EX-99.12a3q25ex991supp.htmEX-99.1 3Q25 EX 99.1 SUPP

ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY

HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL

TENANT FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT

THE CAMPUS POINT MEGACAMPUS™ IN SAN DIEGO

Our long-term lease with

a high-credit tenant

underscores the strength

and uniqueness of the

Alexandria brand, as

underpinned by:

•

Enduring tenant

relationships and

commitment to innovation

•

Expertise in design,

development, and

operations

•

Our Megacampus

platform supporting tenant

growth and talent

recruitment and retention

Table of Contents

September 30, 2025

COMPANY HIGHLIGHTS

Page

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

iii

EARNINGS PRESS RELEASE

Third Quarter Ended September 30, 2025 Financial and

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

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

2025 Guidance .........................................................................................

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

2026 Considerations ...............................................................................

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

Dispositions and Exchange of Partial Interests ...................................

Funds From Operations and Funds From Operations per Share

SUPPLEMENTAL INFORMATION

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 Operating Metrics

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, October 28, 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: THE MOST

TRUSTED BRAND IN LIFE

SCIENCE REAL ESTATE™

WE INVENTED IT.

WE DOMINATE IT.

ALEXANDRIA’S

MEGACAMPUS™

PLATFORM REPRESENTS

77%

OF OUR ANNUAL

RENTAL REVENUE

LARGEST, HIGHEST-QUALITY

ASSET BASE CLUSTERED IN

THE KEY CENTERS OF LIFE

SCIENCE INNOVATION

SECTOR-LEADING CLIENT

BASE OF ~700 TENANTS

HIGH-QUALITY CASH FLOWS

PROVEN UNDERWRITING

FORTRESS BALANCE SHEET

LONG-TENURED, HIGHLY

EXPERIENCED MANAGEMENT TEAM

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

ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES SUPERIOR OPERATING

RESULTS BY CLUSTERING HIGH-QUALITY COLLABORATIVE LIFE SCIENCE AND

ADVANCED TECHNOLOGIES FACILITIES IN TOP INNOVATION MARKETS

ALEXANDRIA’S MEGACAMPUS OCCUPANCY

OUTPERFORMS THE MARKET(1)

ALEXANDRIA’S

MEGACAMPUS PLATFORM

77%

of Annual Rental Revenue

91%

Megacampus

73%

Market

18%

Occupancy

Outperformance

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

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

occupancy for these markets per the Q2 2025 U.S. Life Sciences Report published by CBRE Research.

vii

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

viii

(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 the 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.

NASDAQ BIOTECHNOLOGY INDEX (NBI) TSR CONTINUES TO BROADLY TRACK THE

DIRECTIONAL PATH OF THE S&P 500 INDEX TSR

NBI TSR

1,441%

S&P 500

Index TSR

1,221%

ARE TSR

1,064%

Total Shareholder Return

From ARE’s IPO on May 27, 1997 to September 30, 2025

Source: S&P Global Market Intelligence.

AFTER A SLOW START TO THE YEAR, NOVEL FDA APPROVALS HAVE

RESUMED A HEALTHY PACE THROUGH THE THIRD QUARTER

(1)

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

not previously been approved by the FDA.

(1)Includes two additional approvals through October 24, 2025.

xii

ALEXANDRIA’S LIFE SCIENCE INDUSTRY AND

CORPORATE RESPONSIBILITY LEADERSHIP

xiii

2025 RECYCLED ASSETS SOLD OR TO BE SOLD TO FUND OUR CAPITAL NEEDS AND

ENABLE ACHIEVEMENT OF 80% ANNUAL RENTAL REVENUE FROM

MEGACAMPUSES

$87M

REDUCTION IN

ANNUAL NET

OPERATING INCOME(1)

FROM 2025

DISPOSITIONS(2)

TOTAL

TRANSACTIONS(2)

$1.5B

TOTAL SALES(2)

Stabilized

Properties

Land

20% to

30%

20% to

30%

40% to 60%

Non-stabilized Properties

2025 DISPOSITIONS BY REAL ESTATE CLASSIFICATION(2)

(1)Represents annual net operating income for the quarter preceding the date on which the property is sold, or near-term prospective net operating income.

(2)Represents completed and pending YTD 2025 dispositions.. Refer to “Dispositions and Exchange of Partial Interests” in the Earnings Release for additional details.

xiv

ALEXANDRIA’S LONG-STANDING TRACK RECORD OF MONETIZING EMBEDDED

ASSET VALUE: 2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES

2019–YTD 3Q25

AGGREGATE

$10B

Total Proceeds(1)

$3.6B

Total Gains on

Sales of Real Estate(2)

$1.4B

Total Impairments

of Real Estate(2)

2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES

(1)Represents aggregate proceeds from outright sales and sales of partial interests.

(2)Total gains and impairments include any amounts related to sales of partial interests recognized in additional paid-in capital.

ALEXANDRIA’S DISCIPLINED COST-CONTROL AND EFFICIENCY INITIATIVES HAVE

DRIVEN SUBSTANTIAL REDUCTIONS IN GENERAL AND ADMINISTRATIVE EXPENSES

Alexandria’s 2025 overhead is approximately half that of other S&P 500 REITs

ALEXANDRIA

S&P 500 REITS

(excluding Alexandria)

(1)

GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(2)

Source for S&P 500 REIT data: S&P Global Market Intelligence.

(1)Trailing twelve months ended September 30, 2025 and June 30, 2025, respectively. Refer to “2026 Considerations” in the Earnings Release for additional details.

(2)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. Reports:

3Q25 and YTD 3Q25 Net Loss per Share – Diluted of $(1.38) and $(2.09), respectively; and

3Q25 and YTD 3Q25 FFO per Share – Diluted, as Adjusted, of $2.22 and $6.85, respectively

PASADENA, Calif. – October 27, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the third quarter ended September 30, 2025.

Key highlights

YTD

Operating results

3Q25

3Q24

3Q25

3Q24

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

In millions

$(234.9)

$164.7

$(356.1)

$374.5

Per share

$(1.38)

$0.96

$(2.09)

$2.18

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

In millions

$377.8

$407.9

$1,166.3

$1,217.3

Per share

$2.22

$2.37

$6.85

$7.08

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

terms

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

Occupancy of operating properties in North America

90.6%

Percentage of annual rental revenue in effect from Megacampus™ platform

77%

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

traded large cap tenants

53%

Operating margin

68%

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

7.5

years

Strong 3Q25 tenant collections:

3Q25 tenant rents and receivables collected as of October 27, 2025

99.9%

Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all

publicly traded U.S. REITs

•$27.8 billion in total market capitalization.

•$14.2 billion in total equity capitalization.

•Net debt and preferred stock to Adjusted EBITDA of 6.1x and fixed-charge coverage ratio of

3.9x for 3Q25 annualized, with 4Q25 annualized targets of 5.5x to 6.0x and 3.6x to 4.1x,

respectively.

•Significant liquidity of $4.2 billion, or 4.2x our debt maturities through 2027.

•Only 7% of our total debt matures through 2027.

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

•Since 2021, our quarter-end fixed-rate debt has averaged 96.7%.

•Total debt and preferred stock to gross assets of 31%.

•$166.9 million of capital contribution commitments from existing real estate joint venture

partners to fund construction from 4Q25 through 2027 and beyond.

Solid leasing volume and rental rate increases

•Leasing volume of 1.2 million RSF during 3Q25.

•Includes the largest life science lease in company history with a long-standing multinational

pharmaceutical tenant for a 16-year build-to-suit lease expansion aggregating

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

Town Center submarket.

•Leasing of previously vacant space aggregating 256,633 RSF, up 40%, over the quarterly

average over the last five quarters.

•Rental rate increases on lease renewals and re-leasing of space of 15.2% and 6.1% (cash

basis) for 3Q25 and 13.6% and 6.8% (cash basis) for YTD 3Q25.

•82% of our leasing activity during the last twelve months was generated from our existing

tenant base.

3Q25

YTD 3Q25

Lease renewals and re-leasing of space:

Rental rate increase

15.2%

13.6%

Rental rate increase (cash basis)

6.1%

6.8%

RSF

354,367

1,722,184

Leasing of previously vacant space – RSF

256,633

550,986

Leasing of development and redevelopment space – RSF

560,344

698,542

Total leasing activity – RSF

1,171,344

2,971,712

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

retaining a significant portion for reinvestment

•Common stock dividend declared of $1.32 per share for 3Q25, aggregating $5.28 per

common share for the twelve months ended September 30, 2025, up 14 cents, or 2.7%, over

the twelve months ended September 30, 2024.

•Dividend yield of 6.3% as of September 30, 2025 and dividend payout ratio of 60% for the

three months ended September 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.

•In addition, as described in the “2026 Considerations” section of guidance, in light of market

and life science industry conditions and our continued focus on capital efficiency, our Board of

Directors expects to carefully evaluate our 2026 dividend strategy.

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.

(dollars in millions)

Sales Price

Total dispositions completed as of October 27, 2025

$508

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

intent, and/or purchase and sale agreement negotiations

1,032

Our share of completed and pending 2025 dispositions and sales of partial interests

$1,540

(1)

(1)Excludes an exchange of partial interests of Pacific Technology Park and 199 East Blaine Street with nominal

net cash proceeds. Refer to “Dispositions and exchange of partial interests” in the Earnings Press Release for

additional details.

Third Quarter Ended September 30, 2025 Financial and Operating Results (continued)

September 30, 2025

Leasing progress on temporary vacancy

Operating occupancy as of June 30, 2025

90.8%

Assets with vacancy designated as held for sale during 3Q25 now excluded from

operating occupancy and expected to be sold primarily in 4Q25

0.9

Reduction in occupancy, primarily from 3Q25 lease expirations

(1.1)

(1)

Operating occupancy as of September 30, 2025

90.6

Key vacant space leased with future delivery

1.6

(2)

Operating occupancy as of September 30, 2025, including leased but not yet

delivered space

92.2%

(1)Comprises the following: (i) 0.3% related to lease expirations that became vacant in 3Q25 and have been re-

leased with a future delivery upon completion of construction (and is included in item 2 below); (ii) 0.2%

vacancy at one asset in our Greater Stanford submarket, which was recently acquired with the intent to

redevelop office to laboratory space but for which we are now evaluating options to reposition for advanced

technologies use; and (iii) 0.6% of other occupancy declines, primarily from space that became vacant during

3Q25 which we are currently marketing. These lease expirations resulting in the 1.1% decline in occupancy

previously generated annual rental revenue aggregating approximately $29.0 million and had a weighted-

average lease expiration date at the end of July 2025.

(2)Represents temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, primarily in the Greater

Boston, San Francisco Bay Area, San Diego, and Seattle markets, that are leased and expected to be

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

date is approximately May 1, 2026 and the expected annual rental revenue is approximately $46 million.

Key operating metrics

Operating metrics

3Q25

YTD 3Q25

(dollars in millions)

Net operating income (cash basis) – annualized

$1,928

(1)

$1,975

(Decline)/Increase compared to 3Q24 and YTD 3Q24,

annualized

(5.8)%

(2)

1.3%

(2)

Same property performance:

Net operating income changes

(6.0)%

(3.1)%

Net operating income changes (cash basis)

(3.1)%

3.0%

Occupancy – current-period average

91.4%

92.6%

Occupancy – same-period prior-year average

94.8%

94.6%

(1)Quarter annualized.

(2)Decrease in net operating income (cash basis) includes the impact of operating properties disposed of after

January 1, 2024. Excluding these dispositions, net operating income (cash basis) – annualized for the three

months ended September 30, 2025 would have decreased by 1.2%, and for the nine months ended

September 30, 2025 would have increased by 7.3%, compared to the corresponding periods in 2024.

•General and administrative expenses of $89.0 million for YTD 3Q25, representing cost

reductions of $46.6 million or 34%, compared to YTD 3Q24, primarily the result of cost-

control and efficiency initiatives related to reducing personnel-related costs and streamlining

business processes. Given that some of these cost savings are expected to be temporary in

nature, we anticipate approximately half of the cost reduction expected to be achieved in

2025 will continue in 2026.

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

trailing twelve months ended September 30, 2025 were 5.7% — the lowest level in the past

ten years and approximately half the average of other S&P 500 REITs.

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

income of $16 million commencing during 3Q25, with an additional $111 million of incremental

annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 80%

leased/negotiating

•During 3Q25, we placed into service development projects aggregating 185,517 RSF that are

89% occupied across multiple submarkets and delivered incremental annual net operating

income of $16 million.

•A significant 3Q25 delivery consisted of 122,302 RSF at 10935, 10945, and 10955

Alexandria Way on the One Alexandria Square Megacampus in our Torrey Pines

submarket.

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

increase by $50 million upon the burn-off of initial free rent, which has a weighted-average

remaining period of approximately three months.

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

8% growth in total net operating income from 2024 from projects that are 85% leased.

•76% 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:

1H25

$52

527,268

96%

3Q25

185,517

Placed into service in YTD 3Q25

$68

(1)

712,785

94%

Expected to be placed into service:

4Q25 through 4Q26

$111

(2)

969,524

(3)

80%

(4)

(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449

RSF that were vacant and/or unleased at delivery.

(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 current leased/negotiating percentage of development and redevelopment projects that are

expected to stabilize during 4Q25 through 4Q26.

Third Quarter Ended September 30, 2025 Financial and Operating Results (continued)

September 30, 2025

Strong and flexible balance sheet

Key capital events

•In August 2025, we repaid a secured construction loan aggregating $154.6 million with an

interest rate of 7.18%, which was secured by our development project at 99 Coolidge Avenue

in our Cambridge/Inner Suburbs submarket. The project is currently 81% leased/negotiating

and is expected to be delivered in 4Q26. In connection with the repayment, we recognized a

loss on early extinguishment of debt of $107 thousand for the write-off of unamortized

deferred financing costs in 3Q25.

