EX-99.12a1q25ex991supp.htmEX-99.1 1Q25 EX 99.1 SUPP

Table of Contents

March 31, 2025

COMPANY HIGHLIGHTS

Page

Mission and Cluster Model .....................................................................

iii

EARNINGS PRESS RELEASE

Page

First Quarter Ended March 31, 2025 Financial and Operating

Results ...................................................................................................

Consolidated Statements of Operations ..........................................

Guidance ...................................................................................................

Consolidated Balance Sheets ............................................................

Dispositions and Sales of Partial Interests ..........................................

Funds From Operations and Funds From Operations per Share

Earnings Call Information and About the Company ...........................

SUPPLEMENTAL INFORMATION

Page

Company Profile .......................................................................................

External Growth / Investments in Real Estate

Investor Information .................................................................................

Investments in Real Estate ................................................................

Financial and Asset Base Highlights .....................................................

New Class A/A+ Development and Redevelopment Properties:

High-Quality and Diverse Client Base .................................................

Recent deliveries ............................................................................

Internal Growth

Current Projects ..............................................................................

Key Operating Metrics .............................................................................

Summary of Pipeline ......................................................................

Same Property Performance ..................................................................

Construction Spending and Capitalization of Interest ....................

Leasing Activity .........................................................................................

Joint Venture Financial Information ...................................................

Contractual Lease Expirations ...............................................................

Balance Sheet Management

Top 20 Tenants .........................................................................................

Investments ..........................................................................................

Summary of Properties and Occupancy ..............................................

Key Credit Metrics ...............................................................................

Property Listing ........................................................................................

Summary of Debt .................................................................................

Definitions and Reconciliations

Definitions and Reconciliations ..........................................................

CONFERENCE CALL

INFORMATION:

Tuesday, April 29, 2025

3:00 p.m. Eastern Time

12:00 p.m. Pacific Time

(833) 366-1125 or

(412) 902-6738

Ask to join the conference call for

Alexandria Real Estate Equities, Inc.

CONTACT INFORMATION:

Alexandria Real Estate Equities, Inc.

corporateinformation@are.com

JOEL S. MARCUS

Executive Chairman &

Founder

PETER M. MOGLIA

Chief Executive Officer &

Chief Investment Officer

MARC E. BINDA

Chief Financial Officer &

Treasurer

PAULA SCHWARTZ

Managing Director,

Rx Communications Group

(917) 633-7790

iii

(1)Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have

not previously been approved by the FDA.

(2)Source: PhRMA, “Medicines in Development for Chronic Diseases 2024 Report,” September 30, 2024.

(3)Source: OECD, Key biotechnology indicators: “Economies’ share in biotechnology-related patents, OECD countries, 2000–2021,” updated November 2024.

(4)Source: PhRMA, “The Economic Impact of the U.S. Biopharmaceutical Industry: 2022 National and State Estimates,” May 2024.

(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.

(2)Source: American Cancer Society, “Cancer Facts & Figures 2025.” Represents U.S. projection for 2025.

(3)Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Reflects the latest published data, which represents U.S. estimate as of 2022.

(4)Source: Alzheimer’s Association, “2024 Alzheimer’s Disease Facts and Figures.” Reflects the latest published data, which represents U.S. estimate as of 2024.

(5)Source: National Multiple Sclerosis Society, “Prevalence of MS.” Reflects the latest published data, which represents U.S. estimate as of 2019.

(6)Source: Centers for Disease Control and Prevention, “Provisional Drug Overdose Death Counts.” Based on data available for analysis on April 6, 2025. Represents predicted U.S. figure for the 12-month period ended November 2024.

vii

LARGEST, HIGHEST-QUALITY

ASSET BASE CLUSTERED IN

THE BEST LOCATIONS

SECTOR-LEADING CLIENT

BASE OF ~750 TENANTS

HIGH-QUALITY CASH FLOWS

PROVEN UNDERWRITING

FORTRESS BALANCE SHEET

LONG-TENURED, HIGHLY

EXPERIENCED MANAGEMENT TEAM

LIFE SCIENCE REAL ESTATE

WE INVENTED IT.

WE DOMINATE IT.

THE MOST TRUSTED BRAND IN

LIFE SCIENCE REAL ESTATE

ALEXANDRIA’S

MEGACAMPUS™

PLATFORM

75%

OF OUR ANNUAL RENTAL REVENUE

71%

OF OUR OPERATING RSF

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

viii

ALEXANDRIA’S

MEGACAMPUS™ PLATFORM

DRIVES SUPERIOR

OPERATING RESULTS

ALEXANDRIA’S

MEGACAMPUS PLATFORM

75%

of Annual Rental Revenue

71%

of Operating RSF

71%

of Total Development and

Redevelopment Pipeline RSF

ALEXANDRIA’S MEGACAMPUS

OCCUPANCY OUTPERFORMANCE

Average Occupancy(1) Since 2021

95%

91%

Megacampus

Properties

Non-Megacampus

Properties

Occupancy Outperformance

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the average occupancy percentage of operating properties as of each December 31, 2021 through 2024 and March 31, 2025.

ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY

750 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS

Multinational

Pharmaceutical

Life Science

Product,

Service, and

Device

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other Investment-Grade

or Large Cap Tech

Other(2)

Biomedical

Institutions(1)

87%

of Top 20 Tenant Annual Rental

Revenue as of 1Q25 Is From

Investment-Grade or Publicly

Traded Large Cap Tenants

89%

of Leasing Activity During the

Three Months Ended March 31,

2025 Was Generated From

Alexandria’s Existing Client Base

PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE

Government

Institutions

Annual rental revenue represents amounts in effect as of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from

unconsolidated real estate joint ventures.

(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.

ALEXANDRIA’S STRONG, BROAD, AND DIVERSE LIFE SCIENCE

TENANT BASE DRIVES CONSISTENT LEASING AND

LONG-DURATION REMAINING LEASE TERMS

LONG-DURATION

LEASE TERMS

REMAINING

LEASE TERM

(in years)(2)

Multinational

Pharmaceutical

7.3

Life Science Product,

Service, and Device

6.6

Government Institutions

5.3

Biomedical Institutions

7.7

Private Biotechnology

7.3

Public Biotechnology

7.5

PERCENTAGE

OF LIFE SCIENCE

LEASING

ACTIVITY BY RSF

(1Q25)(1)

Multinational

Pharmaceutical

13%

Public

Biotechnology

27%

Life Science

Product,

Service, and

Device

38%

Biomedical

Institutions

10%

Private

Biotechnology

12%

Government

Institutions

(1)Represents the percentage of RSF for leases executed during the three months ended March 31, 2025 for each respective life science business type, excluding technology and other business types.

(2)Based the average remaining lease term of leases based on annual rental revenue in effect as of March 31, 2025.

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to March 31, 2025

FTSE NAREIT EQUITY

HEALTH CARE INDEX

S&P 500

FTSE ALL

EQUITY REITS

MSCI US

REIT INDEX

RUSSELL 2000

1,427%

1,001%

919%

881%

671%

1,149%

Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.

(1)Alexandria’s initial public offering was priced at $20.00 per share on May 27, 1997.

xii

ALEXANDRIA’S STRONG FIVE-YEAR GROWTH IN FUNDS FROM OPERATIONS

PER SHARE COMPARED TO FTSE NAREIT EQUITY HEALTH CARE REITS

FIVE-YEAR GROWTH IN

FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED

(2020–2025)

Source: S&P Global Market Intelligence data for REITs within the FTSE NAREIT Equity Health Care REIT Index, including FFO per share consensus for 2025, available as of April 25, 2025. FFO per-share growth is calculated as the ratio of

FFO per share for projected 2025 to that for 2020. For ARE, includes 2025 FFO per share – diluted, as adjusted, at the midpoint of our 2025 guidance range disclosed on April 28, 2025. Refer to “Definitions and reconciliations” in the

Supplemental Information for additional details.

xiii

ALEXANDRIA’S SECTOR-LEADING

CLIENT BASE OF APPROXIMATELY

750 TENANTS DRIVES STABLE,

RESILIENT, AND LONG-DURATION

CASH FLOWS

HIGH-QUALITY CASH FLOWS

STRONG MARGINS(1)

70%

71%

Operating

Adjusted EBITDA

LONG-DURATION LEASE TERMS

Top 20 Tenants

All Tenants

9.6

7.6

Weighted-Average Remaining Term (in Years)(2)

FAVORABLE LEASE STRUCTURE(3)

98%

Contain Annual

Base Rent

Escalations

91%

Are Triple

Net Leases

93%

Require Tenants

to Pay for Capital

Expenditures

HIGH-CREDIT TENANT BASE

INVESTMENT-GRADE OR

PUBLICLY TRADED LARGE CAP TENANTS

87%

51%

of ARE’s Top 20 Tenant

Annual Rental Revenue(3)

of ARE’s

Annual Rental Revenue(3)

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

(2)Remaining term weighted by annual rental revenue for leases in effect as of March 31, 2025.

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

xiv

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND

STRENGTH IN TENANT COLLECTIONS

99.8%

Average Tenant

Collections

1Q21–1Q25

Tenant Receivables

at March 31, 2025

Represent

0.9%

of 1Q25

Rental Revenues

TENANT RENTS AND RECEIVABLES COLLECTED(1)

(1)Represents tenant collections for each quarter-end as of each respective earnings release date.

TOP 10%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(4)

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT

LIQUIDITY(1)

4Q25 TARGET NET DEBT

AND PREFERRED STOCK

TO ADJUSTED EBITDA(2)

PERCENTAGE OF

FIXED-RATE DEBT

SINCE 2021(3)

$5.3B

≤5.2x

97.9%

PERCENTAGE OF

DEBT MATURING

IN NEXT 3 YEARS

REMAINING

DEBT TERM

(IN YEARS)

DEBT

INTEREST

RATE

13%

12.2

3.95%

One of the Lowest Debt Maturities

for 2025–2027

among S&P 500 REITs(5)

Baa1

Stable

BBB+

Stable

WEIGHTED AVERAGE

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Refer to “Key credit metrics” in the Supplemental Information for additional details.

(2)Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(3)Represents the average percentage fixed-rate debt as of each December 31 from 2021 through 2024 and as of March 31, 2025.

(4)Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2025.

