Item 2. PROPERTIES

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Item 2. PROPERTIES

General

As of December 31, 2024, we had 391 properties in North America consisting of approximately 44.1 million RSF of operating

properties and new Class A/A+ development and redevelopment properties under construction, including 67 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, 2024. The exteriors of our properties typically

resemble traditional office properties, but the interior infrastructures are designed to accommodate the needs of life science 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, 2024, we held a fee simple interest in each of our properties, with the exception of 32 properties in North

America subject to ground leasehold interests, which accounted for approximately 8% of our total number of properties. Of these 32

properties, we held eight properties in the Greater Boston market, 20 properties in the San Francisco Bay Area market, one property in

the Seattle market, one property in the Maryland market, and two properties in the New York City market. During the year ended

December 31, 2024, as a percentage of net operating income our ground lease rental expense aggregated 1.6%. 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, 2024, we had over 1,000 leases with a total of approximately 800 tenants, and 171, or 44%, of our 391

properties were single-tenant properties. Leases in our multi-tenant buildings typically have initial terms of 3 to 9 years, while leases in

our single-tenant buildings typically have initial terms of 5 to 15 years. Additionally, as of December 31, 2024:

Investment-grade or publicly traded large cap tenants represented 52% of our total annual rental revenue;
Approximately 97% 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 92% 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;

Approximately 92% 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; and

84% of our leasing activity during the last twelve months was generated from our existing tenant base.

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 “Annual rental revenue” and “Operating statistics” under “Definitions and reconciliations” in Item 7 in this annual report

on Form 10-K for a description of the basis used to compute the aforementioned measures.

Locations of properties

Our properties are strategically located in AAA life science innovation cluster markets. The following table sets forth the total

RSF, number of properties, and annual rental revenue in effect as of December 31, 2024 in each of our markets in North America

(dollars in thousands, except per RSF amounts):


	RSF					Number of Properties		Annual Rental Revenue
Market	Operating	Development	Redevelopment	Total	% of Total		Total		% of Total		Per RSF
Greater Boston	9,260,235	632,850	1,601,010	11,494,095	26%	64		$760,564		36%		$86.67
San Francisco Bay Area	7,680,005	394,781	366,939	8,441,725	19	65		443,345		21		66.78
San Diego	7,382,450	921,510	—	8,303,960	19	79		326,925		16		45.97
Seattle	3,186,812	227,577	—	3,414,389	8	45		136,014		5		46.19
Maryland	3,849,928	—	—	3,849,928	9	50		144,032		7		39.53
Research Triangle	3,802,204	—	—	3,802,204	9	38		116,808		6		31.53
New York City	921,774	—	—	921,774	2	4		73,534		4		90.26
Texas	1,845,159	—	73,298	1,918,457	4	15		44,022		2		24.99
Canada	888,189	—	139,311	1,027,500	2	11		19,661		1		23.08
Non-cluster/other markets	349,099	—	—	349,099	1	10		15,027		1		59.35
Properties held for sale	600,870	—	—	600,870	1	10		13,056		1		N/A
North America	39,766,725	2,176,718	2,180,558	44,124,001	100%	391		$2,092,988		100%		$56.98
		4,357,276

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	12/31/24		12/31/23	12/31/22	12/31/24	12/31/23	12/31/22
Greater Boston	94.8%		94.9%	94.5%	80.8%	84.7%	85.5%
San Francisco Bay Area	93.3		94.8	96.7	89.1	91.4	93.3
San Diego	96.3		94.1	95.4	96.3	94.1	95.4
Seattle	92.4		95.2	97.0	92.4	90.7	90.1
Maryland	95.7		95.6	95.8	95.7	95.6	93.3
Research Triangle	97.4		97.8	94.0	97.4	97.8	85.0
New York City	88.4	(1)	85.3	92.3	88.4	85.3	92.3
Texas	95.5		95.1	91.2	91.8	91.5	81.6
Subtotal	94.8		94.9	95.1	90.0	90.7	89.9
Canada	95.9		87.1	80.8	82.9	73.0	68.2
Non-cluster/other markets	72.5		78.5	75.0	72.5	78.5	75.0
North America	94.6%	(2)	94.6%	94.8%	89.7%	90.2%	89.4%

(1)The Alexandria Center® for Life Science – New York City Megacampus is 98.7% occupied as of December 31, 2024. Occupancy percentage in our New York City market

reflects vacancy at the Alexandria Center® for Life Science – Long Island City property, which was 45.7% occupied as of December 31, 2024.

(2)Includes temporary vacancy as of December 31, 2024 aggregating 278,528 RSF that is leased and expected to be occupied upon completion of the tenant improvement

to the spaces. The weighted-average expected delivery date of these spaces is May 12, 2025.

Top 20 tenants

92% of Top 20 Tenant 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 4.3%

of our annual rental revenue in effect as of December 31, 2024. 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, 2024 (dollars in thousands, except

average market cap amounts):


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

	Tenant					Moody’s		S&P
1	Eli Lilly and Company		8.4		1,122,777	$	90,259		4.3%	A1	A+	$769.8
2	Moderna, Inc.		11.3		634,045		90,103		4.3	—	—	$35.1
3	Bristol-Myers Squibb Company		5.4		999,379		77,188		3.7	A2	A	$100.6
4	Takeda Pharmaceutical Company Limited		10.4		549,759		47,899		2.3	Baa1	BBB+	$44.2
5	Roche		8.2		647,069		37,405		1.8	Aa2	AA	$232.8
6	Illumina, Inc.		5.9		857,967		35,924		1.7	Baa3	BBB	$20.6
7	Alphabet Inc.		2.8		625,015		34,899		1.7	Aa2	AA+	$2,032.2
8	2seventy bio, Inc.(2)		8.7		312,805		33,543		1.6	—	—	$0.2
9	United States Government		5.6		429,359		28,861		1.4	Aaa	AA+	$—
10	Cloud Software Group, Inc.		2.2	(3)	292,013		28,537		1.4	—	—	$—
11	Novartis AG		3.5		448,690		27,958		1.3	Aa3	AA-	$235.1
12	Uber Technologies, Inc.		57.8	(4)	1,009,188		27,787		1.3	Baa2	BBB-	$147.7
13	AstraZeneca PLC		4.8		450,848		27,226		1.3	A2	A+	$226.6
14	Boston Children's Hospital		12.2		309,231		26,154		1.2	Aa2	AA	$—
15	The Regents of the University of California		6.4		372,647		23,515		1.1	Aa2	AA	$—
16	Sanofi		6.0		267,278		21,444		1.0	A1	AA	$127.9
17	Merck & Co., Inc.		8.5		337,703		21,401		1.0	A1	A+	$300.0
18	New York University		7.1		218,983		21,056		1.0	Aa2	AA-	$—
19	Charles River Laboratories, Inc.		10.3		255,635		20,578		1.0	—	—	$11.1
20	Massachusetts Institute of Technology		5.0		237,849		20,228		1.0	Aaa	AAA	$—
	Total/weighted-average		9.3	(4)	10,378,240		$741,965		35.4%

Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large

cap tenants” under “Definitions and reconciliations” in Item 7 for additional details, including our methodologies of calculating annual rental revenue from unconsolidated real

estate joint ventures and average market capitalization, respectively.

