Item 1C. CYBERSECURITY

Risk management and strategy

Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting

platforms, and related systems, and those that we offer to our tenants are necessary for the operation of our business. We use these

systems, among others, to manage our tenant and vendor relationships, for internal communications, for accounting to operate our

record-keeping function, and for many other key aspects of our business. Our business operations rely on the secure collection,

storage, transmission, and other processing of proprietary, confidential, and other sensitive data.

We have implemented and maintain various information security processes designed to identify, assess, and manage material

risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and

software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in

nature, and tenant data (collectively, “Information Systems and Data”).

We rely on a multidisciplinary team, including our information security function, legal department, management, and third-party

service providers, as described further below, to identify, assess, and manage cybersecurity threats and risks. We identify and assess

risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods

including, for example, using manual and automated tools, subscribing to reports and services that identify cybersecurity threats,

analyzing reports of threats and threat actors, conducting scans of the relevant-threat environment, evaluating our industry’s risk profile,

utilizing internal and external audits, and conducting threat and vulnerability assessments.

Depending on the environment, we implement and maintain various technical, physical, and organizational measures,

processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information

Systems and Data, including risk assessments, incident detection and response, vulnerability management, disaster recovery and

business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security

controls, access controls, physical security, asset management, systems monitoring, vendor risk management program, employee

training, and penetration testing.

We work with third parties from time to time that assist us to identify, assess, and manage cybersecurity risks, including

professional services firms, consulting firms, threat intelligence service providers, and penetration testing firms.

To operate our business, we utilize certain third-party service providers to perform a variety of functions. We seek to engage

reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature of the services provided, the

sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include

reviewing the cybersecurity practices of such provider, contractually imposing obligations on the provider, conducting security

assessments, and conducting periodic reassessments during their engagement.

We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have

materially affected or are reasonably likely to materially affect our Company, including our business strategy, results of operations, or

financial condition. Refer to “Item 1A. Risk factors” in this annual report on Form 10-K, including “If our information technology networks

or data, or those of third parties with whom we work, are or were disrupted or otherwise compromised, we could experience adverse

consequences resulting from such compromise, including, but not limited to, costly remediation or other expenses, liability under federal

and state laws, litigation and investigations, reputational damage, disruptions to our business operations, decreased cash flows, and

other adverse consequences,” for additional discussion of cybersecurity-related risks.

Governance

Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material

risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit

Committee of the Board of Directors (the “Audit Committee”) oversees the management of systemic risks, including cybersecurity, in

accordance with its charter. The Audit Committee engages in regular discussions with management regarding the Company’s significant

financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material

cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.

Our management, represented by our EVP – Chief Technology Officer, Greg C. Thomas, and our Chief Financial Officer and

Treasurer, Marc E. Binda, leads our cybersecurity risk assessment and management processes and oversees their implementation and

maintenance.

Greg C. Thomas is an experienced information technology professional in our information technology department and has

served as our Chief Technology Officer since 2018. He works with the Company’s internal information technology department and

external partners to monitor and improve our cybersecurity capabilities. Mr. Thomas possesses a proven real estate industry track

record of guiding organizations through strategic technology, organizational, risk mitigation, process improvement initiatives, and digital

transformations. He also possesses extensive experience in technology and cybersecurity, gained over his career spanning more than

30 years, including as Chief Information Officer at two other large real estate firms, as well as in leadership roles within the real estate

industry technology practices of Ernst & Young LLP and Deloitte LLP. He earned Bachelor of Science degrees in Systems Analysis and

Finance from Miami University.

Marc E. Binda, CPA, is an experienced risk management professional in our finance and risk management function and has

served as Chief Financial Officer since September 2023 and as Treasurer since April 2018. Mr. Binda previously served as Executive

Vice President – Finance and Treasurer from June 2019 to September 2023, as Senior Vice President – Finance and Treasurer from

April 2018 to June 2019, as Senior Vice President – Finance from April 2012 to April 2018, and in other capacities from January 2005 to

April 2012. Mr. Binda currently oversees key functions for the Company’s accounting, finance, and treasury strategies, including risk

management. In addition, Mr. Binda leads the Company’s cybersecurity risk oversight and the development and enhancement of

internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents.

Management, in coordination with our information technology department, is responsible for hiring appropriate personnel,

helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key

priorities to relevant personnel. Management is responsible for approving budgets, approving cybersecurity processes, and reviewing

cybersecurity assessments and other cybersecurity-related matters.

Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity

incidents to members of management depending on the circumstances. Management, including our Chief Technology Officer and Chief

Financial Officer and Treasurer, serves on the Company’s incident response team to help the Company mitigate and remediate

cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the Audit

Committee for certain cybersecurity incidents. The Audit Committee holds quarterly meetings and receives periodic reports from

management, including from our Chief Technology Officer and Chief Financial Officer and Treasurer, concerning the Company’s

significant cybersecurity threats and risk and the processes the Company has implemented to address them.

ITEM 2. PROPERTIES

General

As of December 31, 2025, we had 340 properties in North America consisting of approximately 39.4 million RSF of operating

properties and new Class A/A+ development and redevelopment properties under construction, including 47 properties that are held by

consolidated real estate joint ventures and three properties that are held by unconsolidated real estate joint ventures. The occupancy

percentage of our operating properties in North America was 90.9% as of December 31, 2025. 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, 2025, we held a fee simple interest in each of our properties, with the exception of 31 properties in North

America subject to ground leasehold interests, which accounted for approximately 9% of our total number of properties. Of these 31

properties, we held eight properties in the Greater Boston market, 19 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, 2025, 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, 2025, we had approximately 850 leases and 142, or 42%, of our 340 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, 2025:

• Investment-grade or publicly traded large cap tenants represented 53% 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

• 82% 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, 2025 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		9,220,527		583,407		1,383,691		11,187,625		28%		62		$709,347		37%		$89.07
San Francisco Bay Area		6,131,550		212,796		107,250		6,451,596		16		53		347,448		18		68.83
San Diego		6,093,824		975,135		—		7,068,959		19		59		320,581		18		54.14
Seattle		2,926,554		227,577		—		3,154,131		8		42		121,514		6		46.95
Maryland		3,732,888		—		—		3,732,888		9		48		153,169		8		44.35
Research Triangle		3,435,634		—		—		3,435,634		9		34		94,667		5		28.94
New York City		729,461		—		—		729,461		2		2		66,085		3		93.96
Texas		1,646,187		—		73,298		1,719,485		4		13		36,866		2		28.02
Non-cluster/other markets(1)		414,216		—		—		414,216		1		7		12,379		1		32.75
Properties held for sale		1,555,377		—		—		1,555,377		4		20		37,697		2		36.46
North America		35,886,218		1,998,915		1,564,239		39,449,372		100%		340		$1,899,753		100%		$59.97
				3,563,154

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		12/31/25		12/31/24		12/31/23		12/31/25		12/31/24		12/31/23
Greater Boston		86.4%		94.8%		94.9%		75.1%		80.8%		84.7%
San Francisco Bay Area		90.9		93.3		94.8		89.4		89.1		91.4
San Diego		97.2		96.3		94.1		97.2		96.3		94.1
Seattle		88.4	(2)	92.4		95.2		88.4		92.4		90.7
Maryland		93.6		95.7		95.6		93.6		95.7		95.6
Research Triangle		95.2		97.4		97.8		95.2		97.4		97.8
New York City		96.4		88.4		85.3		96.4		88.4		85.3
Texas		79.9		95.5		95.1		76.5		91.8		91.5
Subtotal		90.9		94.8		94.9		86.9		90.0		90.7
Canada		N/A	(3)	95.9		87.1		N/A		82.9		73.0
Non-cluster/other markets		91.2	(1)	72.5		78.5		91.2		72.5		78.5
North America		90.9%	(4)	94.6%		94.6%		86.9%		89.7%		90.2%

(1)Includes one property aggregating 247,743 RSF previously included in our Canada market.

