EX-99.12a4q25ex991supp.htmEX-99.1 4Q25 EX 99.1 SUPP

Table of Contents

December 31, 2025

COMPANY HIGHLIGHTS

Page

Alexandria's Mission and Cluster Model ..............................................

iii

EARNINGS PRESS RELEASE

Fourth Quarter and Year Ended December 31, 2025 Financial and

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

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

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

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

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

Funds From Operations and Funds From Operations per Share

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

SUPPLEMENTAL INFORMATION

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, January 27, 2026

2:00 p.m. Eastern Time

11:00 a.m. Pacific Time

(833) 366-1125 or

(412) 902-6738

Ask to join the conference call for

Alexandria Real Estate Equities, Inc.

CONTACT INFORMATION:

Alexandria Real Estate Equities, Inc.

corporateinformation@are.com

JOEL S. MARCUS

Executive Chairman &

Founder

PETER M. MOGLIA

Chief Executive Officer &

Chief Investment Officer

MARC E. BINDA

Chief Financial Officer &

Treasurer

PAULA SCHWARTZ

Managing Director,

Rx Communications Group

(917) 633-7790

iii

ALEXANDRIA’S

PATH FORWARD

Maintain a Strong and

Flexible Balance Sheet,

Significant Liquidity,

and Targeted Leverage

Continue to Successfully

Manage G&A

Maintain Optionality for

Future Growth Focused on

Megacampus™ Investment

Reduce Capital Spend

and Funding Needs

Consider Flexible and

Opportunistic Share

Buyback Plan

Substantially Complete

Large-Scale Non-Core

Disposition Plan

Steadily Improve Occupancy

and Increase NOI, Focusing on

Leasing to All Sectors of Our

Tenant Base, Including the Most

Innovative Entities in a Rapidly

Changing Environment

(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 lack of collection during COVID-19 pandemic.

(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.

vii

viii

ALEXANDRIA: THE MOST

TRUSTED BRAND IN LIFE

SCIENCE REAL ESTATE™

WE INVENTED IT.

WE DOMINATE IT.

ALEXANDRIA’S

MEGACAMPUS™

PLATFORM REPRESENTS

78%

OF OUR ANNUAL

RENTAL REVENUE

LARGEST, HIGHEST-QUALITY

ASSET BASE CLUSTERED IN

THE KEY CENTERS OF LIFE

SCIENCE INNOVATION

SECTOR-LEADING CLIENT

TENANT BASE

HIGH-QUALITY CASH FLOWS

PROVEN UNDERWRITING

FORTRESS BALANCE SHEET

LONG-TENURED, HIGHLY

EXPERIENCED MANAGEMENT TEAM

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

Alexandria Executes Lease Through 2041 With High-Credit Tenant

AstraZeneca for 171,239 RSF Mission-Critical Manufacturing Facility

in Maryland

This long-term lease at 700 Quince Orchard Road demonstrates AstraZeneca’s commitment to Maryland

and brings its aggregate footprint across multiple Alexandria cluster markets to over 600,000 RSF

ONSHORING PHARMA SUPPLY CHAINS &

ACCELERATING ACCESS TO TRANSFORMATIVE THERAPIES

→

AstraZeneca’s new Gaithersburg facility aims to

accelerate the production of innovative

medicines for cancer, rare, and chronic

diseases

The investment builds upon AstraZeneca’s

$300M investment in a cell therapy

manufacturing facility at 9950 Medical Center

Drive on the Alexandria Center® for Life

Science – Shady Grove Megacampus™

→

AstraZeneca’s announced $2B(1) investment in

Maryland includes substantial support for

mission-critical manufacturing at 700 Quince

Orchard Road

AstraZeneca has committed to invest $50B(2) in

U.S.-based manufacturing and R&D by 2030

(1)Source: AstraZeneca, “ AstraZeneca plans $2 billion manufacturing investment in Maryland, supporting 2,600 jobs and catalyzing economic growth,” November 21, 2025.

(2)Source: AstraZeneca, “ AstraZeneca plans to invest $50 billion in America for medicines manufacturing and R&D,” July 21, 2025.

2025 Dispositions and Sales of Partial Interests Update

COMPLETED

TRANSACTIONS(1)

$1.8B

TOTAL SALES(1)

$642M

TOTAL GAIN ON

SALES OF REAL ESTATE(1)

Stabilized

Properties

Land

Non-Stabilized Properties

2025 DISPOSITIONS AND SALES OF PARTIAL INTERESTS

BY REAL ESTATE CLASSIFICATION

(1)Refer to “2025 dispositions and sales of partial interests” in the Earnings Press Release for additional details.

xii

Alexandria’s Long-Standing Track Record of Monetizing Embedded

Asset Value: 2019–2025 Dispositions and Partial Interest Sales

2019–2025

AGGREGATE

$11B

Total Sales(1)

$3.9B

Total Gains on

Sales of Real Estate(2)

$2.8B

Total Impairments

of Real Estate(2)

2019–2025 DISPOSITIONS AND PARTIAL INTEREST SALES

(2)

(1)

(2)

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

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

xiii

Alexandria’s Key Disposition In 4Q25 — 409 and 499 Illinois Street in Mission Bay

Alexandria’s opportunistic sale to UCSF,

a longstanding tenant, generates

proceeds to recycle into the business

and enables UCSF to expand its

Mission Bay campus.

$767.1M

$180.3M

(Our Share)(1)

SALES PRICE IN 4Q25

$1,645

SALES PRICE PER RSF

$416.7M

$103.9M

(Our Share)

GAIN ON SALE OF

REAL ESTATE

$293.0M

ARE ORIGINAL PURCHASE

PRICE (2011)

40%

OCCUPANCY AS OF 3Q25

(1)Represents our share of the sales price, net of seller credits and sales costs.

xiv

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT

LIQUIDITY

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2021(1)

$5.3B

96.7%

REMAINING DEBT TERM

(IN YEARS)

DEBT INTEREST

RATE

12.1

3.91%

Longest Among S&P 500 REITs(3)

ACHIEVED

4Q25 LEVERAGE(2)

5.7x

WEIGHTED AVERAGE

TOP 15%

BBB+

Negative

Baa1

Negative

CREDIT RATING RANKING AMONG

ALL PUBLICLY TRADED U.S. REITS(4)

As of December 31, 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 December 31, 2025.

(2)Represents net debt and preferred stock to Adjusted EBITDA for the fourth quarter annualized.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025, except for ARE, which is as of December 31, 2025.

(4)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 December 31, 2025.

12%

17%

(2)

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

(1)Represents non-core assets outside our Megacampus ecosystems.

(2)Excludes properties classified as held for sale, of which land parcels represent approximately 1% of total non-income producing assets.

xvi

CONTINUE TO SUCCESSFULLY MANAGE AND REDUCE G&A

Alexandria’s General and Administrative Expense Levels Outperform Other S&P 500 REITs

$76M

Projected Cumulative

G&A Savings

in 2025 and 2026

Compared to 2024(1)

5.6%

11.3%

Alexandria

4Q25(2)

S&P 500 REIT

Average 2023–3Q25

(Excluding Alexandria)(3)

GENERAL AND ADMINISTRATIVE EXPENSES AS A

PERCENTAGE OF NET OPERATING INCOME(4)

(1)Based on the midpoint of our guidance range for 2026 general and administrative expenses disclosed on January 26, 2026.

(2)Trailing twelve months ended December 31, 2025.

(3)Source for S&P 500 REIT data: S&P Global Market Intelligence. Represents the annual average of the years ended December 31, 2024 and 2023 and the trailing twelve months ended September 30, 2025.

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

xvii

Alexandria Real Estate Equities, Inc. Reports

4Q25 and 2025 Net Loss per Share – Diluted of $6.35 and $8.44, respectively; and

4Q25 and 2025 FFO per Share – Diluted, as Adjusted, of $2.16 and $9.01, respectively

PASADENA, Calif. – January 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the fourth quarter and year ended December 31,

2025.

Key highlights

YTD

Operating results

4Q25

4Q24

2025

2024

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

In millions

$(1,081.8)

$(64.9)

$(1,438.0)

$309.6

Per share

$(6.35)

$(0.38)

$(8.44)

$1.80

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

In millions

$368.5

$411.8

$1,534.7

$1,629.1

Per share

$2.16

$2.39

$9.01

$9.47

A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease

terms

(As of December 31, 2025, unless stated otherwise)

Occupancy of operating properties in North America

90.9%

Percentage of annual rental revenue in effect from Megacampus™ platform

78%

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

traded large cap tenants

53%

Operating margin

69%

Adjusted EBITDA margin

70%

Percentage of leases containing annual rent escalations

97%

Weighted-average remaining lease term:

Top 20 tenants

9.7

years

All tenants

7.5

years

Strong 4Q25 tenant collections:

4Q25 tenant rents and receivables collected as of January 26, 2026

99.9%

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

publicly traded U.S. REITs

•$20.75 billion in total market capitalization.

•$8.35 billion in total equity capitalization.

•Net debt and preferred stock to Adjusted EBITDA of 5.7x and fixed-charge coverage ratio of

3.7x for 4Q25 annualized.

•As of December 31, 2025

•T1Significant liquidity of $5.30 billion, or 3.7x of our debt maturities through 2028.

•Only 11% of our total debt matures through 2028.

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

•Our fixed-rate debt represents 97.2% of our total debt, which provides predictability in debt

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

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

Solid leasing volume

•Leasing volume of 1.2 million RSF during 4Q25.

•Leasing of previously vacant space aggregating 393,376 RSF, up 98%, over the quarterly

average over the last five quarters.

•Rental rates on renewals and re-leasing of space decreased by 9.9% and 5.2% (cash basis)

for 4Q25 and increased by 7.0% and 3.5% (cash basis) for 2025.

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

tenant base.

4Q25

2025

Lease renewals and re-leasing of space:

Rental rate changes

(9.9)%

7.0%

Rental rate changes (cash basis)

(5.2)%

3.5%

RSF

821,289

2,543,473

Leasing of previously vacant space – RSF

393,376

944,362

Leasing of development and redevelopment space – RSF

6,279

704,821

Total leasing activity – RSF

1,220,944

4,192,656

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

retaining a significant portion for reinvestment

•T2Common stock dividend declared of $0.72 per share for 4Q25, representing a 45% reduction

from the quarterly dividend declared of $1.32 for 3Q25.

•The decision to reduce the declared dividend per common share reflects our commitment to

maintaining the strength of our balance sheet, enhancing financial flexibility, and preserving

liquidity of approximately $410 million on an annual basis, which will be used to support our

2026 capital plan.

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

reinvestment aggregating $2.36 billion for the years ended December 31, 2021 through 2025.

•Dividend yield of 5.9% as of December 31, 2025 and dividend payout ratio of 33% for the

three months ended December 31, 2025.

Successful execution of Alexandria’s capital recycling strategy

T3We exceeded the midpoint of our 2025 guidance for dispositions and sales of partial interests

by completing $1.81 billion of funding, primarily from sales of non-core assets and land, as well

as sales to owner/users. During 4Q25, we completed $1.47 billion of dispositions.

(dollars in millions)

Sales Price

YTD 3Q25

$341

4Q25

1,471

Total 2025 dispositions and sales of partial interests(1)

$1,812

Types of dispositions in 2025(1)

% of Sales Price

Land

21%

Non-stabilized properties

Stabilized properties

Total 2025 dispositions

100%

(1)Excludes the exchange of partial interests in two consolidated real estate joint ventures, Pacific Technology

Park and 199 East Blaine Street, during the three months ended September 30, 2025. Refer to ”2025

dispositions and sales of partial interests” in this Earnings Press Release for additional details.

•As of December 31, 2025, the book value of our real estate assets designated as held for

sale aggregated $581.7 million. We expect to sell these assets in 2026.

Fourth Quarter and Year Ended December 31, 2025 Financial and Operating Results (continued)

December 31, 2025

Increased occupancy and leasing progress on temporary vacancy

Operating occupancy as of September 30, 2025

90.6%

Assets with vacancy designated as held for sale or sold during 4Q25

0.5

Early termination of one lease aggregating 170,618 RSF at 259 East Grand

Avenue in South San Francisco, originally set to expire in early 2027, which is

already fully re-leased to a new tenant with occupancy expected to commence in

2H26

(0.5)

(1)

Reclassification of 401 Park Avenue from redevelopment to operating upon our

decision to pursue leasing as office space rather than convert to laboratory space

(0.3)

Other changes in occupancy, primarily due to the commencement of leases during

4Q25

0.6

Operating occupancy as of December 31, 2025

90.9

Key vacant space leased with future delivery

2.5

(2)

T4Operating occupancy as of December 31, 2025, including leased but not yet

delivered space

93.4%

(1)Refer to “Guidance” in the Earnings Press Release for key considerations on 1Q26 guidance.

(2)Represents temporary vacancies as of December 31, 2025 aggregating 899,259 RSF, primarily in the Greater

Boston, San Francisco Bay Area, 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 August 2026 and the expected annual rental revenue is approximately $52 million.

Key operating metrics

Operating metrics

4Q25

2025

(dollars in millions)

Net operating income (cash basis)

$1,985

(1)

$1,978

(Decrease) Increase compared to 4Q24 and 2024

(3.4)%

(2)

0.1%

(2)

Same property performance:

Net operating income changes

(6.0)%

(3.5)%

Net operating income changes (cash basis)

(1.7)%

0.9%

Occupancy – current-period average

91.0%

92.5%

Occupancy – same-period prior-year average

95.5%

95.2%

(1)Quarter annualized.

(2)Change 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 December 31, 2025 and for the year ended December 31, 2025 would have increased by 1.4%

and 6.2%, respectively, compared to the corresponding periods in 2024.

Continued successful management and reduction of general and administrative expenses

•T5General and administrative expenses as a percentage of net operating income for the year

ended December 31, 2025 were 5.6% — the lowest level in the past ten years for the

Company and approximately half the average of other S&P 500 REITs. In 2025, we realized

cost reductions of $51.3 million, or 30%, compared to 2024, primarily from cost-control and

efficiency initiatives. Some of these cost savings are temporary in nature, and we anticipate

that approximately half of the cost reduction achieved in 2025 will continue in 2026.

•Compared to the general and administrative expenses for the year ended December 31,

2024, we expect to achieve a savings of $76 million of cumulative general and

administrative expense in 2025 and 2026 based upon the midpoint of our guidance range

for 2026 general and administrative expenses.

