Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking statements

Certain information and statements included in this quarterly report on Form 10-Q, including, without limitation, statements

containing the words “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,”

“seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words, constitute “forward-looking statements” within the

meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that

may affect our future plans of operations, business strategy, results of operations, and financial position. A number of important factors

could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including,

but not limited to, the following:

Operating factors, such as a failure to operate our business successfully in comparison to market expectations or in

comparison to our competitors, our inability to obtain capital when desired or refinance debt maturities when desired, and/

or a failure to maintain our status as a REIT for federal tax purposes;

Market and industry factors, such as adverse developments concerning the life science industry and/or our tenants;
Government factors, such as any unfavorable effects resulting from federal, state, local, and/or foreign government

policies, laws, and/or funding levels;

Global factors, such as negative economic, social, political, financial, credit market, banking conditions, and/or regional

armed hostilities; and

Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting

standards.

Global Trade Policies

We have been monitoring and will continue to monitor macroeconomic trends and uncertainties. In particular, we are

assessing how recent fluctuations in international trade relations and trade policies could adversely affect our business or the

businesses of our tenants.

In early March 2025, the U.S. government imposed or indicated that it would impose a series of tariffs on certain goods from

Canada and Mexico as well as raise tariffs on Chinese imports. President Trump has also indicated his intent to impose a “major”

pharmaceutical-specific tariff, which could adversely affect our business and/or the business of our tenants. As a result of these

developments, the global securities and trade markets have reacted with volatility, and trade tensions remain high.

The imposition of tariffs or the potential future imposition of additional or modified tariffs in the current geopolitical climate could

have material adverse effects on the net profitability, revenues, or operations of Alexandria and many other companies. While we are

evaluating the potential impacts of such tariffs, as well as our ability to mitigate such impacts, these recent trends may in the meantime

interrupt supply chains, fragment international business relationships, and create unknown risks that would thereby affect our or our

tenants’ business operations.

This list of risks and uncertainties is not exhaustive. Additional information regarding risk factors that may affect us is included

under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of

operations” in our annual report on Form 10-K for the year ended December 31, 2024 and under respective sections in this quarterly

report on Form 10-Q. Readers of this quarterly report on Form 10-Q should also read our other documents filed publicly with the SEC

for further discussion regarding such factors.

Overview

We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax

purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science

REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate

niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in

AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,

Research Triangle, and New York City. As of March 31, 2025, Alexandria has a total market capitalization of $28.8 billion and an asset

base in North America that includes 39.6 million RSF of operating properties and 4.0 million RSF of Class A/A+ properties undergoing

construction.

We develop dynamic Megacampus ecosystems that enable and inspire some of the world’s most brilliant minds and innovative

companies to create life-changing scientific and technological innovations. We believe in the utmost professionalism, humility, and

teamwork. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science

product, service, and medical device companies; digital health, technology, and agtech companies; academic and medical research

institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a longstanding and

proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that

enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and

success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We

believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher

occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.

As of March 31, 2025:

Investment-grade or publicly traded large cap tenants represented 51% of our annual rental revenue;
Approximately 98% 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 91% 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 93% of our leases (on an annual rental revenue basis) provided for the recapture of capital expenditures

(such as HVAC maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would

typically be borne by the landlord in traditional office leases; and

89% of our leasing activity during the three months ended March 31, 2025 was generated from our existing tenant base.

A key element of our business strategy is our unique focus on Class A/A+ properties primarily located in collaborative

Megacampus ecosystems in AAA life science innovation clusters. Our Megacampus ecosystems are designed for optionality and

scalability, offering our tenants a clear path to address their growth requirements, including through our future developments and

redevelopments. Strategically located near top academic and medical research institutions and equipped with curated amenities and

services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining

top talent and in meeting our tenants’ growth needs, which we believe is a key driver of tenant demand for our properties. Our strategy

also includes drawing upon our deep, broad, and longstanding real estate and life science industry relationships in order to retain

tenants, identify and attract new and leading tenants, and source additional real estate.

Executive summary

Operating results


	Three Months Ended March 31,
	2025	2024
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions	$(11.6)	$166.9
Per share	$(0.07)	$0.97
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$392.0	$403.9
Per share	$2.30	$2.35

For additional information, refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria

Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations” and to the tabular presentation of these items

in “Results of operations” in Item 2.

A sector-leading REIT with a high-quality, diverse tenant base and strong margins


(As of March 31, 2025, unless stated otherwise)
Occupancy of operating properties in North America	91.7%	(1)
Percentage of total annual rental revenue in effect from Megacampus platform	75%
Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants	51%

Adjusted EBITDA margin for the three months ended March 31, 2025	71%
Percentage of leases containing annual rent escalations	98%

Weighted-average remaining lease term:
Top 20 tenants	9.6	years
All tenants	7.6	years

Sustained strength in tenant collections:
April 2025 tenant rents and receivables collected as of the date of this report	99.8%
Tenant rents and receivables for the three months ended March 31, 2025 collected as of the date of this report	99.9%

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

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all publicly traded U.S. REITs

As of March 31, 2025, unless stated otherwise:

*•*Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.3x for the three months ended

March 31, 2025 annualized, with targets for the three months ended December 31, 2025 annualized of less than or equal to

5.2x and 4.0x to 4.5x, respectively.

Significant liquidity of $5.3 billion.
Only 13% of our total debt matures through 2027.
12.2 years weighted-average remaining term of debt, longest among S&P 500 REITs.
Since 2021, an average of 97.9% of our year-end debt balances have been fixed rate.
Total debt and preferred stock to gross assets of 30%.
$414.9 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund

construction from April 1, 2025 through 2027 and beyond, including $166.8 million from April 1, 2025 to December 31, 2025.

Continued solid leasing volume and rental rate increases

Continued solid leasing volume aggregating 1.0 million RSF during the three months ended March 31, 2025, the fifth

consecutive quarter with leasing volume exceeding 1 million RSF.

Solid rental rate increases on lease renewals and re-leasing of space of 18.5% and 7.5% (cash basis) for the three months

ended March 31, 2025.

89% of our leasing activity during the three months ended March 31, 2025 was generated from our existing tenant base.


	Three Months Ended March 31, 2025
Total leasing activity – RSF	1,030,553
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)	884,408
Rental rate increase	18.5%
Rental rate increase (cash basis)	7.5%
Leasing of development and redevelopment space – RSF	6,430	(1)

(1)As of March 31, 2025, our construction projects expected to stabilize in 2025 and 2026 were 75% leased/negotiating.

Maintained solid operating metrics

Total revenues of $758.2 million, down 1.4%, for the three months ended March 31, 2025, compared to $769.1 million for the

three months ended March 31, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have

increased by 3.9% for the three months ended March 31, 2025, from $730.0 million for the three months ended March 31,

Net operating income (cash basis) of $2.0 billion for the three months ended March 31, 2025 annualized increased by

$83.8 million, or 4.4%, compared to the three months ended March 31, 2024 annualized. Refer to “Net operating income, net

operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a reconciliation of our

net income to net operating income (cash basis).

Same property net operating income changes of (3.1)% and 5.1% (cash basis) for the three months ended March 31, 2025,

compared to the three months ended March 31, 2024 includes certain lease expirations during the three months ended March

31, 2025, aggregating 768,080 RSF at six properties across four submarkets. Excluding the impact of these lease expirations,

same property net operating income changes for the three months ended March 31, 2025 would have been 0.1% and 9.0%

(cash basis). Refer to the “Summary of occupancy percentages in North America” in Item 2 for additional details.

General and administrative expenses of $30.7 million, savings of $16.4 million or 35%, for the three months ended March 31,

2025, compared to three months ended March 31, 2024, is primarily the result of cost-control and efficiency initiatives on

personnel-related costs and streamlining of business processes.

As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended

March 31, 2025 were 6.9%, representing the lowest level in the past ten years, compared to 9.5% for the trailing twelve

months ended March 31, 2024.

Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment

Common stock dividend declared for the three months ended March 31, 2025 of $1.32 per share aggregating $5.24 per

common share for the twelve months ended March 31, 2025, up 22 cents, or 4%, over the twelve months ended March 31,

Dividend yield of 5.7% as of March 31, 2025.
Dividend payout ratio of 57% for the three months ended March 31, 2025.
Average annual dividend per-share growth of 4.5% from 2021 through the three months ended March 31, 2025 annualized.
Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating $2.3 billion for

the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range for net cash provided by

operating activities after dividends.

Ongoing execution of Alexandria’s 2025 capital recycling strategy

We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2025 through

dispositions of non-core assets, land, partial interest sales, and sales to owner/users (in millions):


Completed dispositions	$176
Our share of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations	433
Our share of completed and pending 2025 dispositions	609	31%
Additional targeted dispositions	1,341	69
2025 guidance midpoint for dispositions and sales of partial interests	$1,950	100%

Significant leasing progress on temporary vacancy for the three months ended March 31, 2025, including previously disclosed key

lease expirations during the three months ended March 31, 2025


Occupancy as of December 31, 2024			94.6%
Lease expirations which became vacant as of March 31, 2025:
Re-leased with future delivery or subject to ongoing negotiations	(1.3)	(1)
Marketing	(1.6)		(2.9)	(2)
Occupancy as of March 31, 2025			91.7%

(1)Includes 0.7% of RSF that is re-leased with a weighted-average commencement date around the end of 2025 and 0.6% of RSF that is subject to ongoing negotiations.

(2)Includes 768,080 RSF of previously disclosed key lease expirations for the three months ended March 31, 2025. Refer to “Summary of properties and occupancy” in

Item 2 for additional details. The balance of lease expirations for the three months ended March 31, 2025 that became vacant was spread across multiple submarkets,

with no individual space aggregating greater than 62,000 RSF.

Strong and flexible balance sheet

Key capital metrics as of or for the three months ended March 31, 2025

$28.8 billion in total market capitalization.
$15.7 billion in total equity capitalization.
Non-real estate investments aggregating $1.5 billion:
Unrealized gains presented in our consolidated balance sheet were $31.9 million, comprising gross unrealized gains and

losses aggregating $204.9 million and $173.1 million, respectively.

Investment loss of $50.0 million for the three months ended March 31, 2025 presented in our consolidated statement of

operations consisted of $29.3 million of realized gains, $68.1 million of unrealized losses, and $11.2 million of impairment

charges.

Key capital events

In February 2025, we issued $550.0 million of unsecured senior notes payable, due in 2035, with an interest rate of 5.50%.

This issuance marked our tightest-ever spread to the 10-year treasury rate, surpassing our previous record in September 2019

by 25 bps.

Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.
During the three months ended March 31, 2025, our unconsolidated real estate joint venture at 1655 and 1725 Third Street, in

which we own a 10% interest, located in our Mission Bay submarket, refinanced $500 million of an existing fixed-rate secured

note payable with a new secured note payable, which bears a fixed weighted-average interest rate of 6.37% and matures in

Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our

common stock through December 31, 2025.

During the three months ended March 31, 2025, we repurchased 2.2 million shares of common stock for an aggregate

value of $208.1 million at an average price per share of $96.71.

As of the date of this report, the approximate value of shares authorized and remaining under this program was

$241.8 million

External growth and investments in real estate

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $37 million*, commencing*

during the three months ended March 31, 2025*, with an additional* $171 million of incremental annual net operating income anticipated

to deliver by the fourth quarter of 2026

During the three months ended March 31, 2025, we placed into service development and redevelopment projects aggregating

309,494 RSF that are 100% leased across multiple submarkets and delivered incremental annual net operating income of

$37 million. A significant delivery during the three months ended March 31, 2025 was 285,346 RSF at 230 Harriet Tubman

Way located at the Alexandria Center® for Life Science – Millbrae in our South San Francisco submarket.

Our active development and redevelopment projects under construction, primarily related to our Megacampus ecosystems,

have an estimated $2.4 billion of remaining costs to complete, of which $1.3 billion is not under contract as of March 31, 2025.

Additionally, we estimate that 30%–40% of the costs not under contract represent costs of materials that may be subject to

inflationary pressure and/or potential tariffs. As such, we estimate that each 10% increase in these costs of materials may

result in incremental costs aggregating $40 million–$50 million and a corresponding decline in initial stabilized yields of

approximately 2.5 to 3.5 basis points for our existing active development and redevelopment projects. This estimate does not

account for the cost of potential delays that may occur in receiving or replacing materials subject to tariffs.

Annual net operating income (cash basis) from recently delivered projects is expected to increase by $61 million by the fourth

quarter of 2025 upon the burn-off of initial free rent, which have a weighted-average burn-off period of approximately four

months.

71% of RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.


(dollars in millions)	Incremental Annual Net Operating Income		RSF		Leased/ Negotiating Percentage
Placed into service during the three months ended March 31, 2025	$37		309,494		100%

Expected to be placed into service:
Second quarter of 2025 through fourth quarter of 2026	$171	(1)	1,597,920	(2)	75%	(3)
2027 through second quarter of 2028	$179		2,449,862		16

(1)Includes expected partial deliveries through the fourth quarter of 2026 from projects expected to stabilize in 2027 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 information.

(2)Represents the RSF related to projects expected to stabilize by fourth quarter of 2026. Does not include partial deliveries through fourth quarter of 2026 from

projects expected to stabilize in 2027 and beyond.

(3)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025 and 2026.

Operating summary


Same Property Net Operating Income Performance			Rental Rate Growth: Renewed/Re-Leased Space










Margins(2)			Favorable Lease Structure(3)
Operating	Adjusted EBITDA		Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems
70%	71%		Increasing cash flows
	Percentage of leases containing annual rent escalations			98%
		Stable cash flows
Historical Weighted-Average Lease Term of Executed Leases(4)		Percentage of triple net leases			91%
			Lower capex burden
8.9 Years			Percentage of leases providing for the recapture of capital expenditures			93%


Net Debt and Preferred Stock to Adjusted EBITDA(5)			Fixed-Charge Coverage Ratio(5)

4.0x to 4.5x

(1)

(3.1)%


2024		3/31/25

Refer to “Same properties” and “Definitions and reconciliations” in Item 2 for additional details. “Definitions and reconciliations” contains the definitions of “Fixed-charge

coverage ratio,” “Net debt and preferred stock to Adjusted EBITDA,” and “Net operating income” and their respective reconciliations from the most directly comparable

financial measures presented in accordance with GAAP.

(1)Refer to footnote 1 in “Same properties” in Item 2 for additional details.

(2)For the three months ended March 31, 2025.

(3)Percentages calculated based on our annual rental revenue in effect as of March 31, 2025.

(4)Represents the weighted-average lease term of executed leases based on annual rental revenue for the approximate 10-year period for the years ended December 31,

2016 through 2024 and the three months ended March 31, 2025.

(5)Quarter annualized.


Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 750 Tenants

		Investment-Grade or Publicly Traded Large Cap Tenants

	87%


	of ARE’s Top 20 Tenant Annual Rental Revenue

	51%


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

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other(2)

Other Investment-Grade

or Large Cap Tech

Biomedical

Institutions(1)

Government

Institutions

As of March 31, 2025. Annual rental revenue represents amounts in effect as of March 31, 2025. Refer to “Definitions and reconciliations” in Item 2 for additional information.

(1)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.

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

companies, and retail-related tenants.


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

Long-Duration Lease Terms

9.6 Years
Top 20 Tenants

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


Sustained Strength in Tenant Collections(2)

99.9%
For the Three Months Ended March 31, 2025

99.8%
April 2025

(1)Based on annual rental revenue in effect as of March 31, 2025.