(1)Based on total annual rental revenue in effect as of December 31, 2024.

(2)Includes approximately 195,000 RSF, or 62.8% of the annual rental revenue generated from 2seventy bio as of December 31, 2024, that is subleased to Regeneron

Pharmaceuticals, Inc., an investment-grade publicly traded biotechnology company. As of September 30, 2024, 2seventy bio, Inc. held $192.4 million of cash, cash

equivalents, and marketable securities. Additionally, 90.2% of the annual rental revenue generated by 2seventy bio is guaranteed by another related public biotechnology

company.

(3)Consists of one lease at a property acquired in 2022 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 property.

(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. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.5 years as of December 31, 2024.


Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants

			Investment-Grade or Publicly Traded Large Cap Tenants

	92%


	of ARE’s Top 20 Tenant Annual Rental Revenue

	52%


Percentage of ARE’s Annual Rental Revenue			of ARE’s Annual Rental Revenue

Solid Historical Occupancy of 96% Over Past 10 Years(2) From Historically Strong Demand for Our Class A/A+ Properties in AAA Locations

Annual Rental Revenue		Occupancy Across Key Locations



Percentage of ARE’s Annual Rental Revenue

Multinational

Pharmaceutical

Life Science

Product,

Service, and

Device

Public

Biotechnology -

Approved or

Marketed

Product

Public

Biotechnology -

Preclinical or

Clinical Stage

Private

Biotechnology

Other(1)

Other Investment-Grade

or Large Cap Tech

Biomedical and

Government

Institutions

11544872092069

Megacampus**™**

Core and

Non-Core

9345848836606

(3)

7696581395165

As of December 31, 2024. Annual rental revenue represents amounts in effect as of December 31, 2024. Refer to “Definitions and reconciliations” in Item 7 for additional

information.

(1)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate

companies, as well as retail-related tenants, which generate less than 1.0% of our annual rental revenue.

(2)Represents the average occupancy percentage of operating properties as of each December 31 from 2015 through 2024.

(3)Refer to footnote 1 under “Summary of occupancy percentages in North America” in Item 2 for additional details.


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

Long-Duration Lease Terms

9.3 Years
Top 20 Tenants

7.5 Years
All Tenants
Weighted-Average Remaining Term(1)


Sustained Strength in Tenant Collections(2)

99.9%
For the Three Months Ended December 31, 2024

99.5%
January 2025

(1)Based on annual rental revenue in effect as of December 31, 2024.

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

Property listing

Our Megacampus**™** Properties Account for 77% of Our Annual Rental Revenue

The following table provides certain information about our properties as of December 31, 2024 (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
		Megacampus: Alexandria Center® at Kendall Square	2,199,030	—		—		2,199,030	7	$228,062	100.0%	100.0%
		50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 First Street, and 300 Third Street(1)
		Megacampus: Alexandria Center® at One Kendall Square	1,281,580	—		104,956		1,386,536	12	145,576	94.8	87.6
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street
		Megacampus: Alexandria Technology Square®	1,185,190	—		—		1,185,190	7	110,969	97.7	97.7
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Megacampus: The Arsenal on the Charles	776,781	36,444		308,446		1,121,671	13	47,730	99.4	71.2
		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
		Megacampus: 480 Arsenal Way, 446, 458, 500, 550 Arsenal Street, and 99 Coolidge Avenue(1)	633,056	204,395		—		837,451	6	28,173	98.4	98.4
		Cambridge/Inner Suburbs	6,075,637	240,839		413,402		6,729,878	45	560,510	98.2	91.9
	Fenway
		Megacampus: Alexandria Center® for Life Science – Fenway	1,291,019	392,011		137,675		1,820,705	3.0	100,587	89.7	81.1
		401 and 421(1) Park Drive and 201 Brookline Avenue(1)
	Seaport Innovation District
		5 and 15(1) Necco Street	441,396	—		—		441,396	2	44,143	81.8	81.8
		Seaport Innovation District	441,396	—		—		441,396	2	44,143	81.8	81.8
	Route 128
		Megacampus: Alexandria Center® for Life Science – Waltham	466,094	—		596,064		1,062,158	5	36,659	100.0	43.9
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		19, 225, and 235 Presidential Way	585,226	—		—		585,226	3	13,937	100.0	100.0
		Route 128	1,051,320	—		596,064		1,647,384	8	50,596	100.0	63.8
	Other		400,863	—		453,869		854,732	6	4,728	59.7	28.0
		Greater Boston	9,260,235	632,850		1,601,010		11,494,095	64	$760,564	94.8%	80.8%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 and “Megacampus” under “Definitions and reconciliations” in Item 7 for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Consolidated and unconsolidated real estate joint ventures” in Item 7 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
		Megacampus: Alexandria Center® for Science and Technology – Mission Bay(1)	2,005,369	109,435		—		2,114,804	10	$90,452	95.1%	95.1%
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South
		Mission Bay	2,005,369	109,435		—		2,114,804	10	90,452	95.1	95.1
	South San Francisco
		Megacampus: Alexandria Technology Center® – Gateway(1)	1,408,022	—		259,689		1,667,711	12	76,705	81.9	69.1
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
		Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco	812,453	—		107,250		919,703	5	52,990	100.0	88.3
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco	504,053	—		—		504,053	3	32,767	93.9	93.9
		201 Haskins Way and 400 and 450 East Jamie Court
		Megacampus: Alexandria Center® for Advanced Technologies – Tanforan	445,232	—		—		445,232	2	3,829	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	3,325,445	285,346		366,939		3,977,730	24	176,971	91.4	82.3
	Greater Stanford
		Megacampus: Alexandria Center® for Life Science – San Carlos	738,038	—		—		738,038	9	41,671	94.5	94.5
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District	704,560	—		—		704,560	9	75,771	98.5	98.5
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue	340,103	—		—		340,103	5	23,603	82.9	82.9
		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	198,558	—		—		198,558	3	15,902	89.4	89.4
		2100, 2200, and 2400 Geng Road	78,501	—		—		78,501	3	4,803	100.0	100.0
		3350 West Bayshore Road	61,431	—		—		61,431	1	4,770	100.0	100.0
		Greater Stanford	2,349,191	—		—		2,349,191	31	175,922	94.5	94.5
		San Francisco Bay Area	7,680,005	394,781		366,939		8,441,725	65	$443,345	93.3%	89.1%