Reduction of capital spend and funding needs

•During 4Q25, we reduced future construction funding requirements across our active pipeline

by: i) selling or designating as held for sale three projects and ii) pivoting one project to a

lower investment strategy; enabling us to redeploy future construction savings and sale

proceeds into opportunities aligned with our long‑term Megacampus™ strategy.

•T6We reduced the overall size of our future construction funding needs on current

development and redevelopment projects by more than $300 million over the next few

years.

•3% reduction in non-income-producing assets to 17% as a percentage of gross assets.

•We are evaluating business strategy for four additional projects.

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

income of $10 million commencing during 4Q25, with an additional $97 million of incremental

annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 86%

leased/negotiating

•During 4Q25, we placed into service one development project aggregating 139,979 RSF that

is 100% occupied at 10075 Barnes Canyon Road in our Sorrento Mesa submarket and

delivered incremental annual net operating income of $10 million.

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

increase by $26 million upon the burn-off of initial free rent, which has a weighted-average

remaining period of approximately six months.

•T777% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment

Projects

Incremental

Annual Net

Operating Income

RSF

Leased/

Negotiating

Percentage

(dollars in millions)

Expected to be placed into service:

2026

$97

(1)

699,933

(2)

86%

(3)

2027- 2028

123

1,614,994

51%

$220

Projects under business strategy evaluation:

2026-2028

$113

1,248,227

(1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, 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.

(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries

through 2026 from projects expected to stabilize in 2027-2028.

(3)Represents the current leased/negotiating percentage of development and redevelopment projects that are

expected to stabilize through 2026.

Fourth Quarter and Year Ended December 31, 2025 Financial and Operating Results (continued)

December 31, 2025

Key capital events

•On December 8, 2025, we announced that our board of directors authorized a common stock

repurchase program under which we may repurchase up to $500.0 million of our common

stock through December 31, 2026. The new program replaces the prior repurchase

authorization for up to $500.0 million that was set to expire on December 31, 2025. During

4Q25, no shares were repurchased.

•In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon

maturity. No gain or loss was incurred in connection with this repayment.

Investments

•As of December 31, 2025:

•Our non-real estate investments aggregated $1.50 billion.

•Unrealized gains presented in our consolidated balance sheet were $133.4 million,

comprising gross unrealized gains and losses aggregating $184.4 million and $51.1 million,

respectively.

•Investment loss of $3.9 million for 4Q25 presented in our consolidated statement of

operations consisted of $21.1 million of realized gains, $103.3 million from a significant

realized loss on one transaction, $98.5 million of unrealized gains, and $20.2 million of

impairment charges.

Guidance

December 31, 2025

(Dollars in millions, except per share amounts)

Based on our current view of existing market conditions and assumptions for the year ending December 31, 2026, our guidance for 2026 that was initially provided on December 3, 2025 has been

reiterated as of January 26, 2026. Actual results may be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties, including, but not limited to,

leasing velocity and overall tenant demand, actions and changes in policy by the current U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and

National Institutes of Health, trade, and other areas. For additional discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of

“forward-looking statements” on page 7 of the Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common

Stockholders – Diluted

G1Funds from operations per share, as adjusted(1)

$6.25 to $6.55

Midpoint

$6.40

Key Assumptions

Low

High

G2Occupancy percentage in North America as of December 31, 2026(2)

87.7%

89.3%

Lease renewals and re-leasing of space:

G3Rental rate changes

(2.0)%

6.0%

G4Rental rate changes (cash basis)

(12.0)%

(4.0)%

Same property performance:

G5Net operating income

(9.5)%

(7.5)%

Net operating income (cash basis)

(9.5)%

(7.5)%

G6Straight-line rent revenue

$65

$95

G7General and administrative expenses

$134

$154

G8Capitalization of interest(3)

$225

$275

G9Interest expense

$230

$280

G10Realized gains on non-real estate investments(4)

$60

$90

Key Credit Metric Targets

G11Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized

5.6x to 6.2x

G12Fixed-charge coverage ratio – 4Q26 annualized

3.6x to 4.1x

Key Sources and Uses of Capital

Range

Midpoint

Sources of capital:

Reduction in debt(5)

$(1,075)

$(2,275)

$(1,675)

Net cash provided by operating activities after dividends

475

575

525

G13Dispositions and sales of partial interests (refer to page 6)(6)

2,100

3,700

2,900

Total sources of capital

$1,500

$2,000

$1,750

Uses of capital:

G14Construction

$1,500

$2,000

$1,750

Total uses of capital

$1,500

$2,000

$1,750

Reduction in debt (included above):

Repayment of unsecured notes payable with 2026 maturities(7)

$(650)

Unsecured senior line of credit, commercial paper, and other

(425)

(1,625)

(1,025)

Reduction in debt

$(1,075)

$(2,275)

$(1,675)

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics.

(1)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.

(2)Our guidance for operating occupancy percentage in North America as of December 31, 2026 assumes an approximate 2% benefit related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for

designation as held for sale by December 31, 2026 but that have not yet qualified for such designation as of December 31, 2025.

(3)Refer to “Capitalization of interest” in the Supplemental Information for additional details.

(4)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant impairments realized on non-real estate investments, if any. Refer to

“Investments” in the Supplemental Information for additional details.

(5)Our debt repayment goals include repaying existing short-term borrowings, including amounts outstanding on our commercial paper program, repaying our 2026 unsecured senior note payable maturities aggregating $650 million, and

potentially repaying other unsecured senior notes payable, including our 2027 maturity.

(6)We expect to achieve a G15weighted-average capitalization rate on our projected 2026 non-core operating dispositions (includes stabilized and non-stabilized properties and excludes land) in the 8.5%–9.5% range. We expect dispositions of

land to represent 25%–35% of our total dispositions and sales of partial interests for the year ending December 31, 2026. We expect the remaining balance to include approximately 25%–35% core assets and 35%–45% non-core assets.

As of January 26, 2026, our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $180.7 million.

(7)In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity, funded temporarily with borrowings under our commercial paper program. We expect to repay these temporary borrowings with proceeds

from future dispositions and sales of partial interests. No gain or loss was incurred in connection with this repayment.

Guidance (continued)

December 31, 2025

Key considerations for funds from operations and adjusted EBITDA for 1Q26

The following key considerations are expected to impact our quarterly funds from operations per share results in 1Q26. These items will also affect our Adjusted EBITDA beginning in

1Q26. As a result, we expect our net debt and preferred stock to Adjusted EBITDA ratio to temporarily increase in 1Q26 (on a quarter annualized basis) by approximately 1.0x to 1.5x higher

than our 4Q25 annualized ratio of 5.7x. We expect this ratio to trend downward through the remainder of 2026 as we make progress on our disposition and sales of partial interests program,

with a target net debt and preferred stock to Adjusted EBITDA ratio of 5.6x to 6.2x for 4Q26 annualized, which is unchanged from our initial 2026 guidance provided on December 3, 2025.

4Q25 Dispositions

•We completed $1.47 billion of dispositions during 4Q25. These dispositions had annual net operating income of $118 million (based on consolidated 3Q25 annualized results) with a

weighted-average disposition date of December 9, 2025. Refer to “2025 Dispositions and sales of partial interests” in the Earnings Press Release for additional details.

2026 key lease expirations with expected downtime

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

expiration date in April 2026 and annual rental revenue of $71 million. These leases are expected to become vacant upon expiration, and we anticipate downtime on these spaces to

range from 6 to 24 months on a weighted‑average basis. 150,822 RSF has been leased or is under negotiations and we have identified prospective tenants or have early negotiations

for another 468,470 RSF. We expect a decline in net operating income of approximately $14 million for the three months ending March 31, 2026, compared to the three months ended

December 31, 2025, related to the portion of these leases that are scheduled to expire in 1Q26, which includes operating expenses that will not be recoverable once the spaces

become vacant. Refer to “Contractual lease expirations” in the Supplemental Information for additional details.

Certain items included in 4Q25 results not expected to reoccur in 1Q26

•During 4Q25, we terminated a lease at one property in our South San Francisco submarket aggregating 170,618 RSF, which had generated annual rental revenue of $11.4 million,

ahead of its contractual lease expiration in early 2027. The termination allowed us to re-lease 100% of the space to a new tenant, with occupancy expected to commence in 2H26

following the completion of tenant improvements. As a result of the termination, we recognized incremental rental revenue of $8.4 million during 4Q25, primarily from a termination

fee, net of the deferred rent balances written off.

•We recognized an asset management fee paid by our joint venture partner aggregating $7.0 million in connection with the disposition of 409 and 499 Illinois Street in 4Q25, which is

included in other income. Other income in 4Q25 was $25.5 million, or 3.4% of total revenues, compared to an average of $19.5 million, or 2.5% of total revenues, for the preceding

five quarters.

Potential tenant wind-downs

•Our 2026 guidance assumes G16reduction of rent in 2026 aggregating $20–$25 million (or approximately $6 million per quarter at the midpoint of the range) related to potential tenant

wind-downs and downtime without immediate backfill.

General and administrative expenses

•General and administrative expenses for the year ended December 31, 2025 was $117.0 million and $28.0 million for the fourth quarter of 2025. Our guidance range for 2026 general

and administrative expenses is $134 million to $154 million, with a midpoint of $144 million, or a quarterly average of approximately $36 million. Despite the anticipated increase in

general and administrative expenses in 2026 compared to 2025, the midpoint of our guidance range for 2026 of $144 million, represents a 14% reduction compared to 2024, and

cumulative anticipated savings aggregating $76 million for 2025 and 2026.

Realized gains on non-real estate investments

•Realized gains included in funds from operations per share – diluted, as adjusted, for the year ended December 31, 2025 were $115.7 million and $21.1 million for the fourth quarter

of 2025. Our guidance range for 2026 realized gains on non-real estate investments is $60 million to $90 million, with a midpoint of $75 million (or a quarterly average of

approximately $18.8 million). Refer to “Investments” in the Supplemental Information for additional details.

2025 Dispositions and Sales of Partial Interests

December 31, 2025

(Dollars in thousands)

Interest

Sold

Square Footage

Capitalization

Rate

Capitalization

Rate

(Cash Basis)

Price

(Our Share)

Gain on

Sales of

Real Estate

Property

Submarket/Market

Date of

Transaction

Operating

Future

Development

Completed in YTD 3Q25, excluding exchange of partial interests (see below)

$340,871

$13,241

(1)

Completed in 4Q25:

Stabilized properties:

550 Arsenal Street(2)

Cambridge/Inner Suburbs/Greater Boston

10/15/25

100%

249,275

281,592

6.1%

5.4%

99,250

—

6260 Sequence Drive

Sorrento Mesa/San Diego

12/16/25

100%

130,536

—

7.2%

7.1%

70,000

—

5600 Avenida Encinas

Other/San Diego

12/17/25

100%

182,276

—

5.5%

5.3%

64,100

—

601 Keystone Park Drive

Research Triangle/Research Triangle

10/3/25

100%

77,595

—

9.7%

8.7%

24,879

4,362

Other stabilized properties

Various

307,142

—

103,079

—

361,308

Properties with vacancy or significant near-term capital requirements:

601, 611, 651, 681, 685, 701, and 751

Gateway Boulevard

South San Francisco/San Francisco Bay

Area

12/30/25

(3)

1,104,826

528,684

N/A

283,173

(3)

—

(3)

ARE Nautilus

Torrey Pines/San Diego

12/10/25

100%

218,640

—

192,000

(4)

86,260

409 and 499 Illinois Street

Mission Bay/San Francisco Bay Area

12/17/25

25%

466,297

—

180,273

(5)

416,749

(5)

14 TW Alexander Drive

Research Triangle/Research Triangle

11/20/25

100%

173,820

—

155,000

(6)

78,489

4767 Nexus Center Drive

University Town Center/San Diego

12/31/25

100%

65,280

—

50,000

(7)

15,330

Alexandria Center for Life Science – Long

Island City

New York City/New York City

12/19/25

100%

179,100

—

34,500

—

Other non-stabilized properties

Various

469,992

117,227

97,183

746

992,129

Land:

9363, 9373, and 9393 Towne Centre Drive

University Town Center/San Diego

12/18/25

100%

—

230,000

N/A

40,000

17,978

285, 299, 307, and 345 Dorchester Avenue

Seaport Innovation District/Greater Boston

12/30/25

60%

—

1,040,000

33,500

—

3029 East Cornwallis Road

Research Triangle/Research Triangle

12/31/25

100%

—

600,000

29,500

—

Other land parcels

Various

—

211,232

14,900

—

117,900

Total dispositions completed in 4Q25

1,471,337

(8)

619,914

Total completed 2025 dispositions and sales of partial interests, excluding exchange of partial interests (see below)

$1,812,208

$633,155

Exchange of partial interests

Disposition of Pacific Technology Park

Sorrento Mesa/San Diego

9/9/25

50%

544,352

—

N/A

$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

(1)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.

(2)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.

(3)We held a 50% ownership interest at 601, 611, 651, 681, 685, and 701 Gateway Boulevard and a 51% interest at 751 Gateway Boulevard. At the time of sale, these properties had operating and redevelopment properties occupancy of

62%, with a weighted-average lease term of 5.1 years. Due to macroeconomic conditions in South San Francisco, including significant new supply, lower life science tenant demand, and ongoing challenges leasing both laboratory and

office space, we reassessed the project’s financial outlook and the substantial capital required to lease vacant space and to complete the redevelopment of 651 Gateway Boulevard and future development opportunities. As a result, we sold

the consolidated joint ventures for a gross price of $600.0 million ($560.4 million net of seller credits and sales costs), of which our share of the price (after seller credits) was $283.2 million.

(4)Represents the sale of a non-stabilized campus located outside of a Megacampus ecosystem. At the time of sale, the campus was 76% occupied, with a weighted-average remaining lease term of less than four years. Given our strategy to

invest into our Megacampus and the significant near‑term capital required to re‑stabilize the asset, we decided to reinvest the disposition proceeds into other projects with greater value-creation opportunities.

(5)Represents two life science buildings in which we held a 25% ownership interest. At the time of sale, the properties were 40% occupied, with a weighted-average remaining lease term of 8.3 years. These properties were sold by the joint

venture to an existing tenant following its exercise of a purchase right included in its lease agreement. The gross sales price was $767.1 million ($721.1 million net of seller credits and sales costs), of which our share of the price (after seller

credits) was $180.3 million. Our share of gain on sales of real estate was $103.9 million.

