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JUST ANNOUNCED
ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY
HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL TENANT
IN JULY FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT OUR CAMPUS
POINT BY ALEXANDRIA MEGACAMPUS™ IN SAN DIEGO
HIGHLIGHTS
•
16-year lease term with a
credit tenant
•
Underscores uniquely
targeted demand for
our leading life science
destination in
San Diego
•
R&D hub embedded
in an amenity-rich
Megacampus
ecosystem that enables
tenants to recruit and
retain top talent
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Table of Contents
June 30, 2025
COMPANY HIGHLIGHTS
Page
Mission and Cluster Model .....................................................................
EARNINGS PRESS RELEASE
Page
Page
Second Quarter Ended June 30, 2025 Financial and Operating
Results ...................................................................................................
Consolidated Statements of Operations ..........................................
Guidance ...................................................................................................
Consolidated Balance Sheets ............................................................
Dispositions and Sales of Partial Interests ..........................................
SUPPLEMENTAL INFORMATION
Page
Page
Company Profile .......................................................................................
External Growth / Investments in Real Estate
Investor Information .................................................................................
Investments in Real Estate ................................................................
Financial and Asset Base Highlights .....................................................
New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Client Base .................................................
Recent Deliveries ...........................................................................
Internal Growth
Current Projects ..............................................................................
Key Operating Metrics .............................................................................
Summary of Pipeline ......................................................................
Same Property Performance ..................................................................
Construction Spending ........................................................................
Leasing Activity .........................................................................................
Capitalization of Interest .....................................................................
Contractual Lease Expirations ...............................................................
Joint Venture Financial Information ...................................................
Top 20 Tenants .........................................................................................
Balance Sheet Management
Summary of Properties and Occupancy ..............................................
Investments ..........................................................................................
Property Listing ........................................................................................
Balance Sheet ......................................................................................
Key Credit Metrics ...............................................................................
Summary of Debt .................................................................................
Definitions and Reconciliations
Definitions and Reconciliations ..........................................................
CONFERENCE CALL
INFORMATION:
Tuesday, July 22, 2025
2:00 p.m. Eastern Time
11:00 a.m. Pacific Time
(833) 366-1125 or
(412) 902-6738
Ask to join the conference call for
Alexandria Real Estate Equities, Inc.
CONTACT INFORMATION:
Alexandria Real Estate Equities, Inc.
corporateinformation@are.com
JOEL S. MARCUS
Executive Chairman &
Founder
PETER M. MOGLIA
Chief Executive Officer &
Chief Investment Officer
MARC E. BINDA
Chief Financial Officer &
Treasurer
PAULA SCHWARTZ
Managing Director,
Rx Communications Group
(917) 633-7790
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ALEXANDRIA’S
MEGACAMPUS™
PLATFORM
75%
OF OUR ANNUAL
RENTAL REVENUE
As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
LARGEST, HIGHEST-QUALITY
ASSET BASE CLUSTERED IN
THE BEST LOCATIONS
SECTOR-LEADING CLIENT
BASE OF ~750 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY
EXPERIENCED MANAGEMENT TEAM
LIFE SCIENCE REAL ESTATE
WE INVENTED IT.
WE DOMINATE IT.
THE MOST TRUSTED BRAND IN
LIFE SCIENCE REAL ESTATE
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ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES
SUPERIOR OPERATING RESULTS
ALEXANDRIA’S
MEGACAMPUS PLATFORM
75%
of Annual Rental Revenue
ALEXANDRIA’S MEGACAMPUS OCCUPANCY
OUTPERFORMS THE MARKET(1)
17%
Occupancy
Outperformance
91%
Megacampus
74%
Market
  As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the occupancy at Alexandria’s Megacampus ecosystems within the Greater Boston, San Francisco Bay Area, and San Diego markets as of June 30, 2025, compared to the average market occupancy for these markets per the
Q1 2025 U.S. Life Sciences Report published by CBRE Research.
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(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 
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(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 
(2)Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.”
(3)Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Represents the latest published data, which reflects U.S. estimate for 2022.
(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to COVID.
(5)Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.
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(1)Source: Evaluate Pharma, May 27, 2025. Represents percentage of top 20 biopharma product sales generated from M&A and partnerships in 2024. M&A includes company and product acquisitions. Partnerships include products
sourced by a company through in-licensing deals.
ALEXANDRIA’S HISTORICALLY CONSISTENT AND SOLID DIVIDENDS
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2Q25
7.3%
Dividend
Yield
57%
Dividend Payout
Ratio
2021–2025
$2.3B
Net Cash Provided by
Operating Activities
After Dividends
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ANNUAL COMMON STOCK DIVIDEND PER SHARE
(1)
(2)
(3)
(1)Dividend yield is calculated as the dividend declared for the three months ended June 30, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on June 30, 2025 of $72.63.