(5)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of December 31, 2024” or company filings as of December 31, 2024, except ARE, which is as of March 31, 2025.

xvi

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM

AMONG S&P 500 REITS AT 2X THE AVERAGE DEBT TERM FOR THESE REITS

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

(in years)

6.1 Years

S&P 500 REIT Average

as of December 31, 2024

Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2024 (data not disclosed for PSA at the time of analysis as of April 25, 2025), except for ARE, which is as of March 31, 2025.

xvii

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND

INCREASING DIVIDENDS

Focus on retaining for reinvestment significant cash flows from operating activities after dividends

5.7%

Dividend

Yield

4.5%

Average Annual

Dividend Per-Share

Growth

57%

1Q25 Payout

Ratio

$2.3B

Net Cash Provided by

Operating Activities

After Dividends

ANNUAL COMMON STOCK DIVIDEND PER SHARE

(1)

(2)

(3)

(4)

(1)Dividend yield is calculated as the dividend declared for the three months ended March 31, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on March 31, 2025 of $92.51.

(2)Represents the average annual growth in annual dividends declared per share for the five years ended December 31, 2020 through December 31, 2024 and the three months ended March 31, 2025 annualized.

(3)Represents the aggregate sum for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.

(4)Represents the common stock dividend declared of $1.32 per share for the three months ended March 31, 2025 annualized.

Alexandria Real Estate Equities, Inc. Reports:

1Q25 Net Loss per Share – Diluted of $(0.07); and

1Q25 FFO per Share – Diluted, as Adjusted, of $2.30

PASADENA, Calif. – April 28, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the first quarter ended March 31, 2025.

Key highlights

Operating results

1Q25

1Q24

Total revenues:

In millions

$758.2

$769.1

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

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 annual rental revenue in effect from Megacampus™ platform

75%

Percentage of annual rental revenue in effect from investment-grade or publicly

traded large cap tenants

51%

Operating margin

70%

Adjusted EBITDA margin

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 April 28, 2025

99.8%

1Q25 tenant rents and receivables collected as of April 28, 2025

99.9%

(1)Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all

publicly traded U.S. REITs

•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of

4.3x for 1Q25 annualized, with 4Q25 annualized targets of ≤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 real estate joint venture

partners to fund construction from 2Q25 through 2027 and beyond, including $166.8 million

from 2Q25 to 4Q25.

Continued solid leasing volume and rental rate increases

•Continued solid leasing volume of 1.0 million RSF during 1Q25, 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 1Q25.

•89% of our leasing activity during the three months ended March 31, 2025 was generated

from our existing tenant base.

1Q25

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.

Dividend strategy to share net cash flows from operating activities with stockholders while

retaining a significant portion for reinvestment

•Common stock dividend declared for 1Q25 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, 2024.

•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 1Q25 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.

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

2025 guidance midpoint for dispositions and sales of partial interests

$1,950

100%

First Quarter Ended March 31, 2025 Financial and Operating Results (continued)

March 31, 2025

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating

income of $37 million commencing during 1Q25, with an additional $171 million of incremental

annual net operating income anticipated to deliver by 4Q26

•During 1Q25, 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 1Q25 delivery 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 for materials that may be subject to

inflationary pressure and/or potential tariffs. As such, we estimate that each 10% increase in

these costs for materials may result in incremental costs aggregating $40–$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 4Q25 upon the burn-off of initial free rent, which have a weighted-

average burn-off period of approximately four months.

•71% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment Projects

Incremental

Annual Net

Operating Income

RSF

Leased/

Negotiating

Percentage

(dollars in millions)

Placed into service in 1Q25

$37

309,494

100%

Expected to be placed into service:

2Q25 through 4Q26

$171

(1)

1,597,920

(2)

75%

(3)

2027 through 2Q28

$179

2,449,862

16%

(1)Includes expected partial deliveries through 4Q26 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 the Supplemental Information for additional details.

(2)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries

through 4Q26 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.

Significant leasing progress on 1Q25 temporary vacancy, including previously disclosed 1Q25 key

lease expirations

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 1Q25 key lease expirations. Refer to “Summary of properties

and occupancy” in the Supplemental Information for additional details. The balance of the 1Q25 lease

expirations that became vacant was spread across multiple submarkets, with no individual space aggregating

greater than 62,000 RSF.

Maintained solid operating metrics

•Net operating income (cash basis) of $2.0 billion for 1Q25 annualized, up $83.8 million, or

4.4%, compared to 1Q24 annualized.

•Same property net operating income changes of (3.1)% and 5.1% (cash basis) for 1Q25 over

1Q24 includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties

across four submarkets. Excluding the impact of these lease expirations, same property net

operating income changes for 1Q25 would have been 0.1% and 9.0% (cash basis).

•General and administrative expenses of $30.7 million, savings of $16.4 million or 35%, for

1Q25, compared to 1Q24 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.

Strong and flexible balance sheet

Key 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.

1Q25

Target

Quarter

Trailing

4Q25

Annualized

12 Months

Annualized

Net debt and preferred stock to

Adjusted EBITDA

5.9x

5.7x

Less than or equal to 5.2x

Fixed-charge coverage ratio

4.3x

4.4x

4.0x to 4.5x

First Quarter Ended March 31, 2025 Financial and Operating Results (continued)

March 31, 2025

Strong and flexible balance sheet (continued)

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.

•In 1Q25, 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 2035.

•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 1Q25, 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 April 28, 2025, the approximate value of shares authorized and remaining under this

program was $241.8 million.

Investments

•As of March 31, 2025:

•Our non-real estate investments aggregated $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 1Q25 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.

Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:

1Q25

1Q24

1Q25

1Q24

(in millions, except per share amounts)

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(1)

(32.2)

—

(0.19)

—

Increase in provision for expected credit losses on

financial instruments(1)

(0.3)

—

Total

$(98.6)

$14.9

$(0.58)

$0.08

(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for

additional details.

Subsequent event

•In April 2025, an office property aggregating 182,276 RSF located in Carlsbad, San Diego

met the criteria for classification as held for sale based on current negotiations with the

prospective buyer and our decision to dispose of this property for an estimated sales price of

approximately $72.0 million. We expect to complete the sale within 12 months. Upon our

decision to commit to sell this property, we recognized an impairment charge of $35.4 million

to reduce the carrying amount of this asset to its estimated fair value less costs to sell.

Industry and corporate responsibility leadership: catalyzing and leading the way for

positive change to benefit human health and society

•Alexandria was named one of the Most Trustworthy Companies in America by Newsweek for

the third consecutive year based on customer, investor, and employee trust. Alexandria is one

of only four S&P 500 REITs recognized in the real estate and housing category.

•During 1Q25, we received broad recognition for our operational excellence in leasing, design,

development, and asset management. Significant honors included the following:

•In our San Francisco Bay Area market, we earned a San Francisco Business Times 2024

Real Estate Deals of the Year Award for our 258,581 RSF long-term lease with Vaxcyte,

Inc. at 825 Industrial Road on the Alexandria Center® for Life Science – San Carlos

Megacampus.

•Alexandria earned two BOMA (Building Owners and Managers Association) TOBY (The

Outstanding Building of the Year) Awards in the Life Science category. The TOBY Awards

are the commercial real estate industry’s highest recognition honoring excellence in

commercial building management and operations.

•201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco

campus in the San Francisco Bay Area was recognized by BOMA San Francisco.

•9605 Medical Center Drive on the Alexandria Center® for Life Science – Shady Grove

Megacampus in Maryland was recognized by local BOMA affiliate Apartment and Office

Building Association of Metropolitan Washington (AOBA).

About Alexandria Real Estate Equities, Inc.

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. 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. For more information on Alexandria, please visit

www.are.com.

Guidance

March 31, 2025

(Dollars in millions, except per share amounts)

Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions 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. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current

U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion

relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press

Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

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.

Refer to "Key assumptions” and “Key sources and uses of capital” on the following page.

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

G1Earnings 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 to 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)

—

G2Funds from operations per share, as adjusted(5)

$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 the Earnings Press Release for additional details.

(3)Represents a $35.4 million impairment of real estate recognized in April 2025 related to an office property aggregating 182,276 RSF, located in Carlsbad, San Diego, upon meeting the criteria for classification as held for sale. Refer to

“Subsequent events” in the Earnings Press Release for additional details.

(4)Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details.

(5)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Guidance (continued)

March 31, 2025

(Dollars in millions)

As of 4/28/25

As of 1/27/25

Key Changes

to Midpoint

Key Assumptions

Low

High

Low

High

G3Occupancy percentage in North America as of December 31, 2025

90.9%

92.5%

91.6%

93.2%

70 bps reduction

G4Lease renewals and re-leasing of space:

Rental rate changes

9.0%

17.0%

9.0%

17.0%

No change

G5Rental rate changes (cash basis)

0.5%

8.5%

0.5%

8.5%

G6Same property performance:

Net operating income

(3.7)%

(1.7)%

(3.0)%

(1.0)%

70 bps reduction

G7Net operating income (cash basis)

(1.2)%

0.8%

(1.0)%

1.0%

20 bps reduction

G8Straight-line rent revenue

$96

$116

$111

$131

$15 million reduction

G9General and administrative expenses

$112

$127

$129

$144

$17 million reduction

G10Capitalization of interest

$320

$350

$340

$370

$20 million reduction

G11Interest expense

$185

$215

$165

$195

$20 million increase

G12Realized gains on non-real estate investments(1)

$100

$130

$100

$130

No change

Key Credit Metrics Targets

As of 4/28/25

As of 1/27/25

Key Changes

Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized

Less than or equal to 5.2x

No change

Fixed-charge coverage ratio – 4Q25 annualized

4.0x to 4.5x

As of 4/28/25

As of 1/27/25

Midpoint

Key Changes

to Midpoint

Key Sources and Uses of Capital

Range

Midpoint

Certain Completed Items

Sources of capital:

Net reduction in debt

$(290)

See below

$(190)

See below

Net cash provided by operating activities after dividends(2)

425

525

475

Dispositions and sales of partial interests (refer to page 6)

1,450

2,450

1,950

(3)

1,700

$250 million increase(4)

Total sources of capital

$1,585

$2,685

$2,135

$1,985

Uses of capital:

Construction

$1,450

$2,050

$1,750

Acquisitions and other opportunistic uses of capital

—

500

250

$208

(5)

100

$150 million increase(4)

Ground lease prepayment

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

$600

Repayment of unsecured notes payable(6)

(600)

Unsecured senior line of credit, commercial paper, and other

(240)

(190)

Net reduction in debt

$(290)

$(190)

$100 million reduction

(1)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 “Investments” in the Supplemental

Information for additional details.

(2)Excludes the final installment of our ground lease payment aggregating $135.0 million at the Alexandria Technology Square® Megacampus. This amount has been separately presented as “Ground lease prepayment” under “Uses of

capital” in the table above.

(3)As of April 28, 2025, 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 the Earnings Press Release for additional details.

(4)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.

(5)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 1Q25, 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 April 28, 2025, 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.