	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 and “Megacampus” under “Definitions and reconciliations” in Item 7 for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Consolidated and unconsolidated real estate joint ventures” in Item 7 for additional details. (2)We own 100% of this property. (3)During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. Refer to “New Class A/A+ development and redevelopment properties: current projects” in Item 2 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 Diego
	Torrey Pines
		Megacampus: One Alexandria Square	840,192	241,504		—		1,081,696	10	$47,915	99.0%	99.0%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road, and 3545 Cray Court
		ARE Torrey Ridge	299,138	—		—		299,138	3	13,263	79.7	79.7
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus	218,459	—		—		218,459	4	12,184	97.7	97.7
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
		Torrey Pines	1,357,789	241,504		—		1,599,293	17	73,362	94.5	94.5
	University Town Center
		Megacampus: Campus Point by Alexandria(1)	1,594,463	426,927		—		2,021,390	10	86,469	98.0	98.0
		9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135, 4155, 4161, 4224, and 4242 Campus Point Court
		Megacampus: 5200 Illumina Way(1)	792,687	—		—		792,687	6	29,978	100.0	100.0
		9625 Towne Centre Drive(1)	163,648	—		—		163,648	1	6,520	100.0	100.0
		University Town Center	2,550,798	426,927		—		2,977,725	17	122,967	98.8	98.8
	Sorrento Mesa
		Megacampus: SD Tech by Alexandria(1)	878,805	253,079		—		1,131,884	12	39,988	93.6	93.6
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, and 10075 Barnes Canyon Road
		Megacampus: Sequence District by Alexandria	801,575	—		—		801,575	7	28,766	100.0	100.0
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)	544,352	—		—		544,352	5	9,352	92.8	92.8
		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	11,379	100.0	100.0
		10102 Hoyt Park Drive
		ARE Portola	101,857	—		—		101,857	3	4,022	100.0	100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive	83,354	—		—		83,354	1	4,581	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	1,909	100.0	100.0
		Sorrento Mesa	2,968,203	253,079		—		3,221,282	35	$114,198	96.8%	96.8%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 and “Megacampus” under “Definitions and reconciliations” in Item 7 for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Consolidated and unconsolidated real estate joint ventures” in Item 7 for additional details. (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	151,406	—		—		151,406	6	$3,970	54.0%	54.0%
		11045 and 11055 Roselle Street	43,233	—		—		43,233	2	2,203	100.0	100.0
		Sorrento Valley	194,639	—		—		194,639	8	6,173	64.2	64.2
	Other		311,021	—		—		311,021	2	10,225	100.0	100.0
		San Diego	7,382,450	921,510		—		8,303,960	79	326,925	96.3	96.3

Seattle
	Lake Union
		Megacampus: Alexandria Center® for Life Science – Eastlake	1,152,644	—		—		1,152,644	9	77,461	95.6	95.6
		1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
		Megacampus: Alexandria Center® for Life Science – South Lake Union	381,380	227,577		—		608,957	3	21,890	99.6	99.6
		400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North
		219 Terry Avenue North	31,797	—		—		31,797	1	1,339	56.9	56.9
		Lake Union	1,565,821	227,577		—		1,793,398	13	100,690	95.8	95.8
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West	20,101	—		—		20,101	2	710	100.0	100.0
	Bothell
		Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park	1,061,778	—		—		1,061,778	22	21,482	87.7	87.7
		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	463,449	—		—		463,449	6	12,290	90.3	90.3
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell	1,525,227	—		—		1,525,227	28	33,772	88.5	88.5
	Other		75,663	—		—		75,663	2	842	98.5	98.5
		Seattle	3,186,812	227,577		—		3,414,389	45	$136,014	92.4%	92.4%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 and “Megacampus” under “Definitions and reconciliations” in Item 7 for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Consolidated and unconsolidated real estate joint ventures” in Item 7 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
Maryland
	Rockville
		Megacampus: Alexandria Center® for Life Science – Shady Grove	1,692,350	—		—		1,692,350	20	$79,076	97.5%	97.5%
		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	4,323	100.0	100.0
		1405 and 1450(1) Research Boulevard	114,849	—		—		114,849	2	3,029	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	3,082	100.0	100.0
		5 Research Court	51,520	—		—		51,520	1	1,976	100.0	100.0
		12301 Parklawn Drive	49,185	—		—		49,185	1	1,598	100.0	100.0
		Rockville	2,194,623	—		—		2,194,623	28	94,928	96.7	96.7
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I	619,061	—		—		619,061	9	19,603	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	486,301	—		—		486,301	7	18,816	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	2,107	100.0	100.0
		401 Professional Drive	63,154	—		—		63,154	1	1,949	90.1	90.1
		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	1,327,472	—		—		1,327,472	20	44,916	96.6	96.6
	Beltsville
		8000/9000/10000 Virginia Manor Road	191,884	—		—		191,884	1	2,974	97.7	97.7
		101 West Dickman Street(1)	135,949	—		—		135,949	1	1,214	69.9	69.9
		Beltsville	327,833	—		—		327,833	2	4,188	86.1	86.1
		Maryland	3,849,928	—		—		3,849,928	50	144,032	95.7	95.7

Research Triangle
	Research Triangle
		Megacampus: Alexandria Center® for Life Science – Durham	2,214,887	—		—		2,214,887	16	$55,242	97.6	97.6
		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
		Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle	687,824	—		—		687,824	6	31,939	99.4	99.4
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Megacampus: Alexandria Center® for Sustainable Technologies	364,493	—		—		364,493	7	$11,979	91.8%	91.8%
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 and “Megacampus” under “Definitions and reconciliations” in Item 7 for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Consolidated and unconsolidated real estate joint ventures” in Item 7 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
Research Triangle (continued)
	Research Triangle (continued)
		Alexandria Technology Center® – Alston	155,731	—		—		155,731	3	$4,126	94.7%	94.7%
		100, 800, and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle	136,722	—		—		136,722	3	4,235	99.2	99.2
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54	82,996	—		—		82,996	1	3,651	100.0	100.0
		407 Davis Drive	81,956	—		—		81,956	1	3,323	100.0	100.0
		601 Keystone Park Drive	77,595	—		—		77,595	1	2,313	100.0	100.0
		Research Triangle	3,802,204	—		—		3,802,204	38	116,808	97.4	97.4

New York City
	New York City
		Megacampus: Alexandria Center® for Life Science – New York City	742,586	—		—		742,586	3	67,864	98.7	98.7
		430 and 450 East 29th Street
		Alexandria Center® for Life Science – Long Island City	179,188	—		—		179,188	1	5,670	45.7	45.7
		30-02 48th Avenue
		New York City	921,774	—		—		921,774	4	73,534	88.4	88.4