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

Leasing Activity

The following table summarizes our leasing activity at our properties:


	Three Months Ended			Year Ended
	March 31, 2025			December 31, 2024
(Dollars per RSF)	Including Straight-Line Rent		Cash Basis	Including Straight-Line Rent	Cash Basis
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes	18.5%		7.5%	16.9%	7.2%
New rates	$57.56		$55.04	$65.48	$64.18
Expiring rates	$48.57		$51.18	$56.01	$59.85
RSF	884,408			3,888,139
Tenant improvements/leasing commissions	$83.09	(2)		$46.89
Weighted-average lease term	10.1 years			8.5 years

Developed/redeveloped/previously vacant space leased(3)
New rates	$49.80		$49.51	$59.44	$57.34
RSF	146,145			1,165,815
Weighted-average lease term	8.8 years			10.0 years

Leasing activity summary (totals):
New rates	$56.46		$54.26	$64.16	$62.68
RSF	1,030,553			5,053,954
Weighted-average lease term	10.0 years			8.9 years

Lease expirations(1)
Expiring rates	$49.93		$51.55	$53.82	$57.24
RSF	1,923,048			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 160,540 RSF and 136,131 RSF as of March 31, 2025 and December 31, 2024, respectively. During the trailing twelve

months ended March 31, 2025, we granted free rent concessions averaging 0.7 months per annum.

(2)Includes tenant improvements and leasing commissions for one 11.4-year lease at the Alexandria Technology Square® Megacampus in our Cambridge submarket

aggregating 119,280 RSF. Excluding this lease, tenant improvements and leasing commissions per RSF and as a percentage of total rents for the three months ended

March 31, 2025 were $40.93 and 9.1%, which are consistent with the five-year quarterly averages of $37.53 and 10.5%, respectively.

(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 March 31, 2025:


Year			RSF		Percentage of Occupied RSF		Annual Rental Revenue (per RSF)(1)		Percentage of Annual Rental Revenue
	2025	(2)		2,005,741		5.6%		$46.91		4.6%
	2026			3,043,760		8.5%		$56.08		8.3%
	2027			3,130,452		8.7%		$51.23		7.8%
	2028			4,060,412		11.3%		$52.17		10.3%
	2029			2,429,749		6.8%		$50.67		6.0%
	2030			3,064,307		8.6%		$43.86		6.5%
	2031			3,579,117		10.0%		$54.84		9.5%
	2032			1,023,407		2.9%		$58.33		2.9%
	2033			2,539,851		7.1%		$48.14		5.9%
	2034			3,280,121		9.2%		$67.72		10.7%
Thereafter				7,673,811		21.3%		$74.48		27.5%

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

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

(2)Excludes month-to-month leases aggregating 160,540 RSF as of March 31, 2025.

The following tables present our lease expirations by market for the remainder of 2025 and for 2026 as of March 31, 2025:


	2025 Contractual Lease Expirations (in RSF)
Market	Leased	Negotiating/ Anticipating	Targeted for Future Development/ Redevelopment(1)		Remaining Expiring Leases(2)	Total(3)	Annual Rental Revenue (per RSF)(4)

Greater Boston	136,506	5,597	25,312		261,540	428,955	$45.19
San Francisco Bay Area	293,051	110,549	—		346,927	750,527	71.21
San Diego	28,760	—	—		85,189	113,949	34.37
Seattle	—	—	—		67,114	67,114	31.33
Maryland	35,055	6,228	—		31,683	72,966	22.19
Research Triangle	173,888	—	—		78,625	252,513	27.98
New York City	—	—	—		42,002	42,002	99.58
Texas	—	—	198,972	(5)	—	198,972	N/A
Canada	22,991	—	—		54,752	77,743	18.35
Non-cluster/other markets	—	—	—		1,000	1,000	49.20
Total	690,251	122,374	224,284		968,832	2,005,741	$46.91
Percentage of expiring leases	34%	6%	11%		49%	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	47,439	11,565	—		399,436	458,440	$94.58
San Francisco Bay Area	25,511	—	—		623,634	649,145	76.43
San Diego	—	28,827	—		873,855	902,682	47.04
Seattle	26,266	—	—		166,491	192,757	31.57
Maryland	—	15,489	—		276,969	292,458	20.20
Research Triangle	19,753	—	—		167,805	187,558	38.98
New York City	—	—	—		72,052	72,052	104.17
Texas	—	—	—		—	—	—
Canada	—	247,743	—		—	247,743	21.23
Non-cluster/other markets	—	—	—		40,925	40,925	75.98
Total	118,969	303,624	—		2,621,167	3,043,760	$56.08
Percentage of expiring leases	4%	10%	0%		86%	100%

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

(1)Primarily represents assets that were recently acquired for future development or 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 March 31, 2025, the

weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $1.6 million and May 27, 2025, respectively. Refer to “Investments in real

estate” under “Definitions and reconciliations” in Item 2 for additional details, including development and redevelopment square feet currently included in rental

properties.

(2)The largest remaining contractual lease expiration in 2025 is 88,179 RSF in our Cambridge/Inner Suburbs submarket and in 2026 is 163,648 RSF in our University Town

Center submarket, at a property in which 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 160,540 RSF as of March 31, 2025.

(4)Represents amounts in effect as of March 31, 2025.

(5)Represents two properties with future development and redevelopment opportunities, located at 1001 Trinity Street and 1020 Red River Street in our Austin submarket,

with contractual lease expirations during the second quarter of 2025.

Top 20 tenants

87% 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

4.3% of our annual rental revenue in effect as of March 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 March 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	Eli Lilly and Company		9.7		1,070,953		$	89,599		4.3%	Aa3	A+	$797.9
2	Moderna, Inc.		11.1		496,814			89,347		4.3	—	—	$29.1
3	Bristol-Myers Squibb Company		5.2		999,379			77,188		3.7	A2	A	$104.1
4	Takeda Pharmaceutical Company Limited		10.2		549,759			47,899		2.3	Baa1	BBB+	$43.8
5	Eikon Therapeutics, Inc.(2)		13.7		311,806			36,783		1.8	—	—	$—
6	Roche		8.0		647,069			36,189		1.7	Aa2	AA	$242.8
7	Illumina, Inc.		5.6		857,967			35,924		1.7	Baa3	BBB	$19.5
8	Alphabet Inc.		2.6		625,015			34,899		1.7	Aa2	AA+	$2,143.6
9	2seventy bio, Inc.(3)		8.4		312,805			33,543		1.6	—	—	$0.2
10	United States Government		5.3		429,359			29,097	(4)	1.4	Aaa	AA+	$—
11	Uber Technologies, Inc.		57.5	(5)	1,009,188			27,799		1.3	Baa2	BBB	$148.3
12	Novartis AG		3.3		387,563			27,709		1.3	Aa3	AA-	$234.5
13	AstraZeneca PLC		4.6		450,848			27,226		1.3	A1	A+	$231.1
14	Cloud Software Group, Inc.		1.2	(6)	292,013			26,446		1.3	—	—	$—
15	Boston Children’s Hospital		12.0		309,231			26,212		1.3	Aa2	AA	$—
16	The Regents of the University of California		6.2		369,753			23,330		1.1	Aa2	AA	$—
17	Sanofi		5.8		267,278			21,851		1.1	A1	AA	$130.9
18	Charles River Laboratories, Inc.		10.1		256,066			21,202		1.0	—	—	$10.2
19	New York University		7.3		218,983			21,110		1.0	Aa2	AA-	$—
20	Merck & Co., Inc.		8.4		333,124			21,001		1.0	Aa3	A+	$281.3
	Total/weighted-average		9.6	(5)	10,194,973		$	754,354		36.2%

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 2 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 March 31, 2025.

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

Inc. As of February 25, 2025, the company has raised over $1.2 billion in private venture capital funding.

(3)In March 2025, 2seventy bio, Inc. announced a definitive merger agreement with Bristol-Myers Squibb Company, which is expected to close in the second quarter of 2025.

(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services

Administration. Approximately 3% of the annual rental revenue derived from our leases with the United States Government is cancellable prior to the lease expiration date.

(5)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 6.9 years as of March 31, 2025.

(6)Represents one lease at a property acquired in 2022 with potential 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.

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 March 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	9,304,074	632,850	1,601,010	11,537,934	26%	65		$754,342		36%		$88.20
San Francisco Bay Area	7,971,965	109,435	366,939	8,448,339	19	65		455,516		22		68.28
San Diego	7,140,194	903,792	—	8,043,986	18	77		323,222		16		47.98
Seattle	3,179,033	227,577	—	3,406,610	9	45		137,539		6		47.27
Maryland	3,848,870	—	—	3,848,870	9	50		141,895		7		39.70
Research Triangle	3,801,564	—	—	3,801,564	9	38		109,002		5		30.71
New York City	921,894	—	—	921,894	2	4		74,571		4		92.34
Texas	1,845,159	—	73,298	1,918,457	4	15		37,754		2		24.93
Canada	895,182	—	132,881	1,028,063	2	11		18,525		1		21.86
Non-cluster/other markets	349,099	—	—	349,099	1	10		15,413		1		60.52
Properties held for sale	382,527	—	—	382,527	1	6		9,031		—		49.82
North America	39,639,561	1,873,654	2,174,128	43,687,343	100%	386		$2,076,810		100%		$58.38
		4,047,782

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	3/31/25		12/31/24	3/31/24	3/31/25	12/31/24	3/31/24
Greater Boston	91.8%	(1)	94.8%	94.5%	78.4%	80.8%	83.3%
San Francisco Bay Area	90.3	(1)	93.3	94.4	86.3	89.1	91.2
San Diego	94.3		96.3	95.2	94.3	96.3	95.2
Seattle	91.5		92.4	94.9	91.5	92.4	93.9
Maryland	94.1		95.7	95.4	94.1	95.7	95.4
Research Triangle	93.4	(1)	97.4	97.8	93.4	97.4	97.8
New York City	87.6	(2)	88.4	84.4	87.6	88.4	84.4
Texas	82.1	(1)	95.5	95.1	78.9	91.8	91.5
Subtotal	91.8		94.8	94.9	87.1	90.0	90.6
Canada	94.6		95.9	91.8	82.4	82.9	77.8
Non-cluster/other markets	73.0		72.5	75.4	73.0	72.5	75.4
North America	91.7%	(1)(3)	94.6%	94.6%	86.9%	89.7%	90.2%

(1)The decline in occupancy from December 31, 2024 includes certain previously disclosed lease expirations during the three months ended March 31, 2025 aggregating

768,080 RSF at six properties in four submarkets comprising the following: (i) 182,054 RSF at the Alexandria Technology Square® Megacampus in our Cambridge

submarket, (ii) 234,249 RSF at 409 Illinois Street 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.

(2)The Alexandria Center® for Life Science – New York City Megacampus is 97.7% occupied as of March 31, 2025. 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 March 31, 2025.

(3)Includes vacant spaces aggregating 250,925 RSF, or 0.7% impact to occupancy, which are leased with a weighted-average expected delivery date around the end of

2025 and 242,035 RSF, or 0.6% impact to occupancy, which is subject to ongoing negotiations.

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 March 31, 2025 (dollars in thousands):


		Development and Redevelopment
		Under Construction
	Operating	2025 and 2026	2027 and Beyond	Future	Subtotal	Total
Square footage
Operating	39,257,034	—	—	—	—	39,257,034
Future Class A/A+ development and redevelopment properties	—	1,597,920	2,449,862	25,757,349	29,805,131	29,805,131
Future development and redevelopment square feet currently included in rental properties(1)	—	—	—	(2,780,364)	(2,780,364)	(2,780,364)
Total square footage, excluding properties held for sale	39,257,034	1,597,920	2,449,862	22,976,985	27,024,767	66,281,801

Properties held for sale	382,527	—	—	1,853,856	1,853,856	2,236,383
Total square footage	39,639,561	1,597,920	2,449,862	24,830,841	28,878,623	68,518,184

Investments in real estate
Gross book value as of March 31, 2025(2)	$29,411,505	$1,549,293	$2,139,008	$4,908,467	$8,596,768	$38,008,273

(1)Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 2 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.

Dispositions and sales of partial interests

Our completed dispositions and sales of partial interests of real estate assets during the three months ended March 31, 2025 and pending as of the date of this report consisted of

the following (dollars in thousands):


Property	Submarket/Market	Date of Sale	Interest Sold	Future Development RSF	Sales Price		Gain on Sales of Real Estate
Completed during the three months ended March 31, 2025:
Land and other
Costa Verde by Alexandria	University Town Center/San Diego	1/31/25	100%	537,000	$124,000	(1)	$—
Other					52,352		13,165
					176,352		$13,165
Our share of pending 2025 dispositions and sales of partial interests expected to close subsequent to April 28, 2025:
Subject to non-refundable deposits:
Pending	San Diego	2H25	100%		70,000
Pending	Texas	2Q25	100%		73,287
Other					63,000
					206,287
Subject to executed letters of intent and/or purchase and sale agreement negotiations					226,250
Our share of completed and pending 2025 dispositions and sales of partial interests					$608,889
2025 guidance range for dispositions and sales of partial interests				$1,450,000 – $2,450,000

(1)As part of a completed transaction, we provided seller financing of $91.0 million, due 2028, with an interest rate of 12.0%.

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
1Q25	2Q25–4Q26	2027–2Q28

$37M	$171M	$179M

309,494 RSF	1.6 million RSF	2.4 million RSF

100% Leased	75% Leased/Negotiating	16% Leased/Negotiating

(1)

(2)

(4)

(3)

For the definition of “Net operating income” and a reconciliation from the most directly comparable GAAP measure, refer to the “Definitions and reconciliations” in Item 2.

(1)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from second quarter of 2025 through second quarter of 2028 is projected to be

$311 million.

(2)Includes expected partial deliveries through fourth quarter of 2026 from projects expected to stabilize in 2027 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 RSF related to projects expected to stabilize by fourth quarter of 2026. Does not include partial deliveries through fourth quarter of 2026 from projects expected to stabilize in 2027 and beyond.

(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025 and 2026.

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

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

Incremental Annual Net Operating Income Generated From 1Q25 Deliveries Aggregated $37 Million


230 Harriet Tubman Way		10075 Barnes Canyon Road
San Francisco Bay Area/ South San Francisco		San Diego/Sorrento Mesa
285,346 RSF		17,718 RSF
100% Occupancy		100% Occupancy


Property/Market/Submarket	1Q25 Delivery Date(1)		Our Ownership Interest		RSF Placed in Service						Occupancy Percentage(2)			Total Project		Unlevered Yields
		Prior to 1/1/25		1Q25		Total				Initial Stabilized			Initial Stabilized (Cash Basis)
						RSF		Investment
Development projects
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco	3/1/25		48.3%		—		285,346		285,346			100%		285,346	$476,000		7.5%	6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	2/6/25		50.0%		—		17,718		17,718			100%		253,079	321,000		5.5	5.7
Redevelopment projects
Canada	3/27/25		100%		78,487		6,430		84,917			100%		250,790	115,000		6.0	6.0
Weighted average/total	2/28/25				78,487		309,494		387,981					789,215	$912,000		6.6%	6.0%

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

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

New Class A/A+ development and redevelopment properties: 2025 and 2026 stabilization


99 Coolidge Avenue	500 North Beacon Street and 4 Kingsbury Avenue(1)	401 Park Drive	1450 Owens Street
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway	San Francisco Bay Area/ Mission Bay
204,395 RSF	36,444 RSF	137,675 RSF	109,435 RSF(2)
76% Leased/Negotiating	92% Leased/Negotiating	Marketing	Marketing


10935, 10945, and 10955 Alexandria Way(3)	4135 Campus Point Court	10075 Barnes Canyon Road	8800 Technology Forest Place
San Diego/Torrey Pines	San Diego/ University Town Center	San Diego/Sorrento Mesa	Texas/Greater Houston
241,504 RSF	426,927 RSF	235,361 RSF	73,298 RSF
100% Leased	100% Leased	68% Leased/Negotiating	41% Leased/Negotiating

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

(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. 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 the second half

of 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF.

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

New Class A/A+ development and redevelopment properties: 2027 and beyond stabilization


311 Arsenal Street	421 Park Drive	40, 50, and 60 Sylvan Road(1)
Greater Boston/ Cambridge/Inner Suburbs	Greater Boston/Fenway	Greater Boston/Route 128
308,446 RSF	392,011 RSF	596,064 RSF


651 Gateway Boulevard	269 East Grand Avenue	701 Dexter Avenue North
San Francisco Bay Area/ South San Francisco	San Francisco Bay Area/ South San Francisco	Seattle/Lake Union
259,689 RSF	107,250 RSF	227,577 RSF

(1)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.

