EX-99.12a3q24ex991supp.htmEX-99.1 3Q24 EX 99.1 SUPP

Table of Contents

September 30, 2024

COMPANY HIGHLIGHTS

Page

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

iii

Industry and Corporate Responsibility Leadership ............................

xxiv

EARNINGS PRESS RELEASE

Page

Third Quarter Ended September 30, 2024 Financial and

Operating Results ................................................................................

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

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

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

Acquisitions ...............................................................................................

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

Dispositions ...............................................................................................

Funds From Operations and Funds From Operations per Share

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 ............................................................................

Occupancy ................................................................................................

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

Internal Growth

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

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

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

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

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

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

Balance Sheet Management

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

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

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

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

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

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

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

Definitions and Reconciliations

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

CONFERENCE CALL

INFORMATION:

Tuesday, October 22, 2024

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

DANIEL J. RYAN

Co-President & Regional Market

Director – San Diego

HUNTER L. KASS

Co-President & Regional Market

Director – Greater Boston

MARC E. BINDA

Chief Financial Officer &

Treasurer

PAULA SCHWARTZ

Managing Director,

Rx Communications Group

(917) 633-7790

SARA M. KABAKOFF

Senior Vice President –

Chief Content Officer

iii

ALEXANDRIA’S

COMPETITIVE

ADVANTAGES

First mover advantage in the

top life science clusters

High-quality assets aggregated

in desirable and well-amenitized

mega campuses

High-quality cash flows and

substantial embedded future

net operating income

Longstanding tenant

relationships that demonstrate

stellar brand loyalty

Fortress balance sheet with

significant liquidity

Unique and deep life science

industry expertise

Long-tenured and highly

experienced management team

IRREPLACEABLE

LABSPACE® REAL ESTATE

PLATFORM THAT LEADS THE

ASSET CLASS WE PIONEERED

OPERATING RSF

41.8M

MEGA CAMPUSES ENCOMPASS

76%

OF OUR ANNUAL RENTAL REVENUE

As of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

ALEXANDRIA’S MEGA CAMPUS PLATFORM DRIVES

SUPERIOR OPERATING RESULTS

76%

72%

69%

of Alexandria’s

Annual Rental Revenue

of Alexandria’s

Operating RSF

of Total Development

& Redevelopment

Pipeline RSF

MEGA CAMPUSES ENCOMPASS

MEGA CAMPUS OCCUPANCY OUTPERFORMANCE

Average Occupancy(1) Since 2020

92%

96%

Non-Mega

Campus

Mega

Campus

Occupancy

Outperformance

As of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the average occupancy percentage of operating properties as of December 31 for 2020–2023 and September 30, 2024.

vii

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE

HEALTHCARE

REALTY TRUST

WELLTOWER

2,833%

NATIONAL HEALTH

INVESTORS

1,395%

FTSE NAREIT EQUITY

HEALTH CARE INDEX

1,332%

UNIVERSAL HEALTH

REALTY INCOME TRUST

1,309%

LTC

PROPERTIES

1,140%

VENTAS

1,114%

MSCI US

REIT INDEX

934%

OMEGA HEALTHCARE

INVESTORS

753%

HEALTHPEAK

PROPERTIES

715%

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to September 30, 2024

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

The REITs presented individually in the chart above are only those constituents of the FTSE NAREIT Equity Health Care Index as of September 30, 2024 for which TSR information since May 27, 1997 is available.

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

viii

ALEXANDRIA’S

INTERNAL

GROWTH

ALEXANDRIA 3Q24 LEASING VOLUME EXCEEDS PREVIOUS

FOUR-QUARTER AVERAGE

1.0M RSF

Quarterly Average

(3Q23–2Q24)

1.5M RSF

Exceeds

Quarterly

Average by 48%

ALEXANDRIA’S OPERATIONAL EXCELLENCE DRIVES STEADY

AND CONSISTENTLY HIGH OCCUPANCY

(1)Represents the midpoint of our 2024 guidance range for occupancy percentage in North America as of December 31, 2024. Refer to “Guidance” in the Earnings Press Release for additional details.

(2)Represents occupancy percentage of operating properties in North America as of each period-end.

ALEXANDRIA’S REIT INDUSTRY-LEADING CLIENT BASE OF APPROXIMATELY

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

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other Investment-Grade

or Large Cap Tech

Other(1)

Biomedical and

Government

Institutions

92%

of Top 20 Tenant Annual Rental

Revenue as of 3Q24 Is From

Investment-Grade or Publicly

Traded Large Cap Tenants

80%

of Leasing Activity During the

Last Twelve Months Was

Generated From Alexandria’s

Existing Client Base

As of September 30, 2024. Annual rental revenue represents amounts in effect as of September 30, 2024. 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)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than

1.0% of our annual rental revenue.

xii

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND

STRENGTH IN TENANT COLLECTIONS

99.8%

Average Tenant

Collections

1Q21–3Q24

Tenant Receivables

Represent

0.9%

of 3Q24

Rental Revenues

TENANT RENTS AND RECEIVABLES COLLECTED(1)

(1)Represents tenant rents and receivables collected for each quarter-end as of each respective earnings release date.

xiii

ALEXANDRIA’S FORTRESS

BALANCE SHEET AND

STRONG EXECUTION OF

ASSET RECYCLING

xiv

ALEXANDRIA’S STRONG AND FLEXIBLE BALANCE SHEET

WITH SIGNIFICANT LIQUIDITY

TOP 10%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(1)

WEIGHTED AVERAGE

4Q24 TARGET

YEARS

SIGNIFICANT

LIQUIDITY(2)

PERCENTAGE OF

DEBT MATURING

2049 & BEYOND

PERCENTAGE OF

FIXED RATE DEBT

SINCE 2020(3)

$5.4B

31%

97.7%

Baa1

Stable

BBB+

Stable

NET DEBT AND

PREFERRED STOCK TO

ADJUSTED EBITDA(4)

REMAINING

DEBT TERM

INTEREST

RATE

≤5.1x

12.6

3.91%

As of September 30, 2024.

(1)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from Moody’s Ratings and S&P Global Ratings for publicly

traded U.S. REITs, from Bloomberg Professional Services and Nareit.

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

(3)Represents the average fixed rate debt as of each December 31 from 2020 through 2023 and as of September 30, 2024.

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

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND INCREASING

DIVIDENDS WITH A FOCUS ON RETAINING SIGNIFICANT CASH FLOWS FROM

OPERATING ACTIVITIES AFTER DIVIDENDS FOR REINVESTMENT

For 3Q24, we declared a cash dividend of $1.30 per common share

4.4%

Dividend Yield

5.4%

Average Annual Dividend

Per-Share Growth

$2.1B

Net Cash Provided by

Operating Activities

After Dividends

(1)

(2)

(3)

ANNUAL COMMON STOCK DIVIDEND PER SHARE

(4)

(1)Dividend yield is calculated as the dividend declared for the three months ended September 30, 2024 of $1.30 per common share annualized divided by the closing price of our common stock on September 30, 2024 of $118.75.

(2)Represents the years ended December 31, 2020 through 2023 and the three months ended September 30, 2024 annualized.

(3)Represents the years ended December 31, 2020 through 2023 and the midpoint of our 2024 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.

(4)Represents common stock dividend declared for the three months ended September 30, 2024 annualized.

xvi

ALEXANDRIA’S STRONG

EXECUTION OF OUR

ASSET RECYCLING

PROGRAM

STRATEGIC DISPOSITIONS

AND SALES OF PARTIAL

INTERESTS SINCE 2019

$8.7 BILLION

IN SALES

$3.0 BILLION

IN GAINS

(1)

(3)

(2)

(1)Includes amounts related to real estate dispositions and sales of partial interests completed from January 1, 2019 through October 21, 2024.

(2)Dispositions in 100% interest in properties completed since 2019, excluding sales of partial interests, had annual rental revenues of $202.0 million based on the quarter preceding the date on which each property is sold.

(3)Represents aggregate gains on real estate sales and associated real estate impairments and consideration in excess of book value of partial interests sold that were accounted as equity transactions.

xvii

ALEXANDRIA CONTINUES STRATEGIC VALUE-HARVESTING DURING 3Q24 WITH

DISPOSITION OF 1165 EASTLAKE AVENUE EAST IN LAKE UNION, SEATTLE

$150.0M

SALES PRICE

4.7%

CAPITALIZATION RATE

4.9%

CAPITALIZATION RATE

(CASH BASIS)

$1,499

SALES PRICE

PER RSF

$21.5M

GAIN ON SALE

OF REAL ESTATE

Alexandria’s opportunistic sale to Fred Hutchinson

Cancer Center, a longstanding tenant, deepens

our relationship and enables Fred Hutch to

expand its South Lake Union footprint within the

Alexandria Center® for Life Science – Eastlake

mega campus ecosystem.

xviii

ALEXANDRIA’S STRATEGIC VALUE-HARVESTING DISPOSITION OF A NON-CORE,

STAND-ALONE ASSET: 14225 NEWBROOK DRIVE IN NORTHERN VIRGINIA

$80.5M

SALES PRICE

7.6%

CAPITALIZATION RATE

7.4%

CAPITALIZATION RATE

(CASH BASIS)

$37.1M

GAIN ON SALE

OF REAL ESTATE

Demonstrating the long-term enduring value of

our laboratory facilities, Alexandria successfully

operated this property from its acquisition in

1997 (prior to our IPO) through its sale

in October 2024.

xix

ALEXANDRIA: AT THE

VANGUARD AND HEART

OF THE $5 TRILLION

SECULARLY GROWING

LIFE SCIENCE INDUSTRY

(1)Source: YCharts. Represents the aggregate market capitalization for the life science industry, including companies in the biotechnology and pharmaceutical sectors, as of July 12, 2024.

(1)

(1)Source: YCharts. Represents the aggregate market capitalization for the life science industry, including companies in the biotechnology and pharmaceutical sectors, as of July 12, 2024.

(2)Dollar amount represents aggregate funding from all sources presented, and percentage represents the aggregate increase in funding compared to the previous five-year period (2014–2018).

(3)Source: Evaluate Pharma, March 2024. Represents consensus forecast for global biopharma R&D spend in 2023.

(4)Sources: PitchBook, BioCentury, and NASDAQ. Includes venture capital investments in U.S.-based life science companies and IPOs, follow-ons, and public equity financings raised by U.S. listed biopharma companies in 2023.

(5)Sources: National Institutes of Health (“NIH”) and National Science Foundation (“NSF”). Includes FY2023 NIH funding and FY2023 NSF research and related activities.

(6)Source: The Giving Institute, “Giving USA 2024: The Annual Report on Philanthropy for the Year 2023.”

xxi

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

not previously been approved by the FDA.

xxii

Source: U.S. Food and Drug Administration. Innovative medicine approvals by the FDA (Center for Biologics Evaluation and Research (“CBER”)) include novel vaccines and next-generation modalities such as cell therapies, gene therapies,

mRNA products, live biotherapeutics, and oncolytic viruses. These are distinct from the FDA CDER approvals on the prior slide.

(1)YTD 3Q24 represents the period from January 1, 2024 through September 19, 2024.

xxiii

(1)Source: PhRMA, “Understanding Prescription Medicine Spending,” 2022.

(2)Source: Centers for Medicare & Medicaid Services, “National Health Expenditures 2022 Highlights,” 2022.

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

xxiv

ALEXANDRIA’S INDUSTRY

AND CORPORATE

RESPONSIBILITY

LEADERSHIP

xxv

xxvi

Alexandria Real Estate Equities, Inc. Reports:

3Q24 and YTD 3Q24 Net Income per Share – Diluted of $0.96 and $2.18, respectively; and

3Q24 and YTD 3Q24 FFO per Share – Diluted, as Adjusted, of $2.37 and $7.08, respectively

PASADENA, Calif. – October 21, 2024 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the third quarter ended September 30, 2024.

Key highlights

YTD

Operating results

3Q24

3Q23

3Q24

3Q23

Total revenues:

In millions

$791.6

$713.8

$2,327.4

$2,128.5

Growth

10.9%

9.3%

Net income attributable to Alexandria’s common stockholders – diluted:

In millions

$164.7

$21.9

$374.5

$184.4

Per share

$0.96

$0.13

$2.18

$1.08

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

In millions

$407.9

$386.4

$1,217.3

$1,142.5

Per share

$2.37

$2.26

$7.08

$6.69

An industry-leading REIT with a high-quality, diverse tenant base and strong margins

(As of September 30, 2024, unless stated otherwise)

Occupancy of operating properties in North America

94.7%

Percentage of annual rental revenue in effect from mega campuses

76%

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

traded large cap tenants

53%

Operating margin

71%

Adjusted EBITDA margin

70%

Percentage of leases containing annual rent escalations

96%

Weighted-average remaining lease term:

Top 20 tenants

9.5

years

All tenants

7.5

years

Sustained strength in tenant collections:

Tenant receivables as a percentage of 3Q24 rental revenues

0.9%

October 2024 tenant rents and receivables collected as of October 21, 2024

99.6%

3Q24 tenant rents and receivables collected as of October 21, 2024

99.9%

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 5.5x and fixed-charge coverage ratio of

4.4x for 3Q24 annualized (targets for 4Q24 annualized of ≤5.1x and ≥4.5x, respectively).

•Significant liquidity of $5.4 billion.

•31% of our total debt matures in 2049 and beyond.

•12.6 years weighted-average remaining term of debt.

•Since 2020, an average of 97.7% of our debt has been fixed rate.

•Total debt and preferred stock to gross assets of 29%.

•$1.0 billion of capital contribution commitments from existing consolidated real estate joint

venture partners to fund construction from 4Q24 through 2027.

Strong leasing volume and solid rental rate changes

•Strong leasing volume aggregating 1.5 million RSF during 3Q24, up 48% compared to our

previous four-quarter average of 1.0 million RSF.

•Rental rate changes on lease renewals and re-leasing of space were 5.1% and 1.5% (cash

basis) for 3Q24 and 16.4% and 8.9% (cash basis) for YTD 3Q24.

•80% of our leasing activity during the last twelve months was generated from our existing

tenant base.

3Q24

YTD 3Q24

Total leasing activity – RSF

1,486,097

3,742,955

Leasing of development and redevelopment space – RSF

39,121

480,342

Lease renewals and re-leasing of space:

RSF (included in total leasing activity above)

1,278,857

2,863,277

Rental rate changes

5.1%

(1)

16.4%

Rental rate changes (cash basis)

1.5%

(1)

8.9%

(1)Includes a five-year lease extension to an investment-grade rated technology tenant aggregating 357,136

RSF of recently acquired tech R&D space in our Texas market that was renewed with rental rate changes of

(33.6)% and (4.8)% (cash basis). These spaces were originally targeted for a future change in use at

acquisition, but we instead renewed them with a lower capital investment while we continue to evaluate

options to convert these spaces in the future, subject to market conditions. Excluding this lease, rental rate

changes for renewed/re-leased space for 3Q24 were 13.0% and 2.3% (cash basis).

Attractive dividend strategy to share net cash flows from operating activities with stockholders

while retaining a significant portion for reinvestment

•Common stock dividend declared for 3Q24 of $1.30 per common share aggregating $5.14

per common share for the twelve months ended September 30, 2024, up 24 cents, or 5%,

over the twelve months ended September 30, 2023.

•Dividend yield of 4.4% as of September 30, 2024.

•Dividend payout ratio of 55% for the three months ended September 30, 2024.

•Average annual dividend per-share growth of 5.4% from 2020 through 3Q24 annualized.

•Significant net cash flows from operating activities after dividends retained for reinvestment

aggregating $2.1 billion for the years ended December 31, 2020 through 2023 and including

the midpoint of our 2024 guidance range for net cash provided by operating activities after

dividends.

Ongoing successful execution of Alexandria’s 2024 capital strategy

We expect to continue pursuing our strategy to fund a significant portion of our capital

requirements for the year ending December 31, 2024 with dispositions primarily focused on

sales of properties and land parcels not integral to our mega campus strategy. Refer to

“Dispositions” in the Earnings Press Release for additional details.

(in millions)

Completed dispositions of 100% interest in properties

$319

Pending dispositions subject to non-refundable deposits

577

Pending dispositions subject to executed letters of intent and/or purchase and sale agreements

603

Forward equity sales agreements

Total

$1,527

2024 guidance midpoint for dispositions and common equity

$1,550

Third Quarter Ended September 30, 2024 Financial and Operating Results (continued)

September 30, 2024

Ongoing successful execution of Alexandria’s 2024 capital strategy (continued)

•In September 2024, we completed the following transactions with our longstanding tenant,

Fred Hutchinson Cancer Center (“Fred Hutch”), in the Lake Union submarket:

•Sale of 1165 Eastlake Avenue East, a fully leased 100,086 RSF single-tenant Class A+ life

science facility that was developed in 2021. We sold the property for $150.0 million, or

$1,499 per RSF, at strong capitalization rates of 4.7% and 4.9% (cash basis). Upon

completion of the sale, we recognized a gain on sale of real estate aggregating

$21.5 million.