Investments

•As of September 30, 2025:

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

•Unrealized gains presented in our consolidated balance sheet were $28.3 million,

comprising gross unrealized gains and losses aggregating $180.4 million and

$152.1 million, respectively.

•Investment income of $28.2 million for 3Q25 presented in our consolidated statement of

operations consisted of $34.8 million of realized gains, $18.5 million of unrealized gains, and

$25.1 million of impairment charges.

Other key highlights

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

YTD

3Q25

3Q24

3Q25

3Q24

3Q25

3Q24

3Q25

3Q24

(in millions, except per share

amounts)

Amount

Per Share –

Diluted

Amount

Per Share –

Diluted

Unrealized gains (losses) on

non-real estate investments

$18.5

$2.6

$0.11

$0.02

$(71.6)

$(32.5)

$(0.42)

$(0.19)

Gain on sales of real estate

9.4

27.1

0.06

0.16

22.5

27.5

0.13

0.16

Impairment of non-real

estate investments

(25.1)

(10.3)

(0.15)

(0.06)

(75.5)

(37.8)

(0.45)

(0.22)

Impairment of real estate(1)

(323.9)

(5.7)

(1.90)

(0.03)

(485.6)

(36.5)

(2.85)

(0.22)

Loss on early

extinguishment of debt

(0.1)

—

(0.1)

—

Increase in provision for

expected credit losses on

financial instruments

—

(0.3)

—

Total

$(321.2)

$13.7

$(1.88)

$0.09

$(610.6)

$(79.3)

$(3.59)

$(0.47)

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

additional details.

Subsequent event

•In October 2025, we completed dispositions aggregating $167.4 million across three

submarkets and recognized a gain on sales of real estate of $4.4 million. Refer to

“Dispositions and exchange of partial interests” in the Earnings Press Release for additional

details.

2025 Guidance

September 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 8 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.

Key changes to our 2025 guidance include the following:

1)The midpoint of our guidance range for 2025 net (loss) income per share was reduced by $3.44 from $0.50 to $(2.94). In addition to the items discussed in item 2 below, the update to our guidance range

for 2025 net (loss) income per share includes the following:

•Potential additional impairments of real estate (including impairments on stabilized and non-stabilized properties and land) that may be recognized in 4Q25 ranging from $0 to $685 million, related to

assets that could potentially be sold in 4Q25 or 2026, and if such assets meet the held for sale criteria in 4Q25, considering market factors, buyer ability to perform, our desire to proceed with a sale at

a particular price, and other factors.

•Potential additional gain on sales of real estate that may be recognized in 4Q25 ranging from $0 to $240 million related to assets that may be sold in 4Q25.

•These potential impairments and gains on sales of real estate will not impact our funds from operations per share pursuant to the Nareit definition of funds from operations.

2)The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by 25 cents, from $9.26 to $9.01. The primary drivers of the change include the following:

•A 1.0% reduction in projected 2025 same property net operating income and a 0.9% reduction in our projected operating occupancy percentage in North America as of December 31, 2025 (at the

midpoints of our guidance ranges), primarily due to slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio, reflecting reduced demand across the life

science industry.

•A reduction in projected 2025 realized gains on non-real estate investments. The midpoint of our revised guidance range for 2025 realized gains on non-real estate investments assumes

approximately $15 million in 4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025.

3)Our guidance range for net debt and preferred stock Adjusted EBITDA – 4Q25 annualized increased from less than or equal to 5.2x to a range of 5.5x to 6.0x. The primary drivers of the change include the

following:

•A $450 million reduction in the midpoint of our guidance range for 2025 dispositions and sales of partial interests. This includes expected delays in the closing of certain dispositions that are now

anticipated to be completed in 1H26.

•A reduction in projected Adjusted EBITDA in 4Q25 related to the changes in same property performance (net operating income) and realized gains on non-real estate investments as described above.

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

Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted

As of 10/27/25

As of 7/21/25

Key Changes to Midpoint

G1Net (loss) income per share(1)

$(5.68) to $(0.20)

$0.40 to $0.60

(2)

Depreciation and amortization of real estate assets

7.05

Gain on sales of real estate

(0.14) to (1.54)

(0.08)

(2)

Impairment of real estate – rental properties and land(3)

6.69 to 2.67

0.77

(2)

Allocation to unvested restricted stock awards

(0.03)

G2Funds from operations per share(4)

$7.89 to $7.95

$8.11 to $8.31

Unrealized losses on non-real estate investments

0.42

0.53

Impairment of non-real estate investments(3)

0.45

0.30

Impairment of real estate

0.23

Allocation to unvested restricted stock awards

(0.01)

G3Funds from operations per share, as adjusted(4)

$8.98 to $9.04

$9.16 to $9.36

Midpoint

$9.01

$9.26

Reduction of 25 cents(2)

Key Credit Metrics Targets

As of 10/27/25

As of 7/21/25

Key Changes

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

5.5x to 6.0x

Less than or equal to 5.2x

0.6x increase(2)

Fixed-charge coverage ratio – 4Q25 annualized

3.6x to 4.1x

4.0x to 4.5x

0.4x reduction

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

(2)Refer to the discussion regarding key changes to our 2025 guidance above for additional details.

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

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

2025 Guidance (continued)

September 30, 2025

(Dollars in millions)

As of 10/27/25

As of 7/21/25

Key Changes

to Midpoint

Key Assumptions

Low

High

Low

High

Operating occupancy percentage in North America as of December 31, 2025

90.0%

91.6%

(1)

90.9%

92.5%

90 bps reduction

G4Lease renewals and re-leasing of space:

Rental rate changes

7.0%

15.0%

9.0%

17.0%

200 bps reduction(2)

Rental rate changes (cash basis)

0.5%

8.5%

0.5%

8.5%

No change

G5Same property performance:

Net operating income changes

(4.7)%

(2.7)%

(3.7)%

(1.7)%

100 bps reduction

Net operating income changes (cash basis)

(1.2)%

0.8%

(1.2)%

0.8%

No change

Straight-line rent revenue

$75

$95

$96

$116

$21 million reduction

G6General and administrative expenses

$112

$127

$112

$127

No Change

Capitalization of interest

$320

$350

$320

$350

G7Interest expense

$195

$225

$185

$215

$10 million increase(3)

G8Realized gains on non-real estate investments(4)

$100

$120

$100

$130

$5 million reduction

(1)Our guidance assumes an approximate 1% benefit related to a range of assets with vacancy that could potentially qualify for classification as held for sale in 4Q25 that have not yet reached the criteria for held for sale designation as of

3Q25.

(2)In October 2025, we executed a one-year lease extension aggregating 247,743 RSF with an investment-grade rated government institution tenant at a recently acquired office property in our Canada market. At acquisition, this building was

originally targeted for a future change in use, but we instead renewed the existing tenant through the beginning of 2027, with no incremental capital investment. We continue to evaluate options to convert this space, subject to market

conditions. The impact from this renewal on our 2025 rental rate changes is anticipated to result in a reduction of approximately 2.0%.

(3)The increase in the midpoint of our guidance range for 2025 interest expense is primarily due to the $450 million reduction to the midpoint of our guidance range for 2025 dispositions and sales of partial interests, which includes expected

delays in the closing of certain dispositions that are now anticipated to be completed in 1H26.

(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. The midpoint of our revised guidance range for

2025 realized gains on non-real estate investments assumes approximately $15 million in 4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025.

Refer to “Investments” in the Supplemental Information for additional details.

As of 10/27/25

As of 7/21/25

Midpoint

Key Changes

to Midpoint

Key Sources and Uses of Capital

Range

Midpoint

Certain Completed Items

Sources of capital:

Increase in debt

$60

$260

$160

See below

$(290)

$450 million increase

Net cash provided by operating activities after dividends

425

525

475

Dispositions and sales of partial interests (refer to page 7)

1,100

1,900

1,500

(1)

1,950

$450 million decrease

Total sources of capital

$1,585

$2,685

$2,135

Uses of capital:

G9Construction

$1,450

$2,050

$1,750

Acquisitions and other opportunistic uses of capital

—

500

250

$208

(2)

250

Ground lease prepayment

135

$135

135

Total uses of capital

$1,585

$2,685

$2,135

Increase in debt (included above):

Issuance of unsecured senior notes payable

$550

Repayment of unsecured note payable

(600)

$(600)

(600)

Repayment of secured note payable

(154)

$(154)

(3)

(154)

Unsecured senior line of credit, commercial paper, and other

264

464

364

(86)

Increase in debt

$60

$260

$160

$(290)

$450 million increase

(1)As of October 27, 2025, completed dispositions aggregated $508.3 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated

$1.0 billion. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and sales of partial interests (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 exchange of partial interests” in the Earnings Press

Release for additional details.

(2)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500 million of our common stock through December 31, 2025. During 3Q25, we did not repurchase any shares of common stock. As

of October 27, 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.

(3)In August 2025, we repaid a secured construction loan held by our development project at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket. Refer to “Key capital events” in the Earnings Press Release for additional details.

2026 Considerations

September 30, 2025

Summary of Key Items That May Impact 2026 Results

We expect to introduce 2026 guidance on December 3, 2025 at our Investor Day. The following is an initial summary of key items that are expected to impact 2026 results:

•Core operations – Slower demand across the life science sector and increased supply for life science real estate could negatively impact future occupancy. Additional considerations

include the following:

•Same property net operating income decrease for 3Q25 compared to 3Q24 of 6.0% reflects a decline relative to the first half of 2025. Refer to “Same property performance” in the

Supplemental Information for additional details.

•Operating occupancy has decreased four consecutive quarters from 94.7% as of September 30, 2024 to 90.6% as of September 30, 2025.

•Before the benefit of excluding assets designated as held for sale which contained vacancy, 3Q25 occupancy declined 1.1% compared to 2Q25, primarily related to 3Q25 lease

expirations. These lease expirations resulting in the 1.1% decline in occupancy previously generated annual rental revenue aggregating approximately $29.0 million and had a

weighted-average lease expiration date at the end of July 2025. We are currently marketing these spaces.

•Our guidance for operating occupancy percentage in North America as of December 31, 2025 assumes an approximate 1% benefit related to a range of assets with vacancy that

could potentially qualify for designation as held for sale by December 31, 2025, but that have not yet qualified as of September 30, 2025. After considering this potential adjustment,

the midpoint of our guidance range for occupancy as of December 31, 2025 implies an 80 bps decline in operating occupancy percentage during 4Q25.

•There are key lease expirations primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease

expiration date of March 19, 2026 and annual rental revenue aggregating $81 million, which are expected to become vacant upon lease expiration. We expect downtime on these

spaces ranging from 6 to 24 months on a weighted-average basis. Refer to “Contractual lease expirations” in the Supplemental Information for additional details.

•Capitalized interest – There is approximately $4.2 billion of average real estate basis capitalized during YTD 3Q25 related to future pipeline projects undergoing critical pre-construction

activities, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction. We expect these projects to reach

anticipated pre-construction milestones on April 14, 2026, on a weighted-average real estate investment basis. We will evaluate, on an asset-by-asset basis, whether to (i) proceed with

additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider the potential dispositions of

these real estate assets. If we cease activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and

other costs directly related and essential to the construction of Class A/A+ properties, will be expensed as incurred. Refer to “Capitalization of interest” in the Supplemental Information for

additional details.

•Realized gains on non-real estate investments – The midpoint of our revised guidance range for 2025 realized gains on non-real estate investments assumes approximately $15 million in

4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025. Refer to “Investments” in the

Supplemental Information for additional details.

•General and administrative expenses – Over the past several years, we have implemented comprehensive measures to reduce our expenditures across our organization, including our

general and administrative expenses. These initiatives are expected to generate a reduction in general and administrative expenses of approximately $49 million, or 29%, during the year

ending December 31, 2025 (at the midpoint of our 2025 guidance range) compared to the year ended December 31, 2024. Given that some of these costs savings are expected to be

temporary in nature, we anticipate approximately half of the cost reductions expected to be achieved in 2025 will continue in 2026.

•Dispositions and equity-type capital

•As of October 27, 2025, our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations aggregated

$1.0 billion. We expect these dispositions to close in late 4Q25; therefore, the corresponding reduction in EBITDA is expected to impact 1Q26. Refer to “Dispositions and exchange of

partial interests” in the Earnings Press Release for additional details.

•We expect construction spending in 2026 to be similar or slightly higher than the $1.75 billion midpoint of our guidance range for 2025 construction in order to complete our active

construction projects and significant revenue- and non-revenue-enhancing capital expenditures necessary to lease vacant space. Given the factors previously described that could

negatively impact EBITDA, we may require significant equity-type capital to manage our leverage profile.

•We expect a significant source of funding to come from the sale of non-core assets in 2026. We anticipate an end to our large-scale non-core asset sales program in 2026 or early

2027. As of September 30, 2025, 77% of our annual rental revenue is from our Megacampus™ platform, and we expect this percentage to continue to grow over time.

•Dividends and net cash provided by operating activities after dividends

•From 2013 to 2025, dividends per share and funds from operations per share, as adjusted have been highly correlated, with cumulative increases of 102% and 105%, respectively.

•The factors previously described could lead to a reduction in funds from operations per share, as adjusted and net cash provided by operating activities. At the current dividend rate,

the amount of net cash provided by operating activities after payment of dividends available to recycle and address our 2026 capital needs could be reduced. As a result, we expect

our Board of Directors to carefully evaluate our 2026 dividend strategy.