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

Dispositions and Sales of Partial Interests

March 31, 2025

(Dollars in thousands)

Property

Submarket/Market

Date of

Sale

Interest

Sold

Future

Development

RSF

Sales Price

Gain on

Sales of

Real Estate

Completed in 1Q25:

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 the transaction, we provided seller financing of $91.0 million, due in 2028, with an interest rate of 12.0%.

Earnings Call Information and About the Company

March 31, 2025

We will host a conference call on Tuesday, April 29, 2025, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for

the first quarter ended March 31, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for Alexandria Real

Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday, April 29,

2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1950174.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2025 is available in the “For Investors” section of our website at www.are.com or by

following this link: https://www.are.com/fs/2025q1.pdf.

For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,

chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.

About the Company

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. 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. For

more information on Alexandria, please visit www.are.com.

Forward-Looking Statements

This document includes “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.

Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per

share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “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. These forward-looking

statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a

number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties,

assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without

limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real

estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or

redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace

expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to

obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned

not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated,

we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For

more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our

SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a

prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, Labspace®, Alexandria Summit®, At the Vanguard and Heart of the Life Science

Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All

other company names, trademarks, and logos referenced herein are the property of their respective owners.

Consolidated Statements of Operations

March 31, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Revenues:

Income from rentals

$743,175

(1)

$763,249

$775,744

$755,162

$755,551

Other income

14,983

25,696

15,863

11,572

13,557

Total revenues

758,158

788,945

791,607

766,734

769,108

Expenses:

Rental operations

226,395

240,432

233,265

217,254

218,314

General and administrative

30,675

32,730

43,945

44,629

47,055

Interest

50,876

55,659

43,550

45,789

40,840

Depreciation and amortization

342,062

330,108

293,998

290,720

287,554

Impairment of real estate

32,154

186,564

5,741

30,763

—

Total expenses

682,162

845,493

620,499

629,155

593,763

Equity in (losses) earnings of unconsolidated real estate joint ventures

(507)

6,635

139

130

155

Investment (loss) income

(49,992)

(67,988)

15,242

(43,660)

43,284

Gain on sales of real estate

13,165

101,806

27,114

—

392

Net income (loss)

38,662

(16,095)

213,603

94,049

219,176

Net income attributable to noncontrolling interests

(47,601)

(46,150)

(45,656)

(47,347)

(48,631)

Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders

(8,939)

(62,245)

167,947

46,702

170,545

Net income attributable to unvested restricted stock awards

(2,660)

(2,677)

(3,273)

(3,785)

(3,659)

Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders

$(11,599)

$(64,922)

$164,674

$42,917

$166,886

Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:

Basic

$(0.07)

$(0.38)

$0.96

$0.25

$0.97

Diluted

$(0.07)

$(0.38)

$0.96

$0.25

$0.97

Weighted-average shares of common stock outstanding:

Basic

170,522

172,262

172,058

172,013

171,949

Diluted

170,522

172,262

172,058

172,013

171,949

Dividends declared per share of common stock

$1.32

$1.30

$1.27

(1)Decline in income from rentals relates primarily to $1.1 billion of dispositions completed during 4Q24.

Consolidated Balance Sheets

March 31, 2025

(In thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Assets

Investments in real estate

$32,121,712

$32,110,039

$32,951,777

$32,673,839

$32,323,138

Investments in unconsolidated real estate joint ventures

50,086

39,873

40,170

40,535

40,636

Cash and cash equivalents

476,430

552,146

562,606

561,021

722,176

Restricted cash

7,324

7,701

17,031

4,832

9,519

Tenant receivables

6,875

6,409

6,980

6,822

7,469

Deferred rent

1,210,584

1,187,031

1,216,176

1,190,336

1,138,936

Deferred leasing costs

489,287

485,959

516,872

519,629

520,616

Investments

1,479,688

1,476,985

1,519,327

1,494,348

1,511,588

Other assets

1,758,442

1,661,306

1,657,189

1,356,503

1,424,968

Total assets

$37,600,428

$37,527,449

$38,488,128

$37,847,865

$37,699,046

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$150,807

$149,909

$145,000

$134,942

$130,050

Unsecured senior notes payable

12,640,144

12,094,465

12,092,012

12,089,561

12,087,113

Unsecured senior line of credit and commercial paper

299,883

—

454,589

199,552

—

Accounts payable, accrued expenses, and other liabilities

2,281,414

2,654,351

2,865,886

2,529,535

2,503,831

Dividends payable

228,622

230,263

227,191

227,408

222,134

Total liabilities

15,600,870

15,128,988

15,784,678

15,180,998

14,943,128

Commitments and contingencies

Redeemable noncontrolling interests

9,612

19,972

16,510

16,440

16,620

Alexandria Real Estate Equities, Inc.’s stockholders’ equity:

Common stock

1,701

1,722

1,720

Additional paid-in capital

17,509,148

17,933,572

18,238,438

18,284,611

18,434,690

Accumulated other comprehensive loss

(46,202)

(46,252)

(22,529)

(27,710)

(23,815)

Alexandria Real Estate Equities, Inc.’s stockholders’ equity

17,464,647

17,889,042

18,217,631

18,258,621

18,412,595

Noncontrolling interests

4,525,299

4,489,447

4,469,309

4,391,806

4,326,703

Total equity

21,989,946

22,378,489

22,686,940

22,650,427

22,739,298

Total liabilities, noncontrolling interests, and equity

$37,600,428

$37,527,449

$38,488,128

$37,847,865

$37,699,046

Funds From Operations and Funds From Operations per Share

March 31, 2025

(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in

accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations

attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted

$(11,599)

$(64,922)

$164,674

$42,917

$166,886

Depreciation and amortization of real estate assets

339,381

327,198

291,258

288,118

284,950

Noncontrolling share of depreciation and amortization from consolidated real estate JVs

(33,411)

(34,986)

(32,457)

(31,364)

(30,904)

Our share of depreciation and amortization from unconsolidated real estate JVs

1,054

1,061

1,075

1,068

1,034

Gain on sales of real estate

(13,165)

(100,109)

(27,114)

—

(392)

Impairment of real estate – rental properties and land

—

184,532

5,741

2,182

—

Allocation to unvested restricted stock awards

(686)

(1,182)

(2,908)

(1,305)

(3,469)

Funds from operations attributable to Alexandria’s common stockholders – diluted(1)

281,574

311,592

400,269

301,616

418,105

Unrealized losses (gains) on non-real estate investments

68,145

79,776

(2,610)

64,238

(29,158)

Impairment of non-real estate investments

11,180

(2)

20,266

10,338

12,788

14,698

Impairment of real estate

32,154

(3)

2,032

—

28,581

—

Increase (decrease) in provision for expected credit losses on financial instruments

285

(434)

—

Allocation to unvested restricted stock awards

(1,329)

(1,407)

(125)

(1,738)

247

Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted

$392,009

$411,825

$407,872

$405,485

$403,892

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(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)In 2021, we entered into a ground lease 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 balance in this right-of-use asset. We do not expect to make additional future payments in connection with this project.

Funds From Operations and Funds From Operations per Share (continued)

March 31, 2025

(In thousands, except per share amounts)

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’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 per share attributable to Alexandria’s common

stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to

rounding.

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Net (loss) income per share attributable to Alexandria’s common stockholders – diluted

$(0.07)

$(0.38)

$0.96

$0.25

$0.97

Depreciation and amortization of real estate assets

1.80

1.70

1.51

1.50

1.48

Gain on sales of real estate

(0.08)

(0.58)

(0.16)

—

Impairment of real estate – rental properties and land

—

1.07

0.03

0.01

—

Allocation to unvested restricted stock awards

—

(0.01)

(0.02)

Funds from operations per share attributable to Alexandria’s common stockholders – diluted

1.65

1.81

2.33

1.75

2.43

Unrealized losses (gains) on non-real estate investments

0.40

0.46

(0.02)

0.37

(0.17)

Impairment of non-real estate investments

0.07

0.12

0.06

0.08

0.09

Impairment of real estate

0.19

0.01

—

0.17

—

Allocation to unvested restricted stock awards

(0.01)

—

(0.01)

—

Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as

adjusted

$2.30

$2.39

$2.37

$2.36

$2.35

Weighted-average shares of common stock outstanding – diluted

Earnings per share – diluted

170,522

172,262

172,058

172,013

171,949

Funds from operations – diluted, per share

170,599

172,262

172,058

172,013

171,949

Funds from operations – diluted, as adjusted, per share

170,599

172,262

172,058

172,013

171,949

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

SUPPLEMENTAL

INFORMATION

Company Profile

March 31, 2025

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. 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. For more information on

Alexandria, please visit www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 51% of our

annual rental revenue being generated from tenants that are investment-grade rated or

publicly traded large cap companies. The quality, diversity, breadth, and depth of our

significant relationships with our tenants provide Alexandria with high-quality and stable

cash flows. Alexandria’s underwriting team and long-term industry relationships positively

distinguish us from all other publicly traded REITs and real estate companies.

Executive and senior management team

Alexandria’s executive and senior management team has unique experience and

expertise in creating, owning, and operating highly dynamic and collaborative

Megacampus real estate in key life science cluster locations to catalyze innovation. From

design to development to the management of our high-quality, sustainable real estate, as

well as our ongoing cultivation of collaborative environments with unique amenities and

events, the Alexandria team has a best-in-class reputation of excellence in life science real

estate. Alexandria’s highly experienced management team includes regional market

directors with leading reputations and longstanding relationships within the life science

communities in their respective innovation clusters. We believe that our experience,

expertise, reputation, and key relationships in the real estate and life science industries

provide Alexandria significant competitive advantages in attracting new business

opportunities.

Alexandria’s executive and senior management team consists of

62 individuals, averaging 24 years of real estate experience,

including 13 years with Alexandria. Our executive management

team alone averages 19 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM

Joel S. Marcus

Peter M. Moglia

Executive Chairman &

Founder

Chief Executive Officer &

Chief Investment Officer

Daniel J. Ryan

Hunter L. Kass

Co-President & Regional Market

Director – San Diego

Co-President & Regional Market

Director – Greater Boston

Marc E. Binda

Lawrence J. Diamond

Chief Financial Officer &

Treasurer

Co-Chief Operating Officer & Regional

Market Director – Maryland

Joseph Hakman

Hart Cole

Co-Chief Operating Officer &

Chief Strategic Transactions Officer

Executive Vice President – Capital

Markets/Strategic Operations &

Co-Regional Market Director – Seattle

Jackie B. Clem

Gary D. Dean

General Counsel & Secretary

Executive Vice President –

Real Estate Legal Affairs

Andres R. Gavinet

Onn C. Lee

Chief Accounting Officer

Executive Vice President –

Accounting

Kristina A. Fukuzaki-Carlson

Madeleine T. Alsbrook

Executive Vice President –

Business Operations

Executive Vice President –

Talent Management

Investor Information

March 31, 2025

Corporate Headquarters

New York Stock Exchange Trading Symbol

Information Requests

26 North Euclid Avenue

Common stock: ARE

Phone:

(626) 578-0777

Pasadena, California 91101

Email:

corporateinformation@are.com

www.are.com

Website:

investor.are.com

Equity Research Coverage

Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.

Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or

forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions,

estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to

time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.

BNP Paribas Exane

Citigroup Global Markets Inc.

Green Street

RBC Capital Markets

Nate Crossett / Monir Koummal

Nicholas Joseph / Seth Bergey

Dylan Burzinski

Michael Carroll / Justin Haasbeek

(646) 342-1588 / (646) 342-1554

(212) 816-1909 / (212) 816-2066

(949) 640-8780

(440) 715-2649 / (440) 715-2651

BofA Securities

Citizens JMP Securities, LLC

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Jeff Spector / Farrell Granath

Aaron Hecht / Linda Fu

Anthony Paolone / Ray Zhong

Wesley Golladay / Nicholas Thillman

(646) 855-1363 / (646) 855-1351

(415) 835-3963 / (415) 869-4411

(212) 622-6682 / (212) 622-5411

(216) 737-7510 / (414) 298-5053

BTIG, LLC

Deutsche Bank AG

Jefferies

Wedbush Securities

Tom Catherwood / Michael Tompkins

Tayo Okusanya / Samuel Ohiomah

Peter Abramowitz / Katie Elders

Richard Anderson / Jay Kornreich

(212) 738-6140 / (212) 527-3566

(212) 250-9284 / (212) 250-0057

(212) 336-7241 / (917) 421-1968

(212) 931-7001 / (212) 938-9942

CFRA

Evercore ISI

Mizuho Securities USA LLC

Nathan Schmidt

Steve Sakwa / James Kammert

Vikram Malhotra / Georgi Dinkov

(646) 517-1144

(212) 446-9462 / (312) 705-4233

(212) 282-3827 / (617) 352-1721

Fixed Income Research Coverage

Rating Agencies

Barclays Capital Inc.

J.P. Morgan Securities LLC

Moody’s Ratings

S&P Global Ratings

Srinjoy Banerjee / Japheth Otieno

Mark Streeter

(212) 553-0376

Alan Zigman

(212) 526-3521 / (212) 526-6961

(212) 834-5086

(416) 507-2556

Mizuho Securities USA LLC

Thierry Perrein

(212) 205-7665

Financial and Asset Base Highlights

March 31, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Selected financial data from consolidated financial statements and related information

Rental revenues

$552,112

(1)

$566,535

$579,569

$576,835

$581,400

Tenant recoveries

$191,063

$196,714

$196,175

$178,327

$174,151

General and administrative expenses

$30,675

$32,730

$43,945

$44,629

$47,055

General and administrative expenses as a percentage of net operating income –

trailing 12 months

6.9%

7.6%

8.9%

9.2%

9.5%

Operating margin

70%

71%

72%

Adjusted EBITDA margin

71%

72%

70%

72%

Adjusted EBITDA – quarter annualized

$2,165,632

$2,273,480

$2,219,632

$2,216,144

$2,206,428

Adjusted EBITDA – trailing 12 months

$2,218,722

$2,228,921

$2,184,298

$2,122,250

$2,064,904

Net debt at end of period

$12,687,856

$11,762,176

$12,191,574

$11,940,144

$11,569,666

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

5.9x

5.2x

5.5x

5.4x

5.2x

Net debt and preferred stock to Adjusted EBITDA – trailing 12 months

5.7x

5.3x

5.6x

Total debt and preferred stock at end of period

$13,090,834

$12,244,374

$12,691,601

$12,424,055

$12,217,163

Gross assets at end of period

$43,486,989

$43,152,628

$44,112,770

$43,305,279

$42,915,903

Total debt and preferred stock to gross assets at end of period

30%

28%

29%

28%

Fixed-charge coverage ratio – quarter annualized

4.3x

4.4x

4.5x

4.7x

Fixed-charge coverage ratio – trailing 12 months

4.4x

4.5x

4.6x

4.7x

Unencumbered net operating income as a percentage of total net operating income

99.8%

99.9%

99.1%

99.3%

Closing stock price at end of period

$92.51

$97.55

$118.75

$116.97

$128.91

Common shares outstanding (in thousands) at end of period

170,130

172,203

172,244

172,018

172,008

Total equity capitalization at end of period

$15,738,715

$16,798,446

$20,454,023

$20,120,907

$22,173,547

Total market capitalization at end of period

$28,829,549

$29,042,820

$33,145,624

$32,544,962

$34,390,710

Dividend per share – quarter/annualized

$1.32/$5.28

$1.30/$5.20

$1.27/$5.08

Dividend payout ratio for the quarter

57%

55%

54%

Dividend yield – annualized

5.7%

5.4%

4.4%

3.9%

Amounts related to operating leases:

Operating lease liabilities at end of period

$371,412

$507,127

$648,338

$379,223

$381,578

Rent expense

$11,666

$10,685

$10,180

$9,412

$8,683

Capitalized interest

$80,065

$81,586

$86,496

$81,039

$81,840

Average real estate basis capitalized during the period

$8,026,566

$8,118,010

$8,281,318

$7,936,612

$8,163,289

Weighted-average interest rate for capitalization of interest during the period

3.99%

4.02%

3.98%

3.96%

3.92%

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1) Refer to “Consolidated statements of operations” in the Earnings Press Release for additional details.

Financial and Asset Base Highlights (continued)

March 31, 2025

(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

Three Months Ended (unless stated otherwise)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Amounts included in funds from operations and non-revenue-enhancing capital expenditures

Straight-line rent revenue

$22,023

$17,653

$29,087

$48,338

$48,251

Amortization of acquired below-market leases

$15,222

$15,512

$17,312

$22,515

$30,340

Amortization of deferred revenue related to tenant-funded and -built landlord improvements

$1,651

$1,214

$329

$—

Straight-line rent expense on ground leases

$149

$1,021

$789

$341

$358

Cash payment for ground lease extension(1)

$(135,000)

$—

Stock compensation expense

$10,064

$12,477

$15,525

$14,507

$17,125

Amortization of loan fees

$4,691

$4,620

$4,222

$4,146

$4,142

Amortization of debt discounts

$349

$333

$330

$328

$318

Non-revenue-enhancing capital expenditures:

Building improvements

$3,789

$4,313

$4,270

$4,210

$4,293

Tenant improvements and leasing commissions

$73,483

(2)

$81,918

$55,920

$15,724

$21,144

Funds from operations attributable to noncontrolling interests

$81,012

$76,111

$78,113

$78,711

$79,535

Operating statistics and related information (at end of period)

Number of properties – North America

386

391

406

408

410

RSF – North America (including development and redevelopment projects under construction)

43,687,343

44,124,001

46,748,734

47,085,993

47,206,639

Total square footage – North America

68,518,184

69,289,411

73,611,815

74,103,404

74,069,321

Annual rental revenue per occupied RSF – North America

$58.38

$56.98

$57.09

$56.87

$56.86

Occupancy of operating properties – North America

91.7%

(3)

94.6%

94.7%

94.6%

Occupancy of operating and redevelopment properties – North America

86.9%

89.7%

89.9%

90.2%

Weighted-average remaining lease term (in years)

7.6

7.5

7.4

7.5

Total leasing activity – RSF

1,030,553

1,310,999

1,486,097

1,114,001

1,142,857

Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:

Rental rate changes

18.5%

18.1%

5.1%

7.4%

33.0%

Rental rate changes (cash basis)

7.5%

3.3%

1.5%

3.7%

19.0%

RSF (included in total leasing activity above)

884,408

1,024,862

1,278,857

589,650

994,770

Top 20 tenants:

Annual rental revenue

$754,354

$741,965

$796,898

$805,751

$802,605

Annual rental revenue from investment-grade or publicly traded large cap tenants

87%

92%

Weighted-average remaining lease term (in years)

9.6

9.3

9.5

9.4

9.7

Same property – percentage change over comparable quarter from prior year:

Net operating income changes

(3.1)%

(3)

0.6%

1.5%

1.0%

Net operating income changes (cash basis)

5.1%

6.3%

6.5%

3.9%

4.2%

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents a ground lease payment related to an amendment to our existing ground lease agreement at the Alexandria Technology Square® Megacampus in our Cambridge submarket completed in July 2024, which required that

we prepay our entire rent obligation for a 24-year lease term extension aggregating $270.0 million, including $135.0 million each in 1Q25 and 4Q24.

(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 page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional information.

High-Quality and Diverse Client Base

March 31, 2025

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%

Percentage of ARE’s Annual Rental Revenue

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 the Supplemental Information for additional details, including our methodology of calculating annual

rental revenue from unconsolidated real estate joint ventures.

(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.

High-Quality and Diverse Client Base (continued)

March 31, 2025

Long-Duration and Stable Cash Flows From

High-Quality and Diverse Tenants

Sustained Strength in Tenant Collections(1)

99.9%

99.8%

1Q25

April 2025

Long-Duration Lease Terms

9.6 Years

7.6 Years

Top 20 Tenants

All Tenants

Weighted-Average Remaining Term(2)

(1)Represents the portion of total receivables billed for each period collected as of April 28, 2025.

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

Key Operating Metrics

March 31, 2025

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%

8.9 Years

Lower capex burden

Percentage of leases providing for the

recapture of capital expenditures

93%

(1)

(3.1)%

2024

3/31/25

Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation

from the most directly comparable financial measure presented in accordance with GAAP.

(1)Refer to footnote 1 under “Same property performance” in the Supplemental Information 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.

Same Property Performance

March 31, 2025

(Dollars in thousands)

Same Property Financial Data

Three Months Ended

March 31, 2025

Same Property Statistical Data

Three Months Ended

March 31, 2025

Percentage change over comparable period from prior year:

Number of same properties

333

Net operating income changes

(3.1)%

(1)

Rentable square feet

34,099,158

Net operating income changes (cash basis)

5.1%

(1)(2)

Occupancy – current-period average

93.3%

Operating margin

68%

Occupancy – same-period prior-year average

94.3%

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

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)%

(3)

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%

Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also

contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

(1)Includes certain 1Q25 lease expirations 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 properties and occupancy” in the Supplemental Information for additional details.

(2)Includes the impact of expiring initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool in

1Q25, 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%.

(3)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%.

Leasing Activity

March 31, 2025

(Dollars per RSF)

Three Months Ended

Year Ended

March 31, 2025

December 31, 2024

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.

and 10.5%, respectively.

(3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.