•Fred Hutch executed early renewals aggregating 117,479 RSF at our 1201 and 1208

Eastlake Avenue East properties, including a 15-year lease extension at 1201 Eastlake

Avenue East.

•Our prior joint venture partner sold their partial interest ownership in each of 1201 and

1208 Eastlake Avenue East to Fred Hutch. Our ownership interest in both properties

remains unchanged at 30.0%. This sale, lease extensions, and new joint venture affirm

Fred Hutch’s commitment to South Lake Union.

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

income of $21 million commencing during 3Q24 and is expected to deliver incremental annual net

operating income aggregating $510 million primarily by 1Q28

•During 3Q24, we placed into service development and redevelopment projects aggregating

316,691 RSF that are 100% leased across multiple submarkets and delivered incremental

annual net operating income of $21 million. 3Q24 deliveries included 250,000 RSF at 9820

Darnestown Road on the Alexandria Center® for Life Science – Shady Grove mega campus

in our Rockville submarket.

•Annual net operating income (cash basis) is expected to increase by $57 million upon the

burn-off of initial free rent, with a weighted-average burn-off period of approximately

six months, from recently delivered projects.

•69% of the RSF in our total development and redevelopment pipeline is within our mega

campuses.

Development and Redevelopment Projects

Incremental

Annual Net

Operating Income

RSF

Leased/

Negotiating

Percentage

(dollars in millions)

Placed into service:

1H24

$42

628,427

100%

3Q24

316,691

100

Placed into service in YTD 3Q24

$63

945,118

100%

Expected to be placed into service(1):

4Q24 through 4Q25

$158

(2)

5,467,897

55%

1Q26 through 1Q28

352

(3)

$510

(1)Represents expected incremental annual net operating income to be placed into service from deliveries of

projects undergoing construction and one committed near-term project expected to commence construction in

the next two years.

(2)Includes (i) 1.0 million RSF that is expected to stabilize through 2025 and is 92% leased/negotiating and

(ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 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)70% of the leased RSF of our development and redevelopment projects was generated from our existing

tenant base.

Continued solid net operating income and internal growth

•Net operating income (cash basis) of $2.0 billion for 3Q24 annualized, up $274.2 million, or

15.5%, compared to 3Q23 annualized.

•Same property net operating income growth of 1.5% and 6.5% (cash basis) for 3Q24 over

3Q23 and 1.6% and 4.6% (cash basis) for YTD 3Q24 over YTD 3Q23.

•96% of our leases contain contractual annual rent escalations approximating 3%.

Strong balance sheet management

Key metrics as of or for the three months ended September 30, 2024

•$33.1 billion in total market capitalization.

•$20.5 billion in total equity capitalization, which ranks in the top 10% among all publicly traded

U.S. REITs.

3Q24

Target

Quarter

Trailing

4Q24

Annualized

12 Months

Annualized

Net debt and preferred stock to

Adjusted EBITDA

5.5x

5.6x

Less than or equal to 5.1x

Fixed-charge coverage ratio

4.4x

4.5x

Greater than or equal to 4.5x

Key capital events

•In September 2024, we amended and restated our unsecured senior line of credit to, among

other changes, extend the maturity date from January 22, 2028 to January 22, 2030,

including extension options that we control.

•During 3Q24, we had no activity under our ATM program. As of October 21, 2024, the

remaining aggregate amount available for future sales of common stock was $1.47 billion.

Investments

•As of September 30, 2024:

•Our non-real estate investments aggregated $1.5 billion.

•Unrealized gains presented in our consolidated balance sheet were $166.2 million,

comprising gross unrealized gains and losses aggregating $284.4 million and

$118.2 million, respectively.

•Investment income of $15.2 million for 3Q24 presented in our consolidated statement of

operations consisted of $23.0 million of realized gains and $2.6 million of unrealized gains,

partially offset by $10.3 million of impairment charges.

Third Quarter Ended September 30, 2024 Financial and Operating Results (continued)

September 30, 2024

Other key highlights

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

YTD

3Q24

3Q23

3Q24

3Q23

3Q24

3Q23

3Q24

3Q23

(in millions, except per share

amounts)

Amount

Per Share –

Diluted

Amount

Per Share –

Diluted

Unrealized gains (losses) on

non-real estate investments

$2.6

$(77.2)

$0.02

$(0.45)

$(32.5)

$(221.0)

$(0.19)

$(1.29)

Gain on sales of real estate

27.1

—

0.16

—

27.5

214.8

0.16

1.26

Impairment of non-real estate

investments

(10.3)

(28.5)

(0.06)

(0.17)

(37.8)

(51.5)

(0.22)

(0.30)

Impairment of real estate

(5.7)

(20.6)

(0.03)

(0.12)

(36.5)

(189.2)

(0.22)

(1.11)

Acceleration of stock

compensation expense due to

executive officer resignations

—

(1.9)

—

(0.01)

—

(1.9)

—

(0.01)

Total

$13.7

$(128.2)

$0.09

$(0.75)

$(79.3)

$(248.8)

$(0.47)

$(1.45)

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

details.

Subsequent events

•In October 2024, we agreed to sell four properties located in our Greater Boston market for a

sales price of $369.4 million to the current tenant of the properties with whom we have a long-

established relationship. The sales price represents capitalization rates of 8.5% and 6.3%

(cash basis) based upon net operating income and net operating income (cash basis),

respectively, for 3Q24 annualized. These properties, acquired primarily during 2020–2021,

are currently 100% leased with a weighted-average remaining lease term of 18 years. In

October 2024, we recognized an impairment charge aggregating $40.9 million to reduce the

carrying amounts of these properties by approximately 10% to the expected sales price less

costs to sell. Our decision to dispose of these properties is based on their non-strategic

location and the significant capital that the expected sales proceeds provide for immediate

reinvestment into our development and redevelopment pipeline.

•In October 2024, we agreed to sell five operating properties aggregating 203,223 RSF and

land parcels aggregating 1.5 million SF in our Sorrento Mesa and University Town Center

submarkets to buyers that are expected to develop residential properties on these sites for an

aggregate sales price of approximately $314.0 million. In October 2024, we recognized

impairment charges aggregating $65.9 million to reduce the carrying amounts of these

properties to the expected aggregate sales price less costs to sell. Our decision to dispose of

these assets, which are not integral to our mega campus strategy, is primarily based on the

substantial capital that the sales proceeds will provide for immediate reinvestment into our

development and redevelopment pipeline.

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

positive change to benefit human health and society

•In September 2024, Alexandria was named one of the World’s Most Trustworthy Companies

by Newsweek. This significant distinction builds on the Company’s recognition by the

publication as one of America’s Most Trustworthy Companies in 2023 and 2024. Alexandria is

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

•In September 2024, Alexandria and its executive chairman and founder, Joel S. Marcus, were

honored with the inaugural Bisnow Life Sciences Icon & Influencer Award. This prestigious

award highlights Mr. Marcus and the Company’s significant long-term contributions to and

lasting impact on the life science real estate sector and broader life science industry. Mr.

Marcus accepted the award on his own behalf and that of Alexandria at Bisnow’s International

Life Sciences & Biotech Conference, where he was also the keynote speaker.

•Alexandria continued to receive broad recognition for our operational excellence in asset

management, design, development, and sustainability, including the following recent awards:

•In our Greater Boston market, the atrium at 325 Binney Street, located on the Alexandria

Center® at One Kendall Square mega campus, is a light-filled collaboration space with a

terraced garden and communal staircase that was celebrated for design excellence in the

Science & Research – Small (under 50,000 SF) category of the 2024 International Interior

Design Association New England (IIDA NE) Design Awards and also received the award

program’s top honor, Best in Show.

•In our Maryland market, we were awarded three 2024 NAIOP DC|MD Awards of

Excellence for developments and enhancements on the Alexandria Center® for Life

Science – Shady Grove mega campus: 9810 and 9820 Darnestown Road for Best Life

Science Facility, 9800 Medical Center Drive for Best Amenity Space, and 9950 Medical

Center Drive for Best Industrial/Flex.

•We received a 2024 Nareit Sustainable Design Impact Award for our groundbreaking

approach to utilizing alternative energy sources such as geothermal energy and

wastewater heat recovery systems to reduce operational greenhouse gas emissions in

Labspace® development projects in our Greater Boston and Seattle markets.

•Alexandria GradLabs® at 9880 Campus Point Drive, located on the Campus Point by

Alexandria mega campus in our San Diego market, earned a 2024 International Institute

for Sustainable Laboratories (I2SL) Lab Buildings and Projects Award for Excellence in

Energy Efficiency. The state-of-the-art building was designed to operate as a highly energy-

efficient research facility. In 2023, the LEED Platinum certified facility earned an I2SL

Labs2Zero pilot Energy Score of 96 out of 100, indicating its operational energy

performance is better than 96% of similar facilities.

Third Quarter Ended September 30, 2024 Financial and Operating Results (continued)

September 30, 2024

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. As the pioneer

of the life science real estate niche with our founding in 1994, Alexandria is the preeminent and

longest-tenured owner, operator, and developer of collaborative mega campuses in AAA life

science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San

Diego, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2024,

Alexandria has a total market capitalization of $33.1 billion and an asset base in North America

that includes 41.8 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties

undergoing construction, and one committed near-term project expected to commence

construction in the next two years. Alexandria has a longstanding and proven track record of

developing Class A/A+ properties clustered in mega campuses that provide our 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.

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

September 30, 2024

(Dollars in millions, except per share amounts)

The following guidance for 2024 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2024. There can be no assurance that actual

results will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 8 of the Earnings Press Release for additional details.

2024 Guidance Midpoint

Summary of Key Changes in Guidance

As of 10/21/24

As of 7/22/24

Summary of Key Changes in Sources and Uses of Capital

As of 10/21/24

As of 7/22/24

EPS, FFO per share, and FFO per share, as adjusted

See updates below

Cash expected to be held at December 31, 2024

$150

$—

Straight-line rent revenue

$147 to $162

$169 to $184

General and administrative expenses

$176 to $186

$181 to $191

Projected 2024 Earnings per Share and Funds From Operations per Share Attributable to

Alexandria’s Common Stockholders – Diluted

As of 10/21/24

As of 7/22/24

G1Earnings per share(2)

$2.60 to $2.64

$2.98 to $3.10

Depreciation and amortization of real estate assets

6.05

5.95

Gain on sales of real estate(3)

(0.38)

—

Impairment of real estate – rental properties and land(4)

0.67

0.01

Allocation to unvested restricted stock awards

(0.06)

(0.05)

Funds from operations per share(1)

$8.88 to $8.92

$8.89 to $9.01

Unrealized losses on non-real estate investments

0.19

0.20

Impairment of non-real estate investments

0.22

0.16

Impairment of real estate

0.17

Allocation to unvested restricted stock awards

(0.01)

G2Funds from operations per share, as adjusted(1)

$9.45 to $9.49

$9.41 to $9.53

Midpoint

$9.47

Key Assumptions

Low

High

G3Occupancy percentage in North America as of December 31, 2024

94.6%

95.6%

Lease renewals and re-leasing of space:

G4Rental rate changes

11.0%

19.0%

G5Rental rate changes (cash basis)

5.0%

13.0%

Same property performance:

G6Net operating income changes

0.5%

2.5%

G7Net operating income changes (cash basis)

3.0%

5.0%

Straight-line rent revenue(9)

$147

$162

General and administrative expenses(10)

$176

$186

G8Capitalization of interest

$325

$355

G9Interest expense

$154

$184

G10Realized gains on non-real estate investments(11)

$95

$125

Key Credit Metric Targets(1)

Net debt and preferred stock to Adjusted EBITDA – 4Q24 annualized

Less than or equal to 5.1x

Fixed-charge coverage ratio – 4Q24 annualized

Greater than or equal to 4.5x

Certain

Completed

Items

Key Sources and Uses of Capital

Range

Midpoint

Sources of capital:

Incremental debt

$885

$1,185

$1,035

See below

Net cash provided by operating activities after

dividends

400

500

450

G11Dispositions and common equity(5) (refer to page 7)

1,050

2,050

1,550

(5)

Total sources of capital

$2,335

$3,735

$3,035

Uses of capital:

G12Construction

$1,950

$2,550

$2,250

Acquisitions (refer to page 6)

250

750

500

$249

Ground lease prepayment(6)

135

Cash expected to be held at December 31, 2024(7)

—

300

150

Total uses of capital

$2,335

$3,735

$3,035

Incremental debt (included above):

Issuance of unsecured senior notes payable(8)

$1,000

(8)

Unsecured senior line of credit, commercial paper,

and other

(115)

185

Net incremental debt

$885

$1,185

$1,035

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

(2)Excludes unrealized gains or losses on non-real estate investments after September 30, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(3)Includes $37.1 million of gain on sales of real estate recognized in October 2024. Refer to “Dispositions” in the Earnings Press Release for additional details.

(4)Includes $106.8 million of real estate impairments recognized in October 2024. Refer to “Subsequent Events” in the Earnings Press Release for additional details.

(5)We expect to fund our remaining capital requirements for the year ending December 31, 2024 with real estate dispositions. As of October 21, 2024, we completed real estate dispositions aggregating $319.2 million, have additional pending

transactions subject to (i) non-refundable deposits aggregating $577.2 million and (ii) executed letters of intent and/or purchase and sale agreements aggregating $602.5 million and forward equity sales agreements aggregating $28 million,

which in aggregate, represents 98% of the $1.55 billion midpoint of our guidance range. We do not expect to issue additional equity in 2024 beyond the existing forward equity sales agreements outstanding.

(6)In July 2024, we executed an amendment to our existing ground lease agreement at the Alexandria Technology Square® mega campus in our Cambridge submarket, which requires that we prepay our entire rent obligation for the extended

lease term aggregating $270.0 million in two equal installments during the fourth quarter of 2024 and the first quarter of 2025.

(7)The increase in cash expected to be held at December 31, 2024 is primarily due to changes in the mix and timing of pending dispositions that are subject to non-refundable deposits or subject to executed letters of intent and/or purchase

and sale agreements that are expected to close in 4Q24. This cash is expected to reduce our 2025 debt capital needs.

(8)Represents $1.0 billion of unsecured senior notes payable issued in February 2024. Subject to market conditions, we may seek additional opportunities in 2024 to fund all or a portion of the proceeds necessary for the repayment of our

$600.0 million of 3.45% unsecured senior notes payable due on April 30, 2025 through the issuance of additional unsecured senior notes payable that is not assumed in our current 2024 guidance.

(9)Reduction in the midpoint of our guidance range for straight-line rent revenue by $22 million is primarily attributable to (i) the write-off of a deferred rent receivable of $9 million related to the lease termination and a payment of $10 million

from a tenant at 409 Illinois Street in our Mission Bay submarket, a 234,249 RSF property owned by our consolidated real estate joint venture for which we have an ownership interest of 25%, and (ii) a change in the expected stabilization

date from 4Q24 to 1Q25 at our fully leased development project at 230 Harriet Tubman Way in our South San Francisco submarket as reported in our 2Q24 Earnings Press Release and Supplemental Information.

(10)Reduction in the midpoint of our guidance range for general and administrative expense by $5 million is primarily attributable to the realization of savings associated with overall efficiencies, including enhanced cost control measures,

incremental use of technology, streamlined processes, and optimization of execution in connection with the sale of non-core assets not integral to our mega campus strategy.

(11)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.

Acquisitions

September 30, 2024

(Dollars in thousands)

Property

Submarket/Market

Date of

Purchase

Number of

Properties

Operating

Occupancy

Square Footage

Purchase Price

Future

Development(1)

Operating With

Future Development/

Redevelopment(1)

Completed in 1H24:

285, 299, 307, and 345 Dorchester Avenue (60%

interest in consolidated JV)

Seaport Innovation District/Greater

Boston

1/30/24

—

N/A

1,040,000

—

155,321

Other

46,490

201,811

Completed in October 2024:

428 Westlake Avenue North

Lake Union/Seattle

10/1/24

100%

—

88,514

47,600

249,411

2024 guidance range for acquisitions

$250,000 – $750,000

(1)We expect to provide total estimated costs and related yields for development and significant redevelopment projects in the future, subsequent to the commencement of construction.