(2)Represents the aggregate sum for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.
(3)Represents the common stock dividend declared of $1.32 per share for the three months ended June 30, 2025 annualized.
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Alexandria Real Estate Equities, Inc. Reports:
2Q25 and 1H25 Net Loss per Share – Diluted of $(0.64) and $(0.71), respectively; and
2Q25 and 1H25 FFO per Share – Diluted, as Adjusted, of $2.33 and $4.63, respectively
PASADENA, Calif. – July 21, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the second quarter ended June 30, 2025.
Key highlights
Operating results
2Q25
2Q24
1H25
1H24
Total revenues:
In millions
$762.0
$766.7
$1,520.2
$1,535.8
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions
$(109.6)
$42.9
$(121.2)
$209.8
Per share
$(0.64)
$0.25
$(0.71)
$1.22
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions
$396.4
$405.5
$788.4
$809.4
Per share
$2.33
$2.36
$4.63
$4.71
A sector-leading REIT with a high-quality, diverse tenant base and strong margins
(As of June 30, 2025, unless stated otherwise)
Occupancy of operating properties in North America
90.8%
(1)
Percentage of annual rental revenue in effect from Megacampus™ platform
75%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
53%
Operating margin
71%
Adjusted EBITDA margin
71%
Percentage of leases containing annual rent escalations
97%
Weighted-average remaining lease term:
Top 20 tenants
9.4
years
All tenants
7.4
years
Sustained strength in tenant collections:
July 2025 tenant rents and receivables collected as of July 21, 2025
99.4%
2Q25 tenant rents and receivables collected as of July 21, 2025
99.9%
(1)Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be
occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date
is January 2, 2026.
Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all
publicly traded U.S. REITs
•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of
4.1x for 2Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x,
respectively.
•Significant liquidity of $4.6 billion.
•Only 9% of our total debt matures through 2027.
•12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.
•Since 2021, our quarter-end fixed-rate debt averaged 97.2%.
•Total debt and preferred stock to gross assets of 30%.
•$297.3 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 3Q25 through 2027 and beyond, including $116.7 million
from 3Q25 to 4Q25.
Leasing volume and rental rate increases
•Leasing volume of 769,815 RSF during 2Q25.
•In July 2025, we executed the largest life science lease in company history with a long-
standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease,
aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our
University Town Center submarket. If this were included in the leasing volume for 2Q25, the
total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF. Refer
to “Subsequent events” in the Earnings Press Release for additional details.
•Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash
basis) for 2Q25 and 13.2% and 6.9% (cash basis) for 1H25.
•84% of our leasing activity during the last twelve months was generated from our existing
tenant base.
2Q25
1H25
Total leasing activity – RSF
769,815
1,800,368
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)
483,409
1,367,817
Rental rate increase
5.5%
13.2%
Rental rate increase (cash basis)
6.1%
6.9%
Leasing of development and redevelopment space – RSF
131,768
138,198
Dividend strategy to share net cash flows from operating activities with stockholders while
retaining a significant portion for reinvestment
•Common stock dividend declared for 2Q25 of $1.32 per share aggregating $5.26 per
common share for the twelve months ended June 30, 2025, up 18 cents, or 3.5%, over the
twelve months ended June 30, 2024.
•By maintaining our recent dividend at $1.32 per share, over $40 million of additional liquidity
and equity capital can be reinvested annually.
•Dividend yield of 7.3% as of June 30, 2025.
•Dividend payout ratio of 57% for the three months ended June 30, 2025.
•Significant net cash flows provided by operating activities after dividends retained for
reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024
and the midpoint of our 2025 guidance range.
Ongoing execution of Alexandria’s 2025 capital recycling strategy
We expect to fund a significant portion of our capital requirements for the year ending
December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and
sales to owner/users. We expect dispositions of land to represent 20%–30% of our total
dispositions and sales of partial interests for 2025.
(in millions)
Completed dispositions
$261
Our share of pending transactions subject to non-refundable deposits,
signed letters of intent, and/or purchase and sale agreement
negotiations
525
Our share of completed and pending 2025 dispositions
786
40%
Additional targeted dispositions
1,164
60
2025 guidance midpoint for dispositions and sales of partial interests
$1,950
100%
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Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)
June 30, 2025
Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $15 million commencing during 2Q25, with an additional $139 million of incremental
annual net operating income anticipated to deliver by 4Q26 primarily from projects 84% leased/
negotiating
•During 2Q25, we placed into service development and redevelopment projects aggregating
217,774 RSF that are 90% occupied across three submarkets and delivered incremental
annual net operating income of $15 million.