(6)Represents a non-stabilized property that was sold to a user.

(7)We provided seller financing of $33.0 million.

(8)Our share of dispositions completed during the three months ended December 31, 2025 had annual net operating income of $93 million (based on 3Q25 annualized results) with a weighted-average disposition date of December 9, 2025.

Total consolidated annual net operating income related to these dispositions, including our partners’ share, is $118 million (based on 3Q25 annualized results).

Earnings Call Information and About the Company

December 31, 2025

We will host a conference call on Tuesday, January 27, 2026, 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 fourth quarter and year ended December 31, 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, January 27, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 4730896.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 2025 is available in the “For Investors” section of our website at

www.are.com or by following this link: https://www.are.com/fs/2025q4.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 December 31, 2025, Alexandria has a total market capitalization

of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. 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 2026 earnings per share, projected 2026 funds from operations per share, projected 2026 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

December 31, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended

Year Ended

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

12/31/25

12/31/24

Revenues:

Income from rentals

$728,872

$735,849

$737,279

$743,175

$763,249

$2,945,175

$3,049,706

Other income

25,542

(1)

16,095

24,761

14,983

25,696

81,381

66,688

Total revenues

754,414

751,944

762,040

758,158

788,945

3,026,556

3,116,394

Expenses:

Rental operations

232,543

239,234

224,433

226,395

240,432

922,605

909,265

General and administrative

28,020

29,224

29,128

30,675

32,730

117,047

168,359

Interest

65,674

54,852

55,296

50,876

55,659

226,698

185,838

Depreciation and amortization

322,063

340,230

346,123

342,062

330,108

1,350,478

1,202,380

Impairment of real estate

1,717,188

(2)

323,870

129,606

32,154

186,564

2,202,818

223,068

Loss on early extinguishment of debt

—

107

—

107

—

Total expenses

2,365,488

987,517

784,586

682,162

845,493

4,819,753

2,688,910

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

(304)

201

(9,021)

(507)

6,635

(9,631)

7,059

Investment (loss) income

(3,890)

28,161

(30,622)

(49,992)

(67,988)

(56,343)

(53,122)

Gain on sales of real estate

619,914

(2)

9,366

—

13,165

101,806

642,445

129,312

Net (loss) income

(995,354)

(197,845)

(62,189)

38,662

(16,095)

(1,216,726)

510,733

Net income attributable to noncontrolling interests

(85,521)

(2)

(34,909)

(44,813)

(47,601)

(46,150)

(212,844)

(187,784)

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

stockholders

(1,080,875)

(232,754)

(107,002)

(8,939)

(62,245)

(1,429,570)

322,949

Net income attributable to unvested restricted stock awards

(965)

(2,183)

(2,609)

(2,660)

(2,677)

(8,417)

(13,394)

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

common stockholders

$(1,081,840)

$(234,937)

$(109,611)

$(11,599)

$(64,922)

$(1,437,987)

$309,555

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

Inc.’s common stockholders:

Basic

$(6.35)

$(1.38)

$(0.64)

$(0.07)

$(0.38)

$(8.44)

$1.80

Diluted

$(6.35)

$(1.38)

$(0.64)

$(0.07)

$(0.38)

$(8.44)

$1.80

Weighted-average shares of common stock outstanding:

Basic

170,394

170,181

170,135

170,522

172,262

170,307

172,071

Diluted

170,394

170,181

170,135

170,522

172,262

170,307

172,071

Dividends declared per share of common stock

$0.72

$1.32

$4.68

$5.19

(1)Includes an asset management fee paid by our joint venture partner of $7.0 million, which was recognized in connection with the disposition of 409 and 499 Illinois Street. Refer to “2025 dispositions and sales of partial interests” in the

Earnings Press Release for additional details.

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

Consolidated Balance Sheets

December 31, 2025

(In thousands)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Assets

Investments in real estate

$28,689,996

$31,743,917

$32,160,600

$32,121,712

$32,110,039

Investments in unconsolidated real estate joint ventures

30,677

39,601

40,234

50,086

39,873

Cash and cash equivalents

549,062

579,474

520,545

476,430

552,146

Restricted cash

4,693

4,705

7,403

7,324

7,701

Tenant receivables

6,672

6,409

6,267

6,875

6,409

Deferred rent

1,179,403

1,257,378

1,232,719

1,210,584

1,187,031

Deferred leasing costs

458,311

505,241

491,074

489,287

485,959

Investments

1,501,249

1,537,638

1,476,696

1,479,688

1,476,985

Other assets

1,661,772

1,700,785

1,688,091

1,758,442

1,661,306

Total assets

$34,081,835

$37,375,148

$37,623,629

$37,600,428

$37,527,449

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$—

$153,500

$150,807

$149,909

Unsecured senior notes payable

12,047,394

12,044,999

12,042,607

12,640,144

12,094,465

Unsecured senior line of credit and commercial paper

353,161

1,548,542

1,097,993

299,883

—

Accounts payable, accrued expenses, and other liabilities

2,397,073

2,432,726

2,360,840

2,281,414

2,654,351

Dividends payable

127,771

230,603

229,686

228,622

230,263

Total liabilities

14,925,399

16,256,870

15,884,626

15,600,870

15,128,988

Commitments and contingencies

Redeemable noncontrolling interests

58,788

58,662

9,612

19,972

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

Common stock

1,705

1,703

1,701

1,722

Additional paid-in capital

15,497,760

16,669,802

17,200,949

17,509,148

17,933,572

Accumulated other comprehensive loss

(29,395)

(32,203)

(27,415)

(46,202)

(46,252)

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

15,470,070

16,639,302

17,175,235

17,464,647

17,889,042

Noncontrolling interests

3,627,578

4,420,314

4,554,156

4,525,299

4,489,447

Total equity

19,097,648

21,059,616

21,729,391

21,989,946

22,378,489

Total liabilities, noncontrolling interests, and equity

$34,081,835

$37,375,148

$37,623,629

$37,600,428

$37,527,449

Funds From Operations and Funds From Operations per Share

December 31, 2025

(In thousands)

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

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

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

Three Months Ended

Year Ended

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

12/31/25

12/31/24

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

$(1,081,840)

$(234,937)

$(109,611)

$(11,599)

$(64,922)

$(1,437,987)

$309,555

Depreciation and amortization of real estate assets

319,865

338,182

343,729

339,381

327,198

1,341,157

1,191,524

Noncontrolling share of depreciation and amortization from consolidated real estate JVs

(39,942)

(45,327)

(36,047)

(33,411)

(34,986)

(154,727)

(129,711)

Our share of depreciation and amortization from unconsolidated real estate JVs

855

852

942

1,054

1,061

3,703

4,238

Gain on sales of real estate

(307,132)

(1)

(9,824)

—

(13,165)

(100,109)

(330,121)

(127,615)

Impairment of real estate – rental properties and land

1,439,303

(2)

323,870

131,090

—

184,532

1,894,263

192,455

Allocation to unvested restricted stock awards

(1,903)

(1,648)

(1,222)

(686)

(1,182)

(5,681)

(8,696)

Funds from operations attributable to Alexandria’s common stockholders – diluted(3)

329,206

371,168

328,881

281,574

311,592

1,310,607

1,431,750

Unrealized (gains) losses on non-real estate investments

(98,548)

(18,515)

21,938

68,145

79,776

(26,980)

112,246

Significant realized losses on non-real estate investments

103,329

(4)

—

103,329

—

Impairment of non-real estate investments

20,181

(5)

25,139

39,216

11,180

20,266

95,716

58,090

Impairment of real estate

12,619

(2)

—

7,189

32,154

2,032

51,962

30,613

Loss on early extinguishment of debt

—

107

—

107

—

Acceleration of stock compensation expense due to executive officer resignation

2,455

(6)

—

2,455

—

(Decrease) increase in provision for expected credit losses on financial instruments

(341)

—

285

(434)

(56)

(434)

Allocation to unvested restricted stock awards

(363)

(74)

(794)

(1,329)

(1,407)

(2,476)

(3,188)

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

adjusted

$368,538

$377,825

$396,430

$392,009

$411,825

$1,534,664

$1,629,077

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

(1)Excludes our partner’s share of gain on sale of real estate aggregating $312.8 million at our consolidated real estate joint venture at 409 and 499 Illinois Street.

(2)During 4Q25, we finalized the Company’s 2025 capital plan and established an initial 2026 capital plan to fund 2026 construction primarily through the sale of land and non-core real estate assets. As a result, we recognized the following

impairment charges to reduce the carrying amounts of certain assets to their estimated fair values less cost to sell:

Property

Submarket

Impairment

(ARE Share)

Asset Type

Assets designated as held for sale and sold in 4Q25:

601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard (50% and 51% consolidated JVs)

South San Francisco

$205,957

Non-stabilized

285, 299, 307, and 345 Dorchester Avenue (60% consolidated JV)

Seaport Innovation District

149,720

Land

3029 East Cornwallis Road

Research Triangle

82,540

Land

1290 and 1300 Rancho Conejo Boulevard and 2101 Corporate Center Drive

Non-cluster

68,566

Non-stabilized

Assets designated as held for sale in 4Q25 and expected to be sold in 2026:

88 Bluxome Street

SoMa

333,446

Land

100 Edwin H. Land Boulevard

Cambridge

156,370

Land

3825 and 3875 Fabian Way

Greater Stanford

144,682

Stabilized/land

Montreal

Canada

107,056

Non-stabilized

One Hampshire Street

Cambridge

105,694

Non-stabilized

Other non-core assets designated as held for sale in 4Q25

97,891

1,451,922

Noncontrolling interest’s share of impairment in real estate from consolidated real estate JVs

265,266

Consolidated impairment of real estate

$1,717,188

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

(4)In November 2025, we contributed certain publicly traded securities to an unconsolidated joint venture, which resulted in a realized loss of $103.3 million on one transaction that was previously reflected as unrealized losses within

investment income in our consolidated statement of operations. The unconsolidated joint venture sold these securities and distributed $39.9 million to us in December 2025.

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

(6)Relates to the resignation of an executive officer, Daniel J. Ryan, from his position as Co-President & Regional Marketing Director – San Diego.

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

December 31, 2025

(In thousands, except per share amounts)

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

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

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

rounding.

Three Months Ended

Year Ended

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

12/31/25

12/31/24

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

$(6.35)

$(1.38)

$(0.64)

$(0.07)

$(0.38)

$(8.44)

$1.80

Depreciation and amortization of real estate assets

1.65

1.73

1.81

1.80

1.70

6.99

6.20

Gain on sales of real estate

(1.80)

(0.06)

—

(0.08)

(0.58)

(1.94)

(0.74)

Impairment of real estate – rental properties and land

8.45

1.90

0.77

—

1.07

11.12

1.12

Allocation to unvested restricted stock awards

(0.02)

(0.01)

—

(0.04)

(0.06)

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

diluted

1.93

2.18

1.93

1.65

1.81

7.69

8.32

Unrealized (gains) losses on non-real estate investments

(0.58)

(0.11)

0.13

0.40

0.46

(0.16)

0.65

Significant realized losses on non-real estate investments

0.61

—

0.62

—

Impairment of non-real estate investments

0.12

0.15

0.23

0.07

0.12

0.56

0.34

Impairment of real estate

0.07

—

0.04

0.19

0.01

0.30

0.18

Acceleration of stock compensation expense due to executive officer resignation

0.01

—

0.01

—

Allocation to unvested restricted stock awards

—

(0.01)

(0.02)

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

diluted, as adjusted

$2.16

$2.22

$2.33

$2.30

$2.39

$9.01

$9.47

Weighted-average shares of common stock outstanding – diluted

Earnings per share – diluted

170,394

170,181

170,135

170,522

172,262

170,307

172,071

Funds from operations – diluted, per share

170,504

170,305

170,192

170,599

172,262

170,390

172,071

Funds from operations – diluted, as adjusted, per share

170,504

170,305

170,192

170,599

172,262

170,390

172,071

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

SUPPLEMENTAL

INFORMATION

Company Profile

December 31, 2025

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

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

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

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

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

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

Research Triangle, and New York City.

As of December 31, 2025, Alexandria has a total market capitalization of

$20.75 billion and an asset base in North America that includes 35.9 million RSF of

operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction.

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 59

individuals averaging 24 years of real estate experience, including 13 years

with Alexandria. Our executive management team alone averages 15 years

with Alexandria.