Dispositions

September 30, 2024

(Dollars in thousands)

Property

Submarket/Market

Date of

Sale

Interest

Sold

RSF

Capitalization

Rate

Capitalization

Rate

(Cash Basis)

Sales Price

per RSF

Completed in 1H24

$17,213

Completed in 3Q24:

Sale to longstanding tenant

1165 Eastlake Avenue East

Lake Union/Seattle

9/12/24

100%

100,086

4.7%

4.9%

149,985

(1)

$1,499

Dispositions of properties not integral to our mega campus

strategy

219 East 42nd Street

New York City/New York City

7/9/24

100%

349,947

N/A

60,000

(2)

N/A

Other

11,511

221,496

(3)

Dispositions completed in YTD 3Q24

238,709

Completed in October 2024:

Dispositions of properties not integral to our mega campus

strategy

14225 Newbrook Drive

Northern Virginia/Maryland

10/15/24

100%

248,186

7.6%

7.4%

80,500

(4)

$324

319,209

Pending 4Q24 dispositions subsequent to October 21, 2024:

Subject to non-refundable deposits

Sale to longstanding tenant

Greater Boston

4Q24

100%

8.5%

6.3%

369,439

(5)

Other

207,713

577,152

Subject to executed letters of intent and/or purchase and sale

agreements

602,500

(5)

1,179,652

(6)

$1,498,861

2024 guidance range for dispositions and common equity

$1,050,000 – $2,050,000

(1)Upon completion of the sale, we recognized a gain on sale of real estate aggregating $21.5 million.

(2)The property was leased to a single tenant with a July 2024 lease expiration and had annual net operating income of $18.6 million based on 2Q24 annualized. This property was previously considered to be a potential development project

upon expiration of the in-place non-laboratory space lease.

(3)Dispositions completed during the three months ended September 30, 2024 had annual net operating income of $26.5 million (based on 2Q24 annualized) with a weighted-average disposition date of July 28, 2024 (weighted by net

operating income for 2Q24 annualized).

(4)Demonstrating the long-term enduring value of our laboratory facilities, Alexandria successfully operated our only asset in the Northern Virginia submarket from its acquisition in 1997 (prior to our IPO) through its sale in October 2024. Upon

completion of the sale, we recognized a gain on sale of real estate aggregating $37.1 million.

(5)Refer to “Subsequent events” in the Earnings Press Release for additional details.

(6)Pending dispositions subsequent to October 21, 2024 have estimated annual net operating income of approximately $95.8 million (based on 3Q24 annualized) with a weighted-average estimated disposition date of December 5, 2024

(weighted by net operating income for 3Q24 annualized). Approximately half of our pending dispositions are non-core stabilized stand-alone properties with weighted-average capitalization rates of 8.5% and 7.0% (cash basis), and the

remaining half are land and non-stabilized properties that have vacancy or significant near-term lease expirations that will require capital to re-tenant, including one building with approximately 72% of non-laboratory space.

Earnings Call Information and About the Company

September 30, 2024

We will host a conference call on Tuesday, October 22, 2024, 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 third quarter ended September 30, 2024. 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,

October 22, 2024. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1168152.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2024 is available in the “For Investors” section of our website at www.are.com

or by following this link: https://www.are.com/fs/2024q3.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; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.

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. As the pioneer of the life

science real estate niche with our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative mega campuses in AAA life science innovation cluster locations,

including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2024, Alexandria has a total market capitalization of $33.1 billion

and an asset base in North America that includes 41.8 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction, and one committed near-term project expected to

commence construction in the next two years. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in mega campuses that provide our 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. 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 2024 earnings per share, 2024 funds from operations per share, 2024 funds from operations per share, as adjusted, 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®, Labspace®, 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

September 30, 2024

(Dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

9/30/24

9/30/23

Revenues:

Income from rentals

$775,744

$755,162

$755,551

$742,637

$707,531

$2,286,457

$2,099,819

Other income

15,863

11,572

13,557

14,579

6,257

40,992

28,664

Total revenues

791,607

766,734

769,108

757,216

713,788

2,327,449

2,128,483

Expenses:

Rental operations

233,265

217,254

218,314

222,726

217,687

668,833

636,454

General and administrative

43,945

44,629

47,055

59,289

45,987

135,629

140,065

Interest

43,550

45,789

40,840

31,967

11,411

130,179

42,237

Depreciation and amortization

293,998

290,720

287,554

285,246

269,370

872,272

808,227

Impairment of real estate

5,741

30,763

—

271,890

20,649

36,504

189,224

Total expenses

620,499

629,155

593,763

871,118

565,104

1,843,417

1,816,207

Equity in earnings of unconsolidated real estate joint ventures

139

130

155

363

242

424

617

Investment income (loss)

15,242

(43,660)

43,284

8,654

(80,672)

14,866

(204,051)

Gain on sales of real estate

27,114

—

392

62,227

—

27,506

214,810

Net income (loss)

213,603

94,049

219,176

(42,658)

68,254

526,828

323,652

Net income attributable to noncontrolling interests

(45,656)

(47,347)

(48,631)

(45,771)

(43,985)

(141,634)

(131,584)

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

stockholders

167,947

46,702

170,545

(88,429)

24,269

385,194

192,068

Net income attributable to unvested restricted stock awards

(3,273)

(3,785)

(3,659)

(3,498)

(2,414)

(10,717)

(7,697)

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

common stockholders

$164,674

$42,917

$166,886

$(91,927)

$21,855

$374,477

$184,371

Net income (loss) per share attributable to Alexandria Real Estate Equities,

Inc.’s common stockholders:

Basic

$0.96

$0.25

$0.97

$(0.54)

$0.13

$2.18

$1.08

Diluted

$0.96

$0.25

$0.97

$(0.54)

$0.13

$2.18

$1.08

Weighted-average shares of common stock outstanding:

Basic

172,058

172,013

171,949

171,096

170,890

172,007

170,846

Diluted

172,058

172,013

171,949

171,096

170,890

172,007

170,846

Dividends declared per share of common stock

$1.30

$1.27

$1.24

$3.87

$3.69

Consolidated Balance Sheets

September 30, 2024

(In thousands)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Assets

Investments in real estate

$32,951,777

$32,673,839

$32,323,138

$31,633,511

$31,712,731

Investments in unconsolidated real estate joint ventures

40,170

40,535

40,636

37,780

37,695

Cash and cash equivalents

562,606

561,021

722,176

618,190

532,390

Restricted cash

17,031

4,832

9,519

42,581

35,321

Tenant receivables

6,980

6,822

7,469

8,211

6,897

Deferred rent

1,216,176

1,190,336

1,138,936

1,050,319

1,012,666

Deferred leasing costs

516,872

519,629

520,616

509,398

512,216

Investments

1,519,327

1,494,348

1,511,588

1,449,518

1,431,766

Other assets

1,657,189

1,356,503

1,424,968

1,421,894

1,501,611

Total assets

$38,488,128

$37,847,865

$37,699,046

$36,771,402

$36,783,293

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$145,000

$134,942

$130,050

$119,662

$109,110

Unsecured senior notes payable

12,092,012

12,089,561

12,087,113

11,096,028

11,093,725

Unsecured senior line of credit and commercial paper

454,589

199,552

—

99,952

—

Accounts payable, accrued expenses, and other liabilities

2,865,886

2,529,535

2,503,831

2,610,943

2,653,126

Dividends payable

227,191

227,408

222,134

221,824

214,450

Total liabilities

15,784,678

15,180,998

14,943,128

14,148,409

14,070,411

Commitments and contingencies

Redeemable noncontrolling interests

16,510

16,440

16,620

16,480

51,658

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

Common stock

1,722

1,720

1,719

1,710

Additional paid-in capital

18,238,438

18,284,611

18,434,690

18,485,352

18,651,185

Accumulated other comprehensive loss

(22,529)

(27,710)

(23,815)

(15,896)

(24,984)

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

18,217,631

18,258,621

18,412,595

18,471,175

18,627,911

Noncontrolling interests

4,469,309

4,391,806

4,326,703

4,135,338

4,033,313

Total equity

22,686,940

22,650,427

22,739,298

22,606,513

22,661,224

Total liabilities, noncontrolling interests, and equity

$38,488,128

$37,847,865

$37,699,046

$36,771,402

$36,783,293

Funds From Operations and Funds From Operations per Share

September 30, 2024

(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

Nine Months Ended

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

9/30/24

9/30/23

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

and diluted

$164,674

$42,917

$166,886

$(91,927)

$21,855

$374,477

$184,371

Depreciation and amortization of real estate assets

291,258

288,118

284,950

281,939

266,440

864,326

798,590

Noncontrolling share of depreciation and amortization from consolidated real

estate JVs

(32,457)

(31,364)

(30,904)

(30,137)

(28,814)

(94,725)

(85,212)

Our share of depreciation and amortization from unconsolidated real estate JVs

1,075

1,068

1,034

965

910

3,177

2,624

Gain on sales of real estate

(27,114)

—

(392)

(62,227)

—

(27,506)

(214,810)

Impairment of real estate – rental properties and land

5,741

(1)

2,182

—

263,982

19,844

7,923

186,446

Allocation to unvested restricted stock awards

(2,908)

(1,305)

(3,469)

(2,268)

(838)

(7,657)

(3,050)

Funds from operations attributable to Alexandria’s common stockholders –

diluted(2)

400,269

301,616

418,105

360,327

279,397

1,120,015

868,959

Unrealized (gains) losses on non-real estate investments

(2,610)

64,238

(29,158)

(19,479)

77,202

32,470

220,954

Impairment of non-real estate investments

10,338

(3)

12,788

14,698

23,094

28,503

37,824

51,456

Impairment of real estate

—

28,581

—

7,908

805

28,581

2,778

Acceleration of stock compensation expense due to executive officer resignations

—

18,436

1,859

—

1,859

Allocation to unvested restricted stock awards

(125)

(1,738)

247

(472)

(1,330)

(1,640)

(3,503)

Funds from operations attributable to Alexandria’s common stockholders –

diluted, as adjusted

$407,872

$405,485

$403,892

$389,814

$386,436

$1,217,250

$1,142,503

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

(1)Primarily to reduce the carrying amount of one property in Canada that continued to meet the held-for-sale classification to the sales price under negotiation with a potential buyer less costs to sell.

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

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

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

September 30, 2024

(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

Nine Months Ended

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

9/30/24

9/30/23

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

diluted

$0.96

$0.25

$0.97

$(0.54)

$0.13

$2.18

$1.08

Depreciation and amortization of real estate assets

1.51

1.50

1.48

1.40

4.49

4.19

Gain on sales of real estate

(0.16)

—

(0.36)

—

(0.16)

(1.26)

Impairment of real estate – rental properties and land

0.03

0.01

—

1.54

0.12

0.05

1.09

Allocation to unvested restricted stock awards

(0.01)

(0.02)

(0.01)

(0.05)

(0.01)

Funds from operations per share attributable to Alexandria’s common

stockholders – diluted

2.33

1.75

2.43

2.11

1.64

6.51

5.09

Unrealized (gains) losses on non-real estate investments

(0.02)

0.37

(0.17)

(0.11)

0.45

0.19

1.29

Impairment of non-real estate investments

0.06

0.08

0.09

0.13

0.17

0.22

0.30

Impairment of real estate

—

0.17

—

0.05

—

0.17

0.02

Acceleration of stock compensation expense due to executive officer resignations

—

0.11

0.01

—

0.01

Allocation to unvested restricted stock awards

—

(0.01)

—

(0.01)

(0.02)

Funds from operations per share attributable to Alexandria’s common

stockholders – diluted, as adjusted

$2.37

$2.36

$2.35

$2.28

$2.26

$7.08

$6.69

Weighted-average shares of common stock outstanding – diluted

172,058

172,013

171,949

171,096

170,890

172,007

170,846

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

SUPPLEMENTAL

INFORMATION

Company Profile

September 30, 2024

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. As the pioneer of the life science real estate niche with our founding in 1994,

Alexandria is the preeminent and longest-tenured owner, operator, and developer of

collaborative mega campuses in AAA life science innovation cluster locations, including

Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research

Triangle, and New York City. As of September 30, 2024, Alexandria has a total market

capitalization of $33.1 billion and an asset base in North America that includes 41.8 million

RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing

construction, and one committed near-term project expected to commence construction in

the next two years. Alexandria has a longstanding and proven track record of developing

Class A/A+ properties clustered in mega campuses that provide our 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. 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 53% 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 mega

campuses 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

63 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

Vincent R. Ciruzzi

Chief Financial Officer &

Treasurer

Chief Development Officer

Lawrence J. Diamond

Joseph Hakman

Co-Chief Operating Officer & Regional

Market Director – Maryland

Co-Chief Operating Officer &

Chief Strategic Transactions Officer

Hart Cole

Jackie B. Clem

Executive Vice President – Capital

Markets/Strategic Operations &

Co-Regional Market Director – Seattle

General Counsel & Secretary

Gary D. Dean

Andres R. Gavinet

Executive Vice President –

Real Estate Legal Affairs

Chief Accounting Officer

Onn C. Lee

Kristina A. Fukuzaki-Carlson

Executive Vice President –

Accounting

Executive Vice President –

Business Operations

Madeleine T. Alsbrook

Executive Vice President –

Talent Management

Investor Information

September 30, 2024

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.

Jefferies Research Services, LLC

RBC Capital Markets

Nate Crossett / Monir Koummal

Nicholas Joseph / Michael Griffin

Peter Abramowitz / Katie Elders

Michael Carroll / Aditi Balachandran

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

(212) 816-1909 / (212) 816-5871

(212) 336-7241 / (212) 284-2300

(440) 715-2649 / (212) 428-6200

BofA Securities

Citizens JMP Securities, LLC

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Jeff Spector / Joshua Dennerlein

Aaron Hecht

Anthony Paolone / Ray Zhong

Wesley Golladay / Nicholas Thillman

(646) 855-1363 / (646) 855-1681

(415) 835-3963

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

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

BTIG, LLC

Evercore ISI

Mizuho Securities USA LLC

Wedbush Securities

Tom Catherwood / Michael Tompkins

Steve Sakwa / James Kammert

Vikram Malhotra / Georgi Dinkov

Richard Anderson / Jay Kornreich

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

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

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

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

CFRA

Green Street

Paige Meyer

Dylan Burzinski

(800) 220-0502

(949) 640-8780

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

Financial and Asset Base Highlights

September 30, 2024

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Selected financial data from consolidated financial statements and related information

Rental revenues

$579,569

$576,835

$581,400

$561,428

$526,352

Tenant recoveries

$196,175

$178,327

$174,151

$181,209

$181,179

General and administrative expenses

$43,945

$44,629

$47,055

$59,289

$45,987

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

trailing 12 months

8.9%

9.2%

9.5%

9.8%

9.3%

Operating margin

71%

72%

71%

70%

Adjusted EBITDA margin

70%

72%

69%

Adjusted EBITDA – quarter annualized

$2,219,632

$2,216,144

$2,206,428

$2,094,988

$1,971,440

Adjusted EBITDA – trailing 12 months

$2,184,298

$2,122,250

$2,064,904

$1,997,518

$1,935,505

Net debt at end of period

$12,191,574

$11,940,144

$11,569,666

$10,731,200

$10,713,620

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

5.5x

5.4x

5.2x

5.1x

5.4x

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

5.6x

5.4x

5.5x

Total debt and preferred stock at end of period

$12,691,601

$12,424,055

$12,217,163

$11,315,642

$11,202,835

Gross assets at end of period

$44,112,770

$43,305,279

$42,915,903

$41,756,421

$41,639,729

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

29%

28%

27%

Fixed-charge coverage ratio – quarter annualized

4.4x

4.5x

4.7x

4.5x

4.8x

Fixed-charge coverage ratio – trailing 12 months

4.5x

4.6x

4.7x

4.9x

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

99.1%

99.3%

99.8%

Closing stock price at end of period

$118.75

$116.97

$128.91

$126.77

$100.10

Common shares outstanding (in thousands) at end of period

172,244

172,018

172,008

171,911

170,997

Total equity capitalization at end of period

$20,454,023

$20,120,907

$22,173,547

$21,793,107

$17,116,784

Total market capitalization at end of period

$33,145,624

$32,544,962

$34,390,710

$33,108,749

$28,319,619

Dividend per share – quarter/annualized

$1.30/$5.20

$1.27/$5.08

$1.24/$4.96

Dividend payout ratio for the quarter

55%

54%

56%

55%

Dividend yield – annualized

4.4%

3.9%

4.0%

5.0%

Amounts related to operating leases:

Operating lease liabilities at end of period

$648,338

(1)

$379,223

$381,578

$382,883

$384,958

Rent expense

$10,180

$9,412

$8,683

$8,964

$8,317

Capitalized interest

$86,496

$81,039

$81,840

$89,115

$96,119

Average real estate basis capitalized during the period

$8,281,318

$7,936,612

$8,163,289

$9,116,700

$9,872,650

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

3.98%

3.96%

3.92%

3.77%

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

(1)Includes a ground lease liability related to an amendment to our existing ground lease agreement at the Alexandria Technology Square® mega campus in our Cambridge submarket, which extended its term by 24 years from

January 1, 2065 to December 31, 2088. The amendment requires that we prepay our entire rent obligation for the extended lease term aggregating $270.0 million in two equal installments in 4Q24 and 1Q25. Upon the execution

of the amendment in July 2024, we recognized the present value of our rent obligation aggregating $265.1 million related to the amendment as an operating lease liability.