(2)Decline in occupancy primarily related to temporary vacancy from one lease expiration aggregating 50,552 RSF in our Bothell submarket. This space is already re-

leased, with occupancy expected to commence in 1Q26.

(3)10 properties in Canada were designated as held for sale in 4Q25 and the one remaining property was reclassified into our non-cluster market.

(4)Includes temporary vacancies as of December 31, 2025 aggregating 899,259 RSF, or 2.5% of total operating RSF, primarily in the Greater Boston, San Francisco Bay

Area, and Seattle markets, which are leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected

delivery date is approximately August 2026, and the expected annual rental revenue is approximately $52 million.

Top 20 tenants

84% 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 greater than

6.1% of our annual rental revenue in effect as of December 31, 2025. 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, 2025 (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		Bristol-Myers Squibb Company			5.6				1,344,987			$	116,140			6.1%			A2		A		$102.64
2		Eli Lilly and Company			9.3				1,000,591				84,928			4.5			Aa3		A+		$784.24
3		Moderna, Inc.			12.9				462,100				71,571			3.8			—		—		$11.32
4		Takeda Pharmaceutical Company Limited			9.4				549,759				47,899			2.5			Baa1		BBB+		$46.08
5		Eikon Therapeutics, Inc.(2)			13.1				311,806				40,005			2.1			—		—		$—
6		AstraZeneca PLC			6.1				440,087				39,413			2.1			A1		A+		$237.13
7		Illumina, Inc.			5.8				792,687				29,977			1.6			Baa3		BBB		$15.91
8		Novartis AG			2.1				377,095				29,463			1.6			Aa3		AA-		$251.26
9		United States Government			4.6				414,499				29,243	(3)		1.5			Aaa		AA+		$—
10		Uber Technologies, Inc.			56.8	(4)			1,009,188				27,831			1.5			Baa1		BBB		$176.44
11		Boston Children's Hospital			11.2				309,231				26,294			1.4			Aa2		AA		$—
12		Sanofi			5.0				267,278				21,851			1.2			Aa3		AA		$125.29
13		Alphabet Inc.			2.4				418,600				21,837			1.1			Aa2		AA+		$2,562.42
14		New York University			6.6				218,983				21,110			1.1			Aa2		AA-		$—
15		Cloud Software Group Holdings, Inc.			0.7				216,278				20,553			1.1			—		—		$—
16		Massachusetts Institute of Technology			4.0				242,428				20,529			1.1			Aaa		AAA		$—
17		Charles River Laboratories, Inc.			9.7				242,693				20,207			1.1			—		—		$7.97
18		Merck & Co., Inc.			8.0	(5)			308,356				19,610			1.0			Aa3		A+		$219.09
19		Vaxcyte, Inc.			9.0				230,755				18,692			1.0			—		—		$6.09
20		Altos Labs, Inc.(6)			15.3				158,990				18,406			1.0			—		—		$—
		Total/weighted-average			9.7	(4)			9,316,391				$725,559			38.4%

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, 2025.

(2)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharmaceutical executive Roger Perlmutter, formerly an executive vice president at

Merck & Co., Inc. As of February 25, 2025, the company has raised over $1.16 billion in private venture capital funding.

(3)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of

the annual rental revenue derived from our leases with the United States Government is cancellable prior to the lease expiration date.

(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 7.9 years as of December 31, 2025.

(5)Represents one lease encompassing three properties located on the Alexandria Stanford Life Science District campus, which we acquired in 2022 and for which we are

evaluating business strategy based on market conditions. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we

acquired the properties, of which 137,970 RSF has lease expirations through 2026. Refer to “Summary of contractual lease expirations” in Item 2 for additional details.

(6)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer of GlaxoSmithKline. Altos Labs is backed by a group of

prominent long-term investors and has raised $3.0 billion in private funding.

Stable Cash Flows From Our High-Quality and Diverse Mix of Tenants
Investment-Grade or Publicly Traded Large Cap Tenants
84%
of ARE’s Top 20 Tenant Annual Rental Revenue
53%
of ARE’s Total Annual Rental Revenue

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology -

Approved or

Marketed

Product

Other(1)

Advanced

Technologies(2)

Public

Biotechnology -

Preclinical or

Clinical Stage

Government

Institutions

Biomedical

Institutions(3)

Private

Biotechnology

Percentage of ARE’s

Annual Rental Revenue

As of December 31, 2025. Annual rental revenue represents amounts in effect as of December 31, 2025. Refer to “Definitions and reconciliations” in Item 7 for additional

information.

(1)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants.

(2)71% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(3)82% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

Property listing

Our Megacampus**™** Properties Account for 78% of Our Annual Rental Revenue

The following table provides certain information about our properties as of December 31, 2025 (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		2,213,866		—		—		2,213,866		8		$212,458		93.7%		93.7%
		50*(1), 60(1), 75/125(1), 90, 100(1), and 225(1)* Binney Street, 140 First Street, and 300 Third Street*(1)*
		Megacampus: Alexandria Center**®** at One Kendall Square		1,294,598		—		—		1,294,598		11		136,034		91.2		91.2
		One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), and 325 and 399 Binney Street
		Megacampus: Alexandria Technology Square**®**		1,192,075		—		—		1,192,075		7		79,341		73.9		73.9
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Megacampus: The Arsenal on the Charles		787,760		—		333,758		1,121,518		13		46,020		78.0		54.8
		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, and 500 Arsenal Street, and 99 Coolidge Avenue**(1)**		386,780		191,396		—		578,176		5		26,298		91.4		91.4
		Cambridge/Inner Suburbs		5,875,079		191,396		333,758		6,400,233		44		500,151		86.9		82.2
	Fenway
		Megacampus: Alexandria Center**®** for Life Science – Fenway		1,452,183		392,011		—		1,844,194		3		104,651		79.2		79.2
		401 and 421 Park Drive and 201 Brookline Avenue
	Seaport Innovation District
		5 and 15(1) Necco Street		459,395		—		—		459,395		2		47,019		97.0		97.0
	Route 128
		Megacampus: Alexandria Center**®** for Life Science – Waltham		465,981		—		596,064		1,062,045		5		38,566		97.8		42.9
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		19, 225, and 235 Presidential Way		585,226		—		—		585,226		3		14,194		97.0		97.0
		Route 128		1,051,207		—		596,064		1,647,271		8		52,760		97.4		62.1
	Other
		Megacampus: 30, 200, and 3000 Minuteman Road		382,663		—		453,869		836,532		5		4,766		62.5		28.6
		Greater Boston		9,220,527		583,407		1,383,691		11,187,625		62		$709,347		86.4%		75.1%
	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.

