filings.toolsAlexandria Real Estate Equities 10-Q 2025-09-30
Filed 2025-10-27. 8 sections, 579K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 1-12993
ALEXANDRIA REAL ESTATE EQUITIES, INC.
(Exact name of registrant as specified in its charter)
| Maryland | 95-4502084 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
26 North Euclid Avenue**,** Pasadena**,** California 91101
(Address of principal executive offices) (Zip code)
(626) 578-0777
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | ARE | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and
posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Smaller reporting company | ☐ | |
| Accelerated filer | ☐ | Emerging growth company | ☐ | |
| Non-accelerated filer | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 15, 2025, 172,825,059 shares of common stock, par value $0.01 per share, were outstanding.
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TABLE OF CONTENTS
| Page | ||
| PART I – FINANCIAL INFORMATION | ||
| Item 1. | FINANCIAL STATEMENTS (UNAUDITED) | |
| Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 .................................................. | 1 | |
| Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2025 and 2024: | ||
| Consolidated Statements of Operations ................................................................................................................... | 2 | |
| Consolidated Statements of Comprehensive Income ............................................................................................ | 3 | |
| Consolidated Statements of Changes in Stockholders’ Equity and Noncontrolling Interests .......................... | 4 | |
| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 ................... | 8 | |
| Notes to Consolidated Financial Statements .................................................................................................................... | 10 | |
| Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ........................................................................................................................................................................ | 50 |
| Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ......................................................... | 129 |
| Item 4. | CONTROLS AND PROCEDURES ..................................................................................................................................... | 130 |
| PART II – OTHER INFORMATION | ||
| Item 1. | LEGAL PROCEEDINGS ...................................................................................................................................................... | 131 |
| Item 1A. | RISK FACTORS .................................................................................................................................................................... | 132 |
| Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS ................................................... | 138 |
| Item 5. | OTHER INFORMATION ....................................................................................................................................................... | 138 |
| Item 6. | EXHIBITS ............................................................................................................................................................................... | 139 |
| SIGNATURES ................................................................................................................................................................................................. | 140 |
ii
GLOSSARY
The following abbreviations or acronyms that may be used in this document
shall have the adjacent meanings set forth below:
| ASU | Accounting Standards Update |
| ATM | At the Market |
| CAD | Canadian Dollar |
| CIP | Construction in Progress |
| EPS | Earnings per Share |
| FASB | Financial Accounting Standards Board |
| FFO | Funds From Operations |
| GAAP | U.S. Generally Accepted Accounting Principles |
| IRS | Internal Revenue Service |
| JV | Joint Venture |
| Nareit | National Association of Real Estate Investment Trusts |
| NAV | Net Asset Value |
| NYSE | New York Stock Exchange |
| REIT | Real Estate Investment Trust |
| RSF | Rentable Square Feet/Foot |
| SEC | Securities and Exchange Commission |
| SF | Square Feet/Foot |
| SoDo | South of Downtown submarket of Seattle |
| SOFR | Secured Overnight Financing Rate |
| SoMa | South of Market submarket of the San Francisco Bay Area |
| U.S. | United States |
| USD | U.S. Dollar |
| VIE | Variable Interest Entity |
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS (UNAUDITED)
Alexandria Real Estate Equities, Inc.
Consolidated Balance Sheets
(In thousands)
| September 30, 2025 | December 31, 2024 | ||
| (Unaudited) | |||
| Assets | |||
| Investments in real estate | $31,743,917 | $32,110,039 | |
| Investments in unconsolidated real estate joint ventures | 39,601 | 39,873 | |
| Cash and cash equivalents | 579,474 | 552,146 | |
| Restricted cash | 4,705 | 7,701 | |
| Tenant receivables | 6,409 | 6,409 | |
| Deferred rent | 1,257,378 | 1,187,031 | |
| Deferred leasing costs | 505,241 | 485,959 | |
| Investments | 1,537,638 | 1,476,985 | |
| Other assets | 1,700,785 | 1,661,306 | |
| Total assets | $37,375,148 | $37,527,449 | |
| Liabilities, Noncontrolling Interests, and Equity | |||
| Secured notes payable | $— | $149,909 | |
| Unsecured senior notes payable | 12,044,999 | 12,094,465 | |
| Unsecured senior line of credit and commercial paper | 1,548,542 | — | |
| Accounts payable, accrued expenses, and other liabilities | 2,432,726 | 2,654,351 | |
| Dividends payable | 230,603 | 230,263 | |
| Total liabilities | 16,256,870 | 15,128,988 | |
| Commitments and contingencies | |||
| Redeemable noncontrolling interests | 58,662 | 19,972 | |
| Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | |||
| Common stock | 1,703 | 1,722 | |
| Additional paid-in capital | 16,669,802 | 17,933,572 | |
| Accumulated other comprehensive loss | (32,203) | (46,252) | |
| Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 16,639,302 | 17,889,042 | |
| Noncontrolling interests | 4,420,314 | 4,489,447 | |
| Total equity | 21,059,616 | 22,378,489 | |
| Total liabilities, noncontrolling interests, and equity | $37,375,148 | $37,527,449 |
The accompanying notes are an integral part of these consolidated financial statements.
