (3)Represents our share of investment based on our ownership percentages at the completion of development or redevelopment projects.

New Class A/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, 2023 (dollars in thousands):


Market Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Active and Near-Term Construction			Future Opportunities Subject to Market Conditions and Leasing
			Under Construction	Committed Near Term		Priority Anticipated	Future

Greater Boston
99 Coolidge Avenue/Cambridge/Inner Suburbs	75.0	%		$	245,314	277,241	—	—	—	277,241
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100	%		348,919		248,018	—	333,758	34,157	615,933
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway	(2)			522,490		583,738	—	—	—	583,738
201 Brookline Avenue and 401 and 421 Park Drive
Mega Campus: Alexandria Center® for Life Science – Waltham/Route 128	100	%		588,757		716,604	—	—	515,000	1,231,604
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
Mega Campus: Alexandria Center® at Kendall Square/Cambridge	100	%		115,187		—	—	—	216,455	216,455
100 Edwin H. Land Boulevard
Mega Campus: Alexandria Technology Square®/Cambridge	100	%		7,881		—	—	—	100,000	100,000
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs	100	%		83,175		—	—	—	902,000	902,000
446, 458, 500, and 550 Arsenal Street
10 Necco Street/Seaport Innovation District	100	%		103,531		—	—	—	175,000	175,000
Mega Campus: One Moderna Way/Route 128	100	%		26,182		—	—	—	1,100,000	1,100,000
215 Presidential Way/Route 128	100	%		6,816		—	—	—	112,000	112,000
Other value-creation projects	(3)			286,099		453,869	—	—	1,323,541	1,777,410
				$	2,334,351	2,279,470	—	333,758	4,478,153	7,091,381
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)Represents total square footage upon completion of development or redevelopment of one or more new Class A/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. 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 99.0% interest in 201 Brookline Avenue aggregating 58,149 RSF, a 100% interest in 401 Park Drive aggregating 133,578 RSF, and a 99.6% interest in 421 Park Drive aggregating 392,011 RSF. (3)Includes a property in which we own a partial interest 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.

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


Market Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Active and Near-Term Construction			Future Opportunities Subject to Market Conditions and Leasing
			Under Construction	Committed Near Term		Priority Anticipated	Future
San Francisco Bay Area
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay	40.6	%		$	268,290	212,796	—	—	—		212,796
1450 Owens Street
Mega Campus: Alexandria Technology Center® – Gateway/South San Francisco	50.0	%		332,447		300,010	—	—	291,000		591,010
651 Gateway Boulevard
Alexandria Center® for Life Science – Millbrae/South San Francisco	47.1	%		388,202		285,346	—	198,188	150,213		633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
Mega Campus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco	100	%		6,655		—	—	107,250	90,000		197,250
211(2) and 269 East Grand Avenue
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford	100	%		423,593		—	—	105,000	1,392,830		1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco	100	%		377,159		—	—	—	1,930,000		1,930,000
1122, 1150, and 1178 El Camino Real
3825 and 3875 Fabian Way/Greater Stanford	100	%		147,079		—	—	—	478,000		478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford	100	%		—		—	—	—	240,000		240,000
901 California Avenue/Greater Stanford	100	%		16,419		—	—	—	56,924		56,924
Mega Campus: 88 Bluxome Street/SoMa	100	%		378,835		—	—	—	1,070,925		1,070,925
Other value-creation projects	100	%		—		—	—	—	25,000		25,000
				2,338,679		798,152	—	410,438	5,724,892		6,933,482
New York City
Mega Campus: Alexandria Center® for Life Science – New York City/New York City	100	%		151,846		—	—	—	550,000	(3)	550,000
				$	151,846	—	—	—	550,000		550,000
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)Represents total square footage upon completion of development or redevelopment of one or more new Class A/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. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information. (2)We own 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. (3)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new building aggregating approximately 550,000 SF.