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

The following tables set forth a summary of our new Class A/A+ development and redevelopment properties under construction as of March 31, 2025 (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 and 2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		Dev		116,414		204,395		320,809		40%		76%				4Q23		2026
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs		Dev		211,574		36,444		248,018		92		92				1Q24		2025
401 Park Drive/Greater Boston/Fenway		Redev		—		137,675		137,675		—		—				2026		2026
1450 Owens Street/San Francisco Bay Area/Mission Bay(2)		Dev		—		109,435		109,435		—		—				2026		2026
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		17,718		235,361		253,079		68		68				1Q25		2026
8800 Technology Forest Place/Texas/Greater Houston		Redev		50,094		73,298		123,392		41		41				2Q23		2026
Canada		Redev		117,909		132,881		250,790		78		80				3Q23		2025
				607,201		1,597,920		2,205,121		70		75

2027 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	(3)	308,446		390,662		12		12				2027		2027
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
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(5)		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
701 Dexter Avenue North/Seattle/Lake Union		Dev		—		227,577		227,577		—		23				2026		2027
				149,233		2,449,862		2,599,095		14		16
				756,434		4,047,782		4,804,216		39%		43%
(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)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. 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 the second half of 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF. (3)We expect to redevelop an additional 25,312 RSF of space occupied as of March 31, 2025 into laboratory space upon expiration of the existing leases during the second quarter of 2025. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 2 for additional information. (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)We continue to build out this project on a floor-by-floor basis. As of March 31, 2025, the remaining cost to complete is $138 million, or 28% of the total cost at completion.

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 and 2026 stabilization(1)
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	75.7%		$136,658	$203,904	$103,438		$444,000			6.0%		6.8%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs	100%		378,211	41,649	7,140		427,000			6.2%		5.5%
401 Park Drive/Greater Boston/Fenway	100%		—	167,606	TBD
1450 Owens Street/San Francisco Bay Area/Mission Bay	25.0%		—	123,380
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines	100%		105,766	367,114	30,120		503,000			6.2%		5.8%
4135 Campus Point Court/San Diego/University Town Center	55.0%		—	369,624	154,376		524,000			6.6%		6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	50.0%		16,126	179,471	125,403		321,000			5.5%		5.7%
8800 Technology Forest Place/Texas/Greater Houston	100%		60,225	46,300	5,475		112,000			6.3%		6.0%
Canada	100%		55,503	50,245	9,252		115,000			6.0%		6.0%
			752,489	1,549,293

2027 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge	100%		—	167,381	TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs	100%		60,742	246,329
421 Park Drive/Greater Boston/Fenway	100%		—	502,007
40, 50, and 60 Sylvan Road/Greater Boston/Route 128	100%		—	466,334
Other/Greater Boston	100%		—	155,305
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco	50.0%		87,515	261,199	138,286		487,000			5.0%		5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco	100%		—	77,223	TBD
701 Dexter Avenue North/Seattle/Lake Union	100%		—	263,230
			148,257	2,139,008
			$900,746	$3,688,301	$2,390,000	(2)	$6,980,000	(2)

Our share of investment(2)(3)			$810,000	$3,160,000	$2,130,000		$6,100,000
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in Item 2 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. Total cost to complete for our development and redevelopment projects under construction have not been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign materials required, and/or the higher cost on domestic materials. Refer to “Executive summary” in Item 2 for additional details. (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

71% 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 March 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: Alexandria Center® at One Kendall Square/Cambridge	100%		$167,381	104,956	—	104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs	100%		299,765	344,890	59,469	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)		294,250	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	100%		669,613	529,686	—	529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128	100%		529,233	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%		206,847	—	174,500	174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge	100%		8,064	—	100,000	100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District	60.0%		290,685	—	1,040,000	1,040,000
10 Necco Street/Seaport Innovation District	100%		105,260	—	175,000	175,000
215 Presidential Way/Route 128	100%		6,816	—	112,000	112,000
Other development and redevelopment projects	100%		368,337	453,869	1,348,541	1,802,410
			$2,946,251	2,233,860	4,426,510	6,660,370
Refer to “Megacampus” under “Definitions and reconciliations” in Item 2 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 2 for additional information, including development and redevelopment square feet currently included in rental properties. (2)We have a 75.7% 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.

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%		$123,380	(2)	109,435	(2)	—	109,435
1450 Owens Street
Megacampus: Alexandria Technology Center® – Gateway/South San Francisco	50.0%		287,764		259,689		291,000	550,689
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco	100%		83,878		107,250		90,000	197,250
211(3) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco	100%		413,864		—		1,930,000	1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae/South San Francisco	48.3%		156,100		—		348,401	348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford	100%		464,630		—		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%		159,029		—		478,000	478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford	100%		37,999		—		240,000	240,000
Megacampus: 88 Bluxome Street/SoMa	100%		402,468		—		1,070,925	1,070,925
			$2,129,112		476,374		5,946,156	6,422,530
Refer to “Megacampus” under “Definitions and reconciliations” in Item 2 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 2 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 the second half of 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF. (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 unaudited consolidated financial statements in Item 1 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

San Diego
Megacampus: One Alexandria Square/Torrey Pines	100%		$428,104	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%		547,241	426,927	967,457	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%		347,577	235,361	493,845	729,206
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines	100%		156,640	—	215,000	215,000
Megacampus: 5200 Illumina Way/University Town Center	51.0%		17,469	—	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%		46,865	—	1,798,915	1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa	100%		42,465	—	154,308	154,308
10256 and 10260 Meanley Drive
4075 Sorrento Valley Boulevard/Sorrento Valley	100%		19,508	—	144,000	144,000
Other development and redevelopment projects	(3)		77,878	—	475,000	475,000
			$1,684,584	903,792	4,925,637	5,829,429
Refer to “Megacampus” under “Definitions and reconciliations” in Item 2 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 2 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)
		Under Construction	Future

Seattle
Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/Lake Union	(2)		$548,306	227,577	1,057,400	1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo	100%		60,921	—	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%		18,521	—	230,000	230,000
21660 20th Avenue Southeast
Other development and redevelopment projects	100%		146,711	—	706,087	706,087
			774,459	227,577	2,629,312	2,856,889
Maryland
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville	100%		23,041	—	296,000	296,000
9830 Darnestown Road
			23,041	—	296,000	296,000
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle	100%		160,292	—	2,060,000	2,060,000
Megacampus: Alexandria Center® for Advanced Technologies and Agtech – Research Triangle/ Research Triangle	100%		108,266	—	1,170,000	1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for NextGen Medicines/Research Triangle	100%		110,826	—	1,055,000	1,055,000
3029 East Cornwallis Road
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle	100%		54,534	—	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
			$438,103	—	5,177,227	5,177,227
Refer to “Megacampus” under “Definitions and reconciliations” in Item 2 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 2 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.

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

New York City
Megacampus: Alexandria Center® for Life Science – New York City/New York City	100%		$171,060		—	550,000	(2)	550,000
			171,060		—	550,000		550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston	100%		49,198		73,298	116,405		189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin	100%		10,694		—	250,010		250,010
Other development and redevelopment projects	100%		57,669		—	344,000		344,000
			117,561		73,298	710,415		783,713

Canada	100%		50,245		132,881	371,743		504,624
Other development and redevelopment projects	100%		122,555		—	724,349		724,349
Total pipeline as of March 31, 2025, excluding properties held for sale			8,456,971		4,047,782	25,757,349		29,805,131
Properties held for sale			139,797		—	1,853,856		1,853,856
Total pipeline as of March 31, 2025			$8,596,768	(3)	4,047,782	27,611,205		31,658,987

Refer to “Megacampus” under “Definitions and reconciliations” in Item 2 for additional information.

(1)Total square footage includes 2,780,364 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 2 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 1 under Part II – Other Information

for additional details.

(3)Includes $3.7 billion of projects that are currently under construction.

Results of operations

We present a tabular comparison of items, whether gain or loss, that may facilitate a high-level understanding of our results

and provide context for the disclosures included in our annual report on Form 10-K for the year ended December 31, 2024 and our

subsequent quarterly reports on Form 10-Q. We believe that such tabular presentation promotes a better understanding for investors of

the corporate-level decisions made and activities performed that significantly affect comparison of our operating results from period to

period. We also believe that this tabular presentation will supplement for investors an understanding of our disclosures and real estate

operating results. Gains or losses on sales of real estate and impairments of real estate are related to corporate-level decisions to

dispose of real estate. Gains or losses on early extinguishment of debt are related to corporate-level financing decisions focused on our

capital structure strategy. Significant realized and unrealized gains or losses on non-real estate investments, impairments of real estate

and non-real estate investments, and acceleration of stock compensation expense due to the resignations of executive officers are not

related to the operating performance of our real estate assets as they result from strategic, corporate-level non-real estate investment

decisions and external market conditions. Impairments of non-real estate investments and changes in the provision for expected credit

losses on financial instruments are not related to the operating performance of our real estate as they represent the write-down of non-

real estate investments when their fair values decrease below their respective carrying values due to changes in general market or

other conditions outside of our control. Significant items, whether a gain or loss, included in the tabular disclosure for current periods

are described in further detail in Item 2. Key items included in net income attributable to Alexandria’s common stockholders for the three

months ended March 31, 2025 and 2024 and the related per share amounts were as follows (in millions, except per share amounts):


	Three Months Ended March 31,
	2025	2024	2025	2024
	Amount		Per Share – Diluted
Unrealized (losses) gains on non-real estate investments	$(68.1)	$29.2	$(0.40)	$0.17
Gain on sales of real estate	13.2	0.4	0.08	—
Impairment of non-real estate investments	(11.2)	(14.7)	(0.07)	(0.09)
Impairment of real estate	(32.2)	—	(0.19)	—
Increase in provision for expected credit losses on financial instruments	(0.3)	—	—	—
Total	$(98.6)	$14.9	$(0.58)	$0.08

Refer to Note 3 – “Investments in real estate,” Note 5 – “Leases,” and Note 7 – “Investments” to our unaudited consolidated

financial statements in Item 1 for additional information.

Same properties

We supplement an evaluation of our results of operations with an evaluation of operating performance of certain of our

properties, referred to as “Same Properties.” For additional information on the determination of our Same Properties portfolio, refer to

“Same property comparisons” under “Definitions and reconciliations” in Item 2. The following table presents information regarding our

Same Properties for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
Percentage change in net operating income over comparable period from prior year	(3.1)%	(1)
Percentage change in net operating income (cash basis) over comparable period from prior year	5.1%	(1)(2)
Operating margin	68%
Number of Same Properties	333
RSF	34,099,158
Occupancy – current-period average	93.3%
Occupancy – same-period prior-year average	94.3%

(1)Includes certain leases expiring during the three months ended March 31, 2025 aggregating 768,080 RSF at six properties across four submarkets. Excluding the

impact of the properties with these leases, same property net operating income changes for the three months ended March 31, 2025 would have been 0.1% and

9.0% (cash basis). Refer to “Summary of occupancy percentages in North America” in Item 2 for additional details.

(2)Includes the impact of expiring initial free rent concessions that burned off after January 1, 2024 in connection with the development and redevelopment projects that

were placed into service in 2023 and, accordingly are part of our same property pool in the first quarter of 2025, including 15 Necco Street in our Seaport Innovation

District submarket and 751 Gateway Boulevard in our South San Francisco submarket. Excluding the impact of these expiring initial free rent concessions, same

property net operating income change (cash basis) for the three months ended March 31, 2025 would have been 0.4%.

The following table reconciles the number of Same Properties to total properties for the three months ended March 31, 2025:


Development – under construction		Properties
99 Coolidge Avenue		1
500 North Beacon Street and 4 Kingsbury Avenue		2
1450 Owens Street		1
10935, 10945, and 10955 Alexandria Way		3
10075 Barnes Canyon Road		1
421 Park Drive		1
4135 Campus Point Court		1
701 Dexter Avenue North		1
		11
Development – placed into service after January 1, 2024		Properties
9810 Darnestown Road		1
9820 Darnestown Road		1
1150 Eastlake Avenue East		1
4155 Campus Point Court		1
201 Brookline Avenue		1
9808 Medical Center Drive		1
230 Harriet Tubman Way		1
		7
Redevelopment – under construction		Properties
40, 50, and 60 Sylvan Road		3
269 East Grand Avenue		1
651 Gateway Boulevard		1
401 Park Drive		1
8800 Technology Forest Place		1
311 Arsenal Street		1
One Hampshire Street		1
Canada		4
Other		2
		15


Redevelopment – placed into service after January 1, 2024		Properties
840 Winter Street		1
Alexandria Center® for Advanced Technologies – Monte Villa Parkway		6
		7
Acquisitions after January 1, 2024		Properties
Other		3
		3
Unconsolidated real estate JVs		4
Properties held for sale		6
Total properties excluded from Same Properties		53
Same Properties		333
Total properties in North America as of March 31, 2025		386

Comparison of results for the three months ended March 31, 2025 to the three months ended March 31, 2024

The following table presents a comparison of the components of net operating income for our Same Properties and Non-Same

Properties for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 (dollars in thousands).

Refer to “Definitions and reconciliations” in Item 2 for definitions of “Tenant recoveries” and “Net operating income” and their

reconciliations from the most directly comparable financial measures presented in accordance with GAAP, income from rentals and net

income, respectively.


	Three Months Ended March 31,
	2025	2024	$ Change	% Change
Income from rentals:
Same Properties	$469,387	$476,074	$(6,687)	(1.4)%
Non-Same Properties	82,725	105,326	(22,601)	(21.5)
Rental revenues	552,112	581,400	(29,288)	(5.0)

Same Properties	170,823	155,405	15,418	9.9
Non-Same Properties	20,240	18,746	1,494	8.0
Tenant recoveries	191,063	174,151	16,912	9.7

Income from rentals	743,175	755,551	(12,376)	(1.6)

Same Properties	346	340	6	1.8
Non-Same Properties	14,637	13,217	1,420	10.7
Other income	14,983	13,557	1,426	10.5

Same Properties	640,556	631,819	8,737	1.4
Non-Same Properties	117,602	137,289	(19,687)	(14.3)
Total revenues	758,158	769,108	(10,950)	(1.4)

Same Properties	203,497	180,739	22,758	12.6
Non-Same Properties	22,898	37,575	(14,677)	(39.1)
Rental operations	226,395	218,314	8,081	3.7

Same Properties	437,059	451,080	(14,021)	(3.1)
Non-Same Properties	94,704	99,714	(5,010)	(5.0)
Net operating income	$531,763	$550,794	$(19,031)	(3.5)%	(1)

Net operating income – Same Properties	$437,059	$451,080	$(14,021)	(3.1)%
Straight-line rent revenue	(6,396)	(39,287)	32,891	(83.7)
Amortization of acquired below-market leases	(10,002)	(11,525)	1,523	(13.2)
Net operating income – Same Properties (cash basis)	$420,661	$400,268	$20,393	5.1%

(1)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, the increase in net

operating income for the three months ended March 31, 2025 would have been 2.2%.

Income from rentals

Total income from rentals for the three months ended March 31, 2025 decreased by $12.4 million, or 1.6%, to $743.2 million,

compared to $755.6 million for the three months ended March 31, 2024, due to a decrease in rental revenues, as discussed below.

Rental revenues

Total rental revenues for the three months ended March 31, 2025 decreased by $29.3 million, or 5.0%, to $552.1 million,

compared to $581.4 million for the three months ended March 31, 2024. The decrease was primarily related to our Non-Same

Properties resulting from the dispositions of real estate assets since January 1, 2024.