Alexandria Real Estate Equities, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Revenues: | |||||||
| Income from rentals | $735,849 | $775,744 | $2,216,303 | $2,286,457 | |||
| Other income | 16,095 | 15,863 | 55,839 | 40,992 | |||
| Total revenues | 751,944 | 791,607 | 2,272,142 | 2,327,449 | |||
| Expenses: | |||||||
| Rental operations | 239,234 | 233,265 | 690,062 | 668,833 | |||
| General and administrative | 29,224 | 43,945 | 89,027 | 135,629 | |||
| Interest | 54,852 | 43,550 | 161,024 | 130,179 | |||
| Depreciation and amortization | 340,230 | 293,998 | 1,028,415 | 872,272 | |||
| Impairment of real estate | 323,870 | 5,741 | 485,630 | 36,504 | |||
| Loss on early extinguishment of debt | 107 | — | 107 | — | |||
| Total expenses | 987,517 | 620,499 | 2,454,265 | 1,843,417 | |||
| Equity in earnings (losses) of unconsolidated real estate joint ventures | 201 | 139 | (9,327) | 424 | |||
| Investment income (loss) | 28,161 | 15,242 | (52,453) | 14,866 | |||
| Gain on sales of real estate | 9,366 | 27,114 | 22,531 | 27,506 | |||
| Net (loss) income | (197,845) | 213,603 | (221,372) | 526,828 | |||
| Net income attributable to noncontrolling interests | (34,909) | (45,656) | (127,323) | (141,634) | |||
| Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (232,754) | 167,947 | (348,695) | 385,194 | |||
| Net income attributable to unvested restricted stock awards | (2,183) | (3,273) | (7,452) | (10,717) | |||
| Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $(234,937) | $164,674 | $(356,147) | $374,477 | |||
| Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | |||||||
| Basic | $(1.38) | $0.96 | $(2.09) | $2.18 | |||
| Diluted | $(1.38) | $0.96 | $(2.09) | $2.18 |
The accompanying notes are an integral part of these consolidated financial statements.
Alexandria Real Estate Equities, Inc.
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Net (loss) income | $(197,845) | $213,603 | $(221,372) | $526,828 | |||
| Other comprehensive (loss) income | |||||||
| Unrealized (losses) gains on foreign currency translation: | |||||||
| Unrealized gains related to net investment hedge | 2,970 | — | 2,970 | — | |||
| Unrealized foreign currency translation (losses) gains arising during the period | (7,758) | 5,056 | 11,079 | (6,758) | |||
| Reclassification adjustment for losses included in net income | — | 125 | — | 125 | |||
| Unrealized (losses) gains on foreign currency translation, net | (4,788) | 5,181 | 14,049 | (6,633) | |||
| Total other comprehensive (loss) income | (4,788) | 5,181 | 14,049 | (6,633) | |||
| Comprehensive (loss) income | (202,633) | 218,784 | (207,323) | 520,195 | |||
| Less: comprehensive income attributable to noncontrolling interests | (34,909) | (45,656) | (127,323) | (141,634) | |||
| Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | $(237,542) | $173,128 | $(334,646) | $378,561 |
The accompanying notes are an integral part of these consolidated financial statements.
Alexandria Real Estate Equities, Inc.
Consolidated Statement of Changes in Stockholders’ Equity and Noncontrolling Interests
(Dollars in thousands)
(Unaudited)
| Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity | ||||||||||||||||
| Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | |||||||||
| Balance as of June 30, 2025 | 170,146,069 | $1,701 | $17,200,949 | $— | $(27,415) | $4,554,156 | $21,729,391 | $9,612 | ||||||||
| Net (loss) income | — | — | — | (232,754) | — | 34,368 | (198,386) | 541 | ||||||||
| Total other comprehensive loss | — | — | — | — | (4,788) | — | (4,788) | — | ||||||||
| Contributions from and sales of noncontrolling interests | — | — | — | — | — | 36,107 | 36,107 | — | ||||||||
| Distributions to and redemption of noncontrolling interests | — | — | (66,317) | — | — | (175,607) | (241,924) | (201) | ||||||||
| Transfer of noncontrolling interests | — | — | — | — | — | (48,710) | (48,710) | 48,710 | ||||||||
| Reallocation of capital to joint venture partner | — | — | (20,000) | — | — | 20,000 | — | — | ||||||||
| Issuance pursuant to stock plan | 321,057 | 4 | 26,995 | — | — | — | 26,999 | — | ||||||||
| Taxes related to net settlement of equity awards | (128,046) | (2) | (10,944) | — | — | — | (10,946) | — | ||||||||
| Divid |
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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 September 30, 2025, Alexandria has a total market capitalization of $27.8 billion and an
asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties
undergoing construction and one 100% pre-leased committed near-term project expected to commence construction in the next year.
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; life science product, service, and device companies; public
and private biotechnology companies; advanced technologies companies; biomedical institutions; U.S. government institutions; and
others. Alexandria has a long-standing 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.
