EX-99.12a2025ex991supp.htmEX-99.1 2025 EX 99.1 SUPP

JUST ANNOUNCED

ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY

HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL TENANT

IN JULY FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT OUR CAMPUS

POINT BY ALEXANDRIA MEGACAMPUS™ IN SAN DIEGO

HIGHLIGHTS

•

16-year lease term with a

credit tenant

•

Underscores uniquely

targeted demand for

our leading life science

destination in

San Diego

•

R&D hub embedded

in an amenity-rich

Megacampus

ecosystem that enables

tenants to recruit and

retain top talent

Table of Contents

June 30, 2025

COMPANY HIGHLIGHTS

Page

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

iii

EARNINGS PRESS RELEASE

Page

Second Quarter Ended June 30, 2025 Financial and Operating

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

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

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

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

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

Funds From Operations and Funds From Operations per Share

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

SUPPLEMENTAL INFORMATION

Page

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

External Growth / Investments in Real Estate

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

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

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

New Class A/A+ Development and Redevelopment Properties:

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

Recent Deliveries ...........................................................................

Internal Growth

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

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

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

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

Construction Spending ........................................................................

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

Capitalization of Interest .....................................................................

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

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

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

Balance Sheet Management

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

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

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

Balance Sheet ......................................................................................

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

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

Definitions and Reconciliations

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

CONFERENCE CALL

INFORMATION:

Tuesday, July 22, 2025

2:00 p.m. Eastern Time

11:00 a.m. Pacific Time

(833) 366-1125 or

(412) 902-6738

Ask to join the conference call for

Alexandria Real Estate Equities, Inc.

CONTACT INFORMATION:

Alexandria Real Estate Equities, Inc.

corporateinformation@are.com

JOEL S. MARCUS

Executive Chairman &

Founder

PETER M. MOGLIA

Chief Executive Officer &

Chief Investment Officer

MARC E. BINDA

Chief Financial Officer &

Treasurer

PAULA SCHWARTZ

Managing Director,

Rx Communications Group

(917) 633-7790

iii

ALEXANDRIA’S

MEGACAMPUS™

PLATFORM

75%

OF OUR ANNUAL

RENTAL REVENUE

As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

LARGEST, HIGHEST-QUALITY

ASSET BASE CLUSTERED IN

THE BEST LOCATIONS

SECTOR-LEADING CLIENT

BASE OF ~750 TENANTS

HIGH-QUALITY CASH FLOWS

PROVEN UNDERWRITING

FORTRESS BALANCE SHEET

LONG-TENURED, HIGHLY

EXPERIENCED MANAGEMENT TEAM

LIFE SCIENCE REAL ESTATE

WE INVENTED IT.

WE DOMINATE IT.

THE MOST TRUSTED BRAND IN

LIFE SCIENCE REAL ESTATE

ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES

SUPERIOR OPERATING RESULTS

ALEXANDRIA’S

MEGACAMPUS PLATFORM

75%

of Annual Rental Revenue

ALEXANDRIA’S MEGACAMPUS OCCUPANCY

OUTPERFORMS THE MARKET(1)

17%

Occupancy

Outperformance

91%

Megacampus

74%

Market

As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the occupancy at Alexandria’s Megacampus ecosystems within the Greater Boston, San Francisco Bay Area, and San Diego markets as of June 30, 2025, compared to the average market occupancy for these markets per the

Q1 2025 U.S. Life Sciences Report published by CBRE Research.

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

vii

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

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

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

(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to COVID.

(5)Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.

viii

(1)Source: Evaluate Pharma, May 27, 2025. Represents percentage of top 20 biopharma product sales generated from M&A and partnerships in 2024. M&A includes company and product acquisitions. Partnerships include products

sourced by a company through in-licensing deals.

ALEXANDRIA’S HISTORICALLY CONSISTENT AND SOLID DIVIDENDS

2Q25

7.3%

Dividend

Yield

57%

Dividend Payout

Ratio

2021–2025

$2.3B

Net Cash Provided by

Operating Activities

After Dividends

ANNUAL COMMON STOCK DIVIDEND PER SHARE

(1)

(2)

(3)

(1)Dividend yield is calculated as the dividend declared for the three months ended June 30, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on June 30, 2025 of $72.63.

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

(3)Represents the common stock dividend declared of $1.32 per share for the three months ended June 30, 2025 annualized.

Alexandria Real Estate Equities, Inc. Reports:

2Q25 and 1H25 Net Loss per Share – Diluted of $(0.64) and $(0.71), respectively; and

2Q25 and 1H25 FFO per Share – Diluted, as Adjusted, of $2.33 and $4.63, respectively

PASADENA, Calif. – July 21, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the second quarter ended June 30, 2025.

Key highlights

Operating results

2Q25

2Q24

1H25

1H24

Total revenues:

In millions

$762.0

$766.7

$1,520.2

$1,535.8

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

In millions

$(109.6)

$42.9

$(121.2)

$209.8

Per share

$(0.64)

$0.25

$(0.71)

$1.22

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

In millions

$396.4

$405.5

$788.4

$809.4

Per share

$2.33

$2.36

$4.63

$4.71

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

(As of June 30, 2025, unless stated otherwise)

Occupancy of operating properties in North America

90.8%

(1)

Percentage of annual rental revenue in effect from Megacampus™ platform

75%

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

traded large cap tenants

53%

Operating margin

71%

Adjusted EBITDA margin

71%

Percentage of leases containing annual rent escalations

97%

Weighted-average remaining lease term:

Top 20 tenants

9.4

years

All tenants

7.4

years

Sustained strength in tenant collections:

July 2025 tenant rents and receivables collected as of July 21, 2025

99.4%

2Q25 tenant rents and receivables collected as of July 21, 2025

99.9%

(1)Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be

occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date

is January 2, 2026.

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

publicly traded U.S. REITs

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

4.1x for 2Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x,

respectively.

•Significant liquidity of $4.6 billion.

•Only 9% of our total debt matures through 2027.

•12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.

•Since 2021, our quarter-end fixed-rate debt averaged 97.2%.

•Total debt and preferred stock to gross assets of 30%.

•$297.3 million of capital contribution commitments from existing real estate joint venture

partners to fund construction from 3Q25 through 2027 and beyond, including $116.7 million

from 3Q25 to 4Q25.

Leasing volume and rental rate increases

•Leasing volume of 769,815 RSF during 2Q25.

•In July 2025, we executed the largest life science lease in company history with a long-

standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease,

aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our

University Town Center submarket. If this were included in the leasing volume for 2Q25, the

total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF. Refer

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

•Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash

basis) for 2Q25 and 13.2% and 6.9% (cash basis) for 1H25.

•84% of our leasing activity during the last twelve months was generated from our existing

tenant base.

2Q25

1H25

Total leasing activity – RSF

769,815

1,800,368

Lease renewals and re-leasing of space:

RSF (included in total leasing activity above)

483,409

1,367,817

Rental rate increase

5.5%

13.2%

Rental rate increase (cash basis)

6.1%

6.9%

Leasing of development and redevelopment space – RSF

131,768

138,198

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

retaining a significant portion for reinvestment

•Common stock dividend declared for 2Q25 of $1.32 per share aggregating $5.26 per

common share for the twelve months ended June 30, 2025, up 18 cents, or 3.5%, over the

twelve months ended June 30, 2024.

•By maintaining our recent dividend at $1.32 per share, over $40 million of additional liquidity

and equity capital can be reinvested annually.

•Dividend yield of 7.3% as of June 30, 2025.

•Dividend payout ratio of 57% for the three months ended June 30, 2025.

•Significant net cash flows provided by operating activities after dividends retained for

reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024

and the midpoint of our 2025 guidance range.

Ongoing execution of Alexandria’s 2025 capital recycling strategy

We expect to fund a significant portion of our capital requirements for the year ending

December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and

sales to owner/users. We expect dispositions of land to represent 20%–30% of our total

dispositions and sales of partial interests for 2025.

(in millions)

Completed dispositions

$261

Our share of pending transactions subject to non-refundable deposits,

signed letters of intent, and/or purchase and sale agreement

negotiations

525

Our share of completed and pending 2025 dispositions

786

40%

Additional targeted dispositions

1,164

2025 guidance midpoint for dispositions and sales of partial interests

$1,950

100%

Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)

June 30, 2025

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

income of $15 million commencing during 2Q25, with an additional $139 million of incremental

annual net operating income anticipated to deliver by 4Q26 primarily from projects 84% leased/

negotiating

•During 2Q25, we placed into service development and redevelopment projects aggregating

217,774 RSF that are 90% occupied across three submarkets and delivered incremental

annual net operating income of $15 million.

•A significant 2Q25 delivery was 119,202 RSF at 10935, 10945, and 10955 Alexandria Way

located in this asset at the One Alexandria Square Megacampus in our Torrey Pines

submarket.

•Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield

(cash basis), respectively, were primarily driven by leasing space at higher rental rates

than previously underwritten and a $23 million reduction in total investment due to

construction cost savings from overall project efficiencies.

•Annual net operating income (cash basis) from recently delivered projects is expected to

increase by $57 million upon the burn-off of initial free rent, which has a weighted-average

burn-off period of approximately three months.

•During 1Q25-4Q26, we expect to deliver annual net operating income representing nearly 9%

of the total net operating income for 2024.

•74% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment Projects

Incremental

Annual Net

Operating Income

RSF

Occupied/

Leased/

Negotiating

Percentage

(dollars in millions)

Placed into service:

1Q25

$37

309,494

100%

2Q25

(1)

217,774

Placed into service in 1H25

$52

(1)

527,268

96%

Expected to be placed into service:

3Q25 through 4Q26

$139

(2)

1,155,041

(3)

84%

(4)

2027 through 2028(5)

261

3,270,238

28%

$400

(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF

that are vacant and/or unleased as of June 30, 2025.

(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond,

including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy

years under “New Class A/A+ development and redevelopment properties: current projects” in the

Supplemental Information for additional details.

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

deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.

(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected

to stabilize during 2H25 and 2026.

(5)Includes one 100% pre-leased committed near-term project expected to commence construction in the next

year.

Significant leasing progress on temporary vacancy

Occupancy as of June 30, 2025

90.8%

(1)

Temporary vacancies now leased with future delivery

1.7

(2)

Occupancy as of June 30, 2025, including leased, but not yet delivered space

92.5%

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

(2)Represents temporary vacancy as of June 30, 2025 aggregating 668,795 RSF, primarily in the Greater Boston,

San Francisco Bay Area, and San Diego markets, which is leased and expected to be occupied upon

completion of building and/or tenant improvements. The weighted-average expected delivery date is

January 2, 2026.

Key operating metrics

•Net operating income (cash basis) of $2.0 billion for 2Q25 annualized, up $111.4 million, or

5.8%, compared to 2Q24 annualized.

•Same property net operating income changes of (5.4)% and 2.0% (cash basis) for 2Q25 over

2Q24 and (4.3)% and 3.4% (cash basis) for 1H25 over 1H24, which include lease expirations

that became vacant during 1Q25 aggregating 768,080 RSF across six properties and four

submarkets with a weighted-average lease expiration date of January 21, 2025. Excluding

the impact of these lease expirations, same property net operating income changes for 2Q25

would have been (2.1)% and 6.5% (cash basis). As of June 30, 2025, 153,658 RSF was

leased with a weighted-average lease commencement date of April 30, 2026, and we expect

to favorably resolve the remaining 614,422 RSF over the next several quarters.

•General and administrative expenses of $59.8 million for 1H25, representing cost savings of

$31.9 million or 35%, compared to 1H24, primarily the result of cost-control and efficiency

initiatives on reducing personnel-related costs and streamlining business processes.

•As a percentage of net operating income, our general and administrative expenses for the

trailing twelve months ended June 30, 2025 were 6.3%, representing the lowest level in the

past ten years, compared to 9.2% for the trailing twelve months ended June 30, 2024.

Strong and flexible balance sheet

Key metrics as of or for the three months ended June 30, 2025

•$25.7 billion in total market capitalization.

•$12.4 billion in total equity capitalization.

2Q25

Target

Quarter

Trailing

4Q25

Annualized

12 Months

Annualized

Net debt and preferred stock to

Adjusted EBITDA

5.9x

5.8x

Less than or equal to 5.2x

Fixed-charge coverage ratio

4.1x

4.3x

4.0x to 4.5x

Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)

June 30, 2025

Strong and flexible balance sheet (continued)

Key capital events

•Upon maturity on April 30, 2025, we repaid $600.0 million of our 3.45% unsecured senior

notes payable with proceeds from our February 2025 unsecured senior notes payable

offering.

•Under our common stock repurchase program authorized in December 2024, we may

repurchase up to $500.0 million of our common stock through December 31, 2025. During

2Q25, we did not repurchase any shares. As of July 21, 2025, the approximate value of

shares authorized and remaining under this program was $241.8 million.

•In August 2025, we expect to repay a secured construction loan held by our consolidated real

estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9%

interest. The project is currently 76% leased/negotiating and is expected to deliver in 2026.

We expect to repay the loan aggregating $153.5 million which matures in 2026 and bears an

interest rate of 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early

extinguishment of debt of $99 thousand for the write-off of unamortized deferred financing

costs in 3Q25.

Investments

•As of June 30, 2025:

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

•Unrealized gains presented in our consolidated balance sheet were $7.7 million,

comprising gross unrealized gains and losses aggregating $180.2 million and

$172.5 million, respectively.

•Investment loss of $30.6 million for 2Q25 presented in our consolidated statement of

operations consisted of $30.5 million of realized gains, $21.9 million of unrealized losses, and

$39.2 million of impairment charges.

Other key highlights

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

2Q25

2Q24

2Q25

2Q24

1H25

1H24

1H25

1H24

(in millions, except per share

amounts)

Amount

Per Share –

Diluted

Amount

Per Share –

Diluted

Unrealized losses on non-

real estate investments

$(21.9)

$(64.2)

$(0.13)

$(0.37)

$(90.1)

$(35.1)

$(0.53)

$(0.20)

Gain on sales of real estate

—

13.2

0.4

0.08

—

Impairment of non-real

estate investments

(39.2)

(12.8)

(0.23)

(0.08)

(50.4)

(27.5)

(0.30)

(0.16)

Impairment of real estate(1)

(129.6)

(30.8)

(0.76)

(0.18)

(161.8)

(30.8)

(0.95)

(0.18)

Increase in provision for

expected credit losses on

financial instruments

—

(0.3)

—

Total

$(190.7)

$(107.8)

$(1.12)

$(0.63)

$(289.4)

$(93.0)

$(1.70)

$(0.54)

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

additional details.

Subsequent event

•In July 2025, we executed the largest life science lease in company history with a long-

standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease,

aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our

University Town Center submarket.

•The tenant currently occupies two buildings within the Megacampus, one building

aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025,

the tenant will vacate the 52,620 RSF building to allow for the demolition and development

of the new purpose-built life science building at this site. Upon delivery of the new build-to-

suit property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to

allow for the construction of an amenity which will service the entire Megacampus.

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

positive change to benefit human health and society

•8 Davis Drive on the Alexandria Center® for Advanced Technologies – Research Triangle

Megacampus won the prestigious 2025 BOMA (Building Owners and Managers Association)

International TOBY (The Outstanding Building of the Year) Award in the Life Science

category. The TOBY Awards are the commercial real estate industry’s highest recognition

honoring excellence in building management and operations. The award represents the

company’s first win in the International TOBY Awards. Of the four regional winners in the Life

Science category that progressed as international TOBY nominees, three were Alexandria-

owned, -operated, and -developed facilities. The two additional Alexandria facilities were:

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

campus in the San Francisco Bay Area and

•188 East Blaine Street on the Alexandria Center® for Life Science – Eastlake Megacampus

in Seattle.

•We released our 2024 Corporate Responsibility Report, which underscores our

groundbreaking sustainability approach and the continued execution of our impactful

corporate responsibility platform. Notable highlights in the report include:

•The continued advancement of our innovative strategy to reduce operational greenhouse

gas (GHG) emissions in our asset base through energy efficiency, electrification and

alternative energy, and renewable electricity. We reduced operational GHG emissions

intensity by 18% from 2022 to 2024, representing ongoing progress toward our 30%

reduction target by 2030 relative to a 2022 baseline.

•Our steadfast work to catalyze the health and vitality of our local communities and make a

tangible positive impact through action-oriented solutions addressing some of the nation’s

most pressing issues, including mental health and education.

•15 Necco Street, a state-of-the-art R&D facility totaling 345,996 RSF in our Seaport

Innovation District submarket in Greater Boston, earned LEED Platinum certification, the

highest certification level under the U.S. Green Building Council’s Core and Shell rating

system. Home to the Lilly Seaport Innovation Center, the facility serves as the central hub for

Lilly’s genetic medicines efforts.