Same Properties’ rental revenues for the three months ended March 31, 2025 decreased by $6.7 million, or 1.4%, to

$469.4 million, compared to $476.1 million for the three months ended March 31, 2024, primarily due to a decrease in rental revenues

from certain lease expirations aggregating 768,080 RSF during the three months ended March 31, 2025, comprising the following: (i)

182,054 RSF at the Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street 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. The decrease was partially offset by the increase in Same Properties’ rental

revenues due to rental rate increases of 18.5% and 7.5% (cash basis) on lease renewals and re-leasing for the three months ended

March 31, 2025.

Tenant recoveries

Tenant recoveries for the three months ended March 31, 2025 increased by $16.9 million, or 9.7%, to $191.1 million,

compared to $174.2 million for the three months ended March 31, 2024, primarily in connection with Same Properties.

Same Properties’ tenant recoveries for the three months ended March 31, 2025 increased by $15.4 million, or 9.9%, to

$170.8 million, compared to $155.4 million for the three months ended March 31, 2024, primarily due to higher operating expenses

during the three months ended March 31, 2025, as discussed under “Rental operations” below. As of March 31, 2025, 91% 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.

Rental operations

Total rental operating expenses for the three months ended March 31, 2025 increased by $8.1 million, or 3.7%, to

$226.4 million, compared to $218.3 million for the three months ended March 31, 2024. The increase was primarily due to higher rental

operating expenses related to our Same Properties, as discussed below, partially offset by the decrease in Non-Same Properties’ rental

operating expenses of $14.7 million primarily as a result of dispositions of real estate assets since January 1, 2024.

Same Properties’ rental operating expenses increased by $22.8 million, or 12.6%, to $203.5 million during the three months

ended March 31, 2025, compared to $180.7 million for the three months ended March 31, 2024, primarily as the result of increases in

(i) utility expenses aggregating $5.6 million due to higher utility consumption related to certain tenants’ increased operations in our

Greater Boston and San Diego markets, (ii) property taxes aggregating $3.9 million due to higher assessed property values in our

Greater Boston and San Francisco Bay Area markets, and (iii) repairs and maintenance expenses aggregating $3.7 million due to a

more severe winter in 2025 compared to that in 2024 in our Greater Boston market.

Depreciation and amortization

Depreciation and amortization expense for the three months ended March 31, 2025 increased by $54.5 million, or 19.0%, to

$342.1 million, compared to $287.6 million for the three months ended March 31, 2024. The increase primarily reflects the change in

useful lives related to certain projects expected to be redeveloped from office to laboratory use prior to the end of their previous useful

lives. In addition, the increase relates to 1.9 million RSF of development and redevelopment projects placed into service subsequent to

January 1, 2024 and three operating properties aggregating 401,560 RSF acquired subsequent to January 1, 2024, partially offset by

the decrease in depreciation and amortization related to properties that were sold or classified as held for sale subsequent to January 1,

Impairment of real estate

During the three months ended March 31, 2025, we recognized an impairment charge aggregating $32.2 million, related to a

ground lease entered into in 2021 for a future development site in our San Francisco Bay Area market. As of December 31, 2024, we

had a right-of-use asset aggregating $32.4 million related to our investment into this ground lease. During the three months ended

March 31, 2025, based on our current financial outlook for this project, we made the determination to no longer proceed with this

project. Consequently, we recognized an impairment charge aggregating $32.2 million to write off our remaining right-of-use asset

balance. We do not expect to make additional future payments in connection with this project.

General and administrative expenses

General and administrative expenses for the three months ended March 31, 2025 decreased by $16.4 million, or 34.8%, to

$30.7 million, compared to $47.1 million for the three months ended March 31, 2024, primarily due to cost-control and efficiency

initiatives implemented in prior reporting periods, including reduction in headcount, restructuring of compensation plans, systems

upgrades, and process improvements. As a percentage of net operating income, our general and administrative expenses for the

trailing twelve months ended March 31, 2025 and 2024 were 6.9% and 9.5%, respectively.

Interest expense

Interest expense for the three months ended March 31, 2025 and 2024 consisted of the following (dollars in thousands):


	Three Months Ended March 31,
Component	2025	2024	Change
Gross interest	$130,941	$122,680	$8,261
Capitalized interest	(80,065)	(81,840)	1,775
Interest expense	$50,876	$40,840	$10,036

Average debt balance outstanding(1)	$12,815,953	$12,056,184	$759,769
Weighted-average annual interest rate(2)	4.1%	4.1%	—%

(1)Represents the average debt balance outstanding during the respective periods.

(2)Represents annualized total interest incurred divided by the average debt balance outstanding during the respective periods.

The net change in interest expense during the three months ended March 31, 2025, compared to the three months ended

March 31, 2024, resulted from the following (dollars in thousands):


Component	Interest Rate(1)		Effective Date	Change
Increases in interest incurred due to:
Issuances of debt:
$550 million of unsecured senior notes payable due 2035		5.66%	February 2025	$4,047
$600 million of unsecured senior notes payable due 2054		5.71%	February 2024	4,127
$400 million of unsecured senior notes payable due 2036		5.38%	February 2024	2,574
Increases in construction borrowings and interest rates under secured notes payable		7.20%		125
Lower average outstanding balances and/or rate decreases on borrowings under commercial paper program and unsecured senior line of credit				(3,219)
Other increase in interest				607
Change in gross interest				8,261
Decrease in capitalized interest				1,775
Total change in interest expense				$10,036

(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and

other bank fees.

Investment (loss) income

During the three months ended March 31, 2025, we recognized investment loss aggregating $50.0 million, which consisted of

$29.3 million of realized gains, $68.1 million of unrealized losses, and $11.2 million of impairment charges.

During the three months ended March 31, 2024, we recognized investment income aggregating $43.3 million, which consisted

of $28.8 million of realized gains, $29.2 million of unrealized gains, and $14.7 million of impairment charges.

For more information about our investments, refer to Note 7 – “Investments” to our unaudited consolidated financial

statements. For our impairments accounting policy, refer to “Investments” in Note 2 – “Summary of significant accounting policies” to

our unaudited consolidated financial statements in Item 1.

Other comprehensive income (loss)

Total other comprehensive income for the three months ended March 31, 2025 aggregated $50 thousand, compared to total

other comprehensive loss of $7.9 million for the three months ended March 31, 2024. The difference is primarily due to the unrealized

foreign currency translation gains related to our operations in Canada.

Summary of capital expenditures

Our construction spending for the three months ended March 31, 2025 and projected spending for the year ending December

31, 2025 consist of the following (in thousands):


	Three Months Ended March 31, 2025		Projected Guidance Midpoint for Year Ending December 31, 2025
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)	$	307,490	$	1,220,000
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)		92,955		500,000
Revenue- and non-revenue-enhancing capital expenditures		58,464		415,000	(2)
Construction spending (before contributions from noncontrolling interests or tenants)		458,909		2,135,000
Contributions from noncontrolling interests (consolidated real estate joint ventures)		(63,247)		(230,000)	(3)
Tenant-funded and -built landlord improvements		(39,950)		(155,000)
Total construction spending	$	355,712	$	1,750,000
2025 guidance range for construction spending			$1,450,000 – $2,050,000

(1)Includes projects under construction aggregating 4.0 million RSF. Refer to “Investments in real estate” in Item 2 for additional details.

(2)Represents revenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built

landlord improvements for the year ending December 31, 2025. Our share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected

to be $370 million at the midpoint of our guidance for 2025 construction spending.

(3)Represents contractual capital commitments from existing consolidated real estate joint venture partners to fund construction.

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction

The following table summarizes projected capital contributions from partners in our existing consolidated joint ventures to fund

construction through 2027 and beyond (in thousands):


Projected timing		Amount(1)
April 1, 2025 through December 31, 2026		$247,964
2027 and beyond		166,896
Total		$414,860

(1)Amounts represent reductions to our consolidated construction spending.

Average real estate basis used for capitalization of interest

Our construction spending includes capitalized interest. The table below provides key categories of interest capitalized during

the three months ended March 31, 2025 (in thousands):


	Three Months Ended March 31, 2025
	Average Real Estate Basis Capitalized		Percentage of Total Average Real Estate Basis Capitalized
Construction of Class A/A+ properties:
Active construction projects
Under construction	$2,951,331			37%
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)	4,149,799	(1)		51
Smaller redevelopments and repositioning capital projects	925,436			12
	$8,026,566			100%

(1)Average real estate basis capitalized during the three months ended March 31, 2025, which related to our future pipeline pre-construction activities, includes 29% from

four key active and future Megacampus development projects.

Projected results

We present updated guidance for EPS attributable to Alexandria’s common stockholders – diluted, funds from operations per

share attributable to Alexandria’s common stockholders – diluted, and funds from operations per share attributable to Alexandria’s

common stockholders – diluted, as adjusted, based on our current view of existing market conditions and other assumptions for the

year ending December 31, 2025, as set forth in the tables below. The tables below also provide a reconciliation of EPS attributable to

Alexandria’s common stockholders – diluted, the most directly comparable financial measure presented in accordance with GAAP, to

funds from operations per share and funds from operations per share, as adjusted, non-GAAP measures, and other key assumptions

included in our updated guidance for the year ending December 31, 2025. There can be no assurance that actual amounts will not be

materially higher or lower than these expectations. Refer to our discussion of “Forward-looking statements” included in the beginning of

this Item 2.

The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by seven

cents, or 75 bps. Key changes to our guidance assumptions include the following:

Slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio and our development

and redevelopment pipeline, resulting in the following changes to the midpoints of our guidance ranges:

70 bps reduction in occupancy percentage in North America as of December 31, 2025,
70 bps and 20 bps reduction in 2025 same property net operating income performance and same property net operating

income performance (cash basis), respectively, and

$15 million reduction in 2025 straight-line rent revenue.
A $20 million reduction to the midpoint of our guidance range for 2025 capitalization of interest with a corresponding

$20 million increase to the midpoint of our guidance range for 2025 interest expense, primarily due to various current and

future pipeline projects that are anticipated to cease construction activities in the latter part of the year.

A $17 million reduction to the midpoint of our guidance range for 2025 general and administrative expenses from additional

cost control initiatives, including personnel-related costs and streamlining of business processes.


Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted	As of 4/28/25		As of 1/27/25		Key Changes to Midpoint
Earnings per share(1)	$1.36 to $1.56		$2.57 to $2.77
Depreciation and amortization of real estate assets		7.05		6.70
Gain on sales of real estate		(0.08)		—	(2)
Impairment of real estate – rental properties		0.21		—	(3)
Allocation of unvested restricted stock awards		(0.03)		(0.04)
Funds from operations per share(4)	$8.51 to $8.71		$9.23 to $9.43
Unrealized losses on non-real estate investments		0.40		—
Impairment of non-real estate investments		0.07		—	(4)
Impairment of real estate		0.19		—
Allocation to unvested restricted stock awards		(0.01)		—
Funds from operations per share, as adjusted(4)	$9.16 to $9.36		$9.23 to $9.43
Midpoint		$9.26		$9.33	Reduction of 7- cents, or 75 bps

(1)Excludes unrealized gains or losses on non-real estate investments after March 31, 2025 that are required to be recognized in earnings and are excluded from funds

from operations per share, as adjusted.

(2)Refer to “Dispositions and sales of partial interests” in Item 2 for additional information.

(3)Refer to Note 16 – “Subsequent events” to our unaudited consolidated financial statements in Item 1 for additional information.

(4)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions

and reconciliations” in Item 2 for additional information.


Key Assumptions(1) (Dollars in millions)		As of 4/28/25				As of 1/27/25			Key Changes to Midpoint
	Low		High		Low		High

Occupancy percentage in North America as of December 31, 2025		90.9%		92.5%		91.6%		93.2%	70 bps reduction
Lease renewals and re-leasing of space:
Rental rate changes		9.0%		17.0%		9.0%		17.0%	No change
Rental rate changes (cash basis)		0.5%		8.5%		0.5%		8.5%
Same property performance:
Net operating income		(3.7)%		(1.7)%		(3.0)%		(1.0)%	70 bps reduction
Net operating income (cash basis)		(1.2)%		0.8%		(1.0)%		1.0%	20 bps reduction
Straight-line rent revenue		$96		$116		$111		$131	$15 million reduction
General and administrative expenses		$112		$127		$129		$144	$17 million reduction
Capitalization of interest		$320		$350		$340		$370	$20 million reduction
Interest expense		$185		$215		$165		$195	$20 million increase
Realized gains on non-real estate investments(2)		$100		$130		$100		$130	No change

(1)Our assumptions presented in the table above are subject to a number of variables and uncertainties, including those discussed as “Forward-looking statements” under

Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of operations” of our annual report on Form 10-K for

the year ended December 31, 2024, as well as in “Item 1A. Risk factors” within “Part II – Other information” of this quarterly report on Form 10-Q. To the extent our full-

year earnings guidance is updated during the year, we will provide additional disclosure supporting reasons for any significant changes to such guidance.

(2)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real

estate investments, if any. Refer to Note 7 – “Investments” to our unaudited consolidated financial statements in Item 1 for additional details.


Key Credit Metric Targets(1)	As of 4/28/25	As of 1/27/25	Key Changes

Net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2025 annualized	Less than or equal to 5.2x	Less than or equal to 5.2x	No change
Fixed-charge coverage ratio – fourth quarter of 2025 annualized	4.0x to 4.5x	4.0x to 4.5x

(1)Refer to “Definitions and reconciliations” in Item 2 for additional information.

Consolidated and unconsolidated real estate joint ventures

We present components of balance sheet and operating results information for the noncontrolling interest share of our

consolidated real estate joint ventures and for our share of investments in unconsolidated real estate joint ventures to help investors

estimate balance sheet and operating results information related to our partially owned entities. These amounts are estimated by

computing, for each joint venture that we consolidate in our financial statements, the noncontrolling interest percentage of each financial

item to arrive at the cumulative noncontrolling interest share of each component presented. In addition, for our real estate joint ventures

that we do not control and do not consolidate, we apply our economic ownership percentage to the unconsolidated real estate joint

ventures to arrive at our proportionate share of each component presented. Refer to Note 4 – “Consolidated and unconsolidated real

estate joint ventures” to our unaudited consolidated financial statements in Item 1 for further discussion.


Consolidated Real Estate Joint Ventures
Property/Market/Submarket	Noncontrolling Interest Share			Operating RSF at 100%
50 and 60 Binney Street/Greater Boston/Cambridge/Inner Suburbs		66.0%			532,395
75/125 Binney Street/Greater Boston/Cambridge/Inner Suburbs		60.0%			388,270
100 and 225 Binney Street and 300 Third Street/Greater Boston/Cambridge/Inner Suburbs		70.0%			870,641
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		24.3%			116,414	(1)
15 Necco Street/Greater Boston/Seaport Innovation District		43.3%			345,996
285, 299, 307, and 345 Dorchester Avenue/Greater Boston/Seaport Innovation District		40.0%			—	(1)
Alexandria Center® for Science and Technology – Mission Bay/San Francisco Bay Area/ Mission Bay(2)		75.0%			1,001,281
601, 611, 651(1), 681, 685, and 701 Gateway Boulevard/San Francisco Bay Area/ South San Francisco		50.0%			851,991
751 Gateway Boulevard/San Francisco Bay Area/South San Francisco		49.0%			230,592
211(1) and 213 East Grand Avenue/San Francisco Bay Area/South San Francisco		70.0%			300,930
500 Forbes Boulevard/San Francisco Bay Area/South San Francisco		90.0%			155,685
Alexandria Center® for Life Science – Millbrae/San Francisco Bay Area/South San Francisco		51.7%			285,346
3215 Merryfield Row/San Diego/Torrey Pines		70.0%			170,523
Campus Point by Alexandria/San Diego/University Town Center(3)		45.0%			1,227,133
5200 Illumina Way/San Diego/University Town Center		49.0%			792,687
9625 Towne Centre Drive/San Diego/University Town Center		70.0%			163,648
SD Tech by Alexandria/San Diego/Sorrento Mesa(4)		50.0%			816,519
Pacific Technology Park/San Diego/Sorrento Mesa		50.0%			544,352
Summers Ridge Science Park/San Diego/Sorrento Mesa(5)		70.0%			316,531
1201 and 1208 Eastlake Avenue East/Seattle/Lake Union		70.0%			206,134
199 East Blaine Street/Seattle/Lake Union		70.0%			115,084
400 Dexter Avenue North/Seattle/Lake Union		70.0%			290,754
800 Mercer Street/Seattle/Lake Union		40.0%			—	(1)

Unconsolidated Real Estate Joint Ventures
Property/Market/Submarket	Our Ownership Share(6)			Operating RSF at 100%
1655 and 1725 Third Street/San Francisco Bay Area/Mission Bay		10.0%			586,208
1450 Research Boulevard/Maryland/Rockville		73.2%	(7)		42,012
101 West Dickman Street/Maryland/Beltsville		58.4%	(7)		135,949

Refer to “Joint venture financial information” under “Definitions and reconciliations” in Item 2 for additional details.