As of September 30, 2025:
-
Investment-grade or publicly traded large cap tenants represented 53% of our annual rental revenue;
-
Approximately 97% of our leases (on an annual rental revenue basis) contained effective annual rent escalations
approximating 3% that were either fixed or indexed based on a consumer price index or other index;
- Approximately 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 92% of our leases (on an annual rental revenue basis) provided for the recapture of capital expenditures
(such as HVAC maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would
typically be borne by the landlord in traditional office leases; and
- 82% of our leasing activity during the last twelve months was generated from our existing tenant base.
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 long-standing 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
| | |
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest rate risk
The primary market risk to which we believe we may be exposed is interest rate risk, which may result from many factors,
including government monetary and tax policies, domestic and international economic and political considerations, and other factors
that are beyond our control.
In order to modify and manage the interest rate characteristics of our outstanding debt and to limit the effects of interest rate
risks on our operations, we may utilize a variety of financial instruments, including interest rate hedge agreements, caps, floors, and
other interest rate exchange contracts. The use of these types of instruments to hedge a portion of our exposure to changes in interest
rates may carry additional risks, such as counterparty credit risk and the legal enforceability of hedge agreements. As of September 30,
2025, we did not have any outstanding interest rate hedge agreements.
Our future earnings and fair values relating to our outstanding debt are primarily dependent upon prevalent market rates of
interest. The following tables illustrate the effect of a 1% change in interest rates, assuming a zero percent interest rate floor, on our
fixed- and variable-rate debt as of September 30, 2025 (in thousands):
| Annualized effect on future earnings due to variable-rate debt: | |
| Rate increase of 1% | $(4,755) |
| Rate decrease of 1% | $4,755 |
| Effect on fair value of total consolidated debt: | |
| Rate increase of 1% | $(774,133) |
| Rate decrease of 1% | $886,080 |
These amounts are determined by considering the effect of the hypothetical interest rates on our borrowings as of
September 30, 2025. These analyses do not consider the effects of the reduced level of overall economic activity that could exist in
such an environment. Furthermore, in the event of a change of such magnitude, we would consider taking actions to further mitigate our
exposure to the change. Because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity
analyses assume no changes in our capital structure.
Equity price risk
We have exposure to equity price market risk because we hold equity investments in publicly traded companies and privately
held entities. All of our investments in actively traded public companies are reflected in our consolidated balance sheets at fair value.
Our investments in privately held entities that report NAV per share are measured at fair value using NAV as a practical expedient to fair
value. Our equity investments in privately held entities that do not report NAV per share are measured at cost less impairments,
adjusted for observable price changes during the period. Changes in fair value of public investments, changes in NAV per share
reported by privately held entities, and observable price changes of privately held entities that do not report NAV per share are
classified as investment income (loss) in our consolidated statements of operations. There is no assurance that future declines in value
will not have a material adverse effect on our future results of operations. The following table illustrates the effect that a 10% change in
the value of our equity investments would have on earnings as of September 30, 2025 (in thousands):
| Equity price risk: | |
| Fair value increase of 10% | $153,764 |
| Fair value decrease of 10% | $(153,764) |
Foreign currency exchange rate risk
We have exposure to foreign currency exchange rate risk related to our subsidiaries operating in Canada and Asia. The
functional currencies of our foreign subsidiaries are the local currencies in each respective country. Gains or losses resulting from the
translation of our foreign subsidiaries’ balance sheets and statements of operations are classified in accumulated other comprehensive
income (loss) as a separate component of total equity and are excluded from net income (loss). Gains or losses will be reflected in our
consolidated statements of operations when there is a sale or partial sale of our investment in these operations or upon a complete or
substantially complete liquidation of the investment. The following tables illustrate the effect that a 10% change in foreign currency rates
relative to the USD would have on our potential future earnings, and on the fair value of our net investment in foreign subsidiaries based
on our current operating assets outside the U.S. as of September 30, 2025 (in thousands):
| Effect on potential future earnings due to foreign currency exchange rate: | |
| Rate increase of 10% | $71 |
| Rate decrease of 10% | $(71) |
| Effect on the fair value of net investment in foreign subsidiaries due to foreign currency exchange rate: | |
| Rate increase of 10% (USD weakening) | $37,819 |
| Rate decrease of 10% (USD strengthening) | $(37,819) |
| Change in the fair value of cross-currency swap agreements designated as a net investment hedge(1): | |
| Rate increase of 10% (USD weakening) | $(28,400) |
| Rate decrease of 10% (USD strengthening) | $28,400 |
(1)Refer to Note 11 – “Hedge agreements” to our unaudited consolidated financial statements for additional information.
The sensitivity analyses assume a parallel shift of all foreign currency exchange rates with respect to the USD; however,
foreign currency exchange rates do not typically move in such a manner, and actual results may differ materially.
Our exposure to market risk elements for the nine months ended September 30, 2025 was consistent with the risk elements
presented above, including the effects of changes in interest rates, equity prices, and foreign currency exchange rates.
Item 4. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
As of September 30, 2025, we had performed an evaluation, under the supervision of our principal executive officers and
principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. These controls and
procedures have been designed to ensure that information required for disclosure is recorded, processed, summarized, and reported
within the requisite time periods. Based on our evaluation, the principal executive officers and principal financial officer concluded that
our disclosure controls and procedures were effective as of September 30, 2025.