EXECUTIVE MANAGEMENT TEAM

Joel S. Marcus

Peter M. Moglia

Executive Chairman &

Founder

Chief Executive Officer &

Chief Investment Officer

Hunter L. Kass

Hart Cole

Co-President & Regional Market Director –

Greater Boston

Co-President & Co-Regional Market

Director – Seattle

Marc E. Binda

Lawrence J. Diamond

Chief Financial Officer &

Treasurer

Co-Chief Operating Officer & Regional

Market Director – Maryland

Joseph Hakman

Jesse J. Nelson

Co-Chief Operating Officer &

Chief Strategic Transactions Officer

EVP – Regional Market Director – San

Francisco

Michael E. Boss

Bret E. Gossett

EVP – Co-Regional Market Director – San

Diego

EVP – Co-Regional Market Director &

Head of Leasing – San Diego

Blake L. Stevens

Joshua J. Mitchell

EVP – Regional Market Director –

Research Triangle

EVP – Regional Market Director – New

York

Hallie E. Kuhn

Jenna R. Foger

EVP – Capital Markets & Co-Lead – Life

Science

EVP – Co-Lead – Life Science

Jackie B. Clem

Gary D. Dean

General Counsel & Secretary

EVP – Real Estate Legal Affairs

Andres R. Gavinet

Onn C. Lee

Chief Accounting Officer

EVP – Accounting

Kristina A. Fukuzaki-Carlson

Madeleine T. Alsbrook

EVP – Business Operations

EVP – Talent Management

Gregory C. Thomas

EVP – Chief Technology Officer

Investor Information

December 31, 2025

Corporate Headquarters

New York Stock Exchange Trading Symbol

Information Requests

26 North Euclid Avenue

Common stock: ARE

Phone:

(626) 578-0777

Pasadena, California 91101

Email:

corporateinformation@are.com

www.are.com

Website:

investor.are.com

Equity Research Coverage

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

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

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

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

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

BMO

CFRA

Green Street

RBC Capital Markets

John Kim / Juan Sanabria

Nathan Schmidt

Dylan Burzinski

Michael Carroll

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

(646) 517-1144

(949) 640-8780

(440) 715-2649

BNP Paribas Exane

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Nate Crossett / Monir Koummal

Nicholas Joseph / Seth Bergey

Anthony Paolone / Ray Zhong

Wesley Golladay / Nicholas Thillman

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

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

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

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

BofA Securities

Citizens

Jefferies

Farrell Granath / Jeff Spector

Aaron Hecht / Linda Fu

Joe Dickstein / Katie Elders

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

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

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

BTIG, LLC

Deutsche Bank AG

Mizuho Securities USA LLC

Tom Catherwood / Michael Tompkins

Tayo Okusanya / Samuel Ohiomah

Vikram Malhotra / Jyoti Yadav

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

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

(212) 282-3827 / (212) 471-2683

Cantor Fitzgerald

Evercore ISI

Morgan Stanley & Co. LLC

Richard Anderson / Jeffrey Carr

Steve Sakwa / James Kammert

Ronald Kamdem / Derrick Metzler

(929) 441-6927 / (929) 709-0434

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

(212) 296-8319 / (212) 761-3366

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

December 31, 2025

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Selected financial data from consolidated financial statements and related information

Rental revenues

$538,330

$541,070

$553,377

$552,112

$566,535

Tenant recoveries

$190,542

$194,779

$183,902

$191,063

$196,714

General and administrative expenses

$28,020

$29,224

$29,128

$30,675

$32,730

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

trailing 12 months

5.6%

5.7%

6.3%

6.9%

7.6%

Operating margin

69%

68%

71%

70%

Adjusted EBITDA margin

70%

71%

72%

Adjusted EBITDA – quarter annualized

$2,097,444

$2,130,008

$2,174,160

$2,165,632

$2,273,480

Adjusted EBITDA – trailing 12 months

$2,141,811

$2,185,820

$2,208,226

$2,218,722

$2,228,921

Net debt at end of period

$11,921,114

$13,085,745

$12,844,726

$12,687,856

$11,762,176

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

5.7x

6.1x

5.9x

5.2x

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

5.6x

6.0x

5.8x

5.7x

5.3x

Total debt and preferred stock at end of period

$12,400,555

$13,593,541

$13,294,100

$13,090,834

$12,244,374

Gross assets at end of period

$40,209,360

$43,791,893

$43,770,007

$43,486,989

$43,152,628

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

31%

30%

28%

Fixed-charge coverage ratio – quarter annualized

3.7x

3.9x

4.1x

4.3x

Fixed-charge coverage ratio – trailing 12 months

4.0x

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%

Closing stock price at end of period

$48.94

$83.34

$72.63

$92.51

$97.55

Common shares outstanding (in thousands) at end of period

170,538

170,339

170,146

170,130

172,203

Total equity capitalization at end of period

$8,346,123

$14,196,059

$12,357,709

$15,738,715

$16,798,446

Total market capitalization at end of period

$20,746,678

$27,789,600

$25,651,809

$28,829,549

$29,042,820

Dividend per share – quarter/annualized

$0.72/$2.88

$1.32/$5.28

Dividend payout ratio for the quarter

33%

60%

57%

55%

Dividend yield – annualized

5.9%

6.3%

7.3%

5.7%

5.4%

Amounts related to operating leases:

Operating lease liabilities at end of period

$360,543

$361,986

$363,419

$371,412

$507,127

Rent expense

$8,566

$10,645

$12,139

$11,666

$10,685

Capitalized interest

$81,845

$86,091

$82,423

$80,065

$81,586

Average real estate basis capitalized during the period

$8,046,984

$8,407,332

$8,107,180

$8,026,566

$8,118,010

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

4.07%

4.10%

4.07%

3.99%

4.02%

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

Financial and Asset Base Highlights (continued)

December 31, 2025

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

Three Months Ended (unless stated otherwise)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

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

Straight-line rent revenue

$14,096

$18,821

$18,536

$22,023

$17,653

Amortization of acquired below-market leases

$5,889

$6,456

$10,196

$15,222

$15,512

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

$5,264

$5,455

$2,401

$1,651

$1,214

Straight-line rent expense on ground leases

$116

$114

$87

$149

$1,021

Cash payment for ground lease extension

$—

$(135,000)

Stock compensation expense

$8,232

$10,293

$12,530

$10,064

$12,477

Amortization of loan fees

$4,481

$4,505

$4,615

$4,691

$4,620

Amortization of debt discounts

$327

$325

$335

$349

$333

Non-revenue-enhancing capital expenditures:

Building improvements

$4,372

$3,948

$4,622

$3,789

$4,313

Tenant improvements and leasing commissions

$26,494

$16,707

$23,971

$73,483

$81,918

Funds from operations attributable to noncontrolling interests

$77,922

$80,236

$80,860

$81,012

$76,111

Operating statistics and related information (at end of period)

Number of properties – North America

340

375

384

386

391

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

39,449,372

42,887,964

43,699,922

43,687,343

44,124,001

Total square footage – North America

59,382,079

66,417,026

67,220,337

68,518,184

69,289,411

Annual rental revenue per occupied RSF – North America

$59.97

$58.94

$58.68

$58.38

$56.98

Occupancy of operating properties – North America

90.9%

(1)

90.6%

90.8%

91.7%

94.6%

Occupancy of operating and redevelopment properties – North America

86.9%

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

1,220,944

1,171,344

769,815

1,030,553

1,310,999

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

Rental rate changes

(9.9)%

15.2%

5.5%

18.5%

18.1%

Rental rate changes (cash basis)

(5.2)%

6.1%

7.5%

3.3%

RSF (included in total leasing activity above)

821,289

354,367

483,409

884,408

1,024,862

Previously vacant leasing activity – RSF

393,376

256,633

154,638

139,715

273,138

Top 20 tenants:

Annual rental revenue

$725,559

$768,528

$795,244

$754,354

$741,965

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

84%

90%

89%

87%

92%

Weighted-average remaining lease term (in years)

9.7

9.4

9.6

9.3

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

Net operating income changes

(6.0)%

(2)

(6.0)%

(5.4)%

(3.1)%

0.6%

Net operating income changes (cash basis)

(1.7)%

(2)

(3.1)%

2.0%

5.1%

6.3%

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

December 31, 2025

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

Investment-Grade or Publicly Traded

Large Cap Tenants

84%

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

annual rental revenue from unconsolidated real estate joint ventures.

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

(2)71% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(3)82% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

Key Operating Metrics

December 31, 2025

Same Property Performance:

Net Operating Income Changes

Rental Rate Growth:

Renewed/Re-Leased Space

Margins(1)

Favorable Lease Structure(2)

Operating

Adjusted EBITDA

Strategic Lease Structure by Owner and Operator

of Collaborative Megacampus Ecosystems

69%

70%

Increasing cash flows

Percentage of leases containing

annual rent escalations

97%

Stable cash flows

Long-Duration Lease Terms(3)

Percentage of triple net leases

92%

9.7 Years

7.5 Years

Lower capex burden

Percentage of leases providing for the

recapture of capital expenditures

92%

Top 20 Tenants

All Tenants

(3.5)%

2024

2025

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

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

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

(2)Percentages calculated based on our annual rental revenue in effect as of December 31, 2025.

(3)Represents the weighted-average remaining term based on annual rental revenue in effect as of December 31, 2025.

Same Property Performance

December 31, 2025

(Dollars in thousands)

December 31, 2025

Same Property Financial Data

Three Months

Ended

Year Ended

Same Property Statistical Data

Three Months

Ended

Year Ended

Percentage change over comparable period from prior year:

Number of same properties

286

282

Net operating income changes

(6.0)%

(3.5)%

Rentable square feet

30,622,240

29,774,548

Net operating income changes (cash basis)

(1.7)%

0.9%

(1)

Occupancy – current-period average

91.0%

92.5%

Operating margin

67%

68%

Occupancy – same-period prior-year average

95.5%

95.2%

Three Months Ended December 31,

Year Ended December 31,

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Income from rentals:

Same properties

$425,975

$451,251

$(25,276)

(5.6)%

$1,687,734

$1,732,019

$(44,285)

(2.6)%

Non-same properties

112,355

115,284

(2,929)

(2.5)

497,155

572,320

(75,165)

(13.1)

Rental revenues

538,330

566,535

(28,205)

(5.0)

2,184,889

2,304,339

(119,450)

(5.2)

Same properties

163,222

160,984

2,238

1.4

627,224

594,471

32,753

5.5

Non-same properties

27,320

35,730

(8,410)

(23.5)

133,062

150,896

(17,834)

(11.8)

Tenant recoveries

190,542

196,714

(6,172)

(3.1)

760,286

745,367

14,919

2.0

Income from rentals

728,872

763,249

(34,377)

(4.5)

2,945,175

3,049,706

(104,531)

(3.4)

Same properties

793

335

458

136.7

1,791

1,267

524

41.4

Non-same properties

24,749

25,361

(612)

(2.4)

79,590

65,421

14,169

21.7

Other income

25,542

25,696

(154)

(0.6)

81,381

66,688

14,693

22.0

Same properties

589,990

612,570

(22,580)

(3.7)

2,316,749

2,327,757

(11,008)

(0.5)

Non-same properties

164,424

176,375

(11,951)

(6.8)

709,807

788,637

(78,830)

(10.0)

Total revenues

754,414

788,945

(34,531)

(4.4)

3,026,556

3,116,394

(89,838)

(2.9)

Same properties

195,291

192,768

2,523

1.3

752,481

706,904

45,577

6.4

Non-same properties

37,252

47,664

(10,412)

(21.8)

170,124

202,361

(32,237)

(15.9)

Rental operations

232,543

240,432

(7,889)

(3.3)

922,605

909,265

13,340

1.5

Same properties

394,699

419,802

(25,103)

(6.0)

1,564,268

1,620,853

(56,585)

(3.5)

Non-same properties

127,172

128,711

(1,539)

(1.2)

539,683

586,276

(46,593)

(7.9)

Net operating income

$521,871

$548,513

$(26,642)

(4.9)%

(2)

$2,103,951

$2,207,129

$(103,178)

(4.7)%

(2)

Net operating income – same properties

$394,699

$419,802

$(25,103)

(6.0)%

$1,564,268

$1,620,853

$(56,585)

(3.5)%

Straight-line rent revenue

(5,296)

(21,637)

16,341

(75.5)

(25,078)

(94,232)

69,154

(73.4)

Amortization of acquired below-market leases and deferred

revenue related to tenant-funded and -built landlord

improvements

(9,503)

(11,504)

2,001

(17.4)

(36,763)

(37,512)

749

(2.0)

Net operating income – same properties (cash basis)

$379,900

$386,661

$(6,761)

(1.7)%

$1,502,427

$1,489,109

$13,318

0.9%

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

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

(1)Includes 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

year ended December 31, 2025, including at 325 Binney Street in our Cambridge submarket and 15 Necco Street in our Seaport Innovation District submarket. Excluding the impact of these initial free rent concessions, same property

net operating income (cash basis) for the year ended December 31, 2025 would have decreased by 1.4%.

(2)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 December 31, 2025 and the year ended

December 31, 2025 would have decreased by 1.7%, and would have increased by 0.9%, respectively, compared to the corresponding periods in 2024.

Leasing Activity

December 31, 2025

(Dollars per RSF)

Three Months Ended

Year Ended

December 31, 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

(9.9)%

(2)

(5.2)%

(2)

7.0%

3.5%

16.9%

7.2%

New rates

$38.58

$42.11

$52.71

$53.66

$65.48

$64.18

Expiring rates

$42.82

$44.44

$49.27

$51.87

$56.01

$59.85

RSF

821,289

2,543,473

3,888,139

Tenant improvements/leasing commissions

$32.26

$55.34

$46.89

Weighted-average lease term

5.9 years

9.0 years

8.5 years

Previously vacant/developed/redeveloped space leased(3)

New rates

$64.08

$62.55

$72.30

$67.56

$59.44

$57.34

Previously vacant RSF

393,376

944,362

672,474

Developed/redeveloped RSF

6,279

704,821

493,341

Weighted-average lease term

8.8 years

13.8 years

10.0 years

Leasing activity summary (totals):

New rates

$46.93

$48.80

$60.42

$59.13

$64.16

$62.68

RSF

1,220,944

4,192,656

5,053,954

Weighted-average lease term

7.6 years

11.9 years

8.9 years

Lease expirations(1)

Expiring rates

$44.66

$46.13

$54.22

$55.56

$53.82

$57.24

RSF

911,029

4,460,081

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 58,516 RSF and 136,131 RSF as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, we granted free rent concessions averaging 1.5

months per annum.

(2)Includes (i) a one-year lease extension aggregating 247,743 RSF with an investment-grade-rated government institution tenant at an office property in Canada and (ii) a 7.4-year lease aggregating 83,354 RSF with an

anchor tenant at one property in our Sorrento Mesa submarket. At acquisition, the office property in Canada 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 business strategy for this property, including the potential sale of the asset, subject to market conditions. Excluding these leases, rental

rates for renewed and re-leased space for the three months ended December 31, 2025 increased by 4.6% and decreased by 5.0% (cash basis).