Texas
	Austin
		Megacampus: Intersection Campus	1,525,359	—		—		1,525,359	12	39,955	99.2	99.2
		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	895	100.0	100.0
		Austin	1,724,331	—		—		1,724,331	14	40,850	99.3	99.3
	Greater Houston
		Alexandria Center® for Advanced Technologies at The Woodlands	120,828	—		73,298		194,126	1	3,172	41.5	25.8
		8800 Technology Forest Place
		Texas	1,845,159	—		73,298		1,918,457	15	44,022	95.5	91.8

Canada			888,189	—		139,311		1,027,500	11	19,661	95.9	82.9

Non-cluster/other markets			349,099	—		—		349,099	10	15,027	72.5	72.5

North America, excluding properties held for sale			39,165,855	2,176,718		2,180,558		43,523,131	381	2,079,932	94.6%	89.7%

Properties held for sale			600,870	—		—		600,870	10	13,056	39.6%	39.6%

Total – North America			39,766,725	2,176,718		2,180,558		44,124,001	391	$2,092,988

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 and “Megacampus” under “Definitions and reconciliations” in Item 7 for additional details.

Leasing activity

During the year ended December 31, 2024, strong demand for our high-quality Class A/A+ properties translated into solid

leasing activity and rental rate growth in 2024 for our overall portfolio and our development and redevelopment pipeline.

Executed a total of 209 leases, with a weighted-average lease term of 8.9 years, for 5.1 million RSF;
84% of our leasing activity during the last twelve months was generated from our existing tenant base;
Annual leasing activity of 3.9 million RSF for renewed and re-leased spaces; and
Annual rental rate increases of 16.9% and 7.2% (cash basis) on renewed and re-leased space.

During the year ended December 31, 2024, we granted tenant concessions/free rent averaging 0.7 months per annum with

respect to the 5.1 million RSF leased.

Lease structure

Our Same Properties total revenue growth was 2.7% during the year ended December 31, 2024, and our Same Properties net

operating income and Same Properties net operating income increases (cash basis) for the year ended December 31, 2024 were 1.2%

and 4.6%, respectively. Rental rate increases for the year ended December 31, 2024 of 16.9% and 7.2% (cash basis) on 3.9 million

renewed/re-leased RSF are attributable to the sustained appeal of our properties, strong property management expertise of our team,

and effective operational strategies. Additionally, a favorable triple net lease structure with contractual annual rent escalations resulted

in both a consistent Same Properties operating margin of 68% and Same Properties current-period average occupancy of 94.2% for the

year ended December 31, 2024, an increase of 30 bps for the same-period prior-year average, across our 321 Same Properties

aggregating 31.7 million RSF. As of December 31, 2024, approximately 92% 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 97% 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 92% 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, 2024 and 2023:


	Year Ended December 31,
	2024			2023
	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	16.9%		7.2%	29.4%	15.8%
New rates	$65.48		$64.18	$52.35	$50.82
Expiring rates	$56.01		$59.85	$40.46	$43.87
RSF	3,888,139			3,046,386
Tenant improvements/leasing commissions	$46.89	(2)		$26.09
Weighted-average lease term	8.5 years			8.7 years

Developed/redeveloped/previously vacant space leased(3)
New rates	$59.44		$57.34	$65.66	$59.74
RSF	1,165,815			1,259,686
Weighted-average lease term	10.0 years			13.8 years

Leasing activity summary (totals):
New rates	$64.16		$62.68	$56.09	$53.33
RSF	5,053,954			4,306,072
Weighted-average lease term	8.9 years			11.3 years

Lease expirations(1)
Expiring rates	$53.82		$57.24	$43.84	$45.20
RSF	5,005,638			5,027,773

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

(1)Excludes month-to-month leases aggregating 136,131 RSF and 86,092 RSF as of December 31, 2024 and 2023, respectively. During the year ended

December 31, 2024, we granted free rent concessions averaging 0.7 months per annum.

(2)Includes tenant improvements and leasing commissions for leases aggregating 319,708 RSF related to (i) a 10-year lease with an anchor tenant expanding into its

flagship building in our Greater Stanford submarket and (ii) a 10-year lease, with rental rate increases of 83.3% and 42.3% (cash basis), in our Torrey Pines

submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing commissions per RSF for the year ended

December 31, 2024 was $32.83, which is consistent with the five-year quarterly average of $29.98 per RSF. Tenant improvements and leasing commissions on

renewed and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage

of total lease term rents in the past five years.

(3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in Item 2 for additional information, including total project costs.

Summary of contractual lease expirations

The following table summarizes the contractual lease expirations at our properties as of December 31, 2024:


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

	2025	(2)		3,708,195		10.0%		$45.91		8.2%
	2026			2,826,993		7.7%		$50.73		6.9%
	2027			3,302,598		8.9%		$53.80		8.6%
	2028			3,944,440		10.7%		$49.78		9.5%
	2029			2,385,914		6.5%		$51.30		5.9%
	2030			3,144,561		8.5%		$43.11		6.5%
	2031			3,433,958		9.3%		$54.76		9.1%
	2032			1,005,689		2.7%		$58.96		2.9%
	2033			2,585,813		7.0%		$47.77		5.9%
	2034			3,304,105		8.9%		$66.90		10.6%
Thereafter				7,291,855		19.8%		$73.85		25.9%

Contractual lease expirations for properties classified as held for sale as of December 31, 2024 are excluded from the information on this page.

(1)Represents amounts in effect as of December 31, 2024.

(2)Excludes month-to-month leases aggregating 136,131 RSF as of December 31, 2024.

Summary of contractual lease expirations (continued)

The following tables present our lease expirations by market for 2025 and 2026 as of December 31, 2024:


	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(3)

Greater Boston	127,804	99,201	25,312	364,741	617,058	$42.40
San Francisco Bay Area	245,347	184,286	—	308,637	738,270	73.49
San Diego	144,673	18,813	278,606	202,285	644,377	20.58
Seattle	—	12,237	—	177,932	190,169	25.16
Maryland	51,593	—	—	141,349	192,942	26.28
Research Triangle	11,632	16,334	—	170,938	198,904	44.71
New York City	—	27,912	—	40,347	68,259	110.42
Texas	—	—	198,972	—	198,972	N/A
Canada	22,991	—	—	65,873	88,864	20.03
Non-cluster/other markets	—	—	—	2,300	2,300	40.17
Subtotal	604,040	358,783	502,890	1,474,402	2,940,115	41.78
Key 1Q25 lease expirations(5)	23,522	112,831	—	631,727	768,080	61.67
Total	627,562	471,614	502,890	2,106,129	3,708,195	$45.91
Percentage of expiring leases	17%	13%	14%	56%	100%

	2026 Contractual Lease Expirations (in RSF)					Annual Rental Revenue (per RSF)(4)
Market	Leased	Negotiating/ Anticipating	Targeted for Future Development/ Redevelopment	Remaining Expiring Leases(2)	Total

Greater Boston	46,858	9,874	—	391,196	447,928	$54.42
San Francisco Bay Area	1,619	4,753	—	511,665	518,037	66.72
San Diego	—	—	—	822,140	822,140	49.60
Seattle	—	18,205	—	102,551	120,756	43.62
Maryland	—	—	—	321,676	321,676	23.61
Research Triangle	—	19,753	—	115,221	134,974	45.64
New York City	—	104,157	—	71,470	175,627	93.58
Texas	—	—	—	—	—	—
Canada	—	247,743	—	—	247,743	22.24
Non-cluster/other markets	—	—	—	38,112	38,112	70.34
Total	48,477	404,485	—	2,374,031	2,826,993	$50.73
Percentage of expiring leases	2%	14%	0%	84%	100%

Contractual lease expirations for properties classified as held for sale as of December 31, 2024 are excluded from the information on this page.

