Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES

OF EQUITY SECURITIES

Market Information

Our common stock is traded on the NYSE under the symbol “ARE.” On January 15, 2025, the last reported sales price per

share of our common stock was $98.43, and there were 562 holders of record of our common stock (excluding beneficial owners whose

shares are held in the name of Cede & Co.).

To maintain our qualification as a REIT, we must make annual distributions to stockholders of at least 90% of our taxable

income for the current taxable year, determined without regard to deductions for dividends paid and excluding any net capital gains.

Under certain circumstances, we may be required to make distributions in excess of cash flows available for distribution to meet these

distribution requirements. In such a case, we may borrow funds or may raise funds through the issuance of additional debt or equity

capital. No dividends can be paid on our common stock unless we have paid full cumulative dividends on our preferred stock. As of

December 31, 2024, we had no outstanding shares of preferred stock. Future distributions on our common stock will be determined by,

and made at the discretion of, our Board of Directors and will depend on a number of factors, including actual cash available for

distribution to our stockholders, our financial condition and capital requirements, the annual distribution requirements under the REIT

provisions of the Internal Revenue Code, restrictions under Maryland law, and such other factors as our Board of Directors deems

relevant. We cannot assure our stockholders that we will make any future distributions.

Refer to “Item 12. Security ownership of certain beneficial owners and management and related stockholder matters” in this

annual report on Form 10-K for information on securities authorized for issuance under equity compensation plans.

Issuer Purchases of Equity Securities

From December 9, 2024 to December 31, 2024, we repurchased 496,276 shares of our common stock aggregating

$50.1 million under the program. The repurchases were made on the open market pursuant to a trading plan established under Rule

10b5-1 of the Securities Exchange Act of 1934, as amended. As of December 31, 2024, we had remaining authorization to repurchase

shares with an aggregate value up to $449.9 million.

The following table summarizes share repurchases executed under the program during the three months ended December 31,

2024:

(1) On December 9, 2024, we announced that our Board of Directors authorized a share repurchase program allowing the repurchase of shares with an aggregate

value up to $500.0 million until December 31, 2025 in the open market, through privately negotiated transactions, or otherwise, in accordance with all applicable

securities laws and regulations, including Rule 10b-18 of the Exchange Act.