(1)Represents a property currently under construction or in our development and redevelopment pipeline. Refer to “New Class A/A+ development and redevelopment

properties” in Item 2 for additional details.

(2)Includes 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(3)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(6)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture in North America.

(7)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic

performance of the joint venture.

The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of March 31,

2025 (dollars in thousands):


	Maturity Date			Stated Rate		Interest Rate(1)	At 100%		Our Share
Unconsolidated Joint Venture			Aggregate Commitment		Debt Balance(2)
101 West Dickman Street		11/10/26		SOFR+1.95%	(3)	6.35%	$26,750	$19,139	58.4%
1450 Research Boulevard		12/10/26		SOFR+1.95%	(3)	6.41%	13,000	8,998	73.2%
1655 and 1725 Third Street(4)		2/10/35		6.37%		6.44%	500,000	496,658	10.0%
							$539,750	$524,795

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2025.

(3)This loan is subject to a fixed SOFR floor of 0.75%.

(4)During the three months ended March 31, 2025, the unconsolidated real estate joint venture refinanced $500 million of its $600 million existing fixed-rate debt with a new

secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was repaid through contributions from the unconsolidated joint

venture partners, including our share of $10.8 million. As of March 31, 2025, our investment in this unconsolidated real estate joint venture was $21.2 million.

The following tables present information related to the operating results and financial positions of our consolidated and

unconsolidated real estate joint ventures as of and for the three months ended March 31, 2025 (in thousands):


	Three Months Ended March 31, 2025
	Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures	Our Share of Unconsolidated Real Estate Joint Ventures
Total revenues	$116,637	$2,575
Rental operations	(34,769)	(1,048)
	81,868	1,527
General and administrative	(633)	(19)
Interest	(424)	(961)
Depreciation and amortization of real estate assets	(33,411)	(1,054)
Fixed returns allocated to redeemable noncontrolling interests(1)	201	—
	$47,601	$(507)
Straight-line rent and below-market lease revenue	$3,652	$158
Funds from operations(1)	$81,012	$547

Refer to “Joint venture financial information” under “Definitions and reconciliations” in Item 2 for additional details.

(1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions

and reconciliations” in Item 2 for the definition and its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.


	As of March 31, 2025
	Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures	Our Share of Unconsolidated Real Estate Joint Ventures
Investments in real estate	$4,254,013	$109,352
Cash, cash equivalents, and restricted cash	131,409	3,635
Other assets	424,919	10,291
Secured notes payable	(36,562)	(67,431)
Other liabilities	(238,868)	(5,761)
Redeemable noncontrolling interests	(9,612)	—
	$4,525,299	$50,086

During the three months ended March 31, 2025 and 2024, our consolidated real estate joint ventures distributed an aggregate

of $66.0 million and $59.8 million, respectively, to our joint venture partners. Refer to our consolidated statements of cash flows and

Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for

additional information.

Investments

We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The

tables below summarize components of our investment income (loss) and non-real estate investments (in thousands). Refer to Note 7 –

“Investments” to our unaudited consolidated financial statements in Item 1 for additional information.


	Three Months Ended March 31, 2025		Year Ended December 31, 2024
Realized gains	$18,153	(1)	$59,124	(2)
Unrealized losses	(68,145)	(3)	(112,246)	(4)
Investment loss	$(49,992)		$(53,122)


	March 31, 2025					December 31, 2024
Investments	Cost		Unrealized Gains	Unrealized Losses	Carrying Amount	Carrying Amount
Publicly traded companies	$182,797		$24,425	$(122,472)	$84,750	$105,667
Entities that report NAV	511,907		105,405	(42,327)	574,985	609,866
Entities that do not report NAV:
Entities with observable price changes	106,465		75,087	(8,255)	173,297	174,737
Entities without observable price changes	422,052		—	—	422,052	400,487
Investments accounted for under the equity method	N/A		N/A	N/A	224,604	186,228
March 31, 2025	$1,223,221	(5)	$204,917	$(173,054)	$1,479,688	$1,476,985

December 31, 2024	$1,207,146		$228,100	$(144,489)	$1,476,985


Public/Private Mix (Cost)		Tenant/Non-Tenant Mix (Cost)

87%

Private

13%

Public

24%

Tenant

76%

Non-Tenant

(1)Consists of realized gains of $29.3 million, offset by impairment charges of $11.2 million during the three months ended March 31, 2025.

(2)Consists of realized gains of $117.2 million, offset by impairment charges of $58.1 million during the year ended December 31, 2024.

(3)Consists of unrealized losses of $40.0 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and investments in privately

held entities that report NAV and $28.1 million resulting from accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our

realization of investments during the three months ended March 31, 2025.

(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year

ended December 31, 2024.

(5)Represents 2.8% of gross assets as of March 31, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in Item 2 for additional details.

Liquidity


Liquidity		Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit

$5.3B		(in millions)





(In millions)
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program	$4,700
Cash, cash equivalents, and restricted cash	484
Availability under our secured construction loan	45
Investments in publicly traded companies	85
Liquidity as of March 31, 2025	$5,314

We expect to meet certain long-term liquidity requirements, such as requirements for development, redevelopment, other

construction projects, capital improvements, tenant improvements, property acquisitions, equity repurchases, leasing costs, non-

revenue-enhancing capital expenditures, scheduled debt maturities, distributions to noncontrolling interests, and payment of dividends

through net cash provided by operating activities, periodic asset sales, strategic real estate joint ventures, long-term secured and

unsecured indebtedness, borrowings under our unsecured senior line of credit, issuances under our commercial paper program, and

issuances of additional debt and/or equity securities.

We also expect to continue meeting our short-term liquidity and capital requirements, as further detailed in this section,

generally through our working capital and net cash provided by operating activities. We believe that the net cash provided by operating

activities will continue to be sufficient to enable us to make the distributions necessary to continue qualifying as a REIT.

For additional information on our liquidity requirements related to our contractual obligations and commitments, refer to

Note 5 – “Leases” and Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements in Item 1.

Over the next several years, our balance sheet, capital structure, and liquidity objectives are as follows:

Retain net cash flows from operating activities after payment of dividends and distributions to noncontrolling interests for

investment in development and redevelopment projects and/or acquisitions;

Maintain significant balance sheet liquidity;
Maintain credit profile and relative long-term cost of capital;
Maintain diverse sources of capital, including sources from net cash provided by operating activities, unsecured debt,

secured debt, selective real estate asset sales, strategic real estate joint ventures, non-real estate investment sales, and

common stock;

Maintain commitment to long-term capital to fund growth;
Maintain prudent laddering of debt maturities;
Maintain solid credit metrics;
Prudently manage variable-rate debt exposure;
Maintain a large, unencumbered asset pool to provide financial flexibility;
Fund common stock dividends and distributions to noncontrolling interests from net cash provided by operating activities;
Manage a disciplined level of development and redevelopment projects as a percentage of our gross real estate assets;

and

Maintain high levels of pre-leasing and percentage leased in development and redevelopment projects.

The following table presents the availability under our unsecured senior line of credit, net of amounts outstanding under our

commercial paper program; cash, cash equivalents, and restricted cash; availability under our secured construction loan; and

investments in publicly traded companies as of March 31, 2025 (in thousands):


Description	Stated Rate	Aggregate Commitments	Outstanding Balance(1)	Remaining Commitments/ Liquidity
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program	SOFR+0.855%	$5,000,000	$299,883	$4,700,000
Cash, cash equivalents, and restricted cash				483,754
Secured construction loan	SOFR+2.70%	$195,300	$150,219	44,882
Investments in publicly traded companies				84,750
Liquidity as of March 31, 2025				$5,313,386

(1)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2025.

Cash, cash equivalents, and restricted cash

As of March 31, 2025 and December 31, 2024, we had $483.8 million and $559.8 million, respectively, of cash, cash

equivalents, and restricted cash. We expect existing cash, cash equivalents, and restricted cash, net cash provided by operating

activities, proceeds from real estate asset sales, sales of partial interests, strategic real estate joint ventures, non-real estate investment

sales, borrowings under our unsecured senior line of credit, issuances under our commercial paper program, issuances of unsecured

senior notes payable, borrowings under our secured construction loans, and issuances of common stock to continue to be sufficient to

fund our operating activities and cash commitments for investing and financing activities, such as regular quarterly dividends,

distributions to noncontrolling interests, scheduled debt repayments, acquisitions, and certain capital expenditures, including

expenditures related to construction activities and any common stock repurchases.

Cash flows

We report and analyze our cash flows based on operating activities, investing activities, and financing activities. The following

table summarizes changes in our cash flows for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025	2024	Change
Net cash provided by operating activities	$207,949	$341,157	$(133,208)
Net cash used in investing activities	$(654,779)	$(894,854)	$240,075
Net cash provided by financing activities	$370,775	$624,429	$(253,654)

Operating activities

Cash flows provided by operating activities are primarily dependent upon the occupancy level of our asset base, the rental

rates of our leases, the collectibility of rent and recovery of operating expenses from our tenants, the timing of completion of

development and redevelopment projects, and the timing of acquisitions and dispositions of operating properties. Net cash provided by

operating activities for the three months ended March 31, 2025 decreased by $133.2 million to $207.9 million, compared to

$341.2 million for the three months ended March 31, 2024. The decrease was primarily due to the ground lease prepayment of

$135.0 million made in January 2025 for a 24-year lease term extension to our existing ground lease agreement at the Alexandria

Technology Square® Megacampus in our Cambridge submarket.

Investing activities

Cash used in investing activities for the three months ended March 31, 2025 and 2024 consisted of the following (in

thousands):


	Three Months Ended March 31,		Change
	2025	2024
Sources of cash from investing activities:
Proceeds from sales of real estate	$68,182	$16,670	$51,512
Sales of and distributions from non-real estate investments	12,691	40,550	(27,859)
	80,873	57,220	23,653
Uses of cash for investing activities:
Purchases of real estate	—	194,002	(194,002)
Additions to real estate	645,841	693,268	(47,427)
Change in escrow deposits	9,506	1,008	8,498
Investments in unconsolidated real estate joint ventures	10,994	3,224	7,770
Additions to non-real estate investments	69,311	60,572	8,739
	735,652	952,074	(216,422)

Net cash used in investing activities	$654,779	$894,854	$(240,075)

The decrease in net cash used in investing activities for the three months ended March 31, 2025, compared to the three

months ended March 31, 2024, was primarily due to a decreased use of cash for purchases of real estate. Refer to Note 3 –

“Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.

Financing activities

Cash flows provided by financing activities for the three months ended March 31, 2025 and 2024 consisted of the following

(in thousands):


	Three Months Ended March 31,
	2025	2024	Change
Borrowings under secured notes payable	$824	$10,216	$(9,392)
Proceeds from issuance of unsecured senior notes payable	548,532	998,806	(450,274)
Proceeds from issuances under commercial paper program	2,700,000	3,170,000	(470,000)
Repayments of borrowings under commercial paper program	(2,400,000)	(3,270,000)	870,000
Payments of loan fees	(5,406)	(10,118)	4,712
Changes related to debt	843,950	898,904	(54,954)

Contributions from and sales of noncontrolling interests	54,409	82,853	(28,444)
Distributions to and purchases of noncontrolling interests	(83,852)	(111,540)	27,688
Repurchase of common stock	(208,187)	—	(208,187)
Dividends on common stock	(229,987)	(221,824)	(8,163)
Taxes paid related to net settlement of equity awards	(5,558)	(23,964)	18,406
Net cash provided by financing activities	$370,775	$624,429	$(253,654)

Capital resources

We expect that our principal liquidity needs for the year ending December 31, 2025 will be satisfied by the following multiple

sources of capital, as shown in the table below. There can be no assurance that our sources and uses of capital will not be materially

higher or lower than these expectations.


Key Sources and Uses of Capital (In millions)		2025 Guidance				Certain Completed Items		As of 1/27/25 Midpoint	Key Changes to Midpoint
	Range			Midpoint
Sources of capital:
Net reduction in debt		$(290)	$(290)		$(290)	See below		$(190)	See below
Net cash provided by operating activities after dividends(1)		425	525		475			475
Dispositions and sales of partial interests		1,450	2,450		1,950	(2)		1,700	$250 million increase(3)
Total sources of capital		$1,585	$2,685		$2,135			$1,985

Uses of capital:
Construction		$1,450	$2,050		$1,750			$1,750
Acquisitions and other opportunistic uses of capital		—	500		250	$208	(4)	100	$150 million increase(3)
Ground lease prepayment		135	135		135	$135		135
Total uses of capital		$1,585	$2,685		$2,135			$1,985

Net reduction in debt (included above):
Issuance of unsecured senior notes payable		$550	$550		$550	$550		$600
Repayment of unsecured notes payable(5)		(600)	(600)		(600)			(600)
Unsecured senior line of credit, commercial paper program, and other		(240)	(240)		(240)			(190)
Net reduction in debt		$(290)	$(290)		$(290)			$(190)	$100 million reduction

(1)Excludes the final installment payment of $135.0 million made in January 2025 for our ground lease at the Alexandria Technology Square® Megacampus. This amount

has been separately presented as “Ground lease prepayment” under “Uses of capital” in the table above.

(2)As of the date of this report, completed dispositions aggregated $176.4 million and our share of pending transactions subject to non-refundable deposits, signed letters

of intent, or purchase and sale agreement negotiations aggregated $432.5 million. As part of a completed transaction, we provided seller financing of $91.0 million. Refer

to “Dispositions and sales of partial interests” in Item 2 for additional information on our real estate dispositions.

(3)The increase to the midpoint of our guidance range for 2025 dispositions and sales of partial interests is primarily due to an increase in the midpoint of our guidance

range for 2025 acquisitions and other opportunistic uses of capital by $150 million.

(4)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31,

During the three months ended March 31, 2025, we repurchased 2.2 million shares of common stock for an aggregate value of $208.1 million at an average price

per share of $96.71. As of the date of this report, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market

conditions, we may consider repurchasing additional shares of our common stock.

(5)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.

The key assumptions behind the sources and uses of capital in the table above include a favorable real estate transaction and

capital market environments, performance of our core operating properties, lease-up and delivery of current and future development

and redevelopment projects, and leasing activity. Our expected sources and uses of capital are subject to a number of variables and

uncertainties, including those discussed as “Forward-looking statements” under Part I; “Item 1A. Risk factors”; and “Item 7.

Management’s discussion and analysis of financial condition and results of operations” of our annual report on Form 10-K for the year

ended December 31, 2024; as well as in “Item 1A. Risk factors” within “Part II – Other information” of this quarterly report on Form 10-

Q. We expect to update our forecast for key sources and uses of capital on a quarterly basis.

Sources of capital

Net cash provided by operating activities after dividends

We expect to retain $425 million to $525 million of net cash flows from operating activities after payment of common stock

dividends, and distributions to noncontrolling interests for the year ending December 31, 2025, excluding the payment of our final

installment of $135.0 million made in January 2025 for the ground lease at the Alexandria Technology Square® Megacampus. For

purposes of this calculation, changes in operating assets and liabilities representing timing differences are excluded. For the year

ending December 31, 2025, we expect our recently delivered projects, our development and redevelopment projects expected to be

delivered, contributions from Same Properties, and recently acquired income-producing properties to contribute to income from rentals,

net operating income, and cash flows. We anticipate contractual near-term growth in annual net operating income (cash basis) of

$61 million related to the commencement of contractual rents on the projects recently placed into service that are near the end of their

initial free rent period. Refer to “Cash flows” in Item 2 for a discussion of cash flows provided by operating activities for the three months

ended March 31, 2025.