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

Leasing Activity – Tenant Mix

December 31, 2025

Alexandria’s Leasing Volume Is Driven

by Our Diverse Tenant Mix

Life Science

Product, Service,

and Device

Life Science

Product, Service,

and Device

Multinational

Pharmaceutical

Public

Biotechnology

Multinational

Pharmaceutical

4Q25

2025

Private

Biotechnology

Public

Biotechnology

Other

Advanced

Technology

Other

Biomedical

Institutions

Private

Biotechnology

Advanced

Technology

Biomedical

Institutions

Contractual Lease Expirations

December 31, 2025

Year

RSF

Percentage of Occupied RSF

Annual Rental Revenue (per RSF)(1)

Percentage of Annual Rental Revenue

2026

(2)

2,900,665

9.3%

$52.73

8.2%

2027

3,220,834

10.3%

$54.52

9.4%

2028

3,848,085

12.4%

$51.80

10.7%

2029

1,741,417

5.6%

$46.91

4.4%

2030

2,482,633

8.0%

$43.28

5.7%

2031

3,550,982

11.4%

$54.17

10.3%

2032

864,810

2.8%

$58.02

2.7%

2033

2,164,696

6.9%

$50.94

5.9%

2034

2,733,787

8.8%

$67.66

9.9%

2035

1,042,126

3.3%

$57.39

3.2%

Thereafter

6,601,764

21.2%

$84.09

29.6%

Market

2026 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

2027 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

144,451

—

248,627

393,078

$44.01

50,649

—

179,430

230,079

$94.88

San Francisco Bay Area

6,527

22,000

—

286,652

315,179

69.98

1,873

—

215,684

217,557

70.96

San Diego

—

49,791

52,620

(3)

153,477

255,888

54.62

—

339,716

43.71

Seattle

32,500

—

150,145

182,645

28.00

4,320

25,898

—

486,950

517,168

43.59

Maryland

171,239

—

173,729

344,968

29.48

—

261,550

27.38

Research Triangle

42,318

6,439

—

99,209

147,966

43.66

34,910

—

242,303

277,213

34.74

New York City

35,256

—

39,659

74,915

71.65

—

98,299

91.95

Texas

—

91,711

26.10

Non-cluster/other markets

—

24,567

59.21

—

11,418

N/A

Subtotal

432,291

78,230

52,620

1,176,065

1,739,206

47.11

91,752

25,898

—

1,927,061

2,044,711

50.43

Key lease expirations with

expected downtime

140,986

9,836

—

1,010,637

(4)

1,161,459

(4)

61.14

—

1,176,123

(5)

61.61

Total

573,277

88,066

52,620

2,186,702

2,900,665

$52.73

91,752

25,898

—

3,103,184

3,220,834

$54.52

Percentage of expiring leases

20%

75%

100%

96%

100%

Contractual lease expirations for properties classified as held for sale as of December 31, 2025 are excluded from the information on this page.

(1)Represents amounts in effect as of December 31, 2025.

(2)Excludes month-to-month leases aggregating 58,516 RSF as of December 31, 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 from an

existing building, which generated annual rental revenue of $4.1 million as of 4Q25, 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)Key lease expirations with expected downtime represent space expected to become vacant at lease expiration and re-leased to new tenants. We have identified prospects or have early discussions with prospective tenants for 468,470

RSF of the 1.0 million RSF listed under remaining expiring leases. We continue to evaluate business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect downtime for 2026 key lease

expirations to be approximately 6 to 24 months on a weighted-average basis, and we expect these properties to remain operating properties.

Property or Campus

Submarket

RSF

% of Leased/

Negotiating

Weighted Average

Expiration Date

Located on

Megacampus

Annual Rental Revenue

From Lease Expirations/

Known Vacancies

Alexandria Stanford Life Science District

Greater Stanford

137,970

—%

June 2026

$12,899

One Alexandria Square

Torrey Pines

118,225

January 2026

10,064

Alexandria Center® at One Kendall Square

Cambridge

92,775

—

May 2026

7,783

9625 Towne Centre Drive

University Town Center

163,648

—

January 2026

6,520

5810/5820 Nancy Ridge Drive

Sorrento Mesa

83,354

100

January 2026

3,389

Alexandria Center® at Kendall Square

Cambridge

45,636

—

January 2026

4,564

Remaining

Various

519,851

May 2026

(6)

25,792

1,161,459

13%

April 2026

$71,011

(5)Represents key 2027 lease expirations with expected downtime primarily in our Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average expiration date in March 2027 and

annual rental revenue aggregating $72 million. Included in these expirations are seven leases aggregating 531,984 RSF and $42.3 million in annual rental revenue with four separate tenants that will relocate to our current active

development and redevelopment projects upon completion of their tenant improvements. On a combined basis, these tenants will expand their footprint within our portfolio by over 41%. Additionally, we have identified prospects or have

early discussions with prospective tenants for 302,028 RSF of the total 1.2 million RSF. We expect downtime to be approximately 9 to 24 months on a weighted-average basis, and we expect these properties to remain operating properties.

(6)Approximately 69% of the 519,851 RSF expiring leases are located on a Megacampus.

Top 20 Tenants

December 31, 2025

(Dollars in thousands, except average market cap amounts)

84% 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

5.6

1,344,987

$116,140

6.1%

$102.64

Eli Lilly and Company

9.3

1,000,591

84,928

4.5

Aa3

A+

$784.24

Moderna, Inc.

12.9

462,100

71,571

3.8

—

$11.32

Takeda Pharmaceutical Company Limited

9.4

549,759

47,899

2.5

Baa1

BBB+

$46.08

Eikon Therapeutics, Inc.(2)

13.1

311,806

40,005

2.1

—

$—

AstraZeneca PLC

6.1

440,087

39,413

2.1

A+

$237.13

Illumina, Inc.

5.8

792,687

29,977

1.6

Baa3

BBB

$15.91

Novartis AG

2.1

377,095

29,463

1.6

Aa3

AA-

$251.26

United States Government

4.6

414,499

29,243

(3)

1.5

Aaa

AA+

$—

Uber Technologies, Inc.

56.8

(4)

1,009,188

27,831

1.5

Baa1

BBB

$176.44

Boston Children's Hospital

11.2

309,231

26,294

1.4

Aa2

$—

Sanofi

5.0

267,278

21,851

1.2

Aa3

$125.29

Alphabet Inc.

2.4

418,600

21,837

1.1

Aa2

AA+

$2,562.42

New York University

6.6

218,983

21,110

1.1

Aa2

AA-

$—

Cloud Software Group Holdings, Inc.

0.7

(5)

216,278

20,553

1.1

—

$—

Massachusetts Institute of Technology

4.0

242,428

20,529

1.1

Aaa

AAA

$—

Charles River Laboratories, Inc.

9.7

242,693

20,207

1.1

—

$7.97

Merck & Co., Inc.

8.0

308,356

19,610

1.0

Aa3

A+

$219.09

Vaxcyte, Inc.

9.0

230,755

18,692

1.0

—

$6.09

Altos Labs, Inc.(6)

15.3

158,990

18,406

1.0

—

$—

Total/weighted-average

9.7

(4)

9,316,391

$725,559

38.4%

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

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

(1)Based on annual rental revenue in effect as of December 31, 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

$1.16 billion in private venture capital funding.

(3)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% 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 7.9 years as of December 31, 2025.

(5)Represents one lease encompassing three properties located on the Alexandria Stanford Life Science District campus, which we acquired in 2022 and for which we are evaluating business strategy based on market conditions. 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 “Contractual lease expirations” in the

Supplemental Information for additional details.

(6)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer of GlaxoSmithKline. Altos Labs is backed by a group of prominent long-term investors and has raised $3.0 billion in private

funding.

Summary of Properties and Occupancy

December 31, 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

9,220,527

583,407

1,383,691

11,187,625

28%

$709,347

37%

$89.07

San Francisco Bay Area

6,131,550

212,796

107,250

6,451,596

347,448

68.83

San Diego

6,093,824

975,135

—

7,068,959

320,581

54.14

Seattle

2,926,554

227,577

—

3,154,131

121,514

46.95

Maryland

3,732,888

—

3,732,888

153,169

44.35

Research Triangle

3,435,634

—

3,435,634

94,667

28.94

New York City

729,461

—

729,461

66,085

93.96

Texas

1,646,187

—

73,298

1,719,485

36,866

28.02

Non-cluster/other markets(1)

414,216

—

414,216

12,379

32.75

Properties held for sale

1,555,377

—

1,555,377

37,697

36.46

North America

35,886,218

1,998,915

1,564,239

39,449,372

100%

340

$1,899,753

100%

$59.97

3,563,154

Summary of occupancy

Operating Properties

Operating and Redevelopment Properties

Market

12/31/25

9/30/25

12/31/24

12/31/25

9/30/25

12/31/24

Greater Boston

86.4%

86.8%

94.8%

75.1%

73.6%

80.8%

San Francisco Bay Area

90.9

90.4

93.3

89.4

86.4

89.1

San Diego

97.2

95.2

96.3

97.2

95.2

96.3

Seattle

88.4

(2)

90.1

92.4

88.4

90.1

92.4

Maryland

93.6

93.9

95.7

93.6

93.9

95.7

Research Triangle

95.2

94.9

97.4

95.2

94.9

97.4

New York City

96.4

98.3

88.4

96.4

98.3

88.4

Texas

79.9

95.5

76.5

91.8

Subtotal

90.9

90.8

94.8

86.9

85.9

90.0

Canada

N/A

(3)

90.3

95.9

N/A

85.4

82.9

Non-cluster/other markets

91.2

(1)

69.6

72.5

91.2

69.6

72.5

North America

90.9%

(4)

90.6%

94.6%

86.9%

85.8%

89.7%

(1)Includes one property aggregating 247,743 RSF previously included in our Canada market.

(2)Decline in occupancy primarily related to temporary vacancy from one lease expiration aggregating 50,552 RSF in our Bothell submarket. This space is already re-leased, with occupancy expected to commence in 1Q26.

(3)10 properties in Canada were designated as held for sale in 4Q25 and the remaining one property was reclassified into our non-cluster market.

(4)Includes temporary vacancies as of December 31, 2025 aggregating 899,259 RSF, or 2.5% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, 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 August 2026 and the expected annual rental revenue is approximately $52 million.

Property Listing

December 31, 2025

(Dollars in thousands)

Our Megacampus™ Properties Account for 78% 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

2,213,866

—

2,213,866

$212,458

93.7%

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

1,294,598

—

1,294,598

136,034

91.2

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

and 2000), and 325 and 399 Binney Street

Megacampus: Alexandria Technology Square®

1,192,075

—

1,192,075

79,341

73.9

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

Megacampus: The Arsenal on the Charles

787,760

—

333,758

1,121,518

46,020

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

26,298

91.4

Cambridge/Inner Suburbs

5,875,079

191,396

333,758

6,400,233

500,151

86.9

82.2

Fenway

Megacampus: Alexandria Center® for Life Science – Fenway

1,452,183

392,011

—

1,844,194

104,651

79.2

401 and 421 Park Drive and 201 Brookline Avenue

Seaport Innovation District

5 and 15(1) Necco Street

459,395

—

459,395

47,019

97.0

Route 128

Megacampus: Alexandria Center® for Life Science – Waltham

465,981

—

596,064

1,062,045

38,566

97.8

42.9

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

1,051,207

—

596,064

1,647,271

52,760

97.4

62.1

Other

Megacampus: 30, 200, and 3000 Minuteman Road

382,663

—

453,869

836,532

4,766

62.5

28.6

Greater Boston

9,220,527

583,407

1,383,691

11,187,625

$709,347

86.4%

75.1%

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

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

Property Listing (continued)

December 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

San Francisco Bay Area

Mission Bay

Megacampus: Alexandria Center® for Science and Technology –

Mission Bay(1)

1,557,403

212,796

—

1,770,199

$65,400

96.0%

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

65,400

96.0

South San Francisco

Megacampus: Alexandria Center® for Advanced Technologies – South San

Francisco

812,453

—

107,250

919,703

42,600

79.0

69.8

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

Alexandria Center® for Life Science – South San Francisco

504,232

—

504,232

28,642

83.0

201 Haskins Way and 400 and 450 East Jamie Court

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan

445,232

—

445,232

2,365

100.0

1122 and 1150 El Camino Real

Alexandria Technology Center® – Gateway

326,197

—

326,197

19,461

89.7

600, 630, 650, 901, and 951 Gateway Boulevard

Alexandria Center® for Life Science – Millbrae(1)

285,346

—

285,346

37,003

100.0

230 Harriet Tubman Way

500 Forbes Boulevard(1)

155,685

—

155,685

10,908

100.0

South San Francisco

2,529,145

—

107,250

2,636,395

140,979

88.5

84.9

Greater Stanford

Megacampus: Alexandria Center® for Life Science – San Carlos

738,038

—

738,038

46,677

91.4

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

Alexandria Stanford Life Science District

705,787

—

705,787

53,480

86.8

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

24,429

86.5

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

198,548

—

198,548

13,751

100.0

2100 and 2200 Geng Road

62,526

—

62,526

2,732

100.0

Greater Stanford

2,045,002

—

2,045,002

141,069

90.1

San Francisco Bay Area

6,131,550

212,796

107,250

6,451,596

$347,448

90.9%

89.4%

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)

December 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

San Diego

Torrey Pines

Megacampus: One Alexandria Square

1,090,906

—

1,090,906

$77,138

96.5%

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

308,565

—

308,565

14,461

86.2

10578, 10618, and 10628 Science Center Drive

Torrey Pines

1,399,471

—

1,399,471

91,599

94.2

University Town Center

Megacampus: Campus Point by Alexandria(1)

1,310,696

893,525

—

2,204,221

84,466

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

893,525

—

3,160,556

120,964

99.7

Sorrento Mesa

Megacampus: SD Tech by Alexandria(1)

969,416

81,610

—

1,051,026

48,072

98.0

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

10055, 10065, and 10075 Barnes Canyon Road

Megacampus: Sequence District by Alexandria

671,039

—

671,039

24,306

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

10102 Hoyt Park Drive

144,113

—

144,113

11,379

100.0

5810/5820 Nancy Ridge Drive

83,354

—

83,354

3,389

100.0

9877 Waples Street

63,774

—

63,774

2,680

100.0

Sorrento Mesa

2,248,227

81,610

—

2,329,837

101,347

99.1

Sorrento Valley

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

151,406

—

151,406

4,857

55.9

11045 Roselle Street

27,689

—

27,689

1,814

100.0

Sorrento Valley

179,095

—

179,095

6,671

62.7

San Diego

6,093,824

975,135

—

7,068,959

$320,581

97.2%

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)

December 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Seattle

Lake Union

Megacampus: Alexandria Center® for Life Science – Eastlake

1,151,975

—

1,151,975

$68,694

91.3%

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

23,372

98.8

400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219

Terry Avenue North

Lake Union

1,565,153

227,577

—

1,792,730

92,066

93.3

Elliott Bay

410 West Harrison Street and 410 Elliott Avenue West

20,101

—

20,101

459

72.5

Bothell

Megacampus: Alexandria Center® for Advanced Technologies – Canyon

Park

815,000

—

815,000

15,674

84.2

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

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

22522 29th Drive Southeast, 22213 and 22309 30th Drive Southeast, and

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

Alexandria Center® for Advanced Technologies – Monte Villa Parkway

463,243

—

463,243

12,834

79.7

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

Bothell

1,278,243

—

1,278,243

28,508

82.6

Other

63,057

—

63,057

481

91.7

Seattle

2,926,554

227,577

—

3,154,131

121,514

88.4

Maryland

Rockville

Megacampus: Alexandria Center® for Life Science – Shady Grove

1,691,960

—

1,691,960

93,315

94.7

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

3,813

87.6

1405 Research Boulevard

72,170

—

72,170

2,501

94.7

1500 and 1550 East Gude Drive

91,359

—

91,359

1,844

100.0

5 Research Place

63,852

—

63,852

3,125

100.0

5 Research Court

51,520

—

51,520

1,976

100.0

12301 Parklawn Drive

49,185

—

49,185

1,853

100.0

Rockville

2,151,553

—

2,151,553

$108,427

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)

December 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

Maryland (continued)

Gaithersburg

Alexandria Technology Center® – Gaithersburg I

619,061

—

619,061

$19,663

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

16,254

95.1

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

Road

401 Professional Drive

63,207

—

63,207

1,351

79.7

950 Wind River Lane

50,000

—

50,000

1,234

100.0

620 Professional Drive

27,950

—

27,950

1,207

100.0

Gaithersburg

1,246,518

—

1,246,518

39,709

93.9

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

3,307

96.4

101 West Dickman Street(1)

142,933

—

142,933

1,726

66.5

Beltsville

334,817

—

334,817

5,033

83.6

Maryland

3,732,888

—

3,732,888

153,169

93.6

Research Triangle

Megacampus: Alexandria Center® for Life Science – Durham

2,041,067

—

2,041,067

44,493

97.3

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

Alexandria Way, and 2400 Ellis Road

Megacampus: Alexandria Center® for Advanced Technologies and AgTech

– Research Triangle

711,886

—

711,886

29,585

94.1

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

Megacampus: Alexandria Center® for Sustainable Technologies

259,962

—

259,962

7,343

84.8

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

Alexandria Technology Center® – Alston

121,204

—

121,204

2,279

80.5

800 and 801 Capitola Drive

Alexandria Innovation Center® – Research Triangle

136,563

—

136,563

4,064

96.1

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

3,435,634

—

3,435,634

$94,667

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.