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)**		1,557,403		212,796		—		1,770,199		8		$65,400		96.0%		96.0%
		1455*(2), 1515(2)**, 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens* Street, and 455 Mission Bay Boulevard South
		Mission Bay		1,557,403		212,796		—		1,770,199		8		65,400		96.0		96.0
	South San Francisco
		Megacampus: Alexandria Center**®** for Advanced Technologies – South San Francisco		812,453		—		107,250		919,703		5		42,600		79.0		69.8
		213*(1)**, 249, 259, 269, and 279 East Grand Avenue*
		Alexandria Center® for Life Science – South San Francisco		504,232		—		—		504,232		3		28,642		83.0		83.0
		201 Haskins Way and 400 and 450 East Jamie Court
		Megacampus: Alexandria Center**®** for Advanced Technologies – Tanforan		445,232		—		—		445,232		2		2,365		100.0		100.0
		1122 and 1150 El Camino Real
		Alexandria Technology Center® – Gateway		326,197		—		—		326,197		5		19,461		89.7		89.7
		600, 630, 650, 901, and 951 Gateway Boulevard
		Alexandria Center® for Life Science – Millbrae(1)		285,346		—		—		285,346		1		37,003		100.0		100.0
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)		155,685		—		—		155,685		1		10,908		100.0		100.0
		South San Francisco		2,529,145		—		107,250		2,636,395		17		140,979		88.5		84.9
	Greater Stanford
		Megacampus: Alexandria Center**®** for Life Science – San Carlos		738,038		—		—		738,038		9		46,677		91.4		91.4
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District		705,787		—		—		705,787		9		53,480		86.8		86.8
		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		24,429		86.5		86.5
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road		198,548		—		—		198,548		3		13,751		100.0		100.0
		2100 and 2200 Geng Road		62,526		—		—		62,526		2		2,732		100.0		100.0
		Greater Stanford		2,045,002		—		—		2,045,002		28		141,069		90.1		90.1
		San Francisco Bay Area		6,131,550		212,796		107,250		6,451,596		53		$347,448		90.9%		89.4%
	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. (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
		Megacampus: One Alexandria Square		1,090,906		—		—		1,090,906		10		$77,138		96.5%		96.5%
		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		308,565		—		—		308,565		3		14,461		86.2		86.2
		10578, 10618, and 10628 Science Center Drive
		Torrey Pines		1,399,471		—		—		1,399,471		13		91,599		94.2		94.2
	University Town Center
		Megacampus: Campus Point by Alexandria**(1)**		1,310,696		893,525		—		2,204,221		8		84,466		99.5		99.5
		9880*(2)**, 10210, 10290, and 10300 Campus Point Drive and 4135, 4155, 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		2,267,031		893,525		—		3,160,556		15		120,964		99.7		99.7
	Sorrento Mesa
		Megacampus: SD Tech by Alexandria**(1)**		969,416		81,610		—		1,051,026		11		48,072		98.0		98.0
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and 10055, 10065, and 10075 Barnes Canyon Road
		Megacampus: Sequence District by Alexandria		671,039		—		—		671,039		6		24,306		100.0		100.0
		6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Summers Ridge Science Park(1)		316,531		—		—		316,531		4		11,521		100.0		100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		10102 Hoyt Park Drive		144,113		—		—		144,113		1		11,379		100.0		100.0
		5810/5820 Nancy Ridge Drive		83,354		—		—		83,354		1		3,389		100.0		100.0
		9877 Waples Street		63,774		—		—		63,774		1		2,680		100.0		100.0
		Sorrento Mesa		2,248,227		81,610		—		2,329,837		24		101,347		99.1		99.1
	Sorrento Valley
		3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard		151,406		—		—		151,406		6		4,857		55.9		55.9
		11045 Roselle Street		27,689		—		—		27,689		1		1,814		100.0		100.0
		Sorrento Valley		179,095		—		—		179,095		7		6,671		62.7		62.7
		San Diego		6,093,824		975,135		—		7,068,959		59		$320,581		97.2%		97.2%
	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
Seattle
	Lake Union
		Megacampus: Alexandria Center**®** for Life Science – Eastlake		1,151,975		—		—		1,151,975		9		$68,694		91.3%		91.3%
		1150, 1201*(1),* 1208*(1),* 1551, 1600, and 1616 Eastlake Avenue East, 188 and 199 East Blaine Street, and 1600 Fairview Avenue East
		Megacampus: Alexandria Center**®** for Advanced Technologies – South Lake Union		413,178		227,577		—		640,755		4		23,372		98.8		98.8
		400*(1)* and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219 Terry Avenue North
		Lake Union		1,565,153		227,577		—		1,792,730		13		92,066		93.3		93.3
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West		20,101		—		—		20,101		2		459		72.5		72.5
	Bothell
		Megacampus: Alexandria Center**®** for Advanced Technologies – Canyon Park		815,000		—		—		815,000		19		15,674		84.2		84.2
		22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, and 22522 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		463,243		—		—		463,243		6		12,834		79.7		79.7
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell		1,278,243		—		—		1,278,243		25		28,508		82.6		82.6
	Other			63,057		—		—		63,057		2		481		91.7		91.7
		Seattle		2,926,554		227,577		—		3,154,131		42		121,514		88.4		88.4
Maryland
	Rockville
		Megacampus: Alexandria Center**®** for Life Science – Shady Grove		1,691,960		—		—		1,691,960		20		93,315		94.7		94.7
		9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward Campus Drive, and 9810 and 9820 Darnestown Road
		1330 Piccard Drive		131,507		—		—		131,507		1		3,813		87.6		87.6
		1405 Research Boulevard		72,170		—		—		72,170		1		2,501		94.7		94.7
		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		3,125		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		1,853		100.0		100.0
		Rockville		2,151,553		—		—		2,151,553		27		$108,427		94.9%		94.9%
	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 (continued)
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I		619,061		—		—		619,061		9		$19,663		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		486,300		—		—		486,300		7		16,254		95.1		95.1
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
		401 Professional Drive		63,207		—		—		63,207		1		1,351		79.7		79.7
		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		1,246,518		—		—		1,246,518		19		39,709		93.9		93.9
	Beltsville
		8000/9000/10000 Virginia Manor Road		191,884		—		—		191,884		1		3,307		96.4		96.4
		101 West Dickman Street(1)		142,933		—		—		142,933		1		1,726		66.5		66.5
		Beltsville		334,817		—		—		334,817		2		5,033		83.6		83.6
		Maryland		3,732,888		—		—		3,732,888		48		153,169		93.6		93.6
Research Triangle
	Research Triangle
		Megacampus: Alexandria Center**®** for Life Science – Durham		2,041,067		—		—		2,041,067		15		44,493		97.3		97.3
		6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, and 2400 Ellis Road
		Megacampus: Alexandria Center**®** for Advanced Technologies and AgTech – Research Triangle		711,886		—		—		711,886		6		29,585		94.1		94.1
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Megacampus: Alexandria Center**®** for Sustainable Technologies		259,962		—		—		259,962		6		7,343		84.8		84.8
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive
		Alexandria Technology Center® – Alston		121,204		—		—		121,204		2		2,279		80.5		80.5
		800 and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle		136,563		—		—		136,563		3		4,064		96.1		96.1
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54		82,996		—		—		82,996		1		3,580		100.0		100.0
		407 Davis Drive		81,956		—		—		81,956		1		3,323		100.0		100.0
		Research Triangle		3,435,634		—		—		3,435,634		34		$94,667		95.2%		95.2%
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
New York City
	New York City
		Megacampus: Alexandria Center**®** for Life Science – New York City		729,461		—		—		729,461		2		$66,085		96.4%		96.4%
		430 and 450 East 29th Street
		New York City		729,461		—		—		729,461		2		66,085		96.4		96.4
Texas
	Austin
		Megacampus: Intersection Campus		1,525,359		—		—		1,525,359		12		33,694		83.0		83.0
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		Austin		1,525,359		—		—		1,525,359		12		33,694		83.0		83.0
	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		1,646,187		—		73,298		1,719,485		13		36,866		79.9		76.5
Non-cluster/other markets				414,216		—		—		414,216		7		12,379		91.2		91.2
North America, excluding properties held for sale				34,330,841		1,998,915		1,564,239		37,893,995		320		1,862,056		90.9%		86.9%
Properties held for sale				1,555,377		—		—		1,555,377		20		37,697		66.5%		66.5%
Total – North America				35,886,218		1,998,915		1,564,239		39,449,372		340		$1,899,753