Financial and Asset Base Highlights (continued)

September 30, 2024

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

Three Months Ended (unless stated otherwise)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

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

Straight-line rent revenue

$29,087

$48,338

$48,251

$41,586

$29,805

Amortization of acquired below-market leases

$17,312

$22,515

$30,340

$23,684

$23,222

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

$329

$—

Straight-line rent expense on ground leases

$789

$341

$358

$366

$372

Stock compensation expense

$15,525

$14,507

$17,125

$34,592

$16,288

Amortization of loan fees

$4,222

$4,146

$4,142

$4,059

Amortization of debt discounts

$330

$328

$318

$309

$306

Non-revenue-enhancing capital expenditures:

Building improvements

$4,270

$4,210

$4,293

$4,167

$4,510

Tenant improvements and leasing commissions

$55,920

(1)

$15,724

$21,144

$12,155

$7,560

Funds from operations attributable to noncontrolling interests

$78,113

$78,711

$79,535

$75,908

$72,799

Operating statistics and related information (at end of period)

Number of properties – North America

406

408

410

411

419

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

46,748,734

47,085,993

47,206,639

47,228,485

47,089,826

Total square feet – North America

73,611,815

74,103,404

74,069,321

73,532,305

75,057,289

Annual rental revenue per occupied RSF – North America

$57.09

$56.87

$56.86

$56.08

$53.34

Occupancy of operating properties – North America

94.7%

94.6%

93.7%

Occupancy of operating and redevelopment properties – North America

89.7%

89.9%

90.2%

89.4%

Weighted-average remaining lease term (in years)

7.5

7.4

7.5

7.4

7.0

Total leasing activity – RSF

1,486,097

1,114,001

1,142,857

889,737

867,582

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

Rental rate changes

5.1%

7.4%

33.0%

9.2%

28.8%

Rental rate changes (cash basis)

1.5%

3.7%

19.0%

5.5%

19.7%

RSF (included in total leasing activity above)

1,278,857

589,650

994,770

477,142

396,334

Top 20 tenants:

Annual rental revenue

$796,898

$805,751

$802,605

$769,066

$655,990

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

92%

91%

Weighted-average remaining lease term (in years)

9.5

9.4

9.7

9.6

8.9

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

Net operating income changes

1.5%

1.0%

0.7%

3.1%

Net operating income changes (cash basis)

6.5%

3.9%

4.2%

0.8%

4.6%

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

(1)Includes tenant improvements and leasing commissions related to a 10.5-year extension of a recently acquired lease aggregating 85,019 RSF in our Fenway submarket to an investment-grade rated academic institution. Excluding

this extension, tenant improvements and leasing commissions for the three months ended September 30, 2024 aggregated $39.6 million, which approximates our trailing five-year quarterly average of $38.2 million. Refer to

“Leasing Activity” in the Supplemental Information for additional details.

High-Quality and Diverse Client Base

September 30, 2024

Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants

Investment-Grade or Publicly Traded

Large Cap Tenants

92%

of ARE’s Top 20 Tenant

Annual Rental Revenue

53%

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(1)

Other Investment-Grade

or Large Cap Tech

Biomedical and

Government

Institutions

annual rental revenue from unconsolidated real estate joint ventures.

1.0% of our annual rental revenue.

High-Quality and Diverse Client Base (continued)

September 30, 2024

Long-Duration and Stable Cash Flows From

High-Quality and Diverse Tenants

Sustained Strength in Tenant Collections(1)

99.9%

99.6%

3Q24

October 2024

Long-Duration Lease Terms

9.5 Years

7.5 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 October 21, 2024.

(2)Based on annual rental revenue in effect as of September 30, 2024.

Occupancy

September 30, 2024

Solid Historical Occupancy of 96% Over Past 10 Years(1) From

Historically Strong Demand for Our Class A/A+ Properties in AAA Locations

Mega Campuses

Occupancy Across Key Locations

Percentage of ARE’s

Annual Rental Revenue

(2)

76%

Mega

Campuses

24%

Non-Mega

Campuses

(1)Represents average occupancy of operating properties as of each December 31 from 2015 through 2023 and as of September 30, 2024.

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

Key Operating Metrics

September 30, 2024

Same Property

Net Operating Income Growth

Rental Rate Growth:

Renewed/Re-Leased Space

Margins(1)

Favorable Lease Structure(2)

Operating

Adjusted EBITDA

Strategic Lease Structure by Owner and

Operator of Collaborative Mega Campuses

71%

70%

Increasing cash flows

Percentage of leases containing

annual rent escalations

96%

Stable cash flows

Weighted-Average Lease Term

of Executed Leases(3)

Percentage of triple

net leases

93%

8.8 Years

Lower capex burden

Percentage of leases providing for the

recapture of capital expenditures

92%

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)For the three months ended September 30, 2024.

(2)Percentages calculated based on our annual rental revenue in effect as of September 30, 2024.

(3)Represents the weighted-average lease term of executed leases based on annual rental revenue for the 10-year period from December 31, 2015 through September 30, 2024.

Same Property Performance

September 30, 2024

(Dollars in thousands)

September 30, 2024

Same Property Financial Data

Three Months

Ended

Nine Months

Ended

Same Property Statistical Data

Three Months

Ended

Nine Months

Ended

Percentage change over comparable period from prior year:

Number of same properties

344

339

Net operating income changes

1.5%

1.6%

Rentable square feet

34,652,674

33,720,609

Net operating income changes (cash basis)

6.5%

4.6%

Occupancy – current-period average

94.8%

94.4%

Operating margin

68%

69%

Occupancy – same-period prior-year average

94.1%

94.3%

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

$ Change

% Change

2024

2023

$ Change

% Change

Income from rentals:

Same properties

$452,417

$439,541

$12,876

2.9%

$1,342,463

$1,307,866

$34,597

2.6%

Non-same properties

127,152

86,811

40,341

46.5

395,341

274,677

120,664

43.9

Rental revenues

579,569

526,352

53,217

10.1

1,737,804

1,582,543

155,261

9.8

Same properties

168,923

165,226

3,697

2.2

473,061

461,555

11,506

2.5

Non-same properties

27,252

15,953

11,299

70.8

75,592

55,721

19,871

35.7

Tenant recoveries

196,175

181,179

14,996

8.3

548,653

517,276

31,377

6.1

Income from rentals

775,744

707,531

68,213

9.6

2,286,457

2,099,819

186,638

8.9

Same properties

386

619

(233)

(37.6)

1,102

1,356

(254)

(18.7)

Non-same properties

15,477

5,638

9,839

174.5

39,890

27,308

12,582

46.1

Other income

15,863

6,257

9,606

153.5

40,992

28,664

12,328

43.0

Same properties

621,726

605,386

16,340

2.7

1,816,626

1,770,777

45,849

2.6

Non-same properties

169,881

108,402

61,479

56.7

510,823

357,706

153,117

42.8

Total revenues

791,607

713,788

77,819

10.9

2,327,449

2,128,483

198,966

9.3

Same properties

199,369

189,368

10,001

5.3

559,427

532,942

26,485

5.0

Non-same properties

33,896

28,319

5,577

19.7

109,406

103,512

5,894

5.7

Rental operations

233,265

217,687

15,578

7.2

668,833

636,454

32,379

5.1

Same properties

422,357

416,018

6,339

1.5

1,257,199

1,237,835

19,364

1.6

Non-same properties

135,985

80,083

55,902

69.8

401,417

254,194

147,223

57.9

Net operating income

$558,342

$496,101

$62,241

12.5%

$1,658,616

$1,492,029

$166,587

11.2%

Net operating income – same properties

$422,357

$416,018

$6,339

1.5%

$1,257,199

$1,237,835

$19,364

1.6%

Straight-line rent revenue

(4,974)

(23,981)

19,007

(79.3)

(37,251)

(73,626)

36,375

(49.4)

Amortization of acquired below-market leases

(14,582)

(13,792)

(790)

5.7

(44,993)

(40,410)

(4,583)

11.3

Net operating income – same properties (cash basis)

$402,801

$378,245

$24,556

6.5%

$1,174,955

$1,123,799

$51,156

4.6%

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.

Leasing Activity

September 30, 2024

(Dollars per RSF)

Three Months Ended

Nine Months Ended

Year Ended

September 30, 2024

December 31, 2023

Including

Straight-Line Rent

Cash Basis

Including

Straight-Line Rent

Cash Basis

Including

Straight-Line Rent

Cash Basis

Leasing activity:

Renewed/re-leased space(1)

Rental rate changes

5.1%

(2)

1.5%

(2)

16.4%

8.9%

29.4%

15.8%

New rates

$56.60

$55.77

$63.43

$62.39

$52.35

$50.82

Expiring rates

$53.86

$54.95

$54.47

$57.28

$40.46

$43.87

RSF

1,278,857

2,863,277

3,046,386

Tenant improvements/leasing commissions

$43.73

(3)

$33.92

(3)

$26.09

Weighted-average lease term

9.7 years

8.7 years

Developed/redeveloped/previously vacant space leased(4)

New rates

$52.66

$52.18

$64.59

$62.90

$65.66

$59.74

RSF

207,240

879,678

(5)

1,259,686

Weighted-average lease term

10.6 years

8.1 years

13.8 years

Leasing activity summary (totals):

New rates

$56.05

$55.27

$63.69

$62.50

$56.09

$53.33

RSF

1,486,097

3,742,955

4,306,072

Weighted-average lease term

9.8 years

8.6 years

11.3 years

Lease expirations(1)

Expiring rates

$51.62

$53.17

$52.01

$54.40

$43.84

$45.20

RSF

1,500,213

3,801,559

5,027,773

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

(1)Excludes month-to-month leases aggregating 355,698 RSF and 86,092 RSF as of September 30, 2024 and December 31, 2023, respectively. Month-to-month leases aggregating 355,698 RSF as of September 30, 2024

include 226,144 RSF in our University Town Center submarket primarily related to space being temporarily held over by an expiring tenant at buildings that are targeted for the future development of laboratory space,

subject to market conditions and leasing. During the trailing twelve months ended September 30, 2024, we granted free rent concessions averaging 0.7 months per annum.

(2)Includes a five-year lease extension to an investment-grade rated technology tenant aggregating 357,136 RSF of recently acquired tech R&D space in our Texas market that was renewed with rental rate changes of

(33.6)% and (4.8)% (cash basis). These spaces were originally targeted for a future change in use at acquisition, but we instead renewed them with a lower capital investment while we continue to evaluate options to

convert these spaces in the future, subject to market conditions. Excluding this lease, rental rate changes for renewed/re-leased space for 3Q24 were 13.0% and 2.3% (cash basis). Rental rate changes may experience

volatility from quarter to quarter based on the volume and mix of leases executed. Refer to “Guidance” in the Earnings Press Release for rental rate changes expected from leases executed for the year ending December

31, 2024.

(3)Includes tenant improvements and leasing commissions related to a 10.5-year extension of a recently acquired lease aggregating 85,019 RSF in our Fenway submarket to an investment-grade rated academic institution.

Excluding this lease, tenant improvements and leasing commissions per RSF for the three and nine months ended September 30, 2024 were $33.16 and $28.85, respectively, which are consistent with the five-year

quarterly average of $32.17 per RSF.

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

(5)Includes the five-year extension of 171,102 RSF at our 4155 Campus Point Court property in San Diego, a fully leased development project expected to deliver in 4Q24.

Contractual Lease Expirations

September 30, 2024

Year

RSF

Percentage of

Occupied RSF

Annual Rental Revenue

(per RSF)(1)

Percentage of

Annual Rental Revenue

2024

(2)

518,665

1.4%

$69.19

1.7%

2025

3,785,573

10.0%

$49.64

8.8%

2026

2,714,170

7.1%

$53.21

6.7%

2027

3,242,737

8.5%

$51.87

7.9%

2028

4,332,150

11.4%

$51.78

10.5%

2029

2,437,921

6.4%

$51.25

5.8%

2030

3,135,445

8.3%

$43.25

6.3%

2031

3,425,338

9.0%

$55.11

8.8%

2032

1,093,311

2.9%

$59.53

3.0%

2033

2,772,455

7.3%

$50.81

6.6%

Thereafter

10,541,840

27.7%

$68.66

33.9%

Market

2024 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

2025 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

Leased

Negotiating/

Anticipating

Targeted for Future

Development/Redevelopment(3)

Remaining

Expiring

Leases

Total(2)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment(3)

Remaining

Expiring

Leases(4)

Total

Committed

Near-Term/

Priority

Anticipated

Future

Greater Boston

73,614

21,621

—

104,500

80,788

(5)

280,523

$86.07

172,446

145,715

25,312

659,355

(5)

1,002,828

$76.13

San Francisco Bay Area

12,847

13,943

107,250

—

14,682

148,722

49.58

72,162

247,827

—

547,092

867,081

51.33

San Diego

27,119

—

17,408

44,527

55.30

83,546

—

269,048

260,627

613,221

22.98

Seattle

—

3,652

N/A

—

196,419

25.10

Maryland

—

182

N/A

35,055

6,926

—

151,958

193,939

27.51

Research Triangle

10,478

—

8,202

18,680

28.31

—

306,916

51.16

New York City

—

9,058

109.57

—

13,273

—

54,966

68,239

105.86

Texas

—

198,972

247,246

446,218

40.09

Canada

13,321

—

13,321

26.54

—

88,412

20.28

Non-cluster/other markets

—

2,300

40.17

Total

137,379

35,564

107,250

104,500

133,972

518,665

$69.19

363,209

413,741

493,332

(3)

2,515,291

3,785,573

$49.64

Percentage of expiring

leases

26%

21%

20%

26%

100%

10%

11%

13%

66%

100%

Contractual lease expirations at properties classified as held for sale as of September 30, 2024 are excluded from the information on this page.

(1)Represents amounts in effect as of September 30, 2024.

(2)Excludes month-to-month leases aggregating 355,698 RSF as of September 30, 2024. Refer to “Leasing Activity” in the Supplemental Information for additional details.

(3)Primarily represents assets that were recently acquired for future development and 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 September 30, 2024, annual rental revenue from these leases expiring in 2024, including 226,144 RSF of month-to-month leases in our University Town Center

submarket primarily related to space being temporarily held over by an expiring tenant, and 2025 is $20.9 million and $17.5 million, respectively. The weighted-average expiration date of these leases expiring in 2024 and 2025 is

October 20, 2024 and January 10, 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)Includes 768,080 RSF in four submarkets with a weighted-average expiration date of January 21, 2025 and annual rental revenue aggregating approximately $47 million, with our share of this annual rental revenue aggregating

$35 million, comprising the following: (i) existing laboratory spaces for which we are evaluating options to re-lease or reposition from single tenancy to multi-tenancy that will remain in our same property pool at Alexandria Technology

Square® in our Cambridge submarket for 182,054 RSF and at 409 Illinois Street, where we have an ownership interest of 25.0%, in our Mission Bay submarket for 234,249 RSF (we are in early discussions with a tenant to lease

approximately 50% of this space); and (ii) non-laboratory space for which we are evaluating options to re-lease generally in their current condition, reposition, or, subject to market conditions, may undergo a conversion through

redevelopment in our Austin submarket for 247,246 RSF and in our Research Triangle market for 104,531 RSF. Should we commence redevelopment efforts, these properties would be placed into our active pipeline and removed from our

same property pool; otherwise, they would remain in our same property pool. We expect downtime on the 768,080 RSF to range from 12 to 24 months on a weighted-average basis.

(5)Includes 41,908 RSF and 210,868 RSF expiring in 2024 and 2025, respectively, related to properties that are under executed letters of intent and/or purchase and sale agreements to sell. Approximately 95% of the 2025 remaining

expiring leases in Greater Boston are located in our Cambridge/Inner Suburbs submarket. Refer to footnote 4 for additional details.

Top 20 Tenants

September 30, 2024

(Dollars in thousands, except average market cap amounts)

92% 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

Moderna, Inc.

12.6

1,385,678

$127,387

5.8%

—

$38.6

Eli Lilly and Company

8.2

1,166,754

94,814

4.3

A+

$712.4

Bristol-Myers Squibb Company

6.4

999,379

76,363

3.5

$99.1

Takeda Pharmaceutical Company Limited

10.7

549,759

47,899

2.2

Baa1

BBB+

$44.5

Roche

6.7

770,279

47,104

2.2

Aa2

$227.8

Illumina, Inc.