Contractual Lease Expirations

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%

Market

2025 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

2026 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment(3)

Remaining

Expiring

Leases(4)

Total(2)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment

Remaining

Expiring

Leases(4)

Total

Greater Boston

136,506

5,597

25,312

261,540

428,955

$45.19

47,439

11,565

—

399,436

458,440

$94.58

San Francisco Bay Area

293,051

110,549

—

346,927

750,527

71.21

25,511

—

623,634

649,145

76.43

San Diego

28,760

—

85,189

113,949

34.37

—

28,827

—

873,855

902,682

47.04

Seattle

—

67,114

31.33

26,266

—

166,491

192,757

31.57

Maryland

35,055

6,228

—

31,683

72,966

22.19

—

15,489

—

276,969

292,458

20.20

Research Triangle

173,888

—

78,625

252,513

27.98

19,753

—

167,805

187,558

38.98

New York City

—

42,002

99.58

—

72,052

104.17

Texas

—

198,972

(5)

—

198,972

N/A

—

Canada

22,991

—

54,752

77,743

18.35

—

247,743

—

247,743

21.23

Non-cluster/other markets

—

1,000

49.20

—

40,925

75.98

Total

690,251

122,374

224,284

968,832

2,005,741

$46.91

118,969

303,624

—

2,621,167

3,043,760

$56.08

Percentage of expiring leases

34%

11%

49%

100%

10%

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

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

(3)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 the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(4)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.

(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 in 2Q25.

Top 20 Tenants

March 31, 2025

(Dollars in thousands, except average market cap amounts)

87% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

Tenant

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)

Moody’s

S&P

Eli Lilly and Company

9.7

1,070,953

$89,599

4.3%

Aa3

A+

$797.9

Moderna, Inc.

11.1

496,814

89,347

4.3

—

$29.1

Bristol-Myers Squibb Company

5.2

999,379

77,188

3.7

$104.1

Takeda Pharmaceutical Company Limited

10.2

549,759

47,899

2.3

Baa1

BBB+

$43.8

Eikon Therapeutics, Inc.(2)

13.7

311,806

36,783

1.8

—

$—

Roche

8.0

647,069

36,189

1.7

Aa2

$242.8

Illumina, Inc.

5.6

857,967

35,924

1.7

Baa3

BBB

$19.5

Alphabet Inc.

2.6

625,015

34,899

1.7

Aa2

AA+

$2,143.6

2seventy bio, Inc.(3)

8.4

312,805

33,543

1.6

—

$0.2

United States Government

5.3

429,359

29,097

(4)

1.4

Aaa

AA+

$—

Uber Technologies, Inc.

57.5

(5)

1,009,188

27,799

1.3

Baa2

BBB

$148.3

Novartis AG

3.3

387,563

27,709

1.3

Aa3

AA-

$234.5

AstraZeneca PLC

4.6

450,848

27,226

1.3

A+

$231.1

Cloud Software Group, Inc.

1.2

(6)

292,013

26,446

1.3

—

$—

Boston Children’s Hospital

12.0

309,231

26,212

1.3

Aa2

$—

The Regents of the University of California

6.2

369,753

23,330

1.1

Aa2

$—

Sanofi

5.8

267,278

21,851

1.1

$130.9

Charles River Laboratories, Inc.

10.1

256,066

21,202

1.0

—

$10.2

New York University

7.3

218,983

21,110

1.0

Aa2

AA-

$—

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 the

Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.

(1)Based on 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.

Summary of Properties and Occupancy

March 31, 2025

(Dollars in thousands, except per RSF amounts)

Summary of properties

Market

RSF

Number of

Properties

Annual Rental Revenue

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%

$754,342

36%

$88.20

San Francisco Bay Area

7,971,965

109,435

366,939

8,448,339

455,516

68.28

San Diego

7,140,194

903,792

—

8,043,986

323,222

47.98

Seattle

3,179,033

227,577

—

3,406,610

137,539

47.27

Maryland

3,848,870

—

3,848,870

141,895

39.70

Research Triangle

3,801,564

—

3,801,564

109,002

30.71

New York City

921,894

—

921,894

74,571

92.34

Texas

1,845,159

—

73,298

1,918,457

37,754

24.93

Canada

895,182

—

132,881

1,028,063

18,525

21.86

Non-cluster/other markets

349,099

—

349,099

15,413

60.52

Properties held for sale

382,527

—

382,527

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

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%

86.9%

89.7%

90.2%

(1)The decline in occupancy from December 31, 2024 includes certain previously disclosed 1Q25 lease expirations 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.

Property Listing

March 31, 2025

(Dollars in thousands)

Our Megacampus™ Properties Account for 75% of Our Annual Rental Revenue

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Greater Boston

Cambridge/Inner Suburbs

Megacampus: Alexandria Center® at Kendall Square

2,213,867

—

2,213,867

$223,621

97.4%

50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street, and

300 Third Street(1)

Megacampus: Alexandria Center® at One Kendall Square

1,281,580

—

104,956

1,386,536

148,198

93.7

86.6

One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800,

and 2000), 325 and 399 Binney Street, and One Hampshire Street

Megacampus: Alexandria Technology Square®

1,193,634

—

1,193,634

106,901

83.9

100, 200, 300, 400, 500, 600, and 700 Technology Square

Megacampus: The Arsenal on the Charles

776,628

36,444

308,446

1,121,518

47,214

94.9

67.9

311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,

1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue

Megacampus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street, and

99 Coolidge Avenue(1)

633,056

204,395

—

837,451

27,340

98.4

Cambridge/Inner Suburbs

6,098,765

240,839

413,402

6,753,006

553,274

93.7

87.8

Fenway

Megacampus: Alexandria Center® for Life Science – Fenway

1,293,731

392,011

137,675

1,823,417

96,917

87.2

78.9

401 and 421 Park Drive and 201 Brookline Avenue

Seaport Innovation District

5 and 15(1) Necco Street

459,395

—

459,395

46,743

92.7

Seaport Innovation District

459,395

—

459,395

46,743

92.7

Route 128

Megacampus: Alexandria Center® for Life Science – Waltham

466,094

—

596,064

1,062,158

38,471

100.0

43.9

40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street

19, 225, and 235 Presidential Way

585,226

—

585,226

14,171

97.1

Route 128

1,051,320

—

596,064

1,647,384

52,642

98.4

62.8

Other

400,863

—

453,869

854,732

4,766

59.7

28.0

Greater Boston

9,304,074

632,850

1,601,010

11,537,934

$754,342

91.8%

78.4%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

Property Listing (continued)

March 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

San Francisco Bay Area

Mission Bay

Megacampus: Alexandria Center® for Science and Technology –

Mission Bay(1)

2,010,469

109,435

—

2,119,904

$76,151

83.4%

1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street,

1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard

South

Mission Bay

2,010,469

109,435

—

2,119,904

76,151

83.4

South San Francisco

Megacampus: Alexandria Technology Center® – Gateway(1)

1,409,365

—

259,689

1,669,054

75,819

82.3

69.5

600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)

Gateway Boulevard

Megacampus: Alexandria Center® for Advanced Technologies – South San

Francisco

812,453

—

107,250

919,703

52,990

100.0

88.3

213(1), 249, 259, 269, and 279 East Grand Avenue

Alexandria Center® for Life Science – South San Francisco

504,235

—

504,235

32,780

88.0

201 Haskins Way and 400 and 450 East Jamie Court

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan

445,232

—

445,232

2,559

100.0

1122 and 1150 El Camino Real

Alexandria Center® for Life Science – Millbrae(1)

285,346

—

285,346

33,697

100.0

230 Harriet Tubman Way

500 Forbes Boulevard(1)

155,685

—

155,685

10,680

100.0

South San Francisco

3,612,316

—

366,939

3,979,255

208,525

91.4

83.0

Greater Stanford

Megacampus: Alexandria Center® for Life Science – San Carlos

738,038

—

738,038

41,601

94.5

825, 835, 960, and 1501-1599 Industrial Road

Alexandria Stanford Life Science District

704,559

—

704,559

73,213

98.5

3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and

3330 Hillview Avenue

3412, 3420, 3440, 3450, and 3460 Hillview Avenue

340,103

—

340,103

23,601

82.9

3875 Fabian Way

228,000

—

228,000

9,402

100.0

2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road

198,548

—

198,548

13,450

89.4

2100, 2200, and 2400 Geng Road

78,501

—

78,501

4,803

100.0

3350 West Bayshore Road

61,431

—

61,431

4,770

100.0

Greater Stanford

2,349,180

—

2,349,180

170,840

94.5

San Francisco Bay Area

7,971,965

109,435

366,939

8,448,339

$455,516

90.3%

86.3%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

(2)We own 100% of this property.

(3)Includes 109,435 RSF at our 1450 Owens Street development project, where we have a 25% interest. In 4Q24, 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 total 212,796 RSF development project. We expect to complete the transaction in 2H25. Accordingly, we adjusted the development project RSF to reflect the remaining 109,435 RSF. Refer to “New Class A/

A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.

Property Listing (continued)

March 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

San Diego

Torrey Pines

Megacampus: One Alexandria Square

849,325

241,504

—

1,090,829

$49,385

86.6%

3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,

10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road,

and 3545 Cray Court

ARE Torrey Ridge

299,138

—

299,138

13,263

79.7

10578, 10618, and 10628 Science Center Drive

ARE Nautilus

218,459

—

218,459

12,184

97.7

3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics

Court

Torrey Pines

1,366,922

241,504

—

1,608,426

74,832

86.9

University Town Center

Megacampus: Campus Point by Alexandria(1)

1,325,415

426,927

—

1,752,342

81,937

98.1

9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155, 4224,

and 4242 Campus Point Court

Megacampus: 5200 Illumina Way(1)

792,687

—

792,687

29,978

100.0

9625 Towne Centre Drive(1)

163,648

—

163,648

6,520

100.0

University Town Center

2,281,750

426,927

—

2,708,677

118,435

98.9

Sorrento Mesa

Megacampus: SD Tech by Alexandria(1)

896,464

235,361

—

1,131,825

41,655

93.7

9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505

Morehouse Drive(2), and 10055, 10065, and 10075 Barnes Canyon Road

Megacampus: Sequence District by Alexandria

801,575

—

801,575

28,471

100.0

6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive

Pacific Technology Park(1)

544,352

—

544,352

9,352

92.8

9389, 9393, 9401, 9455, and 9477 Waples Street

Summers Ridge Science Park(1)

316,531

—

316,531

11,521

100.0

9965, 9975, 9985, and 9995 Summers Ridge Road

Scripps Science Park by Alexandria

144,113

—

144,113

11,379

100.0

10102 Hoyt Park Drive

ARE Portola

101,857

—

101,857

4,022

100.0

6175, 6225, and 6275 Nancy Ridge Drive

5810/5820 Nancy Ridge Drive

83,354

—

83,354

4,621

100.0

9877 Waples Street

63,774

—

63,774

2,680

100.0

5871 Oberlin Drive

33,842

—

33,842

960

50.1

Sorrento Mesa

2,985,862

235,361

—

3,221,223

114,661

96.2

Sorrento Valley

3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard

151,406

—

151,406

2,866

42.7

11045 and 11055 Roselle Street

43,233

—

43,233

2,203

100.0

Sorrento Valley

194,639

—

194,639

5,069

55.4

Other

311,021

—

311,021

10,225

100.0

San Diego

7,140,194

903,792

—

8,043,986

$323,222

94.3%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

(2)We own 100% of this property.