Dispositions and Exchange of Partial Interests

September 30, 2025

(Dollars in thousands)

Interest

Sold/

Acquired

Square Footage

Gain on

Sales of Real

Estate

Property

Submarket/Market

Date of

Transaction

Operating

Future

Development

Price

Dispositions

Completed in 1H25

$260,639

$13,165

Completed in 3Q25:

5505 Morehouse Drive(1)

Sorrento Mesa/San Diego

8/26/25

100%

79,945

—

45,000

—

Other

Various

35,232

Total dispositions completed in 3Q25

80,232

(2)

(3)

Completed in October 2025:

550 Arsenal Street(4)

Cambridge/Inner Suburbs/Greater Boston

10/15/25

100%

249,275

281,592

99,250

—

Other

Various

68,129

4,362

167,379

(2)

4,362

Total dispositions as of October 27, 2025

508,250

$17,603

Our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or

purchase and sale agreement negotiations

1,032,495

Completed and pending YTD 2025 dispositions, excluding exchange of partial interests (see below)

$1,540,745

2025 guidance range for dispositions and sales of partial interests

$1,100,000 – $1,900,000

2025 guidance midpoint for dispositions and sales of partial interests

$1,500,000

Exchange of partial interests(5)

Disposition of Pacific Technology Park

Sorrento Mesa/San Diego

9/9/25

50%

544,352

—

$96,000

$9,290

Acquisition of 199 East Blaine Street

Lake Union/Seattle

9/9/25

70%

115,084

—

(94,430)

Difference in sales price received in cash

$1,570

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

(1)Represents a laboratory property with significant near-term lease expirations.

(2)Dispositions completed during the three months ended September 30, 2025 had annual net operating income of $4.3 million (based on 2Q25 annualized) with a weighted-average disposition date of September 2, 2025. Additionally,

October 2025 dispositions had annual net operating income of $13.0 million (based on 3Q25 annualized) with a weighted-average disposition date of October 13, 2025.

(3)Excludes a gain on sale of interest related to an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.

(4)Represents a retail shopping center with future development opportunity. We originally acquired the property in 2021 with the intent to demolish the retail center and develop it into laboratory space. However, due to the project’s financial

outlook and the substantial capital that development would have required, we decided to recycle the capital generated by the disposition into our development and redevelopment pipeline. The capitalization rates of the disposition were

6.1% and 5.4% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for 3Q25 annualized.

(5)In September 2025, we completed an exchange of partial interests in two consolidated joint ventures, Pacific Technology Park and 199 East Blaine Street, with one joint venture partner, resulting in a sales price received by cash of $1.6

million:

•We sold our 50% controlling interest in Pacific Technology Park, a non-Megacampus comprising five non-laboratory properties that were 93% occupied, at capitalization rates of 4.9% and 5.0% (cash basis). The disposition had

consolidated annual net operating income of $9.4 million based on 2Q25 annualized (at 100%). As of September 30, 2025, we no longer have any ownership interest in Pacific Technology Park, and the consolidated net operating

income is no longer included in our statement of operations following the sale.

•We acquired our partner’s 70% noncontrolling interest at 199 East Blaine Street, a fully occupied laboratory building located in our Alexandria Center® for Life Science – Eastlake Megacampus, with a weighted-average remaining lease

term of 1.3 years. The purchase price exceeded the book value of the noncontrolling interest by $66.3 million, which was recognized in additional paid-in capital. As of September 30, 2025, we own 100% of 199 East Blaine Street.

Earnings Call Information and About the Company

September 30, 2025

We will host a conference call on Tuesday, October 28, 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 third quarter ended September 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, October 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 6086829.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 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/2025q3.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 September 30, 2025, Alexandria has a total market capitalization

of $27.8 billion and an asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed

near-term project expected to commence construction in the next year. 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

September 30, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

9/30/25

9/30/24

Revenues:

Income from rentals

$735,849

$737,279

$743,175

$763,249

$775,744

$2,216,303

$2,286,457

Other income

16,095

24,761

14,983

25,696

15,863

55,839

40,992

Total revenues

751,944

762,040

758,158

788,945

791,607

2,272,142

2,327,449

Expenses:

Rental operations

239,234

224,433

226,395

240,432

233,265

690,062

668,833

General and administrative

29,224

29,128

30,675

32,730

43,945

89,027

135,629

Interest

54,852

55,296

50,876

55,659

43,550

161,024

130,179

Depreciation and amortization

340,230

346,123

342,062

330,108

293,998

1,028,415

872,272

Impairment of real estate

323,870

(1)

129,606

32,154

186,564

5,741

485,630

36,504

Loss on early extinguishment of debt

107

—

107

—

Total expenses

987,517

784,586

682,162

845,493

620,499

2,454,265

1,843,417

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

201

(9,021)

(507)

6,635

139

(9,327)

424

Investment income (loss)

28,161

(30,622)

(49,992)

(67,988)

15,242

(52,453)

14,866

Gain on sales of real estate

9,366

—

13,165

101,806

27,114

22,531

27,506

Net (loss) income

(197,845)

(62,189)

38,662

(16,095)

213,603

(221,372)

526,828

Net income attributable to noncontrolling interests

(34,909)

(44,813)

(47,601)

(46,150)

(45,656)

(127,323)

(141,634)

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

stockholders

(232,754)

(107,002)

(8,939)

(62,245)

167,947

(348,695)

385,194

Net income attributable to unvested restricted stock awards

(2,183)

(2,609)

(2,660)

(2,677)

(3,273)

(7,452)

(10,717)

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

common stockholders

$(234,937)

$(109,611)

$(11,599)

$(64,922)

$164,674

$(356,147)

$374,477

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

Inc.’s common stockholders:

Basic

$(1.38)

$(0.64)

$(0.07)

$(0.38)

$0.96

$(2.09)

$2.18

Diluted

$(1.38)

$(0.64)

$(0.07)

$(0.38)

$0.96

$(2.09)

$2.18

Weighted-average shares of common stock outstanding:

Basic

170,181

170,135

170,522

172,262

172,058

170,278

172,007

Diluted

170,181

170,135

170,522

172,262

172,058

170,278

172,007

Dividends declared per share of common stock

$1.32

$1.30

$3.96

$3.87

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

Consolidated Balance Sheets

September 30, 2025

(In thousands)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Assets

Investments in real estate

$31,743,917

$32,160,600

$32,121,712

$32,110,039

$32,951,777

Investments in unconsolidated real estate joint ventures

39,601

40,234

50,086

39,873

40,170

Cash and cash equivalents

579,474

520,545

476,430

552,146

562,606

Restricted cash

4,705

7,403

7,324

7,701

17,031

Tenant receivables

6,409

6,267

6,875

6,409

6,980

Deferred rent

1,257,378

1,232,719

1,210,584

1,187,031

1,216,176

Deferred leasing costs

505,241

491,074

489,287

485,959

516,872

Investments

1,537,638

1,476,696

1,479,688

1,476,985

1,519,327

Other assets

1,700,785

1,688,091

1,758,442

1,661,306

1,657,189

Total assets

$37,375,148

$37,623,629

$37,600,428

$37,527,449

$38,488,128

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$—

$153,500

$150,807

$149,909

$145,000

Unsecured senior notes payable

12,044,999

12,042,607

12,640,144

12,094,465

12,092,012

Unsecured senior line of credit and commercial paper

1,548,542

1,097,993

299,883

—

454,589

Accounts payable, accrued expenses, and other liabilities

2,432,726

2,360,840

2,281,414

2,654,351

2,865,886

Dividends payable

230,603

229,686

228,622

230,263

227,191

Total liabilities

16,256,870

15,884,626

15,600,870

15,128,988

15,784,678

Commitments and contingencies

Redeemable noncontrolling interests

58,662

9,612

19,972

16,510

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

Common stock

1,703

1,701

1,722

Additional paid-in capital

16,669,802

17,200,949

17,509,148

17,933,572

18,238,438

Accumulated other comprehensive loss

(32,203)

(27,415)

(46,202)

(46,252)

(22,529)

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

16,639,302

17,175,235

17,464,647

17,889,042

18,217,631

Noncontrolling interests

4,420,314

4,554,156

4,525,299

4,489,447

4,469,309

Total equity

21,059,616

21,729,391

21,989,946

22,378,489

22,686,940

Total liabilities, noncontrolling interests, and equity

$37,375,148

$37,623,629

$37,600,428

$37,527,449

$38,488,128

Funds From Operations and Funds From Operations per Share

September 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

Nine Months Ended

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

9/30/25

9/30/24

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

and diluted

$(234,937)

$(109,611)

$(11,599)

$(64,922)

$164,674

$(356,147)

$374,477

Depreciation and amortization of real estate assets

338,182

343,729

339,381

327,198

291,258

1,021,292

864,326

Noncontrolling share of depreciation and amortization from consolidated real

estate JVs

(45,327)

(36,047)

(33,411)

(34,986)

(32,457)

(114,785)

(94,725)

Our share of depreciation and amortization from unconsolidated real estate JVs

852

942

1,054

1,061

1,075

2,848

3,177

Gain on sales of real estate

(9,824)

(1)

—

(13,165)

(100,109)

(27,114)

(22,989)

(27,506)

Impairment of real estate – rental properties and land

323,870

(2)

131,090

—

184,532

5,741

454,960

7,923

Allocation to unvested restricted stock awards

(1,648)

(1,222)

(686)

(1,182)

(2,908)

(3,590)

(7,657)

Funds from operations attributable to Alexandria’s common stockholders –

diluted(3)

371,168

328,881

281,574

311,592

400,269

981,589

1,120,015

Unrealized (gains) losses on non-real estate investments

(18,515)

21,938

68,145

79,776

(2,610)

71,568

32,470

Impairment of non-real estate investments

25,139

(4)

39,216

11,180

20,266

10,338

75,535

37,824

Impairment of real estate

—

7,189

32,154

2,032

—

39,343

28,581

Loss on early extinguishment of debt

107

—

107

—

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

—

285

(434)

—

285

—

Allocation to unvested restricted stock awards

(74)

(794)

(1,329)

(1,407)

(125)

(2,156)

(1,640)

Funds from operations attributable to Alexandria’s common stockholders –

diluted, as adjusted

$377,825

$396,430

$392,009

$411,825

$407,872

$1,166,271

$1,217,250

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

(1)Includes our share of a gain on sale of real estate asset by an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated

statements of operations.

(2)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 3Q25, including (i)

$206.2 million related to our only property located in Long Island City, in our New York City market, which was a full building conversion to laboratory/office space and is currently 52% occupied, (ii) $43.4 million related to a retail

shopping center at 550 Arsenal Street that was originally intended to be a life science development in our Cambridge/Inner Suburbs submarket that was sold in October 2025, (iii) $31.8 million related to a vacant property that would

require significant re-leasing capital in our Research Triangle submarket, and (iv) $27.8 million related to land parcels in our Sorrento Mesa submarket.

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

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

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

September 30, 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

Nine Months Ended

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

9/30/25

9/30/24

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

diluted

$(1.38)

$(0.64)

$(0.07)

$(0.38)

$0.96

$(2.09)

$2.18

Depreciation and amortization of real estate assets

1.73

1.81

1.80

1.70

1.51

5.34

4.49

Gain on sales of real estate

(0.06)

—

(0.08)

(0.58)

(0.16)

(0.14)

(0.16)

Impairment of real estate – rental properties and land

1.90

0.77

—

1.07

0.03

2.67

0.05

Allocation to unvested restricted stock awards

(0.01)

—

(0.01)

(0.02)

(0.05)

Funds from operations per share attributable to Alexandria’s common

stockholders – diluted

2.18

1.93

1.65

1.81

2.33

5.76

6.51

Unrealized (gains) losses on non-real estate investments

(0.11)

0.13

0.40

0.46

(0.02)

0.42

0.19

Impairment of non-real estate investments

0.15

0.23

0.07

0.12

0.06

0.45

0.22

Impairment of real estate

—

0.04

0.19

0.01

—

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

$2.22

$2.33

$2.30

$2.39

$2.37

$6.85

$7.08

Weighted-average shares of common stock outstanding – diluted

Earnings per share – diluted

170,181

170,135

170,522

172,262

172,058

170,278

172,007

Funds from operations – diluted, per share

170,305

170,192

170,599

172,262

172,058

170,351

172,007

Funds from operations – diluted, as adjusted, per share

170,305

170,192

170,599

172,262

172,058

170,351

172,007

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

SUPPLEMENTAL

INFORMATION

Company Profile

September 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 September 30, 2025, Alexandria has a total market capitalization of

$27.8 billion and an asset base in North America that includes 39.1 million RSF of

operating properties and 4.2 million RSF of Class A/A+ properties undergoing construction

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

construction in the next year.

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

61 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

September 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.

BMO

Cantor Fitzgerald

Deutsche Bank AG

Jefferies

John Kim / Juan Sanabria

Richard Anderson

Tayo Okusanya / Samuel Ohiomah

Joe Dickstein / Katie Elders

(212) 885-4115 / (312) 845-4074

(929) 441-6927

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

(212) 778-8771 / (917) 421-1968

BNP Paribas Exane

CFRA

Evercore ISI

Mizuho Securities USA LLC

Nate Crossett / Monir Koummal

Nathan Schmidt

Steve Sakwa / James Kammert

Vikram Malhotra

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

(646) 517-1144

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

(212) 282-3827

BofA Securities

Citigroup Global Markets Inc.

Green Street

RBC Capital Markets

Farrell Granath / Jeff Spector

Nicholas Joseph / Seth Bergey

Dylan Burzinski

Michael Carroll

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

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

(949) 640-8780

(440) 715-2649

BTIG, LLC

Citizens

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Tom Catherwood / Michael Tompkins

Aaron Hecht / Linda Fu

Anthony Paolone / Ray Zhong

Wesley Golladay / Nicholas Thillman

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

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

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

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

Fixed Income Research Coverage

Rating Agencies

Barclays Capital Inc.