7.4

857,967

35,362

1.6

Baa3

BBB

$19.7

Alphabet Inc.

3.1

625,015

34,899

1.6

Aa2

AA+

$1,916.3

2seventy bio, Inc.(2)

8.9

312,805

33,543

1.5

—

$0.2

Novartis AG

3.8

450,664

30,969

1.4

Aa3

AA-

$231.8

United States Government

5.9

429,359

28,593

1.3

Aaa

AA+

$—

Cloud Software Group, Inc.

2.4

(3)

292,013

28,537

1.3

—

$—

Uber Technologies, Inc.

58.0

(4)

1,009,188

27,776

1.3

Baa2

BBB-

$137.1

AstraZeneca PLC

5.1

450,848

27,156

1.2

A+

$222.8

Harvard University

7.2

343,858

27,084

1.2

Aaa

AAA

$—

The Regents of the University of California

6.6

372,647

23,670

1.1

Aa2

$—

Sanofi

6.3

267,278

21,444

1.0

$126.6

Merck & Co., Inc.

8.8

337,703

21,401

1.0

A+

$300.8

Amgen Inc.

8.3

428,227

21,314

1.0

Baa1

BBB+

$159.2

New York University

7.4

218,983

21,056

1.0

Aa2

AA-

$—

Massachusetts Institute of Technology

4.7

246,725

20,527

0.9

Aaa

AAA

$—

Total/weighted-average

9.5

(4)

11,515,129

$796,898

36.4%

Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in 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 September 30, 2024.

(2)As of June 30, 2024, 2seventy bio, Inc. held $201.9 million of cash, cash equivalents, and marketable securities. In March 2024, Regeneron Pharmaceuticals, Inc., a publicly traded biotechnology company with investment-grade credit

ratings of Baa1 and BBB+ assigned by Moody’s and S&P, respectively, entered into a sublease for approximately 195,000 RSF, or 62.8% of our annual rental revenue generated from 2seventy bio as of September 30, 2024. Additionally,

90.2% of the annual rental revenue generated by 2seventy bio is guaranteed by another related public biotechnology company.

(3)Consists of one lease at a property acquired in 2022 with 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.

(4)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by our

unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue

from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.8 years as of September 30, 2024.

Summary of Properties and Occupancy

September 30, 2024

(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

10,352,695

764,036

1,762,974

(1)

12,879,705

28%

$833,562

38%

$85.09

San Francisco Bay Area

7,784,590

498,142

259,689

8,542,421

432,102

63.54

San Diego

7,673,315

1,186,104

—

8,859,419

330,596

44.90

Seattle

3,108,593

227,577

34,306

3,370,476

137,044

47.78

Maryland

3,819,512

29,890

—

3,849,402

145,847

40.12

Research Triangle

3,770,927

—

3,770,927

116,318

31.64

New York City

921,686

—

921,686

72,439

92.37

Texas

1,845,159

—

73,298

1,918,457

54,958

31.19

Canada

887,737

—

139,311

1,027,048

19,790

23.33

Non-cluster/other markets

347,806

—

347,806

14,623

57.76

Properties held for sale

1,261,387

—

1,261,387

26,796

N/A

North America

41,773,407

2,705,749

2,269,578

46,748,734

100%

406

$2,184,075

100%

$57.09

4,975,327

(1)Primarily includes our active redevelopment projects aggregating 735,744 RSF at 40, 50, and 60 Sylvan Road and 840 Winter Street located on the Alexandria Center® for Life Science – Waltham mega campus. This

mega campus project is expected to capture demand in our Route 128 submarket.

Summary of occupancy

Operating Properties

Operating and Redevelopment Properties

Market

9/30/24

6/30/24

9/30/23

9/30/24

6/30/24

9/30/23

Greater Boston

94.6%

94.2%

93.2%

80.9%

81.7%

83.3%

San Francisco Bay Area

94.1

94.0

95.3

91.1

90.7

91.9

San Diego

96.0

95.1

90.9

96.0

95.1

90.9

Seattle

92.3

(1)

94.7

95.1

91.3

93.7

90.3

Maryland

96.2

96.5

96.6

96.2

96.5

96.6

Research Triangle

97.5

97.4

96.9

97.5

97.4

96.9

New York City

85.1

(2)

85.1

89.4

85.1

89.4

Texas

95.5

95.1

91.8

91.5

Subtotal

94.9

94.7

93.9

90.0

90.2

89.9

Canada

95.5

94.9

88.9

82.6

82.5

75.7

Non-cluster/other markets

72.8

75.6

80.5

72.8

75.6

80.5

North America

94.7%

94.6%

93.7%

89.7%

89.9%

89.4%

(1)Decline in occupancy relates to the expiration of an acquired non-laboratory lease aggregating 87,273 RSF at one property in our Bothell submarket that is expected to be converted to laboratory space subject to

market conditions and leasing.

(2)The Alexandria Center® for Life Science – New York City mega campus is 95.3% occupied as of September 30, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center®

for Life Science – Long Island City property, which was 42.8% occupied as of September 30, 2024.

Property Listing

September 30, 2024

(Dollars in thousands)

Mega Campuses Encompass 76% 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

Mega Campus: Alexandria Center® at Kendall Square

2,856,043

—

2,856,043

$275,724

97.5%

50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 and 215 First Street,

150 Second Street, 300 Third Street(1), 11 Hurley Street, and 100 Edwin H.

Land Boulevard

Mega Campus: Alexandria Center® at One Kendall Square

1,281,583

—

104,956

1,386,539

144,595

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

Mega Campus: Alexandria Technology Square®

1,185,286

—

1,185,286

114,942

100.0

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

Mega Campus: The Arsenal on the Charles

702,745

109,481

308,446

1,120,672

53,481

99.3

69.0

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

Mega Campus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street, and

99 Coolidge Avenue(1)

633,056

204,395

—

837,451

39,618

100.0

Cambridge/Inner Suburbs

6,658,713

313,876

413,402

7,385,991

628,360

97.7

91.9

Fenway

Mega Campus: Alexandria Center® for Life Science – Fenway

1,218,257

450,160

159,959

1,828,376

90,984

89.3

78.9

401 and 421(1) Park Drive and 201 Brookline Avenue(1)

Seaport Innovation District

5 and 15(1) Necco Street

441,396

—

441,396

40,401

75.7

Seaport Innovation District

441,396

—

441,396

40,401

75.7

Route 128

Mega Campus: Alexandria Center® for Life Science – Waltham

326,110

—

735,744

1,061,854

23,198

100.0

30.7

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

Mega Campus: One Moderna Way

722,130

—

722,130

31,422

100.0

19, 225, and 235 Presidential Way

585,226

—

585,226

14,381

100.0

Route 128

1,633,466

—

735,744

2,369,210

69,001

100.0

68.9

Other

400,863

—

453,869

854,732

4,816

59.7

28.0

Greater Boston

10,352,695

764,036

1,762,974

12,879,705

$833,562

94.6%

80.9%

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)

September 30, 2024

(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

Mega Campus: Alexandria Center® for Science and Technology –

Mission Bay(1)

2,005,369

212,796

—

2,218,165

$74,676

95.1%

1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450,

1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South

Mission Bay

2,005,369

212,796

—

2,218,165

74,676

95.1

South San Francisco

Mega Campus: Alexandria Technology Center® – Gateway(1)

1,409,825

—

259,689

1,669,514

76,150

82.9

70.0

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

Gateway Boulevard

Mega Campus: Alexandria Center® for Advanced Technologies – South

San Francisco

919,703

—

919,703

57,788

100.0

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

Alexandria Center® for Life Science – South San Francisco

504,053

—

504,053

32,767

93.9

201 Haskins Way and 400 and 450 East Jamie Court

Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan

445,232

—

445,232

4,020

100.0

1122 and 1150 El Camino Real

Alexandria Center® for Life Science – Millbrae(1)

—

285,346

—

285,346

—

N/A

230 Harriet Tubman Way

500 Forbes Boulevard(1)

155,685

—

155,685

10,680

100.0

South San Francisco

3,434,498

285,346

259,689

3,979,533

181,405

92.1

85.6

Greater Stanford

Mega Campus: Alexandria Center® for Life Science – San Carlos

739,157

—

739,157

49,891

97.4

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

Alexandria Stanford Life Science District

703,843

—

703,843

66,558

98.6

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

23,603

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

193,688

—

193,688

16,994

100.0

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

2,344,723

—

2,344,723

176,021

96.3

San Francisco Bay Area

7,784,590

498,142

259,689

8,542,421

$432,102

94.1%

91.1%

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)

September 30, 2024

(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

Mega Campus: One Alexandria Square

748,674

334,996

—

1,083,670

$43,059

98.8%

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

10935, 10945, and 10955 Alexandria Way, 10975 North Torrey Pines Road,

and 10996 Torreyana Road, and 3545 Cray Court

ARE Torrey Ridge

297,784

—

297,784

13,661

85.9

10578, 10618, and 10628 Science Center Drive

ARE Nautilus

218,459

—

218,459

12,743

86.3

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

Court

Torrey Pines

1,264,917

334,996

—

1,599,913

69,463

93.6

University Town Center

Mega Campus: Campus Point by Alexandria(1)

1,666,590

598,029

—

2,264,619

80,167

99.0

9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point

Drive and 4135, 4155, 4161, 4224, 4242, and 4275(2) Campus Point Court

Mega Campus: 5200 Illumina Way(1)

792,687

—

792,687

29,978

100.0

ARE Esplanade

243,084

—

243,084

11,976

74.6

4755, 4757, and 4767 Nexus Center Drive and 4796 Executive Drive

9625 Towne Centre Drive(1)

163,648

—

163,648

6,520

100.0

Costa Verde by Alexandria

8,730

—

8,730

941

100.0

8505 Costa Verde Boulevard and 4260 Nobel Drive

University Town Center

2,874,739

598,029

—

3,472,768

129,582

97.3

Sorrento Mesa

Mega Campus: SD Tech by Alexandria(1)

981,195

253,079

—

1,234,274

41,534

94.3

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

Morehouse Drive(2), and 10055, 10065, 10075, 10121(2), and 10151(2)

Barnes Canyon Road

Mega Campus: Sequence District by Alexandria

801,575

—

801,575

28,766

100.0

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

Pacific Technology Park(1)

544,352

—

544,352

8,936

89.1

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

4,581

100.0

9877 Waples Street

63,774

—

63,774

2,680

100.0

5871 Oberlin Drive

33,842

—

33,842

1,909

100.0

Sorrento Mesa

3,070,593

253,079

—

3,323,672

$115,328

96.2%

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)

September 30, 2024

(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 (continued)

Sorrento Valley

3911, 3931, and 3985 Sorrento Valley Boulevard

108,812

—

108,812

$3,834

68.5%

11045 and 11055 Roselle Street

43,233

—

43,233

2,191

100.0

Sorrento Valley

152,045

—

152,045

6,025

77.4

Other

311,021

—

311,021

10,198

100.0

San Diego

7,673,315

1,186,104

—

8,859,419

330,596

96.0

Seattle

Lake Union

Mega Campus: Alexandria Center® for Life Science – Eastlake

1,153,742

—

1,153,742

81,380

95.2

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

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

Mega Campus: Alexandria Center® for Life Science – South Lake Union

290,754

227,577

—

518,331

17,501

100.0

400(1) and 701 Dexter Avenue North

219 Terry Avenue North

31,797

—

31,797

1,311

56.9

Lake Union

1,476,293

227,577

—

1,703,870

100,192

95.3

SoDo

830 4th Avenue South

45,615

—

45,615

676

29.8

Elliott Bay

410 West Harrison Street and 410 Elliott Avenue West

20,101

—

20,101

672

100.0

Bothell

Mega Campus: Alexandria Center® for Advanced Technologies – Canyon

Park

1,061,778

—

1,061,778

22,235

87.9

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

429,143

—

34,306

463,449

12,420

97.5

90.3

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

Bothell

1,490,921

—

34,306

1,525,227

34,655

90.7

88.6

Other

75,663

—

75,663

849

100.0

Seattle

3,108,593

227,577

34,306

3,370,476

$137,044

92.3%

91.3%

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)

September 30, 2024

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Maryland

Rockville

Mega Campus: Alexandria Center® for Life Science – Shady Grove

1,662,460

29,890

—

1,692,350

$80,356

99.3%

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

4,210

100.0

1405 and 1450(1) Research Boulevard

114,849

—

114,849

3,029

73.3

1500 and 1550 East Gude Drive

91,359

—

91,359

1,844

100.0

5 Research Place

63,852

—

63,852

3,073

100.0

5 Research Court

51,520

—

51,520

1,779

100.0

12301 Parklawn Drive

49,185

—

49,185

1,598

100.0

Rockville

2,164,733

29,890

—

2,194,623

95,889

98.0

Gaithersburg

Alexandria Technology Center® – Gaithersburg I

619,061

—

619,061

19,486

93.1

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

Clopper Road

Alexandria Technology Center® – Gaithersburg II

486,301

—

486,301

18,788

100.0

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

Road

20400 Century Boulevard

81,006

—

81,006

3,016

100.0

401 Professional Drive

63,154

—

63,154

1,930

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

1,327,472

—

1,327,472

45,661

96.3

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

2,974

97.7

101 West Dickman Street(1)

135,423

—

135,423

1,323

64.4

Beltsville

327,307

—

327,307

4,297

83.9

Maryland

3,819,512

29,890

—

3,849,402

145,847

96.2

Research Triangle

Mega Campus: Alexandria Center® for Life Science – Durham

2,152,397

—

2,152,397

53,168

97.5

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

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

Mega Campus: Alexandria Center® for Advanced Technologies and AgTech

– Research Triangle

687,467

—

687,467

32,633

99.1

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

Mega Campus: Alexandria Center® for Sustainable Technologies

364,493

—

364,493

$12,117

93.0%

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

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)

September 30, 2024

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Research Triangle (continued)

Alexandria Technology Center® – Alston

155,731

—

155,731

$4,168

94.7%

100, 800, and 801 Capitola Drive

Alexandria Innovation Center® – Research Triangle

136,692

—

136,692

4,260

100.0

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

2,137

100.0

6101 Quadrangle Drive

31,600

—

31,600

861

100.0

Research Triangle

3,770,927

—

3,770,927

116,318

97.5

New York City

Mega Campus: Alexandria Center® for Life Science – New York City

742,586

—

742,586

67,220

95.3

430 and 450 East 29th Street

Alexandria Center® for Life Science – Long Island City

179,100

—

179,100

5,219

42.8

30-02 48th Avenue

New York City

921,686

—

921,686

72,439

85.1

Texas

Austin

Mega Campus: Intersection Campus

1,525,359

—

1,525,359

40,156

99.2

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

11,630

100.0

Austin

1,724,331

—

1,724,331

51,786

99.3

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

54,958

95.5

91.8

Canada

887,737

—

139,311

1,027,048

19,790

95.5

82.6

Non-cluster/other markets

347,806

—

347,806

14,623

72.8

North America, excluding properties held for sale

40,512,020

2,705,749

2,269,578

45,487,347

397

2,157,279

94.7%

89.7%

Properties held for sale

1,261,387

—

1,261,387

26,796

66.7%

Total – North America

41,773,407

2,705,749

2,269,578

46,748,734

406

$2,184,075

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

September 30, 2024

ALEXANDRIA’S FUTURE GROWTH IN

ANNUAL NET OPERATING INCOME FROM

DEVELOPMENT AND REDEVELOPMENT DELIVERIES

$510 MILLION

(1)

Placed Into Service

Expected to Be Placed Into Service

(2)

YTD 3Q24

3Q24

$63M

$21M

945,118 RSF

316,691 RSF

100% Leased

(3)

4Q24–4Q25

1Q26–1Q28

$158M

$352M

Aggregating 5.5M RSF

55% Leased/Negotiating

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 4Q24 through 1Q28 is projected to be $407 million.

(2)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years.

(3)Includes (i) 1.0 million RSF that is expected to stabilize through 2025 and is 92% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 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 details.

Investments in Real Estate

September 30, 2024

(Dollars in thousands)

Investments in real estate

Development and Redevelopment

Active and Near-Term Construction

Future Opportunities Subject to

Market Conditions and Leasing

Operating

Under

Construction

55% Leased/

Negotiating

Committed

Near Term

51% Leased/

Negotiating(1)

Priority

Anticipated

Future

Subtotal

Total

Square footage

Operating

40,512,020

—

40,512,020

New Class A/A+ development and redevelopment properties

—

4,975,327

492,570

2,163,784

27,582,766

35,214,447

Future development and redevelopment square feet currently

included in rental properties(2)

—

(159,884)

(258,596)

(2,957,559)

(3,376,039)

Total square footage, excluding properties held for sale

40,512,020

4,975,327

332,686

1,905,188

24,625,207

31,838,408

72,350,428

Properties held for sale

1,261,387

—

1,261,387

Total square footage

41,773,407

4,975,327

332,686

1,905,188

24,625,207

31,838,408

73,611,815

(3)

Investments in real estate

Gross book value as of September 30, 2024(4)

$29,235,994

$4,335,573

$69,521

$578,694

$4,356,637

$9,340,425

$38,576,419

(1)Represents one committed near-term project expected to commence construction during the next two years after September 30, 2024.