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, 2025, solid demand for our high-quality Class A/A+ properties translated into leasing

activity and rental rate changes in 2025 for our overall portfolio and our development and redevelopment pipeline.

• Executed a total of 205 leases, with a weighted-average lease term of 11.9 years, for 4.2 million RSF;

• 82% of our leasing activity during the last twelve months was generated from our existing tenant base;

• Annual leasing activity of 2.5 million RSF for renewed and re-leased spaces; and

• Annual rental rates increased by 7.0% and 3.5% (cash basis) on renewed and re-leased space.

During the year ended December 31, 2025, we granted tenant concessions/free rent averaging 1.5 months per annum with

respect to the 4.2 million RSF leased.

Lease structure

Our Same Properties total revenue declined by 0.5% during the year ended December 31, 2025, and our Same Properties net

operating income and Same Properties net operating income (cash basis) for the year ended December 31, 2025 decreased by 3.5%

and increased by 0.9%, respectively. Rental rates for the year ended December 31, 2025 increased by 7.0% and 3.5% (cash basis) on

2.5 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 a consistent Same Properties operating margin of 68% for the year ended December 31, 2025 across our 282 Same

Properties aggregating 29.8 million RSF. As of December 31, 2025, 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, 2025 and 2024:

		Year Ended December 31,
		2025				2024
		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		7.0%		3.5%		16.9%		7.2%
New rates		$52.71		$53.66		$65.48		$64.18
Expiring rates		$49.27		$51.87		$56.01		$59.85
RSF		2,543,473				3,888,139
Tenant improvements/leasing commissions		$55.34				$46.89
Weighted-average lease term		9.0 years				8.5 years
Developed/redeveloped/previously vacant space leased(2)
New rates		$72.30		$67.56		$59.44		$57.34
Previously vacant RSF		944,362				672,474
Developed/redeveloped RSF		704,821				493,341
Weighted-average lease term		13.8 years				10.0 years
Leasing activity summary (totals):
New rates		$60.42		$59.13		$64.16		$62.68
RSF		4,192,656				5,053,954
Weighted-average lease term		11.9 years				8.9 years
Lease expirations*(1)*
Expiring rates		$54.22		$55.56		$53.82		$57.24
RSF		4,460,081				5,005,638

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

(1)Excludes month-to-month leases aggregating 58,516 RSF and 136,131 RSF as of December 31, 2025 and 2024, respectively. During the year ended

December 31, 2025, we granted free rent concessions averaging 1.5 months per annum.

(2)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, 2025:

Year				RSF				Percentage of Occupied RSF				Annual Rental Revenue (per RSF)(1)				Percentage of Annual Rental Revenue
	2026	(2)			2,900,665				9.3%				$52.73				8.2%
	2027				3,220,834				10.3%				$54.52				9.4%
	2028				3,848,085				12.4%				$51.80				10.7%
	2029				1,741,417				5.6%				$46.91				4.4%
	2030				2,482,633				8.0%				$43.28				5.7%
	2031				3,550,982				11.4%				$54.17				10.3%
	2032				864,810				2.8%				$58.02				2.7%
	2033				2,164,696				6.9%				$50.94				5.9%
	2034				2,733,787				8.8%				$67.66				9.9%
	2035				1,042,126				3.3%				$57.39				3.2%
Thereafter					6,601,764				21.2%				$84.09				29.6%

Contractual lease expirations for properties classified as held for sale as of December 31, 2025 are excluded from the information on this page.

(1)Represents amounts in effect as of December 31, 2025.

(2)Excludes month-to-month leases aggregating 58,516 RSF as of December 31, 2025.

Summary of contractual lease expirations (continued)

The following tables present our lease expirations by market for 2026 and 2027 as of December 31, 2025:

		2026 Contractual Lease Expirations (in RSF)												Annual Rental Revenue (per RSF)(2)
Market		Leased		Negotiating/ Anticipating		Targeted for Future Development/ Redevelopment			Remaining Expiring Leases			Total(1)
Greater Boston		144,451		—		—			248,627			393,078		$44.01
San Francisco Bay Area		6,527		22,000		—			286,652			315,179		69.98
San Diego		—		49,791		52,620	(3)		153,477			255,888		54.62
Seattle		32,500		—		—			150,145			182,645		28.00
Maryland		171,239		—		—			173,729			344,968		29.48
Research Triangle		42,318		6,439		—			99,209			147,966		43.66
New York City		35,256		—		—			39,659			74,915		71.65
Texas		—		—		—			—			—		—
Non-cluster/other markets		—		—		—			24,567			24,567		59.21
Subtotal		432,291		78,230		52,620			1,176,065			1,739,206		47.11
Key lease expirations with expected downtime		140,986		9,836		—			1,010,637	(4)		1,161,459	(4)	61.14
Total		573,277		88,066		52,620			2,186,702			2,900,665		$52.73
Percentage of expiring leases		20%		3%		2%			75%			100%
		2027 Contractual Lease Expirations (in RSF)										Annual Rental Revenue (per RSF)(4)
Market		Leased		Negotiating/ Anticipating		Remaining Expiring Leases			Total
Greater Boston		50,649		—		179,430			230,079			$94.88
San Francisco Bay Area		1,873		—		215,684			217,557			70.96
San Diego		—		—		339,716			339,716			43.71
Seattle		4,320		25,898		486,950			517,168			43.59
Maryland		—		—		261,550			261,550			27.38
Research Triangle		34,910		—		242,303			277,213			34.74
New York City		—		—		98,299			98,299			91.95
Texas		—		—		91,711			91,711			26.10
Non-cluster/other markets		—		—		11,418			11,418			N/A
Subtotal		91,752		25,898		1,927,061			2,044,711			50.43
Key lease expirations with expected downtime		—		—		1,176,123			1,176,123	(5)		61.61
Total		91,752		25,898		3,103,184			3,220,834			$54.52
Percentage of expiring leases		3%		1%		96%			100%

Contractual lease expirations for properties classified as held for sale as of December 31, 2025 are excluded from the information on this page.

(1)Excludes month-to-month leases aggregating 58,516 RSF as of December 31, 2025. Refer to “Leasing activity” in Item 2 for additional details.

(2)Represents amounts in effect as of December 31, 2025.

(3)Relates to a single-tenant, 100% pre-leased development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the

beginning of 2026, the tenant will vacate 52,620 RSF from an existing building, which generated annual rental revenue of $4.1 million as of December 31, 2025, to allow

for the demolition and development of the new, build-to-suit life science building at this site. Refer to “New Class A/A+ development and redevelopment properties:

current projects” in Item 2 for additional details.

(4)Key lease expirations with expected downtime represent space expected to become vacant at lease expiration and re-leased to new tenants. We have identified

prospects or have early discussions with prospective tenants for 468,470 RSF of the 1.0 million RSF listed under remaining expiring leases. We continue to evaluate

business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect downtime for 2026 key lease expirations to be

approximately 6 to 24 months on a weighted-average basis, and we expect these properties to remain operating properties.

Property or Campus		Submarket		RSF		% of Leased/ Negotiating		Weighted Average Expiration Date		Located on Megacampus		Annual Rental Revenue from Lease Expirations/ Known Vacancies
Alexandria Stanford Life Science District		Greater Stanford		137,970		—%		June 2026				$12,899
One Alexandria Square		Torrey Pines		118,225		38		January 2026		X		10,064
Alexandria Center® at One Kendall Square		Cambridge		92,775		—		May 2026		X		7,783
9625 Towne Centre Drive		University Town Center		163,648		—		January 2026				6,520
5810/5820 Nancy Ridge Drive		Sorrento Mesa		83,354		100		January 2026				3,389
Alexandria Center® at Kendall Square		Cambridge		45,636		—		January 2026		X		4,564
Remaining		Various		519,851		4		May 2026		(6)		25,792
				1,161,459		13%		April 2026				$71,011

(5)Represents key 2027 lease expirations with expected downtime primarily in our Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2

million RSF with a weighted-average expiration date in March 2027 and annual rental revenue aggregating $72 million. Included in these expirations are seven leases

aggregating 531,984 RSF and $42.3 million in annual rental revenue with four separate tenants that will relocate to our current active development and redevelopment

projects upon completion of their tenant improvements. On a combined basis, these tenants will expand their footprint within our portfolio by over 41%. Additionally, we

have identified prospects or have early discussions with prospective tenants for 302,028 RSF of the total 1.2 million RSF. We expect downtime to be approximately 9 to

24 months on a weighted-average basis, and we expect these properties to remain operating properties.

(6)Approximately 69% of the 519,851 RSF expiring leases are located on a Megacampus.

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, 2025 (dollars in thousands):

					Development and Redevelopment
			Under Construction
	Operating		2026 Stabilization		2027-2028 Stabilization		Evaluating Business Strategy		Future		Subtotal		Total
Square footage
Operating	34,330,841		—		—		—		—		—		34,330,841
Future Class A/A+ development and redevelopment properties	—		699,933		1,614,994		1,248,227		19,907,130		23,470,284		23,470,284
Future development and redevelopment square feet currently included in rental properties(1)	—		—		(52,620)		—		(1,815,084)		(1,867,704)		(1,867,704)
Total square footage, excluding properties held for sale	34,330,841		699,933		1,562,374		1,248,227		18,092,046		21,602,580		55,933,421
Properties held for sale	1,555,377		—		—		—		1,893,281		1,893,281		3,448,658
Total square footage	35,886,218		699,933		1,562,374		1,248,227		19,985,327		23,495,861		59,382,079
Investments in real estate
Gross book value as of December 31, 2025(2)	$27,767,849		$777,861		$1,382,807		$1,020,344		$3,868,660		$7,049,672	(3)	$34,817,521
Properties held for sale	452,825		—		—		—		261,208		261,208		714,033
Total gross investment in real estate, excluding properties held for sale	$27,315,024		$777,861		$1,382,807		$1,020,344		$3,607,452		$6,788,464		$34,103,488

20%

17%

11% to 16%

Non-Income-Producing Assets(4) as a Percentage of Gross Assets

(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)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.

(3)Our share of investment in our development and redevelopment pipeline is $6.35 billion.

(4)Excludes properties classified as held for sale, of which land parcels represent approximately 1% of total non-income producing assets.

Dispositions and sales of partial interests

Our completed dispositions of real estate assets during the year ended December 31, 2025, consisted of the following (dollars in thousands, except for sales price per RSF):