J.P. Morgan Securities LLC

Moody’s Ratings

S&P Global Ratings

Srinjoy Banerjee / Ishaan Pandya

Mark Streeter / Tyler Schachner

(212) 553-0376

Michael Souers

(212) 526-3521 / (212) 526-2970

(212) 834-5086 / (212) 834-2238

(212) 438-2508

CreditSights

Mizuho Securities USA LLC

Nicholas Moglia

Thierry Perrein

(212) 340-3886

(212) 205-7665

Financial and Asset Base Highlights

September 30, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Selected financial data from consolidated financial statements and related information

Rental revenues

$541,070

(1)

$553,377

$552,112

$566,535

$579,569

Tenant recoveries

$194,779

$183,902

$191,063

$196,714

$196,175

General and administrative expenses

$29,224

$29,128

$30,675

$32,730

$43,945

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

trailing 12 months

5.7%

6.3%

6.9%

7.6%

8.9%

Operating margin

68%

71%

70%

71%

Adjusted EBITDA margin

71%

72%

70%

Adjusted EBITDA – quarter annualized

$2,130,008

$2,174,160

$2,165,632

$2,273,480

$2,219,632

Adjusted EBITDA – trailing 12 months

$2,185,820

$2,208,226

$2,218,722

$2,228,921

$2,184,298

Net debt at end of period

$13,085,745

$12,844,726

$12,687,856

$11,762,176

$12,191,574

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

6.1x

5.9x

5.2x

5.5x

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

6.0x

5.8x

5.7x

5.3x

5.6x

Total debt and preferred stock at end of period

$13,593,541

$13,294,100

$13,090,834

$12,244,374

$12,691,601

Gross assets at end of period

$43,791,893

$43,770,007

$43,486,989

$43,152,628

$44,112,770

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

31%

30%

28%

29%

Fixed-charge coverage ratio – quarter annualized

3.9x

4.1x

4.3x

4.4x

Fixed-charge coverage ratio – trailing 12 months

4.1x

4.3x

4.4x

4.5x

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

100.0%

99.7%

99.8%

99.9%

99.1%

Closing stock price at end of period

$83.34

$72.63

$92.51

$97.55

$118.75

Common shares outstanding (in thousands) at end of period

170,339

170,146

170,130

172,203

172,244

Total equity capitalization at end of period

$14,196,059

$12,357,709

$15,738,715

$16,798,446

$20,454,023

Total market capitalization at end of period

$27,789,600

$25,651,809

$28,829,549

$29,042,820

$33,145,624

Dividend per share – quarter/annualized

$1.32/$5.28

$1.30/$5.20

Dividend payout ratio for the quarter

60%

57%

55%

Dividend yield – annualized

6.3%

7.3%

5.7%

5.4%

4.4%

Amounts related to operating leases:

Operating lease liabilities at end of period

$361,986

$363,419

$371,412

$507,127

$648,338

Rent expense

$10,645

$12,139

$11,666

$10,685

$10,180

Capitalized interest

$86,091

(2)

$82,423

$80,065

$81,586

$86,496

Average real estate basis capitalized during the period

$8,407,332

$8,107,180

$8,026,566

$8,118,010

$8,281,318

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

4.10%

4.07%

3.99%

4.02%

3.98%

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

(1)Includes a $4.4 million adjustment during 3Q25 to place one tenant located in the Seattle market on cash basis for which collection of future lease payments was no longer probable.

(2)Increase in capitalized interest primarily attributable to three repositioning capital projects, which commenced or had increased construction during 3Q25, in our Greater Boston and Texas markets.

Financial and Asset Base Highlights (continued)

September 30, 2025

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

Three Months Ended (unless stated otherwise)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

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

Straight-line rent revenue

$18,821

$18,536

$22,023

$17,653

$29,087

Amortization of acquired below-market leases

$6,456

$10,196

$15,222

$15,512

$17,312

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

$5,455

$2,401

$1,651

$1,214

$329

Straight-line rent expense on ground leases

$114

$87

$149

$1,021

$789

Cash payment for ground lease extension

$—

$(135,000)

$—

Stock compensation expense

$10,293

$12,530

$10,064

$12,477

$15,525

Amortization of loan fees

$4,505

$4,615

$4,691

$4,620

$4,222

Amortization of debt discounts

$325

$335

$349

$333

$330

Non-revenue-enhancing capital expenditures:

Building improvements

$3,948

$4,622

$3,789

$4,313

$4,270

Tenant improvements and leasing commissions

$16,707

$23,971

$73,483

$81,918

$55,920

Funds from operations attributable to noncontrolling interests

$80,236

$80,860

$81,012

$76,111

$78,113

Operating statistics and related information (at end of period)

Number of properties – North America

375

384

386

391

406

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

42,887,964

43,699,922

43,687,343

44,124,001

46,748,734

Total square footage – North America

66,417,026

67,220,337

68,518,184

69,289,411

73,611,815

Annual rental revenue per occupied RSF – North America

$58.94

$58.68

$58.38

$56.98

$57.09

Occupancy of operating properties – North America

90.6%

(1)

90.8%

91.7%

94.6%

94.7%

Occupancy of operating and redevelopment properties – North America

85.8%

86.2%

86.9%

89.7%

Weighted-average remaining lease term (in years)

7.5

7.4

7.6

7.5

Total leasing activity – RSF

1,171,344

769,815

1,030,553

1,310,999

1,486,097

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

Rental rate changes

15.2%

5.5%

18.5%

18.1%

5.1%

Rental rate changes (cash basis)

6.1%

7.5%

3.3%

1.5%

RSF (included in total leasing activity above)

354,367

483,409

884,408

1,024,862

1,278,857

Top 20 tenants:

Annual rental revenue

$768,528

$795,244

$754,354

$741,965

$796,898

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

90%

89%

87%

92%

Weighted-average remaining lease term (in years)

9.4

9.6

9.3

9.5

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

Net operating income changes

(6.0)%

(2)

(5.4)%

(3.1)%

0.6%

1.5%

Net operating income changes (cash basis)

(3.1)%

(2)

2.0%

5.1%

6.3%

6.5%

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

High-Quality and Diverse Client Base

September 30, 2025

Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 700 Tenants

Investment-Grade or Publicly Traded

Large Cap Tenants

90%

of ARE’s Top 20 Tenant

Annual Rental Revenue

53%

of ARE’s Total

Annual Rental Revenue

Life Science Product,

Service, and Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Other(1)

Advanced

Technologies(2)

Public

Biotechnology –

Preclinical or

Clinical Stage

Government

Institutions

Biomedical

Institutions(3)

Private

Biotechnology

Percentage of ARE’s Annual Rental Revenue

As of September 30, 2025. Annual rental revenue represents amounts in effect as of September 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)Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

(2)68% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(3)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

Key Operating Metrics

September 30, 2025

Same Property Performance:

Net Operating Income Changes

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

68%

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

7.5 Years

Lower capex burden

Percentage of leases providing for the

recapture of capital expenditures

92%

Top 20 Tenants

All Tenants

(3.1)%

2024

YTD

9/30/25

(1)

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 September 30, 2025.

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

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

Same Property Performance

September 30, 2025

Same Property Financial Data

Three Months

Ended

Nine Months

Ended

Same Property Statistical Data

Three Months

Ended

Nine Months

Ended

Percentage change over comparable period from prior year:

Number of same properties

316

314

Net operating income changes(1)

(6.0)%

(3.1)%

Rentable square feet

31,953,032

31,739,397

Net operating income changes (cash basis)(1)

(3.1)%

3.0%

(2)

Occupancy – current-period average

91.4%

92.6%

Operating margin

67%

68%

Occupancy – same-period prior-year average

94.8%

94.6%

The charts below present our reported same property results (“As reported”), which reflect the operating performance of all consolidated properties that were fully operational throughout the

comparative quarterly periods presented. To provide additional insight and a retrospective view of the performance of our ongoing operating portfolio, the charts also present an alternative calculation of our

same property performance, using the 3Q25 same property pool (“3Q25 same properties”) for each period presented. We believe this alternative presentation provides a useful operating trend primarily by

removing properties expected to be sold.

Same Property – Net Operating Income

Same Property – Net Operating Income (Cash Basis)

Net Operating Income

Net Operating Income (Cash Basis)

Percentage Change in Same Property Performance

1Q25

2Q25

3Q25

1Q25

2Q25

3Q25

As reported

(3.1)%

(5.4)%

(6.0)%

5.1%

2.0%

(3.1)%

3Q25 same properties

0.3%

(2.5)%

(6.0)%

8.0%

5.6%

(3.1)%

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

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

(1)Reflects previously disclosed lease expirations aggregating 768,080 RSF that became vacant in 1Q25 as presented on page 25, “Summary of properties and occupancy” in the Supplemental Information. As of 3Q25, 338,780 RSF of

this vacant space met the criteria for classification as held for sale and has been excluded from our same property results. The remaining 429,300 RSF is included in our same property results for the three and nine months ended

September 30, 2025. Excluding the impact of this vacant 429,300 RSF, same property net operating income changes for the three and nine months ended September 30, 2025 would have been (4.2)% and (1.3)% (cash basis), and

(1.9)% and 4.2% (cash basis), respectively.

(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

nine months ended September 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 nine months ended September 30, 2025 would have been (0.3)%.

Same Property Performance (Continued)

September 30, 2025

(Dollars in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Income from rentals:

Same properties

$430,646

$451,763

$(21,117)

(4.7)%

$1,330,669

$1,353,855

$(23,186)

(1.7)%

Non-same properties

110,424

127,806

(17,382)

(13.6)

315,890

383,949

(68,059)

(17.7)

Rental revenues

541,070

579,569

(38,499)

(6.6)

1,646,559

1,737,804

(91,245)

(5.3)

Same properties

167,933

165,579

2,354

1.4

492,718

460,690

32,028

7.0

Non-same properties

26,846

30,596

(3,750)

(12.3)

77,026

87,963

(10,937)

(12.4)

Tenant recoveries

194,779

196,175

(1,396)

(0.7)

569,744

548,653

21,091

3.8

Income from rentals

735,849

775,744

(39,895)

(5.1)

2,216,303

2,286,457

(70,154)

(3.1)

Same properties

352

386

(34)

(8.8)

1,127

1,058

6.5

Non-same properties

15,743

15,477

266

1.7

54,712

39,934

14,778

37.0

Other income

16,095

15,863

232

1.5

55,839

40,992

14,847

36.2

Same properties

598,931

617,728

(18,797)

(3.0)

1,824,514

1,815,603

8,911

0.5

Non-same properties

153,013

173,879

(20,866)

(12.0)

447,628

511,846

(64,218)

(12.5)

Total revenues

751,944

791,607

(39,663)

(5.0)

2,272,142

2,327,449

(55,307)

(2.4)

Same properties

199,051

192,229

6,822

3.5

587,333

539,271

48,062

8.9

Non-same properties

40,183

41,036

(853)

(2.1)

102,729

129,562

(26,833)

(20.7)

Rental operations

239,234

233,265

5,969

2.6

690,062

668,833

21,229

3.2

Same properties

399,880

425,499

(25,619)

(6.0)

1,237,181

1,276,332

(39,151)

(3.1)

Non-same properties

112,830

132,843

(20,013)

(15.1)

344,899

382,284

(37,385)

(9.8)

Net operating income

$512,710

$558,342

$(45,632)

(8.2)%

(1)

$1,582,080

$1,658,616

$(76,536)

(4.6)%

(1)

Net operating income – same properties

$399,880

$425,499

$(25,619)

(6.0)%

$1,237,181

$1,276,332

$(39,151)

(3.1)%

Straight-line rent revenue

(8,019)

(21,594)

13,575

(62.9)

(19,703)

(96,437)

76,734

(79.6)

Amortization of acquired below-market leases and deferred

revenue related to tenant-funded and -built landlord

improvements

(8,167)

(7,739)

(428)

5.5

(26,385)

(24,055)

(2,330)

9.7

Net operating income – same properties (cash basis)

$383,694

$396,166

$(12,472)

(3.1)%

$1,191,093

$1,155,840

$35,253

3.0%

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

decreased by 3.7%, and for the nine months ended September 30, 2025 would have increased by 0.8%, compared to the corresponding periods in 2024.

Leasing Activity

September 30, 2025

(Dollars per RSF)

Three Months Ended

Nine Months Ended

Year Ended

September 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

15.2%

6.1%

13.6%

6.8%

16.9%

7.2%

New rates

$56.91

$57.07

$59.45

$59.17

$65.48

$64.18

Expiring rates

$49.42

$53.77

$52.34

$55.41

$56.01

$59.85

RSF

354,367

1,722,184

3,888,139

Tenant improvements/leasing commissions

$47.15

$66.29

$46.89

Weighted-average lease term

7.3 years

9.5 years

8.5 years

Previously vacant/developed/redeveloped space leased(2)

New rates

$85.31

$76.33

$74.93

$69.16

$59.44

$57.34

Previously vacant RSF

256,633

550,986

672,474

Developed/redeveloped RSF

560,344

(3)

698,542

493,341

Weighted-average lease term

15.4 years

14.7 years

10.0 years

Leasing activity summary (totals):

New rates

$76.72

$70.51

$65.96

$63.37

$64.16

$62.68

RSF

1,171,344

2,971,712

5,053,954

Weighted-average lease term

14.6 years

12.6 years

8.9 years

Lease expirations(1)

Expiring rates

$66.03

$67.63

$56.68

$57.98

$53.82

$57.24

RSF

800,421

(4)

3,549,052

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 85,652 RSF and 136,131 RSF as of September 30, 2025 and December 31, 2024, respectively. During the trailing twelve months ended September 30, 2025, we granted free

rent concessions averaging 1.2 months per annum.

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

(3)Includes the largest life science lease in company history, executed in July 2025 with a long-standing multinational pharmaceutical tenant. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located

at the Campus Point by Alexandria Megacampus in our University Town Center submarket. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for

additional details.

(4)Includes 75,735 of vacant RSF at one recently acquired asset in our Greater Stanford submarket for which we are evaluating options to reposition for advanced technologies use.