Property Listing (continued)

March 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Seattle

Lake Union

Megacampus: Alexandria Center® for Life Science – Eastlake

1,151,672

—

1,151,672

$80,340

96.5%

1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and

199(1) East Blaine Street, and 1600 Fairview Avenue East

Megacampus: Alexandria Center® for Advanced Technologies – South

Lake Union

381,380

227,577

—

608,957

21,720

99.6

400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North

219 Terry Avenue North

31,797

—

31,797

1,342

56.9

Lake Union

1,564,849

227,577

—

1,792,426

103,402

96.5

Elliott Bay

410 West Harrison Street and 410 Elliott Avenue West

20,101

—

20,101

696

100.0

Bothell

Megacampus: Alexandria Center® for Advanced Technologies – Canyon

Park

1,061,783

—

1,061,783

21,105

86.9

22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,

22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522,

22722, and 22745 29th Drive Southeast, 21540, 22213 and 22309 30th

Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street

Southeast

Alexandria Center® for Advanced Technologies – Monte Villa Parkway

464,889

—

464,889

11,590

83.9

3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway

Bothell

1,526,672

—

1,526,672

32,695

86.0

Other

67,411

—

67,411

746

100.0

Seattle

3,179,033

227,577

—

3,406,610

137,539

91.5

Maryland

Rockville

Megacampus: Alexandria Center® for Life Science – Shady Grove

1,691,960

—

1,691,960

77,770

94.4

9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950

Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward

Campus Drive, and 9810 and 9820 Darnestown Road

1330 Piccard Drive

131,508

—

131,508

4,324

100.0

1405 and 1450(1) Research Boulevard

114,182

—

114,182

2,998

72.8

1500 and 1550 East Gude Drive

91,359

—

91,359

1,844

100.0

5 Research Place

63,852

—

63,852

3,108

100.0

5 Research Court

51,520

—

51,520

1,976

100.0

12301 Parklawn Drive

49,185

—

49,185

1,598

100.0

Rockville

2,193,566

—

2,193,566

$93,618

94.3%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

Property Listing (continued)

March 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Maryland (continued)

Gaithersburg

Alexandria Technology Center® – Gaithersburg I

619,061

—

619,061

$19,642

93.6%

9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940

Clopper Road

Alexandria Technology Center® – Gaithersburg II

486,300

—

486,300

17,704

95.1

700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield

Road

20400 Century Boulevard

81,006

—

81,006

2,114

100.0

401 Professional Drive

63,154

—

63,154

1,952

90.1

950 Wind River Lane

50,000

—

50,000

1,234

100.0

620 Professional Drive

27,950

—

27,950

1,207

100.0

Gaithersburg

1,327,471

—

1,327,471

43,853

94.8

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

3,039

100.0

101 West Dickman Street(1)

135,949

—

135,949

1,385

75.0

Beltsville

327,833

—

327,833

4,424

89.6

Maryland

3,848,870

—

3,848,870

141,895

94.1

Research Triangle

Megacampus: Alexandria Center® for Life Science – Durham

2,214,887

—

2,214,887

54,788

97.6

6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31

Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive

Megacampus: Alexandria Center® for Advanced Technologies and AgTech

– Research Triangle

687,184

—

687,184

29,892

93.4

6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive

Megacampus: Alexandria Center® for Sustainable Technologies

364,493

—

364,493

7,283

60.7

104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive

Alexandria Technology Center® – Alston

155,731

—

155,731

3,517

94.7

100, 800, and 801 Capitola Drive

Alexandria Innovation Center® – Research Triangle

136,722

—

136,722

4,235

99.2

7010, 7020, and 7030 Kit Creek Road

2525 East NC Highway 54

82,996

—

82,996

3,651

100.0

407 Davis Drive

81,956

—

81,956

3,323

100.0

601 Keystone Park Drive

77,595

—

77,595

2,313

100.0

Research Triangle

3,801,564

—

3,801,564

$109,002

93.4%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

Property Listing (continued)

March 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

New York City

Megacampus: Alexandria Center® for Life Science – New York City

742,706

—

742,706

$68,898

97.7%

430 and 450 East 29th Street

Alexandria Center® for Life Science – Long Island City

179,188

—

179,188

5,673

45.7

30-02 48th Avenue

New York City

921,894

—

921,894

74,571

87.6

Texas

Austin

Megacampus: Intersection Campus

1,525,359

—

1,525,359

33,687

83.0

507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake

Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle

1001 Trinity Street and 1020 Red River Street

198,972

—

198,972

895

100.0

Austin

1,724,331

—

1,724,331

34,582

84.9

Greater Houston

Alexandria Center® for Advanced Technologies at The Woodlands

120,828

—

73,298

194,126

3,172

41.5

25.8

8800 Technology Forest Place

Texas

1,845,159

—

73,298

1,918,457

37,754

82.1

78.9

Canada

895,182

—

132,881

1,028,063

18,525

94.6

82.4

Non-cluster/other markets

349,099

—

349,099

15,413

73.0

North America, excluding properties held for sale

39,257,034

1,873,654

2,174,128

43,304,816

380

2,067,779

91.7%

86.9%

Properties held for sale

382,527

—

382,527

9,031

47.4%

Total – North America

39,639,561

1,873,654

2,174,128

43,687,343

386

$2,076,810

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

Investments in Real Estate

March 31, 2025

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

(4)

(2)

(1)

(3)

Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

(1)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2Q25 through 2Q28 is projected to be $311 million.

(2)Includes expected partial deliveries through 4Q26 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 the Supplemental Information for additional details.

(3)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries through 4Q26 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.

Investments in Real Estate

March 31, 2025

(Dollars in thousands)

Investments in real estate

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

Future development and redevelopment square feet currently included in rental

properties(1)

—

(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

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 the Supplemental Information 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. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries

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

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(2)

Total Project

Unlevered Yields

1Q25

Delivery

Date(1)

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

100%

285,346

$476,000

7.5%

6.2%

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

2/6/25

50.0%

—

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

Weighted average/total

2/28/25

78,487

309,494

387,981

789,215

$912,000

6.6%

6.0%

Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.

(1)Represents the average delivery date for deliveries that occurred during the current quarter, 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

March 31, 2025

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

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

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 2H25.

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

March 31, 2025

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

March 31, 2025

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

1Q24

2025

401 Park Drive/Greater Boston/Fenway

Redev

—

137,675

—

2026

1450 Owens Street/San Francisco Bay Area/Mission Bay(2)

Dev

—

109,435

—

2026

10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines

Dev

93,492

241,504

334,996

100

4Q24

2026

4135 Campus Point Court/San Diego/University Town Center

Dev

—

426,927

100

2026

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

Dev

17,718

235,361

253,079

1Q25

2026

8800 Technology Forest Place/Texas/Greater Houston

Redev

50,094

73,298

123,392

2Q23

2026

Canada

Redev

117,909

132,881

250,790

3Q23

2025

607,201

1,597,920

2,205,121

2027 and beyond stabilization

One Hampshire Street/Greater Boston/Cambridge

Redev

—

104,956

—

2027

2028

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

Redev

82,216

(3)

308,446

390,662

2027

421 Park Drive/Greater Boston/Fenway

Dev

—

392,011

2026

2027

40, 50, and 60 Sylvan Road/Greater Boston/Route 128

Redev

—

596,064

2026

2027

Other/Greater Boston

Redev

—

453,869

—

(4)

2027

651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(5)

Redev

67,017

259,689

326,706

1Q24

2027

269 East Grand Avenue/San Francisco Bay Area/South San Francisco

Redev

—

107,250

—

2026

2027

701 Dexter Avenue North/Seattle/Lake Union

Dev

—

227,577

—

2026

2027

149,233

2,449,862

2,599,095

Total

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 2H25. 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 2Q25. Refer to “Investments in real estate” under “Definitions and

reconciliations” in the Supplemental Information for additional details.

(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 1Q25, 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)

March 31, 2025

(Dollars in thousands)

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%

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 the Supplemental Information for additional details.

(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 of domestic materials. Refer to page 2 of the Earnings Press Release 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

March 31, 2025

(Dollars in thousands)

71% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus™ Ecosystems

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

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

100 Edwin H. Land Boulevard

Megacampus: Alexandria Technology Square®/Cambridge

100%

8,064

—

100,000

Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District

60.0%

290,685

—

1,040,000

10 Necco Street/Seaport Innovation District

100%

105,260

—

175,000

215 Presidential Way/Route 128

100%

6,816

—

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 the Supplemental Information for additional details.

(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 the Supplemental Information for additional details, 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)

March 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

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

1122, 1150, and 1178 El Camino Real

Alexandria Center® for Life Science – Millbrae/South San Francisco

48.3%

156,100

—

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

960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road

3825 and 3875 Fabian Way/Greater Stanford

100%

159,029

—

478,000

2100, 2200, 2300, and 2400 Geng Road/Greater Stanford

100%

37,999

—

240,000

Megacampus: 88 Bluxome Street/SoMa

100%

402,468

—

1,070,925

$2,129,112

476,374

5,946,156

6,422,530

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(2)In 4Q24, 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 2H25.

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

(3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)

March 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

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

Megacampus: 5200 Illumina Way/University Town Center

51.0%

17,469

—

451,832

9625 Towne Centre Drive/University Town Center

30.0%

837

—

100,000

Megacampus: Sequence District by Alexandria/Sorrento Mesa

100%

46,865

—

1,798,915

6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive

Scripps Science Park by Alexandria/Sorrento Mesa

100%

42,465

—

154,308

10256 and 10260 Meanley Drive

4075 Sorrento Valley Boulevard/Sorrento Valley

100%

19,508

—

144,000

Other development and redevelopment projects

(3)

77,878

—

475,000

$1,684,584

903,792

4,925,637

5,829,429

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(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)

March 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

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

410 West Harrison Street/Elliott Bay

100%

—

91,000

Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell

100%

18,521

—

230,000

21660 20th Avenue Southeast

Other development and redevelopment projects

100%

146,711

—

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

9830 Darnestown Road

23,041

—

296,000

Research Triangle

Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle

100%

160,292

—

2,060,000

Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/

Research Triangle

100%

108,266

—

1,170,000

4 and 12 Davis Drive

Megacampus: Alexandria Center® for NextGen Medicines/

Research Triangle

100%

110,826

—

1,055,000

3029 East Cornwallis Road

Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle

100%

54,534

—

750,000

120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive

100 Capitola Drive/Research Triangle

100%

—

65,965

Other development and redevelopment projects

100%

4,185

—

76,262

$438,103

—

5,177,227

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(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)

March 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

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

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

Other development and redevelopment projects

100%

57,669

—

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

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

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 the Supplemental Information for additional details.