(1)Primarily represents assets that were recently acquired for future development and redevelopment opportunities, for which we expect, subject to market conditions and

leasing, to commence first-time conversion from non-laboratory space to laboratory space, or to commence future ground-up development. As of December 31, 2024, the

weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $7.0 million and February 18, 2025, respectively. Refer to “Investments in

real estate” under “Definitions and reconciliations” in Item 7 for additional details, including development and redevelopment square feet currently included in rental

properties.

(2)The largest remaining contractual lease expiration in 2025 is 98,741 RSF in our Sorrento Mesa submarket, where we are in early discussions to renew the tenant for a

short-term extension, and in 2026 is 163,648 RSF in our University Town Center submarket, where we have an ownership interest of 30.0% and are evaluating options to

re-lease or reposition the space from single tenancy to multi-tenancy.

(3)Excludes month-to-month leases aggregating 136,131 RSF as of December 31, 2024. Refer to “Leasing activity” in Item 2 for additional details.

(4)Represents amounts in effect as of December 31, 2024.

(5)Includes expected temporary vacancies aggregating 768,080 RSF in four submarkets with a weighted-average expiration date of January 21, 2025 and annual rental

revenue aggregating approximately $47 million with our share of this annual rental revenue aggregating $35 million comprising the following: (i) 182,054 RSF at Alexandria

Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street, where we have an ownership interest of 25.0%, in our Mission Bay

submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties aggregating 247,246 RSF in our Austin submarket. We

expect downtime on the 768,080 RSF to range from 12 to 24 months on a weighted-average basis. Our guidance assumes these properties remain operating properties

and are included in our same property pool for the year ending December 31, 2025. As of December 31, 2024, 23,522 RSF was leased, 112,831 RSF was under signed

letters of intent to re-lease, 527,196 RSF was involved in ongoing discussions for re-lease, and we expect to favorably resolve the remaining 104,531 RSF over the next

several quarters.

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, primarily located in

collaborative Megacampus ecosystems in AAA life science 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 development or

redevelopment 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, 2024 (dollars in thousands):


		Development and Redevelopment
			Future Opportunities Subject to Market Conditions and Leasing
	Operating	Under Construction	Priority Anticipated	Future	Subtotal	Total
Square footage
Operating	39,165,855	—	—	—	—	39,165,855
New Class A/A+ development and redevelopment properties	—	4,357,276	2,134,948	23,696,280	30,188,504	30,188,504
Future development and redevelopment square feet currently included in rental properties(1)	—	—	(213,524)	(2,843,150)	(3,056,674)	(3,056,674)
Total square footage, excluding properties held for sale	39,165,855	4,357,276	1,921,424	20,853,130	27,131,830	66,297,685

Properties held for sale	600,870	—	—	2,390,856	2,390,856	2,991,726
Total square footage	39,766,725	4,357,276	1,921,424	23,243,986	29,522,686	69,289,411	(2)

Investments in real estate
Gross book value as of December 31, 2024(3)	$28,878,752	$3,893,557	$510,372	$4,452,537	$8,856,466	$37,735,218

(1)Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional details, including future development and redevelopment square feet

currently included in rental properties.

(2)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2025 with dispositions and sales

of partial interests primarily focused on sales of properties and land parcels not integral to our Megacampus strategy.

(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 sheet.

Acquisitions

Our real estate asset acquisitions during the year ended 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
		Future Development(1)	Operating With Future Development/ Redevelopment(1)

Completed during the year ended December 31, 2024:
285, 299, 307, and 345 Dorchester Avenue (60% interest in consolidated JV)(2)	Seaport Innovation District/ Greater Boston	1/30/24	—	N/A	1,040,000	—		$155,321
428 Westlake Avenue North	Lake Union/Seattle	10/1/24	1	100%	—	90,626		47,600
Other								46,490
Total 2024 acquisitions								$249,411

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

(2)Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements in Item 15 for additional details.

Dispositions

Our completed dispositions of real estate assets during the year ended December 31, 2024, 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		Seller Financing(1)	Sales Price per RSF	Gain on Sale of Real Estate(2)
Stabilized Properties
One Moderna Way	Route 128/Greater Boston	12/17/24	100%		722,130	8.5%	6.3%	$369,439			$512	$—
1165 Eastlake Avenue East	Lake Union/Seattle	9/12/24	100%		100,086	4.7%	4.9%	149,985			$1,499	21,535
14225 Newbrook Drive	Northern Virginia/Maryland	10/15/24	100%		248,186	7.6%	7.4%	80,500			$324	37,074
6040 George Watts Hill Drive	Research Triangle/Research Triangle	12/10/24	100%		149,585	8.0%	7.1%	93,500			$625	5,004
Other								90,121				9,621
								783,545
Properties with vacancy or significant near-term capital requirements
215 First Street	Cambridge/Greater Boston	12/20/24	100%		369,520	(3)	(3)	245,539	(3)		(3)	—
150 Second Street, and 11 Hurley Street	Cambridge/Greater Boston			182,993
4755 and 4757 Nexus Center Drive and 4796 Executive Drive(4)	University Town Center/San Diego	12/30/24	100%		177,804	(4)	(4)	120,000	(4)	$79,166	$675	47,511
219 East 42nd Street	New York City/New York City	7/9/24	100%		349,947	N/A	N/A	60,000			$171	—
Other								51,106				392
								476,645
Land and other
99 A Street	Seaport Innovation District/ Greater Boston	3/8/24	100%		235,000	(5)	(5)	13,350				—
10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard	Sorrento Mesa/San Diego	12/20/24	100%		444,041	(5)	(5)	55,000		25,000		—
9444 Waples Street (50% consolidated JV)	Sorrento Mesa/San Diego	12/23/24	(6)		149,000	(6)	(6)	31,000	(6)			8,175	(6)
Other(7)			(7)					22,913	(7)			(7)
								122,263
Total 2024 dispositions								$1,382,453		$104,166		$129,312

Our share of 2024 dispositions, including amounts recognized in equity in earnings								$1,366,953				$127,615	(8)

(1)Refer to “Notes receivable” in Note 8 – “Other assets” to our consolidated financial statements in Item 15 for additional information.