Contractual Lease Expirations

September 30, 2025

Year

RSF

Percentage of

Occupied RSF

Annual Rental Revenue

(per RSF)(1)

Percentage of

Annual Rental Revenue

2025

(2)

434,371

1.3%

$50.71

1.1%

2026

3,084,651

9.1%

$54.43

8.5%

2027

3,177,025

9.4%

$55.06

8.9%

2028

3,954,063

11.7%

$50.63

10.1%

2029

2,115,070

6.3%

$47.02

5.0%

2030

2,999,453

8.9%

$43.32

6.6%

2031

3,654,099

10.8%

$55.36

10.2%

2032

968,848

2.9%

$58.14

2.9%

2033

2,382,921

7.1%

$49.05

5.9%

2034

3,031,460

9.0%

$67.16

10.3%

Thereafter

7,915,520

23.5%

$76.06

30.5%

Market

2025 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

2026 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment

Remaining

Expiring

Leases

Total(2)

Leased

Negotiating/

Anticipating

Targeted for

Future

Development/

Redevelopment

Remaining

Expiring

Leases

Total

Greater Boston

21,892

—

12,113

34,005

$57.84

119,978

11,897

—

229,566

361,441

$57.14

San Francisco Bay Area

—

55,766

64.75

28,609

103,596

—

282,976

415,181

69.31

San Diego

23,327

1,579

—

48,794

73,700

62.02

—

52,620

(3)

275,029

327,649

53.34

Seattle

50,552

—

23,756

74,308

22.80

34,719

—

137,715

172,434

24.17

Maryland

1,136

—

18,338

19,474

33.48

—

6,823

—

151,847

158,670

21.38

Research Triangle

10,478

3,951

—

4,843

19,272

N/A

22,660

—

165,542

188,202

41.69

New York City

—

11,798

—

7,825

19,623

105.22

12,168

—

62,241

74,409

72.35

Texas

—

Canada

—

40,679

10.72

247,743

—

1,755

249,498

21.72

Non-cluster/other markets

—

31,659

64.43

Subtotal

107,385

17,328

—

212,114

336,827

44.52

465,877

122,316

52,620

1,338,330

1,979,143

48.10

Key lease expirations(4)

—

97,544

72.08

—

1,105,508

65.74

Total

107,385

17,328

—

309,658

434,371

$50.71

465,877

122,316

52,620

2,443,838

3,084,651

$54.43

Percentage of expiring leases

25%

71%

100%

15%

79%

100%

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

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

(2)Excludes month-to-month leases aggregating 85,652 RSF as of September 30, 2025.

(3)Relates to a single-tenant, 100% pre-leased development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the beginning of 2026, the tenant will vacate 52,620 RSF, which

generated annual rental revenue of $4.1 million as of 3Q25, from an existing building to allow for the demolition and development of the new, build-to-suit life science building at this site. Refer to “New Class A/A+ development and

redevelopment properties: current projects” in the Supplemental Information for additional details.

(4)Includes lease expirations at 20 properties primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease expiration date of March 19, 2026 and

annual rental revenue aggregating $81 million, which are expected to become vacant at lease expiration and re-leased to new tenants, including the following:

(i)Recently acquired properties comprising two properties aggregating 137,970 RSF in our Greater Stanford submarket for which we are evaluating options to reposition for advanced technologies use;

(ii)Two properties comprising 163,648 RSF in our University Town Center submarket and 118,225 RSF in our Torrey Pines submarket for which we are evaluating options to re-lease or reposition from single tenancy to multi-tenancy;

(iii)One property aggregating 83,354 RSF in our Sorrento Mesa submarket, where the in-place credit tenant will relocate and expand into our development project at 10075 Barnes Canyon Road, which is expected to be delivered in

2H26; and

(iv)113,097 RSF at our Alexandria Center® at One Kendall Square Megacampus in our Cambridge submarket. We plan to upgrade most of these spaces, most of which have not undergone major improvements since our acquisition in

2016.

We continue to evaluate the business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect downtime on the 1.2 million RSF to range from 6 to 24 months on a weighted-average basis,

and we expect these properties to remain operating properties.

Top 20 Tenants

September 30, 2025

(Dollars in thousands, except average market cap amounts)

90% 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

5.7

1,283,860

$110,865

5.5%

$106.5

Eli Lilly and Company

9.1

1,086,165

90,805

4.5

Aa3

A+

$753.2

Moderna, Inc.

13.2

462,100

71,571

3.5

—

$13.3

Takeda Pharmaceutical Company Limited

9.7

549,759

47,899

2.4

Baa1

BBB+

$45.6

AstraZeneca PLC

6.4

440,087

39,413

1.9

A+

$223.0

Eikon Therapeutics, Inc.(2)

13.3

311,806

38,913

1.9

—

$—

Roche

7.5

647,069

36,383

1.8

Aa2

$256.8

Illumina, Inc.

5.1

857,967

35,924

1.8

Baa3

BBB

$17.1

Alphabet Inc.

2.2

589,218

33,260

1.6

Aa2

AA+

$2,231.6

United States Government

4.8

429,359

29,597

(3)

1.5

Aaa

AA+

$—

Novartis AG

2.3

377,095

29,463

1.5

Aa3

AA-

$240.2

Uber Technologies, Inc.

57.0

(4)

1,009,188

27,820

1.4

Baa1

BBB

$167.1

Boston Children's Hospital

11.5

309,231

26,294

1.3

Aa2

$—

The Regents of the University of California

9.7

364,606

24,318

1.2

Aa2

$—

Sanofi

5.3

267,278

21,851

1.1

Aa3

$127.1

New York University

6.8

218,983

21,110

1.0

Aa2

AA-

$—

Merck & Co., Inc.

7.9

333,124

21,001

1.0

Aa3

A+

$225.8

Charles River Laboratories, Inc.

9.8

253,036

20,959

1.0

—

$8.2

Cloud Software Group, Inc.

1.0

(5)

216,278

20,553

1.0

—

$—

Massachusetts Institute of Technology

4.3

242,428

20,529

1.0

Aaa

AAA

$—

Total/weighted-average

9.4

(4)

10,248,637

$768,528

37.9%

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

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

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

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

$1.2 billion in private venture capital funding.

(3)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.

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

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

revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.7 years as of September 30, 2025.

(5)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, of which 137,970 RSF has lease expirations through 2026. Refer to footnote 3 in “Contractual lease expirations” in the Supplemental Information for additional details.

Summary of Properties and Occupancy

September 30, 2025

(Dollars in thousands, except per RSF amounts)

Summary of properties

RSF

Number of

Properties

Annual Rental Revenue

Market

Operating

Development

Redevelopment

Total

% of Total

Total

% of Total

Per RSF

Greater Boston

9,096,225

583,407

1,626,322

11,305,954

26%

$708,464

35%

$89.74

San Francisco Bay Area

7,525,945

212,796

344,934

8,083,675

421,518

67.18

San Diego

6,314,303

648,516

—

6,962,819

328,638

54.67

Seattle

3,178,029

227,577

—

3,405,606

126,834

44.29

Maryland

3,855,906

—

3,855,906

157,213

44.00

Research Triangle

3,648,703

—

3,648,703

94,255

27.22

New York City

742,700

—

742,700

69,317

94.97

Texas

1,646,187

—

73,298

1,719,485

36,866

28.02

Canada

979,575

—

56,314

1,035,889

20,186

22.83

Non-cluster/other markets

315,440

—

315,440

12,195

55.52

Properties held for sale

1,811,787

—

1,811,787

53,266

44.62

North America

39,114,800

1,672,296

2,100,868

42,887,964

100%

375

$2,028,752

100%

$58.94

3,773,164

Summary of occupancy

Operating Properties

Operating and Redevelopment Properties

Market

9/30/25

6/30/25

9/30/24

9/30/25

6/30/25

9/30/24

Greater Boston

86.8%

(1)(2)

90.1%

94.6%

73.6%

76.7%

80.9%

San Francisco Bay Area

90.4

(1)(3)

88.9

94.1

86.4

85.2

91.1

San Diego

95.2

94.8

96.0

95.2

94.8

96.0

Seattle

90.1

90.3

92.3

90.1

90.3

91.3

Maryland

93.9

96.2

93.9

96.2

Research Triangle

94.9

(1)

92.8

97.5

94.9

92.8

97.5

New York City

98.3

88.9

85.1

98.3

88.9

85.1

Texas

79.9

(1)

82.1

95.5

76.5

78.9

91.8

Subtotal

90.8

91.0

94.9

85.9

86.3

90.0

Canada

90.3

90.7

95.5

85.4

85.8

82.6

Non-cluster/other markets

69.6

72.6

72.8

69.6

72.6

72.8

North America

90.6%

(1)(4)

90.8%

94.7%

85.8%

86.2%

89.7%

(1)Refer to the table below for a summary of our previously disclosed key lease expirations that became vacant in 1Q25:

Property

Submarket

Vacant RSF

as of 3Q25

Vacant RSF leased as of

3Q25 with future delivery

Included in 3Q25 occupancy and same property results:

Alexandria Technology Square® Megacampus

Cambridge

182,054

89,222

49%

507 East Howard Lane and 13813 Center Lake Drive

Austin

247,246

102,930

429,300

192,152

45%

Classified as held for sale as of 3Q25 (excluded from occupancy and same property results):

409 Illinois Street

Mission Bay

234,249

N/A

7 Triangle Drive

Research Triangle

104,531

N/A

Total 1Q25 key lease expirations vacant at 3Q25

768,080

(2)The decline in occupancy in 3Q25 was primarily due to one lease expiration of 78,380 RSF in Cambridge which we are marketing and a 72,846 RSF lease expiration located in Watertown which has been leased but was not

occupied as of September 30, 2025.

(3)Increase in occupancy from 2Q25 is primarily due to the classification as held for sale of 409 and 499 Illinois Street on the Alexandria Center® for Science and Technology – Mission Bay Megacampus as of September 30, 2025,

partially offset by the new vacancy at 3301 Hillview Avenue, located in our Greater Stanford submarket, previously occupied by an acquired software tenant, for which we are evaluating options to reposition as an advanced

technologies campus.

(4)Includes temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, or 1.6% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, San Diego, and Seattle markets, which are leased

and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately May 1, 2026 and the expected annual rental revenue is approximately $46

million.

Property Listing

September 30, 2025

(Dollars in thousands)

Our Megacampus™ Properties Account for 77% 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

$212,828

93.4%

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

1,284,745

—

104,956

1,389,701

148,644

92.5

85.5

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®

1,196,987

—

1,196,987

74,957

72.9

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

Megacampus: The Arsenal on the Charles

787,760

—

333,758

1,121,518

46,678

78.0

54.8

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, and 500 Arsenal Street, and 99

Coolidge Avenue(1)

386,780

191,396

—

578,176

19,975

72.6

Cambridge/Inner Suburbs

5,870,139

191,396

438,714

6,500,249

503,082

85.6

79.6

Fenway

Megacampus: Alexandria Center® for Life Science – Fenway

1,314,508

392,011

137,675

1,844,194

100,665

87.5

79.2

401 and 421 Park Drive and 201 Brookline Avenue

Seaport Innovation District

5 and 15(1) Necco Street

459,395

—

459,395

47,226

97.0

Seaport Innovation District

459,395

—

459,395

47,226

97.0

Route 128

Megacampus: Alexandria Center® for Life Science – Waltham

466,094

—

596,064

1,062,158

38,531

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

52,725

98.3

62.8

Other

400,863

—

453,869

854,732

4,766

59.7

28.0

Greater Boston

9,096,225

583,407

1,626,322

11,305,954

$708,464

86.8%

73.6%

Our Megacampus™ Properties Account for 77% of Our Annual Rental Revenue

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

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

Property Listing (continued)

September 30, 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)

1,557,403

212,796

(3)

—

1,770,199

$63,191

95.6%

1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens

Street, and 455 Mission Bay Boulevard South

Mission Bay

1,557,403

212,796

—

1,770,199

63,191

95.6

South San Francisco

Megacampus: Alexandria Technology Center® – Gateway(1)

1,431,486

—

237,684

1,669,170

76,377

80.7

69.2

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

51,351

95.6

84.4

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

Alexandria Center® for Life Science – South San Francisco

504,252

—

504,252

28,619

83.0

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

3,634,454

—

344,934

3,979,388

205,442

89.1

81.3

Greater Stanford

Megacampus: Alexandria Center® for Life Science – San Carlos

738,038

—

738,038

43,983

86.5

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

Alexandria Stanford Life Science District

705,442

—

705,442

54,520

86.4

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

24,593

86.5

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

13,774

100.0

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

2,334,088

—

2,334,088

152,885

88.9

San Francisco Bay Area

7,525,945

212,796

344,934

8,083,675

$421,518

90.4%

86.4%

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

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

(2)We own 100% of this property.

Property Listing (continued)

September 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

1,090,828

—

1,090,828

$77,208

90.9%

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

218,640

—

218,640

15,108

100.0

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

Court

Torrey Pines

1,608,606

—

1,608,606

105,579

90.1

University Town Center

Megacampus: Campus Point by Alexandria(1)

1,310,696

426,927

—

1,737,623

84,058

99.5

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

120,556

99.7

Sorrento Mesa

Megacampus: SD Tech by Alexandria(1)

829,437

221,589

—

1,051,026

37,841

96.1

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

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

4,207

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

2,243,947

221,589

—

2,465,536

97,810

98.6

Sorrento Valley

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

151,406

—

151,406

2,502

32.7

11045 and 11055 Roselle Street

43,313

—

43,313

2,191

96.1

Sorrento Valley

194,719

—

194,719

4,693

46.8

San Diego

6,314,303

648,516

—

6,962,819

$328,638

95.2%

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

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

(2)We own 100% of this property.