•We deepened our commitment to driving educational opportunities for students and

supporting STEM education with the opening of the Alexandria Real Estate Equities, Inc.

Learning Lab at the Fred Hutch Cancer Center in Seattle. Designed and built by Alexandria in

close collaboration with Fred Hutch’s Science Education and Facilities teams, the innovative

laboratory environment is dedicated to inspiring and training future scientists.

Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)

June 30, 2025

Industry and corporate responsibility leadership (continued)

•Alexandria was named a recipient of the 2025 Charles A. Sanders, MD, Partnership Award by

the Foundation for the National Institutes of Health (FNIH) in recognition of our key role in

catalyzing a public-private partnership focused on the development of biomarkers for major

depressive disorder to address the urgent need for new medicines for neuropsychology.

•Lawrence J. Diamond, co-chief operating officer and regional market director of Maryland,

was honored with the Beacon of Service Award at the Maryland Tech Council’s 2025 ICON

Awards. The award recognizes Mr. Diamond’s leadership, service, and profound impact on

Maryland’s innovation ecosystem and broader community.

About Alexandria Real Estate Equities, Inc.

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

mission-driven life science REIT making a positive and lasting impact on the world. With our

founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the

preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™

ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San

Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of

June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset base in

North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class

A/A+ properties undergoing construction and one 100% pre-leased committed near-term project

expected to commence construction in the next year. Alexandria has a long-standing and proven

track record of developing Class A/A+ properties clustered in highly dynamic and collaborative

Megacampus environments that enhance our tenants’ ability to successfully recruit and retain

world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also

provides strategic capital to transformative life science companies through our venture capital

platform. 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

June 30, 2025

(Dollars in millions, except per share amounts)

Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual amounts will

not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current U.S. administration

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

that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press Release as well as our SEC filings, including our

most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

2025 Guidance Midpoint

Summary of Key Changes in Guidance

As of 7/21/25

As of 4/28/25

Summary of Key Changes in Sources and Uses of Capital

As of 7/21/25

As of 4/28/25

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

See updates below

Repayment of secured note payable(5)

$154

$—

Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to

Alexandria’s Common Stockholders – Diluted

As of 7/21/25

As of 4/28/25

G1Earnings per share(1)

$0.40 to $0.60

$1.36 to $1.56

Depreciation and amortization of real estate assets

7.05

Gain on sales of real estate

(0.08)

Impairment of real estate – rental properties and land(2)

0.77

0.21

Allocation to unvested restricted stock awards

(0.03)

Funds from operations per share and funds from operations

per share, as adjusted(3)

$8.11 to $8.31

$8.51 to $8.71

Unrealized losses on non-real estate investments

0.53

0.40

Impairment of non-real estate investments(2)

0.30

0.07

Impairment of real estate

0.23

0.19

Allocation to unvested restricted stock awards

(0.01)

G2Funds from operations per share, as adjusted(3)

$9.16 to $9.36

Midpoint

$9.26

Key Assumptions

Low

High

G3Occupancy percentage in North America as of December 31, 2025

90.9%

92.5%

Lease renewals and re-leasing of space:

G4Rental rate changes

9.0%

17.0%

G5Rental rate changes (cash basis)

0.5%

8.5%

Same property performance:

G6Net operating income

(3.7)%

(1.7)%

G7Net operating income (cash basis)

(1.2)%

0.8%

Straight-line rent revenue

$96

$116

G8General and administrative expenses

$112

$127

Capitalization of interest

$320

$350

G9Interest expense

$185

$215

Realized gains on non-real estate investments(4)

$100

$130

Key Credit Metric Targets(3)

G10Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized

Less than or equal to 5.2x

G11Fixed-charge coverage ratio – 4Q25 annualized

4.0x to 4.5x

Key Sources and Uses of Capital

Range

Midpoint

Certain

Completed

Items

Sources of capital:

Reduction in debt

$(290)

See below

G12Net cash provided by operating activities after

dividends

425

525

475

G13Dispositions and sales of partial interests (refer to

page 6)

1,450

2,450

1,950

(6)

Total sources of capital

$1,585

$2,685

$2,135

Uses of capital:

G14Construction

$1,450

$2,050

$1,750

G15Acquisitions and other opportunistic uses of

capital(7)

—

500

250

$208

(7)

G16Ground lease prepayment

135

$135

Total uses of capital

$1,585

$2,685

$2,135

Reduction in debt (included above):

Issuance of unsecured senior notes payable

$550

Repayment of unsecured notes payable

(600)

$(600)

Repayment of secured note payable(5)

(154)

Unsecured senior line of credit, commercial paper,

and other

(86)

Net reduction in debt

$(290)

(1)Excludes unrealized gains or losses on non-real estate investments after June 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

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

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

(4)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.

(5)In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9% interest. Refer to “Key capital events” in the

Earnings Press release for additional details.

(6)As of July 21, 2025, completed dispositions aggregated $260.6 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated

$524.7 million. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and partial interest sales (excluding land and including stabilized and non-stabilized operating properties) in the 7.5% – 8.5%

range. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interest sales for the year ending December 31, 2025. Refer to “Dispositions and sales of partial interests” in the Earnings Press

Release for additional details.

(7)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 2Q25, we did not repurchase any shares of common stock.

As of July 21, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may consider repurchasing additional shares of our common stock.

Dispositions and Sales of Partial Interests

June 30, 2025

(Dollars in thousands)

Square Footage

Gain on

Sales of

Real Estate

Property

Submarket/Market

Date of

Sale

Interest

Sold

Operating

Future

Development

Sales Price

Completed in 1Q25

$176,352

$13,165

Completed in 2Q25:

Properties with vacancies

2425 Garcia Avenue and 2400/2450 Bayshore Parkway

Greater Stanford/San Francisco Bay Area

6/30/25

100%

95,901

—

11,000

—

Land

Land parcel

Texas

5/7/25

100%

—

1,350,000

73,287

—

84,287

—

Dispositions completed in 1H25

260,639

$13,165

Our share of pending dispositions and sales of partial interests subject to

non-refundable deposits, signed letters of intent, and/or purchase and

sale agreement negotiations

524,745

Our share of completed and pending 2025 dispositions and sales of

partial interests

$785,384

2025 guidance range for dispositions and sales of partial interests

$1,450,000 – $2,450,000

2025 guidance midpoint for dispositions and sales of partial interests

$1,950,000

Earnings Call Information and About the Company

June 30, 2025

We will host a conference call on Tuesday, July 22, 2025, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results

for the second quarter ended June 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. 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 4:00 p.m. ET/1:00 p.m. PT on Tuesday,

July 22, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1006663.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2025 is available in the “For Investors” section of our website at www.are.com or

by following this link: https://www.are.com/fs/2025q2.pdf.

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

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

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,

Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation

cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of

$25.7 billion and an asset base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed

near-term project expected to commence construction in the next year. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative

Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to

transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher

occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.

Forward-Looking Statements

This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

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

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

“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, 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

June 30, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended

Six Months Ended

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

6/30/25

6/30/24

Revenues:

Income from rentals

$737,279

$743,175

$763,249

$775,744

$755,162

$1,480,454

$1,510,713

Other income

24,761

14,983

25,696

15,863

11,572

39,744

25,129

Total revenues

762,040

758,158

788,945

791,607

766,734

1,520,198

1,535,842

Expenses:

Rental operations

224,433

226,395

240,432

233,265

217,254

450,828

435,568

General and administrative

29,128

30,675

32,730

43,945

44,629

59,803

91,684

Interest

55,296

50,876

55,659

43,550

45,789

106,172

86,629

Depreciation and amortization

346,123

342,062

330,108

293,998

290,720

688,185

578,274

Impairment of real estate

129,606

32,154

186,564

5,741

30,763

161,760

30,763

Total expenses

784,586

682,162

845,493

620,499

629,155

1,466,748

1,222,918

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

(9,021)

(1)

(507)

6,635

139

130

(9,528)

285

Investment (loss) income

(30,622)

(49,992)

(67,988)

15,242

(43,660)

(80,614)

(376)

Gain on sales of real estate

—

13,165

101,806

27,114

—

13,165

392

Net (loss) income

(62,189)

38,662

(16,095)

213,603

94,049

(23,527)

313,225

Net income attributable to noncontrolling interests

(44,813)

(47,601)

(46,150)

(45,656)

(47,347)

(92,414)

(95,978)

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

stockholders

(107,002)

(8,939)

(62,245)

167,947

46,702

(115,941)

217,247

Net income attributable to unvested restricted stock awards

(2,609)

(2,660)

(2,677)

(3,273)

(3,785)

(5,269)

(7,444)

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

common stockholders

$(109,611)

$(11,599)

$(64,922)

$164,674

$42,917

$(121,210)

$209,803

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

Inc.’s common stockholders:

Basic

$(0.64)

$(0.07)

$(0.38)

$0.96

$0.25

$(0.71)

$1.22

Diluted

$(0.64)

$(0.07)

$(0.38)

$0.96

$0.25

$(0.71)

$1.22

Weighted-average shares of common stock outstanding:

Basic

170,135

170,522

172,262

172,058

172,013

170,328

171,981

Diluted

170,135

170,522

172,262

172,058

172,013

170,328

171,981

Dividends declared per share of common stock

$1.32

$1.30

$2.64

$2.57

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

Consolidated Balance Sheets

June 30, 2025

(In thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Assets

Investments in real estate

$32,160,600

$32,121,712

$32,110,039

$32,951,777

$32,673,839

Investments in unconsolidated real estate joint ventures

40,234

50,086

39,873

40,170

40,535

Cash and cash equivalents

520,545

476,430

552,146

562,606

561,021

Restricted cash

7,403

7,324

7,701

17,031

4,832

Tenant receivables

6,267

6,875

6,409

6,980

6,822

Deferred rent

1,232,719

1,210,584

1,187,031

1,216,176

1,190,336

Deferred leasing costs

491,074

489,287

485,959

516,872

519,629

Investments

1,476,696

1,479,688

1,476,985

1,519,327

1,494,348

Other assets

1,688,091

1,758,442

1,661,306

1,657,189

1,356,503

Total assets

$37,623,629

$37,600,428

$37,527,449

$38,488,128

$37,847,865

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$153,500

$150,807

$149,909

$145,000

$134,942

Unsecured senior notes payable

12,042,607

12,640,144

12,094,465

12,092,012

12,089,561

Unsecured senior line of credit and commercial paper

1,097,993

299,883

—

454,589

199,552

Accounts payable, accrued expenses, and other liabilities

2,360,840

2,281,414

2,654,351

2,865,886

2,529,535

Dividends payable

229,686

228,622

230,263

227,191

227,408

Total liabilities

15,884,626

15,600,870

15,128,988

15,784,678

15,180,998

Commitments and contingencies

Redeemable noncontrolling interests

9,612

19,972

16,510

16,440

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

Common stock

1,701

1,722

1,720

Additional paid-in capital

17,200,949

17,509,148

17,933,572

18,238,438

18,284,611

Accumulated other comprehensive loss

(27,415)

(46,202)

(46,252)

(22,529)

(27,710)

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

17,175,235

17,464,647

17,889,042

18,217,631

18,258,621

Noncontrolling interests

4,554,156

4,525,299

4,489,447

4,469,309

4,391,806

Total equity

21,729,391

21,989,946

22,378,489

22,686,940

22,650,427

Total liabilities, noncontrolling interests, and equity

$37,623,629

$37,600,428

$37,527,449

$38,488,128

$37,847,865

Funds From Operations and Funds From Operations per Share

June 30, 2025

(In thousands)

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

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

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

Three Months Ended

Six Months Ended

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

6/30/25

6/30/24

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

and diluted

$(109,611)

$(11,599)

$(64,922)

$164,674

$42,917

$(121,210)

$209,803

Depreciation and amortization of real estate assets

343,729

339,381

327,198

291,258

288,118

683,110

573,068

Noncontrolling share of depreciation and amortization from consolidated real estate

JVs

(36,047)

(33,411)

(34,986)

(32,457)

(31,364)

(69,458)

(62,268)

Our share of depreciation and amortization from unconsolidated real estate JVs

942

1,054

1,061

1,075

1,068

1,996

2,102

Gain on sales of real estate

—

(13,165)

(100,109)

(27,114)

—

(13,165)

(392)

Impairment of real estate – rental properties and land

131,090

(1)

—

184,532

5,741

2,182

131,090

2,182

Allocation to unvested restricted stock awards

(1,222)

(686)

(1,182)

(2,908)

(1,305)

(1,916)

(4,736)

Funds from operations attributable to Alexandria’s common stockholders –

diluted(2)

328,881

281,574

311,592

400,269

301,616

610,447

719,759

Unrealized losses (gains) on non-real estate investments

21,938

68,145

79,776

(2,610)

64,238

90,083

35,080

Impairment of non-real estate investments

39,216

(3)

11,180

20,266

10,338

12,788

50,396

27,486

Impairment of real estate

7,189

32,154

2,032

—

28,581

39,343

28,581

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

—

285

(434)

—

285

—

Allocation to unvested restricted stock awards

(794)

(1,329)

(1,407)

(125)

(1,738)

(2,116)

(1,528)

Funds from operations attributable to Alexandria’s common stockholders –

diluted, as adjusted

$396,430

$392,009

$411,825

$407,872

$405,485

$788,438

$809,378

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

(1)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 2Q25, including

(i) $47.5 million related to land parcels in our non-cluster market, (ii) $35.4 million related to an office property located in Carlsbad, San Diego, and (iii) $8.7 million related to an unconsolidated real estate joint venture, which is

classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.

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

(3)Primarily related to one non-real estate investment in a privately held entity that does not report NAV.

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

June 30, 2025

(In thousands, except per share amounts)

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

accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common

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

rounding.

Three Months Ended

Six Months Ended

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

6/30/25

6/30/24

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

diluted

$(0.64)

$(0.07)

$(0.38)

$0.96

$0.25

$(0.71)

$1.22

Depreciation and amortization of real estate assets

1.81

1.80

1.70

1.51

1.50

3.61

2.98

Gain on sales of real estate

—

(0.08)

(0.58)

(0.16)

—

(0.08)

—

Impairment of real estate – rental properties and land

0.77

—

1.07

0.03

0.01

0.77

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

1.93

1.65

1.81

2.33

1.75

3.58

4.19

Unrealized losses (gains) on non-real estate investments

0.13

0.40

0.46

(0.02)

0.37

0.53

0.20

Impairment of non-real estate investments

0.23

0.07

0.12

0.06

0.08

0.30

0.16

Impairment of real estate

0.04

0.19

0.01

—

0.17

0.23

0.17

Allocation to unvested restricted stock awards

—

(0.01)

—

(0.01)

Funds from operations per share attributable to Alexandria’s common

stockholders – diluted, as adjusted

$2.33

$2.30

$2.39

$2.37

$2.36

$4.63

$4.71

Weighted-average shares of common stock outstanding – diluted

Earnings per share – diluted

170,135

170,522

172,262

172,058

172,013

170,328

171,981

Funds from operations – diluted, per share

170,192

170,599

172,262

172,058

172,013

170,390

171,981

Funds from operations – diluted, as adjusted, per share

170,192

170,599

172,262

172,058

172,013

170,390

171,981

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

SUPPLEMENTAL

INFORMATION

Company Profile

June 30, 2025

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a

best-in-class, mission-driven life science REIT making a positive and lasting impact on the

world. With our founding in 1994, Alexandria pioneered the life science real estate niche.

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

collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations,

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

Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market

capitalization of $25.7 billion and an asset base in North America that includes 39.7 million

RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing

construction and one 100% pre-leased committed near-term project expected to

commence construction in the next year. Alexandria has a long-standing and proven track

record of developing Class A/A+ properties clustered in highly dynamic and collaborative

Megacampus environments that enhance our tenants’ ability to successfully recruit and

retain world-class talent and inspire productivity, efficiency, creativity, and success.

Alexandria also provides strategic capital to transformative life science companies through

our venture capital platform. 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

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

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

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

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

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

directors with leading reputations and long-standing relationships within the life science

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

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

provide Alexandria significant competitive advantages in attracting new business

opportunities.