Property Listing (continued)

December 31, 2025

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

New York City

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

729,461

—

729,461

$66,085

96.4%

430 and 450 East 29th Street

New York City

729,461

—

729,461

66,085

96.4

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

Non-cluster/other markets

414,216

—

414,216

12,379

91.2

North America, excluding properties held for sale

34,330,841

1,998,915

1,564,239

37,893,995

320

1,862,056

90.9%

86.9%

Properties held for sale

1,555,377

—

1,555,377

37,697

66.5%

Total – North America

35,886,218

1,998,915

1,564,239

39,449,372

340

$1,899,753

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

December 31, 2025

ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT

DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL

GROWTH IN ANNUAL NET OPERATING INCOME

Placed Into

Service

Near-Term

Deliveries

Intermediate-

Term Deliveries

Evaluating

Business

Strategy

2025

2026

2027–2028

2026-2028

$78M

$97M

$123M

$113M

97%

Occupied

86%

Leased/Negotiating

51%

Leased/Negotiating

852,764 RSF

699,933 RSF

1.6 million RSF

1.2 million RSF

(1)

(2)

(3)

(4)

(5)

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 20,444 RSF that were vacant and/or unleased at delivery.

(2)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from projects

expected to be placed into service primarily commencing through 2026 is projected to be $74 million. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current

projects” in the Supplemental Information for additional details.

(3)Our share of incremental annual net operating income from projects expected to stabilize in 2027-2028 is projected to be $92 million.

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

(5)Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027-2028.

Investments in Real Estate

December 31, 2025

(Dollars in thousands)

Development and Redevelopment

Under Construction

Operating

2026

Stabilization

2027- 2028

Stabilization

Evaluating

Strategy

Future

Subtotal

Total

Square footage

Operating

34,330,841

—

34,330,841

Future Class A/A+ development and redevelopment properties

—

699,933

1,614,994

1,248,227

19,907,130

23,470,284

Future development and redevelopment square feet currently included in

rental properties(1)

—

(52,620)

—

(1,815,084)

(1,867,704)

Total square footage, excluding properties held for sale

34,330,841

699,933

1,562,374

1,248,227

18,092,046

21,602,580

55,933,421

Properties held for sale

1,555,377

—

1,893,281

3,448,658

Total square footage

35,886,218

699,933

1,562,374

1,248,227

19,985,327

23,495,861

59,382,079

Investments in real estate

Gross book value as of December 31, 2025(2)

$27,767,849

$777,861

$1,382,807

$1,020,344

$3,868,660

$7,049,672

(3)

$34,817,521

Properties held for sale

452,825

—

261,208

714,033

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

$27,315,024

$777,861

$1,382,807

$1,020,344

$3,607,452

$6,788,464

$34,103,488

20%

17%

11% to 16%

Non-Income-Producing Assets(4) as a Percentage of Gross Assets

(1)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.

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

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

(3)Our share of investment in our development and redevelopment pipeline is $6.35 billion.

(4)Excludes properties classified as held for sale, of which land parcels represent approximately 1% of total non-income producing assets.

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

December 31, 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

171,469 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

December 31, 2025

(Dollars in thousands)

Incremental Annual Net Operating Income Generated From 2025 Deliveries

Aggregated $78 Million(1), Including $10 Million in 4Q25

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(3)

Total Project

Unlevered Yields

4Q25

Delivery

Date(2)

Prior to

1/1/25

1Q25

2Q25

3Q25

4Q25

Total

Initial

Stabilized

Initial

Stabilized

(Cash Basis)

RSF

Investment

Development projects

99 Coolidge Avenue/Greater Boston/

Cambridge/Inner Suburbs

N/A

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

N/A

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

48.6%

—

285,346

—

285,346

100%

285,346

476,000

7.5

6.2

10935, 10945, and 10955 Alexandria Way/

San Diego/Torrey Pines

N/A

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

12/18/25

50.0%

—

17,718

—

13,772

139,979

171,469

100%

253,079

321,000

5.5

5.7

Weighted average/total

12/18/25

421,480

303,064

119,202

185,517

139,979

1,169,242

1,442,248

$2,150,000

6.6%

6.3%

Assets sold in 2025 or designated as held for sale in 4Q25:

651 Gateway Boulevard/San Francisco Bay

Area/South San Francisco(4)

N/A

67,017

—

22,005

—

89,022

N/A

Canada(5)

N/A

78,487

6,430

76,567

—

161,484

N/A

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 20,444 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.

(4)During December 2025, we sold our 50% controlling interest in a consolidated real estate joint venture at 651 Gateway Boulevard. Refer to “2025 Dispositions and sales of partial interests” in the Earnings Press Release for additional

details.

(5)As of December 31, 2025, our Canada project was designated as held for sale.

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

December 31, 2025

REDUCED FUTURE CONSTRUCTION COMMITMENTS

BY MORE THAN $300 MILLION

FROM FOUR PROJECTS

Submarket

As of 3Q25

Property

CIP RSF

Total Project

Leased/

Negotiating

Project Status

as of 4Q25

Projects under construction as of 3Q25

4,239,762

43%

Redevelopment projects removed from pipeline in 4Q25:

651 Gateway Boulevard

South San Francisco

(237,684)

21%

Sold in 4Q25

Canada

(56,314)

Held for sale as of 4Q25

One Hampshire Street

Cambridge

(104,956)

—

Held for sale as of 4Q25

401 Park Drive

Fenway

(137,675)

—

Reclassified to operating(1)

(536,629)

Projects placed into service in 4Q25

(139,979)

100

Projects under construction as of 4Q25

3,563,154

46%

(1)We plan to lease this property as office which will require less incremental capital.

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

December 31, 2025

99 Coolidge Avenue

311 Arsenal Street

50 and 60 Sylvan Road(1)

1450 Owens Street

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/Route 128

San Francisco Bay Area/

Mission Bay

191,396 RSF

333,758 RSF

267,015 RSF

212,796 RSF

81% Leased/Negotiating

7% Leased/Negotiating

74% Leased/Negotiating

49% Leased/Negotiating

269 East Grand Avenue

4135 Campus Point Court

Campus Point by Alexandria

10075 Barnes Canyon Road

701 Dexter Avenue North

San Francisco Bay Area/

South San Francisco

San Diego/

University Town Center

San Diego/

University Town Center

San Diego/Sorrento Mesa

Seattle/Lake Union

107,250 RSF

426,927 RSF

466,598 RSF

81,610 RSF

227,577 RSF

—% Leased/Negotiating

100% Leased

68% Leased/Negotiating

23% Leased/Negotiating

(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 (continued)

December 31, 2025

Property/Market/Submarket

Located

on Mega-

campus

Dev/

Redev

Square Footage

Percentage

Occupancy(1)

In Service

CIP

Total

Leased

Leased/

Negotiating

Initial

Stabilized

Under construction

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

171,469

81,610

253,079

1Q25

2H26

300,882

699,933

1,000,815

2027-2028 stabilization

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

Redev

56,904

333,758

390,662

2027

50 and 60 Sylvan Road/Greater Boston/Route 128

Redev

—

267,015

4Q26

2027

1450 Owens Street/San Francisco Bay Area/Mission Bay

Dev

—

212,796

—

2027

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

Redev

—

107,250

—

2H26

2027

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

Dev

—

466,598

100

2028

701 Dexter Avenue North/Seattle/Lake Union

Dev

—

227,577

4Q26

2027

56,904

1,614,994

1,671,898

Evaluating business strategy

8800 Technology Forest Place/Texas/Greater Houston

Redev

50,094

73,298

123,392

2Q23

4Q26

3000 Minuteman Road/Greater Boston/Other

Redev

—

453,869

—

2027

40 Sylvan Road/Greater Boston/Route 128

Redev

—

329,049

—

2027

421 Park Drive/Greater Boston/Fenway

Dev

—

392,011

2027

2028

50,094

1,248,227

1,298,321

Total under construction

407,880

3,563,154

3,971,034

43%

46%

(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)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 56.4% 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 4Q25. 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 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)

December 31, 2025

(Dollars in thousands)

Our

Ownership

Interest

At 100%

Unlevered Yields

Property/Market/Submarket

In Service

CIP

Cost to

Complete

Total at

Completion

Initial

Stabilized

Initial Stabilized

(Cash Basis)

Under construction

2026 stabilization with 86% leased/negotiating

99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs

100%

$162,887

$210,603

$70,510

$444,000

6.0%

6.8%

4135 Campus Point Court/San Diego/University Town Center

56.4%

—

434,465

89,535

524,000

9.4%

6.2%

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

50.0%

123,133

132,793

65,074

321,000

5.5%

5.7%

286,020

777,861

2027-2028 stabilization with 51% leased/negotiating(1)

311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs

100%

21,854

306,028

TBD

50 and 60 Sylvan Road/Greater Boston/Route 128

100%

—

345,046

1450 Owens Street/San Francisco Bay Area/Mission Bay

25.0%

—

247,271

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

100%

—

119,546

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

56.4%

—

62,790

597,210

660,000

7.3%

6.5%

701 Dexter Avenue North/Seattle/Lake Union

100%

—

302,126

TBD

21,854

1,382,807

Evaluating business strategy with 8% leased/negotiating

8800 Technology Forest Place/Texas/Greater Houston

100%

60,938

46,578

4,484

112,000

6.3%

6.0%

3000 Minuteman Road/Greater Boston/Other

100%

—

163,966

TBD

40 Sylvan Road/Greater Boston/Route 128

100%

—

225,791

421 Park Drive/Greater Boston/Fenway

100%

—

584,009

60,938

1,020,344

Total under construction

$368,812

$3,181,012

$2,110,000

(3)

$5,660,000

(3)

Our share of investment(3)(4)

$310,000

$2,710,000

$1,710,000

$4,730,000

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 over the next several quarters.

(2)Refer to footnote 2 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 current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus

Point project.

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

December 31, 2025

(Dollars in thousands)

77% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus™ Ecosystems

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

Greater Boston

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

100%

$318,404

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%

234,388

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%

584,009

392,011

—

392,011

421 Park Drive

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

100%

635,997

596,064

515,000

1,111,064

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

Megacampus: 30, 200, and 3000 Minuteman Road/Other

100%

222,659

453,869

608,541

1,062,410

3000 Minuteman Road

Megacampus: Alexandria Technology Square®/Cambridge

100%

8,631

—

100,000

10 Necco Street/Seaport Innovation District

100%

107,099

—

175,000

215 Presidential Way/Route 128

100%

6,816

—

112,000

Other development and redevelopment projects

100%

162,935

—

740,000

$2,280,938

1,967,098

2,844,698

4,811,796

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)

December 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

San Francisco Bay Area

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

25.0%

$247,271

212,796

—

212,796

1450 Owens Street

Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San

Francisco

100%

126,201

107,250

90,000

197,250

211(2) and 269 East Grand Avenue

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

100%

436,956

—

1,930,000

1122, 1150, and 1178 El Camino Real

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

48.6%

160,822

—

348,401

201 and 231 Adrian Road and 30 Rollins Road

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

100%

486,468

—

1,497,830

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

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

100%

83,082

—

240,000

1,540,800

320,046

4,106,231

4,426,277

San Diego

Megacampus: Campus Point by Alexandria/University Town Center

56.4%

(3)

643,229

893,525

500,859

1,394,384

10010(4), 10140(4), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165, and 4224 Campus Point

Court

Megacampus: SD Tech by Alexandria/Sorrento Mesa

50.0%

249,021

81,610

493,845

575,455

9805 Scranton Road and 10075 Barnes Canyon Road

11255 and 11355 North Torrey Pines Road/Torrey Pines

100%

161,539

—

215,000

Megacampus: One Alexandria Square/Torrey Pines

100%

65,706

—

125,280

10975 and 10995 Torreyana Road

Megacampus: 5200 Illumina Way/University Town Center

51.0%

17,982

—

451,832

9625 Towne Centre Drive/University Town Center

30.0%

837

—

100,000

Megacampus: Sequence District by Alexandria/Sorrento Mesa

100%

48,992

—

1,661,915

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

4075 Sorrento Valley Boulevard/Sorrento Valley

100%

29,224

—

144,000

Other development and redevelopment projects

(2)

78,036

—

475,000

$1,294,566

975,135

4,167,731

5,142,866

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.