Property Listing (continued)

September 30, 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

$69,333

91.6%

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

199 East Blaine Street, and 1600 Fairview Avenue East

Megacampus: Alexandria Center® for Advanced Technologies – South

Lake Union

413,178

227,577

—

640,755

23,436

98.8

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

219 Terry Avenue North

Lake Union

1,564,850

227,577

—

1,792,427

92,769

93.5

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

1,065,132

—

1,065,132

21,277

87.1

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

11,412

83.9

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

Bothell

1,530,021

—

1,530,021

32,689

86.1

Other

63,057

—

63,057

666

100.0

Seattle

3,178,029

227,577

—

3,405,606

126,834

90.1

Maryland

Rockville

Megacampus: Alexandria Center® for Life Science – Shady Grove

1,691,960

—

1,691,960

93,268

94.6

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

131,507

—

131,507

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

2,193,565

—

2,193,565

$109,076

94.4%

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

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

Property Listing (continued)

September 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

17,640

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

43,015

94.4

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

3,396

100.0

101 West Dickman Street(1)

142,933

—

142,933

1,726

71.3

Beltsville

334,817

—

334,817

5,122

87.8

Maryland

3,855,906

—

3,855,906

157,213

93.9

Research Triangle

Megacampus: Alexandria Center® for Life Science – Durham

2,214,887

—

2,214,887

44,550

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

711,693

—

711,693

28,726

92.9

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

Megacampus: Alexandria Center® for Sustainable Technologies

259,962

—

259,962

7,259

84.8

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

Alexandria Technology Center® – Alston

160,574

—

160,574

2,798

78.2

100, 800, and 801 Capitola Drive

Alexandria Innovation Center® – Research Triangle

136,635

—

136,635

4,019

95.3

7010, 7020, and 7030 Kit Creek Road

2525 East NC Highway 54

82,996

—

82,996

3,580

100.0

407 Davis Drive

81,956

—

81,956

3,323

100.0

Research Triangle

3,648,703

—

3,648,703

$94,255

94.9%

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

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

Property Listing (continued)

September 30, 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

$69,317

98.3%

430 and 450 East 29th Street

New York City

742,700

—

742,700

69,317

98.3

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

Austin

1,525,359

—

1,525,359

33,694

83.0

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

1,646,187

—

73,298

1,719,485

36,866

79.9

76.5

Canada

979,575

—

56,314

1,035,889

20,186

90.3

85.4

Non-cluster/other markets

315,440

—

315,440

12,195

69.6

North America, excluding properties held for sale

37,303,013

1,672,296

2,100,868

41,076,177

361

1,975,486

90.6%

85.8%

Properties held for sale

1,811,787

—

1,811,787

53,266

65.9%

Total – North America

39,114,800

1,672,296

2,100,868

42,887,964

375

$2,028,752

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

Investments in Real Estate

September 30, 2025

ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT

DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL

GROWTH IN ANNUAL NET OPERATING INCOME

Placed Into Service

Near-Term Deliveries

YTD 3Q25

4Q25–4Q26

$68M

$111M

94%

Occupied

80%

Leased/Negotiating

712,785 RSF

969,524 RSF

(2)

(1)

(3)

(4)

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 future incremental annual net operating income from recently delivered spaces aggregating 42,449 RSF that were vacant and/or unleased at delivery.

(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 4Q25 through 4Q26 is projected to be $83 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)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 4Q25 through 4Q26.

(4)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

September 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

37,303,013

—

37,303,013

Future Class A/A+ development and redevelopment properties

—

969,524

2,803,640

466,598

24,257,782

28,497,544

Future development and redevelopment square feet currently included

in rental properties(2)

—

(52,620)

(2,082,454)

(2,135,074)

Total square footage, excluding properties held for sale

37,303,013

969,524

2,803,640

413,978

22,175,328

26,362,470

63,665,483

Properties held for sale

1,811,787

—

939,756

2,751,543

Total square footage

39,114,800

969,524

2,803,640

413,978

23,115,084

27,302,226

66,417,026

Investments in real estate

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

$29,451,717

$901,674

$2,762,729

$60,398

$4,984,144

$8,708,945

(4)

$38,160,662

Properties held for sale

883,455

—

112,681

996,136

Total gross investment in real estate, excluding properties held for sale

$28,568,262

$901,674

$2,762,729

$60,398

$4,871,463

$8,596,264

$37,164,526

Projects under active construction with stabilization

in 2025-2027 and beyond and one 100% pre-leased

committed near-term project expected to commence

in the next year – $3.7 billion

20%

Non-Income-

Producing Assets

Future development projects(5) and land parcels,

primarily located in Megacampuses with critical

milestones in 4Q25 and 2026 – $4.9 billion

Non-Income-Producing Assets as a Percentage of Gross Assets

(1)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. Refer to “New Class A/A+ development and redevelopment properties: current

projects” in the Supplemental Information for additional details.

(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.

(4)Our share of investment in our development and redevelopment pipeline is $7.6 billion.

(5)As of September 30, 2025, annual rental revenue from future development parcels with existing income was approximately 1% of total annual rental revenue.

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

September 30, 2025

99 Coolidge Avenue

500 North Beacon Street and

4 Kingsbury Avenue(1)

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/

Cambridge/Inner Suburbs

129,413 RSF

248,018 RSF

100% Occupancy

92% Occupancy

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

334,996 RSF

31,490 RSF

100% Occupancy

(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: Recent Deliveries

September 30, 2025

(Dollars in thousands)

Incremental Annual Net Operating Income Generated From YTD 3Q25 Deliveries

Aggregated $68 Million,(1) Including $16 Million in 3Q25

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(3)

Total Project

Unlevered Yields

3Q25

Delivery

Date(2)

Prior to

1/1/25

1Q25

2Q25

3Q25

Total

Initial

Stabilized

Initial

Stabilized

(Cash Basis)

RSF

Investment

Development projects

99 Coolidge Avenue/Greater Boston/Cambridge/

Inner Suburbs

7/15/25

100%

116,414

—

12,999

129,413

100%

320,809

$444,000

6.0%

6.8%

500 North Beacon Street and 4 Kingsbury Avenue/

Greater Boston/Cambridge/Inner Suburbs

8/23/25

100%

211,574

—

36,444

248,018

92%

248,018

429,000

6.5

5.9

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

7/1/25

100%

93,492

—

119,202

122,302

334,996

100%

334,996

480,000

7.2

6.9

10075 Barnes Canyon Road/San Diego/Sorrento

Mesa

7/23/25

50.0%

—

17,718

—

13,772

31,490

100%

253,079

321,000

5.5

5.7

Redevelopment projects

651 Gateway Boulevard/San Francisco Bay Area/

South San Francisco

N/A

50.0%

67,017

—

22,005

—

89,022

75%

326,706

487,000

5.0

5.1

Canada

N/A

100%

78,487

6,430

76,567

—

161,484

100%

250,790

115,000

6.0

Weighted average/total

7/5/25

566,984

309,494

217,774

185,517

1,279,769

2,019,744

$2,752,000

6.3%

6.1%

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 future incremental annual net operating income from recently delivered spaces aggregating 42,449 RSF that were vacant and/or unleased at delivery.

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

(3)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected.

Key New Class A/A+ Development and Redevelopment Properties:

2025 and 2026 Stabilization (Near-Term Deliveries)

September 30, 2025

99 Coolidge Avenue

4135 Campus Point Court

Greater Boston/

Cambridge/Inner Suburbs

San Diego/

University Town Center

191,396 RSF

426,927 RSF

81% Leased/Negotiating

100% Leased

10075 Barnes Canyon Road

8800 Technology Forest Place

San Diego/Sorrento Mesa

Texas/Greater Houston

221,589 RSF

73,298 RSF

68% Leased/Negotiating

41% Leased/Negotiating

Key New Class A/A+ Development and Redevelopment Properties:

2027 and Beyond Stabilization (Intermediate-Term Deliveries)

September 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

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.

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

September 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

129,413

191,396

320,809

81%

4Q23

4Q26

4135 Campus Point Court/San Diego/University Town Center

Dev

—

426,927

100

3Q26

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

Dev

31,490

221,589

253,079

1Q25

2H26

8800 Technology Forest Place/Texas/Greater Houston

Redev

50,094

73,298

123,392

2Q23

4Q26

Canada

Redev

194,476

56,314

250,790

3Q23

4Q25

405,473

969,524

1,374,997

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

—

2027

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

Redev

—

596,064

4Q26

2027

Other/Greater Boston

Redev

—

453,869

—

2027

1450 Owens Street/San Francisco Bay Area/Mission Bay

Dev

—

212,796

—

2027

651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(2)

Redev

89,022

237,684

326,706

1Q24

2027

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

Redev

—

107,250

—

2H26

2027

701 Dexter Avenue North/Seattle/Lake Union

Dev

—

227,577

4Q26

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(3)

Dev

—

466,598

100

2028

Total 2027 and beyond stabilization and committed near-term project

145,926

3,270,238

3,416,164

551,399

4,239,762

4,791,161

41%

43%

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

(2)We continue to build out this project on a floor-by-floor basis. As of September 30, 2025, the remaining cost to complete is $138 million, or 28% of the total cost at completion.

(3)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. These buildings generated annual rental revenue of $7.5 million as of 3Q25. At the beginning of 2026,

the tenant will vacate the 52,620 RSF building, and during 2028, the tenant will vacate the 52,853 RSF building. 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)

September 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 80% leased/negotiating

99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs

100%

$154,608

$210,017

$79,375

$444,000

6.0%

6.8%

4135 Campus Point Court/San Diego/University Town Center

55.0%

—

412,619

111,381

524,000

9.0%

6.2%

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

50.0%

25,573

217,841

77,586

321,000

5.5%

5.7%

8800 Technology Forest Place/Texas/Greater Houston

100%

60,480

46,526

4,994

112,000

6.3%

6.0%

Canada

100%

95,750

14,671

4,579

115,000

6.0%

336,411

901,674

2027 and beyond stabilization(1)

One Hampshire Street/Greater Boston/Cambridge

100%

—

173,897

TBD

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

100%

21,756

298,829

421 Park Drive/Greater Boston/Fenway

100%

—

561,633

401 Park Drive/Greater Boston/Fenway

100%

—

174,402

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

100%

—

511,925

Other/Greater Boston

100%

—

160,950

1450 Owens Street/San Francisco Bay Area/Mission Bay

25.0%

—

245,677

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

50.0%

116,744

232,429

137,827

487,000

5.0%

5.1%

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

100%

—

109,065

TBD

701 Dexter Avenue North/Seattle/Lake Union

100%

—

293,922

138,500

2,762,729

474,911

3,664,403

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

Campus Point by Alexandria/San Diego/University Town Center(2)

55.0%

—

60,398

599,602

660,000

7.3%

6.5%

Total

$474,911

$3,724,801

$2,670,000

(3)

$6,870,000

(3)

Our share of investment(3)(4)

$410,000

$3,100,000

$2,180,000

$5,690,000

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)Refer to footnote 3 on the prior page for additional details.

(3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.

(4)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.

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

September 30, 2025

(Dollars in thousands)

76% 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%

$173,897

104,956

—

104,956

One Hampshire Street

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

100%

311,016

333,758

—

34,157

367,915

311 Arsenal Street

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

Coolidge Avenue/Cambridge/Inner Suburbs

100%

233,479

191,396

—

560,000

751,396

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

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

100%

736,035

529,686

—

529,686

401 and 421 Park Drive

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

100%

576,242

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%

212,439

—

174,500

100 Edwin H. Land Boulevard

Megacampus: Alexandria Technology Square®/Cambridge

100%

8,449

—

100,000

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

District

60.0%

295,345

—

1,040,000

10 Necco Street/Seaport Innovation District

100%

106,373

—

175,000

215 Presidential Way/Route 128

100%

6,816

—

112,000

Other development and redevelopment projects

100%

379,674

453,869

—

1,348,541

1,802,410

$3,039,765

2,209,729

—

4,059,198

6,268,927

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.

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

September 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%

$245,677

212,796

—

212,796

1450 Owens Street

Megacampus: Alexandria Technology Center® – Gateway/

South San Francisco

50.0%

259,005

237,684

—

291,000

528,684

651 Gateway Boulevard

Megacampus: Alexandria Center® for Advanced Technologies – South San

Francisco/South San Francisco

100%

115,720

107,250

—

90,000

197,250

211(2) and 269 East Grand Avenue

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

San Francisco

100%

429,101

—

1,930,000

1122, 1150, and 1178 El Camino Real

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

48.5%

158,718

—

348,401

201 and 231 Adrian Road and 30 Rollins Road

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

100%

479,347

—

1,497,830

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

3825 and 3875 Fabian Way/Greater Stanford

100%

164,226

—

478,000

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

100%

81,552

—

240,000

Megacampus: 88 Bluxome Street/SoMa

100%

418,909

—

1,070,925

$2,352,255

557,730

—

5,946,156

6,503,886

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

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

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

September 30, 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: Campus Point by Alexandria/University Town Center

55.0%

(3)

$620,470

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%

414,636

221,589

—

493,845

715,434

9805 Scranton Road and 10075 Barnes Canyon Road

11255 and 11355 North Torrey Pines Road/Torrey Pines

100%

158,326

—

215,000

Megacampus: One Alexandria Square/Torrey Pines

100%

64,545

—

125,280

10975 and 10995 Torreyana Road

Megacampus: 5200 Illumina Way/University Town Center

51.0%

17,536

—

451,832

9625 Towne Centre Drive/University Town Center

30.0%

837

—

100,000

Megacampus: Sequence District by Alexandria/Sorrento Mesa

100%

48,303

—

1,661,915

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

4075 Sorrento Valley Boulevard/Sorrento Valley

100%

28,167

—

144,000

Other development and redevelopment projects

(4)

78,036

—

475,000

1,430,856

648,516

466,598

4,167,731

5,282,845

Seattle

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

Lake Union

(5)

584,896

227,577

—

1,057,400

1,284,977

601 and 701 Dexter Avenue North and 800 Mercer Street

1010 4th Avenue South/SoDo

100%

62,116

—

544,825

410 West Harrison Street/Elliott Bay

100%

—

91,000

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

Bothell

100%

19,739

—

230,000

21660 20th Avenue Southeast

Other development and redevelopment projects

100%

151,672

—

706,087

$818,423

227,577

—

2,629,312

2,856,889

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.