Alexandria’s executive and senior management team consists of

62 individuals, averaging 24 years of real estate experience,

including 13 years with Alexandria. Our executive management

team alone averages 19 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM

Joel S. Marcus

Peter M. Moglia

Executive Chairman &

Founder

Chief Executive Officer &

Chief Investment Officer

Daniel J. Ryan

Hunter L. Kass

Co-President & Regional Market

Director – San Diego

Co-President & Regional Market

Director – Greater Boston

Marc E. Binda

Lawrence J. Diamond

Chief Financial Officer &

Treasurer

Co-Chief Operating Officer & Regional

Market Director – Maryland

Joseph Hakman

Hart Cole

Co-Chief Operating Officer &

Chief Strategic Transactions Officer

Executive Vice President – Capital

Markets/Strategic Operations &

Co-Regional Market Director – Seattle

Jackie B. Clem

Gary D. Dean

General Counsel & Secretary

Executive Vice President –

Real Estate Legal Affairs

Andres R. Gavinet

Onn C. Lee

Chief Accounting Officer

Executive Vice President –

Accounting

Kristina A. Fukuzaki-Carlson

Madeleine T. Alsbrook

Executive Vice President –

Business Operations

Executive Vice President –

Talent Management

Investor Information

June 30, 2025

Corporate Headquarters

New York Stock Exchange Trading Symbol

Information Requests

26 North Euclid Avenue

Common stock: ARE

Phone:

(626) 578-0777

Pasadena, California 91101

Email:

corporateinformation@are.com

www.are.com

Website:

investor.are.com

Equity Research Coverage

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

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

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

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

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

BNP Paribas Exane

Citigroup Global Markets Inc.

Green Street

RBC Capital Markets

Nate Crossett / Monir Koummal

Nicholas Joseph / Seth Bergey

Dylan Burzinski

Michael Carroll

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

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

(949) 640-8780

(440) 715-2649

BofA Securities

Citizens

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Jeff Spector / Farrell Granath

Aaron Hecht / Linda Fu

Anthony Paolone / Ray Zhong

Wesley Golladay / Nicholas Thillman

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

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

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

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

BTIG, LLC

Deutsche Bank AG

Jefferies

Tom Catherwood / Michael Tompkins

Tayo Okusanya / Samuel Ohiomah

Peter Abramowitz / Katie Elders

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

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

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

CFRA

Evercore ISI

Mizuho Securities USA LLC

Nathan Schmidt

Steve Sakwa / James Kammert

Vikram Malhotra / Georgi Dinkov

(646) 517-1144

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

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

Fixed Income Research Coverage

Rating Agencies

Barclays Capital Inc.

J.P. Morgan Securities LLC

Moody’s Ratings

S&P Global Ratings

Srinjoy Banerjee / Japheth Otieno

Mark Streeter

(212) 553-0376

Alan Zigman

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

(212) 834-5086

(416) 507-2556

Mizuho Securities USA LLC

Thierry Perrein

(212) 205-7665

Financial and Asset Base Highlights

June 30, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Selected financial data from consolidated financial statements and related information

Rental revenues

$553,377

$552,112

$566,535

$579,569

$576,835

Tenant recoveries

$183,902

$191,063

$196,714

$196,175

$178,327

General and administrative expenses

$29,128

$30,675

$32,730

$43,945

$44,629

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

trailing 12 months

6.3%

6.9%

7.6%

8.9%

9.2%

Operating margin

71%

70%

71%

72%

Adjusted EBITDA margin

71%

72%

70%

72%

Adjusted EBITDA – quarter annualized

$2,174,160

$2,165,632

$2,273,480

$2,219,632

$2,216,144

Adjusted EBITDA – trailing 12 months

$2,208,226

$2,218,722

$2,228,921

$2,184,298

$2,122,250

Net debt at end of period

$12,844,726

$12,687,856

$11,762,176

$12,191,574

$11,940,144

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

5.9x

5.2x

5.5x

5.4x

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

5.8x

5.7x

5.3x

5.6x

Total debt and preferred stock at end of period

$13,294,100

$13,090,834

$12,244,374

$12,691,601

$12,424,055

Gross assets at end of period

$43,770,007

$43,486,989

$43,152,628

$44,112,770

$43,305,279

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

30%

28%

29%

Fixed-charge coverage ratio – quarter annualized

4.1x

4.3x

4.4x

4.5x

Fixed-charge coverage ratio – trailing 12 months

4.3x

4.4x

4.5x

4.6x

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

99.7%

99.8%

99.9%

99.1%

Closing stock price at end of period

$72.63

$92.51

$97.55

$118.75

$116.97

Common shares outstanding (in thousands) at end of period

170,146

170,130

172,203

172,244

172,018

Total equity capitalization at end of period

$12,357,709

$15,738,715

$16,798,446

$20,454,023

$20,120,907

Total market capitalization at end of period

$25,651,809

$28,829,549

$29,042,820

$33,145,624

$32,544,962

Dividend per share – quarter/annualized

$1.32/$5.28

$1.30/$5.20

Dividend payout ratio for the quarter

57%

55%

Dividend yield – annualized

7.3%

5.7%

5.4%

4.4%

Amounts related to operating leases:

Operating lease liabilities at end of period

$363,419

$371,412

$507,127

$648,338

$379,223

Rent expense

$12,139

$11,666

$10,685

$10,180

$9,412

Capitalized interest

$82,423

(1)

$80,065

$81,586

$86,496

$81,039

Average real estate basis capitalized during the period

$8,107,180

$8,026,566

$8,118,010

$8,281,318

$7,936,612

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

4.07%

3.99%

4.02%

3.98%

3.96%

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

(1) Increase in capitalized interest driven primarily by an increase in the weighted-average interest rate from 3.99% at 1Q25 to 4.07% at 2Q25.

Financial and Asset Base Highlights (continued)

June 30, 2025

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

Three Months Ended (unless stated otherwise)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

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

Straight-line rent revenue

$18,536

$22,023

$17,653

$29,087

$48,338

Amortization of acquired below-market leases

$10,196

$15,222

$15,512

$17,312

$22,515

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

$2,401

$1,651

$1,214

$329

$—

Straight-line rent expense on ground leases

$87

$149

$1,021

$789

$341

Cash payment for ground lease extension

$—

$(135,000)

$—

Stock compensation expense

$12,530

$10,064

$12,477

$15,525

$14,507

Amortization of loan fees

$4,615

$4,691

$4,620

$4,222

$4,146

Amortization of debt discounts

$335

$349

$333

$330

$328

Non-revenue-enhancing capital expenditures:

Building improvements

$4,622

$3,789

$4,313

$4,270

$4,210

Tenant improvements and leasing commissions

$23,971

$73,483

$81,918

$55,920

$15,724

Funds from operations attributable to noncontrolling interests

$80,860

$81,012

$76,111

$78,113

$78,711

Operating statistics and related information (at end of period)

Number of properties – North America

384

386

391

406

408

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

43,699,922

43,687,343

44,124,001

46,748,734

47,085,993

Total square footage – North America

67,220,337

68,518,184

69,289,411

73,611,815

74,103,404

Annual rental revenue per occupied RSF – North America

$58.68

$58.38

$56.98

$57.09

$56.87

Occupancy of operating properties – North America

90.8%

(1)

91.7%

94.6%

94.7%

94.6%

Occupancy of operating and redevelopment properties – North America

86.2%

86.9%

89.7%

89.9%

Weighted-average remaining lease term (in years)

7.4

7.6

7.5

7.4

Total leasing activity – RSF

769,815

(2)

1,030,553

1,310,999

1,486,097

1,114,001

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

Rental rate changes

5.5%

18.5%

18.1%

5.1%

7.4%

Rental rate changes (cash basis)

6.1%

7.5%

3.3%

1.5%

3.7%

RSF (included in total leasing activity above)

483,409

884,408

1,024,862

1,278,857

589,650

Top 20 tenants:

Annual rental revenue

$795,244

$754,354

$741,965

$796,898

$805,751

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

89%

87%

92%

Weighted-average remaining lease term (in years)

9.4

9.6

9.3

9.5

9.4

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

Net operating income changes

(5.4)%

(3)

(3.1)%

0.6%

1.5%

Net operating income changes (cash basis)

2.0%

(3)

5.1%

6.3%

6.5%

3.9%

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

(1)Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.

(2)In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus

Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF.

(3)Refer to page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional details.

High-Quality and Diverse Client Base

June 30, 2025

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

Investment-Grade or Publicly Traded

Large Cap Tenants

89%

of ARE’s Top 20 Tenant

Annual Rental Revenue

53%

Percentage of ARE’s Annual Rental Revenue

of ARE’s Total

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(3)

Biomedical

Institutions(1)

Government

Institutions

Advanced Technologies(2)

As of June 30, 2025. Annual rental revenue represents amounts in effect as of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental

revenue from unconsolidated real estate joint ventures.

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

(2)63% of our annual rental revenue from advanced technology tenants is from investment-grade or publicly traded large cap tenants.

(3)Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

High-Quality and Diverse Client Base (continued)

June 30, 2025

Strong, Broad, and Diverse Life Science Tenant Base Drives Solid

Leasing and Long-Term Remaining Lease Terms

Long-Duration Life Science Lease Terms

Remaining Lease

Term (in years)(1)

Multinational Pharmaceutical

7.1

Life Science Product, Service, and

Device

6.6

Government Institutions

5.1

Biomedical Institutions

7.8

Private Biotechnology

7.2

Public Biotechnology

7.1

Percentage of Life Science Leasing Activity by RSF(2)

Multinational

Pharmaceutical

Public

Biotechnology

Life Science

Product,

Service, and

Device

Biomedical

Institutions

Private

Biotechnology

Other

Advanced

Technologies

(1)Average remaining lease term based on annual rental revenue in effect as of June 30, 2025.

(2)Represents the percentage of RSF for leases executed during the three months ended June 30, 2025 for each respective business type.

High-Quality and Diverse Client Base (continued)

June 30, 2025

Sustained Operational Excellence and Strength in Tenant Collections

Tenant Rents And Receivables Collected(1)

99.9%

2Q25

99.4%

July 2025

99.8%

Average Tenant

Collections

1Q21–2Q25

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

Key Operating Metrics

June 30, 2025

Same Property

Net Operating Income Performance

Rental Rate Growth:

Renewed/Re-Leased Space

Margins(2)

Favorable Lease Structure(3)

Operating

Adjusted EBITDA

Strategic Lease Structure by Owner and

Operator of Collaborative Megacampus Ecosystems

71%

Increasing cash flows

Percentage of leases containing

annual rent escalations

97%

Stable cash flows

Long-Duration Lease Terms(4)

Percentage of triple net leases

91%

9.4 Years

7.4 Years

Lower capex burden

Percentage of leases providing for the

recapture of capital expenditures

92%

Top 20 Tenants

All Tenants

(1)

(4.3)%

2024

YTD

6/30/25

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

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

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

(2)For the three months ended June 30, 2025.

(3)Percentages calculated based on our annual rental revenue in effect as of June 30, 2025.

(4)Represents the weighted-average remaining term based on annual rental revenue in effect as of June 30, 2025.

Same Property Performance

June 30, 2025

(Dollars in thousands)

June 30, 2025

Same Property Financial Data

Three Months

Ended

Six Months

Ended

Same Property Statistical Data

Three Months

Ended

Six Months

Ended

Percentage change over comparable period from prior year:

Number of same properties

330

329

Net operating income changes(1)

(5.4)%

(4.3)%

Rentable square feet

33,904,941

33,709,506

Net operating income changes (cash basis)(1)(2)

2.0%

3.4%

Occupancy – current-period average

91.3%

92.5%

Operating margin

68%

Occupancy – same-period prior-year average

94.5%

94.4%

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Income from rentals:

Same properties

$462,622

$480,547

$(17,925)

(3.7)%

$925,636

$950,433

$(24,797)

(2.6)%

Non-same properties

90,755

96,288

(5,533)

(5.7)

179,853

207,802

(27,949)

(13.4)

Rental revenues

553,377

576,835

(23,458)

(4.1)

1,105,489

1,158,235

(52,746)

(4.6)

Same properties

166,465

155,157

11,308

7.3

335,349

308,553

26,796

8.7

Non-same properties

17,437

23,170

(5,733)

(24.7)

39,616

43,925

(4,309)

(9.8)

Tenant recoveries

183,902

178,327

5,575

3.1

374,965

352,478

22,487

6.4

Income from rentals

737,279

755,162

(17,883)

(2.4)

1,480,454

1,510,713

(30,259)

(2.0)

Same properties

429

379

13.2

774

719

7.6

Non-same properties

24,332

11,193

13,139

117.4

38,970

24,410

14,560

59.6

Other income

24,761

11,572

13,189

114.0

39,744

25,129

14,615

58.2

Same properties

629,516

636,083

(6,567)

(1.0)

1,261,759

1,259,705

2,054

0.2

Non-same properties

132,524

130,651

1,873

1.4

258,439

276,137

(17,698)

(6.4)

Total revenues

762,040

766,734

(4,694)

(0.6)

1,520,198

1,535,842

(15,644)

(1.0)

Same properties

201,305

183,582

17,723

9.7

403,337

362,407

40,930

11.3

Non-same properties

23,128

33,672

(10,544)

(31.3)

47,491

73,161

(25,670)

(35.1)

Rental operations

224,433

217,254

7,179

3.3

450,828

435,568

15,260

3.5

Same properties

428,211

452,501

(24,290)

(5.4)

858,422

897,298

(38,876)

(4.3)

Non-same properties

109,396

96,979

12,417

12.8

210,948

202,976

7,972

3.9

Net operating income

$537,607

$549,480

$(11,873)

(2.2)%

(3)

$1,069,370

$1,100,274

$(30,904)

(2.8)%

(3)

Net operating income – same properties

$428,211

$452,501

$(24,290)

(5.4)%

$858,422

$897,298

$(38,876)

(4.3)%

Straight-line rent revenue

(8,463)

(38,585)

30,122

(78.1)

(13,930)

(76,294)

62,364

(81.7)

Amortization of acquired below-market leases

(9,199)

(11,349)

2,150

(18.9)

(19,097)

(22,772)

3,675

(16.1)

Net operating income – same properties (cash basis)

$410,549

$402,567

$7,982

2.0%

$825,395

$798,232

$27,163

3.4%

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

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

(1)Includes 1Q25 lease expirations aggregating 768,080 RSF, that are vacant as of June 30, 2025, across six properties and four submarkets. Excluding the impact of the properties with these leases, same property net operating

income changes for the three and six months ended June 30, 2025 would have been (2.1)% and 6.5% (cash basis) and (1.1)% and 7.6% (cash basis), respectively. Refer to “Summary of properties and occupancy” in the

Supplemental Information for additional details.

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

three and six months ended June 30, 2025, including at 325 Binney Street in our Cambridge submarket, 15 Necco Street in our Seaport Innovation District submarket, and 751 Gateway Boulevard in our South San Francisco

submarket. Excluding the impact of these initial free rent concessions, same property net operating income changes (cash basis) for the three and six months ended June 30, 2025 would have been (1.8)% and (0.8)%, respectively.

(3)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income for the three and six months ended June 30, 2025 would have

increased by 4.0% and 3.2%, respectively, over the corresponding periods in 2024.

Leasing Activity

June 30, 2025

(Dollars per RSF)

Three Months Ended

Six Months Ended

Year Ended

June 30, 2025

December 31, 2024

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

5.5%

6.1%

13.2%

6.9%

16.9%

7.2%

New rates

$64.78

$68.27

$60.11

$59.72

$65.48

$64.18

Expiring rates

$61.38

$64.36

$53.10

$55.84

$56.01

$59.85

RSF

483,409

1,367,817

3,888,139

Tenant improvements/leasing commissions

$49.59

$80.68

(2)

$46.89

Weighted-average lease term

9.4 years

9.8 years

8.5 years

Developed/redeveloped/previously vacant space leased(3)

New rates

$58.12

$58.73

$55.31

$55.61

$59.44

$57.34

RSF

286,406

432,551

1,165,815

Weighted-average lease term

12.3 years

11.5 years

10.0 years

Leasing activity summary (totals):

New rates

$62.30

$64.72

$58.96

$58.73

$64.16

$62.68

RSF

769,815

(4)

1,800,368

5,053,954

Weighted-average lease term

10.5 years

10.2 years

8.9 years

Lease expirations(1)

Expiring rates

$63.31

$63.62

$53.95

$55.17

$53.82

$57.24

RSF

825,583

2,748,631

5,005,638

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

(1)Excludes month-to-month leases aggregating 163,493 RSF and 136,131 RSF as of June 30, 2025 and December 31, 2024, respectively. During the trailing twelve months ended June 30, 2025, we granted free rent

concessions averaging 0.9 months per annum.

(2)Includes tenant improvements and leasing commissions for one 11.4-year lease, executed during the three months ended March 31, 2025, at the Alexandria Technology Square® Megacampus in our Cambridge submarket

aggregating 119,280 RSF. Excluding this lease, tenant improvements and leasing commissions per RSF for the six months ended June 30, 2025 was $47.01.

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

(4)In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the

Campus Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from

769,815 RSF.