Debt

We expect to fund a portion of our capital needs for 2025 from issuances under our commercial paper program, issuances of

unsecured senior notes payable, borrowings under our unsecured senior line of credit, and/or borrowings under our secured

construction loan.

As of March 31, 2025, our unsecured senior line of credit, which matures in 2030, including extension options under our

control, had aggregate commitments of $5.0 billion and bore an interest rate of SOFR plus 0.855%. In addition to the cost of borrowing,

the unsecured senior line of credit is subject to an annual facility fee of 0.145% based on the aggregate commitments outstanding.

Based upon our ability to achieve certain annual sustainability targets, the interest rate and facility fee rate are also subject to upward or

downward adjustments of up to four basis points with respect to the interest rate and up to one basis point with respect to the facility fee

rate.

Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit

agreement, the borrowing rate was reduced for a one-year period by two basis points to SOFR plus 0.855%, from SOFR plus 0.875%,

and the facility fee was reduced by 0.5 basis point to 0.145% from 0.15%. As of March 31, 2025, we had no outstanding balance on our

unsecured line of credit.

Our commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes with a maturity

of generally 30 days or less and with a maximum maturity of 397 days from the date of issuance. Our commercial paper program is

backed by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing capacity

under our unsecured senior line of credit equal to any outstanding balance under our commercial paper program. We use borrowings

under the program to fund short-term capital needs. The notes issued under our commercial paper program are sold under customary

terms in the commercial paper market. They are typically issued at a discount to par, representing a yield to maturity dictated by market

conditions at the time of issuance. In the event we are unable to issue commercial paper notes or refinance outstanding commercial

paper notes under terms equal to or more favorable than those under the unsecured senior line of credit, we expect to borrow under the

unsecured senior line of credit. The commercial paper notes sold during the three months ended March 31, 2025 were issued at a

weighted-average yield to maturity of 4.60%. As of March 31, 2025, we had $299.9 million of commercial paper notes outstanding.

In February 2025, we issued $550.0 million of unsecured senior notes payable, due 2035, with an interest rate of 5.50%.

The following table presents our average debt outstanding and weighted-average interest rates during the three months ended

March 31, 2025 (dollars in thousands):


	Three Months Ended March 31, 2025
	Average Debt Outstanding	Weighted-Average Interest Rate
Long-term fixed-rate debt	$12,434,676	3.83%
Short-term variable-rate unsecured senior line of credit and commercial paper program debt	375,884	4.59
Blended average interest rate	12,810,560	3.85
Loan fee amortization and annual facility fee related to unsecured senior line of credit	N/A	0.14
Total/weighted average	$12,810,560	3.99%

Real estate dispositions and sales of partial interests

We expect to continue to focus on the disciplined execution of select sales of real estate. Future sales will provide an important

source of capital to fund our development and redevelopment projects and opportunistic share repurchases and also provide significant

capital for growth. We may also consider additional sales of partial interests in core Class A/A+ properties, development projects, and/or

land. For the year ending December 31, 2025, we expect real estate dispositions and sales of partial interests in real estate assets to

range from $1.45 billion to $2.45 billion. The amount of asset sales necessary to meet our forecasted sources of capital will vary

depending upon the amount of EBITDA associated with the assets sold.

Refer to Note 3 – “Investments in real estate,” Note 4 – “Consolidated and unconsolidated real estate joint ventures,” and

Note 13 – “Stockholders’ equity” to our unaudited consolidated financial statements in Item 1 and to “Dispositions and sales of partial

interests” in Item 2 for additional information on our real estate dispositions.

As a REIT, we are generally subject to a 100% tax on the net income from real estate asset sales that the IRS characterizes as

“prohibited transactions.” We do not expect our sales will be categorized as prohibited transactions. However, unless we meet certain

“safe harbor” requirements, whether a real estate asset sale is a “prohibited transaction” will be based on the facts and circumstances

of the sale. Our real estate asset sales may not always meet such “safe harbor” requirements. Refer to “Item 1A. Risk factors” of our

annual report on Form 10-K for the year ended December 31, 2024 for additional information about the “prohibited transaction” tax.

Common equity transactions

As of March 31, 2025, the remaining aggregate amount available under our ATM program for future sales of common stock

was $1.47 billion.

Other sources

As a well-known seasoned issuer, we may, from time to time, issue securities at our discretion based on our needs and market

conditions, including, as necessary, to balance our use of incremental debt capital.

Additionally, we, together with joint venture partners, hold interests in real estate joint ventures that we consolidate in our

financial statements. These existing joint ventures provide significant equity capital to fund a portion of our future construction spend,

and our joint venture partners may also contribute equity into these entities for financing-related activities. From April 1, 2025 through

December 31, 2027 and beyond, we expect to receive capital contributions aggregating $414.9 million from existing consolidated real

estate joint venture partners to fund construction. During the year ending December 31, 2025, contributions from noncontrolling

interests from existing joint venture partners are expected to aggregate $230.0 million.

Uses of capital

Summary of capital expenditures

One of our primary uses of capital relates to the development, redevelopment, pre-construction, and construction of properties.

We currently have projects in our development and redevelopment pipeline aggregating 4.0 million RSF of Class A/A+ properties

undergoing construction. We incur capitalized construction costs related to development, redevelopment, pre-construction, and other

construction activities. We also incur additional capitalized project costs, including interest, property taxes, insurance, and other costs

directly related and essential to the development, redevelopment, pre-construction, or construction of a project, during periods when

activities necessary to prepare an asset for its intended use are in progress. Refer to “New Class A/A+ development and redevelopment

properties: current projects” and “Summary of capital expenditures” in Item 2 for additional information on our capital expenditures.

We capitalize interest cost as a cost of the project only during the period in which activities necessary to prepare an asset for

its intended use are ongoing, provided that expenditures for the asset have been made and interest cost has been incurred. Capitalized

interest for the three months ended March 31, 2025 and 2024 of $80.1 million and $81.8 million, respectively, was classified in

investments in real estate in our consolidated balance sheets. The decrease in capitalized interest was related to a lower weighted-

average capitalized cost basis of $8.0 billion for the three months ended March 31, 2025, as compared to $8.2 billion for the three

months ended March 31, 2024, partially offset by an increase in weighted-average interest rate used to capitalize interest to 3.99% for

the three months ended March 31, 2025 from 3.92% for the three months ended March 31, 2024.

Property taxes, insurance on real estate, and indirect project costs, such as construction, administration, legal fees, and office

costs that clearly relate to projects under development or construction, are capitalized as incurred during the period an asset is

undergoing activities to prepare it for its intended use. We capitalized payroll and other indirect costs related to development,

redevelopment, pre-construction, and construction projects, aggregating $24.8 million and $26.3 million, and property taxes, insurance

on real estate, and indirect project costs aggregating $36.2 million and $32.7 million during the three months ended March 31, 2025 and

2024, respectively.

Pre-construction activities include entitlements, permitting, design, site work, and other activities preceding commencement of

construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time

required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and

are required for the vertical construction of buildings. Should we cease activities necessary to prepare an asset for its intended use, the

interest, taxes, insurance, and certain other direct and indirect project costs related to the asset would be expensed as incurred.

Expenditures for repairs and maintenance are expensed as incurred.

Fluctuations in our development, redevelopment, and construction activities could result in significant changes to total

expenses and net income. For example, had we experienced a 10% reduction in development, redevelopment, and construction

activities without a corresponding decrease in indirect project costs, including interest and payroll, total expenses would have increased

by approximately $14.1 million for the three months ended March 31, 2025.

We use third-party brokers to assist in our leasing activity, who are paid on a contingent basis upon successful leasing. We are

required to capitalize initial direct costs related to successful leasing transactions that result directly from and are essential to the lease

transaction and would not have been incurred had that lease transaction not been successfully executed. During the three months

ended March 31, 2025, we capitalized total initial direct leasing costs of $27.4 million. Costs that we incur to negotiate or arrange a

lease regardless of its outcome, such as fixed employee compensation, tax, or legal advice to negotiate lease terms, and other costs,

are expensed as incurred.

Real estate acquisitions and common stock repurchase program

Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our

common stock in the open market, in privately negotiated transactions, or otherwise through December 31, 2025.

During the three months ended March 31, 2025, we repurchased 2.2 million shares of common stock for an aggregate value of

$208.1 million at an average price per share of $96.71.

As of the date of this report, the approximate value of shares authorized and remaining under this program was $241.8 million.

For the year ending December 31, 2025, we expect real estate acquisitions and common stock repurchases to range from

$0 to $500 million. We completed no acquisitions during the three months ended March 31, 2025.

Dividends

During the three months ended March 31, 2025 and 2024, we paid common stock dividends of $230.0 million and

$221.8 million, respectively. The increase of $8.2 million in dividends paid on our common stock during the three months ended

March 31, 2025, compared to the three months ended March 31, 2024, was primarily due to an increase in the related dividends to

$1.32 per common share paid during the three months ended March 31, 2025 from $1.27 per common share paid during the three

months ended March 31, 2024.

Secured notes payable

Secured notes payable as of March 31, 2025 consisted of three notes secured by two properties. Our secured notes payable

typically require monthly payments of principal and interest and had a weighted-average interest rate of approximately 7.20%. As of

March 31, 2025, the total book value of our investments in real estate securing debt was approximately $374.1 million. As of March 31,

2025, our secured notes payable, including unamortized discounts and deferred financing costs, comprised approximately

$588 thousand and $150.2 million of fixed-rate debt and unhedged variable-rate debt, respectively.

During the three months ended March 31, 2025, our unconsolidated real estate joint venture in which we hold a 10%

ownership interest, located at 1655 and 1725 Third Street in our Mission Bay submarket, refinanced $500 million of an existing fixed-

rate debt with a new secured note payable, which bears a weighted-average interest rate of 6.37% and matures in 2035. The remaining

debt balance of approximately $100 million of the previous $600 million debt was repaid through contributions from the unconsolidated

joint venture partners, including our share of $10.8 million.

Unsecured senior notes payable and unsecured senior line of credit

The requirements of, and our actual performance with respect to, the key financial covenants under our unsecured senior

notes payable as of March 31, 2025 were as follows:


Covenant Ratios(1)	Requirement	March 31, 2025
Total Debt to Total Assets	Less than or equal to 60%	31%
Secured Debt to Total Assets	Less than or equal to 40%	0.4%
Consolidated EBITDA(2) to Interest Expense	Greater than or equal to 1.5x	10.2x
Unencumbered Total Asset Value to Unsecured Debt	Greater than or equal to 150%	311%

(1)All covenant ratio titles utilize terms as defined in the respective debt agreements.

(2)The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to the computation of EBITDA as

described in Exchange Act Release No. 47226.

In addition, the terms of the indentures, among other things, limit the ability of the Company, Alexandria Real Estate Equities,

L.P., and the Company’s subsidiaries to (i) consummate a merger, or consolidate, or sell all or substantially all of the Company’s assets

and (ii) incur certain secured or unsecured indebtedness.

The requirements of, and our actual performance with respect to, the key financial covenants under our unsecured senior line

of credit as of March 31, 2025 were as follows:


Covenant Ratios(1)	Requirement	March 31, 2025
Leverage Ratio	Less than or equal to 60.0%	31.7%
Secured Debt Ratio	Less than or equal to 45.0%	0.3%
Fixed-Charge Coverage Ratio	Greater than or equal to 1.50x	3.83x
Unsecured Interest Coverage Ratio	Greater than or equal to 1.75x	9.76x

(1)All covenant ratio titles utilize terms as defined in the credit agreement.

Estimated interest payments

Estimated interest payments on our fixed-rate debt are calculated based upon contractual interest rates, including interest

payment dates and scheduled maturity dates. As of March 31, 2025, 96.6% of our debt was fixed-rate debt. For additional information

regarding our debt, refer to Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements in

Item 1.

Ground lease obligations

Ground lease obligations as of March 31, 2025 included leases for 32 of our properties and accounted for approximately 8% of

our total number of properties. Among these 32 properties, 17 properties are subject to ground leases with a weighted-average

remaining lease term of 41 years, including extension options that we are reasonably certain to exercise. These leases are with a single

lessor in our Greater Stanford submarket with whom we have extended three ground leases over the past 10 years.

Our remaining 15 properties subject to ground leases are located across multiple submarkets and have remaining lease terms

ranging from approximately 46 to 82 years. The weighted-average remaining lease term of these ground leases is 73 years, including

extension options that we are reasonably certain to exercise.

In many cases, we seek to extend our ground leases well ahead of their scheduled contractual expirations. If we are

successful in extending ground leases, we could see significant up-front or increased recurring future payments to the ground lessor

and/or increased ground lease expense, which may require us to increase our capital funding needs.

Operating lease agreements

As of March 31, 2025, the remaining contractual payments under ground and office lease agreements in which we are the

lessee aggregated $785.4 million and $23.6 million, respectively. As of March 31, 2025, our operating lease liability, calculated as the

present value of the remaining payments aggregating $809.0 million under our operating lease agreements, including our extension

options that we are reasonably certain to exercise, was $371.4 million, which was classified in accounts payable, accrued expenses,

and other liabilities in our consolidated balance sheet. As of March 31, 2025, the weighted-average remaining lease term of operating

leases in which we are the lessee was approximately 54 years, including extension options that we are reasonably certain to exercise,

and the weighted-average discount rate was 4.7%. Our corresponding operating lease right-of-use assets, adjusted for initial direct

leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $728.9 million.

We classify the right-of-use asset in other assets in our consolidated balance sheets. Refer to “Lease accounting” in Note 2 –

“Summary of significant accounting policies” to our unaudited consolidated financial statements in Item 1 for additional information.

In July 2024, we entered into an amendment to our existing ground lease agreement at the Alexandria Technology Square®

Megacampus aggregating 1.2 million RSF in our Cambridge submarket, which extended the lease term by 24 years from January 1,

2065 to December 31, 2088. The amendment required that we prepay our entire rent obligation for the extended lease term

aggregating $270.0 million in two equal installments in December 2024 and in January 2025. On January 14, 2025, we made the

second and final installment payment of $135.0 million.

Commitments

As of March 31, 2025, remaining aggregate costs under contract for the construction of properties undergoing development,

redevelopment, and improvements under the terms of leases approximated $1.0 billion. We expect payments for these obligations to

occur over one to three years, subject to capital planning adjustments from time to time. We may have the ability to cease the

construction of certain projects, which would result in the reduction of our commitments. In addition, we have letters of credit and

performance obligations aggregating $5.3 million.

We are committed to funding approximately $386.5 million related to our non-real estate investments. These funding

commitments are primarily associated with our investments in privately held entities that report NAV and expire at various dates over

the next 12 years, with a weighted-average expiration of 8.1 years as of March 31, 2025.

Our former joint venture partner in our Greater Boston market has an option, subject to certain conditions, to obtain a

$50 million secured loan from us, which, if the option is exercised, will bear interest at SOFR plus 6.50%, with a floor of 9.0% and a

term not to exceed five years. As of March 31, 2025, the option has not been exercised.

Exposure to environmental liabilities

In connection with the acquisition of all of our properties, we have obtained Phase I environmental assessments to ascertain

the existence of any environmental liabilities or other issues. The Phase I environmental assessments of our properties have not

revealed any environmental liabilities that we believe would have a material adverse effect on our financial condition or results of

operations taken as a whole, nor are we aware of any material environmental liabilities that have occurred since the Phase I

environmental assessments were completed. In addition, we carry a policy of pollution legal liability insurance covering exposure to

certain environmental losses at substantially all of our properties.