(3)The noncontrolling interest share of our real estate 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 to 75%, after

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

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

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

December 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

Seattle

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

(2)

$596,213

227,577

1,057,400

1,284,977

601 and 701 Dexter Avenue North and 800 Mercer Street

1010 4th Avenue South/SoDo

100%

62,763

—

544,825

410 West Harrison Street/Elliott Bay

100%

—

91,000

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

100%

20,256

—

230,000

21660 20th Avenue Southeast

Other development and redevelopment projects

100%

155,787

—

706,087

835,019

227,577

2,629,312

2,856,889

Maryland

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

100%

28,382

—

296,000

9830 Darnestown Road

28,382

—

296,000

Research Triangle

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

100%

165,816

—

2,060,000

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

Research Triangle

100%

113,493

—

1,170,000

4 and 12 Davis Drive

Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle

100%

56,351

—

750,000

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

Other development and redevelopment projects

100%

1,647

—

25,000

337,307

—

4,005,000

New York City

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

100%

178,148

—

550,000

(3)

550,000

$178,148

—

550,000

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

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

(3)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 annual report on Form 10-K for the three months ended

December 31, 2025 filed with the SEC on January 26, 2026 for additional details.

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

December 31, 2025

(Dollars in thousands)

Market

Property/Submarket

Our

Ownership

Interest

Book Value

Square Footage

Development and Redevelopment

Under

Construction

Future

Total(1)

Texas

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

100%

$49,691

73,298

116,405

189,703

8800 Technology Forest Place

1001 Trinity Street and 1020 Red River Street/Austin

100%

135,868

—

250,010

Other development and redevelopment projects

100%

60,241

—

344,000

245,800

73,298

710,415

783,713

Other development and redevelopment projects

100%

47,504

—

597,743

Total pipeline as of December 31, 2025, excluding properties held for sale

6,788,464

3,563,154

19,907,130

23,470,284

Properties held for sale

261,208

—

1,893,281

Total pipeline as of December 31, 2025

$7,049,672

(2)

3,563,154

21,800,411

25,363,565

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

(1)Total square footage includes 1.9 million 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 $3.18 billion of projects that are currently under construction.

Construction Spending

December 31, 2025

(Dollars in thousands)

Construction spending

Projected Guidance

Midpoint for Year Ending

December 31, 2026

Year Ended

December 31, 2025

Year Ended

December 31, 2024

Construction of Class A/A+ properties:

Active construction projects

Includes development and redevelopment under construction(1)

1,445,000

1,216,572

1,791,097

Future pipeline pre-construction

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

210,000

(2)

275,971

426,948

Revenue- and non-revenue-enhancing capital expenditures(3)

510,000

(4)

324,293

273,377

Construction spending (before contributions from noncontrolling interests or tenants)

2,165,000

1,816,836

2,491,422

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(100,000)

(5)

(193,936)

(343,798)

Tenant-funded and -built landlord improvements

(315,000)

(178,651)

(129,152)

Total construction spending

1,750,000

1,444,249

2,018,472

2026 guidance range for construction spending

$1,500,000 – $2,000,000

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

Timing

Amount(5)

2026

$100,000

2027 and beyond

37,000

Total

$137,000

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

(1)Includes smaller conversions to laboratory space through redevelopment.

(2)Approximately 75% represents capitalized costs.

(3)Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements.

(4)The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 55% of the total spending within this category. The first project relates to a property located at the Alexandria Center® for

Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket, which is leased to a new tenant and is undergoing its first major renovation in 12 years. The second project relates to a property at the

Alexandria Technology Square® Megacampus in our Cambridge submarket, which is undergoing its first major renovation in 16 years.

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

Capitalization of Interest

December 31, 2025

(Dollars in thousands)

Leased/

Negotiating

Average Real Estate

Basis Capitalized

During 2025

Percentage of Total

Average Real Estate

Basis Capitalized

Key Categories of Real Estate Basis Capitalized

Construction of Class A/A+ properties:

Development and redevelopment of projects under construction:

2026 stabilization

86%

$590,069

2027-2028 stabilization

51%

1,308,800

Evaluating business strategy

878,661

Repositioning and smaller redevelopment projects

1,187,460

(1)

Future pipeline projects with critical pre-construction milestones during 2026:

Megacampus projects

2,078,801

(2)

Non-Megacampus projects

987,518

(2)

Assets sold in 2025 or designated as held for sale as of 4Q25(3)

1,115,707

Total average real estate basis capitalized(4)

$8,147,016

100%

Under construction – evaluating business

strategy – $878.7 million

Repositioning and smaller redevelopment

projects(1) – $1.19 billion

Under construction – 2026 stabilization –

$590.1 million (86% leased/negotiating)

Future projects with critical milestones in 2026 –

Megacampus projects(2) – $2.08 billion

Under construction – 2027-2028 stabilization –

$1.31 billion (51% leased/negotiating)

Future projects with critical milestones in 2026 –

Non-Megacampus projects – $987.5 million

Assets sold in 2025 or designated as

held for sale as of 4Q25 – $1.12 billion

Percentage of Total Average Real Estate Basis Capitalized During 2025

(1)Includes the real estate basis related to the 899,259 RSF of vacant space as of December 31, 2025 that is leased with future delivery. The weighted-average expected delivery date is approximately August 2026.

(2)Approximately 74% of future pipeline projects 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 a weighted-average real estate investment basis by May 2026. At each milestone date, 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 dispositions of real estate assets.

(3)The weighted-average date as of which capitalization of interest ceased was in early December 2025.

(4)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, payroll, 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 2025.

Joint Venture Financial Information

December 31, 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

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

San Francisco Bay Area

Mission Bay

75.0%

548,215

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

51.4%

285,346

3215 Merryfield Row

San Diego

Torrey Pines

70.0%

170,523

Campus Point by Alexandria(2)(4)

San Diego

University Town Center

43.6%

(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%

969,416

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

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 $49.6 million redeemable noncontrolling interest earning a fixed return as

of December 31, 2025.

(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 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South.

(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 real estate 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 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 two insignificant unconsolidated real estate joint ventures.

(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)

December 31, 2025

(In thousands)

As of December 31, 2025

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

Investments in real estate

3,317,283

83,974

Cash, cash equivalents, and restricted cash

139,397

1,853

Other assets

402,602

10,238

Secured notes payable

—

(60,864)

Other liabilities

(172,916)

(4,524)

Redeemable noncontrolling interests

(58,788)

—

3,627,578

30,677

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

December 31, 2025

Three Months Ended

Year Ended

Three Months Ended

Year Ended

Total revenues

114,339

467,580

2,656

10,619

Rental operations

(36,231)

(145,209)

(1,040)

(4,048)

78,108

322,371

1,616

6,571

General and administrative

(823)

(3,016)

(32)

(133)

Interest

(62)

(967)

(1,058)

(4,176)

Depreciation and amortization of real estate assets

(39,942)

(154,727)

(855)

(3,703)

Impairment of real estate

(265,266)

(1)

(265,266)

—

(8,673)

Gain on sale of real estate of consolidated JV

312,807

(2)

312,807

—

Gain on sale of interest of unconsolidated JV

—

483

Fixed returns allocated to redeemable noncontrolling interests(3)

699

1,642

—

85,521

212,844

(304)

(9,631)

Straight-line rent and below-market lease revenue

2,723

19,580

139

645

Funds from operations(4)

77,922

320,030

526

2,262

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

(1)Relates to our partners’ share of impairment charges recognized in connection with real estate properties held by consolidated joint ventures at 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard and 285, 299, 307, and

345 Dorchester Avenue. Refer to “2025 dispositions and sales of partial interests” in the Earnings Press Release for additional details.

(2)Relates to our partner’s share of the gain on sale of real estate recognized upon the disposition of the properties at 409 and 499 Illinois Street.

(3)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.

(4)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

December 31, 2025

(Dollars in thousands)

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

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

December 31, 2025

Year Ended

December 31, 2024

Three Months Ended

Year Ended

Realized (losses) gains:

Realized gains

$21,072

$115,722

$117,214

Impairment of non-real estate investments

(20,181)

(1)

(95,716)

(58,090)

Significant realized loss

(103,329)

(2)

(103,329)

(2)

—

(102,438)

(83,323)

59,124

Unrealized gains (losses)

98,548

(3)

26,980

(4)

(112,246)

(5)

Investment loss

$(3,890)

$(56,343)

$(53,122)

December 31, 2025

December 31, 2024

Investments

Cost

Unrealized Gains

Unrealized Losses

Carrying Amount

Publicly traded companies

$54,752

$44,319

$(4,143)

$94,928

$105,667

Entities that report NAV

460,160

89,514

(37,298)

512,376

609,866

Entities that do not report NAV:

Entities with observable price changes

82,252

50,601

(9,615)

123,238

174,737

Entities without observable price changes

413,324

—

413,324

400,487

Investments accounted for under the equity method

N/A

357,383

186,228

December 31, 2025

$1,010,488

(6)

$184,434

$(51,056)

$1,501,249

$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)

18%

Tenant

Public

82%

Non-Tenant

96%

Private

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

(2)In November 2025, we contributed certain publicly traded securities to an unconsolidated joint venture, which resulted in a realized loss of $103.3 million on one transaction that was previously reflected as unrealized losses within

investment income in our consolidated statement of operations. The unconsolidated joint venture sold these securities and distributed $39.9 million to us in December 2025.

(3)Consists of unrealized gains of $24.2 million primarily resulting from the increase in fair values of our investments in privately held entities that report NAV and $74.3 million resulting from accounting reclassifications of unrealized losses

recognized in prior periods into realized losses upon our realization of investments during the three months ended December 31, 2025.

(4)Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 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 2.5% of gross assets as of December 31, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Balance Sheet

December 31, 2025

ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT

LIQUIDITY

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2021(1)

$5.3B

96.7%

REMAINING DEBT TERM

(IN YEARS)

DEBT INTEREST

RATE

12.1

3.91%

Longest Among S&P 500 REITs(3)

ACHIEVED

4Q25 LEVERAGE(2)

5.7x

WEIGHTED AVERAGE

TOP 15%

BBB+

Negative

Baa1

Negative

CREDIT RATING RANKING AMONG

ALL PUBLICLY TRADED U.S. REITS(4)

As of December 31, 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 December 31, 2025.

(2)Represents net debt and preferred stock to Adjusted EBITDA for the fourth quarter annualized.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025, except for ARE, which is as of December 31, 2025.

Key Credit Metrics

December 31, 2025

Liquidity

Limited Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$5.3B

(in millions)

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

outstanding under our commercial paper program

$4,647

Cash, cash equivalents, and restricted cash

554

Investments in publicly traded companies

Liquidity as of December 31, 2025

$5,296

Net Debt and Preferred Stock to Adjusted EBITDA(1)

Fixed-Charge Coverage Ratio(1)

5.6x to 6.2x

3.6x to 4.1x

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

(1)Quarter annualized.

Summary of Debt

December 31, 2025

(Dollars in millions)

Weighted-Average Remaining Term of 12.1 Years

(1)In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment.

(2)Refer to footnotes 2 through 4 on page 52 under “Fixed-rate and variable-rate debt” for additional details.

Summary of Debt (continued)

December 31, 2025

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM

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

5.9 Years

Average Debt Term

of S&P 500 REITs

as of September 30, 2025

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

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

Summary of Debt (continued)

December 31, 2025

(Dollars in thousands)

Fixed-rate and variable-rate debt

Fixed-Rate

Debt

Variable-Rate

Debt

Total

Percentage

Weighted-Average

Interest Rate(1)

Remaining Term

(in years)

Unsecured senior notes payable

$12,047,394

$—

$12,047,394

97.2%

3.90%

12.3

Unsecured senior line of credit(2) and commercial

paper program(3)

—

353,161

2.8

4.33

4.1

(4)

Total/weighted average

$12,047,394

$353,161

$12,400,555

100.0%

3.91%

12.1

(4)

Percentage of total debt

97.2%

2.8%

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 December 31, 2025, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.50 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 back-stopped 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 December 31, 2025, we had $353.2 million of commercial paper notes outstanding.

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

consolidated weighted-average maturity of our debt is 12.0 years. The commercial paper notes sold during the year ended December 31, 2025 were issued at a weighted-average yield to maturity of 4.48% and had a weighted-

average maturity term of 19 days.

Average Debt Outstanding

Weighted-Average Interest Rate

December 31, 2025

Three Months Ended

Year Ended

Three Months Ended

Year Ended

Long-term fixed-rate debt

$12,121,545

$12,248,039

3.88%

3.87%

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

program debt

2,318,358

1,281,104

4.28

4.55

Blended-average interest rate

14,439,903

13,529,143

3.94

3.93

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

N/A

0.13

Total/weighted average

$14,439,903

$13,529,143

4.07%

4.06%

Summary of Debt (continued)

December 31, 2025

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

December 31, 2025

Requirement

December 31, 2025

Total Debt to Total Assets

≤ 60%

32%

≤ 60.0%

33.5%

Secured Debt to Total Assets

≤ 40%

—%

≤ 45.0%

—%

Consolidated EBITDA to Interest Expense

≥ 1.5x

7.8x

≥ 1.50x

3.41x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

302%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

7.63x

(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)

5.74%

$26,750

$19,136

58.4%

1655 and 1725 Third Street

2/10/35

6.37%

6.44%

500,000

496,881

10.0%

$526,750

$516,017

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2025.