Changes in internal control over financial reporting
There has not been any change in our internal control over financial reporting during the three months ended September 30,
2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In 2006, ARE-East River Science Park, LLC, a subsidiary of Alexandria Real Estate Equities, Inc., was granted an option to
incorporate a land parcel adjacent to and north of the Alexandria Center® for Life Science – New York City (“ACLS-NYC”) campus
(“Option Parcel”) into the existing ground lease of that campus. The Option Parcel will allow ARE-East River Science Park, LLC to
develop a future world-class life science building within the ACLS-NYC campus. ARE-East River Science Park, LLC’s investment in pre-
construction costs related to the development of the Option Parcel, including costs related to design, engineering, environmental,
survey/title, and permitting and legal costs, aggregated $175.7 million as of September 30, 2025.
On August 6, 2024, ARE-East River Science Park, LLC filed a lawsuit in the U.S. District Court for the Southern District of New
York against its landlord, New York City Health + Hospitals Corporation (“H+H”), and the New York City Economic Development
Corporation (“EDC”). On January 24, 2025, ARE-East River Science Park, LLC filed a first amended complaint. The lawsuit alleges two
principal claims against H+H and EDC: fraud in the inducement, and, in the alternative, breach of contract in violation of the implied
covenant of good faith and fair dealing. As alleged in the complaint, ARE-East River Science Park, LLC’s claims arise from H+H’s and
EDC’s misrepresentations and concealment of material facts in connection with a floodwall, which H+H and EDC are seeking to require
ARE-East River Science Park, LLC to integrate into the development of the Option Parcel. ARE-East River Science Park, LLC alleges
that H+H’s and EDC’s misconduct have prevented it from commencing the development of the Option Parcel. In light of the pending
litigation, the closing date for our option and thus the commencement date for construction of the third tower at the campus are
presently indeterminate. Among other things, ARE-East River Science Park, LLC is seeking significant damages and equitable relief
from the court to confirm our understanding that the option is in full force and effect.
This matter exposes us to potential losses ranging from zero to the full amount of the investment in the project aggregating
$175.7 million as of September 30, 2025, depending on any collection of damages and/or the ability to develop the project. We
performed a probability-weighted recoverability analysis based on initial estimates of various possible outcomes and determined no
impairment was present as of September 30, 2025.
Item 1A. RISK FACTORS
In addition to the information set forth in this quarterly report on Form 10-Q, one should also carefully review and consider the
information contained in the other reports and periodic filings that we make with the SEC, including, without limitation, the information
contained under the caption “Item 1A. Risk factors” in our annual report on Form 10-K for the year ended December 31, 2024. Those risk
factors could materially affect our business, financial condition, and results of operations. The risks that we describe in our public filings
are not the only risks that we face. Additional risks and uncertainties not currently known to us, or that we presently deem to be
immaterial, also may materially adversely affect our business, financial condition, and results of operations.
There have been no material changes in our risk factors from those disclosed under the caption “Item 1A. Risk factors” in our
annual report on Form 10-K for the year ended December 31, 2024, except for the following updates:
Changes to U.S. government funding, staffing, trade, policies, and other federal actions could adversely affect
our business operations or those of our tenants and our venture investment portfolio companies.
Domestic and international policy shifts may introduce considerable uncertainty to the macroeconomic and regulatory
landscape in which we, our tenants, and our venture investment portfolio companies operate. Our tenants and our venture
investment portfolio companies include entities in the pharmaceutical, biotechnology, medical device, life science, and related
industries, academic and private institutions, and government institutions that determine their R&D budgets based on several
factors, including the availability of government and other funding and the operational efficiency and reliability of public
regulatory institutions.
Since January 2025, the U.S. administration has implemented and proposed substantial policy changes that affect
federal health agencies, research funding, public health priorities, and international trade. These measures, ranging from
staffing and budget reductions at the U.S. Food and Drug Administration (“FDA”) and the National Institutes of Health (“NIH”) to
sweeping tariff actions as described below, may significantly disrupt the life science ecosystem in which we, our tenants, and
our venture investment portfolio companies operate.
Reductions in FDA workforce
In 2025 to date, the FDA laid off approximately 3,500 employees, representing approximately 19% of its workforce at
the beginning of the year. Such workforce reductions at the FDA have raised some concerns regarding the agency’s capacity to
perform timely regulatory reviews and approvals of drugs and other medical products. Recent and/or potential further reductions
in workforce or other personnel changes at the FDA, including terminations, may disrupt the agency’s review and approval
processes for our tenants’ and our venture investment portfolio companies’ products. Such disruptions could lead to setbacks in
research and development timelines, negatively impacting life science companies’ ability to advance their pipelines, secure
investor funding, or achieve commercial viability, which could severely affect their operations and financial performance and, as
a result, adversely impact our operating and financial results.