				Date of Transaction		Interest Sold/ Acquired			Square Footage				Capitalization Rate			Capitalization Rate (Cash Basis)			Price (Our Share)		Gain on Sales of Real Estate
Property		Submarket/Market				Operating		Future Development
Dispositions
Completed during the year ended December 31, 2025:
Stabilized properties:
550 Arsenal Street(1)		Cambridge/Inner Suburbs/Greater Boston		10/15/25		100%			249,275		281,592		6.1%			5.4%			$99,250		$—
6260 Sequence Drive		Sorrento Mesa/San Diego		12/16/25		100%			130,536		—		7.2%			7.1%			70,000		—
5600 Avenida Encinas		Other/San Diego		12/17/25		100%			182,276		—		5.5%			5.3%			64,100		—
601 Key Stone Drive		Research Triangle/Research Triangle		10/3/25		100%			77,595		—		9.7%			8.7%			24,879		4,362
Other stabilized properties		Various							307,142		—								103,079		—
																			361,308
Properties with vacancy or significant near-term capital requirements:
601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard		South San Francisco/San Francisco Bay Area		12/30/25		(2)			1,104,826		528,684		N/A						283,173	(2)	—	(2)
ARE Nautilus		Torrey Pines/San Diego		12/10/25		100%			218,640		—			192,000	(3)	86,260
409 and 499 Illinois Street		Mission Bay/San Francisco Bay Area		12/17/25		25%			466,297		—			180,273	(4)	416,749	(4)
14 TW Alexander Drive		Research Triangle/Research Triangle		11/20/25		100%			173,820		—			155,000	(5)	78,489
4767 Nexus Center Drive		University Town Center/San Diego		12/31/25		100%			65,280		—			50,000	(6)	15,330
5505 Morehouse Drive		Sorrento Mesa/San Diego		8/26/25		100%			79,945		—			45,000		—
Alexandria Center for Life Science – Long Island City		New York City/New York City		12/19/25		100%			179,100		—			34,500		—
2425 Garcia Avenue and 2400/2450 Bayshore Parkway		Greater Stanford/San Francisco Bay Area		6/30/25		100%			95,901		—			11,000		—
Other non-stabilized properties		Various							544,591		117,227			120,517		$13,483
																			$1,071,463
(1)Represents a retail shopping center with future development opportunity. We originally acquired the property in 2021 with the intent to demolish the retail center and develop it into laboratory space. However, due to the project’s financial outlook and the substantial capital that development would have required, we decided to recycle the capital generated by the disposition into our development and redevelopment pipeline. (2)We held a 50% ownership interest at 601, 611, 651, 681, 685, and 701 Gateway Boulevard and a 51% interest at 751 Gateway Boulevard. At the time of sale, these properties had operating and redevelopment occupancy of 62%, with a weighted-average lease term of 5.1 years. Due to macroeconomic conditions in South San Francisco, including significant new supply, lower life science tenant demand, and ongoing challenges leasing both laboratory and office space, we reassessed the project’s financial outlook and the substantial capital required to lease vacant space and to complete the redevelopment of 651 Gateway Boulevard and future development opportunities. As a result, we sold the consolidated joint ventures for a gross price of $600.0 million ($560.4 million net of seller credits and sales costs), of which our share of the price (after seller credits) was $283.2 million. Refer to Note 3 – “Investments in real estate” to our consolidated financial statements in Item 15 for additional information. (3)Represents the sale of a non-stabilized campus located outside of a Megacampus ecosystem. At the time of sale, the campus was 76% occupied, with a weighted-average remaining lease term of less than four years. Given our strategy to invest into our Megacampus and the significant near‑term capital required to re‑stabilize the asset, we decided to reinvest the disposition proceeds into other projects with greater value-creation opportunities. (4)Represents two life science buildings in which we held a 25% ownership interest. At the time of sale, the properties were 40% occupied, with a weighted-average remaining lease term of 8.3 years. These properties were sold by the joint venture to an existing tenant following its exercise of a purchase right included in its lease agreement. The gross sales price was $767.1 million ($721.1 million net of seller credits and sales costs), of which our share of the price (after seller credits) was $180.3 million. Our share of gain on sales of real estate was $103.9 million. (5)We provided seller financing of $33.0 million. This note receivable is classified within “Other assets” in our consolidated balance sheet. Refer to Note 8 – “Other assets” to our consolidated financial statements in Item 15 for additional information.

Dispositions and sales of partial interests

				Date of Transaction		Interest Sold/ Acquired			Square Footage				Capitalization Rate			Capitalization Rate (Cash Basis)			Price (Our Share)		Gain on Sales of Real Estate
Property		Submarket/Market				Operating		Future Development
Land:
Costa Verde by Alexandria		University Town Center/San Diego		1/31/25		100%			—		537,000		N/A						$124,000	(1)	$—
9363, 9373, and 9393 Towne Centre Drive		University Town Center/San Diego		12/18/25		100%			—		230,000			40,000		17,978
285, 299, 307, and 345 Dorchester Avenue (60% consolidated JV)		Seaport Innovation District/Greater Boston		12/30/25		60%			—		1,040,000			33,500		—
3029 East Cornwallis Road		Research Triangle/Research Triangle		12/31/25		100%			—		600,000			29,500		—
Land parcel		Texas		5/7/25		100%			—		1,350,000			73,287		—
Other land parcels		Various							143,105		981,581			79,150		504
																			379,437
Total 2025 dispositions and sales of partial interests, excluding exchange of partial interests (see below)																			$1,812,208		$633,155	(2)
Exchange of partial interests**(3)**
Disposition of Pacific Technology Park		Sorrento Mesa/San Diego		9/9/25		50%			544,352		—		N/A						$96,000		$9,290
Acquisition of 199 East Blaine Street		Lake Union/Seattle		9/9/25		70%			115,084		—			(94,430)
Difference in sales price received in cash																			$1,570

(1)We provided seller financing of $91.0 million. This note receivable is classified within “Other assets” in our consolidated balance sheet. Refer to Note 8 – “Other assets” to our consolidated financial statements in Item 15 for additional

information.

(2)Excludes a gain on sale of interest related to an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.

(3)In September 2025, we completed an exchange of partial interests in two consolidated joint ventures, Pacific Technology Park and 199 East Blaine Street, with one joint venture partner, resulting in a sales price received by cash of

$1.6 million. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements in Item 15 for additional information.

New Class A/A+ development and redevelopment properties

ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT

DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL

GROWTH IN ANNUAL NET OPERATING INCOME

Placed Into Service			Near-Term Deliveries			Intermediate- Term Deliveries			Evaluating Business Strategy
2025			2026			2027**–**2028			2026-2028
$78M			$97M			$123M			$113M
97% Occupied			86% Leased/Negotiating			51% Leased/Negotiating			8% Leased/Negotiating
852,764 RSF			699,933 RSF			1.6 million RSF			1.2 million RSF

(1)

(2)

(3)

(4)

(5)

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)Excludes future incremental annual net operating income from recently delivered spaces aggregating 20,444 RSF that were vacant and/or unleased at delivery.

(2)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from

projects expected to be placed into service primarily commencing through 2026 is projected to be $74 million. 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)Our share of incremental annual net operating income from projects expected to stabilize in 2027-2028 is projected to be $92 million.

(4)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through the end of 2026.

(5)Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027-2028.