(2)Refer to “Sales of real estate assets and impairment charges” in Note 3 – “Investments in real estate” to our consolidated financial statements in Item 15 for additional information.

(3)Represents properties that were 87% occupied as of September 30, 2024, with 61% of the aggregate RSF, primarily located at 215 First Street, scheduled to expire by December 31, 2025. These properties were not core to our

Megacampus strategy due to their size, location, or existing use. They are also expected to require significant re-leasing capital over the next few years, including at 215 First Street, a historical building with infrastructure limitations with

challenging floor plates. Acquired in 2007, 215 First Street came with significant entitlements which were later used to develop new adjacent projects at Alexandria Center® at Kendall Square. Since then, this property has served as a

reliable asset, providing primarily office space to our tenants. However, given the low occupancy and the significant reinvestment required for upgrades, we plan to recycle the capital generated by the disposition into our development and

redevelopment pipeline.

(4)Represents properties that were 65% occupied as of September 30, 2024, with 26% of the aggregate RSF scheduled to expire by June 30, 2025.

(5)Represents the sale of land parcels.

(6)Represents 100% of the contractual sales price. We held a 50% interest in this property through a consolidated real estate joint venture, and our share of the sales price and gain on real estate is $15.5 million and $3.2 million, respectively.

(7)Represents the disposition of an unconsolidated real estate joint venture for which we recognized a gain on sale of real estate of $3.3 million, which is classified as equity in earnings of unconsolidated real estate joint ventures in our

consolidated statement of operations. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements in Item 15 for additional information.

(8)Refer to footnotes 6 and 7.

New Class A/A+ development and redevelopment properties

ALEXANDRIA’S FUTURE GROWTH IN

ANNUAL NET OPERATING INCOME FROM

DEVELOPMENT AND REDEVELOPMENT DELIVERIES

$395 MILLION

Placed Into Service

Expected to Be Placed Into Service



2024		4Q24

$118M		$55M


1.5M RSF		602,593 RSF

98% Occupied



2025		1Q26–2Q28

$83M		$312M


89% Leased/Negotiating

Aggregating 4.4M RSF

(1)

(2)

(3)

Refer to “Net operating income” under “Definitions and reconciliations” in Item 7 for additional details including 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 expected to be placed into service primarily commencing from 1Q25 through 2Q28 is projected to be $334 million.

(2)Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. Refer to the initial and stabilized

occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in Item 2 for additional details.

(3)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025.

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


500 North Beacon Street and 4 Kingsbury Avenue(1)	201 Brookline Avenue	840 Winter Street
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway	Greater Boston/Route 128
211,574 RSF	512,749 RSF	139,984 RSF
100% Occupancy	98% Occupancy	100% Occupancy


10935, 10945, and 10955 Alexandria Way(2)	4155 Campus Point Court	9808 Medical Center Drive
San Diego/Torrey Pines	San Diego/ University Town Center	Maryland/Rockville
93,492 RSF	171,102 RSF	95,061 RSF
100% Occupancy	100% Occupancy	69% Occupancy

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.

(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

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

The following table presents development and redevelopment of new Class A/A+ projects placed into service during the year ended December 31, 2024 (dollars in thousands):

Incremental Annual Net Operating Income Generated From 2024 Deliveries

Aggregated $118 Million, Including $55 Million in 4Q24


Property/Market/Submarket	4Q24 Delivery Date(1)		Our Ownership Interest		RSF Placed in Service											Occupancy Percentage(2)			Total Project		Unlevered Yields
		Prior to 1/1/24		1Q24		2Q24		3Q24		4Q24		Total			Initial Stabilized			Initial Stabilized (Cash Basis)
									RSF		Investment
Development projects
99 Coolidge Avenue/Greater Boston/ Cambridge/Inner Suburbs	N/A		75.0%		43,568		72,846		—		—		—	116,414			100%		320,809	$468,000		7.1%		7.0%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs	11/1/24		100%		—		100,624		37,913		—		73,037	211,574			100%		248,018	427,000		6.2		5.5
201 Brookline Avenue/Greater Boston/ Fenway	10/30/24		99.0%		451,967		—		—		—		60,782	512,749			98%		512,749	787,000		7.3		6.6
10935, 10945, and 10955 Alexandria Way/ San Diego/Torrey Pines	11/1/24		100%		—		—		—		—		93,492	93,492			100%		334,996	503,000		6.2		5.8
4155 Campus Point Court/San Diego/ University Town Center	11/7/24		55.0%		—		—		—		—		171,102	171,102			100%		171,102	184,000		8.0		6.4
1150 Eastlake Avenue East/Seattle/Lake Union	N/A		100%		278,282		—		2,079		31,270		—	311,631			100%		311,631	442,000		6.6		6.7
9810 Darnestown Road/Maryland/Rockville	N/A		100%		—		—		195,435		—		—	195,435			100%		195,435	135,000		7.1		6.2
9820 Darnestown Road/Maryland/Rockville	N/A		100%		—		—		—		250,000		—	250,000			100%		250,000	177,000		8.7		5.6
9808 Medical Center Drive/Maryland/ Rockville	12/31/24		100%		26,460		—		25,655		13,056		29,890	95,061			69%		95,061	114,000		5.4		5.4

Redevelopment projects
840 Winter Street/Greater Boston/Route 128	11/22/24		100%		—		—		—		—		139,984	139,984			100%		168,214	224,000		7.9	(3)	6.7	(3)
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco	N/A		50.0%		—		44,652		—		22,365		—	67,017			100%		326,706	487,000		5.0		5.1
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/ Seattle/Bothell	12/31/24		100%		65,086		115,598		—		—		34,306	214,990			90%		460,934	216,000		6.3		6.2
Canada	N/A		100%		44,862		9,725		23,900		—		—	78,487			100%		250,790	113,000		6.4		6.3
Weighted average/total	11/7/24				910,225		343,445		284,982		316,691		602,593	2,457,936					3,646,445	$4,277,000		6.7%		6.2%

(1)Represents the average delivery date for deliveries that occurred during the three months ended December 31, 2024, weighted by annual rental revenue.

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

(3)Represents initial stabilized yields upon completion and delivery of the project during the three months ended December 31, 2024. However, we are actively negotiating with our existing anchor tenant to potentially relocate them to another

Alexandria property to accommodate their future growth, and if this occurs, our future returns on this asset could change as we backfill this building with a new tenant.