Restructuring and workforce reductions at the CDC
In 2025 to date, the U.S. Centers for Disease Control and Prevention (“CDC”) underwent a significant restructuring and
workforce reduction, including the dismissal of key scientific and policy personnel and the consolidation of several vaccine
safety and surveillance programs. These developments have raised concerns among public health and industry stakeholders
about the agency’s capacity to maintain vaccine oversight, coordinate immunization programs, and respond to emerging
infectious disease threats. Reduced CDC staffing and operational realignments may disrupt the collection and dissemination of
critical epidemiological data, delay updates to vaccination guidelines, and impair public confidence in vaccine safety. For our
tenants and venture investment portfolio companies operating in the vaccine research, development, and manufacturing
sectors, diminished CDC engagement could lead to uncertainty in regulatory expectations, lower vaccine uptake rates, and
delay the adoption of new immunization technologies. Any such disruptions could undermine the commercial viability of
vaccine-related products, reduce R&D investment in the field, and in turn negatively impact demand for our specialized life
science facilities and the value of our venture investment portfolio.
NIH grant cuts and impact on research institutions
The U.S. administration has implemented significant policy changes affecting the NIH, leading to substantial
disruptions in biomedical research across the U.S. These actions have included staff layoffs and funding cuts as described
below and have resulted in the suspension of numerous research projects, posing risks to scientific advancement and
introducing uncertainty for some of our tenants and venture investment portfolio companies.
- NIH budget freeze and workforce cuts. On January 27, 2025, the U.S. administration issued an executive order to
suspend NIH grant funding, freezing much of the NIH’s nearly $48 billion budget for 2025. Though the suspension
was eventually blocked and reversed, during the first half of 2025, the NIH laid off approximately 5,000 employees
and contractors across its approximately 20,000-person workforce.
In May 2025, the White House introduced a budget proposal for fiscal year 2026 that would reduce the NIH
budget by 40%, from $48 billion to $27.5 billion. The proposal has been met with resistance from Congress, and,
until a new budget is approved Congress, the NIH budget will remain at 2024 levels through a continuing
resolution. Should the NIH budget be significantly reduced, it may affect funding of early research that drives the
formation of new life science companies, potentially impacting U.S. global life science leadership and long-term
domestic demand for life science real estate.
- Termination of NIH grants and funding commitments to major research institutions. On January 20, 2025,
President Trump issued an executive order directing every U.S. agency, including the NIH, to “terminate, to the
maximum extent allowed by law” all grants relating to diversity, equity, and inclusion. Further, on January 29, 2025,
the President issued an executive order to make it “the policy of the United States to combat anti-Semitism
vigorously, using all available and appropriate legal tools, to prosecute, remove, or otherwise hold to account the
perpetrators of unlawful anti-Semitic harassment and violence.” As a result of one or both executive orders, the
NIH, the world’s largest funder of biomedical research, has withheld funding from certain U.S. research
institutions.
- 15% cap on indirect cost reimbursements of all NIH grants. On February 7, 2025, the NIH introduced a policy
limiting indirect cost reimbursements to 15% for all NIH grants, representing a significant reduction from historic
levels, which were approximately double that rate on average, and in some cases significantly higher. This change
threatens to substantially impact the ability of research institutions to support their infrastructure and administrative
costs, including their ability to lease life science facilities.
A coalition of 22 state attorneys general, along with organizations such as the Association of American Medical
Colleges, filed lawsuits challenging the NIH’s policy changes, particularly the 15% cap on indirect costs. On April 7, 2025, a
federal court issued a permanent injunction blocking the enforcement of this cap. However, the U.S. administration has signaled
its intent to appeal and/or pursue similar funding restrictions through future legislative or administrative actions. If implemented,
any such funding cap could negatively impact our tenants that depend on grant funding for its operations. It could also reduce
the financial resources available to such tenants, forcing them to scale back operations, reduce leased space, or delay their
plans for lease expansion.
Termination of federal research funding that affected prominent academic institutions has already led to reductions in
postdoctoral hiring and the closure of critical programs. Moreover, recent changes to visa and immigration rules have introduced
new uncertainty around the ability of international graduate students and postdoctoral researchers to remain in the U.S.
following graduation. Many of these individuals represent years of training investment and historically have formed a key
segment of the U.S. biotechnology workforce. As limitations on their residency and employment take effect, a growing share of
talent is migrating to foreign markets. The U.S. life science real estate market has historically benefited from robust domestic
R&D activity and venture capital investment. However, other countries are increasingly positioned to attract top-tier biomedical
talent, venture capital, and clinical trials. The global leadership in biotechnology currently held by the U.S. may begin to shift
abroad. The reduced attractiveness of the U.S. as a destination for research and commercialization could lead to a substantial
long-term decline in the size of our life science tenant base and of life science real estate.
Drug pricing regulation — Most-Favored Nation Executive Order
On May 12, 2025, President Trump issued an executive order titled “Delivering Most-Favored-Nation Prescription Drug
Pricing to American Patients,” directing the Department of Health and Human Services to set U.S. drug price benchmarks at the
lowest prices paid in comparable developed countries. Although the President projected price reductions of 30%-80%, most
reforms would require formal rulemaking and are likely to face legal obstacles. In July 2025, the White House sent letters to the
chief executive officers of 17 major drug manufacturers, demanding compliance within 60 days and noting that noncompliance
could result in the federal government's enforcement through "every tool in our arsenal." Most recently, the Trump
administration and AstraZeneca and Pfizer reached public agreements under which both companies will offer many drugs at
“most-favored-nation” (“MFN”) pricing through Medicaid and via a new direct-to-consumer platform, and in return AstraZeneca
and Pfizer will receive a three-year tariff reprieve. While these developments signal accelerating government pressure on
industry pricing, they also inject significant ambiguity into commercial forecasts for pharmaceutical and biotechnology firms. If
widely adopted, MFN pricing could materially compress margins, reduce investment in R&D, and suppress expansions by our
life science tenants, adversely impacting demand for laboratory and related technical office space and manufacturing space,
and thereby posing downside risk to property income and investment valuations.