(5)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)

September 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)

Maryland

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

100%

$25,629

—

296,000

9830 Darnestown Road

25,629

—

296,000

Research Triangle

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

100%

163,894

—

2,060,000

Megacampus: Alexandria Center® for Advanced Technologies and AgTech –

Research Triangle/Research Triangle

100%

111,537

—

1,170,000

4 and 12 Davis Drive

Megacampus: Alexandria Center® for NextGen Medicines/

Research Triangle

100%

113,456

—

1,055,000

3029 East Cornwallis Road

Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle

100%

55,732

—

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

448,804

—

5,177,227

New York City

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

100%

175,666

—

550,000

(2)

550,000

$175,666

—

550,000

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

(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

September 30, 2025 filed with the Securities and Exchange Commission on October 27, 2025 for additional details.

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

September 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)

Texas

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

100%

$49,575

73,298

—

116,405

189,703

8800 Technology Forest Place

1001 Trinity Street and 1020 Red River Street/Austin

100%

133,684

—

250,010

Other development and redevelopment projects

100%

59,432

—

344,000

242,691

73,298

—

710,415

783,713

Canada

100%

14,671

56,314

—

371,743

428,057

Other development and redevelopment projects

100%

47,504

—

350,000

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

8,596,264

3,773,164

466,598

24,257,782

28,497,544

Properties held for sale

112,681

—

939,756

Total pipeline as of September 30, 2025

$8,708,945

(2)

3,773,164

466,598

25,197,538

29,437,300

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

(1)Total square footage includes 2,135,074 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)Includes $3.7 billion of projects that are currently under construction and one 100% pre-leased committed near-term project expected to commence vertical construction in 2026.

Construction Spending

September 30, 2025

(Dollars in thousands)

Construction spending

Nine Months Ended

September 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

799,723

1,240,000

1,791,097

Future pipeline pre-construction

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

365,654

500,000

426,948

Revenue- and non-revenue-enhancing capital expenditures

230,867

415,000

(1)

273,377

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

1,396,244

2,155,000

2,491,422

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(156,668)

(230,000)

(2)

(343,798)

Tenant-funded and -built landlord improvements

(171,153)

(175,000)

(129,152)

Total construction spending

1,068,423

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)

4Q25 through 2026

$130,980

2027 and beyond

35,925

Total

$166,905

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 $320 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

September 30, 2025

(Dollars in thousands)

Average Real Estate

Basis Capitalized

During YTD 3Q25

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

80%

$650,004

2027 and beyond stabilization

28%

2,157,701

Smaller redevelopments and repositioning of capital projects

1,128,760

(1)

Future pipeline projects with critical pre-construction milestones during 4Q25 and 2026:(3)

Megacampus projects

3,032,254

(2)(3)

Non-Megacampus projects

1,211,641

(3)

Total average real estate basis capitalized(4)

$8,180,360

100%

Smaller redevelopments and repositioning

of capital projects(1) – $1.1 billion

Under construction – 2025 and 2026 stabilization

– $650.0 million (80% leased/negotiating)

Critical milestones in 4Q25 and 2026 –

Future Megacampus projects(2) – $3.0 billion

Under construction and committed near-term

project – stabilization in 2027 and beyond

– $2.2 billion (28% leased/negotiating)

Critical milestones in 4Q25 and 2026 – Future

Non-Megacampus projects – $1.2 billion

Percentage of Total Average Real Estate Basis Capitalized During YTD 3Q25

(1)Includes the real estate basis related to the 617,458 RSF of vacant space as of September 30, 2025 that is leased but not yet delivered. The weighted-average expected delivery date is approximately May 1, 2026.

(2)Includes four key projects on the following pages for additional details, which represent a total average capitalized real estate basis of approximately $1.2 billion during YTD 3Q25.

(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 14, 2026 on a weighted-average real estate investment basis. We will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market

conditions, pause future investments, or consider the potential disposition of real estate assets.

(4)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities

necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total

average real estate basis subject to capitalization for YTD 3Q25.

Capitalization of Interest (continued)

September 30, 2025

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

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.

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)

September 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)

September 30, 2025

Key Active and Future Megacampus™ Development Project

0.4M RSF

OPERATING

1.3M RSF

ACTIVE/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)

September 30, 2025

Key Future Megacampus™ Development Project

0.4M RSF

OPERATING

1.9M 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.

Joint Venture Financial Information

September 30, 2025

Consolidated Real Estate Joint Ventures

Property

Market

Submarket

Noncontrolling

Interest Share(1)

Operating RSF

at 100%

50 and 60 Binney Street

Greater Boston

Cambridge/Inner Suburbs

66.0%

532,395

75/125 Binney Street

Greater Boston

Cambridge/Inner Suburbs

60.0%

388,270

100 and 225 Binney Street and 300 Third Street

Greater Boston

Cambridge/Inner Suburbs

70.0%

870,641

15 Necco Street

Greater Boston

Seaport Innovation District

43.3%

345,996

285, 299, 307, and 345 Dorchester Avenue

Greater Boston

Seaport Innovation District

40.0%

—

(2)

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

San Francisco Bay Area

Mission Bay

75.0%

548,215

601, 611, 651(2), 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(2)(4)

San Diego

University Town Center

45.0%

(5)

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(2)(6)

San Diego

Sorrento Mesa

50.0%

829,437

Summers Ridge Science Park(7)

San Diego

Sorrento Mesa

70.0%

316,531

1201 and 1208 Eastlake Avenue East

Seattle

Lake Union

70.0%

206,134

400 Dexter Avenue North

Seattle

Lake Union

70.0%

290,754

800 Mercer Street

Seattle

Lake Union

40.0%

—

(2)

Unconsolidated Real Estate Joint Ventures

Property

Market

Submarket

Our Ownership

Share(8)

Operating RSF

at 100%

1655 and 1725 Third Street

San Francisco Bay Area

Mission Bay

10.0%

586,208

1450 Research Boulevard

Maryland

Rockville

73.2%

(9)

42,012

101 West Dickman Street

Maryland

Beltsville

58.4%

(9)

142,933

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

(1)In addition to the real estate joint ventures listed, we have one consolidated real estate joint venture in the Greater Boston market in which a partner holds a $48.7 million redeemable noncontrolling interest earning a fixed return.

(2)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.

(3)Includes 409 and 499 Illinois, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South. Operating RSF excludes 409 and 499 Illinois, which met the criteria to be designated as held for sale as of September

2025.

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

(5)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.

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

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

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

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

Joint Venture Financial Information (continued)

September 30, 2025

(In thousands)

As of September 30, 2025

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

Investments in real estate

4,103,608

99,393

Cash, cash equivalents, and restricted cash

160,646

2,341

Other assets

445,479

10,533

Secured notes payable

—

(67,315)

Other liabilities

(230,757)

(5,351)

Redeemable noncontrolling interests

(58,662)

—

4,420,314

39,601

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

September 30, 2025

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

Total revenues

118,646

353,241

2,700

7,963

Rental operations

(38,170)

(108,978)

(1,025)

(3,008)

80,476

244,263

1,675

4,955

General and administrative

(630)

(2,193)

(20)

(101)

Interest

(151)

(905)

(1,060)

(3,118)

Depreciation and amortization of real estate assets

(45,327)

(114,785)

(852)

(2,848)

Impairment of real estate

—

(8,673)

Gain on sale of interest of unconsolidated JV

—

458

Fixed returns allocated to redeemable noncontrolling interests(1)

541

943

—

34,909

127,323

201

(9,327)

Straight-line rent and below-market lease revenue

6,663

16,857

172

506

Funds from operations(2)

80,236

242,108

595

1,736

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

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests for properties in the Greater Boston and San Francisco Bay Area markets. These redeemable noncontrolling interests earn a fixed return on

their investment rather than participate in the operating results of the properties.

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

Investments

September 30, 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.

September 30, 2025

Year Ended

December 31, 2024

Three Months Ended

Nine Months Ended

Realized gains

$9,646

(1)

$19,115

(1)

$59,124

(2)

Unrealized gains (losses)

18,515

(3)

(71,568)

(4)

(112,246)

(5)

Investment income (loss)

$28,161

$(52,453)

$(53,122)

September 30, 2025

December 31, 2024

Investments

Cost

Unrealized Gains

Unrealized Losses

Carrying Amount

Publicly traded companies

$197,229

$28,964

$(101,901)

$124,292

$105,667

Entities that report NAV

482,734

98,002

(40,603)

540,133

609,866

Entities that do not report NAV:

Entities with observable price changes

80,454

53,409

(9,614)

124,249

174,737

Entities without observable price changes

422,519

—

422,519

400,487

Investments accounted for under the equity method

N/A

326,445

186,228

September 30, 2025

$1,182,936

(6)

$180,375

$(152,118)

$1,537,638

$1,476,985

December 31, 2024

$1,207,146

$228,100

$(144,489)

$1,476,985

Public/Private Mix (Cost)

Tenant/Non-Tenant Mix (Cost)

13%

Public

21%

Tenant

87%

Private

79%

Non-Tenant

(1)Consists of realized gains of $34.8 million and $94.7 million, partially offset by impairment charges of $25.1 million and $75.5 million during the three and nine months ended September 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 $51.3 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 $32.8 million resulting from

accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended September 30, 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 nine months ended September 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 September 30, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Balance Sheet

September 30, 2025

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT

LIQUIDITY

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2021(1)

$4.2B

96.7%

REMAINING DEBT TERM

(IN YEARS)

DEBT INTEREST

RATE

11.6

3.97%

Longest Among S&P 500 REITs(3)

TOP 15%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(2)

BBB+

Stable

Baa1

Negative

WEIGHTED AVERAGE

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

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

(2)Top 15% 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 September 30, 2025.

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

Key Credit Metrics

September 30, 2025

Liquidity

Limited Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$4.2B

(in millions)

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

outstanding under our commercial paper program

$3,450

Cash, cash equivalents, and restricted cash

584

Investments in publicly traded companies

124

Liquidity as of September 30, 2025

$4,158

Net Debt and Preferred Stock to Adjusted EBITDA(1)

Fixed-Charge Coverage Ratio(1)

5.5x to 6.0x

3.6x to 4.1x

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

(1)Quarter annualized.

Summary of Debt

September 30, 2025

(Dollars in millions)

Weighted-Average Remaining Term of 11.6 Years

(1)We expect to have limited borrowings, with less than $500.0 million 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 expected to close in 4Q25. Refer to “Dispositions and exchange of partial interests” in the Earnings Press Release for additional details.

(2)Refer to footnotes 2 through 4 on page 58 under “Fixed-rate and variable-rate debt” for additional details.

Summary of Debt (continued)

September 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

5.8 Years

Average Debt Term

of S&P 500 REITs

as of June 30, 2025

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

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

Summary of Debt (continued)

September 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)

Unsecured senior notes payable

$12,044,999

$—

$12,044,999

88.6%

3.90%

12.6

Unsecured senior line of credit(2) and commercial

paper program(3)

—

1,548,542

11.4

4.52

4.3

(4)

Total/weighted average

$12,044,999

$1,548,542

$13,593,541

100.0%

3.97%

11.6

(4)

Percentage of total debt

88.6%

11.4%

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 September 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 September 30, 2025, we had $1.5 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 11.1 years. The commercial paper notes sold during the nine months ended September 30, 2025 were issued at a weighted-average yield to maturity of 4.64% and had a

weighted-average maturity term of 17 days.

Average Debt Outstanding

Weighted-Average Interest Rate

September 30, 2025

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

Long-term fixed-rate debt

$12,121,219

$12,290,203

3.88%

3.86%

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

program debt

1,503,453

935,353

4.64

Blended-average interest rate

13,624,672

13,225,556

3.96

3.92

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

N/A

0.14

0.13

Total/weighted average

$13,624,672

$13,225,556

4.10%

4.05%

Summary of Debt (continued)

September 30, 2025

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

September 30, 2025

Requirement

September 30, 2025

Total Debt to Total Assets

≤ 60%

32%

≤ 60.0%

33.6%

Secured Debt to Total Assets

≤ 40%

—%

≤ 45.0%

—%

Consolidated EBITDA to Interest Expense

≥ 1.5x

9.8x

≥ 1.50x

3.58x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

302%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

8.54x

(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

10/29/26

SOFR+1.95%

(3)

6.20%

$26,750

$18,999

58.4%

1450 Research Boulevard

12/6/26

SOFR+1.95%

(3)

6.26%

13,000

8,932

73.2%

1655 and 1725 Third Street

2/10/35

6.37%

6.44%

500,000

496,794

10.0%

$539,750

$524,725

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

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

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

Summary of Debt (continued)

September 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

Unsecured senior line of credit and commercial

paper program(3)

(3)

4.52%

(3)

1/22/30

(3)

$—

$1,550,000

$(1,458)

$1,548,542

Unsecured senior notes payable

4.30%

4.50

1/15/26

—

300,000

—

300,000

(160)

299,840

Unsecured senior notes payable

3.80%

3.96

4/15/26

—

350,000

—

350,000

(285)

349,715

Unsecured senior notes payable

3.95%

4.13

1/15/27

—

350,000

—

350,000

(684)

349,316

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(994)

424,006

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

—

300,000

(860)

299,140

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

—

400,000

(1,757)

398,243

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

(1,779)

448,221

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

(4,143)

695,857

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(3,866)

746,134

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(6,275)

893,725

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(6,458)

993,542

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(6,668)

793,332

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(4,615)

495,385

Unsecured senior notes payable

5.50%

5.66

10/1/35

—

550,000

(6,470)

543,530

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(3,853)

396,147

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,785)

297,215

Unsecured senior notes payable

4.00%

3.91

2/1/50

—

700,000

9,880

709,880

Unsecured senior notes payable

3.00%

3.08

5/18/51

—

850,000

(10,938)