(2)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.

(3)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2024 with dispositions primarily focused on sales of properties and land parcels not integral to our

mega campus strategy.

(4)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 sheets. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplement al Information for additional details.

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

September 30, 2024

500 North Beacon Street and

4 Kingsbury Avenue(1)

651 Gateway Boulevard

1150 Eastlake Avenue East

Greater Boston/

Cambridge/Inner Suburbs

San Francisco Bay Area/

South San Francisco

Seattle/Lake Union

138,537 RSF

67,017 RSF

311,631 RSF

100% Occupancy

9810 Darnestown Road

9820 Darnestown Road

9808 Medical Center Drive

Maryland/Rockville

195,435 RSF

250,000 RSF

65,171 RSF

100% Occupancy

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

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

September 30, 2024

(Dollars in thousands)

Incremental Annual Net Operating Income Generated From YTD 3Q24 Deliveries

Aggregated $63 Million, Including $21 Million in 3Q24

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(2)

Total Project

Unlevered Yields

3Q24

Delivery

Date(1)

Prior to

1/1/24

1Q24

2Q24

3Q24

Total

Initial

Stabilized

Initial

Stabilized

(Cash Basis)

RSF

Investment

Development projects

99 Coolidge Avenue/Greater Boston/Cambridge/

Inner Suburbs

N/A

75.0%

43,568

72,846

—

116,414

100%

320,809

$468,000

7.1%

7.0%

500 North Beacon Street and 4 Kingsbury Avenue/

Greater Boston/Cambridge/Inner Suburbs

N/A

100%

—

100,624

37,913

—

138,537

100%

248,018

427,000

6.2

5.5

1150 Eastlake Avenue East/Seattle/Lake Union

7/16/24

100%

278,282

—

2,079

31,270

311,631

100%

311,631

442,000

6.6

6.7

9810 Darnestown Road/Maryland/Rockville

N/A

100%

—

195,435

—

195,435

100%

195,435

135,000

7.1

6.2

9820 Darnestown Road/Maryland/Rockville

8/21/24

100%

—

250,000

100%

250,000

177,000

8.7

5.6

9808 Medical Center Drive/Maryland/Rockville

7/25/24

100%

26,460

—

25,655

13,056

65,171

100%

95,061

115,000

5.4

Redevelopment projects

651 Gateway Boulevard/San Francisco Bay Area/

South San Francisco

7/12/24

50.0%

—

44,652

—

22,365

67,017

100%

326,706

487,000

5.0

5.1

Alexandria Center® for Advanced Technologies –

Monte Villa Parkway/Seattle/Bothell

N/A

100%

65,086

115,598

—

180,684

100%

460,934

229,000

6.3

6.2

Canada

N/A

100%

44,862

9,725

23,900

—

78,487

100%

250,790

113,000

6.4

6.3

Weighted average/total

8/11/24

458,258

343,445

284,982

316,691

1,403,376

2,459,384

$2,593,000

6.4%

6.0%

Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for 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: Current Projects

September 30, 2024

99 Coolidge Avenue

500 North Beacon Street and

4 Kingsbury Avenue(1)

311 Arsenal Street

201 Brookline Avenue

401 Park Drive

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/Fenway

204,395 RSF

109,481 RSF

308,446 RSF

58,149 RSF

159,959 RSF

40% Leased/Negotiating

92% Leased

21% Leased

100% Leased

14% Leased

421 Park Drive

40, 50, and 60 Sylvan Road(2)

840 Winter Street

1450 Owens Street(3)

651 Gateway Boulevard

Greater Boston/Fenway

Greater Boston/Route 128

San Francisco Bay Area/

Mission Bay

San Francisco Bay Area/

South San Francisco

392,011 RSF

596,064 RSF

139,680 RSF

212,796 RSF

259,689 RSF

13% Leased

31% Leased

100% Leased

—% Leased/Negotiating

25% Leased/Negotiating

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

(2)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham mega campus. The project is expected to capture demand in our Route 128 submarket.

(3)Image represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay mega campus, where our joint venture partner will fund 100% of the construction cost until it attains an

ownership interest of 75%, after which it will contribute its respective share of additional capital. We are in negotiations with a biomedical institution for the sale of a 50% condominium interest in this property.

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)

September 30, 2024

230 Harriet Tubman Way

10935, 10945, and 10955

Alexandria Way(1)

4135 Campus Point Court

4155 Campus Point Court

San Francisco Bay Area/

South San Francisco

San Diego/Torrey Pines

San Diego/

University Town Center

San Diego/

University Town Center

285,346 RSF

334,996 RSF

426,927 RSF

171,102 RSF

100% Leased

10075 Barnes Canyon Road

701 Dexter Avenue North(2)

Alexandria Center® for Advanced

Technologies – Monte Villa Parkway(3)

9808 Medical Center Drive

8800 Technology Forest Place

San Diego/Sorrento Mesa

Seattle/Lake Union

Seattle/Bothell

Maryland/Rockville

Texas/Greater Houston

253,079 RSF

227,577 RSF

34,306 RSF

29,890 RSF

73,298 RSF

70% Leased

—% Leased/Negotiating

98% Leased

76% Leased/Negotiating

41% Leased

(1)Image represents 10955 Alexandria Way on the One Alexandria Square mega campus.

(2)We initially started this project due to strong demand from neighboring tenants but strategically paused in the first quarter of 2023. We have resumed construction activities at this project in order to maintain our existing entitlements and

permits. We have interest from various prospective tenants, including from multinational pharmaceutical companies. Beyond this purpose-built life science asset, there is no competitive supply expected to be delivered in 2025 or 2026 in

our Lake Union submarket. As of September 30, 2024, we are 95.3% occupied in our Lake Union submarket.

(3)Image represents 3755 Monte Villa Parkway.

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)

September 30, 2024

Property/Market/Submarket

Square Footage

Percentage

Occupancy(1)

Dev/Redev

In Service

CIP

Total

Leased

Leased/

Negotiating

Initial

Stabilized

Under construction

2024 and 2025 stabilization

500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/

Cambridge/Inner Suburbs

Dev

138,537

109,481

248,018

92%

1Q24

2025

201 Brookline Avenue/Greater Boston/Fenway

Dev

451,967

58,149

510,116

100

3Q22

4Q24

840 Winter Street/Greater Boston/Route 128

Redev

28,534

139,680

168,214

100

4Q24

2025

230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco

Dev

—

285,346

100

1Q25

4155 Campus Point Court/San Diego/University Town Center

Dev

—

171,102

100

4Q24

Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell

Redev

426,628

34,306

460,934

1Q23

4Q24

9808 Medical Center Drive/Maryland/Rockville

Dev

65,171

29,890

95,061

3Q23

4Q24

8800 Technology Forest Place/Texas/Greater Houston

Redev

50,094

73,298

123,392

2Q23

2025

Canada

Redev

111,479

139,311

250,790

3Q23

2025

1,272,410

1,040,563

2,312,973

2026 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

(2)

308,446

390,662

2027

99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs

Dev

116,414

204,395

320,809

4Q23

2026

401 Park Drive/Greater Boston/Fenway

Redev

—

159,959

2024

2026

421 Park Drive/Greater Boston/Fenway

Dev

—

392,011

2026

2027

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

Redev

—

596,064

2025

2027

Other/Greater Boston

Redev

—

453,869

—

(3)

2027

1450 Owens Street/San Francisco Bay Area/Mission Bay

Dev

—

212,796

—

(4)

2025

2026

651 Gateway Boulevard/San Francisco Bay Area/South San Francisco

Redev

67,017

259,689

326,706

1Q24

2026

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

Dev

—

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

—

253,079

2025

2026

701 Dexter Avenue North/Seattle/Lake Union

Dev

—

227,577

—

(5)

2026

2027

265,647

3,934,764

4,200,411

1,538,057

4,975,327

6,513,384

Committed near-term project expected to commence construction in the next two years

4165 Campus Point Court/San Diego/University Town Center

Dev

—

492,570

—

Total

1,538,057

5,467,897

7,005,954

51%

55%

(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)We expect to redevelop an additional 25,312 RSF of space occupied as of September 30, 2024 into laboratory space upon expiration of the existing leases through 1H25. Refer to “Investments in real estate” under “Definitions and

reconciliations” in the Supplemental Information for additional details.

(3)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.

(4)Represents a multi-tenant project expanding our existing mega campus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership interest of 75%, after which it will contribute its respective share

of additional capital. We are in negotiations with a biomedical institution for the sale of a 50% condominium interest in this property.

(5)We initially started this project due to strong demand from neighboring tenants but strategically paused in the first quarter of 2023. We have resumed construction activities at this project in order to maintain our existing entitlements and

our Lake Union submarket. As of September 30, 2024, we are 95.3% occupied in our Lake Union submarket.

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)

September 30, 2024

(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

2024 and 2025 stabilization

500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/

Cambridge/Inner Suburbs

100%

$284,645

$115,506

$26,849

$427,000

6.2%

5.5%

201 Brookline Avenue/Greater Boston/Fenway

99.0%

665,877

91,610

17,513

775,000

7.2%

6.5%

840 Winter Street/Greater Boston/Route 128

100%

13,653

187,366

35,981

237,000

7.6%

6.5%

230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco

47.9%

—

350,231

159,769

510,000

7.4%

6.4%

4155 Campus Point Court/San Diego/University Town Center

55.0%

—

140,300

43,700

184,000

8.0%

6.4%

Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell

100%

193,823

11,977

23,200

229,000

6.3%

6.2%

9808 Medical Center Drive/Maryland/Rockville

100%

79,320

33,018

2,662

115,000

5.4%

8800 Technology Forest Place/Texas/Greater Houston

100%

57,315

46,202

8,483

112,000

6.3%

6.0%

Canada

100%

50,219

50,044

12,737

113,000

6.4%

6.3%

1,344,852

1,026,254

2026 and beyond stabilization(1)

One Hampshire Street/Greater Boston/Cambridge

100%

—

161,328

TBD

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

100%

60,625

233,563

99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs

75.0%

136,527

192,432

139,041

468,000

7.1%

7.0%

401 Park Drive/Greater Boston/Fenway

100%

—

194,421

TBD

421 Park Drive/Greater Boston/Fenway

99.7%

—

422,278

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

100%

—

437,356

Other/Greater Boston

100%

—

148,804

1450 Owens Street/San Francisco Bay Area/Mission Bay

25.4%

—

234,665

651 Gateway Boulevard/San Francisco Bay Area/South San Francisco

50.0%

87,357

256,413

143,230

487,000

5.0%

5.1%

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

100%

—

359,926

143,074

503,000

6.2%

5.8%

4135 Campus Point Court/San Diego/University Town Center

55.0%

—

292,913

231,087

524,000

6.6%

6.2%

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

50.0%

—

168,582

152,418

321,000

5.5%

5.7%

701 Dexter Avenue North/Seattle/Lake Union

100%

—

206,638

TBD

284,509

3,309,319

1,629,361

4,335,573

Committed near-term project expected to commence construction in the next two years

4165 Campus Point Court/San Diego/University Town Center

55.0%

—

69,521

TBD

Total

$1,629,361

$4,405,094

$3,780,000

(2)

$9,820,000

(2)

Our share of investment(2)(3)

$1,550,000

$3,570,000

$3,030,000

$8,150,000

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.

(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

September 30, 2024

(Dollars in thousands)

69% of Our Total Development and Redevelopment Pipeline RSF Is Within Our Mega Campuses

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Active and Near-Term Construction

Future Opportunities Subject to

Market Conditions and Leasing

Under

Construction

Committed

Near Term

Priority

Anticipated

Future

Total(1)

Greater Boston

Mega Campus: Alexandria Center® at One Kendall Square/

Cambridge

100%

$161,328

104,956

—

104,956

One Hampshire Street

Mega Campus: The Arsenal on the Charles/Cambridge/Inner

Suburbs

100%

360,538

417,927

—

25,312

34,157

477,396

311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury

Avenue

Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550

Arsenal Street, and 99 Coolidge Avenue/Cambridge/Inner

Suburbs

(2)

279,763

204,395

—

902,000

1,106,395

446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue

Mega Campus: Alexandria Center® for Life Science – Fenway/

Fenway

(3)

708,309

610,119

—

610,119

201 Brookline Avenue and 401 and 421 Park Drive

Mega Campus: Alexandria Center® for Life Science – Waltham/

Route 128

100%

687,346

735,744

—

515,000

1,250,744

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

Street

Mega Campus: Alexandria Center® at Kendall Square/

Cambridge

100%

126,688

—

216,455

100 Edwin H. Land Boulevard

Mega Campus: Alexandria Technology Square®/Cambridge

100%

7,881

—

100,000

Mega Campus: 285, 299, 307, and 345 Dorchester Avenue/

Seaport Innovation District

60.0%

286,300

—

1,040,000

10 Necco Street/Seaport Innovation District

100%

105,111

—

175,000

Mega Campus: One Moderna Way/Route 128

100%

26,052

—

1,085,000

215 Presidential Way/Route 128

100%

6,816

—

112,000

Other development and redevelopment projects

(4)

310,381

453,869

—

1,323,541

1,777,410

$3,066,513

2,527,010

—

25,312

5,503,153

8,055,475

Refer to “Mega campus” 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 75.0% interest in 99 Coolidge Avenue aggregating 204,395 RSF and 100.0% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF.

(3)We have a 99.0% interest in 201 Brookline Avenue aggregating 58,149 RSF, a 100% interest in 401 Park Drive aggregating 159,959 RSF, and a 99.7% interest in 421 Park Drive aggregating 392,011 RSF.

(4)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)

September 30, 2024

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Active and Near-Term Construction

Future Opportunities Subject to

Market Conditions and Leasing

Under

Construction

Committed

Near Term

Priority

Anticipated

Future

Total(1)

San Francisco Bay Area

Mega Campus: Alexandria Center® for Science and Technology

– Mission Bay/Mission Bay

25.4%

$234,665

212,796

—

212,796

1450 Owens Street

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

47.9%

510,162

285,346

—

198,188

150,213

633,747

230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30

Rollins Road

Mega Campus: Alexandria Technology Center® – Gateway/

South San Francisco

50.0%

283,002

259,689

—

291,000

550,689

651 Gateway Boulevard

Mega Campus: Alexandria Center® for Advanced Technologies

– Tanforan/South San Francisco

100%

397,159

—

150,000

1,780,000

1,930,000

1122, 1150, and 1178 El Camino Real

Mega Campus: Alexandria Center® for Advanced Technologies

– South San Francisco/South San Francisco

100%

6,655

—

107,250

90,000

197,250

211(2) and 269 East Grand Avenue

Mega Campus: Alexandria Center® for Life Science – San

Carlos/Greater Stanford

100%

446,892

—

105,000

1,392,830

1,497,830

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

Bransten Road

3825 and 3875 Fabian Way/Greater Stanford

100%

154,174

—

478,000

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

100%

36,509

—

240,000

901 California Avenue/Greater Stanford

100%

19,770

—

56,924

Mega Campus: 88 Bluxome Street/SoMa

100%

392,785

—

1,070,925

Other development and redevelopment projects

100%

—

25,000

$2,481,773

757,831

—

560,438

5,574,892

6,893,161

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

(2)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)

September 30, 2024

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Active and Near-Term Construction

Future Opportunities Subject to

Market Conditions and Leasing

Under

Construction

Committed

Near Term

Priority

Anticipated

Future

Total(1)