Reductions in Medicaid funding under the One Big Beautiful Bill Act
On July 4, 2025, the One Big Beautiful Bill Act was signed into law. Included in the bill is an estimated $1 trillion in cuts
to Medicaid spending, implemented through Medicaid work requirements, patient cost-sharing, and a phase-down of Medicaid
provider taxes and state-directed payments. Such reductions in Medicaid spending could result in lower revenue for some life
science tenants, adversely impacting financial performance and potentially resulting in reduced life science investment and real
estate requirements.
Rapid expansion of China’s biotechnology sector and potential adverse impact on demand for U.S. life science real estate
The U.S. life science real estate market has historically benefited from robust domestic R&D activity and venture
capital investment. The accelerated growth of China’s biotechnology industry, fueled by state subsidies, regulatory reform, and
inexpensive talent, could negatively impact demand for U.S. laboratory space. Given lower operational costs and faster clinical
trial recruitment timelines, China may attract biotechnology firms to conduct their R&D activities, including clinical trials, in China
rather than in the U.S.
Additionally, the U.S. biopharmaceutical sector is increasingly sourcing innovative assets from China, with over one-
third of in-licensed molecules at major U.S. pharmaceutical companies now originating from Chinese firms. If biopharmaceutical
companies increasingly rely on acquiring or in-licensing assets from China instead of those developed in the U.S., it could
negatively impact the fundamentals of the U.S. biotechnology market, leading to reduced investment and fewer U.S.-based
biotechnology companies. Should this occur, demand for domestic laboratory space could decline.
Tariff escalation, trade disruption, and financial market instability
Beginning in March 2025, the U.S. government implemented a series of trade actions that have reshaped global
economic relations and triggered market volatility, specifically:
- On February 1, 2025, President Trump signed executive orders imposing a 25% tariff on all goods from Mexico
and Canada and a 10% tariff on China.
- On March 3, 2025, the President increased tariffs on all products from China from 10% to 20%. He also
implemented new 25% tariffs on imports from Mexico and Canada.
- On April 2, 2025, the President declared a national emergency to address the U.S. trade deficit and imposed a
10% universal import tariff on all goods, with higher rates for 57 trading partners. This announcement led to a
significant stock market decline, with the S&P 500 Index, Dow Jones Industrial Average, and the Nasdaq
Composite dropping by approximately 6.0%, 5.5%, and 5.8%, respectively.
- On April 9, 2025, facing a global financial market meltdown, the President announced a 90-day pause on tariffs for
most countries but raised the tax rate on Chinese imports to 125%. Following the announcement, the S&P 500
Index surged 9.5%. However, on April 10, 2025, U.S. stocks fell as the initial euphoria over the pause on tariffs
faded. Subsequently, on June 12, 2025, the President announced that the 125% tariff would be replaced with a
55% tariff on select Chinese goods. Pharmaceutical ingredients and critical materials remained partially exempt.
- On April 14, 2025, the U.S. government launched an investigation into pharmaceuticals to justify tariffs that may
be implemented on pharmaceutical products. In 2024, over $200 billion in pharmaceutical products were imported
to the U.S., and it is estimated that U.S. tariffs could add $46 billion in costs to the pharmaceutical industry.
- On August 21, 2025, the U.S. and the European Union reached a trade agreement establishing a 15% ceiling on
tariffs applied to pharmaceutical products traded between the two regions. The accord preserves supply chain
continuity for a significant share of imported active pharmaceutical ingredients and finished drug products sourced
from Europe while signaling potential divergence in tariff treatment for manufacturers based outside allied markets
such as India and China.
- On September 25, 2025, President Trump announced, effective October 1, pharmaceutical manufacturers would
be subject to a 100% tariff on all branded and patented drugs imported into the U.S. The President stated that
manufacturers could avoid these tariffs by establishing U.S.-based production operations, with qualifying activity
defined as either projects that have broken ground or are already under construction. The measure excludes
generic drugs and exempts companies actively developing or constructing domestic manufacturing facilities.
If tariff uncertainty, its associated costs, and the disruption of broader financial markets continue, we may face the
following risks:
- Restricted access to capital. Market instability may hinder our ability to raise capital, including through
dispositions, sales of partial interests, and new debt capital, and could potentially delay our current or future
development and redevelopment projects.
- Rising construction costs. Our general contractors may face difficulty procuring construction materials at
reasonable prices, particularly those subject to tariffs or disrupted supply, which may lead to project delays and/or
increased costs. Rising costs and procurement challenges could significantly impact the yields and delay
commencement of net operating income from our current and future development and redevelopment pipeline.
- Risks to tenant operations. Many of our tenants rely on the import and export of materials, components, and/or
specialized equipment. As a result, their products may become prohibitively expensive to manufacture or sell.