Contractual Lease Expirations

June 30, 2025

Year

RSF

Percentage of

Occupied RSF

Annual Rental Revenue

(per RSF)(1)

Percentage of

Annual Rental Revenue

2025

(2)

1,320,692

3.7%

$51.73

3.3%

2026

3,137,647

8.9%

$57.29

8.8%

2027

3,393,561

9.6%

$50.88

8.4%

2028

4,015,759

11.4%

$50.83

10.0%

2029

2,286,491

6.5%

$48.02

5.4%

2030

3,078,313

8.7%

$43.50

6.5%

2031

3,585,208

10.2%

$54.35

9.5%

2032

993,042

2.8%

$57.50

2.8%

2033

2,592,303

7.3%

$47.59

6.0%

2034

3,063,408

8.7%

$68.56

10.2%

Thereafter

7,838,957

22.2%

$76.19

29.1%

Market

2025 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

2026 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment(3)

Remaining

Expiring

Leases(4)

Total(2)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment

Remaining

Expiring

Leases(4)

Total

Greater Boston

214,399

—

145,329

359,728

$35.89

60,418

11,897

—

514,566

586,881

$89.16

San Francisco Bay Area

134,423

10,208

—

279,182

423,813

95.48

28,454

—

686,304

714,758

72.57

San Diego

23,327

—

68,081

91,408

55.21

—

846,084

48.90

Seattle

1,868

—

54,781

56,649

32.64

29,604

50,552

—

111,720

191,876

30.42

Maryland

41,283

—

23,469

64,752

22.61

—

255,147

18.85

Research Triangle

10,478

8,368

—

34,461

53,307

43.56

19,753

—

159,362

179,115

39.19

New York City

—

30,384

96.62

—

73,363

103.16

Texas

—

198,972

—

198,972

N/A

—

Canada

—

40,679

10.65

—

247,743

—

1,755

249,498

21.57

Non-cluster/other markets

—

1,000

N/A

—

9,266

—

31,659

40,925

85.36

Total

425,778

18,576

198,972

677,366

1,320,692

$51.73

138,229

319,458

—

2,679,960

3,137,647

$57.29

Percentage of expiring leases

32%

15%

52%

100%

10%

86%

100%

Contractual lease expirations for properties classified as held for sale as of June 30, 2025 are excluded from the information on this page.

(1)Represents amounts in effect as of June 30, 2025.

(2)Excludes month-to-month leases aggregating 163,493 RSF as of June 30, 2025.

(3)Primarily represents assets that were recently acquired for future development or redevelopment opportunities, for which we expect, subject to market conditions and leasing, to commence first-time conversion from non-laboratory space

to laboratory space, or to commence future ground-up development. As of June 30, 2025, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $895 thousand and July 1, 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 12 properties primarily located in Greater Boston, the San Francisco Bay Area, and San Diego markets aggregating 868,289 RSF with a weighted-average lease expiration date of February 9, 2026 and annual rental revenue

aggregating $70 million and are expected to be re-leased to new tenants, including the following:

(i)Three properties aggregating 213,705 RSF in our Greater Stanford submarket that were recently acquired and we are evaluating options to reposition the campus for advanced technology use;

(ii)One property aggregating 118,225 RSF in our Torrey Pines submarket for which we are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy; and

(iii)One lease expiration aggregating 34,714 RSF at our Alexandria Technology Square Megacampus in our Cambridge submarket for which we are in the process of repositioning the building for multi-tenant use.

We continue to evaluate the business plans and re-leasing strategies for these projects.

Top 20 Tenants

June 30, 2025

(Dollars in thousands, except average market cap amounts)

89% 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

Bristol-Myers Squibb Company(2)

5.8

1,312,184

$113,542

5.5%

$106.0

Eli Lilly and Company

9.3

1,086,165

91,233

4.4

Aa3

A+

$791.0

Moderna, Inc.

10.9

496,814

88,729

4.3

—

$19.5

Takeda Pharmaceutical Company Limited

9.9

549,759

47,899

2.3

Baa1

BBB+

$45.0

AstraZeneca PLC

6.4

450,848

39,637

1.9

A+

$227.0

Eikon Therapeutics, Inc.(3)

13.5

311,806

38,913

1.9

—

$—

Roche

7.7

647,069

36,373

1.7

Aa2

$255.0

Illumina, Inc.

5.4

857,967

35,924

1.7

Baa3

BBB

$18.1

Alphabet Inc.

2.3

625,015

34,899

1.7

Aa2

AA+

$2,120.0

United States Government

5.1

429,359

29,502

(4)

1.4

Aaa

AA+

$—

Uber Technologies, Inc.

57.3

(5)

1,009,188

27,809

1.3

Baa1

BBB

$155.0

Novartis AG

3.1

387,563

27,709

1.3

Aa3

AA-

$238.0

Cloud Software Group, Inc.

1.0

(6)

292,013

26,446

1.3

—

$—

Boston Children's Hospital

11.7

309,231

26,294

1.3

Aa2

$—

The Regents of the University of California

9.9

363,974

25,309

1.2

Aa2

$—

Sanofi

5.5

267,278

21,851

1.0

Aa3

$132.0

New York University

7.1

218,983

21,110

1.0

Aa2

AA-

$—

Merck & Co., Inc.

8.2

333,124

21,001

1.0

Aa3

A+

$250.0

Charles River Laboratories, Inc.

10.0

250,905

20,535

1.0

—

$8.9

Massachusetts Institute of Technology

4.5

242,428

20,529

1.0

Aaa

AAA

$—

Total/weighted-average

9.4

(5)

10,441,673

$795,244

38.2%

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

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

(1)Based on annual rental revenue in effect as of June 30, 2025.

(2)During the three months ended June 30, 2025, Bristol-Myers Squibb Company acquired 2seventy bio, Inc., which was a Top 20 tenant as of March 31, 2025.

(3)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharma executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over

$1.2 billion in private venture capital funding.

(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration. Approximately 3% of the annual rental revenue derived from our

leases with the United States Government is cancellable prior to the lease expiration date.

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

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

revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.6 years as of June 30, 2025.

(6)Represents one lease encompassing four properties acquired in 2022 that we expect to reposition upon lease expiration. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we

acquired the properties. Refer to footnote 4 in “Contractual lease expirations” in the Supplemental Information for additional details.

Summary of Properties and Occupancy

June 30, 2025

(Dollars in thousands, except per RSF amounts)

Solid Historical Occupancy of 95% Over Past 10 Years(1) From Historically

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

Summary of properties

Market

RSF

Number of

Properties

Annual Rental Revenue

Operating

Development

Redevelopment

Total

% of Total

Total

% of Total

Per RSF

Greater Boston

9,270,787

632,850

1,626,322

11,529,959

26%

$731,510

35%

$87.55

San Francisco Bay Area

7,991,106

212,796

344,934

8,548,836

459,269

69.82

San Diego

6,851,449

784,590

—

7,636,039

324,236

49.91

Seattle

3,178,090

227,577

—

3,405,667

130,470

45.45

Maryland

3,848,923

—

3,848,923

155,975

43.70

Research Triangle

3,825,870

—

3,825,870

107,155

30.19

New York City

921,800

—

921,800

75,006

91.48

Texas

1,845,159

—

73,298

1,918,457

37,761

24.93

Canada

979,575

—

56,314

1,035,889

20,208

22.74

Non-cluster/other markets

349,099

—

349,099

14,577

57.54

Properties held for sale

679,383

—

679,383

25,063

43.66

North America

39,741,241

1,857,813

2,100,868

43,699,922

100%

384

$2,081,230

100%

$58.68

3,958,681

Summary of occupancy

Operating Properties

Operating and Redevelopment Properties

Market

6/30/25

3/31/25

6/30/24

6/30/25

3/31/25

6/30/24

Greater Boston

90.1%

(2)

91.8%

94.2%

76.7%

78.4%

81.7%

San Francisco Bay Area

88.9

(2)

90.3

94.0

85.2

86.3

90.7

San Diego

94.8

94.3

95.1

94.8

94.3

95.1

Seattle

90.3

91.5

94.7

90.3

91.5

93.7

Maryland

93.9

94.1

96.5

93.9

94.1

96.5

Research Triangle

92.8

(2)

93.4

97.4

92.8

93.4

97.4

New York City

88.9

(3)

87.6

85.1

88.9

87.6

85.1

Texas

82.1

(2)

82.1

95.5

78.9

91.8

Subtotal

91.0

91.8

94.7

86.3

87.1

90.2

Canada

90.7

94.6

94.9

85.8

82.4

82.5

Non-cluster/other markets

72.6

73.0

75.6

72.6

73.0

75.6

North America

90.8%

(2)(4)

91.7%

94.6%

86.2%

86.9%

89.9%

(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2016 through 2024 and as of June 30, 2025.

(2)Includes previously disclosed lease expirations that became vacant in 1Q25 aggregating 768,080 RSF across six properties and in four submarkets comprising the following: (i) 182,054 RSF at the Alexandria Technology

Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties

aggregating 247,246 RSF in our Austin submarket. As of June 30, 2025, 153,658 RSF was leased with a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining

614,422 RSF over the next several quarters.

(3)The Alexandria Center® for Life Science – New York City Megacampus is 97.8% occupied as of June 30, 2025. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life

Science – Long Island City property, which was 52.2% occupied as of June 30, 2025.

(4)Includes temporary vacancies as of June 30, 2025 aggregating 668,795 RSF, or 1.7%, primarily in the Greater Boston, San Francisco Bay Area, and San Diego markets, which are leased and expected to be occupied

upon completion of building and/or tenant improvements. The weighted-average expected delivery date is January 2, 2026.

Property Listing

June 30, 2025

(Dollars in thousands)

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

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Greater Boston

Cambridge/Inner Suburbs

Megacampus: Alexandria Center® at Kendall Square

2,213,867

—

2,213,867

$211,592

97.4%

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

and 300 Third Street(1)

Megacampus: Alexandria Center® at One Kendall Square

1,284,337

—

104,956

1,389,293

144,417

94.2

87.1

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

1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street

Megacampus: Alexandria Technology Square®

1,190,888

—

1,190,888

96,651

79.5

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

Megacampus: The Arsenal on the Charles

751,316

36,444

333,758

1,121,518

45,819

79.6

55.1

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

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

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

and 99 Coolidge Avenue(1)

623,056

204,395

—

827,451

27,508

95.9

Cambridge/Inner Suburbs

6,063,464

240,839

438,714

6,743,017

525,987

90.9

84.7

Fenway

Megacampus: Alexandria Center® for Life Science – Fenway

1,295,745

392,011

137,675

1,825,431

99,477

87.2

78.8

401 and 421 Park Drive and 201 Brookline Avenue

Seaport Innovation District

5 and 15(1) Necco Street

459,395

—

459,395

47,345

96.6

Seaport Innovation District

459,395

—

459,395

47,345

96.6

Route 128

Megacampus: Alexandria Center® for Life Science – Waltham

466,094

—

596,064

1,062,158

39,741

100.0

43.9

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

19, 225, and 235 Presidential Way

585,226

—

585,226

14,194

97.0

Route 128

1,051,320

—

596,064

1,647,384

53,935

98.3

62.8

Other

400,863

—

453,869

854,732

4,766

59.7

28.0

Greater Boston

9,270,787

632,850

1,626,322

11,529,959

$731,510

90.1%

76.7%

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)

June 30, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

San Francisco Bay Area

Mission Bay

Megacampus: Alexandria Center® for Science and Technology –

Mission Bay(1)

2,023,185

212,796

(3)

—

2,235,981

$78,852

82.5%

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

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

South

Mission Bay

2,023,185

212,796

—

2,235,981

78,852

82.5

South San Francisco

Megacampus: Alexandria Technology Center® – Gateway(1)

1,431,608

—

237,684

1,669,292

76,715

81.3

69.7

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

Gateway Boulevard

Megacampus: Alexandria Center® for Advanced Technologies – South

San Francisco

812,453

—

107,250

919,703

52,990

100.0

88.3

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

Alexandria Center® for Life Science – South San Francisco

504,235

—

504,235

32,001

88.0

201 Haskins Way and 400 and 450 East Jamie Court

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan

445,232

—

445,232

2,359

100.0

1122 and 1150 El Camino Real

Alexandria Center® for Life Science – Millbrae(1)

285,346

—

285,346

35,828

100.0

230 Harriet Tubman Way

500 Forbes Boulevard(1)

155,685

—

155,685

10,908

100.0

South San Francisco

3,634,559

—

344,934

3,979,493

210,801

91.0

83.1

Greater Stanford

Megacampus: Alexandria Center® for Life Science – San Carlos

738,038

—

738,038

44,886

88.1

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

Alexandria Stanford Life Science District

704,716

—

704,716

72,225

97.0

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

23,597

82.9

3875 Fabian Way

228,000

—

228,000

9,642

100.0

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

198,548

—

198,548

12,893

89.4

2100 and 2200 Geng Road

62,526

—

62,526

2,732

100.0

3350 West Bayshore Road

61,431

—

61,431

3,641

73.2

Greater Stanford

2,333,362

—

2,333,362

169,616

91.2

San Francisco Bay Area

7,991,106

212,796

344,934

8,548,836

$459,269

88.9%

85.2%

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.

(3)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of

intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the institution decided to pursue a

long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF to our presentation of the development project.

Property Listing (continued)

June 30, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

San Diego

Torrey Pines

Megacampus: One Alexandria Square

968,527

122,302

—

1,090,829

$62,077

88.2%

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

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

Road, and 3545 Cray Court

ARE Torrey Ridge

299,138

—

299,138

13,263

79.7

10578, 10618, and 10628 Science Center Drive

ARE Nautilus

218,459

—

218,459

14,656

97.7

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

Court

Torrey Pines

1,486,124

122,302

—

1,608,426

89,996

87.9

University Town Center

Megacampus: Campus Point by Alexandria(1)

1,310,696

426,927

—

1,737,623

81,788

98.8

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

4224, and 4242 Campus Point Court

Megacampus: 5200 Illumina Way(1)

792,687

—

792,687

29,978

100.0

9625 Towne Centre Drive(1)

163,648

—

163,648

6,520

100.0

University Town Center

2,267,031

426,927

—

2,693,958

118,286

99.3

Sorrento Mesa

Megacampus: SD Tech by Alexandria(1)

816,048

235,361

—

1,051,409

37,003

96.0

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

10055, 10065, and 10075 Barnes Canyon Road

Megacampus: Sequence District by Alexandria

671,039

—

671,039

23,458

100.0

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

Pacific Technology Park(1)

544,352

—

544,352

9,352

92.8

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

Summers Ridge Science Park(1)

316,531

—

316,531

11,521

100.0

9965, 9975, 9985, and 9995 Summers Ridge Road

Scripps Science Park by Alexandria

144,113

—

144,113

11,379

100.0

10102 Hoyt Park Drive

ARE Portola

101,857

—

101,857

4,222

100.0

6175, 6225, and 6275 Nancy Ridge Drive

5810/5820 Nancy Ridge Drive

83,354

—

83,354

4,621

100.0

9877 Waples Street

63,774

—

63,774

2,680

100.0

5871 Oberlin Drive

33,842

—

33,842

2,103

100.0

Sorrento Mesa

2,774,910

235,361

—

3,010,271

106,339

97.4

Sorrento Valley

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

151,406

—

151,406

2,866

42.7

11045 and 11055 Roselle Street

43,233

—

43,233

2,191

96.3

Sorrento Valley

194,639

—

194,639

5,057

54.6

Other

128,745

—

128,745

4,558

100.0

San Diego

6,851,449

784,590

—

7,636,039

$324,236

94.8%

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)

June 30, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Seattle

Lake Union

Megacampus: Alexandria Center® for Life Science – Eastlake

1,151,672

—

1,151,672

$73,275

93.8%

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

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

Megacampus: Alexandria Center® for Advanced Technologies – South

Lake Union

381,380

227,577

—

608,957

21,811

99.6

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

219 Terry Avenue North

31,797

—

31,797

1,368

56.9

Lake Union

1,564,849

227,577

—

1,792,426

96,454

94.5

Elliott Bay

410 West Harrison Street and 410 Elliott Avenue West

20,101

—

20,101

710

100.0

Bothell

Megacampus: Alexandria Center® for Advanced Technologies – Canyon

Park

1,065,194

—

1,065,194

21,113

86.3

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

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

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

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

Southeast

Alexandria Center® for Advanced Technologies – Monte Villa Parkway

464,889

—

464,889

11,527

83.9

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

Bothell

1,530,083

—

1,530,083

32,640

85.6

Other

63,057

—

63,057

666

100.0

Seattle

3,178,090

227,577

—

3,405,667

130,470

90.3

Maryland

Rockville

Megacampus: Alexandria Center® for Life Science – Shady Grove

1,691,960

—

1,691,960

92,343

94.4

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

9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920

Belward Campus Drive, and 9810 and 9820 Darnestown Road

1330 Piccard Drive

131,508

—

131,508

4,324

100.0

1405 and 1450(1) Research Boulevard

114,182

—

114,182

2,958

72.8

1500 and 1550 East Gude Drive

91,359

—

91,359

1,844

100.0

5 Research Place

63,852

—

63,852

3,108

100.0

5 Research Court

51,520

—

51,520

1,976

100.0

12301 Parklawn Drive

49,185

—

49,185

1,598

100.0

Rockville

2,193,566

—

2,193,566

$108,151

94.3%

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

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

Property Listing (continued)