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


99 Coolidge Avenue	500 North Beacon Street and 4 Kingsbury Avenue(1)	311 Arsenal Street	401 Park Drive
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway
204,395 RSF	36,444 RSF	308,446 RSF	137,675 RSF
62% Leased/Negotiating	92% Leased/Negotiating	21% Leased/Negotiating	—% Leased/Negotiating


421 Park Drive	40, 50, and 60 Sylvan Road	1450 Owens Street	651 Gateway Boulevard
Greater Boston/Fenway	Greater Boston/Route 128	San Francisco Bay Area/ Mission Bay	San Francisco Bay Area/ South San Francisco
392,011 RSF	596,064 RSF	109,435 RSF	259,689 RSF
13% Leased/Negotiating	31% Leased/Negotiating(2)	—% Leased/Negotiating(3)	21% Leased/Negotiating

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.

(2)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket.

(3)Image represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership

interest of 75%, after which it will contribute its respective share of additional capital. Additionally, during the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium

interest aggregating 103,361 RSF, or approximately 49% of the development project. We expect to complete the transaction in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF,

with our ownership share expected to be 25% at completion of the project.

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


230 Harriet Tubman Way	269 East Grand Avenue	10935, 10945, and 10955 Alexandria Way(1)	4135 Campus Point Court
San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ South San Francisco	San Diego/Torrey Pines	San Diego/ University Town Center
285,346 RSF	107,250 RSF	241,504 RSF	426,927 RSF
100% Leased	—% Leased/Negotiating	100% Leased	100% Leased


10075 Barnes Canyon Road	701 Dexter Avenue North	8800 Technology Forest Place
San Diego/Sorrento Mesa	Seattle/Lake Union	Texas/Greater Houston
253,079 RSF	227,577 RSF	73,298 RSF
70% Leased/Negotiating	—% Leased/Negotiating	41% Leased/Negotiating

(1)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

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 as of December 31, 2024 (dollars in thousands):


Property/Market/Submarket				Square Footage						Percentage					Occupancy(1)
	Dev/Redev		In Service		CIP		Total		Leased		Leased/ Negotiating			Initial			Stabilized
Under construction
2025 stabilization
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs		Dev		211,574		36,444		248,018		92%		92%				1Q24		2025
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco		Dev		—		285,346		285,346		100		100				1Q25		1Q25
Canada		Redev		111,479		139,311		250,790		73		75				3Q23		2025
				323,053		461,101		784,154		89		89
2026 and beyond stabilization
One Hampshire Street/Greater Boston/Cambridge		Redev		—		104,956		104,956		—		—				2027		2028
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs		Redev		82,216	(2)	308,446		390,662		21		21				2027		2027
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		Dev		116,414		204,395		320,809		40		62				4Q23		2026
401 Park Drive/Greater Boston/Fenway(3)		Redev		—		137,675		137,675		—		—				2026		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		—		596,064		596,064		31		31				2026		2027
Other/Greater Boston		Redev		—		453,869		453,869		—		—	(4)			2027		2027
1450 Owens Street/San Francisco Bay Area/Mission Bay		Dev		—		109,435		109,435		—		—	(5)			2026		2026
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco		Redev		67,017		259,689		326,706		21		21				1Q24		2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco		Redev		—		107,250		107,250		—		—				2026		2027
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines		Dev		93,492		241,504		334,996		100		100				4Q24		2026
4135 Campus Point Court/San Diego/University Town Center		Dev		—		426,927		426,927		100		100				2026		2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		Dev		—		253,079		253,079		70		70				2025		2026
701 Dexter Avenue North/Seattle/Lake Union		Dev		—		227,577		227,577		—		—				2026		2027
8800 Technology Forest Place/Texas/Greater Houston		Redev		50,094		73,298		123,392		41		41				2Q23		2026
				409,233		3,896,175		4,305,408		35		37
				732,286		4,357,276		5,089,562		43%		45%
(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)We expect to redevelop an additional 25,312 RSF of space occupied as of December 31, 2024 into laboratory space upon expiration of the existing leases through the second half of 2025. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional information. (3)During the three months ended December 31, 2024, we shifted the strategy of our 401 Park Drive redevelopment project to focus on the largest, most significant phase of the project. This phase aggregated 137,675 RSF and is expected to initially deliver and stabilize in 2026. Accordingly, we placed the less significant portion of the project that aggregated 22,284 RSF back into operations. (4)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses that will address demand from other non-Alexandria properties/campuses. (5)Represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership interest of 75%, after which it will contribute its respective share of additional capital. During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project.

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
2025 stabilization
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs	100%		$378,021	$37,026	$11,953		$427,000			6.2%		5.5%
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco	48.2%		—	404,591	105,409		510,000			7.4%		6.4%
Canada	100%		50,235	51,596	11,169		113,000			6.4%		6.3%
			428,256	493,213
2026 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge	100%		—	164,957	TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs	100%		60,649	240,342
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	75.0%		136,635	196,917	134,448		468,000			7.1%		7.0%
401 Park Drive/Greater Boston/Fenway	100%		—	151,301	TBD
421 Park Drive/Greater Boston/Fenway	99.8%		—	463,079
40, 50, and 60 Sylvan Road/Greater Boston/Route 128	100%		—	449,484
Other/Greater Boston	100%		—	151,464
1450 Owens Street/San Francisco Bay Area/Mission Bay	25.1%		—	121,957
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco	50.0%		87,376	258,708	140,916		487,000			5.0%		5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco	100%		—	66,184	TBD
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines	100%		100,944	323,993	78,063		503,000			6.2%		5.8%
4135 Campus Point Court/San Diego/University Town Center	55.0%		—	347,039	176,961		524,000			6.6%		6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	50.0%		—	183,733	137,267		321,000			5.5%		5.7%
701 Dexter Avenue North/Seattle/Lake Union	100%		—	234,908	TBD
8800 Technology Forest Place/Texas/Greater Houston	100%		59,794	46,278	5,928		112,000			6.3%		6.0%
			445,398	3,400,344
			$873,654	$3,893,557	$2,740,000	(2)	$7,510,000	(2)

Our share of investment(2)(3)			$800,000	$3,180,000	$2,400,000		$6,380,000
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in Item 7 for additional information. (1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2026 and beyond over the next several quarters. (2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. (3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.