(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 the Supplemental Information for additional details, 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 our quarterly report on Form 10-Q for the three months ended

March 31, 2025 filed with the Securities and Exchange Commission on April 28, 2025 for additional details.

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

Construction Spending and Capitalization of Interest

March 31, 2025

(Dollars in thousands)

Construction spending

Three Months Ended

March 31, 2025

Projected Guidance

Midpoint for Year Ending

December 31, 2025

Year Ended

December 31, 2024

Construction of Class A/A+ properties:

Active construction projects

Under construction(1)

307,490

1,220,000

1,791,097

Future pipeline pre-construction

Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)

92,955

500,000

426,948

Revenue- and non-revenue-enhancing capital expenditures

58,464

415,000

(2)

273,377

Construction spending (before contributions from noncontrolling interests or tenants)

458,909

2,135,000

2,491,422

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(63,247)

(230,000)

(3)

(343,798)

Tenant-funded and -built landlord improvements

(39,950)

(155,000)

(129,152)

Total construction spending

355,712

1,750,000

2,018,472

2025 guidance range for construction spending

$1,450,000 – $2,050,000

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

Timing

Amount(3)

2Q25 through 2026

$247,964

2027 and beyond

166,896

Total

$414,860

Average real estate basis used for capitalization of interest

Average Real Estate

Basis Capitalized

During 1Q25

Percentage of Total

Average Real Estate

Basis Capitalized

Key Categories of Real Estate Basis Capitalized

Construction of Class A/A+ properties:

Active construction projects

Under construction(1)

$2,951,331

37%

Future pipeline pre-construction

Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)

4,149,799

(4)

Smaller redevelopments and repositioning capital projects

925,436

$8,026,566

100%

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Includes projects under construction aggregating 4.0 million RSF. Refer to “Investments in real estate” and “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information 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 real estate joint venture partners to fund construction.

(4)Average real estate basis capitalized during 1Q25, which related to our future pipeline pre-construction activities, includes 29% from four key active and future Megacampus development projects. Refer to the next pages for additional

details.

Construction Spending and Capitalization of Interest (continued)

March 31, 2025

Key Future Megacampus™ Development Project

1.9M

FUTURE SF

Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.

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 properties subject to market conditions and leasing.

Construction Spending and Capitalization of Interest (continued)

March 31, 2025

Key Future Megacampus™ Development Project

1.5M

FUTURE SF

Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.

development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.

Construction Spending and Capitalization of Interest (continued)

March 31, 2025

Key Active and Future Megacampus™ Development Project

1.4M

ACTIVE AND

FUTURE SF

Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.

development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.

Construction Spending and Capitalization of Interest (continued)

March 31, 2025

Key Active and Future Megacampus™ Development Project

1.3M

ACTIVE AND

FUTURE SF

Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.

development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.

Joint Venture Financial Information

March 31, 2025

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(2)

San Francisco Bay Area

Mission Bay

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(3)

San Diego

University Town Center

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(4)

San Diego

Sorrento Mesa

50.0%

816,519

Pacific Technology Park

San Diego

Sorrento Mesa

50.0%

544,352

Summers Ridge Science Park(5)

San Diego

Sorrento Mesa

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 the Supplemental Information for additional details.

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

Joint Venture Financial Information (continued)

March 31, 2025

(In thousands)

As of March 31, 2025

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

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

Three Months Ended March 31, 2025

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

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 the Supplemental Information for additional details.

(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.

Investments

March 31, 2025

(Dollars in thousands)

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. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.

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

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

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)

13%

Public

24%

Tenant

87%

Private

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 the Supplemental Information for additional details.

Key Credit Metrics

March 31, 2025

Liquidity

Minimal Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$5.3B

(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

Investments in publicly traded companies

Liquidity as of March 31, 2025

$5,314

Net Debt and Preferred Stock to Adjusted EBITDA(1)

Fixed-Charge Coverage Ratio(1)

4.0x to 4.5x

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Quarter annualized.

Summary of Debt

March 31, 2025

(Dollars in millions)

Weighted-Average Remaining Term of 12.2 Years

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

(2)Refer to footnotes 2 through 4 on the next page under “Fixed-rate and variable-rate debt” for additional details.

Summary of Debt (continued)

March 31, 2025

(Dollars in thousands)

Fixed-rate and variable-rate debt

Fixed-Rate

Debt

Variable-Rate

Debt

Total

Percentage

Weighted-Average

Interest Rate(1)

Remaining Term

(in years)

Secured notes payable

$588

$150,219

$150,807

1.2%

7.20%

1.7

Unsecured senior notes payable

12,640,144

—

12,640,144

96.5

3.89

12.5

Unsecured senior line of credit(2) and commercial

paper program(3)

—

299,883

2.3

4.69

4.8

(4)

Total/weighted average

$12,640,732

$450,102

$13,090,834

100.0%

3.95%

12.2

(4)

Percentage of total debt

96.6%

3.4%

100.0%

(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)As of March 31, 2025, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a

maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue

commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at

SOFR+0.855%. As of March 31, 2025, we had $299.9 million of commercial paper notes outstanding.

(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the

consolidated weighted-average maturity of our debt is 12.0 years. 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% and had a

weighted-average maturity term of 13 days.

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%

Summary of Debt (continued)

March 31, 2025

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

March 31, 2025

Requirement

March 31, 2025

Total Debt to Total Assets

≤ 60%

31%

≤ 60.0%

31.7%

Secured Debt to Total Assets

≤ 40%

0.4%

≤ 45.0%

0.3%

Consolidated EBITDA to Interest Expense

≥ 1.5x

10.2x

≥ 1.50x

3.83x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

311%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

9.76x

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

Unconsolidated real estate joint ventures’ debt

At 100%

Unconsolidated Joint Venture

Maturity Date

Stated Rate

Interest Rate(1)

Aggregate

Commitment

Debt Balance(2)

Our Share

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)In 1Q25, the unconsolidated real estate joint venture refinanced $500 million of its $600 million 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.

Summary of Debt (continued)

March 31, 2025

(Dollars in thousands)

Debt

Stated

Rate

Interest

Rate(1)

Maturity

Date(2)

Principal Payments Remaining for the Periods Ending December 31,

Principal

Unamortized

(Deferred

Financing

Cost),

(Discount)/

Premium

Total

2025

2026

2027

2028

2029

Thereafter

Secured notes payable

Greater Boston(3)

SOFR+2.70%

7.20%

11/19/26

$—

$150,418

$—

$150,418

$(199)

$150,219

San Francisco Bay Area

6.50%

6.50

7/1/36

395

588

—

588

Secured debt weighted-average interest rate/

subtotal

7.20

150,454

395

151,006

(199)

150,807

Unsecured senior line of credit and commercial

paper program(4)

(4)

4.69

(4)

1/22/30

(4)

—

300,000

(117)

299,883

Unsecured senior notes payable

3.45%

3.62

4/30/25

(5)

600,000

—

600,000

(74)

599,926

Unsecured senior notes payable

4.30%

4.50

1/15/26

—

300,000

—

300,000

(408)

299,592

Unsecured senior notes payable

3.80%

3.96

4/15/26

—

350,000

—

350,000

(531)

349,469

Unsecured senior notes payable

3.95%

4.13

1/15/27

—

350,000

—

350,000

(940)

349,060

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(1,206)

423,794

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

—

300,000

(971)

299,029

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

—

400,000

(1,962)

398,038

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

(1,964)

448,036

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

(4,535)

695,465

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(4,188)

745,812

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(6,737)

893,263

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(6,892)

993,108

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(7,047)

792,953

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(4,844)

495,156

Unsecured senior notes payable

5.50%

5.66

10/1/35

—

550,000

(6,777)

543,223

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(4,024)

395,976

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,843)

297,157

Unsecured senior notes payable

4.00%

3.91

2/1/50

—

700,000

9,951

709,951

Unsecured senior notes payable

3.00%

3.08

5/18/51

—

850,000

(11,130)

838,870

Unsecured senior notes payable

3.55%

3.63

3/15/52

—

1,000,000

(13,561)

986,439

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,537)

492,463

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,636)

593,364

Unsecured debt weighted-average interest rate/

subtotal

3.91

600,000

650,000

350,000

425,000

700,000

10,300,000

13,025,000

(84,973)

12,940,027

Weighted-average interest rate/total

3.95%

$600,034

$800,454

$350,038

$425,041

$700,044

$10,300,395

$13,176,006

$(85,172)

$13,090,834

Balloon payments

$600,000

$800,418

$350,000

$425,000

$700,000

$10,300,068

$13,175,486

$—

$13,175,486

Principal amortization

327

520

(85,172)

(84,652)

Total debt

$600,034

$800,454

$350,038

$425,041

$700,044

$10,300,395

$13,176,006

$(85,172)

$13,090,834

Fixed-rate debt

$600,034

$650,036

$350,038

$425,041

$700,044

$10,000,395

$12,725,588

$(84,856)

$12,640,732

Variable-rate debt

—

150,418

—

300,000

450,418

(316)

450,102

Total debt

$600,034

$800,454

$350,038

$425,041

$700,044

$10,300,395

$13,176,006

$(85,172)

$13,090,834

Weighted-average stated rate on maturing debt

3.45%

3.78%

3.95%

3.50%

3.82%

(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.

(2)Reflects any extension options that we control.

(3)Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, of which we own a 75.7% interest. As of March 31, 2025, this joint venture has $44.9 million available under existing lender

commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones.

(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.