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

Summary of Debt (continued)

December 31, 2025

(Dollars in thousands)

Debt

Stated

Rate

Interest

Rate(1)

Maturity

Date(2)

Principal Payments Remaining for the Periods Ending December 31,

Principal

Unamortized

(Deferred

Financing

Cost),

(Discount)/

Premium

Total

2026

2027

2028

2029

2030

Thereafter

Unsecured senior line of credit and commercial

paper program(3)

(3)

4.33%

(3)

1/22/30

(3)

$—

$353,500

$—

$353,500

$(339)

$353,161

Unsecured senior notes payable

4.30%

4.50

1/15/26

(4)

300,000

—

300,000

(36)

299,964

Unsecured senior notes payable

3.80%

3.96

4/15/26

350,000

—

350,000

(162)

349,838

Unsecured senior notes payable

3.95%

4.13

1/15/27

—

350,000

—

350,000

(555)

349,445

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(888)

424,112

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

—

300,000

(805)

299,195

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

—

400,000

(1,655)

398,345

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

—

450,000

(1,686)

448,314

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

—

700,000

(3,947)

696,053

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(3,704)

746,296

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(6,043)

893,957

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(6,240)

993,760

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(6,477)

793,523

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(4,500)

495,500

Unsecured senior notes payable

5.50%

5.66

10/1/35

—

550,000

(6,316)

543,684

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(3,767)

396,233

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,756)

297,244

Unsecured senior notes payable

4.00%

3.91

2/1/50

—

700,000

9,844

709,844

Unsecured senior notes payable

3.00%

3.08

5/18/51

—

850,000

(10,842)

839,158

Unsecured senior notes payable

3.55%

3.63

3/15/52

—

1,000,000

(13,228)

986,772

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,373)

492,627

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,470)

593,530

Unsecured debt weighted-average interest rate/

subtotal

3.91

650,000

350,000

425,000

700,000

1,503,500

8,850,000

12,478,500

(77,945)

12,400,555

Weighted-average interest rate/total

3.91%

$650,000

$350,000

$425,000

$700,000

$1,503,500

$8,850,000

$12,478,500

$(77,945)

$12,400,555

Balloon payments

$650,000

$350,000

$425,000

$700,000

$1,503,500

$8,850,000

$12,478,500

$—

$12,478,500

Principal amortization

—

(77,945)

Total debt

$650,000

$350,000

$425,000

$700,000

$1,503,500

$8,850,000

$12,478,500

$(77,945)

$12,400,555

Fixed-rate debt

$650,000

$350,000

$425,000

$700,000

$1,150,000

$8,850,000

$12,125,000

$(77,606)

$12,047,394

Variable-rate debt

—

353,500

—

353,500

(339)

353,161

Total debt

$650,000

$350,000

$425,000

$700,000

$1,503,500

$8,850,000

$12,478,500

$(77,945)

$12,400,555

Weighted-average stated rate on maturing debt

4.03%

3.95%

3.50%

4.71%

3.66%

(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.

(4)In January 2026, we repaid our 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment.

Definitions and Reconciliations

December 31, 2025

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

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

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

Adjusted EBITDA and Adjusted EBITDA margin

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

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

Adjusted EBITDA margin:

Three Months Ended

(Dollars in thousands)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Net (loss) income

$(995,354)

$(197,845)

$(62,189)

$38,662

$(16,095)

Interest expense

65,674

54,852

55,296

50,876

55,659

Income taxes

1,851

3,737

1,020

1,145

1,855

Depreciation and amortization

322,063

340,230

346,123

342,062

330,108

Stock compensation expense

8,232

10,293

12,530

10,064

12,477

Loss on early extinguishment of debt

—

107

—

Gain on sales of real estate

(619,914)

(9,366)

—

(13,165)

(101,806)

Unrealized (gains) losses on non-real estate

investments

(98,548)

(18,515)

21,938

68,145

79,776

Significant realized losses on non-real estate

investments

103,329

—

Impairment of real estate

1,717,188

323,870

129,606

32,154

186,564

Impairment of non-real estate investments

20,181

25,139

39,216

11,180

20,266

Increase (decrease) in provision for expected

credit losses on financial instruments

(341)

—

285

(434)

Adjusted EBITDA

$524,361

$532,502

$543,540

$541,408

$568,370

Total revenues

$754,414

$751,944

$762,040

$758,158

$788,945

Adjusted EBITDA margin

70%

71%

72%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

those indicators in evaluating performance or liquidity.

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

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

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

our operating activities.

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

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

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

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

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

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

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

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

investors.

Definitions and Reconciliations (continued)

December 31, 2025

Annual rental revenue

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

accordance with GAAP. It includes 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 December 31, 2025, approximately 92% 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

December 31, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be

subject to revision or withdrawal at any time.

Development, redevelopment, and pre-construction

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

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

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

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

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

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

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

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

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

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

long-term asset value.

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

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

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

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

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

quality Class A/A+ properties.

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

activities preceding commencement of construction of aboveground building improvements. The

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

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

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

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

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

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

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

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

growth-stage life science companies.

Definitions and Reconciliations (continued)

December 31, 2025

Development, redevelopment, and pre-construction (continued)

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

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

Class B to Class A/A+.

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

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

Dividend payout ratio (common stock)

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

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

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

stockholders – diluted, as adjusted.

Dividend yield

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

closing common stock price at the end of the quarter.

Space Intentionally Blank

Fixed-charge coverage ratio

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

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

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

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

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

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

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

charge coverage ratio:

Three Months Ended

(Dollars in thousands)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Adjusted EBITDA

$524,361

$532,502

$543,540

$541,408

$568,370

Interest expense

$65,674

$54,852

$55,296

$50,876

$55,659

Capitalized interest

81,845

86,091

82,423

80,065

81,586

Amortization of loan fees

(4,481)

(4,505)

(4,615)

(4,691)

(4,620)

Amortization of debt discounts

(327)

(325)

(335)

(349)

(333)

Cash interest and fixed charges

$142,711

$136,113

$132,769

$125,901

$132,292

Fixed-charge coverage ratio:

– quarter annualized

3.7x

3.9x

4.1x

4.3x

– trailing 12 months

4.0x

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 potentially be

misleading for our investors.

Definitions and Reconciliations (continued)

December 31, 2025

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

common stockholders

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

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

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

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

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

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

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

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

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

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

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

the operating performance of our properties.

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

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

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

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

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

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

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

corresponding period.

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

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

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

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

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

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

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

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

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

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

therefore do not provide a reconciliation for funds from operations 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 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 potentially be misleading

for our investors.

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

December 31, 2025

(In thousands)

Three Months

Ended

Year Ended

Three Months

Ended

Year Ended

Net income (loss)

$85,521

$212,844

$(304)

$(9,631)

Depreciation and amortization of real

estate assets

39,942

154,727

855

3,703

Gain on sale of real estate of

consolidated JV

(312,807)

—

Gain on sale of interest of

unconsolidated JV

—

(25)

(483)

Impairment of real estate

265,266

—

8,673

Funds from operations

$77,922

$320,030

$526

$2,262

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Total assets

$34,081,835

$37,375,148

$37,623,629

$37,600,428

$37,527,449

Accumulated depreciation

6,127,525

6,416,745

6,146,378

5,886,561

5,625,179

Gross assets

$40,209,360

$43,791,893

$43,770,007

$43,486,989

$43,152,628

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)

December 31, 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 December 31, 2025, as reported by Bloomberg Professional

Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the

tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s

lease obligation upon such tenant’s default. We monitor the credit quality and related material changes

of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10

billion, which are not immediately reflected in the twelve-month average, may result in their exclusion

from this measure.

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)

December 31, 2025

Investments in real estate

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

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$34,817,521

Less: accumulated depreciation

(6,127,525)

Investments in real estate

$28,689,996

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 December 31, 2025:

Percentage of

(Dollars in thousands)

Book Value

Gross

Assets

Annual Rental

Revenue

Projects under active construction

$3,181,012

—%

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

Megacampuses

3,607,452

Total Class A/A+ development and redevelopment pipeline, excluding

properties held for sale

6,788,464

Properties held for sale – land parcels

261,208

—

Total Class A/A+ development and redevelopment pipeline

$7,049,672

18%

(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 December 31,

2025. These lease expirations or vacant space at recently acquired properties represent future

opportunities for which we have the intent, subject to market conditions and leasing, to commence first-

time conversion from non-laboratory space to laboratory space, or to commence future ground-up

development:

Dev/

Redev

RSF of Lease Expirations Targeted for

Development and Redevelopment

Property/Submarket

2026

2027

Thereafter(1)

Total

Under construction 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

3000 Minuteman Road/Greater Boston

Redev

—

167,549

1122 and 1150 El Camino Real/South San Francisco

Dev

—

375,232

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

Canada

Redev

—

247,743

—

1,815,084

Total

52,620

—

1,815,084

1,867,704

(1)Includes vacant square footage as of December 31, 2025.

Space Intentionally Blank

Definitions and Reconciliations (continued)

December 31, 2025

Joint venture financial information

We present components of balance sheet and operating results information related to our real

estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.

We present the proportionate share of certain financial line items as follows: (i) for each real estate joint

venture that we consolidate in our financial statements, which are controlled by us through contractual

rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest

economic ownership percentage to each financial item to arrive at the amount of such cumulative

noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that

we do not control and do not consolidate, 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

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. We consider Megacampuses that include a minimum of 750,000 operating

RSF to be Established Megacampuses. These Megacampuses have realized the scale and flexibility

that deliver strategic optionality to our tenants. We present certain metrics related to our Established

Megacampuses because we believe they facilitate a more robust understanding of certain of our

operating trends.

The following table reconciles our annual rental revenue and development and redevelopment

pipeline RSF, excluding properties classified as held for sale, as of December 31, 2025:

(Dollars in thousands)

Annual Rental

Revenue

Development and

Redevelopment

Pipeline RSF

Megacampus

$1,451,391

16,735,429

Core and non-core

410,665

4,867,151

Total

$1,862,056

21,602,580

Megacampus as a percentage of annual rental revenue and

of total development and redevelopment pipeline RSF

78%

77%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends is reduced by distributions to

noncontrolling interests, excludes liquidating distributions from asset sales, and excludes changes in

operating assets and liabilities as they represent timing differences.

Space Intentionally Blank

Definitions and Reconciliations (continued)

December 31, 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)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Secured notes payable

$—

$153,500

$150,807

$149,909

Unsecured senior notes payable

12,047,394

12,044,999

12,042,607

12,640,144

12,094,465

Unsecured senior line of credit and

commercial paper

353,161

1,548,542

1,097,993

299,883

—

Unamortized deferred financing costs

74,314

76,383

78,574

80,776

77,649

Cash and cash equivalents

(549,062)

(579,474)

(520,545)

(476,430)

(552,146)

Restricted cash

(4,693)

(4,705)

(7,403)

(7,324)

(7,701)

Preferred stock

—

Net debt and preferred stock

$11,921,114

$13,085,745

$12,844,726

$12,687,856

$11,762,176

Adjusted EBITDA:

– quarter annualized

$2,097,444

$2,130,008

$2,174,160

$2,165,632

$2,273,480

– trailing 12 months

$2,141,811

$2,185,820

$2,208,226

$2,218,722

$2,228,921

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

5.7x

6.1x

5.9x

5.2x

– trailing 12 months

5.6x

6.0x

5.8x

5.7x

5.3x

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 potentially be 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

Year Ended

(Dollars in thousands)

12/31/25

12/31/24

12/31/25

12/31/24

Net (loss) income

$(995,354)

$(16,095)

$(1,216,726)

$510,733

Equity in losses (earnings) of unconsolidated real

estate joint ventures

304

(6,635)

9,631

(7,059)

General and administrative expenses

28,020

32,730

117,047

168,359

Interest expense

65,674

55,659

226,698

185,838

Depreciation and amortization

322,063

330,108

1,350,478

1,202,380

Impairment of real estate

1,717,188

186,564

2,202,818

223,068

Loss on early extinguishment of debt

—

107

—

Gain on sales of real estate

(619,914)

(101,806)

(642,445)

(129,312)

Investment loss

3,890

67,988

56,343

53,122

Net operating income

521,871

548,513

2,103,951

2,207,129

Straight-line rent revenue

(14,096)

(17,653)

(73,476)

(143,329)

Amortization of deferred revenue related to tenant-

funded and -built landlord improvements

(5,264)

(1,214)

(14,771)

(1,543)

Amortization of acquired below-market leases

(5,889)

(15,512)

(37,763)

(85,679)

Provision for expected credit losses on financial

instruments

(341)

(434)

(56)

(434)

Net operating income (cash basis)

$496,281

$513,700

$1,977,885

$1,976,144

Net operating income (cash basis) – annualized

$1,985,124

$2,054,800

$1,977,885

$1,976,144

Net operating income (from above)

$521,871

$548,513

$2,103,951

$2,207,129

Total revenues

$754,414

$788,945

$3,026,556

$3,116,394

Operating margin

69%

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)

December 31, 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 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 potentially be 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)

December 31, 2025

Same property comparisons (continued)

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

ended December 31, 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

Campus Point by Alexandria

—

Unconsolidated real estate JVs

Development – placed into

Properties held for sale

service after January 1, 2024

Properties

Total properties excluded from same

properties

1150 Eastlake Avenue East

9810 Darnestown Road

Same properties

282

9820 Darnestown Road

Total properties in North America as of

December 31, 2025

340

4155 Campus Point Court

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

8800 Technology Forest Place

311 Arsenal Street

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

Year Ended

(In thousands)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

12/31/25

12/31/24

Income from rentals

$728,872

$735,849

$737,279

$743,175

$763,249

$2,945,175

$3,049,706

Rental revenues

(538,330)

(541,070)

(553,377)

(552,112)

(566,535)

(2,184,889)

(2,304,339)

Tenant recoveries

$190,542

$194,779

$183,902

$191,063

$196,714

$760,286

$745,367

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)

December 31, 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)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Unencumbered net operating income

$521,871

$512,710

$535,766

$530,691

$547,921

Encumbered net operating income

—

1,841

1,072

592

Total net operating income

$521,871

$512,710

$537,607

$531,763

$548,513

Unencumbered net operating income as a

percentage of total net operating income

100.0%

99.7%

99.8%

99.9%

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

Year Ended

(In thousands)

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

12/31/25

12/31/24

Basic shares for earnings per

170,394

170,181

170,135

170,522

172,262

170,307

172,071

Unvested RSAs with

forfeitable dividends

—

Diluted shares for earnings

per share

170,394

170,181

170,135

170,522

172,262

170,307

172,071

Basic shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,394

170,181

170,135

170,522

172,262

170,307

172,071

Unvested RSAs with

forfeitable dividends

110

124

—

Diluted shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,504

170,305

170,192

170,599

172,262

170,390

172,071

Weighted-average unvested

RSAs with nonforfeitable

dividends used in

calculating the allocations

of net income, funds from

operations, and funds from

operations, as adjusted

1,570

1,917

1,998

2,053

2,417

1,883

2,779

Mentions · how they’re counted

Category	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	0
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	—	0
Recession recession, downturn, contraction, slowdown	0	0
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	0	0
Buybacks share repurchase, buyback program	—	1

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.

Not placed in the text

These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.

Theme · FFO guidance reiteration

“Projected 2026 Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted: $6.25 to $6.55.”

Source: SEC EDGAR · public domain · Highlights by Palanor