June 30, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Maryland (continued)

Gaithersburg

Alexandria Technology Center® – Gaithersburg I

619,061

—

619,061

$19,642

93.6%

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

Clopper Road

Alexandria Technology Center® – Gaithersburg II

486,300

—

486,300

17,692

95.1

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

Road

20400 Century Boulevard

81,006

—

81,006

1,858

100.0

401 Professional Drive

63,207

—

63,207

1,434

82.7

950 Wind River Lane

50,000

—

50,000

1,234

100.0

620 Professional Drive

27,950

—

27,950

1,207

100.0

Gaithersburg

1,327,524

—

1,327,524

43,067

94.4

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

3,050

100.0

101 West Dickman Street(1)

135,949

—

135,949

1,707

75.0

Beltsville

327,833

—

327,833

4,757

89.6

Maryland

3,848,923

—

3,848,923

155,975

93.9

Research Triangle

Megacampus: Alexandria Center® for Life Science – Durham

2,214,887

—

2,214,887

54,090

97.6

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

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

Megacampus: Alexandria Center® for Advanced Technologies and

AgTech – Research Triangle

711,490

—

711,490

29,518

93.2

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

Megacampus: Alexandria Center® for Sustainable Technologies

364,493

—

364,493

7,283

60.7

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

Alexandria Technology Center® – Alston

155,731

—

155,731

2,755

82.2

100, 800, and 801 Capitola Drive

Alexandria Innovation Center® – Research Triangle

136,722

—

136,722

4,222

98.3

7010, 7020, and 7030 Kit Creek Road

2525 East NC Highway 54

82,996

—

82,996

3,651

100.0

407 Davis Drive

81,956

—

81,956

3,323

100.0

601 Keystone Park Drive

77,595

—

77,595

2,313

100.0

Research Triangle

3,825,870

—

3,825,870

$107,155

92.8%

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)

June 30, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

New York City

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

742,700

—

742,700

$69,318

97.8%

430 and 450 East 29th Street

Alexandria Center® for Life Science – Long Island City

179,100

—

179,100

5,688

52.2

30-02 48th Avenue

New York City

921,800

—

921,800

75,006

88.9

Texas

Austin

Megacampus: Intersection Campus

1,525,359

—

1,525,359

33,694

83.0

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

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

1001 Trinity Street and 1020 Red River Street

198,972

—

198,972

895

100.0

Austin

1,724,331

—

1,724,331

34,589

84.9

Greater Houston

Alexandria Center® for Advanced Technologies at The Woodlands

120,828

—

73,298

194,126

3,172

41.5

25.8

8800 Technology Forest Place

Texas

1,845,159

—

73,298

1,918,457

37,761

82.1

78.9

Canada

979,575

—

56,314

1,035,889

20,208

90.7

85.8

Non-cluster/other markets

349,099

—

349,099

14,577

72.6

North America, excluding properties held for sale

39,061,858

1,857,813

2,100,868

43,020,539

376

2,056,167

90.8%

86.2%

Properties held for sale

679,383

—

679,383

25,063

84.5%

Total – North America

39,741,241

1,857,813

2,100,868

43,699,922

384

$2,081,230

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

June 30, 2025

ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT

DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL

GROWTH IN ANNUAL NET OPERATING INCOME

Placed Into

Service

Near-Term

Deliveries

Intermediate-Term

Deliveries

1H25

3Q25–4Q26

2027–2028

$52M

$139M

$261M

96%

Occupied

84%

Leased/Negotiating

28%

Leased/Negotiating

527,268 RSF

1.2 million RSF

3.3 million RSF

(4)

(2)

(5)

(1)

(3)

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

(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025.

(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from

development and redevelopment projects expected to be placed into service primarily commencing from 3Q25 through 4Q26 is projected to be $103 million. 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)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2027 through 2028 is projected to be $236 million.

(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2H25 and 2026.

(5)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.

Investments in Real Estate (continued)

June 30, 2025

(Dollars in thousands)

Investments in real estate

Development and Redevelopment

Under Construction

100% Pre-leased

Committed

Near Term(1)

Operating

2025 and

2026

2027 and

Beyond

Future

Subtotal

Total

Square footage

Operating

39,061,858

—

39,061,858

Future Class A/A+ development and redevelopment properties

—

1,155,041

2,803,640

466,598

24,754,090

29,179,369

Future development and redevelopment square feet currently

included in rental properties(2)

—

(52,620)

(2,525,858)

(2,578,478)

Total square footage, excluding properties held for sale

39,061,858

1,155,041

2,803,640

413,978

22,228,232

26,600,891

65,662,749

Properties held for sale

679,383

—

878,205

1,557,588

Total square footage

39,741,241

1,155,041

2,803,640

413,978

23,106,437

27,479,096

67,220,337

Investments in real estate

Gross book value as of June 30, 2025(3)

$29,681,626

$1,128,865

$2,657,516

$19,965

$4,819,006

$8,625,352

$38,306,978

(1)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that

currently occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the

demolition and development of the new, build-to-suit life science building at this site. Upon delivery of the new purpose-built property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the

construction of an amenity which will service the entire Megacampus. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital

would be contributed pro-rata with our joint venture partner.

(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)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint

ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.

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

June 30, 2025

(Dollars in thousands)

Incremental Annual Net Operating Income Generated From 1H25 Deliveries

Aggregated $52 Million, Including $15 Million(1) in 2Q25

230 Harriet Tubman Way

10935, 10945, and 10955

Alexandria Way(2)

10075 Barnes Canyon Road

San Francisco Bay Area/

South San Francisco

San Diego/Torrey Pines

San Diego/Sorrento Mesa

285,346 RSF

212,694 RSF

17,718 RSF

100% Occupancy

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(4)

Total Project

Unlevered Yields

2Q25

Delivery

Date(3)

Prior to

1/1/25

1Q25

2Q25

Total

Initial

Stabilized

Initial

Stabilized

(Cash Basis)

RSF

Investment

Development projects

230 Harriet Tubman Way/San Francisco Bay Area/South

San Francisco

N/A

48.5%

—

285,346

—

285,346

100%

285,346

476,000

7.5%

6.2%

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

Torrey Pines

5/11/25

100%

93,492

—

119,202

212,694

100%

334,996

480,000

(5)

7.2

(5)

6.9

(5)

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

N/A

50.0%

—

17,718

—

17,718

100%

253,079

321,000

5.5

5.7

Redevelopment projects

651 Gateway Boulevard/San Francisco Bay Area/South

San Francisco

N/A(6)

50.0%

67,017

—

22,005

(6)

89,022

75%

(6)

326,706

487,000

5.0

5.1

Canada

5/29/25

100%

78,487

6,430

76,567

161,484

100%

250,790

115,000

6.0

Weighted average/total

5/14/25

238,996

309,494

217,774

766,264

1,450,917

$1,879,000

6.3%

6.0%

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

(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025. Refer to footnote 6 below.

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

(3)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.

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

(5)Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield (cash basis), respectively, were primarily driven by leasing space at higher rental rates than previously underwritten and a $23 million reduction in total

investment due to construction cost savings from overall project efficiencies.

(6)Represents a turnkey space delivered vacant and unleased that did not generate incremental annual net operating income as of June 30, 2025.

New Class A/A+ Development and Redevelopment Properties:

2025 and 2026 Stabilization (“Near-Term Deliveries”)

June 30, 2025

99 Coolidge Avenue

500 North Beacon Street and

4 Kingsbury Avenue(1)

10935, 10945, and 10955

Alexandria Way(2)

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/

Cambridge/Inner Suburbs

San Diego/Torrey Pines

204,395 RSF

36,444 RSF

122,302 RSF

76% Leased/Negotiating

92% Leased/Negotiating

100% Leased

4135 Campus Point Court

10075 Barnes Canyon Road

8800 Technology Forest Place

San Diego/

University Town Center

San Diego/Sorrento Mesa

Texas/Greater Houston

426,927 RSF

235,361 RSF

73,298 RSF

100% Leased

68% Leased/Negotiating

41% Leased/Negotiating

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

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

New Class A/A+ Development and Redevelopment Properties:

2027 and Beyond Stabilization (“Intermediate-Term Deliveries”)

June 30, 2025

311 Arsenal Street

421 Park Drive

401 Park Drive

40, 50, and 60 Sylvan Road(1)

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/Fenway

Greater Boston/Route 128

333,758 RSF

392,011 RSF

137,675 RSF

596,064 RSF

1450 Owens Street

651 Gateway Boulevard

269 East Grand Avenue

701 Dexter Avenue North

San Francisco Bay Area/

Mission Bay

San Francisco Bay Area/

South San Francisco

San Francisco Bay Area/

South San Francisco

Seattle/Lake Union

212,796 RSF(2)

237,684 RSF

107,250 RSF

227,577 RSF

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

(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we

executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the

institution decided to pursue a long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF to our presentation of the development project.

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

June 30, 2025

Property/Market/Submarket

Square Footage

Percentage

Occupancy(1)

Dev/Redev

In Service

CIP

Total

Leased

Leased/

Negotiating

Initial

Stabilized

Under construction

2025 and 2026 stabilization

99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs

Dev

116,414

204,395

320,809

52%

76%

4Q23

2026

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

Cambridge/Inner Suburbs

Dev

211,574

36,444

248,018

1Q24

2025

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

Dev

212,694

122,302

334,996

100

4Q24

2025

4135 Campus Point Court/San Diego/University Town Center

Dev

—

426,927

100

2026

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

Dev

17,718

235,361

253,079

1Q25

2026

8800 Technology Forest Place/Texas/Greater Houston

Redev

50,094

73,298

123,392

2Q23

2026

Canada

Redev

194,476

56,314

250,790

3Q23

2025

802,970

1,155,041

1,958,011

2027 and beyond stabilization

One Hampshire Street/Greater Boston/Cambridge

Redev

—

104,956

—

2027

2028

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

Redev

56,904

333,758

390,662

2027

421 Park Drive/Greater Boston/Fenway

Dev

—

392,011

2027

2028

401 Park Drive/Greater Boston/Fenway

Redev

—

137,675

—

2026

2027

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

Redev

—

596,064

2026

2027

Other/Greater Boston

Redev

—

453,869

—

2027

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

Dev

—

212,796

—

(2)

2026

2027

651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(3)

Redev

89,022

237,684

326,706

1Q24

2027

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

Redev

—

107,250

—

2026

2027

701 Dexter Avenue North/Seattle/Lake Union

Dev

—

227,577

2026

2027

145,926

2,803,640

2,949,566

100% Pre-leased committed near-term project expected to commence construction in the next year

Campus Point by Alexandria/San Diego/University Town Center(4)

Dev

—

466,598

100

2028

Total 2027 and beyond stabilization and committed near-term project

145,926

3,270,238

3,416,164

948,896

4,425,279

5,374,175

45%

49%

(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time.

(2)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of

long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF and the related book basis to our presentation of the development project.

(3)We continue to build out this project on a floor-by-floor basis. As of 2Q25, the remaining cost to complete is $138 million, or 28% of the total cost at completion.

(4)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently

occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the demolition and

development of the new, build-to-suit life science building at this site. Upon delivery of the new purpose-built property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the construction of an amenity

which will service the entire Megacampus. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital would be contributed pro-rata

with our joint venture partner.

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

June 30, 2025

(Dollars in thousands)

Our

Ownership

Interest

At 100%

Unlevered Yields

Property/Market/Submarket

In Service

CIP

Cost to

Complete

Total at

Completion

Initial

Stabilized

Initial Stabilized

(Cash Basis)

Under construction

2025 and 2026 stabilization with 84% leased/negotiating

99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs

76.9%

$136,692

$217,195

$90,113

$444,000

6.0%

6.8%

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

Cambridge/Inner Suburbs

100%

376,928

45,565

4,507

427,000

6.2%

5.5%

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

100%

258,106

218,712

3,182

480,000

7.2%

6.9%

4135 Campus Point Court/San Diego/University Town Center

55.0%

—

380,816

143,184

524,000

7.3%

6.2%

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

50.0%

16,646

205,116

99,238

321,000

5.5%

5.7%

8800 Technology Forest Place/Texas/Greater Houston

100%

60,360

46,373

5,267

112,000

6.3%

6.0%

Canada

100%

96,895

15,088

3,017

115,000

6.0%

945,627

1,128,865

2027 and beyond stabilization(1)

One Hampshire Street/Greater Boston/Cambridge

100%

—

170,821

TBD

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

100%

21,613

291,434

421 Park Drive/Greater Boston/Fenway

100%

—

533,157

401 Park Drive/Greater Boston/Fenway

100%

—

170,697

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

100%

—

480,940

Other/Greater Boston

100%

—

157,989

1450 Owens Street/San Francisco Bay Area/Mission Bay

25.0%

—

242,946

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

50.0%

116,544

232,366

138,090

487,000

5.0%

5.1%

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

100%

—

93,905

TBD

701 Dexter Avenue North/Seattle/Lake Union

100%

—

283,261

138,157

2,657,516

1,083,784

3,786,381

100% Pre-leased committed near-term project expected to commence construction in the next year

Campus Point by Alexandria/San Diego/University Town Center

55.0%

—

19,965

640,035

660,000

7.3%

6.5%

Total

$1,083,784

$3,806,346

$2,880,000

(2)

$7,780,000

(2)

Our share of investment(2)(3)

$990,000

$3,180,000

$2,440,000

$6,610,000

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 2027 and beyond over the next several quarters.

(2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. Total cost to complete for our development and redevelopment projects under construction have not

been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign

materials required, and/or the higher cost of domestic materials.

(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

June 30, 2025

(Dollars in thousands)

74% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus™ Ecosystems

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Committed

Near Term

Future

Total(1)

Greater Boston

Megacampus: Alexandria Center® at One Kendall Square/Cambridge

100%

$170,821

104,956

—

104,956

One Hampshire Street

Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs

100%

348,966

370,202

—

34,157

404,359

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

Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99

Coolidge Avenue/Cambridge/Inner Suburbs

(2)

308,792

204,395

—

902,000

1,106,395

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

Megacampus: Alexandria Center® for Life Science – Fenway/Fenway

100%

703,854

529,686

—

529,686

401 and 421 Park Drive

Megacampus: Alexandria Center® for Life Science – Waltham/Route 128

100%

544,558

596,064

—

515,000

1,111,064

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

Megacampus: Alexandria Center® at Kendall Square/Cambridge

100%

209,528

—

174,500

100 Edwin H. Land Boulevard

Megacampus: Alexandria Technology Square®/Cambridge

100%

8,239

—

100,000

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

District

60.0%

293,055

—

1,040,000

10 Necco Street/Seaport Innovation District

100%

105,734

—

175,000

215 Presidential Way/Route 128

100%

6,816

—

112,000

Other development and redevelopment projects

100%

373,732

453,869

—

1,348,541

1,802,410

$3,074,095

2,259,172

—

4,401,198

6,660,370

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

(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have

future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real

estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(2)We have a 76.9% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF.

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

June 30, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Committed

Near Term

Future

Total(1)

San Francisco Bay Area

Megacampus: Alexandria Center® for Science and Technology – Mission Bay/

Mission Bay

25.0%

$242,946

(2)

212,796

(2)

—

212,796

1450 Owens Street

Megacampus: Alexandria Technology Center® – Gateway/

South San Francisco

50.0%

258,932

237,684

—

291,000

528,684

651 Gateway Boulevard

Megacampus: Alexandria Center® for Advanced Technologies – South San

Francisco/South San Francisco

100%

100,560

107,250

—

90,000

197,250

211(3) and 269 East Grand Avenue

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South

San Francisco

100%

420,858

—

1,930,000

1122, 1150, and 1178 El Camino Real

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

48.5%

157,008

—

348,401

201 and 231 Adrian Road and 30 Rollins Road

Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford

100%

471,861

—

1,497,830

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

3825 and 3875 Fabian Way/Greater Stanford

100%

161,492

—

478,000

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

100%

38,761

—

240,000

Megacampus: 88 Bluxome Street/SoMa

100%

408,649

—

1,070,925

$2,261,067

557,730

—

5,946,156

6,503,886

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

(2)During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the

three months ended June 30, 2025, the institution decided to pursue a long-term lease instead of a condominium sale. As a result, we added back the 103,361 RSF and the related book basis to our presentation of the development

project.

