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, 2026, the last reported sales price per

share of our common stock was $57.26, and there were 512 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, 2025, 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

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.

During January and February of 2025, we repurchased 2,152,293 shares of common stock aggregating $208.1 million at an

average price per share of $96.71, with approximately $241.8 million remaining available for additional share repurchases. No further

purchases were made under this program.

The following table summarizes share repurchases executed under this program during the twelve months ended

December 31, 2025:

On December 8, 2025, we announced that our Board of Directors authorized a new share repurchase program that allows the

repurchase of shares with an aggregate value of up to $500.0 million through December 31, 2026 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. This new program replaced our prior stock repurchase program. As of the date of this report, no purchases have been

made under the new program and $500.0 million remains available for future share repurchases.