These challenges may adversely affect our tenants’ ability to meet their lease obligations or to renew their leases
with us.
- Macroeconomic impact. Widespread tariffs, restricted trade, increased market volatility, and reduced investor
confidence may trigger inflationary pressure and elevate the risk of a U.S. recession.
The cost increases that may result from tariffs, trade conflicts, and financial market volatility may significantly impact
our development and redevelopment projects. Elevated material costs may lead to higher overall project budgets and extended
construction timelines or require modifications to project scope to preserve economic feasibility. Any such adjustments may
prevent our delivery of space on time and within budget, delay occupancy and commencement of rental income, and impact
projected net operating income and yields.
Any of the aforementioned and future developments may adversely affect occupancy rates, rental income, and the
value of our real estate portfolio in several ways. First, regulatory delays and reduced NIH funding may slow the pace of
innovation and company formation, leading to fewer early-stage tenants seeking laboratory space. Established tenants may
face financial strain due to reduced grant support, drug pricing pressures, and increased operational costs from tariffs,
prompting them to downsize, consolidate, or defer expansion plans. These dynamics could result in lower leasing, increased
vacancy rates, and downward pressure on rental rates across our portfolio.
Second, macroeconomic volatility and restricted access to capital markets may impair our ability to fund new
developments, raise new debt or equity capital at favorable terms, and impact pricing on dispositions. Rising construction costs
and supply chain disruptions could delay project completions, reduce development yields, and impact the timing of rental
income generation. Additionally, if tenants are unable to absorb higher operating costs or pass them on to customers, their
financial health may deteriorate, increasing the risk of lease defaults or renegotiations.
Finally, the growing competitiveness of international markets, particularly China’s rapidly expanding biotechnology
sector, may shift R&D activity abroad, reducing domestic demand for specialized laboratory infrastructure. If U.S.-based life
science companies increasingly rely on foreign innovation or relocate operations to more favorable regulatory or cost
environments, the long-term fundamentals of the U.S. life science real estate market could weaken. This may lead to asset
devaluation, reduced investor confidence, and a more challenging environment for sustaining growth and delivering stockholder
value.
Life science industry dynamics
The life science industry is undergoing a prolonged period of structural and cyclical challenges that may materially and
adversely affect our business, financial condition, and results of operations. The venture capital ecosystem that supports early-
stage platform development has experienced several years of contraction as investors look to more de-risked later-stage assets
that may not require significant R&D laboratory requirements. Additionally, historical performance data increasingly shows that
life science venture capital returns have underperformed relative to technology-focused funds and broader public market
indices. While a small number of firms have demonstrated consistently outperformed, the majority of life science-focused funds
have delivered uneven results, leading institutional investors, including endowments, foundations, and pension funds, to
reassess their long-term allocations to the sector.
This reassessment may result in a long-term reduction in capital available to private biotechnology companies, which
represent a meaningful portion of our tenant base. The high failure rate of private biotechnology companies, coupled with the
increasing cost and complexity of drug development, has led many investors to shift their focus toward more de-risked clinical-
stage assets, often sourced internationally. As a result, fewer early-stage private biotechnology companies may be formed and
funded in the U.S., which may reduce demand for the specialized laboratory space we provide across our campuses.
In addition, the private life science market has become increasingly selective, with available capital chasing a limited
number of high-quality opportunities. This dynamic has compressed potential returns, on average, and altered the risk-reward
profile for investors. While this does not necessarily indicate a permanent shift, it does reflect a more cautious and selective
investment environment that may persist for the foreseeable future. These conditions may lead to reduced biotechnology
company formation in the U.S., diminished tenant demand, slower leasing velocity, and increased turnover among higher-risk
early-stage biotechnology tenants, particularly in markets where our portfolio is heavily concentrated in emerging biotechnology.
These industry dynamics may also affect our ability to raise capital to fund future development projects. If capital
markets perceive the life science sector as structurally challenged, our cost of capital may increase and our access to equity or
debt financing may be constrained. This could limit our ability to pursue new development opportunities, reposition existing
assets, or invest in strategic initiatives that enhance long-term stockholder value.
To address these risks, we have employed and may continue to employ a range of mitigating strategies, including:
- Deepening relationships with top-tier venture capital firms and academic institutions to identify and support high-
potential tenants earlier in their life cycle.
- Expanding our proprietary products to offer operational support, shared infrastructure, and flexible leasing models
that improve capital efficiency for emerging companies.
- Enhancing our data and analytics capabilities to better assess tenant viability, monitor portfolio risk, and inform
leasing and development decisions.
- Exploring strategic partnerships with pharmaceutical companies, contract research organizations (“CROs”), and
investment-grade institutions to create more stable demand anchors within our campuses.
- Convening influential stakeholders through our industry-leading Alexandria Summit® event series, which brings
together key decision makers, life science thought leaders, venture capital firms, members of Congress,
regulatory agency executives, and other policymakers to prioritize diseases with unmet needs and advance the
development of novel, effective therapies.
- Exploring alternative uses for Alexandria’s robust laboratory and office infrastructure by, for example, technology
tenants that require specialized R&D space.