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

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

June 30, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Committed

Near Term

Future

Total(1)

San Diego

Megacampus: One Alexandria Square/Torrey Pines

100%

$281,632

122,302

—

125,280

247,582

10945 Alexandria Way and 10975 and 10995 Torreyana Road

Megacampus: Campus Point by Alexandria/University Town Center

55.0%

(3)

540,207

426,927

466,598

500,859

1,394,384

10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165,

and 4224 Campus Point Court

Megacampus: SD Tech by Alexandria/Sorrento Mesa

50.0%

391,642

235,361

—

493,845

729,206

9805 Scranton Road and 10075 Barnes Canyon Road

11255 and 11355 North Torrey Pines Road/Torrey Pines

100%

156,121

—

215,000

Megacampus: 5200 Illumina Way/University Town Center

51.0%

17,458

—

451,832

9625 Towne Centre Drive/University Town Center

30.0%

837

—

100,000

Megacampus: Sequence District by Alexandria/Sorrento Mesa

100%

47,565

—

1,661,915

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

Scripps Science Park by Alexandria/Sorrento Mesa

100%

42,700

—

154,308

10256 and 10260 Meanley Drive

4075 Sorrento Valley Boulevard/Sorrento Valley

100%

28,174

—

144,000

Other development and redevelopment projects

(4)

78,002

—

475,000

$1,584,338

784,590

466,598

4,322,039

5,573,227

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

(2)We have a 100% interest in this property.

(3)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%, after

which future capital would be contributed pro-rata with our partner.

(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)

June 30, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Committed

Near Term

Future

Total(1)

Seattle

Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/

Lake Union

(2)

$571,319

227,577

—

1,057,400

1,284,977

601 and 701 Dexter Avenue North and 800 Mercer Street

1010 4th Avenue South/SoDo

100%

61,490

—

544,825

410 West Harrison Street/Elliott Bay

100%

—

91,000

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

Bothell

100%

19,248

—

230,000

21660 20th Avenue Southeast

Other development and redevelopment projects

100%

149,289

—

706,087

801,346

227,577

—

2,629,312

2,856,889

Maryland

Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville

100%

24,020

—

296,000

9830 Darnestown Road

24,020

—

296,000

Research Triangle

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

100%

162,011

—

2,060,000

Megacampus: Alexandria Center® for Advanced Technologies and AgTech –

Research Triangle/Research Triangle

100%

109,661

—

1,170,000

4 and 12 Davis Drive

Megacampus: Alexandria Center® for NextGen Medicines/

Research Triangle

100%

112,142

—

1,055,000

3029 East Cornwallis Road

Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle

100%

55,122

—

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

$443,121

—

5,177,227

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

(2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.

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

June 30, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Committed

Near Term

Future

Total(1)

New York City

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

100%

$173,815

—

550,000

(2)

550,000

173,815

—

550,000

Texas

Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston

100%

49,280

73,298

—

116,405

189,703

8800 Technology Forest Place

1001 Trinity Street and 1020 Red River Street/Austin

100%

10,858

—

250,010

Other development and redevelopment projects

100%

58,577

—

344,000

118,715

73,298

—

710,415

783,713

Canada

100%

15,088

56,314

—

371,743

428,057

Other development and redevelopment projects

100%

47,478

—

350,000

Total pipeline as of June 30, 2025, excluding properties held for sale

8,543,083

3,958,681

466,598

24,754,090

29,179,369

Properties held for sale

82,269

—

878,205

Total pipeline as of June 30, 2025

$8,625,352

(3)

3,958,681

466,598

25,632,295

30,057,574

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

(1)Total square footage includes 2,578,478 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”

under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(2)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our

option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended

June 30, 2025 filed with the Securities and Exchange Commission on July 21, 2025 for additional details.

(3)Includes $3.8 billion of projects that are currently under construction and one 100% pre-leased committed near-term project expected to commence construction in the next year.

Construction Spending

June 30, 2025

(Dollars in thousands)

Construction spending

Six Months Ended

June 30, 2025

Projected Guidance

Midpoint for Year Ending

December 31, 2025

Year Ended

December 31, 2024

Construction of Class A/A+ properties:

Active construction projects

Under construction

612,341

1,240,000

1,791,097

Future pipeline pre-construction

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

226,587

500,000

426,948

Revenue- and non-revenue-enhancing capital expenditures

127,772

415,000

(1)

273,377

Construction spending (before contributions from noncontrolling interests or tenants):

966,700

2,155,000

2,491,422

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(113,268)

(230,000)

(2)

(343,798)

Tenant-funded and -built landlord improvements

(171,153)

(175,000)

(129,152)

Total construction spending

682,279

1,750,000

2,018,472

2025 guidance range for construction spending

$1,450,000 – $2,050,000

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

Timing

Amount(2)

3Q25 through 2026

$203,691

2027 and beyond

93,585

Total

$297,276

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

(1)Represents revenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements for the year ending December 31, 2025. Our

share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected to be $340 million at the midpoint of our guidance for 2025 construction spending.

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

Capitalization of Interest

June 30, 2025

(Dollars in thousands)

Alexandria Has Been Curating and Growing Highly Desirable and Well-Amenitized Megacampus

Ecosystems In The Top Life Science Clusters For Nearly Two Decades

Average Real Estate

Basis Capitalized

During 1H25

Percentage of Total

Average Real Estate

Basis Capitalized

Leased/

Negotiating

Key Categories of Real Estate Basis Capitalized

Construction of Class A/A+ properties:

Development and redevelopment of projects under construction and one 100% pre-leased committed near-term project

expected to commence construction in the next year

2025 and 2026 stabilization

84%

$767,453

10%

2027 and beyond stabilization

28%

2,102,723

Smaller redevelopments and repositioning capital projects

1,007,166

(1)

Key future Megacampus expansion pre-construction work

1,209,540

(2)

Future pipeline projects with key pre-construction milestones during 2H25 and 2026

2,979,991

(3)

Total average real estate basis capitalized

$8,066,873

100%

Under construction – 2025 and 2026 stabilization

(84% leased/negotiating)

Future pipeline – Key milestones in

2H25 and 2026(3)

Under construction and committed near-

term project – 2027 and beyond

(28% leased/negotiating)

Smaller redevelopments and

repositioning capital projects(1)

Future pipeline – Key

Megacampus projects(2)

Percentage of Total Average Real Estate Basis Capitalized During 1H25

(1)Includes 668,795 RSF that is leased, but not yet delivered. The weighted-average expected delivery date is January 2, 2026.

(2)Refer to the four projects on the following pages for additional details.

(3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work and other activities necessary to begin aboveground vertical

construction, on April 3, 2026, on a weighted-average real estate investment basis. We will evaluate whether to proceed with future pre-construction and/or construction activities based on leasing demand and market conditions.

Capitalization of Interest (continued)

June 30, 2025

Key Future Megacampus™ Development Project

1.9M RSF

FUTURE

0.4M RSF

OPERATING

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

Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future

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

Capitalization of Interest (continued)

June 30, 2025

Key Future Megacampus™ Development Project

0.7M RSF

OPERATING

1.5M RSF

FUTURE

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

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

Capitalization of Interest (continued)

June 30, 2025

Key Active, Committed Near-Term, and Future Megacampus™ Development Project

1.3M RSF

OPERATING

1.4M RSF

ACTIVE/FUTURE

100% Pre-leased

Committed Near-

Term Development

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

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

Capitalization of Interest (continued)

June 30, 2025

Key Active and Future Megacampus™ Development Project

1.3M RSF

ACTIVE/FUTURE

0.4M RSF

OPERATING

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

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

Joint Venture Financial Information

June 30, 2025

Consolidated Real Estate Joint Ventures

Property

Market

Submarket

Noncontrolling

Interest Share

Operating RSF

at 100%

50 and 60 Binney Street

Greater Boston

Cambridge/Inner Suburbs

66.0%

532,395

75/125 Binney Street

Greater Boston

Cambridge/Inner Suburbs

60.0%

388,270

100 and 225 Binney Street and 300 Third Street

Greater Boston

Cambridge/Inner Suburbs

70.0%

870,641

99 Coolidge Avenue(1)

Greater Boston

Cambridge/Inner Suburbs

23.1%

116,414

15 Necco Street

Greater Boston

Seaport Innovation District

43.3%

345,996

285, 299, 307, and 345 Dorchester Avenue

Greater Boston

Seaport Innovation District

40.0%

—

(1)

Alexandria Center® for Science and Technology – Mission Bay(2)

San Francisco Bay Area

Mission Bay

75.0%

1,013,997

601, 611, 651(1), 681, 685, and 701 Gateway Boulevard

San Francisco Bay Area

South San Francisco

50.0%

874,234

751 Gateway Boulevard

San Francisco Bay Area

South San Francisco

49.0%

230,592

211 and 213 East Grand Avenue

San Francisco Bay Area

South San Francisco

70.0%

300,930

500 Forbes Boulevard

San Francisco Bay Area

South San Francisco

90.0%

155,685

Alexandria Center® for Life Science – Millbrae

San Francisco Bay Area

South San Francisco

51.5%

285,346

3215 Merryfield Row

San Diego

Torrey Pines

70.0%

170,523

Campus Point by Alexandria(1)(3)

San Diego

University Town Center

45.0%

(4)

1,212,414

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(1)(5)

San Diego

Sorrento Mesa

50.0%

816,048

Pacific Technology Park

San Diego

Sorrento Mesa

50.0%

544,352

Summers Ridge Science Park(6)

San Diego

Sorrento Mesa

70.0%

316,531

1201 and 1208 Eastlake Avenue East

Seattle

Lake Union

70.0%

206,134

199 East Blaine Street

Seattle

Lake Union

70.0%

115,084

400 Dexter Avenue North

Seattle

Lake Union

70.0%

290,754

800 Mercer Street

Seattle

Lake Union

40.0%

—

(1)

Unconsolidated Real Estate Joint Ventures

Property

Market

Submarket

Our Ownership

Share(7)

Operating RSF

at 100%

1655 and 1725 Third Street

San Francisco Bay Area

Mission Bay

10.0%

586,208

1450 Research Boulevard

Maryland

Rockville

73.2%

(8)

42,012

101 West Dickman Street

Maryland

Beltsville

58.4%

(8)

135,949

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

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

Information for additional details.

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

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

(4)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%,

after which future capital would be contributed pro-rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.

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

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

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

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

Joint Venture Financial Information (continued)

June 30, 2025

(In thousands)

As of June 30, 2025

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

Investments in real estate

4,250,023

99,775

Cash, cash equivalents, and restricted cash

144,770

2,917

Other assets

457,402

10,156

Secured notes payable

(35,448)

(67,378)

Other liabilities

(252,979)

(5,236)

Redeemable noncontrolling interests

(9,612)

—

4,554,156

40,234

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

June 30, 2025

Three Months Ended

Six Months Ended

Three Months Ended

Six Months Ended

Total revenues

117,958

234,595

2,688

5,263

Rental operations

(36,039)

(70,808)

(935)

(1,983)

81,919

163,787

1,753

3,280

General and administrative

(930)

(1,563)

(62)

(81)

Interest

(330)

(754)

(1,097)

(2,058)

Depreciation and amortization of real estate assets

(36,047)

(69,458)

(942)

(1,996)

Impairment of real estate

—

(8,673)

Fixed returns allocated to redeemable noncontrolling interests(1)

201

402

—

44,813

92,414

(9,021)

(9,528)

Straight-line rent and below-market lease revenue

6,542

10,194

176

334

Funds from operations(1)

80,860

161,872

594

1,141

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

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

Investments

June 30, 2025

(Dollars in thousands)

We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income

(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.

June 30, 2025

Year Ended

December 31, 2024

Three Months Ended

Six Months Ended

Realized (losses) gains

$(8,684)

(1)

$9,469

(1)

$59,124

(2)

Unrealized losses

(21,938)

(3)

(90,083)

(4)

$(112,246)

(5)

Investment loss

$(30,622)

$(80,614)

$(53,122)

June 30, 2025

December 31, 2024

Investments

Cost

Unrealized Gains

Unrealized Losses

Carrying Amount

Publicly traded companies

$183,859

$18,365

$(120,299)

$81,925

$105,667

Entities that report NAV

497,975

97,201

(43,013)

552,163

609,866

Entities that do not report NAV:

Entities with observable price changes

78,105

64,585

(9,156)

133,534

174,737

Entities without observable price changes

432,299

—

432,299

400,487

Investments accounted for under the equity method

N/A

276,775

186,228

June 30, 2025

$1,192,238

(6)

$180,151

$(172,468)

$1,476,696

$1,476,985

December 31, 2024

$1,207,146

$228,100

$(144,489)

$1,476,985

Public/Private Mix (Cost)

Tenant/Non-Tenant Mix (Cost)

12%

Public

22%

Tenant

88%

Private

78%

Non-Tenant

(1)Consists of realized gains of $30.5 million and $59.9 million, partially offset by impairment charges of $39.2 million and $50.4 million during the three and six months ended June 30, 2025, respectively.

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

(3)Consists of unrealized gains of $12.5 million primarily resulting from the increase in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $34.4 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 June 30, 2025.

(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the six months ended June 30, 2025.

(5)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024.

(6)Represents 2.7% of gross assets as of June 30, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Balance Sheet

June 30, 2025

PERCENTAGE OF DEBT

MATURING THROUGH 2027

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2021(2)

97.2%

One of the Lowest Debt Maturities

for 2025–2027 Among S&P 500 REITs(3)

REMAINING DEBT TERM

(IN YEARS)

DEBT INTEREST

RATE

12.0

4.01%

WEIGHTED AVERAGE

TOP

10%

Baa1

Stable

BBB+

Stable

CREDIT RATING

RANKING AMONG ALL

PUBLICLY TRADED

U.S. REITS(1)

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of June 30, 2025.

(2)Represents the quarterly average percentage fixed-rate debt as of each quarter end from January 1, 2021 through June 30, 2025.

(3)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of March 31, 2025” or company filings as of March 31, 2025, except ARE, which is as of June 30, 2025.

Key Credit Metrics

June 30, 2025

Liquidity

Minimal Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$4.6B

(in millions)

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

outstanding under our commercial paper program

$3,900

Cash, cash equivalents, and restricted cash

528

Availability under our secured construction loan

Investments in publicly traded companies

Liquidity as of June 30, 2025

$4,552

Net Debt and Preferred Stock to Adjusted EBITDA(1)

Fixed-Charge Coverage Ratio(1)

4.0x to 4.5x

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

(1)Quarter annualized.

Summary of Debt

June 30, 2025

(Dollars in millions)

Weighted-Average Remaining Term of 12.0 Years

(1)We expect to have limited borrowings outstanding on our unsecured senior line of credit and commercial paper program by the end of 2025. We expect to reduce the outstanding balance with proceeds from our 2025

dispositions.

(2)Refer to footnotes 2 through 4 on page 57 under “Fixed-rate and variable-rate debt” for additional details.

Summary of Debt (continued)

June 30, 2025

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM

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

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

5.9 Years

Average Debt Term

of S&P 500 REITs

as of March 31, 2025

Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for PSA) as of March 31, 2025, except for ARE, which is as of June 30, 2025.

Summary of Debt (continued)

June 30, 2025

(Dollars in thousands)

Fixed-rate and variable-rate debt

Fixed-Rate

Debt

Variable-Rate

Debt

Total

Percentage

Weighted-Average

Interest Rate(1)

Remaining Term

(in years)

Secured note payable

$—

$153,500

1.2%

7.16%

1.4

Unsecured senior notes payable

12,042,607

—

12,042,607

90.5

3.90

12.8

Unsecured senior line of credit(2) and commercial

paper program(3)

—

1,097,993

8.3

4.71

4.6

(4)

Total/weighted average

$12,042,607

$1,251,493

$13,294,100

100.0%

4.01%

12.0

(4)

Percentage of total debt

90.6%

9.4%

100.0%

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

(2)As of June 30, 2025, we had no outstanding balance on our unsecured senior line of credit.

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

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

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

SOFR+0.855%. As of June 30, 2025, we had $1.1 billion of commercial paper notes outstanding.

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

consolidated weighted-average maturity of our debt is 11.6 years. The commercial paper notes sold during the six months ended June 30, 2025 were issued at a weighted-average yield to maturity of 4.67% and had a weighted-

average maturity term of 16 days.