Foreign currency translation gains and losses

The following table presents the change in accumulated other comprehensive loss attributable to Alexandria Real Estate

Equities, Inc.’s stockholders during the three months ended March 31, 2025 primarily due to the changes in the foreign exchange rates

for our real estate investments in Canada (in thousands). We reclassify unrealized foreign currency translation gains and losses into net

income as we dispose of these holdings.


		Total
Balance as of December 31, 2024		$(46,252)

Other comprehensive income before reclassifications		50
Net other comprehensive income		50

Balance as of March 31, 2025		$(46,202)

Inflation

As of March 31, 2025, approximately 91% 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 98% 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 indices. Accordingly, we do not believe that our cash flows or earnings from real estate operations are subject to

significant risks from inflation. A period of inflation, however, could cause an increase in the cost of our variable-rate borrowings,

including borrowings under our unsecured senior line of credit and commercial paper program, issuances of unsecured senior notes

payable, and borrowings under our secured construction loans, and secured loans held by our unconsolidated real estate joint ventures.

Issuer and guarantor subsidiary summarized financial information

Alexandria Real Estate Equities, Inc. (the “Issuer”) has sold certain debt securities registered under the Securities Act of 1933,

as amended, that are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P. (the “LP” or the “Guarantor

Subsidiary”), an indirectly 100% owned subsidiary of the Issuer. The Issuer’s other subsidiaries, including, but not limited to, the

subsidiaries that own substantially all of its real estate (collectively, the “Combined Non-Guarantor Subsidiaries”), will not provide a

guarantee of such securities, including the subsidiaries that are partially or 100% owned by the LP. The following summarized financial

information presents, on a combined basis, balance sheet information as of March 31, 2025 and December 31, 2024, and results of

operations and comprehensive income for the three months ended March 31, 2025 and year ended December 31, 2024 for the Issuer

and the Guarantor Subsidiary. The information presented below excludes eliminations necessary to arrive at the information on a

consolidated basis. In presenting the summarized financial statements, the equity method of accounting has been applied to (i) the

Issuer’s interests in the Guarantor Subsidiary, (ii) the Guarantor Subsidiary’s interests in the Combined Non-Guarantor Subsidiaries,

and (iii) the Combined Non-Guarantor Subsidiaries’ interests in the Guarantor Subsidiary, where applicable, even though all such

subsidiaries meet the requirements to be consolidated under GAAP. All assets and liabilities have been allocated to the Issuer and the

Guarantor Subsidiary generally based on legal entity ownership.

The following tables present combined summarized financial information as of March 31, 2025 and December 31, 2024 and for

the three months ended March 31, 2025 and year ended December 31, 2024 for the Issuer and Guarantor Subsidiary. Amounts

provided do not represent our total consolidated amounts (in thousands):


	March 31, 2025	December 31, 2024
Assets:
Cash, cash equivalents, and restricted cash	$99,711	$103,993
Other assets	158,773	153,913
Total assets	$258,484	$257,906

Liabilities:
Unsecured senior notes payable	$12,640,144	$12,094,465
Unsecured senior line of credit and commercial paper	299,883	—
Other liabilities	519,595	542,322
Total liabilities	$13,459,622	$12,636,787


	Three Months Ended March 31, 2025	Year Ended December 31, 2024
Total revenues	$9,530	$59,023
Total expenses	(81,459)	(349,437)
Net loss	(71,929)	(290,414)
Net income attributable to unvested restricted stock awards	(2,660)	(13,394)
Net loss attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$(74,589)	$(303,808)

As of March 31, 2025, 371 of our 386 properties were held indirectly by the REIT’s wholly owned consolidated subsidiary,

Alexandria Real Estate Equities, L.P.

Critical accounting estimates

Refer to our annual report on Form 10-K for the year ended December 31, 2024 for a discussion of our critical accounting

estimates related to recognition of real estate acquired, impairment of long-lived assets, impairment of non-real estate investments, and

monitoring of tenant credit quality.

Definitions and reconciliations

This section contains additional information on certain non-GAAP financial measures, including reconciliations to the most

directly comparable financial measure calculated and presented in accordance with GAAP and the reasons why we use these

supplemental measures of performance and believe they provide useful information to investors, as well as the definitions of other

terms used in this report.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common

stockholders

GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes that real estate values diminish

over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the

Nareit Board of Governors established funds from operations as an improved measurement tool. Since its introduction, funds from

operations has become a widely used non-GAAP financial measure among equity REITs. We believe that funds from operations is

helpful to investors as an additional measure of the performance of an equity REIT. Moreover, we believe that funds from operations, as

adjusted, allows investors to compare our performance to the performance of other real estate companies on a consistent basis, without

having to account for differences recognized because of real estate acquisition and disposition decisions, financing decisions, capital

structure, capital market transactions, variances resulting from the volatility of market conditions outside of our control, or other

corporate activities that may not be representative of the operating performance of our properties.

The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”) defines funds from operations as

net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate, and impairments of real estate, plus

depreciation and amortization of operating real estate assets, and after adjustments for our share of consolidated and unconsolidated

partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair value over the recoverability

period is less than the carrying value due to changes in general market conditions and do not necessarily reflect the operating

performance of the properties during the corresponding period.

We compute funds from operations, as adjusted, as funds from operations calculated in accordance with the Nareit White

Paper, excluding significant gains, losses, and impairments realized on non-real estate investments, unrealized gains or losses on non-

real estate investments, impairments of real estate primarily consisting of right-of-use-assets and pre-acquisition costs related to

projects that we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the provision for expected

credit losses on financial instruments, significant termination fees, acceleration of stock compensation expense due to the resignations

of executive officers, deal costs, the income tax effect related to such items, and the amount of such items that is allocable to our

unvested restricted stock awards. We compute the amount that is allocable to our unvested restricted stock awards using the two-class

method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests) to common

stockholders and to unvested restricted stock awards by applying the respective weighted-average shares outstanding during each

quarter-to-date and year-to-date period. This may result in a difference of the summation of the quarter-to-date and year-to-date

amounts. Neither funds from operations nor funds from operations, as adjusted, should be considered as alternatives to net income

(determined in accordance with GAAP) as indications of financial performance, or to cash flows from operating activities (determined in

accordance with GAAP) as measures of liquidity, nor are they indicative of the availability of funds for our cash needs, including our

ability to make distributions.

The following table reconciles net income (loss) to funds from operations for the share of consolidated real estate joint

ventures attributable to noncontrolling interests and our share of unconsolidated real estate joint ventures for the three months ended

March 31, 2025 (in thousands):


	Three Months Ended March 31, 2025
	Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures	Our Share of Unconsolidated Real Estate Joint Ventures
Net income (loss)	$47,601	$(507)
Depreciation and amortization of real estate assets	33,411	1,054
Funds from operations	$81,012	$547

The following tables present a reconciliation of net income attributable to Alexandria Real Estate Equities, Inc.’s common

stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from

consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria Real Estate Equities,

Inc.’s common stockholders – diluted, and funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common

stockholders – diluted, as adjusted, and the related per share amounts for the three months ended March 31, 2025 and 2024 (in

thousands, except per share amounts). Per share amounts may not add due to rounding.


	Three Months Ended March 31,
	2025		2024
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – basic and diluted	$(11,599)		$166,886
Depreciation and amortization of real estate assets	339,381		284,950
Noncontrolling share of depreciation and amortization from consolidated real estate JVs	(33,411)		(30,904)
Our share of depreciation and amortization from unconsolidated real estate JVs	1,054		1,034
Gain on sales of real estate	(13,165)		(392)
Allocation to unvested restricted stock awards	(686)		(3,469)
Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted(1)	281,574		418,105
Unrealized losses (gains) on non-real estate investments	68,145		(29,158)
Impairment of non-real estate investments	11,180	(2)	14,698
Impairment of real estate	32,154	(3)	—
Increase in provision for expected credit losses on financial instruments	285		—
Allocation to unvested restricted stock awards	(1,329)		247
Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted	$392,009		$403,892

(1)Calculated in accordance with standards established by the Nareit Board of Governors.

(2)Primarily related to four non-real estate investments in privately held entities that do not report NAV.

(3)Refer to Note 5 – “Leases” to our unaudited consolidated financial statements for additional information.


	Three Months Ended March 31,
(Per share)	2025	2024
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted	$(0.07)	$0.97
Depreciation and amortization of real estate assets	1.80	1.48
Gain on sales of real estate	(0.08)	—
Allocation to unvested restricted stock awards	—	(0.02)
Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted	1.65	2.43
Unrealized losses (gains) on non-real estate investments	0.40	(0.17)
Impairment of non-real estate investments	0.07	0.09
Impairment of real estate	0.19	—
Allocation to unvested restricted stock awards	(0.01)	—
Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted	$2.30	$2.35

Weighted-average shares of common stock outstanding – diluted(1)
Earnings per share – diluted	170,522	171,949
Funds from operations – diluted, per share	170,599	171,949
Funds from operations – diluted, as adjusted, per share	170,599	171,949

(1)Refer to “Weighted-average shares of common stock outstanding – diluted” in this section for additional information.

Adjusted EBITDA and Adjusted EBITDA margin

We use Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-

making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated

as earnings before interest, taxes, depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses

on early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes in the provision for

expected credit losses on financial instruments, and significant termination fees. Adjusted EBITDA also excludes unrealized gains or

losses and significant realized gains or losses and impairments that result from our non-real estate investments. These non-real estate

investment amounts are classified in our consolidated statements of operations outside of total revenues.

We believe Adjusted EBITDA provides investors with relevant and useful information as it allows investors to evaluate the

operating performance of our business activities without having to account for differences recognized because of investing and

financing decisions related to our real estate and non-real estate investments, our capital structure, capital market transactions, and

variances resulting from the volatility of market conditions outside of our control. For example, we exclude gains or losses on the early

extinguishment of debt to allow investors to measure our performance independent of our indebtedness and capital structure. We

believe that adjusting for the effects of impairments and gains or losses on sales of real estate, significant impairments and realized

gains or losses on non-real estate investments, changes in the provision for expected credit losses on financial instruments, and

significant termination fees allows investors to evaluate performance from period to period on a consistent basis without having to

account for differences recognized because of investing and financing decisions related to our real estate and non-real estate

investments or other corporate activities that may not be representative of the operating performance of our properties.

In addition, we believe that excluding charges related to stock compensation and unrealized gains or losses facilitates for

investors a comparison of our business activities across periods without the volatility resulting from market forces outside of our control.

Adjusted EBITDA has limitations as a measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or

future requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant measure of performance,

it does not represent net income (loss) or cash flows from operations calculated and presented in accordance with GAAP, and it should

not be considered as an alternative to those indicators in evaluating performance or liquidity.

In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total revenues as presented in our

consolidated statements of operations. We believe that this supplemental performance measure provides investors with additional

useful information regarding the profitability of our operating activities.

We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a

reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or

amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and

financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate

investments, impairment of real estate, impairment of non-real estate investments, and changes in the provision for expected credit

losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be

potentially misleading for our investors.

The following table reconciles net income, the most directly comparable financial measure calculated and presented in

accordance with GAAP, to Adjusted EBITDA and calculates the Adjusted EBITDA margin for the three months ended March 31, 2025

and 2024 (dollars in thousands):


	Three Months Ended March 31,
	2025	2024
Net income	$38,662	$219,176
Interest expense	50,876	40,840
Income taxes	1,145	1,764
Depreciation and amortization	342,062	287,554
Stock compensation expense	10,064	17,125
Gain on sales of real estate	(13,165)	(392)
Unrealized losses (gains) on non-real estate investments	68,145	(29,158)
Impairment of real estate	32,154	—
Impairment of non-real estate investments	11,180	14,698
Increase in provision for expected credit losses on financial instruments	285	—
Adjusted EBITDA	$541,408	$551,607

Total revenues	$758,158	$769,108

Adjusted EBITDA margin	71%	72%

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in accordance with GAAP, including

the amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements, for leases in effect as of the end

of the period, related to our operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our

consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint ventures. Annual rental revenue

per RSF is computed by dividing annual rental revenue by the sum of 100% of the RSF of our consolidated properties and our share of

the RSF of properties held in unconsolidated real estate joint ventures. As of March 31, 2025, approximately 91% 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.

Annual rental revenue excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants related to

these operating expenses, along with base rent, are classified in income from rentals in our consolidated statements of operations.

Capitalization rates

Capitalization rates are calculated based on net operating income and net operating income (cash basis) annualized,

excluding lease termination fees, on stabilized operating assets for the quarter preceding the date on which the property is sold, or

near-term prospective net operating income.

Capitalized interest

We capitalize interest cost as a cost of a project during periods for which activities necessary to develop, redevelop, or

reposition a project for its intended use are ongoing, provided that expenditures for the asset have been made and interest cost has

been incurred. Activities necessary to develop, redevelop, or reposition a project include pre-construction activities such as

entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building

improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective

tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of

buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related to such project are expensed

as incurred.

Cash interest

Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of

loan fees and debt premiums (discounts). Refer to “Fixed-charge coverage ratio” in this section for a reconciliation of interest expense,

the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest.

Class A/A+ properties and AAA locations

Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and

collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity,

efficiency, creativity, and success. These properties are typically well-located, professionally managed, and well-maintained, offering a

wide range of amenities and featuring premium construction materials and finishes. Class A/A+ properties are generally newer or have

undergone substantial redevelopment and are generally expected to command higher annual rental rates compared to other classes of

similar properties. AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related

businesses. It is important to note that our definition of property classification may not be directly comparable to other equity REITs.

Credit Rating

Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of March 31, 2025. A credit rating is not

a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time.

Development, redevelopment, and pre-construction

A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new

Class A/A+ properties, as well as property enhancements identified during the underwriting of certain acquired properties. These efforts

are primarily concentrated in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other

strategic locations that support innovation and growth. These projects are generally 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.

Development projects generally consist of the ground-up development of generic and reusable laboratory facilities.

Redevelopment projects consist of the permanent change in use of acquired office, warehouse, or shell space into laboratory space.

We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory space without

first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.

Pre-construction activities include entitlements, permitting, design, site work, and other activities preceding commencement of

construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time

required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and

are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality facilities and are expected to

generate significant revenue and cash flows.

Development, redevelopment, and pre-construction spending also includes the following costs: (i) amounts to bring certain

acquired properties up to market standard and/or other costs identified during the acquisition process (generally within two years of

acquisition) and (ii) permanent conversion of space for highly flexible, move-in-ready laboratory space to foster the growth of promising

early- and growth-stage life science companies.

Revenue-enhancing and repositioning capital expenditures represent spending to reposition or significantly change the use of

a property, including through improvement in the asset quality from Class B to Class A/A+.

Non-revenue-enhancing capital expenditures represent costs required to maintain the current revenues of a stabilized

property, including the associated costs for renewed and re-leased space.

Dividend payout ratio (common stock)

Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends on our common stock (shares of

common stock outstanding on the respective record dates multiplied by the related dividend per share) to funds from operations

attributable to Alexandria’s common stockholders – diluted, as adjusted.

Dividend yield

Dividend yield for the quarter represents the annualized quarter dividend divided by the closing common stock price at the end

of the quarter.

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest and

fixed charges. We believe that this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed financing

obligations and preferred stock dividends. Cash interest is equal to interest expense calculated in accordance with GAAP plus

capitalized interest, less amortization of loan fees and debt premiums (discounts).

The following table reconciles interest expense, the most directly comparable financial measure calculated and presented in

accordance with GAAP, to cash interest and computes fixed-charge coverage ratio for the three months ended March 31, 2025 and

2024 (dollars in thousands):


	Three Months Ended March 31,
	2025	2024
Adjusted EBITDA	$541,408	$551,607

Interest expense	$50,876	$40,840
Capitalized interest	80,065	81,840
Amortization of loan fees	(4,691)	(4,142)
Amortization of debt discounts	(349)	(318)
Cash interest and fixed charges	$125,901	$118,220

Fixed-charge coverage ratio:
– quarter annualized	4.3x	4.7x
– trailing 12 months	4.4x	4.7x

We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a

reconciliation for fixed-charge coverage ratio on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing

and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and

financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate

investments, impairment of real estate, impairment of non-real estate investments, and changes in the provision for expected credit

losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be

potentially misleading for our investors.