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

68% of Our Total Development and Redevelopment Pipeline RSF Is Within Our Megacampus™ Ecosystems

The following table summarizes the key information for all our development and redevelopment projects in North America as of December 31, 2024 (dollars in thousands):


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

Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge	100%		$164,957	104,956	—	—	104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100%		288,993	344,890	25,312	34,157	404,359
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue/Cambridge/Inner Suburbs	(2)		285,870	204,395	—	902,000	1,106,395
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway	(3)		614,380	529,686	—	—	529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128	100%		512,996	596,064	—	515,000	1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: Alexandria Center® at Kendall Square/Cambridge	100%		204,128	—	—	174,500	174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge	100%		7,907	—	—	100,000	100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District	60.0%		288,527	—	—	1,040,000	1,040,000
10 Necco Street/Seaport Innovation District	100%		105,106	—	—	175,000	175,000
215 Presidential Way/Route 128	100%		6,816	—	—	112,000	112,000
Other development and redevelopment projects	(4)		405,145	453,869	—	1,365,496	1,819,365
			$2,884,825	2,233,860	25,312	4,418,153	6,677,325
Refer to “Megacampus” under “Definitions and reconciliations” in Item 7 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 the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional information, including development and redevelopment square feet currently included in rental properties. (2)We have a 75.0% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF. (3)We have a 100% interest in 401 Park Drive aggregating 137,675 RSF and a 99.8% interest in 421 Park Drive aggregating 392,011 RSF. (4)Includes a property in which we own a partial interest through a real estate joint venture.

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)
			Future Opportunities Subject to Market Conditions and Leasing
		Under Construction	Priority Anticipated		Future
San Francisco Bay Area
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/ Mission Bay	25.1%		$121,957	(2)	109,435	(2)	—	—	109,435
1450 Owens Street
Alexandria Center® for Life Science – Millbrae/South San Francisco	48.2%		568,776		285,346		198,188	150,213	633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
Megacampus: Alexandria Technology Center® – Gateway/South San Francisco	50.0%		285,334		259,689		—	291,000	550,689
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco	100%		72,839		107,250		—	90,000	197,250
211(3) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco	100%		406,586		—		—	1,930,000	1,930,000
1122, 1150, and 1178 El Camino Real
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford	100%		455,849		—		—	1,497,830	1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
3825 and 3875 Fabian Way/Greater Stanford	100%		156,602		—		—	478,000	478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford	100%		37,264		—		—	240,000	240,000
Megacampus: 88 Bluxome Street/SoMa	100%		397,952		—		—	1,070,925	1,070,925
Other development and redevelopment projects	100%		—		—		—	56,924	56,924
			$2,503,159		761,720		198,188	5,804,892	6,764,800
Refer to “Megacampus” under “Definitions and reconciliations” in Item 7 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 the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional information, including development and redevelopment square feet currently included in rental properties. (2)During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. (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 in Item 15 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)
			Future Opportunities Subject to Market Conditions and Leasing
		Under Construction	Priority Anticipated	Future
San Diego
Megacampus: One Alexandria Square/Torrey Pines	100%		$382,913	241,504	—	125,280	366,784
10935 and 10945 Alexandria Way and 10975 and 10995 Torreyana Road
Megacampus: Campus Point by Alexandria/University Town Center	55.0%		492,221	426,927	333,414	634,043	1,394,384
10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165, and 4224 Campus Point Court
Megacampus: SD Tech by Alexandria/Sorrento Mesa	50.0%		346,929	253,079	250,000	243,845	746,924
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines	100%		153,104	—	153,000	62,000	215,000
Megacampus: 5200 Illumina Way/University Town Center	51.0%		17,443	—	—	451,832	451,832
9625 Towne Centre Drive/University Town Center	30.0%		837	—	—	100,000	100,000
Megacampus: Sequence District by Alexandria/Sorrento Mesa	100%		46,323	—	—	1,798,915	1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa	100%		42,417	—	—	154,308	154,308
10256 and 10260 Meanley Drive
4075 Sorrento Valley Boulevard/Sorrento Valley	100%		19,130	—	—	144,000	144,000
Other development and redevelopment projects	(3)		76,843	—	—	475,000	475,000
			$1,578,160	921,510	736,414	4,189,223	5,847,147
Refer to “Megacampus” under “Definitions and reconciliations” in Item 7 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 subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional information, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in this property. (3)Includes a property in which we own a partial interest through a real estate joint venture.

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)
			Future Opportunities Subject to Market Conditions and Leasing
		Under Construction	Priority Anticipated	Future
Seattle
Megacampus: Alexandria Center® for Life Science – South Lake Union/Lake Union	(2)		$516,743	227,577	869,000	188,400	1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo	100%		59,996	—	—	544,825	544,825
410 West Harrison Street/Elliott Bay	100%		—	—	—	91,000	91,000
Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/ Bothell	100%		18,066	—	—	230,000	230,000
21660 20th Avenue Southeast
Other development and redevelopment projects	100%		144,644	—	—	706,087	706,087
			739,449	227,577	869,000	1,760,312	2,856,889
Maryland
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville	100%		22,593	—	—	296,000	296,000
9830 Darnestown Road
			22,593	—	—	296,000	296,000
Research Triangle
Megacampus: Alexandria Center® for Advanced Technologies and Agtech – Research Triangle/Research Triangle	100%		106,906	—	180,000	990,000	1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle	100%		158,277	—	—	2,060,000	2,060,000
Megacampus: Alexandria Center® for NextGen Medicines/Research Triangle	100%		109,368	—	—	1,055,000	1,055,000
3029 East Cornwallis Road
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle	100%		53,941	—	—	750,000	750,000
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive
100 Capitola Drive/Research Triangle	100%		—	—	—	65,965	65,965
Other development and redevelopment projects	100%		4,185	—	—	76,262	76,262
			$432,677	—	180,000	4,997,227	5,177,227
Refer to “Megacampus” under “Definitions and reconciliations” in Item 7 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 the 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 “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional information, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the priority anticipated development project at 800 Mercer Street aggregating 869,000 RSF.

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)
			Future Opportunities Subject to Market Conditions and Leasing
		Under Construction	Priority Anticipated		Future
New York City
Megacampus: Alexandria Center® for Life Science – New York City/New York City	100%		$168,423		—	—	550,000	(2)	550,000
			168,423		—	—	550,000		550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston	100%		49,118		73,298	—	116,405		189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin	100%		10,533		—	126,034	123,976		250,010
Other development and redevelopment projects	100%		56,798		—	—	344,000		344,000
			116,449		73,298	126,034	584,381		783,713

Canada	100%		51,596		139,311	—	371,743		511,054
Other development and redevelopment projects	100%		121,396		—	—	724,349		724,349
Total pipeline as of December 31, 2024, excluding properties held for sale			8,618,727		4,357,276	2,134,948	23,696,280		30,188,504
Properties held for sale			237,739		—	—	2,390,856		2,390,856
Total pipeline as of December 31, 2024			$8,856,466	(3)	4,357,276	2,134,948	26,087,136		32,579,360

Refer to “Megacampus” under “Definitions and reconciliations” in Item 7 for additional information.

(1)Total square footage includes 3,056,674 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”

under “Definitions and reconciliations” in Item 7 for additional information, including development and redevelopment square feet currently included in rental properties.

(2)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our

option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to “Legal proceedings” in Item 3 for additional details.

(3)Includes $3.9 billion of projects that are currently under construction.

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