839,062

Unsecured senior notes payable

3.55%

3.63

3/15/52

—

1,000,000

(13,339)

986,661

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,427)

492,573

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,525)

593,475

Unsecured debt weighted-average interest rate/

subtotal

3.97

—

650,000

350,000

425,000

700,000

11,550,000

13,675,000

(81,459)

13,593,541

Weighted-average interest rate/total

3.97%

$—

$650,000

$350,000

$425,000

$700,000

$11,550,000

$13,675,000

$(81,459)

$13,593,541

Balloon payments

$—

$650,000

$350,000

$425,000

$700,000

$11,550,000

$13,675,000

$(81,459)

$13,593,541

Principal amortization

—

Total debt

$—

$650,000

$350,000

$425,000

$700,000

$11,550,000

$13,675,000

$(81,459)

$13,593,541

Fixed-rate debt

$—

$650,000

$350,000

$425,000

$700,000

$10,000,000

$12,125,000

$(80,001)

$12,044,999

Variable-rate debt

—

1,550,000

(1,458)

1,548,542

Total debt

$—

$650,000

$350,000

$425,000

$700,000

$11,550,000

$13,675,000

$(81,459)

$13,593,541

Weighted-average stated rate on maturing debt

N/A

4.03%

3.95%

3.50%

3.89%

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

Definitions and Reconciliations

September 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)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Net (loss) income

$(197,845)

$(62,189)

$38,662

$(16,095)

$213,603

Interest expense

54,852

55,296

50,876

55,659

43,550

Income taxes

3,737

1,020

1,145

1,855

1,877

Depreciation and amortization

340,230

346,123

342,062

330,108

293,998

Stock compensation expense

10,293

12,530

10,064

12,477

15,525

Loss on early extinguishment of debt

107

—

Gain on sales of real estate

(9,366)

—

(13,165)

(101,806)

(27,114)

Unrealized (gains) losses on non-real estate

investments

(18,515)

21,938

68,145

79,776

(2,610)

Impairment of real estate

323,870

129,606

32,154

186,564

5,741

Impairment of non-real estate investments

25,139

39,216

11,180

20,266

10,338

Increase (decrease) in provision for expected

credit losses on financial instruments

—

285

(434)

—

Adjusted EBITDA

$532,502

$543,540

$541,408

$568,370

$554,908

Total revenues

$751,944

$762,040

$758,158

$788,945

$791,607

Adjusted EBITDA margin

71%

72%

70%

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)

September 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 September 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

September 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)

September 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)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Adjusted EBITDA

$532,502

$543,540

$541,408

$568,370

$554,908

Interest expense

$54,852

$55,296

$50,876

$55,659

$43,550

Capitalized interest

86,091

82,423

80,065

81,586

86,496

Amortization of loan fees

(4,505)

(4,615)

(4,691)

(4,620)

(4,222)

Amortization of debt discounts

(325)

(335)

(349)

(333)

(330)

Cash interest and fixed charges

$136,113

$132,769

$125,901

$132,292

$125,494

Fixed-charge coverage ratio:

– quarter annualized

3.9x

4.1x

4.3x

4.4x

– trailing 12 months

4.1x

4.3x

4.4x

4.5x

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, 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)

September 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

September 30, 2025

(In thousands)

Three Months

Ended

Nine Months

Ended

Three Months

Ended

Nine Months

Ended

Net income (loss)

$34,909

$127,323

$201

$(9,327)

Depreciation and amortization of real

estate assets

45,327

114,785

852

2,848

Gain on sale of interest of

unconsolidated JV

—

(458)

Impairment of real estate

—

8,673

Funds from operations

$80,236

$242,108

$595

$1,736

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Total assets

$37,375,148

$37,623,629

$37,600,428

$37,527,449

$38,488,128

Accumulated depreciation

6,416,745

6,146,378

5,886,561

5,625,179

5,624,642

Gross assets

$43,791,893

$43,770,007

$43,486,989

$43,152,628

$44,112,770

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.

Definitions and Reconciliations (continued)

September 30, 2025

Initial stabilized yield (unlevered)

Initial stabilized yield is calculated as the estimated amounts of net operating income at

stabilization divided by our investment in the property. For this calculation, we exclude any tenant-

funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized

yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment

projects are generally expected to increase over time due to contractual annual rent escalations. Our

estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion

represent our initial estimates at the commencement of the project. We expect to update this information

upon completion of the project, or sooner if there are significant changes to the expected project yields

or costs.

•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent

concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any

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

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

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

Investment-grade or publicly traded large cap tenants

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

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

billion for the twelve months ended September 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.

Space Intentionally Blank

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.

Definitions and Reconciliations (continued)

September 30, 2025

Investments in real estate

The following table reconciles our investments in real estate as of September 30, 2025:

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$38,160,662

Less: accumulated depreciation

(6,416,745)

Investments in real estate

$31,743,917

The following table presents our new Class A/A+ development and redevelopment pipeline,

excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental

revenue as of September 30, 2025:

Percentage of

(Dollars in thousands)

Book Value

Gross

Assets

Annual Rental

Revenue

Projects under active construction and one 100% pre-leased

committed near-term project expected to commence in the next year

$3,724,801

—%

Future development projects(1) and land parcels primarily located in

Megacampuses

4,871,463

$8,596,264

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

Investments in real estate (continued)

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

September 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

—

52,620

Future projects:

446, 458, and 500 Arsenal Street/Cambridge/Inner

Suburbs

Dev

—

116,623

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

—

39,370

Canada

Redev

—

247,743

—

2,082,454

Total

—

52,620

2,082,454

2,135,074

(1)Includes vacant square footage as of September 30, 2025.

Definitions and Reconciliations (continued)

September 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

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 consists 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, excluding properties classified as held for sale, as of September 30,

2025:

(Dollars in thousands)

Annual Rental

Revenue

Development and

Redevelopment

Pipeline RSF

Megacampus

$1,522,942

20,092,287

Core and non-core

452,544

6,270,183

Total

$1,975,486

26,362,470

Megacampus as a percentage of annual rental revenue and

of total development and redevelopment pipeline RSF

77%

76%

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.

Definitions and Reconciliations (continued)

September 30, 2025

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we

believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net

debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and

restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of

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

EBITDA.

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

Adjusted EBITDA:

(Dollars in thousands)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Secured notes payable

$—

$153,500

$150,807

$149,909

$145,000

Unsecured senior notes payable

12,044,999

12,042,607

12,640,144

12,094,465

12,092,012

Unsecured senior line of credit and

commercial paper

1,548,542

1,097,993

299,883

—

454,589

Unamortized deferred financing costs

76,383

78,574

80,776

77,649

79,610

Cash and cash equivalents

(579,474)

(520,545)

(476,430)

(552,146)

(562,606)

Restricted cash

(4,705)

(7,403)

(7,324)

(7,701)

(17,031)

Preferred stock

—

Net debt and preferred stock

$13,085,745

$12,844,726

$12,687,856

$11,762,176

$12,191,574

Adjusted EBITDA:

– quarter annualized

$2,130,008

$2,174,160

$2,165,632

$2,273,480

$2,219,632

– trailing 12 months

$2,185,820

$2,208,226

$2,218,722

$2,228,921

$2,184,298

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

6.1x

5.9x

5.2x

5.5x

– trailing 12 months

6.0x

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, 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.

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

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

income (cash basis) and computes operating margin:

Three Months Ended

Nine Months Ended

(Dollars in thousands)

9/30/25

9/30/24

9/30/25

9/30/24

Net (loss) income

$(197,845)

$213,603

$(221,372)

$526,828

Equity in (earnings) losses of unconsolidated real

estate joint ventures

(201)

(139)

9,327

(424)

General and administrative expenses

29,224

43,945

89,027

135,629

Interest expense

54,852

43,550

161,024

130,179

Depreciation and amortization

340,230

293,998

1,028,415

872,272

Impairment of real estate

323,870

5,741

485,630

36,504

Loss on early extinguishment of debt

107

—

107

—

Gain on sales of real estate

(9,366)

(27,114)

(22,531)

(27,506)

Investment (income) loss

(28,161)

(15,242)

52,453

(14,866)

Net operating income

512,710

558,342

1,582,080

1,658,616

Straight-line rent revenue

(18,821)

(29,087)

(59,380)

(125,676)

Amortization of deferred revenue related to tenant-

funded and -built landlord improvements

(5,455)

(329)

(9,507)

(329)

Amortization of acquired below-market leases

(6,456)

(17,312)

(31,874)

(70,167)

Provision for expected credit losses on financial

instruments

—

285

—

Net operating income (cash basis)

$481,978

$511,614

$1,481,604

$1,462,444

Net operating income (cash basis) – annualized

$1,927,912

$2,046,456

$1,975,472

$1,949,925

Net operating income (from above)

$512,710

$558,342

$1,582,080

$1,658,616

Total revenues

$751,944

$791,607

$2,272,142

$2,327,449

Operating margin

68%

71%

70%

71%

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.

Definitions and Reconciliations (continued)

September 30, 2025

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.

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

therefore do not provide a reconciliation for net operating income 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.

Operating statistics

We present certain operating statistics related to our properties, including number of

properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end

of the period. We believe these measures are useful to investors because they facilitate an

understanding of certain trends for our properties. We compute the number of properties, RSF,

occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at

properties classified as held for sale, for all properties in which we have an investment, including

properties owned by our consolidated and unconsolidated real estate joint ventures. For operating

metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods

presented, including changes from assets acquired or sold, properties placed into development or

redevelopment, and development or redevelopment properties recently placed into service, the

consolidated total income from rentals, as well as rental operating expenses in our operating results, can

show significant changes from period to period. In order to supplement an evaluation of our results of

operations over a given quarterly or annual period, we analyze the operating performance for all

consolidated properties that were fully operating for the entirety of the comparative periods presented,

referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and

analysis of our financial condition and results of operations. These same properties are analyzed

separately from properties acquired subsequent to the first day in the earliest comparable quarterly or

year-to-date period presented, properties that underwent development or redevelopment at any time

during the comparative periods, unconsolidated real estate joint ventures, properties classified as held

for sale, and corporate entities (legal entities performing general and administrative functions), which are

excluded from same property results. Additionally, termination fees, if any, are excluded from the results

of same properties.

Space Intentionally Blank

Definitions and Reconciliations (continued)

September 30, 2025

Same property comparisons (continued)

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

months ended September 30, 2025:

Redevelopment – placed into

Development – under construction

Properties

service after January 1, 2024

Properties

99 Coolidge Avenue

840 Winter Street

1450 Owens Street

Alexandria Center® for Advanced

Technologies – Monte Villa Parkway

10075 Barnes Canyon Road

421 Park Drive

4135 Campus Point Court

Acquisitions after January 1, 2024

Properties

701 Dexter Avenue North

Other

Development – placed into

Unconsolidated real estate JVs

service after January 1, 2024

Properties

Properties held for sale

9810 Darnestown Road

Total properties excluded from same

properties

9820 Darnestown Road

1150 Eastlake Avenue East

Same properties

314

4155 Campus Point Court

Total properties in North America as of

September 30, 2025

375

201 Brookline Avenue

9808 Medical Center Drive

230 Harriet Tubman Way

500 North Beacon Street and 4 Kingsbury

Avenue

10935, 10945, and 10955 Alexandria

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

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which a development or

redevelopment project is expected to reach occupancy of 95% or greater.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes,

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

and earned in the period during which the applicable expenses are incurred and the tenant’s obligation

to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real

estate assets within revenues in income from rentals in our consolidated statements of operations. We

provide investors with a separate presentation of rental revenues and tenant recoveries in “Same

property performance” in this Supplemental Information because we believe it promotes investors’

understanding of our operating results. We believe that the presentation of tenant recoveries is useful to

investors as a supplemental measure of our ability to recover operating expenses under our triple net

leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common

area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for

any significant variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

Three Months Ended

Nine Months Ended

(In thousands)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

9/30/25

9/30/24

Income from rentals

$735,849

$737,279

$743,175

$763,249

$775,744

$2,216,303

$2,286,457

Rental revenues

(541,070)

(553,377)

(552,112)

(566,535)

(579,569)

(1,646,559)

(1,737,804)

Tenant recoveries

$194,779

$183,902

$191,063

$196,714

$196,175

$569,744

$548,653

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the

closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

Definitions and Reconciliations (continued)

September 30, 2025

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

Unencumbered net operating income as a percentage of total net operating income is a non-

GAAP financial measure that we believe is useful to investors as a performance measure of the results

of operations of our unencumbered real estate assets as it reflects those income and expense items that

are incurred at the unencumbered property level. Unencumbered net operating income is derived from

assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or

other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total

net operating income:

Three Months Ended

(Dollars in thousands)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Unencumbered net operating income

$512,710

$535,766

$530,691

$547,921

$553,589

Encumbered net operating income

—

1,841

1,072

592

4,753

Total net operating income

$512,710

$537,607

$531,763

$548,513

$558,342

Unencumbered net operating income as a

percentage of total net operating income

100.0%

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

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

Nine Months Ended

(In thousands)

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

9/30/25

9/30/24

Basic shares for earnings per

170,181

170,135

170,522

172,262

172,058

170,278

172,007

Unvested RSAs with

forfeitable dividends

—

Diluted shares for earnings

per share

170,181

170,135

170,522

172,262

172,058

170,278

172,007

Basic shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,181

170,135

170,522

172,262

172,058

170,278

172,007

Unvested RSAs with

forfeitable dividends

124

—

Diluted shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,305

170,192

170,599

172,262

172,058

170,351

172,007

Weighted-average unvested

RSAs with nonforfeitable

dividends used in

calculating the allocations

of net income, funds from

operations, and funds from

operations, as adjusted

1,917

1,998

2,053

2,417

2,838

1,989

2,901

Mentions · how they’re counted

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

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

Source: SEC EDGAR · public domain · Highlights by Palanor