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation as of March 31, 2025 and December 31, 2024 (in

thousands):


	March 31, 2025	December 31, 2024
Total assets	$37,600,428	$37,527,449
Accumulated depreciation	5,886,561	5,625,179
Gross assets	$43,486,989	$43,152,628

Incremental annual net operating income on development and redevelopment projects

Incremental annual net operating income represents the amount of net operating income, on an annual basis, expected to be

realized upon a project being placed into service and achieving full occupancy. Incremental annual net operating income is calculated

as the initial stabilized yield multiplied by the project’s total cost at completion.

Initial stabilized yield (unlevered)

Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment

in the property. For this calculation, we exclude any tenant-funded and tenant-built landlord improvements from our investment in the

property. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment

projects are generally expected to increase over time due to contractual annual rent escalations. Our estimates for initial stabilized

yields, initial stabilized yields (cash basis), and total costs at completion represent our initial estimates at the commencement of the

project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected

project yields or costs.

Initial stabilized yield reflects rental income, including contractual rent escalations and any rent concessions over the

term(s) of the lease(s), calculated on a straight-line basis, and any amortization of deferred revenue related to tenant-

funded and tenant-built landlord improvements.

Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have

elapsed and our total cash investment in the property.

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-grade rated or publicly traded

companies with an average daily market capitalization greater than $10 billion for the twelve months ended March 31, 2025, as reported

by Bloomberg Professional Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s

parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease obligation upon such tenant’s

default. We monitor the credit quality and related material changes of our tenants. Material changes that cause a tenant’s market

capitalization to decrease below $10 billion, which are not immediately reflected in the twelve-month average, may result in their

exclusion from this measure.

Investments in real estate

The following table presents our new Class A/A+ development and redevelopment pipeline, excluding properties held for sale,

as a percentage of gross assets and as a percentage of annual rental revenue as of March 31, 2025 (dollars in thousands):


		Percentage of
	Book Value	Gross Assets	Annual Rental Revenue
Under construction projects	$3,688,301	8%	—%
Income-producing/potential cash flows/covered land play(1)	3,154,318	7	1
Land	1,614,352	4	—
	$8,456,971	19%	1%

(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes development rights associated with existing operating

campuses.

The square footage presented in the table below is classified as operating as of March 31, 2025. These lease expirations or

vacant space at recently acquired properties represent future opportunities for which we have the intent, 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:


	Dev/Redev		RSF of Lease Expirations Targeted for Development and Redevelopment
Property/Submarket		2025		2026		Thereafter(1)		Total
Future projects:
311 Arsenal Street/Cambridge/Inner Suburbs	Redev		25,312		—		—		25,312
446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs	Dev		—		—		375,898		375,898
Other/Greater Boston	Redev		—		—		167,549		167,549
1122 and 1150 El Camino Real/South San Francisco	Dev		—		—		375,232		375,232
3875 Fabian Way/Greater Stanford	Dev		—		—		228,000		228,000
2100, 2200, and 2400 Geng Road/Greater Stanford	Dev		—		—		78,501		78,501
960 Industrial Road/Greater Stanford	Dev		—		—		112,590		112,590
Campus Point by Alexandria/University Town Center	Dev		—		—		164,144		164,144
Sequence District by Alexandria/Sorrento Mesa	Dev/Redev		—		—		686,290		686,290
410 West Harrison Street/Elliott Bay	Dev		—		—		17,205		17,205
Other/Seattle	Dev		—		—		68,401		68,401
100 Capitola Drive/Research Triangle	Dev		—		—		34,527		34,527
1001 Trinity Street and 1020 Red River Street/Austin	Dev/Redev		198,972		—		—		198,972
Canada	Redev		—		—		247,743		247,743
			224,284		—		2,556,080		2,780,364

(1)Includes vacant square footage as of March 31, 2025.

Joint venture financial information

We present components of balance sheet and operating results information related to our real estate joint ventures, which are

not presented, or intended to be presented, in accordance with GAAP. We present the proportionate share of certain financial line items

as follows: (i) for each real estate joint venture that we consolidate in our financial statements, which are controlled by us through

contractual rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest economic

ownership percentage to each financial item to arrive at the amount of such cumulative noncontrolling interest share of each component

presented; and (ii) for each real estate joint venture that we do not control and do not consolidate, and are instead controlled jointly or

by our joint venture partners through contractual rights or majority voting rights, we apply our economic ownership percentage to each

financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate joint ventures do not represent

our legal claim to those items. For each entity that we do not wholly own, the joint venture agreement generally determines what equity

holders can receive upon capital events, such as sales or refinancing, or in the event of a liquidation. Equity holders are normally

entitled to their respective legal ownership of any residual cash from a joint venture only after all liabilities, priority distributions, and

claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating results information related to our

partially owned entities. Presenting this information provides a perspective not immediately available from consolidated financial

statements and one that can supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in

our consolidated results.

The components of balance sheet and operating results information related to our real estate joint ventures are limited as an

analytical tool as the overall economic ownership interest does not represent our legal claim to each of our joint ventures’ assets,

liabilities, or results of operations. In addition, joint venture financial information may include financial information related to the

unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for investors a clear understanding

of our operating results and our total assets and liabilities, joint venture financial information should be examined in conjunction with our

consolidated statements of operations and balance sheets. Joint venture financial information should not be considered an alternative

to our consolidated financial statements, which are presented and prepared in accordance with GAAP.

Megacampus™

A Megacampus ecosystem is a cluster campus that consist of approximately 1 million RSF or greater, including operating,

active development/redevelopment, and land RSF less operating RSF expected to be demolished. The following table reconciles our

annual rental revenue and development and redevelopment pipeline RSF as of March 31, 2025 (dollars in thousands):


	Annual Rental Revenue	Development and Redevelopment Pipeline RSF
Megacampus	$1,567,014	20,364,808
Core and non-core	509,796	8,513,815
Total	$2,076,810	28,878,623

Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF	75%	71%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends includes the deduction for distributions to noncontrolling interests. For

purposes of this calculation, changes in operating assets and liabilities are excluded as they represent timing differences.

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a

supplemental measure of evaluating our balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated

debt less cash, cash equivalents, and restricted cash, plus preferred stock outstanding as of the end of the period. Refer to “Adjusted

EBITDA and Adjusted EBITDA margin” in this section for further information on the calculation of Adjusted EBITDA.

We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a

reconciliation for net debt and preferred stock to Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of

forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of

dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized

gains or losses on non-real estate investments, impairment of real estate, impairment of non-real estate investments, and provision for

expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates,

which would be potentially misleading for our investors.

The following table reconciles debt to net debt and preferred stock and computes the ratio to Adjusted EBITDA as of March 31,

2025 and December 31, 2024 (dollars in thousands):


	March 31, 2025	December 31, 2024
Secured notes payable	$150,807	$149,909
Unsecured senior notes payable	12,640,144	12,094,465
Unsecured senior line of credit and commercial paper	299,883	—
Unamortized deferred financing costs	80,776	77,649
Cash and cash equivalents	(476,430)	(552,146)
Restricted cash	(7,324)	(7,701)
Preferred stock	—	—
Net debt and preferred stock	$12,687,856	$11,762,176

Adjusted EBITDA:
– quarter annualized	$2,165,632	$2,273,480
– trailing 12 months	$2,218,722	$2,228,921

Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized	5.9x	5.2x
– trailing 12 months	5.7x	5.3x

Net operating income, net operating income (cash basis), and operating margin

The following table reconciles net income to net operating income and net operating income (cash basis) and computes

operating margin for the three months ended March 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended March 31,
	2025	2024
Net income	$38,662	$219,176

Equity in losses (earnings) of unconsolidated real estate joint ventures	507	(155)
General and administrative expenses	30,675	47,055
Interest expense	50,876	40,840
Depreciation and amortization	342,062	287,554
Impairment of real estate	32,154	—
Gain on sales of real estate	(13,165)	(392)
Investment loss (income)	49,992	(43,284)
Net operating income	531,763	550,794
Straight-line rent revenue	(22,023)	(48,251)
Amortization of deferred revenue related to tenant-funded and -built landlord improvements	(1,651)	—
Amortization of acquired below-market leases	(15,222)	(30,340)
Provision for expected credit losses on financial instruments	285	—
Net operating income (cash basis)	$493,152	$472,203

Net operating income (cash basis) – annualized	$1,972,608	$1,888,812

Net operating income (from above)	$531,763	$550,794
Total revenues	$758,158	$769,108
Operating margin	70%	72%

Net operating income is a non-GAAP financial measure calculated as net income (loss), the most directly comparable financial

measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated real estate joint

ventures, general and administrative expenses, interest expense, depreciation and amortization, impairments of real estate, gains or

losses on early extinguishment of debt, gains or losses on sales of real estate, and investment income or loss. We believe net operating

income provides useful information to investors regarding our financial condition and results of operations because it primarily reflects

those income and expense items that are incurred at the property level. Therefore, we believe net operating income is a useful measure

for investors to evaluate the operating performance of our consolidated real estate assets. Net operating income on a cash basis is net

operating income adjusted to exclude the effect of straight-line rent, amortization of acquired above- and below-market lease revenue,

amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements, and changes in the provision for

expected credit losses on financial instruments required by GAAP. We believe that net operating income on a cash basis is helpful to

investors as an additional measure of operating performance because it eliminates straight-line rent revenue and the amortization of

acquired above- and below-market leases and tenant-funded and tenant-built landlord improvements.

Furthermore, we believe net operating income is useful to investors as a performance measure of our consolidated properties

because, when compared across periods, net operating income reflects trends in occupancy rates, rental rates, and operating costs,

which provide a perspective not immediately apparent from net income or loss. Net operating income can be used to measure the initial

stabilized yields of our properties by calculating net operating income generated by a property divided by our investment in the property.

Net operating income excludes certain components from net income in order to provide results that are more closely related to the

results of operations of our properties. For example, interest expense is not necessarily linked to the operating performance of a real

estate asset and is often incurred at the corporate level rather than at the property level. In addition, depreciation and amortization,

because of historical cost accounting and useful life estimates, may distort comparability of operating performance at the property level.

Impairments of real estate have been excluded in deriving net operating income because we do not consider impairments of real estate

to be property-level operating expenses. Impairments of real estate relate to changes in the values of our assets and do not reflect the

current operating performance with respect to related revenues or expenses. Our impairments of real estate represent the write-down in

the value of the assets to the estimated fair value less cost to sell. These impairments result from investing decisions or a deterioration

in market conditions. We also exclude realized and unrealized investment gain or loss, which results from investment decisions that

occur at the corporate level related to non-real estate investments in publicly traded companies and certain privately held entities.

Therefore, we do not consider these activities to be an indication of operating performance of our real estate assets at the property

level. Our calculation of net operating income also excludes charges incurred from changes in certain financing decisions, such as

losses on early extinguishment of debt and changes in the provision for expected credit losses on financial instruments, as these

charges often relate to corporate strategy. Property operating expenses included in determining net operating income primarily consist

of costs that are related to our operating properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;

contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and property-level salaries.

General and administrative expenses consist primarily of accounting and corporate compensation, corporate insurance, professional

fees, rent, and supplies that are incurred as part of corporate office management. We calculate operating margin as net operating

income divided by total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating results, net operating income should

be examined in conjunction with net income or loss as presented in our consolidated statements of operations. Net operating income

should not be considered as an alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows

as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of properties, RSF, occupancy percentage,

leasing activity, and contractual lease expirations as of the end of the period. We believe these measures are useful to investors

because they facilitate an understanding of certain trends for our properties. We compute the number of properties, RSF, occupancy

percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at properties classified as held for sale, for all

properties in which we have an investment, including properties owned by our consolidated and unconsolidated real estate joint

ventures. For operating metrics based on annual rental revenue, refer to “Annual rental revenue” in this section.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods presented, including changes from

assets acquired or sold, properties placed into development or redevelopment, and development or redevelopment properties recently

placed into service, the consolidated total income from rentals, as well as rental operating expenses in our operating results, can show

significant changes from period to period. In order to supplement an evaluation of our results of operations over a given quarterly or

annual period, we analyze the operating performance for all consolidated properties that were fully operating for the entirety of the

comparative periods presented, referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and analysis of our financial

condition and results of operations. These same properties are analyzed separately from properties acquired subsequent to the first day

in the earliest comparable quarterly or year-to-date period presented, properties that underwent development or redevelopment at any

time during the comparative periods, unconsolidated real estate joint ventures, properties classified as held for sale, and corporate

entities (legal entities performing general and administrative functions), which are excluded from same property results. Additionally,

termination fees, if any, are excluded from the results of same properties. Refer to “Same properties” in Item 2 for additional information.

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which the project is expected to reach occupancy of 95% or

greater.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes, insurance, utilities, repairs and

maintenance, common area expenses, and other operating expenses and earned in the period during which the applicable expenses

are incurred and the tenant’s obligation to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real estate assets within revenues in

income from rentals in our consolidated statements of operations. We provide investors with a separate presentation of rental revenues

and tenant recoveries in “Results of operations” in Item 2 because we believe it promotes investors’ understanding of our operating

results. We believe that the presentation of tenant recoveries is useful to investors as a supplemental measure of our ability to recover

operating expenses under our triple net leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes,

common area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for any significant

variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries for the three months ended March 31, 2025 and 2024

(in thousands):


	Three Months Ended March 31,
	2025	2024
Income from rentals	$743,175	$755,551
Rental revenues	(552,112)	(581,400)
Tenant recoveries	$191,063	$174,151

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the closing price on the last trading

day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

Unencumbered net operating income as a percentage of total net operating income

Unencumbered net operating income as a percentage of total net operating income is a non-GAAP financial measure that we

believe is useful to investors as a performance measure of the results of operations of our unencumbered real estate assets as it

reflects those income and expense items that are incurred at the unencumbered property level. Unencumbered net operating income is

derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security

interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total net operating income for the

three months ended March 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended March 31,
	2025	2024
Unencumbered net operating income	$530,691	$546,830
Encumbered net operating income	1,072	3,964
Total net operating income	$531,763	$550,794
Unencumbered net operating income as a percentage of total net operating income	99.8%	99.3%

Weighted-average shares of common stock outstanding – diluted

From time to time, we enter into capital market transactions, including forward equity sales agreements (“Forward

Agreements”), to fund acquisitions, to fund construction of our development and redevelopment projects, and for general working

capital purposes. While the Forward Agreements are outstanding, we are required to consider the potential dilutive effect of our Forward

Agreements under the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted stock awards

(“RSAs”) with forfeitable dividends in the calculation of diluted shares. Refer to Note 12 – “Earnings per share” and Note 13 –

“Stockholders’ equity” to our unaudited consolidated financial statements in Item 1 for additional information.

The weighted-average shares of common stock outstanding used in calculating EPS – diluted, funds from operations per

share – diluted, and funds from operations per share – diluted, as adjusted, for the three months ended March 31, 2025 and 2024 are

calculated as follows. Also shown are the weighted-average unvested RSAs with nonforfeitable dividends used in calculating the

amounts allocable to these awards pursuant to the two-class method for each of the respective periods presented below (in thousands):


	Three Months Ended March 31,
	2025	2024
Basic shares for earnings per share	170,522	171,949
Unvested RSAs with forfeitable dividends	—	—
Diluted shares for earnings per share	170,522	171,949

Basic shares for funds from operations per share and funds from operations per share, as adjusted	170,522	171,949
Unvested RSAs with forfeitable dividends	77	—
Diluted shares for funds from operations per share and funds from operations per share, as adjusted	170,599	171,949

Weighted-average unvested RSAs with nonforfeitable dividends used in the allocations of net income, funds from operations, and funds from operations, as adjusted	2,053	2,987

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