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


Market Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Active and Near-Term Construction			Future Opportunities Subject to Market Conditions and Leasing
			Under Construction	Committed Near Term		Priority Anticipated	Future
San Diego
Mega Campus: One Alexandria Square/Torrey Pines	100	%		$	232,897	334,996	—	—	125,280	460,276
10935, 10945, and 10955 Alexandria Way and 10975 and 10995 Torreyana Road
Mega Campus: Campus Point by Alexandria/University Town Center	55.0	%		419,857		598,029	492,570	—	650,000	1,740,599
10010(2), 10140(2), and 10260 Campus Point Drive and 4135, 4155, 4161, 4165, and 4275(2) Campus Point Court
Mega Campus: SD Tech by Alexandria/Sorrento Mesa	50.0	%		241,448		254,771	—	—	493,845	748,616
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines	100	%		143,262		—	—	309,094	—	309,094
Scripps Science Park by Alexandria/Sorrento Mesa	100	%		114,859		—	—	105,000	493,349	598,349
10048, 10219, 10256, and 10260 Meanley Drive and 10277 Scripps Ranch Boulevard
Costa Verde by Alexandria/University Town Center	100	%		131,264		—	—	—	537,000	537,000
8410-8750 Genesee Avenue and 4282 Esplanade Court
Mega Campus: 5200 Illumina Way/University Town Center	51.0	%		17,461		—	—	—	451,832	451,832
ARE Towne Centre/University Town Center	100	%		26,503		—	—	—	400,000	400,000
9363, 9373, and 9393 Towne Centre Drive
9625 Towne Centre Drive/University Town Center	30.0	%		837		—	—	—	100,000	100,000
Mega Campus: Sequence District by Alexandria/Sorrento Mesa	100	%		45,889		—	—	—	1,798,915	1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Pacific Technology Park/Sorrento Mesa	50.0	%		23,514		—	—	—	149,000	149,000
9444 Waples Street
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley	100	%		39,707		—	—	—	247,000	247,000
Other value-creation projects	100	%		72,465		—	—	—	475,000	475,000
				$	1,509,963	1,187,796	492,570	414,094	5,921,221	8,015,681
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)Represents total square footage upon completion of development or redevelopment of one or more new Class A/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% interest in this property.

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


Market Property/Submarket	Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment					Total(1)
			Active and Near-Term Construction			Future Opportunities Subject to Market Conditions and Leasing
			Under Construction	Committed Near Term		Priority Anticipated	Future
Seattle
Mega Campus: The Eastlake Life Science Campus by Alexandria/Lake Union	100	%		$	33,827	33,349	—	—	—	33,349
1150 Eastlake Avenue East
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell	100	%		104,608		148,890	—	50,552	—	199,442
3301, 3555, and 3755 Monte Villa Parkway
Mega Campus: Alexandria Center® for Life Science – South Lake Union/Lake Union	(2)			432,644		—	—	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	%		57,159		—	—	—	597,313	597,313
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell	100	%		15,975		—	—	—	230,000	230,000
21660 20th Avenue Southeast
Other value-creation projects	100	%		99,744		—	—	—	691,000	691,000
				743,957		182,239	—	1,146,138	1,706,713	3,035,090
Maryland
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville	100	%		327,940		510,601	—	—	296,000	806,601
9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road
				$	327,940	510,601	—	—	296,000	806,601
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)Represents total square footage upon completion of development or redevelopment of one or more new Class A/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. 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% interest in 601 and 701 Dexter Avenue North aggregating 414,986 SF and a 60% interest in the priority anticipated development project at 800 Mercer Street aggregating 869,000 SF.

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


Market Property/Submarket	Our Ownership Interest			Book Value			Square Footage
			Development and Redevelopment						Total(1)
			Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
			Under Construction	Committed Near Term			Priority Anticipated	Future
Research Triangle
Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle/Research Triangle	100	%		$	96,835		—	—	180,000	990,000	1,170,000
4 and 12 Davis Drive
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle	100	%		104,542			—	—	100,000	955,000	1,055,000
3029 East Cornwallis Road
Mega Campus: Alexandria Center® for Life Science – Durham/ Research Triangle	100	%		173,864			—	—	—	2,210,000	2,210,000
41 Moore Drive
Mega Campus: Alexandria Center® for Sustainable Technologies/ Research Triangle	100	%		52,601			—	—	—	750,000	750,000
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle
100 Capitola Drive/Research Triangle	100	%		—			—	—	—	65,965	65,965
Other value-creation projects	100	%		4,185			—	—	—	76,262	76,262
				432,027			—	—	280,000	5,047,227	5,327,227
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston	100	%		75,748			73,298	—	—	116,405	189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin	100	%		9,327			—	—	126,034	123,976	250,010
Other value-creation projects	100	%		133,865			—	—	—	1,694,000	1,694,000
				218,940			73,298	—	126,034	1,934,381	2,133,713

Canada	100	%		47,974			172,936	—	—	371,743	544,679
Other value-creation projects	100	%		114,995			—	—	—	724,349	724,349
Total pipeline as of December 31, 2023, excluding properties held for sale				8,220,672		(2)	5,204,492	492,570	2,710,462	26,754,679	35,162,203
Properties held for sale				5,637			—	—	—	235,000	235,000
Total pipeline as of December 31, 2023				$	8,226,309		5,204,492	492,570	2,710,462	26,989,679	35,397,203

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 3,888,891 RSF of buildings currently in operation that will be redeveloped or replaced with new development RSF upon commencement of future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section under Item 7 in this annual report on Form 10-K for additional information.

(2)Total book value includes $3.7 billion of projects currently under construction that are 61% leased. We also expect to commence construction of one near-term project aggregating $46.3 million, which is 51% leased/negotiating, in the next two years after December 31, 2023.

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