While we believe these strategies can help mitigate the impact of current industry headwinds, there can be no
assurance that they will fully offset the risks associated with reduced formation and performance of private biotechnology
companies. If we are unable to respond effectively to these evolving market conditions, our ability to lease space, maintain high
occupancy levels, generate consistent cash flows, deliver earnings growth, and provide long-term value to our stockholders
may be materially and adversely affected.
Failure of the U.S. federal government to manage its fiscal matters may negatively impact the economic environment
and adversely impact our business
An inability of the U.S. federal government to manage its fiscal matters and enact appropriate fiscal legislation may
significantly impact the national and global economic and financial environment, result in reduced economic confidence
domestically and globally, reduce investment spending, increase borrowing costs, impact availability and cost of capital, and
significantly hinder or reduce economic activity. These economic impacts could adversely affect our business and the
businesses of our tenants.
In September 2025, Congress failed to enact a budget for the upcoming fiscal year, which resulted in a partial
government shutdown that began on October 1, 2025 and remains in effect as of the date of this report. The shutdown affected
certain key agencies at the federal government level, resulting in partial closures of operations. Thousands of federal
employees have been furloughed or laid off, some essential personnel are working without pay, and many non-essential agency
functions have ceased. During a shutdown, the FDA maintains critical operations but is unable to accept new drug applications.
The NIH and CDC may experience staffing furloughs, suspended operations, and delayed reviews of grant applications.
Prolonged or repeated shutdowns or short-term Congressional budget resolutions could adversely affect business operations of
some of our tenants that depend on federal funding, contracts, or regulatory actions to sustain their operations. Our tenants
may experience delays in submitting or advancing new drug applications, or receiving device approvals should the operations at
the FDA and other oversight bodies be reduced. The NIH may pause peer-review meetings, issuance of new grants, and many
program activities, and its Clinical Center will be unable to launch new trials during the funding lapse. The FDA’s operations may
become limited to work deemed “safety-critical” and activities supported by carryover user fees, and the agency has stated it
will be unable to accept certain new submissions requiring fees until funding resumes. These outcomes could impede R&D
progress, postpone commercialization milestones, and delay anticipated financing. Additionally, the broader economic and
capital market consequences of an extended shutdown, such as weakened investor confidence, deferred initial public offerings
(“IPOs”), and a slower pace of venture and private equity deployment, could further strain tenants’ access to capital. Our
tenants may seek to reduce cash outflows by delaying rent payments, renegotiating lease terms, downsizing existing space
commitments, or filing for bankruptcy or ceasing operations altogether.
If any of our tenants becomes a debtor in a case under the U.S. Bankruptcy Code, as amended, we cannot evict that
tenant solely because of its bankruptcy. The bankruptcy court may authorize the tenant to reject and terminate its lease with us.
Our claim against such a tenant for uncollectible future rent would be subject to a statutory limitation that will likely be
substantially less than the remaining rent actually owed to us under the tenant’s lease. Any shortfall in rent payments could
adversely affect our cash flows and our ability to make distributions to our stockholders.
We hold equity investments in certain publicly traded companies, limited partnerships, and privately held entities
primarily involved in the life science and technology industries. The valuation of these investments is affected by many external
factors beyond our control, including, but not limited to, market prices, market conditions, healthcare legislation, prospects for
favorable or unfavorable clinical trial results, new product initiatives, the manufacturing and distribution of new products, product
safety and efficacy issues, and new collaborative agreements. Reduced activities or temporary closures of agencies such as
the FDA and SEC may adversely affect business operations, financial results, IPO processing, and project funding for the
companies in which we hold equity investments. Unfavorable developments with respect to any of these factors may have an
adverse impact on the valuation of our equity investments.
We cannot predict the timing or duration of appropriation lapses or the extent of any public policy changes. If the
shutdown persists, or if future lapses recur, our business and that of our tenants and our venture investment portfolio
companies could be adversely affected. These risks may also impact our overall liquidity, our borrowing costs, or the market
price of our common stock.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of equity securities
On December 9, 2024, we announced that our Board of Directors authorized a share repurchase program, allowing the
repurchase of shares with an aggregate value up to $500.0 million until December 31, 2025 in the open market, through privately
negotiated transactions, or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the
Exchange Act. No shares were repurchased during the three months ended June 30, and September 30, 2025, As of September 30,
2025, we had remaining authorization to repurchase shares with an aggregate value up to $241.8 million.
Item 5. OTHER INFORMATION
Disclosure of 10b5-1 plans
During the three months ended September 30, 2025, none of our officers or directors adopted or terminated any contract,
instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of
Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6. EXHIBITS
(*) Incorporated by reference.
(1) Management contract or compensatory arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on October 27, 2025.
| ALEXANDRIA REAL ESTATE EQUITIES, INC. | |
| /s/ Joel S. Marcus | |
| Joel S. Marcus Executive Chairman (Principal Executive Officer) | |
| /s/ Peter M. Moglia | |
| Peter M. Moglia Chief Executive Officer and Chief Investment Officer (Principal Executive Officer) | |
| /s/ Marc E. Binda | |
| Marc E. Binda Chief Financial Officer and Treasurer (Principal Financial Officer) |