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

99 Coolidge Avenue		500 North Beacon Street and 4 Kingsbury Avenue**(1)**
Greater Boston/ Cambridge/Inner Suburbs		Greater Boston/ Cambridge/Inner Suburbs
129,413 RSF		248,018 RSF
100% Occupancy		92% Occupancy

230 Harriet Tubman Way		10935, 10945, and 10955 Alexandria Way**(2)**		10075 Barnes Canyon Road
San Francisco Bay Area/ South San Francisco		San Diego/Torrey Pines		San Diego/Sorrento Mesa
285,346 RSF		334,996 RSF		171,469 RSF
100% Occupancy		100% Occupancy		100% 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)

Incremental Annual Net Operating Income Generated From 2025 Deliveries

Aggregated $78 Million(1), Including $10 Million in 4Q25

The following table presents development and redevelopment of new Class A/A+ projects placed into service during the year ended December 31, 2025 (dollars in thousands):

Property/Market/Submarket		4Q25 Delivery Date**(2)**		Our Ownership Interest		RSF Placed in Service												Occupancy Percentage**(3)**				Total Project				Unlevered Yields
			Prior to 1/1/25		1Q25		2Q25		3Q25		4Q25		Total				Initial Stabilized				Initial Stabilized (Cash Basis)
										RSF		Investment
Development projects
99 Coolidge Avenue/Greater Boston/ Cambridge/Inner Suburbs		N/A		100%		116,414		—		—		12,999		—		129,413			100%			320,809		$444,000			6.0%				6.8%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs		N/A		100%		211,574		—		—		36,444		—		248,018			92%			248,018		429,000			6.5				5.9
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco		N/A		48.6%		—		285,346		—		—		—		285,346			100%			285,346		476,000			7.5				6.2
10935, 10945, and 10955 Alexandria Way/ San Diego/Torrey Pines		N/A		100%		93,492		—		119,202		122,302		—		334,996			100%			334,996		480,000			7.2				6.9
10075 Barnes Canyon Road/San Diego/ Sorrento Mesa		12/18/25		50.0%		—		17,718		—		13,772		139,979		171,469			100%			253,079		321,000			5.5				5.7
Weighted average/total		12/18/25				421,480		303,064		119,202		185,517		139,979		1,169,242						1,442,248		$2,150,000			6.6%				6.3%
Assets sold in 2025 or designated as held for sale in 4Q25:
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(4)		N/A		N/A		67,017		—		22,005		—		—		89,022			N/A
Canada(5)		N/A		N/A		78,487		6,430		76,567		—		—		161,484			N/A

(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 20,444 RSF that were vacant and/or unleased at delivery.

(2)Represents the average delivery date for deliveries that occurred during the three months ended December 31, 2025, weighted by annual rental revenue.

(3)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected.

(4)During December 2025, we sold our 50% controlling interest in a consolidated real estate joint venture at 651 Gateway Boulevard. Refer to “Dispositions and sales of partial interests” in Item 2 for additional detail.

(5)As of December 31, 2025, our Canada project was designated as held for sale.

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

Reduced Future Construction Commitments

By More Than $300 Million From Four Projects

During the three months ended December 31, 2025, we reduced construction funding requirements across our active pipeline by: i) selling or designating three projects as

held for sale and ii) pivoting one project to a lower investment strategy, enabling us to redeploy future construction savings and sale proceeds into opportunities aligned with our

long‑term Megacampus strategy. The following table presents redevelopment projects removed from the pipeline during the three months ended December 31, 2025:

				As of September 30, 2025
Property		Submarket		CIP RSF		Total Project Leased/ Negotiating		Project Status as of December 31, 2025
Projects under construction as of September 30, 2025				4,239,762		43%
Redevelopment projects removed from the pipeline during the three months ended December 31, 2025:
651 Gateway Boulevard		South San Francisco		(237,684)		21%		Sold in 4Q25
Canada		Canada		(56,314)		78		Held for sale as of 4Q25
One Hampshire Street		Cambridge		(104,956)		—		Held for sale as of 4Q25
401 Park Drive		Fenway		(137,675)		—		Reclassified to operating(1)
				(536,629)		32
Projects placed into service during the three months ended December 31, 2025				(139,979)		100
Projects under construction as of December 31, 2025				3,563,154		46%

(1)We plan to lease this property as office which will require less incremental capital.

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

99 Coolidge Avenue		311 Arsenal Street		50 and 60 Sylvan Road**(1)**		1450 Owens Street
Greater Boston/ Cambridge/Inner Suburbs		Greater Boston/ Cambridge/Inner Suburbs		Greater Boston/Route 128		San Francisco Bay Area/ Mission Bay
191,396 RSF		333,758 RSF		267,015 RSF		212,796 RSF
81% Leased/Negotiating		7% Leased/Negotiating		74% Leased/Negotiating		49% Leased/Negotiating

269 East Grand Avenue		4135 Campus Point Court		Campus Point by Alexandria		10075 Barnes Canyon Road		701 Dexter Avenue North
San Francisco Bay Area/ South San Francisco		San Diego/ University Town Center		San Diego/ University Town Center		San Diego/Sorrento Mesa		Seattle/Lake Union
107,250 RSF		426,927 RSF		466,598 RSF		81,610 RSF		227,577 RSF
—% Leased/Negotiating		100% Leased		100% Leased		68% Leased/Negotiating		23% Leased/Negotiating

(1)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham 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, 2025 (dollars in thousands):

Property/Market/Submarket		Located on Mega- campus				Square Footage						Percentage						Occupancy**(1)**
		Dev/ Redev		In Service		CIP		Total		Leased			Leased/ Negotiating			Initial				Stabilized
Under construction
2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		X		Dev		129,413		191,396		320,809		81%			81%				4Q23			4Q26
4135 Campus Point Court/San Diego/University Town Center		X		Dev		—		426,927		426,927		100			100				3Q26			3Q26
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		X		Dev		171,469		81,610		253,079		68			68				1Q25			2H26
						300,882		699,933		1,000,815		86			86
2027-2028 stabilization
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs		X		Redev		56,904		333,758		390,662		7			7				2027			2027
50 and 60 Sylvan Road/Greater Boston/Route 128		X		Redev		—		267,015		267,015		74			74				4Q26			2027
1450 Owens Street/San Francisco Bay Area/Mission Bay		X		Dev		—		212,796		212,796		—			49				2027			2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco		X		Redev		—		107,250		107,250		—			—				2H26			2027
Campus Point by Alexandria/San Diego/University Town Center(2)		X		Dev		—		466,598		466,598		100			100				2028			2028
701 Dexter Avenue North/Seattle/Lake Union		X		Dev		—		227,577		227,577		23			23				4Q26			2027
						56,904		1,614,994		1,671,898		45			51
Evaluating business strategy
8800 Technology Forest Place/Texas/Greater Houston				Redev		50,094		73,298		123,392		46			46				2Q23			4Q26
3000 Minuteman Road/Greater Boston/Other		X		Redev		—		453,869		453,869		—			—				2027			2027
40 Sylvan Road/Greater Boston/Route 128		X		Redev		—		329,049		329,049		—			—				2027			2027
421 Park Drive/Greater Boston/Fenway		X		Dev		—		392,011		392,011		13			13				2027			2028
						50,094		1,248,227		1,298,321		8			8
						407,880		3,563,154		3,971,034		43%			46%

(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 time.

(2)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 56.4% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently

occupies two buildings on the Megacampus: one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. These buildings generated annual rental revenue of $7.5 million as of December 31, 2025. At the beginning

of 2026, the tenant will vacate the 52,620 RSF building, and during 2028, the tenant will vacate the 52,853 RSF building. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases

to 75%, after which future capital would be contributed pro rata with our joint venture partner.