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

Definitions and Reconciliations

March 31, 2025

This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-

GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent

annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Adjusted EBITDA and Adjusted EBITDA margin

The following table reconciles net income (loss), the most directly comparable financial

measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the

Adjusted EBITDA margin:

Three Months Ended

(Dollars in thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Net income (loss)

$38,662

$(16,095)

$213,603

$94,049

$219,176

Interest expense

50,876

55,659

43,550

45,789

40,840

Income taxes

1,145

1,855

1,877

1,182

1,764

Depreciation and amortization

342,062

330,108

293,998

290,720

287,554

Stock compensation expense

10,064

12,477

15,525

14,507

17,125

Gain on sales of real estate

(13,165)

(101,806)

(27,114)

—

(392)

Unrealized losses (gains) on non-real estate

investments

68,145

79,776

(2,610)

64,238

(29,158)

Impairment of real estate

32,154

186,564

5,741

30,763

—

Impairment of non-real estate investments

11,180

20,266

10,338

12,788

14,698

Increase (decrease) in provision for expected

credit losses on financial instruments

285

(434)

—

Adjusted EBITDA

$541,408

$568,370

$554,908

$554,036

$551,607

Total revenues

$758,158

$788,945

$791,607

$766,734

$769,108

Adjusted EBITDA margin

71%

72%

70%

72%

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.

Definitions and Reconciliations (continued)

March 31, 2025

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 the definition

of fixed-charge coverage ratio 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 Ratings

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.

Definitions and Reconciliations (continued)

March 31, 2025

Development, redevelopment, and pre-construction (continued)

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.

Space Intentionally Blank

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:

Three Months Ended

(Dollars in thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Adjusted EBITDA

$541,408

$568,370

$554,908

$554,036

$551,607

Interest expense

$50,876

$55,659

$43,550

$45,789

$40,840

Capitalized interest

80,065

81,586

86,496

81,039

81,840

Amortization of loan fees

(4,691)

(4,620)

(4,222)

(4,146)

(4,142)

Amortization of debt discounts

(349)

(333)

(330)

(328)

(318)

Cash interest and fixed charges

$125,901

$132,292

$125,494

$122,354

$118,220

Fixed-charge coverage ratio:

– quarter annualized

4.3x

4.4x

4.5x

4.7x

– trailing 12 months

4.4x

4.5x

4.6x

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.

Definitions and Reconciliations (continued)

March 31, 2025

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’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.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s

common stockholders (continued)

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:

Three Months Ended March 31, 2025

(In thousands)

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

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Total assets

$37,600,428

$37,527,449

$38,488,128

$37,847,865

$37,699,046

Accumulated depreciation

5,886,561

5,625,179

5,624,642

5,457,414

5,216,857

Gross assets

$43,486,989

$43,152,628

$44,112,770

$43,305,279

$42,915,903

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.

Definitions and Reconciliations (continued)

March 31, 2025

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

We hold investments in publicly traded companies and privately held entities primarily

involved in the life science industry. We recognize, measure, present, and disclose these investments as

follows:

Statements of Operations

Balance Sheet

Gains and Losses

Carrying Amount

Unrealized

Realized

Difference between

proceeds received upon

disposition and historical

cost

Publicly traded

companies

Fair value

Changes in fair

value

Privately held entities

without readily

determinable fair

values that:

Report NAV

Fair value, using NAV

as a practical

expedient

Changes in NAV, as

a practical expedient

to fair value

Do not report NAV

Cost, adjusted for

observable price

changes and

impairments(1)

Observable price

changes(1)

Impairments to reduce costs

to fair value, which result in

an adjusted cost basis and

the differences between

proceeds received upon

disposition and adjusted or

historical cost

Equity method

investments

Contributions,

adjusted for our share

of the investee’s

earnings or losses,

less distributions

received, reduced by

other-than-temporary

impairments

Our share of

unrealized gains or

losses reported by

the investee

Our share of realized gains

or losses reported by the

investee, and other-than-

temporary impairments

(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same

issuer. Observable price changes result from, among other things, equity transactions for the same issuer with

similar rights and obligations executed during the reporting period, including subsequent equity offerings or other

reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of March 31, 2025:

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$38,008,273

Less: accumulated depreciation

(5,886,561)

Investments in real estate

$32,121,712

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:

Percentage of

(Dollars in thousands)

Book Value

Gross

Assets

Annual Rental

Revenue

Under construction projects

$3,688,301

—%

Income-producing/potential cash flows/covered land play(1)

3,154,318

Land

1,614,352

—

$8,456,971

19%

(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes

development rights associated with existing operating campuses.

Space Intentionally Blank

Definitions and Reconciliations (continued)

March 31, 2025

Investments in real estate (continued)

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

Other/Greater Boston

Redev

—

167,549

1122 and 1150 El Camino Real/South San Francisco

Dev

—

375,232

3875 Fabian Way/Greater Stanford

Dev

—

228,000

2100, 2200, and 2400 Geng Road/Greater Stanford

Dev

—

78,501

960 Industrial Road/Greater Stanford

Dev

—

112,590

Campus Point by Alexandria/University Town Center

Dev

—

164,144

Sequence District by Alexandria/Sorrento Mesa

Dev/

Redev

—

686,290

410 West Harrison Street/Elliott Bay

Dev

—

17,205

Other/Seattle

Dev

—

68,401

100 Capitola Drive/Research Triangle

Dev

—

34,527

1001 Trinity Street and 1020 Red River Street/Austin

Dev/

Redev

198,972

—

198,972

Canada

Redev

—

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.

Space Intentionally Blank

Definitions and Reconciliations (continued)

March 31, 2025

Key items included in net income attributable to Alexandria’s common stockholders

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 this Supplemental

Information, our most recent annual report on Form 10-K, 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 assets classified as held for sale 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 resignation of an

executive officer 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 this Supplemental Information and accompanying Earnings Press Release.

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 the definition of

Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted

EBITDA.

The following table reconciles debt to net debt and preferred stock and computes the ratio to

Adjusted EBITDA:

(Dollars in thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Secured notes payable

$150,807

$149,909

$145,000

$134,942

$130,050

Unsecured senior notes payable

12,640,144

12,094,465

12,092,012

12,089,561

12,087,113

Unsecured senior line of credit and

commercial paper

299,883

—

454,589

199,552

—

Unamortized deferred financing costs

80,776

77,649

79,610

81,942

84,198

Cash and cash equivalents

(476,430)

(552,146)

(562,606)

(561,021)

(722,176)

Restricted cash

(7,324)

(7,701)

(17,031)

(4,832)

(9,519)

Preferred stock

—

Net debt and preferred stock

$12,687,856

$11,762,176

$12,191,574

$11,940,144

$11,569,666

Adjusted EBITDA:

– quarter annualized

$2,165,632

$2,273,480

$2,219,632

$2,216,144

$2,206,428

– trailing 12 months

$2,218,722

$2,228,921

$2,184,298

$2,122,250

$2,064,904

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

5.9x

5.2x

5.5x

5.4x

5.2x

– trailing 12 months

5.7x

5.3x

5.6x

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.

Definitions and Reconciliations (continued)

March 31, 2025

Net operating income, net operating income (cash basis), and operating margin

The following table reconciles net income (loss) to net operating income and net operating

income (cash basis) and computes operating margin:

Three Months Ended

(Dollars in thousands)

3/31/25

3/31/24

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.

Net operating income, net operating income (cash basis), and operating margin (continued)

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 the definition of annual rental revenue herein.

Definitions and Reconciliations (continued)

March 31, 2025

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.

Space Intentionally Blank

Same property comparisons (continued)

The following table reconciles the number of same properties to total properties for the three

months ended March 31, 2025:

Redevelopment – placed into

Development – under construction

Properties

service after January 1, 2024

Properties

99 Coolidge Avenue

840 Winter Street

500 North Beacon Street and 4 Kingsbury

Avenue

Alexandria Center® for Advanced

Technologies – Monte Villa Parkway

1450 Owens Street

10935, 10945, and 10955 Alexandria

Way

Acquisitions after January 1, 2024

Properties

Other

10075 Barnes Canyon Road

421 Park Drive

Unconsolidated real estate JVs

4135 Campus Point Court

Properties held for sale

701 Dexter Avenue North

Total properties excluded from same

properties

Development – placed into

Same properties

333

service after January 1, 2024

Properties

Total properties in North America as of

March 31, 2025

386

9810 Darnestown Road

9820 Darnestown Road

1150 Eastlake Avenue East

4155 Campus Point Court

201 Brookline Avenue

9808 Medical Center Drive

230 Harriet Tubman Way

Redevelopment – under construction

Properties

40, 50, and 60 Sylvan Road

269 East Grand Avenue

651 Gateway Boulevard

401 Park Drive

8800 Technology Forest Place

311 Arsenal Street

One Hampshire Street

Canada

Other

Definitions and Reconciliations (continued)

March 31, 2025

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 “Same

property performance” in this Supplemental Information 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:

Three Months Ended

(In thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Income from rentals

$743,175

$763,249

$775,744

$755,162

$755,551

Rental revenues

(552,112)

(566,535)

(579,569)

(576,835)

(581,400)

Tenant recoveries

$191,063

$196,714

$196,175

$178,327

$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:

Three Months Ended

(Dollars in thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Unencumbered net operating income

$530,691

$547,921

$553,589

$544,268

$546,830

Encumbered net operating income

1,072

592

4,753

5,212

3,964

Total net operating income

$531,763

$548,513

$558,342

$549,480

$550,794

Unencumbered net operating income as a

percentage of total net operating income

99.8%

99.9%

99.1%

99.3%

Weighted-average interest rate for capitalization of interest

The weighted-average interest rate required for calculating capitalization of interest pursuant

to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates

applicable to borrowings outstanding during the period, including expense/income related to interest rate

hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank

fees. A separate calculation is performed to determine our weighted-average interest rate for

capitalization for each month. The rate will vary each month due to changes in variable interest rates,

outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms

of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.

Space Intentionally Blank

Definitions and Reconciliations (continued)

March 31, 2025

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.

The weighted-average shares of common stock outstanding used in calculating EPS – diluted,

FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as

follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with

nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class

method for each of the respective periods presented below.

Three Months Ended

(In thousands)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Basic shares for earnings per share

170,522

172,262

172,058

172,013

171,949

Unvested RSAs with forfeitable dividends

—

Diluted shares for earnings per share

170,522

172,262

172,058

172,013

171,949

Basic shares for funds from operations per share and

funds from operations per share, as adjusted

170,522

172,262

172,058

172,013

171,949

Unvested RSAs with forfeitable dividends

—

Diluted shares for funds from operations per share and

funds from operations per share, as adjusted

170,599

172,262

172,058

172,013

171,949

Weighted-average unvested RSAs with nonforfeitable

dividends used in calculating the allocations of net

income, funds from operations, and funds from

operations, as adjusted

2,053

2,417

2,838

2,878

2,987

Mentions · how they’re counted

Category	Underlined	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	—	—
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	0	—	—
Recession recession, downturn, contraction, slowdown	0	—	—
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	4	—	—
Buybacks share repurchase, buyback program	0	—	—

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Source: SEC EDGAR · public domain · Highlights by Palanor