San Diego

Mega Campus: One Alexandria Square/Torrey Pines

100%

$417,621

334,996

—

125,280

460,276

10935, 10945, and 10955 Alexandria Way and 10975 and 10995

Torreyana Road

Mega Campus: Campus Point by Alexandria/University Town

Center

55.0%

671,303

598,029

492,570

—

650,000

1,740,599

10010(2), 10140(2), and 10260 Campus Point Drive and 4135, 4155,

4161, 4165, and 4275(2) Campus Point Court

Mega Campus: SD Tech by Alexandria/Sorrento Mesa

50.0%

317,172

253,079

—

250,000

243,845

746,924

9805 Scranton Road and 10065 and 10075 Barnes Canyon Road

11255 and 11355 North Torrey Pines Road/Torrey Pines

100%

150,187

—

153,000

62,000

215,000

Costa Verde by Alexandria/University Town Center

100%

138,107

—

537,000

8410-8750 Genesee Avenue and 4282 Esplanade Court

Mega Campus: 5200 Illumina Way/University Town Center

51.0%

17,441

—

451,832

ARE Towne Centre/University Town Center

100%

19,869

—

230,000

9363, 9373, and 9393 Towne Centre Drive

9625 Towne Centre Drive/University Town Center

30.0%

837

—

100,000

Mega Campus: Sequence District by Alexandria/Sorrento Mesa

100%

46,323

—

1,798,915

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

Scripps Science Park by Alexandria/Sorrento Mesa

100%

120,941

—

598,349

10048, 10219, 10256, and 10260 Meanley Drive and 10277

Scripps Ranch Boulevard

Pacific Technology Park/Sorrento Mesa

50.0%

23,857

—

149,000

9444 Waples Street

4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento

Valley

100%

43,641

—

247,000

Other development and redevelopment projects

(3)

75,716

—

475,000

$2,043,015

1,186,104

492,570

403,000

5,668,221

7,749,895

Refer to “Mega campus” 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)

September 30, 2024

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Active and Near-Term Construction

Future Opportunities Subject to

Market Conditions and Leasing

Under

Construction

Committed

Near Term

Priority

Anticipated

Future

Total(1)

Seattle

Mega Campus: Alexandria Center® for Life Science – South

Lake Union/Lake Union

(2)

$485,628

227,577

—

869,000

188,400

1,284,977

601 and 701 Dexter Avenue North and 800 Mercer Street

Alexandria Center® for Advanced Technologies – Monte Villa

Parkway/Bothell

100%

11,977

34,306

—

34,306

3301 Monte Villa Parkway

830 and 1010 4th Avenue South/SoDo

100%

59,262

—

597,313

410 West Harrison Street/Elliott Bay

100%

—

91,000

Mega Campus: Alexandria Center® for Advanced Technologies

– Canyon Park/Bothell

100%

17,439

—

230,000

21660 20th Avenue Southeast

Other development and redevelopment projects

100%

142,484

—

706,087

716,790

261,883

—

869,000

1,812,800

2,943,683

Maryland

Mega Campus: Alexandria Center® for Life Science – Shady

Grove/Rockville

100%

54,904

29,890

—

296,000

325,890

9808 Medical Center Drive and 9830 Darnestown Road

54,904

29,890

—

296,000

325,890

Research Triangle

Mega Campus: Alexandria Center® for Advanced Technologies

and AgTech – Research Triangle/Research Triangle

100%

103,653

—

180,000

990,000

1,170,000

4 and 12 Davis Drive

Mega Campus: Alexandria Center® for Life Science – Durham/

Research Triangle

100%

176,524

—

2,210,000

41 Moore Drive

Mega Campus: Alexandria Center® for NextGen Medicines/

Research Triangle

100%

$108,035

—

1,055,000

3029 East Cornwallis Road

Refer to “Mega campus” 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 priority anticipated development project at 800 Mercer Street aggregating 869,000 RSF.

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

September 30, 2024

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Active and Near-Term Construction

Future Opportunities Subject to

Market Conditions and Leasing

Under

Construction

Committed

Near Term

Priority

Anticipated

Future

Total(1)

Research Triangle (continued)

Mega Campus: Alexandria Center® for Sustainable

Technologies/Research Triangle

100%

$53,326

—

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

445,723

—

180,000

5,147,227

5,327,227

New York City

Mega Campus: Alexandria Center® for Life Science – New York

City/New York City

100%

165,061

—

550,000

(2)

550,000

165,061

—

550,000

Texas

Alexandria Center® for Advanced Technologies at The Woodlands/

Greater Houston

100%

49,034

73,298

—

116,405

189,703

8800 Technology Forest Place

1001 Trinity Street and 1020 Red River Street/Austin

100%

10,177

—

126,034

123,976

250,010

Other development and redevelopment projects

100%

136,980

—

1,694,000

196,191

73,298

—

126,034

1,934,381

2,133,713

Canada

100%

50,044

139,311

—

371,743

511,054

Other development and redevelopment projects

100%

120,411

—

724,349

Total pipeline as of September 30, 2024

$9,340,425

(3)

4,975,327

492,570

2,163,784

27,582,766

35,214,447

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

(1)Total square footage includes 3,376,039 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 campus. Refer to our Form 8-K filed with the Securities and Exchange Commission on

August 7, 2024 for additional details.

(3)Includes $4.3 billion of projects that are currently under construction and are 55% leased/negotiating. We also expect to commence construction on one committed near-term project aggregating $69.5 million, which is 51% leased/

negotiating, in the next two years after September 30, 2024.

Construction Spending and Capitalization of Interest

September 30, 2024

(Dollars in thousands)

Construction spending

Nine Months Ended

September 30, 2024

Projected Midpoint for

the Year Ending

December 31, 2024

Construction of Class A/A+ properties:

Active construction projects

Under construction and committed near-term projects(1) and projects expected to commence active construction in 4Q24(2)

1,448,736

1,913,000

Future pipeline pre-construction

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

349,082

652,000

Revenue- and non-revenue-enhancing capital expenditures

158,229

250,000

Construction spend (before contributions from noncontrolling interests or tenants)

1,956,047

2,815,000

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(272,072)

(430,000)

(3)

Tenant-funded and -built landlord improvements

(107,562)

(135,000)

Total construction spending

1,576,413

2,250,000

2024 guidance range for construction spending

$1,950,000 – $2,550,000

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

Timing

Amount(3)

4Q24

$157,928

2025 through 2027

885,526

Total

$1,043,454

Average real estate basis used for capitalization of interest

Key Categories of Real Estate Basis Capitalized During YTD 3Q24

Average Real Estate

Basis Capitalized

During YTD 3Q24

Percentage of Total

Average Real Estate

Basis Capitalized

Construction of Class A/A+ properties:

Active construction projects

Under construction and committed near-term projects(1)

$2,849,742

35%

Future pipeline pre-construction

Priority anticipated projects

559,815

(4)

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

3,692,497

(4)

Smaller redevelopments and repositioning capital projects

1,025,019

$8,127,073

100%

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

(1)Includes projects under construction aggregating 5.0 million RSF and one committed near-term project aggregating 492,570 RSF expected to commence construction during the next two years after September 30, 2024, which are 55%

leased/negotiating and expected to generate $510 million in annual incremental net operating income primarily commencing from 4Q24 through 1Q28.

(2)Includes certain priority anticipated development and redevelopment projects expected to commence active construction in 4Q24, 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.

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

(4)Average real estate basis capitalized related to our future pipeline pre-construction activities includes 31% from four key active and future development and redevelopment projects on mega campuses. Refer to the next page for additional

details.

Construction Spending and Capitalization of Interest (continued)

September 30, 2024

Key Active and Future Development and Redevelopment Projects on Mega Campuses

Alexandria Center® for Advanced Technologies – Tanforan

Alexandria Center® for Life Science – San Carlos

San Francisco Bay Area/South San Francisco

San Francisco Bay Area/Greater Stanford

1.9 million future SF

1.5 million future SF

Campus Point by Alexandria

Alexandria Center® for Life Science – South Lake Union

San Diego/University Town Center

Seattle/Lake Union

1.7 million active and future SF

1.3 million active and future SF

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

Joint Venture Financial Information

September 30, 2024

Consolidated Real Estate Joint Ventures

Property

Market

Submarket

Noncontrolling

Interest Share(1)

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%

870,106

99 Coolidge Avenue

Greater Boston

Cambridge/Inner Suburbs

25.0%

116,414

(2)

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%

—

(2)

Alexandria Center® for Science and Technology – Mission Bay(3)

San Francisco Bay Area

Mission Bay

75.0%

996,181

1450 Owens Street

San Francisco Bay Area

Mission Bay

74.6%

(4)

—

(2)

601, 611, 651(2), 681, 685, and 701 Gateway Boulevard

San Francisco Bay Area

South San Francisco

50.0%

853,794

751 Gateway Boulevard

San Francisco Bay Area

South San Francisco

49.0%

230,592

211(2) 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

52.1%

—

(2)

3215 Merryfield Row

San Diego

Torrey Pines

70.0%

170,523

Campus Point by Alexandria(5)

San Diego

University Town Center

45.0%

1,342,164

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(6)

San Diego

Sorrento Mesa

50.0%

798,858

Pacific Technology Park

San Diego

Sorrento Mesa

50.0%

544,352

Summers Ridge Science Park(7)

San Diego

Sorrento Mesa

70.0%

316,531

1201 and 1208 Eastlake Avenue East

Seattle

Lake Union

70.0%

207,774

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%

—

(2)

Unconsolidated Real Estate Joint Ventures

Property

Market

Submarket

Our Ownership

Share(8)

Operating RSF

at 100%

1655 and 1725 Third Street

San Francisco Bay Area

Mission Bay

10.0%

586,208

1401/1413 Research Boulevard

Maryland

Rockville

65.0%

(9)

(10)

1450 Research Boulevard

Maryland

Rockville

73.2%

(9)

42,679

101 West Dickman Street

Maryland

Beltsville

58.2%

(9)

135,423

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)In addition to the consolidated real estate joint ventures listed, various joint venture partners hold insignificant noncontrolling interests in three other real estate joint ventures in North America.

(2)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.

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

(4)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes equity to fund the construction of the project over time.

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

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

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

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

(9)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.

(10)Represents a joint venture with a distinguished retail real estate developer for a retail shopping center aggregating 84,837 RSF.

Joint Venture Financial Information (continued)

September 30, 2024

(In thousands)

As of September 30, 2024

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated Real

Estate JVs

Investments in real estate

4,211,942

125,029

Cash, cash equivalents, and restricted cash

164,756

3,346

Other assets

425,293

13,411

Secured notes payable

(36,103)

(95,603)

Other liabilities

(280,069)

(6,013)

Redeemable noncontrolling interests

(16,510)

—

4,469,309

40,170

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated Real Estate JVs

September 30, 2024

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

Total revenues

113,479

335,786

3,141

9,472

Rental operations

(34,697)

(97,009)

(965)

(2,984)

78,782

238,777

2,176

6,488

General and administrative

(586)

(2,268)

(10)

(80)

Interest

(284)

(753)

(952)

(2,807)

Depreciation and amortization of real estate assets

(32,457)

(94,725)

(1,075)

(3,177)

Fixed returns allocated to redeemable noncontrolling interests(1)

201

603

—

45,656

141,634

139

424

Straight-line rent and below-market lease revenue

15,588

213

743

Funds from operations(2)

78,113

236,359

1,214

3,601

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their

investment rather than participate in the operating results of the property.

(2)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

September 30, 2024

(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.

September 30, 2024

Year Ended

December 31, 2023

Three Months Ended

Nine Months Ended

Realized gains

$12,632

(1)

$47,336

(1)

$6,078

(2)

Unrealized gains (losses)

2,610

(3)

(32,470)

(4)

(201,475)

(5)

Investment income (loss)

$15,242

$14,866

$(195,397)

September 30, 2024

December 31, 2023

Investments

Cost

Unrealized Gains

Unrealized Losses

Carrying Amount

Publicly traded companies

$187,085

$50,933

$(85,592)

$152,426

$159,566

Entities that report NAV

527,042

160,608

(31,225)

656,425

671,532

Entities that do not report NAV:

Entities with observable price changes

93,982

72,862

(1,337)

165,507

174,268

Entities without observable price changes

407,261

—

407,261

368,654

Investments accounted for under the equity method

N/A

137,708

75,498

September 30, 2024

$1,215,370

(6)

$284,403

$(118,154)

$1,519,327

$1,449,518

December 31, 2023

$1,177,072

$320,445

$(123,497)

$1,449,518

Public/Private Mix (Cost)

Tenant/Non-Tenant Mix (Cost)

14%

Public

27%

Tenant

86%

Private

73%

Non-Tenant

(1)Consists of realized gains of $23.0 million and $85.2 million, partially offset by impairment charges of $10.3 million and $37.8 million during the three and nine months ended September 30, 2024, respectively.

(2)Consists of realized gains of $80.6 million, offset by impairment charges of $74.6 million during the year ended December 31, 2023.

(3)Consists of unrealized gains of $25.8 million primarily resulting from the increase in fair values of our investments in publicly traded entities and $23.2 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 September 30, 2024.

(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the nine months ended September 30, 2024.

(5)Consists of unrealized losses of $111.6 million primarily resulting from the decrease in the fair value of our investments in privately held entities that report NAV and $89.9 million resulting from accounting reclassifications of unrealized

gains recognized in prior periods into realized gains upon our sales of investments during the year ended December 31, 2023.

(6)Represents 2.8% of gross assets as of September 30, 2024. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Key Credit Metrics

September 30, 2024

Liquidity

Minimal Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$5.4B

(in millions)

Availability under our unsecured senior line of credit, net of amounts

outstanding under our commercial paper program

$4,545

Outstanding forward equity sales agreements(1)

Cash, cash equivalents, and restricted cash

580

Availability under our secured construction loan

Investments in publicly traded companies

152

Liquidity as of September 30, 2024

$5,356

Net Debt and Preferred Stock to Adjusted EBITDA(2)

Fixed-Charge Coverage Ratio(2)

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

(1)Represents expected net proceeds from the future settlement of 230 thousand shares of common stock under forward equity sales agreements after underwriter discounts.

(2)Quarter annualized.

Summary of Debt

September 30, 2024

(In millions)

Weighted-Average Remaining Term of 12.6 Years

(1)In September 2024, we amended and restated our unsecured senior line of credit to, among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control. We

anticipate further extending the maturity date in the next two to three years. Additionally, we have two unsecured senior notes payable maturing six months apart on July 1, 2030 and December 15, 2030.

(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)

September 30, 2024

(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

$587

$144,413

$145,000

1.1%

8.39%

2.2

Unsecured senior notes payable

12,092,012

—

12,092,012

95.3

3.81

13.0

Unsecured senior line of credit(2) and commercial

paper program(3)

—

454,589

3.6

5.05

5.3

(4)

Total/weighted average

$12,092,599

$599,002

$12,691,601

100.0%

3.91%

12.6

(4)

Percentage of total debt

95.3%

4.7%

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 September 30, 2024, 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 September 30, 2024, we had $454.6 million of commercial paper notes outstanding with a weighted-average interest rate of 5.05%.

(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 12.5 years. The commercial paper notes sold during the nine months ended September 30, 2024 were issued at a weighted-average yield to maturity of 5.55% and had a

weighted-average maturity term of 17 days.

Average Debt Outstanding

Weighted-Average Interest Rate

September 30, 2024

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

Long-term fixed-rate debt

$12,171,936

$12,008,857

3.79%

3.76%

Short-term variable-rate unsecured senior line of credit and commercial paper

program debt

545,848

471,070

5.48

5.57

Blended average interest rate

12,717,784

12,479,927

3.86

3.83

Loan fee amortization and annual facility fee related to unsecured senior line of credit

N/A

0.12

0.13

Total/weighted average

$12,717,784

$12,479,927

3.98%

3.96%

Summary of Debt (continued)

September 30, 2024

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

September 30, 2024

Requirement

September 30, 2024

Total Debt to Total Assets

≤ 60%

30%

≤ 60.0%

29.7%

Secured Debt to Total Assets

≤ 40%

0.3%

≤ 45.0%

0.3%

Consolidated EBITDA to Interest Expense

≥ 1.5x

12.3x

≥ 1.50x

3.95x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

326%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

12.55x

(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

1401/1413 Research Boulevard(3)

12/23/24

2.70%

3.31%

$28,500

$28,461

65.0%

1655 and 1725 Third Street(4)

3/10/25

4.50%

4.57%

600,000

599,823

10.0%

101 West Dickman Street

11/10/26

SOFR+1.95%

(5)

7.39%

26,750

18,565

58.2%

1450 Research Boulevard

12/10/26

SOFR+1.95%

(5)

7.45%

13,000

8,616

73.2%

$668,250

$655,465

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2024.

(3)We have executed a purchase and sale agreement to sell the unconsolidated real estate joint venture and expect to complete the sale in 4Q24. Our net proceeds from the sale are expected to exceed our share of the

outstanding debt balance and the carrying amount of this investment as of September 30, 2024.

(4)The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. In the event that all or a portion of the debt cannot be refinanced, we may consider contributing additional

equity into this unconsolidated real estate joint venture. As of September 30, 2024, our investment in this unconsolidated real estate joint venture was $10.8 million.