Average Debt Outstanding

Weighted-Average Interest Rate

June 30, 2025

Three Months Ended

Six Months Ended

Three Months Ended

Six Months Ended

Long-term fixed-rate debt

$12,314,715

$12,374,695

3.88%

3.85%

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

program debt

926,720

651,302

4.70

4.65

Blended-average interest rate

13,241,435

13,025,997

3.94

3.89

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

N/A

0.13

0.14

Total/weighted average

$13,241,435

$13,025,997

4.07%

4.03%

Summary of Debt (continued)

June 30, 2025

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

June 30, 2025

Requirement

June 30, 2025

Total Debt to Total Assets

≤ 60%

31%

≤ 60.0%

32.2%

Secured Debt to Total Assets

≤ 40%

0.4%

≤ 45.0%

0.3%

Consolidated EBITDA to Interest Expense

≥ 1.5x

10.6x

≥ 1.50x

3.71x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

309%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

9.30x

(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to

the computation of EBITDA as described in Exchange Act Release No. 47226.

Unconsolidated real estate joint ventures’ debt

At 100%

Unconsolidated Joint Venture

Maturity Date

Stated Rate

Interest Rate(1)

Aggregate

Commitment

Debt Balance(2)

Our Share

101 West Dickman Street

11/10/26

SOFR+1.95%

(3)

6.34%

$26,750

$19,081

58.4%

1450 Research Boulevard

12/10/26

SOFR+1.95%

(3)

6.40%

13,000

8,965

73.2%

1655 and 1725 Third Street

2/10/35

6.37%

6.44%

500,000

496,709

10.0%

$539,750

$524,755

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2025.

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

Summary of Debt (continued)

June 30, 2025

(Dollars in thousands)

Debt

Stated

Rate

Interest

Rate(1)

Maturity

Date(2)

Principal Payments Remaining for the Periods Ending December 31,

Principal

Unamortized

(Deferred

Financing

Cost),

(Discount)/

Premium

Total

2025

2026

2027

2028

2029

Thereafter

Secured note payable

Greater Boston(3)

SOFR+2.70%

7.16%

11/19/26

(3)

$—

$153,624

$—

$153,624

$(124)

$153,500

Unsecured senior line of credit and commercial

paper program(4)

(4)

4.71

(4)

1/22/30

(4)

—

1,100,000

(2,007)

1,097,993

Unsecured senior notes payable

4.30%

4.50

1/15/26

—

300,000

—

300,000

(284)

299,716

Unsecured senior notes payable

3.80%

3.96

4/15/26

—

350,000

—

350,000

(408)

349,592

Unsecured senior notes payable

3.95%

4.13

1/15/27

—

350,000

—

350,000

(812)

349,188

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(1,100)

423,900

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

—

300,000

(916)

299,084

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

—

400,000

(1,860)

398,140

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

(1,872)

448,128

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

(4,339)

695,661

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(4,027)

745,973

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(6,506)

893,494

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(6,675)

993,325

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(6,857)

793,143

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(4,730)

495,270

Unsecured senior notes payable

5.50%

5.66

10/1/35

—

550,000

(6,624)

543,376

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(3,939)

396,061

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,814)

297,186

Unsecured senior notes payable

4.00%

3.91

2/1/50

—

700,000

9,916

709,916

Unsecured senior notes payable

3.00%

3.08

5/18/51

—

850,000

(11,034)

838,966

Unsecured senior notes payable

3.55%

3.63

3/15/52

—

1,000,000

(13,450)

986,550

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,482)

492,518

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,580)

593,420

Unsecured debt weighted-average interest rate/

subtotal

3.97

—

650,000

350,000

425,000

700,000

11,100,000

13,225,000

(84,400)

13,140,600

Weighted-average interest rate/total

4.01%

$—

$803,624

$350,000

$425,000

$700,000

$11,100,000

$13,378,624

$(84,524)

$13,294,100

Balloon payments

$—

$803,624

$350,000

$425,000

$700,000

$11,100,000

$13,378,624

$—

$13,378,624

Principal amortization

—

(84,524)

Total debt

$—

$803,624

$350,000

$425,000

$700,000

$11,100,000

$13,378,624

$(84,524)

$13,294,100

Fixed-rate debt

$—

$650,000

$350,000

$425,000

$700,000

$10,000,000

$12,125,000

$(82,393)

$12,042,607

Variable-rate debt

—

153,624

—

1,100,000

1,253,624

(2,131)

1,251,493

Total debt

$—

$803,624

$350,000

$425,000

$700,000

$11,100,000

$13,378,624

$(84,524)

$13,294,100

Weighted-average stated rate on maturing debt

N/A

3.78%

3.95%

3.50%

3.88%

(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, where we have a 76.9% interest. As of June 30, 2025, this joint venture has $41.7 million available under existing lender

commitments. We expect to repay the entire $153.5 million balance in August 2025.

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

Definitions and Reconciliations

June 30, 2025

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

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

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

Adjusted EBITDA and Adjusted EBITDA margin

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

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

Adjusted EBITDA margin:

Three Months Ended

(Dollars in thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Net (loss) income

$(62,189)

$38,662

$(16,095)

$213,603

$94,049

Interest expense

55,296

50,876

55,659

43,550

45,789

Income taxes

1,020

1,145

1,855

1,877

1,182

Depreciation and amortization

346,123

342,062

330,108

293,998

290,720

Stock compensation expense

12,530

10,064

12,477

15,525

14,507

Gain on sales of real estate

—

(13,165)

(101,806)

(27,114)

—

Unrealized losses (gains) on non-real estate

investments

21,938

68,145

79,776

(2,610)

64,238

Impairment of real estate

129,606

32,154

186,564

5,741

30,763

Impairment of non-real estate investments

39,216

11,180

20,266

10,338

12,788

Increase (decrease) in provision for expected

credit losses on financial instruments

—

285

(434)

—

Adjusted EBITDA

$543,540

$541,408

$568,370

$554,908

$554,036

Total revenues

$762,040

$758,158

$788,945

$791,607

$766,734

Adjusted EBITDA margin

71%

72%

70%

72%

We use Adjusted EBITDA as a supplemental performance measure of our operations, for

financial and operational decision-making, and as a supplemental means of evaluating period-to-period

comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes,

depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on

early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes

in provision for expected credit losses on financial instruments, and significant termination fees. Adjusted

EBITDA also excludes unrealized gains or losses and significant realized gains or losses and

impairments that result from our non-real estate investments. These non-real estate investment amounts

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

We believe Adjusted EBITDA provides investors with relevant and useful information as it

allows investors to evaluate the operating performance of our business activities without having to

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

estate and non-real estate investments, our capital structure, capital market transactions, and variances

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

losses on the early extinguishment of debt to allow investors to measure our performance independent

of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and

gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real

estate investments, changes in provision for expected credit losses on financial instruments, and

significant termination fees allows investors to evaluate performance from period to period on a

consistent basis without having to account for differences recognized because of investing and financing

decisions related to our real estate and non-real estate investments or other corporate activities that

may not be representative of the operating performance of our properties.

In addition, we believe that excluding charges related to stock compensation and unrealized

gains or losses facilitates for investors a comparison of our business activities across periods without the

volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a

measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future

requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant

measure of performance, it does not represent net income (loss) or cash flows from operations

calculated and presented in accordance with GAAP, and it should not be considered as an alternative to

those indicators in evaluating performance or liquidity.

In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total

revenues as presented in our consolidated statements of operations. We believe that this supplemental

performance measure provides investors with additional useful information regarding the profitability of

our operating activities.

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

therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to

the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions

outside of our control, including the timing of dispositions, capital events, and financing decisions, as

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

real estate investments, impairments of real estate, impairments of non-real estate investments, and

changes in provision for expected credit losses on financial instruments. Our attempt to predict these

amounts may produce significant but inaccurate estimates, which would be potentially misleading for our

investors.

Definitions and Reconciliations (continued)

June 30, 2025

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in

accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and

tenant-built landlord improvements, for leases in effect as of the end of the period, related to our

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

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

ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of

100% of the RSF of our consolidated properties and our share of the RSF of properties held in

unconsolidated real estate joint ventures. As of June 30, 2025, approximately 91% of our leases (on an

annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real

estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating

expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these

operating expenses recovered from our tenants. Amounts recovered from our tenants related to these

operating expenses, along with base rent, are classified in income from rentals in our consolidated

statements of operations.

Capitalization rates

Capitalization rates are calculated based on net operating income and net operating income

(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter

preceding the date on which the property is sold, or near-term prospective net operating income.

Capitalized interest

We capitalize interest cost as a cost of a project during periods for which activities necessary

to develop, redevelop, or reposition a project for its intended use are ongoing, provided that

expenditures for the asset have been made and interest cost has been incurred. Activities necessary to

develop, redevelop, or reposition a project include pre-construction activities such as entitlements,

permitting, design, site work, and other activities preceding commencement of construction of

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

reducing the time required to deliver projects to prospective tenants. These critical activities add

significant value for future ground-up development and are required for the vertical construction of

buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related

to such project are expensed as incurred.

Cash interest

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

capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition

of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable

financial measure calculated and presented in accordance with GAAP, to cash interest.

Class A/A+ properties and AAA locations

Class A/A+ properties are properties clustered in AAA locations that provide innovative

tenants with highly dynamic and collaborative environments that enhance their ability to successfully

recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These

properties are typically well-located, professionally managed, and well-maintained, offering a wide range

of amenities and featuring premium construction materials and finishes. Class A/A+ properties are

generally newer or have undergone substantial redevelopment and are generally expected to command

higher annual rental rates compared to other classes of similar properties. AAA locations are in close

proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is

important to note that our definition of property classification may not be directly comparable to other

equity REITs.

Credit ratings

Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of

June 30, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be

subject to revision or withdrawal at any time.

Development, redevelopment, and pre-construction

A key component of our business model is our disciplined allocation of capital to the

development and redevelopment of new Class A/A+ properties, as well as property enhancements

identified during the underwriting of certain acquired properties. These efforts are primarily concentrated

in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other

strategic locations that support innovation and growth. These projects are generally focused on

providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide

range of tenants. Upon completion, each development or redevelopment project is expected to generate

increases in rental income, net operating income, and cash flows. Our development and redevelopment

projects are generally in locations that are highly desirable to high-quality entities, which we believe

results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater

long-term asset value.

Development projects generally consist of the ground-up development of generic and

reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of

acquired office, warehouse, or shell space into laboratory space. We generally will not commence new

development projects for aboveground construction of new Class A/A+ laboratory space without first

securing significant pre-leasing for such space, except when there is solid market demand for high-

quality Class A/A+ properties.

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

activities preceding commencement of construction of aboveground building improvements. The

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

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

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

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

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

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

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

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

growth-stage life science companies.

Definitions and Reconciliations (continued)

June 30, 2025

Development, redevelopment, and pre-construction (continued)

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

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

Class B to Class A/A+.

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

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

Dividend payout ratio (common stock)

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

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

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

stockholders – diluted, as adjusted.

Dividend yield

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

closing common stock price at the end of the quarter.

Space Intentionally Blank

Fixed-charge coverage ratio

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

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

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

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

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

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

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

charge coverage ratio:

Three Months Ended

(Dollars in thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Adjusted EBITDA

$543,540

$541,408

$568,370

$554,908

$554,036

Interest expense

$55,296

$50,876

$55,659

$43,550

$45,789

Capitalized interest

82,423

80,065

81,586

86,496

81,039

Amortization of loan fees

(4,615)

(4,691)

(4,620)

(4,222)

(4,146)

Amortization of debt discounts

(335)

(349)

(333)

(330)

(328)

Cash interest and fixed charges

$132,769

$125,901

$132,292

$125,494

$122,354

Fixed-charge coverage ratio:

– quarter annualized

4.1x

4.3x

4.4x

4.5x

– trailing 12 months

4.3x

4.4x

4.5x

4.6x

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

therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This

is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market

conditions outside of our control, including the timing of dispositions, capital events, and financing

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

losses on non-real estate investments, impairment of real estate, impairments of non-real estate

investments, and changes in provision for expected credit losses on financial instruments. Our attempt

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

misleading for our investors.

Definitions and Reconciliations (continued)

June 30, 2025

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

common stockholders

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

that real estate values diminish over time. In an effort to overcome the difference between real estate

values and historical cost accounting for real estate assets, the Nareit Board of Governors established

funds from operations as an improved measurement tool. Since its introduction, funds from operations

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

from operations is helpful to investors as an additional measure of the performance of an equity

REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our

performance to the performance of other real estate companies on a consistent basis, without having to

account for differences recognized because of real estate acquisition and disposition decisions,

financing decisions, capital structure, capital market transactions, variances resulting from the volatility

of market conditions outside of our control, or other corporate activities that may not be representative of

the operating performance of our properties.

The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)

defines funds from operations as net income (computed in accordance with GAAP), excluding gains or

losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of

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

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

value over the recoverability period is less than the carrying value due to changes in general market

conditions and do not necessarily reflect the operating performance of the properties during the

corresponding period.

We compute funds from operations, as adjusted, as funds from operations calculated in

accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized

on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments

of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that

we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the

provision for expected credit losses on financial instruments, significant termination fees, acceleration of

stock compensation expense due to the resignations of executive officers, deal costs, the income tax

effect related to such items, and the amount of such items that is allocable to our unvested restricted

stock awards. We compute the amount that is allocable to our unvested restricted stock awards with

nonforfeitable dividends 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 with nonforfeitable dividends by applying the respective weighted-average

shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference

of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor

funds from operations, as adjusted, should be considered as alternatives to net income (determined in

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

activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the

availability of funds for our cash needs, including our ability to make distributions.

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

common stockholders (continued)

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

consolidated real estate joint ventures attributable to noncontrolling interests and our share of

unconsolidated real estate joint ventures:

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

June 30, 2025

(In thousands)

Three Months

Ended

Six Months

Ended

Three Months

Ended

Six Months

Ended

Net income (loss)

$44,813

$92,414

$(9,021)

$(9,528)

Depreciation and amortization of real

estate assets

36,047

69,458

942

1,996

Impairment of real estate

—

8,673

Funds from operations

$80,860

$161,872

$594

$1,141

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Total assets

$37,623,629

$37,600,428

$37,527,449

$38,488,128

$37,847,865

Accumulated depreciation

6,146,378

5,886,561

5,625,179

5,624,642

5,457,414

Gross assets

$43,770,007

$43,486,989

$43,152,628

$44,112,770

$43,305,279

Incremental annual net operating income on development and redevelopment projects

Incremental annual net operating income represents the amount of net operating income, on

an annual basis, expected to be realized upon a project being placed into service and achieving full

occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied

by the project’s total cost at completion.

Initial stabilized yield (unlevered)

Initial stabilized yield is calculated as the estimated amounts of net operating income at

stabilization divided by our investment in the property. For this calculation, we exclude any tenant-

funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized

yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment

projects are generally expected to increase over time due to contractual annual rent escalations. Our

estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion

represent our initial estimates at the commencement of the project. We expect to update this information

upon completion of the project, or sooner if there are significant changes to the expected project yields

or costs.

•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent

concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any

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

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

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

Definitions and Reconciliations (continued)

June 30, 2025

Investment-grade or publicly traded large cap tenants

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

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

billion for the twelve months ended June 30, 2025, as reported by Bloomberg Professional Services.

Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent

entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease

obligation upon such tenant’s default. We monitor the credit quality and related material changes of our

tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion,

which are not immediately reflected in the twelve-month average, may result in their exclusion from this

measure.

Investments

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

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

follows:

Statements of Operations

Balance Sheet

Gains and Losses

Carrying Amount

Unrealized

Realized

Difference between

proceeds received upon

disposition and historical

cost

Publicly traded

companies

Fair value

Changes in fair

value

Privately held entities

without readily

determinable fair

values that:

Report NAV

Fair value, using NAV

as a practical

expedient

Changes in NAV, as

a practical expedient

to fair value

Do not report NAV

Cost, adjusted for

observable price

changes and

impairments(1)

Observable price

changes(1)

Impairments to reduce costs

to fair value, which result in

an adjusted cost basis and

the differences between

proceeds received upon

disposition and adjusted or

historical cost

Equity method

investments

Contributions,

adjusted for our share

of the investee’s

earnings or losses,

less distributions

received, reduced by

other-than-temporary

impairments

Our share of

unrealized gains or

losses reported by

the investee

Our share of realized gains

or losses reported by the

investee, and other-than-

temporary impairments

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

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

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

reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of June 30, 2025:

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$38,306,978

Less: accumulated depreciation

(6,146,378)

Investments in real estate

$32,160,600

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 June 30, 2025:

Percentage of

(Dollars in thousands)

Book Value

Gross

Assets

Annual Rental

Revenue

Under construction and committed near-term projects

$3,806,346

—%

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

3,183,092

Land

1,553,645

—

$8,543,083

20%

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

development rights associated with existing operating campuses.