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
2026 stabilization with 86% leased/negotiating
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		100%			$162,887		$210,603		$70,510		$444,000			6.0%				6.8%
4135 Campus Point Court/San Diego/University Town Center		56.4%			—		434,465		89,535		524,000			9.4%				6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		50.0%			123,133		132,793		65,074		321,000			5.5%				5.7%
					286,020		777,861
2027-2028 stabilization with 51% leased/negotiating**(1)**
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs		100%			21,854		306,028		TBD
50 and 60 Sylvan Road/Greater Boston/Route 128		100%			—		345,046
1450 Owens Street/San Francisco Bay Area/Mission Bay		25.0%			—		247,271
269 East Grand Avenue/San Francisco Bay Area/South San Francisco		100%			—		119,546
Campus Point by Alexandria/San Diego/University Town Center(2)		56.4%			—		62,790		597,210		660,000			7.3%				6.5%
701 Dexter Avenue North/Seattle/Lake Union		100%			—		302,126		TBD
					21,854		1,382,807
Evaluating business strategy with 8% leased/negotiating
8800 Technology Forest Place/Texas/Greater Houston		100%			60,938		46,578		4,484		112,000			6.3%				6.0%
3000 Minuteman Road/Greater Boston/Other		100%			—		163,966		TBD
40 Sylvan Road/Greater Boston/Route 128		100%			—		225,791
421 Park Drive/Greater Boston/Fenway		100%			—		584,009
					60,938		1,020,344
Total under construction					$368,812		$3,181,012		$2,110,000	(3)	$5,660,000	(3)
Our share of investment(3)(4)					$310,000		$2,710,000		$1,710,000		$4,730,000

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 over the next several quarters.

(2)Refer to footnote 2 on the prior page for additional details.

(3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.

(4)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus

Point project.

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

77% 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, 2025 (dollars in thousands):

Market Property/Submarket		Our Ownership Interest			Book Value		Square Footage
			Development and Redevelopment				Total**(1)**
			Under Construction		Future
Greater Boston
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs		100%			$318,404		333,758		34,157		367,915
311 Arsenal Street
Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue/Cambridge/ Inner Suburbs		100%			234,388		191,396		560,000		751,396
446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center**®** for Life Science – Fenway/Fenway		100%			584,009		392,011		—		392,011
421 Park Drive
Megacampus: Alexandria Center**®** for Life Science – Waltham/Route 128		100%			635,997		596,064		515,000		1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: 30, 200, and 3000 Minuteman Road/Other		100%			222,659		453,869		608,541		1,062,410
3000 Minuteman Road
Megacampus: Alexandria Technology Square**®****/Cambridge**		100%			8,631		—		100,000		100,000
10 Necco Street/Seaport Innovation District		100%			107,099		—		175,000		175,000
215 Presidential Way/Route 128		100%			6,816		—		112,000		112,000
Other development and redevelopment projects		100%			162,935		—		740,000		740,000
					$2,280,938		1,967,098		2,844,698		4,811,796
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.

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)**
			Under Construction		Future
San Francisco Bay Area
Megacampus: Alexandria Center**®** for Science and Technology – Mission Bay/Mission Bay		25.0%			$247,271		212,796		—		212,796
1450 Owens Street
Megacampus: Alexandria Center**®** for Advanced Technologies – South San Francisco/South San Francisco		100%			126,201		107,250		90,000		197,250
211*(2)* and 269 East Grand Avenue
Megacampus: Alexandria Center**®** for Advanced Technologies – Tanforan/South San Francisco		100%			436,956		—		1,930,000		1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae/South San Francisco		48.6%			160,822		—		348,401		348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center**®** for Life Science – San Carlos/Greater Stanford		100%			486,468		—		1,497,830		1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford		100%			83,082		—		240,000		240,000
					1,540,800		320,046		4,106,231		4,426,277
San Diego
Megacampus: Campus Point by Alexandria/University Town Center		56.4%	(3)		643,229		893,525		500,859		1,394,384
10010*(4), 10140(4)**, 10210, and 10260 Campus Point Drive and 4135, 4161, 4165,* and 4224 Campus Point Court
Megacampus: SD Tech by Alexandria/Sorrento Mesa		50.0%			249,021		81,610		493,845		575,455
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines		100%			161,539		—		215,000		215,000
Megacampus: One Alexandria Square/Torrey Pines		100%			65,706		—		125,280		125,280
10975 and 10995 Torreyana Road
Megacampus: 5200 Illumina Way/University Town Center		51.0%			17,982		—		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%			48,992		—		1,661,915		1,661,915
6290, 6310, 6340, 6350, and 6450 Sequence Drive
4075 Sorrento Valley Boulevard/Sorrento Valley		100%			29,224		—		144,000		144,000
Other development and redevelopment projects		(2)			78,036		—		475,000		475,000
					$1,294,566		975,135		4,167,731		5,142,866
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 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. (3)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner. (4)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)**
			Under Construction		Future
Seattle
Megacampus: Alexandria Center**®** for Advanced Technologies – South Lake Union/Lake Union		(2)			$596,213		227,577		1,057,400		1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo		100%			62,763		—		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%			20,256		—		230,000		230,000
21660 20th Avenue Southeast
Other development and redevelopment projects		100%			155,787		—		706,087		706,087
					835,019		227,577		2,629,312		2,856,889
Maryland
Megacampus: Alexandria Center**®** for Life Science – Shady Grove/Rockville		100%			$28,382		—		296,000		296,000
9830 Darnestown Road
					28,382		—		296,000		296,000
Research Triangle
Megacampus: Alexandria Center**®** for Life Science – Durham/Research Triangle		100%			165,816		—		2,060,000		2,060,000
Megacampus: Alexandria Center**®** for Advanced Technologies and Agtech – Research Triangle/Research Triangle		100%			113,493		—		1,170,000		1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center**®** for Sustainable Technologies/Research Triangle		100%			56,351		—		750,000		750,000
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive
Other development and redevelopment projects		100%			1,647		—		25,000		25,000
					337,307		—		4,005,000		4,005,000
New York City
Megacampus: Alexandria Center**®** for Life Science – New York City/New York City		100%			178,148		—		550,000	(3)	550,000
					$178,148		—		550,000		550,000
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 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF. (3)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.

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)**
			Under Construction		Future
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston		100%			$49,691		73,298		116,405		189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin		100%			135,868		—		250,010		250,010
Other development and redevelopment projects		100%			60,241		—		344,000		344,000
					245,800		73,298		710,415		783,713
Other development and redevelopment projects		100%			47,504		—		597,743		597,743
Total pipeline as of December 31, 2025, excluding properties held for sale					6,788,464		3,563,154		19,907,130		23,470,284
Properties held for sale					261,208		—		1,893,281		1,893,281
Total pipeline as of December 31, 2025					$7,049,672	(2)	3,563,154		21,800,411		25,363,565

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

(1)Total square footage includes 1,867,704 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)Includes $3.18 billion of projects that are currently under construction.