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

Summary of Debt (continued)

September 30, 2024

(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

2024

2025

2026

2027

2028

Thereafter

Secured notes payable

Greater Boston(3)

SOFR+2.70%

8.40%

11/19/26

$—

$144,527

$—

$144,527

$(114)

$144,413

San Francisco Bay Area

6.50%

6.50

7/1/36

—

438

587

—

587

Secured debt weighted-average interest rate/

subtotal

8.39

—

144,563

438

145,114

(114)

145,000

Unsecured senior line of credit and commercial

paper program(4)

(4)

5.05

(4)

1/22/30

(4)

—

455,000

(411)

454,589

Unsecured senior notes payable

3.45%

3.62

4/30/25

—

600,000

—

600,000

(518)

599,482

Unsecured senior notes payable

4.30%

4.50

1/15/26

—

300,000

—

300,000

(655)

299,345

Unsecured senior notes payable

3.80%

3.96

4/15/26

—

350,000

—

350,000

(776)

349,224

Unsecured senior notes payable

3.95%

4.13

1/15/27

—

350,000

—

350,000

(1,194)

348,806

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(1,418)

423,582

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

(1,082)

298,918

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

(2,167)

397,833

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

(2,149)

447,851

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

(4,926)

695,074

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(4,509)

745,491

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(7,198)

892,802

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(7,326)

992,674

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(7,425)

792,575

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(5,071)

494,929

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(4,195)

395,805

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,900)

297,100

Unsecured senior notes payable

4.00%

3.91

2/1/50

—

700,000

10,017

710,017

Unsecured senior notes payable

3.00%

3.08

5/18/51

—

850,000

(11,322)

838,678

Unsecured senior notes payable

3.55%

3.63

3/15/52

—

1,000,000

(13,782)

986,218

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,647)

492,353

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,745)

593,255

Unsecured debt weighted-average interest rate/

subtotal

3.85

—

600,000

650,000

350,000

425,000

10,605,000

12,630,000

(83,399)

12,546,601

Weighted-average interest rate/total

3.91%

$—

$600,034

$794,563

$350,038

$425,041

$10,605,438

$12,775,114

$(83,513)

$12,691,601

Balloon payments

$—

$600,000

$794,527

$350,000

$425,000

$10,605,068

$12,774,595

$—

$12,774,595

Principal amortization

—

370

519

(83,513)

(82,994)

Total debt

$—

$600,034

$794,563

$350,038

$425,041

$10,605,438

$12,775,114

$(83,513)

$12,691,601

Fixed-rate debt

$—

$600,034

$650,036

$350,038

$425,041

$10,150,438

$12,175,587

$(82,988)

$12,092,599

Variable-rate debt

—

144,527

—

455,000

599,527

(525)

599,002

Total debt

$—

$600,034

$794,563

$350,038

$425,041

$10,605,438

$12,775,114

$(83,513)

$12,691,601

Weighted-average stated rate on maturing debt

N/A

3.45%

3.79%

3.95%

3.74%

(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 75.0% interest. As of September 30, 2024, this joint venture has $50.8 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. In September 2024, we amended and restated our unsecured senior line of credit to, among other changes, extend the

maturity date from January 22, 2028 to January 22, 2030, including extension options that we control.

Definitions and Reconciliations

September 30, 2024

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)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Net income (loss)

$213,603

$94,049

$219,176

$(42,658)

$68,254

Interest expense

43,550

45,789

40,840

31,967

11,411

Income taxes

1,877

1,182

1,764

1,322

1,183

Depreciation and amortization

293,998

290,720

287,554

285,246

269,370

Stock compensation expense

15,525

14,507

17,125

34,592

16,288

Gain on sales of real estate

(27,114)

—

(392)

(62,227)

—

Unrealized (gains) losses on non-real estate

investments

(2,610)

64,238

(29,158)

(19,479)

77,202

Impairment of real estate

5,741

30,763

—

271,890

20,649

Impairment of non-real estate investments

10,338

12,788

14,698

23,094

28,503

Adjusted EBITDA

$554,908

$554,036

$551,607

$523,747

$492,860

Total revenues

$791,607

$766,734

$769,108

$757,216

$713,788

Adjusted EBITDA margin

70%

72%

69%

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, 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, 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 fourth quarter net income 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, and impairment of non-real estate investments. Our

attempt to predict these amounts may produce significant but inaccurate estimates, which would be

potentially misleading for our investors.

Definitions and Reconciliations (continued)

September 30, 2024

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 -

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 September 30, 2024, approximately 93% 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. Class A/

A+ properties generally command higher annual rental rates than other classes of similar properties.

AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and

related businesses.

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, and property enhancements identified

during the underwriting of certain acquired properties, located in collaborative mega campuses in AAA

life science innovation clusters. 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 and 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.

Priority anticipated projects are those most likely to commence future ground-up development

or first-time conversion from non-laboratory space to laboratory space prior to our other future projects,

pending market conditions and leasing negotiations.

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

activities preceding commencement of construction of aboveground building improvements. The

advancement of pre-construction efforts is focused on reducing the time required to deliver projects to

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

are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality

facilities and are expected to generate significant revenue and cash flows.

Development, redevelopment, and pre-construction spending also includes the following

costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified

during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion

of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and

growth-stage life science companies.

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

or significantly change the use of a property, including through improvement in the asset quality from

Class B to Class A/A+.

Non-revenue-enhancing capital expenditures represent costs required to maintain the current

revenues of a stabilized property, including the associated costs for renewed and re-leased space.

Dividend payout ratio (common stock)

Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends

on our common stock (shares of common stock outstanding on the respective record dates multiplied by

the related dividend per share) to funds from operations attributable to Alexandria’s common

stockholders – diluted, as adjusted.

Definitions and Reconciliations (continued)

September 30, 2024

Dividend yield

Dividend yield for the quarter represents the annualized quarter dividend divided by the

closing common stock price at the end of the quarter.

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of

Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a

supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.

Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,

less amortization of loan fees and debt premiums (discounts).

The following table reconciles interest expense, the most directly comparable financial

measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-

charge coverage ratio:

Three Months Ended

(Dollars in thousands)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Adjusted EBITDA

$554,908

$554,036

$551,607

$523,747

$492,860

Interest expense

$43,550

$45,789

$40,840

$31,967

$11,411

Capitalized interest

86,496

81,039

81,840

89,115

96,119

Amortization of loan fees

(4,222)

(4,146)

(4,142)

(4,059)

Amortization of debt discounts

(330)

(328)

(318)

(309)

(306)

Cash interest and fixed charges

$125,494

$122,354

$118,220

$116,714

$103,165

Fixed-charge coverage ratio:

– quarter annualized

4.4x

4.5x

4.7x

4.5x

4.8x

– trailing 12 months

4.5x

4.6x

4.7x

4.9x

We are not able to forecast fourth quarter net income 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, and impairment of non-real estate

investments. Our attempt to predict these amounts may produce significant but inaccurate estimates,

which would be potentially misleading for our investors.

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, impairment

of real estate primarily consisting of pre-acquisition costs incurred in connection with acquisitions we

decided to no longer pursue, gains or losses on early extinguishment of debt, 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.

Definitions and Reconciliations (continued)

September 30, 2024

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

common stockholders (continued)

The following table reconciles net income 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:

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

September 30, 2024

(In thousands)

Three Months

Ended

Nine Months

Ended

Three Months

Ended

Nine Months

Ended

Net income

$45,656

$141,634

$139

$424

Depreciation and amortization of

real estate assets

32,457

94,725

1,075

3,177

Funds from operations

$78,113

$236,359

$1,214

$3,601

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Total assets

$38,488,128

$37,847,865

$37,699,046

$36,771,402

$36,783,293

Accumulated depreciation

5,624,642

5,457,414

5,216,857

4,985,019

4,856,436

Gross assets

$44,112,770

$43,305,279

$42,915,903

$41,756,421

$41,639,729

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 -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 -built landlord improvements.

•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental

concessions, if any, have elapsed and our total cash investment in the property.

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-

grade rated or publicly traded companies with an average daily market capitalization greater than $10

billion for the twelve months ended September 30, 2024, 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 industries. 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.

Definitions and Reconciliations (continued)

September 30, 2024

Investments in real estate

The following table reconciles our investments in real estate as of September 30, 2024:

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$38,576,419

Less: accumulated depreciation

(5,624,642)

Investments in real estate

$32,951,777

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 September 30, 2024:

Percentage of

(Dollars in thousands)

Book Value

Gross

Assets

Annual Rental

Revenue

Under construction projects and one committed near-term

project expected to commence construction in the next two

years (55% leased/negotiating)

$4,405,094

10%

—%

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

2,861,653

Land

2,073,678

—

$9,340,425

21%

(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

The square footage presented in the table below is classified as operating as of

September 30, 2024. 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

2024

2025

Thereafter(1)

Total

Committed near-term project:

4161 Campus Point Court/University Town Center

Dev

—

159,884

—

159,884

Priority anticipated projects:

311 Arsenal Street/Cambridge/Inner Suburbs

Redev

—

25,312

—

25,312

269 East Grand Avenue/South San Francisco

Redev

107,250

—

107,250

1020 Red River Street/Austin

Redev

—

126,034

—

126,034

107,250

151,346

—

258,596

Future projects:

100 Edwin H. Land Boulevard/Cambridge

Dev

104,500

—

104,500

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

—

109,164

226,144

(2)

335,308

Sequence District by Alexandria/Sorrento Mesa

Dev/

Redev

—

686,290

830 4th Avenue South/SoDo

Dev

—

45,615

410 West Harrison Street/Elliott Bay

Dev

—

17,205

Other/Seattle

Dev

—

75,663

100 Capitola Drive/Research Triangle

Dev

—

34,527

1001 Trinity Street/Austin

Dev

—

72,938

—

72,938

Canada

Redev

—

247,743

104,500

182,102

2,670,957

2,957,559

211,750

493,332

2,670,957

3,376,039

(1)Includes vacant square footage as of September 30, 2024.

(2)Represents 226,144 RSF of month-to-month leases in our University Town Center submarket primarily related to

space being temporarily held over by an expiring tenant at buildings that are targeted for the future development

of laboratory space, subject to market conditions and leasing.

Definitions and Reconciliations (continued)

September 30, 2024

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

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 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.

Mega campus

Mega campuses are cluster campuses that consist of approximately 1 million RSF or more,

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 September 30, 2024:

(Dollars in thousands)

Annual Rental

Revenue

Development and

Redevelopment

Pipeline RSF

Mega campus

$1,666,759

21,957,791

Non-mega campus

517,316

9,880,617

Total

$2,184,075

31,838,408

Mega campus as a percentage of annual rental

revenue and of total development and

redevelopment pipeline RSF

76%

69%

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.

Definitions and Reconciliations (continued)

September 30, 2024

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)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Secured notes payable

$145,000

$134,942

$130,050

$119,662

$109,110

Unsecured senior notes payable

12,092,012

12,089,561

12,087,113

11,096,028

11,093,725

Unsecured senior line of credit and

commercial paper

454,589

199,552

—

99,952

—

Unamortized deferred financing costs

79,610

81,942

84,198

76,329

78,496

Cash and cash equivalents

(562,606)

(561,021)

(722,176)

(618,190)

(532,390)

Restricted cash

(17,031)

(4,832)

(9,519)

(42,581)

(35,321)

Preferred stock

—

Net debt and preferred stock

$12,191,574

$11,940,144

$11,569,666

$10,731,200

$10,713,620

Adjusted EBITDA:

– quarter annualized

$2,219,632

$2,216,144

$2,206,428

$2,094,988

$1,971,440

– trailing 12 months

$2,184,298

$2,122,250

$2,064,904

$1,997,518

$1,935,505

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

5.5x

5.4x

5.2x

5.1x

5.4x

– trailing 12 months

5.6x

5.4x

5.5x

We are not able to forecast fourth quarter net income 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, and

impairment of non-real estate investments. Our attempt to predict these amounts may produce

significant but inaccurate estimates, which would be potentially misleading for our investors.

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

Nine Months Ended

(Dollars in thousands)

9/30/24

9/30/23

9/30/24

9/30/23

Net income

$213,603

$68,254

$526,828

$323,652

Equity in earnings of unconsolidated real estate

joint ventures

(139)

(242)

(424)

(617)

General and administrative expenses

43,945

45,987

135,629

140,065

Interest expense

43,550

11,411

130,179

42,237

Depreciation and amortization

293,998

269,370

872,272

808,227

Impairment of real estate

5,741

20,649

36,504

189,224

Gain on sales of real estate

(27,114)

—

(27,506)

(214,810)

Investment (income) loss

(15,242)

80,672

(14,866)

204,051

Net operating income

558,342

496,101

1,658,616

1,492,029

Straight-line rent revenue

(29,087)

(29,805)

(125,676)

(92,331)

Amortization of deferred revenue related to

tenant-funded and -built landlord

improvements

(329)

—

(329)

—

Amortization of acquired below-market leases

(17,312)

(23,222)

(70,167)

(69,647)

Net operating income (cash basis)

$511,614

$443,074

$1,462,444

$1,330,051

Net operating income (cash basis) – annualized

$2,046,456

$1,772,296

$1,949,925

$1,773,401

Net operating income (from above)

$558,342

$496,101

$1,658,616

$1,492,029

Total revenues

$791,607

$713,788

$2,327,449

$2,128,483

Operating margin

71%

70%

71%

70%

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, and amortization of deferred

revenue related to tenant-funded and -built landlord improvements adjustments 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 -built landlord improvements.

Definitions and Reconciliations (continued)

September 30, 2024

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, 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.

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

Definitions and Reconciliations (continued)

September 30, 2024

Same property comparisons (continued)

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

months ended September 30, 2024:

Redevelopment – placed into

Development – under construction

Properties

service after January 1, 2023

Properties

201 Brookline Avenue

20400 Century Boulevard

99 Coolidge Avenue

140 First Street

500 North Beacon Street and 4 Kingsbury

Avenue

2400 Ellis Road, 40 Moore Drive, and 14

TW Alexander Drive

9808 Medical Center Drive

9601 and 9603 Medical Center Drive

1450 Owens Street

230 Harriet Tubman Way

Acquisitions after January 1, 2023

Properties

4155 Campus Point Court

Other

10935, 10945, and 10955 Alexandria

Way

Unconsolidated real estate JVs

10075 Barnes Canyon Road

Properties held for sale

421 Park Drive

Total properties excluded from same

properties

4135 Campus Point Court

701 Dexter Avenue North

Same properties

339

Total properties in North America as of

September 30, 2024

406

Development – placed into

service after January 1, 2023

Properties

751 Gateway Boulevard

15 Necco Street

325 Binney Street

9810 Darnestown Road

9820 Darnestown Road

1150 Eastlake Avenue East

Redevelopment – under construction

Properties

840 Winter Street

40, 50, and 60 Sylvan Road

Alexandria Center® for Advanced

Technologies – Monte Villa Parkway

651 Gateway Boulevard

401 Park Drive

8800 Technology Forest Place

311 Arsenal Street

One Hampshire Street

Canada

Other

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

Nine Months Ended

(In thousands)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

9/30/24

9/30/23

Income from rentals

$775,744

$755,162

$755,551

$742,637

$707,531

$2,286,457

$2,099,819

Rental revenues

(579,569)

(576,835)

(581,400)

(561,428)

(526,352)

(1,737,804)

(1,582,543)

Tenant recoveries

$196,175

$178,327

$174,151

$181,209

$181,179

$548,653

$517,276

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.

Definitions and Reconciliations (continued)

September 30, 2024

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)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Unencumbered net operating income

$553,589

$544,268

$546,830

$533,382

$495,012

Encumbered net operating income

4,753

5,212

3,964

1,108

1,089

Total net operating income

$558,342

$549,480

$550,794

$534,490

$496,101

Unencumbered net operating income as a

percentage of total net operating income

99.1%

99.3%

99.8%

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

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. We are required to consider the

potential dilutive effect of our Forward Agreements under the treasury stock method while the Forward

Agreements are outstanding. As of September 30, 2024, we had Forward Agreements outstanding to

sell an aggregate of 230 thousand shares of common stock.

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 restricted stock awards

used in calculating amounts allocable to unvested stock award holders pursuant to the two-class method

for each of the respective periods presented below:

Three Months Ended

Nine Months Ended

(In thousands)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

9/30/24

9/30/23

Basic shares for earnings per

172,058

172,013

171,949

171,096

170,890

172,007

170,846

Forward Agreements

—

Diluted shares for earnings

per share

172,058

172,013

171,949

171,096

170,890

172,007

170,846

Basic shares for funds from

operations per share and

funds from operations per

share, as adjusted

172,058

172,013

171,949

171,096

170,890

172,007

170,846

Forward Agreements

—

Diluted shares for funds from

operations per share and

funds from operations per

share, as adjusted

172,058

172,013

171,949

171,096

170,890

172,007

170,846

Weighted-average unvested

restricted shares used in

calculating the allocations

of net income, funds from

operations, and funds from

operations, as adjusted

2,838

2,878

2,987

2,734

2,124

2,901

2,187

Mentions · how they’re counted

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

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