Space Intentionally Blank

Definitions and Reconciliations (continued)

June 30, 2025

Investments in real estate (continued)

The square footage presented in the table below is classified as operating as of June 30,

2025. These lease expirations or vacant space at recently acquired properties represent future

opportunities for which we have the intent, subject to market conditions and leasing, to commence first-

time conversion from non-laboratory space to laboratory space, or to commence future ground-up

development:

Dev/

Redev

RSF of Lease Expirations Targeted for

Development and Redevelopment

Property/Submarket

2025

2026

Thereafter(1)

Total

Committed near-term project:

Campus Point by Alexandria/University Town Center

Dev

—

52,620

Future projects:

446, 458, 500, and 550 Arsenal Street/Cambridge/

Inner Suburbs

Dev

—

365,898

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 and 2200 Geng Road/Greater Stanford

Dev

—

62,526

960 Industrial Road/Greater Stanford

Dev

—

112,590

Campus Point by Alexandria/University Town Center

Dev

—

96,805

Sequence District by Alexandria/Sorrento Mesa

Dev/

Redev

—

555,754

410 West Harrison Street/Elliott Bay

Dev

—

17,205

Other/Seattle

Dev

—

63,057

100 Capitola Drive/Research Triangle

Dev

—

34,527

1001 Trinity Street and 1020 Red River Street/Austin

Dev/

Redev

198,972

—

198,972

Canada

Redev

—

247,743

198,972

—

2,326,886

2,525,858

Total

198,972

—

2,379,506

2,578,478

(1)Includes vacant square footage as of June 30, 2025.

Joint venture financial information

We present components of balance sheet and operating results information related to our real

estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.

We present the proportionate share of certain financial line items as follows: (i) for each real estate joint

venture that we consolidate in our financial statements, which are controlled by us through contractual

rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest

economic ownership percentage to each financial item to arrive at the amount of such cumulative

noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that

we do not control and do not consolidate, which are instead controlled jointly or by our joint venture

partners through contractual rights or majority voting rights, we apply our economic ownership

percentage to each financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate

joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,

the joint venture agreement generally determines what equity holders can receive upon capital events,

such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their

respective legal ownership of any residual cash from a joint venture only after all liabilities, priority

distributions, and claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating

results information related to our partially owned entities. Presenting this information provides a

perspective not immediately available from consolidated financial statements and one that can

supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in

our consolidated results.

The components of balance sheet and operating results information related to our real estate

joint ventures are limited as an analytical tool as the overall economic ownership interest does not

represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In

addition, joint venture financial information may include financial information related to the

unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for

investors a clear understanding of our operating results and our total assets and liabilities, joint venture

financial information should be examined in conjunction with our consolidated statements of operations

and balance sheets. Joint venture financial information should not be considered an alternative to our

consolidated financial statements, which are presented and prepared in accordance with GAAP.

Space Intentionally Blank

Definitions and Reconciliations (continued)

June 30, 2025

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

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

level understanding of our results and provide context for the disclosures included in this Supplemental

Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form

10-Q. We believe that such tabular presentation promotes a better understanding for investors of the

corporate-level decisions made and activities performed that significantly affect comparison of our

operating results from period to period. We also believe that this tabular presentation will supplement for

investors an understanding of our disclosures and real estate operating results. Gains or losses on sales

of real estate and impairments of assets classified as held for sale are related to corporate-level

decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to

corporate-level financing decisions focused on our capital structure strategy. Significant realized and

unrealized gains or losses on non-real estate investments, impairments of real estate and non-real

estate investments, and acceleration of stock compensation expense due to the resignation of an

executive officer are not related to the operating performance of our real estate assets as they result

from strategic, corporate-level non-real estate investment decisions and external market conditions.

Impairments of non-real estate investments and changes in the provision for expected credit losses on

financial instruments are not related to the operating performance of our real estate as they represent

the write-down of non-real estate investments when their fair values decrease below their respective

carrying values due to changes in general market or other conditions outside of our control. Significant

items, whether a gain or loss, included in the tabular disclosure for current periods are described in

further detail in this Supplemental Information and accompanying Earnings Press Release.

Megacampus™

A Megacampus ecosystem is a cluster campus that consist of approximately 1 million RSF or

greater, including operating, active development/redevelopment, and land RSF less operating RSF

expected to be demolished. The following table reconciles our annual rental revenue and development

and redevelopment pipeline RSF as of June 30, 2025:

(Dollars in thousands)

Annual Rental

Revenue

Development and

Redevelopment

Pipeline RSF

Megacampus

$1,570,877

20,370,529

Core and non-core

510,353

7,108,567

Total

$2,081,230

27,479,096

Megacampus as a percentage of annual rental revenue and

of total development and redevelopment pipeline RSF

75%

74%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends is reduced by distributions to

noncontrolling interests and excludes changes in operating assets and liabilities as they represent timing

differences.

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we

believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net

debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and

restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of

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

EBITDA.

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

Adjusted EBITDA:

(Dollars in thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Secured notes payable

$153,500

$150,807

$149,909

$145,000

$134,942

Unsecured senior notes payable

12,042,607

12,640,144

12,094,465

12,092,012

12,089,561

Unsecured senior line of credit and

commercial paper

1,097,993

299,883

—

454,589

199,552

Unamortized deferred financing costs

78,574

80,776

77,649

79,610

81,942

Cash and cash equivalents

(520,545)

(476,430)

(552,146)

(562,606)

(561,021)

Restricted cash

(7,403)

(7,324)

(7,701)

(17,031)

(4,832)

Preferred stock

—

Net debt and preferred stock

$12,844,726

$12,687,856

$11,762,176

$12,191,574

$11,940,144

Adjusted EBITDA:

– quarter annualized

$2,174,160

$2,165,632

$2,273,480

$2,219,632

$2,216,144

– trailing 12 months

$2,208,226

$2,218,722

$2,228,921

$2,184,298

$2,122,250

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

5.9x

5.2x

5.5x

5.4x

– trailing 12 months

5.8x

5.7x

5.3x

5.6x

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

therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a

forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of

items that depend on market conditions outside of our control, including the timing of dispositions,

capital events, and financing decisions, as well as quarterly components such as gain on sales of real

estate, unrealized gains or losses on non-real estate investments, impairment of real estate, impairment

of non-real estate investments, and provision for expected credit losses on financial instruments. Our

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

potentially misleading for our investors.

Definitions and Reconciliations (continued)

June 30, 2025

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

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

income (cash basis) and computes operating margin:

Three Months Ended

Six Months Ended

(Dollars in thousands)

6/30/25

6/30/24

6/30/25

6/30/24

Net (loss) income

$(62,189)

$94,049

$(23,527)

$313,225

Equity in losses (earnings) of unconsolidated real

estate joint ventures

9,021

(130)

9,528

(285)

General and administrative expenses

29,128

44,629

59,803

91,684

Interest expense

55,296

45,789

106,172

86,629

Depreciation and amortization

346,123

290,720

688,185

578,274

Impairment of real estate

129,606

30,763

161,760

30,763

Gain on sales of real estate

—

(13,165)

(392)

Investment loss

30,622

43,660

80,614

376

Net operating income

537,607

549,480

1,069,370

1,100,274

Straight-line rent revenue

(18,536)

(48,338)

(40,559)

(96,589)

Amortization of deferred revenue related to tenant-

funded and -built landlord improvements

(2,401)

—

(4,052)

—

Amortization of acquired below-market leases

(10,196)

(22,515)

(25,418)

(52,855)

Provision for expected credit losses on financial

instruments

—

285

—

Net operating income (cash basis)

$506,474

$478,627

$999,626

$950,830

Net operating income (cash basis) – annualized

$2,025,896

$1,914,508

$1,999,252

$1,901,660

Net operating income (from above)

$537,607

$549,480

$1,069,370

$1,100,274

Total revenues

$762,040

$766,734

$1,520,198

$1,535,842

Operating margin

71%

72%

70%

72%

Net operating income is a non-GAAP financial measure calculated as net income (loss), the

most directly comparable financial measure calculated and presented in accordance with GAAP,

excluding equity in the earnings of our unconsolidated real estate joint ventures, general and

administrative expenses, interest expense, depreciation and amortization, impairments of real estate,

gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment

income or loss. We believe net operating income provides useful information to investors regarding our

financial condition and results of operations because it primarily reflects those income and expense

items that are incurred at the property level. Therefore, we believe net operating income is a useful

measure for investors to evaluate the operating performance of our consolidated real estate assets. Net

operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line

rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue

related to tenant-funded and tenant-built landlord improvements, and changes in the provision for

expected credit losses on financial instruments required by GAAP. We believe that net operating income

on a cash basis is helpful to investors as an additional measure of operating performance because it

eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases

and tenant-funded and tenant-built landlord improvements.

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

Furthermore, we believe net operating income is useful to investors as a performance

measure of our consolidated properties because, when compared across periods, net operating income

reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not

immediately apparent from net income or loss. Net operating income can be used to measure the initial

stabilized yields of our properties by calculating net operating income generated by a property divided by

our investment in the property. Net operating income excludes certain components from net income in

order to provide results that are more closely related to the results of operations of our properties. For

example, interest expense is not necessarily linked to the operating performance of a real estate asset

and is often incurred at the corporate level rather than at the property level. In addition, depreciation and

amortization, because of historical cost accounting and useful life estimates, may distort comparability of

operating performance at the property level. Impairments of real estate have been excluded in deriving

net operating income because we do not consider impairments of real estate to be property-level

operating expenses. Impairments of real estate relate to changes in the values of our assets and do not

reflect the current operating performance with respect to related revenues or expenses. Our

impairments of real estate represent the write-down in the value of the assets to the estimated fair value

less cost to sell. These impairments result from investing decisions or a deterioration in market

conditions. We also exclude realized and unrealized investment gain or loss, which results from

investment decisions that occur at the corporate level related to non-real estate investments in publicly

traded companies and certain privately held entities. Therefore, we do not consider these activities to be

an indication of operating performance of our real estate assets at the property level. Our calculation of

net operating income also excludes charges incurred from changes in certain financing decisions, such

as losses on early extinguishment of debt and changes in provision for expected credit losses on

financial instruments, as these charges often relate to corporate strategy. Property operating expenses

included in determining net operating income primarily consist of costs that are related to our operating

properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;

contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and

property-level salaries. General and administrative expenses consist primarily of accounting and

corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as

part of corporate office management. We calculate operating margin as net operating income divided by

total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating

results, net operating income should be examined in conjunction with net income or loss as presented in

our consolidated statements of operations. Net operating income should not be considered as an

alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows

as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of

properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end

of the period. We believe these measures are useful to investors because they facilitate an

understanding of certain trends for our properties. We compute the number of properties, RSF,

occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at

properties classified as held for sale, for all properties in which we have an investment, including

properties owned by our consolidated and unconsolidated real estate joint ventures. For operating

metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Definitions and Reconciliations (continued)

June 30, 2025

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods

presented, including changes from assets acquired or sold, properties placed into development or

redevelopment, and development or redevelopment properties recently placed into service, the

consolidated total income from rentals, as well as rental operating expenses in our operating results, can

show significant changes from period to period. In order to supplement an evaluation of our results of

operations over a given quarterly or annual period, we analyze the operating performance for all

consolidated properties that were fully operating for the entirety of the comparative periods presented,

referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and

analysis of our financial condition and results of operations. These same properties are analyzed

separately from properties acquired subsequent to the first day in the earliest comparable quarterly or

year-to-date period presented, properties that underwent development or redevelopment at any time

during the comparative periods, unconsolidated real estate joint ventures, properties classified as held

for sale, and corporate entities (legal entities performing general and administrative functions), which are

excluded from same property results. Additionally, termination fees, if any, are excluded from the results

of same properties.

Space Intentionally Blank

Same property comparisons (continued)

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

months ended June 30, 2025:

Redevelopment – placed into

Development – under construction

Properties

service after January 1, 2024

Properties

99 Coolidge Avenue

840 Winter Street

500 North Beacon Street and 4 Kingsbury

Avenue

Alexandria Center® for Advanced

Technologies – Monte Villa Parkway

1450 Owens Street

10935, 10945, and 10955 Alexandria

Way

Acquisitions after January 1, 2024

Properties

Other

10075 Barnes Canyon Road

421 Park Drive

Unconsolidated real estate JVs

4135 Campus Point Court

Properties held for sale

701 Dexter Avenue North

Total properties excluded from same

properties

Development – placed into

Same properties

329

service after January 1, 2024

Properties

Total properties in North America as of

June 30, 2025

384

9810 Darnestown Road

9820 Darnestown Road

1150 Eastlake Avenue East

4155 Campus Point Court

201 Brookline Avenue

9808 Medical Center Drive

230 Harriet Tubman Way

Redevelopment – under construction

Properties

40, 50, and 60 Sylvan Road

269 East Grand Avenue

651 Gateway Boulevard

401 Park Drive

8800 Technology Forest Place

311 Arsenal Street

One Hampshire Street

Canada

Other

Definitions and Reconciliations (continued)

June 30, 2025

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which the project is expected

to reach occupancy of 95% or greater.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes,

insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses

and earned in the period during which the applicable expenses are incurred and the tenant’s obligation

to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real

estate assets within revenues in income from rentals in our consolidated statements of operations. We

provide investors with a separate presentation of rental revenues and tenant recoveries in “Same

property performance” in this Supplemental Information because we believe it promotes investors’

understanding of our operating results. We believe that the presentation of tenant recoveries is useful to

investors as a supplemental measure of our ability to recover operating expenses under our triple net

leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common

area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for

any significant variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

Three Months Ended

Six Months Ended

(In thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

6/30/25

6/30/24

Income from rentals

$737,279

$743,175

$763,249

$775,744

$755,162

$1,480,454

$1,510,713

Rental revenues

(553,377)

(552,112)

(566,535)

(579,569)

(576,835)

(1,105,489)

(1,158,235)

Tenant recoveries

$183,902

$191,063

$196,714

$196,175

$178,327

$374,965

$352,478

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the

closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

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

Unencumbered net operating income as a percentage of total net operating income is a non-

GAAP financial measure that we believe is useful to investors as a performance measure of the results

of operations of our unencumbered real estate assets as it reflects those income and expense items that

are incurred at the unencumbered property level. Unencumbered net operating income is derived from

assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or

other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total

net operating income:

Three Months Ended

(Dollars in thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

Unencumbered net operating income

$535,766

$530,691

$547,921

$553,589

$544,268

Encumbered net operating income

1,841

1,072

592

4,753

5,212

Total net operating income

$537,607

$531,763

$548,513

$558,342

$549,480

Unencumbered net operating income as a

percentage of total net operating income

99.7%

99.8%

99.9%

99.1%

Weighted-average interest rate for capitalization of interest

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

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

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

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

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

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

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

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

Space Intentionally Blank

Definitions and Reconciliations (continued)

June 30, 2025

Weighted-average shares of common stock outstanding – diluted

From time to time, we enter into capital market transactions, including forward equity sales

agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and

redevelopment projects, and for general working capital purposes. While the Forward Agreements are

outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under

the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted

stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares.

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

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

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

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

method for each of the respective periods presented below.

Three Months Ended

Six Months Ended

(In thousands)

6/30/25

3/31/25

12/31/24

9/30/24

6/30/24

6/30/25

6/30/24

Basic shares for earnings per

170,135

170,522

172,262

172,058

172,013

170,328

171,981

Unvested RSAs with

forfeitable dividends

—

Diluted shares for earnings

per share

170,135

170,522

172,262

172,058

172,013

170,328

171,981

Basic shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,135

170,522

172,262

172,058

172,013

170,328

171,981

Unvested RSAs with

forfeitable dividends

—

Diluted shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,192

170,599

172,262

172,058

172,013

170,390

171,981

Weighted-average unvested

RSAs with nonforfeitable

dividends used in

calculating the allocations

of net income, funds from

operations, and funds from

operations, as adjusted

1,998

2,053

2,417

2,838

2,878

2,025

2,933

Mentions · how they’re counted

Category	Underlined	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	—	—
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	0	—	—
Recession recession, downturn, contraction, slowdown	0	—	—
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	2	—	—
Buybacks share repurchase, buyback program	0	—	—

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

Source: SEC EDGAR · public domain · Highlights by Palanor