•A significant 2Q25 delivery was 119,202 RSF at 10935, 10945, and 10955 Alexandria Way
located in this asset at the One Alexandria Square Megacampus in our Torrey Pines
submarket.
•Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield
(cash basis), respectively, were primarily driven by leasing space at higher rental rates 
than previously underwritten and a $23 million reduction in total investment due to
construction cost savings from overall project efficiencies.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $57 million upon the burn-off of initial free rent, which has a weighted-average
burn-off period of approximately three months.
•During 1Q25-4Q26, we expect to deliver annual net operating income representing nearly 9%
of the total net operating income for 2024.
•74% of the RSF in our total development and redevelopment pipeline is within our
Megacampus ecosystems.
Development and Redevelopment Projects
Incremental
Annual Net
Operating Income
RSF
Occupied/
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service:
1Q25
$37
309,494
100%
2Q25
15
(1)
217,774
90
Placed into service in 1H25
$52
(1)
527,268
96%
Expected to be placed into service:
3Q25 through 4Q26
$139
(2)
1,155,041
(3)
84%
(4)
2027 through 2028(5)
261
3,270,238
28%
$400
(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF
that are vacant and/or unleased as of June 30, 2025.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond,
including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy
years under “New Class A/A+ development and redevelopment properties: current projects” in the
Supplemental Information for additional details.
(3)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial
deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected
to stabilize during 2H25 and 2026.
(5)Includes one 100% pre-leased committed near-term project expected to commence construction in the next
year. 
Significant leasing progress on temporary vacancy
Occupancy as of June 30, 2025
90.8%
(1)
Temporary vacancies now leased with future delivery
1.7
(2)
Occupancy as of June 30, 2025, including leased, but not yet delivered space
92.5%
(1)Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)Represents temporary vacancy as of June 30, 2025 aggregating 668,795 RSF, primarily in the Greater Boston,
San Francisco Bay Area, and San Diego markets, which is leased and expected to be occupied upon
completion of building and/or tenant improvements. The weighted-average expected delivery date is
January 2, 2026.
Key operating metrics
•Net operating income (cash basis) of $2.0 billion for 2Q25 annualized, up $111.4 million, or
5.8%, compared to 2Q24 annualized.
•Same property net operating income changes of (5.4)% and 2.0% (cash basis) for 2Q25 over
2Q24 and (4.3)% and 3.4% (cash basis) for 1H25 over 1H24, which include lease expirations
that became vacant during 1Q25 aggregating 768,080 RSF across six properties and four
submarkets with a weighted-average lease expiration date of January 21, 2025. Excluding
the impact of these lease expirations, same property net operating income changes for 2Q25
would have been (2.1)% and 6.5% (cash basis). As of June 30, 2025, 153,658 RSF was
leased with a weighted-average lease commencement date of April 30, 2026, and we expect
to favorably resolve the remaining 614,422 RSF over the next several quarters.
•General and administrative expenses of $59.8 million for 1H25, representing cost savings of
$31.9 million or 35%, compared to 1H24, primarily the result of cost-control and efficiency
initiatives on reducing personnel-related costs and streamlining business processes.
•As a percentage of net operating income, our general and administrative expenses for the
trailing twelve months ended June 30, 2025 were 6.3%, representing the lowest level in the
past ten years, compared to 9.2% for the trailing twelve months ended June 30, 2024.
Strong and flexible balance sheet
Key metrics as of or for the three months ended June 30, 2025
•$25.7 billion in total market capitalization.
•$12.4 billion in total equity capitalization.
2Q25
Target
Quarter
Trailing
4Q25
Annualized
12 Months
Annualized
Net debt and preferred stock to
Adjusted EBITDA
5.9x
5.8x
Less than or equal to 5.2x
Fixed-charge coverage ratio
4.1x
4.3x
4.0x to 4.5x
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Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)
June 30, 2025
Strong and flexible balance sheet (continued)
Key capital events
•Upon maturity on April 30, 2025, we repaid $600.0 million of our 3.45% unsecured senior
notes payable with proceeds from our February 2025 unsecured senior notes payable
offering.
•Under our common stock repurchase program authorized in December 2024, we may
repurchase up to $500.0 million of our common stock through December 31, 2025. During
2Q25, we did not repurchase any shares. As of July 21, 2025, the approximate value of
shares authorized and remaining under this program was $241.8 million.
•In August 2025, we expect to repay a secured construction loan held by our consolidated real
estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9%
interest. The project is currently 76% leased/negotiating and is expected to deliver in 2026.
We expect to repay the loan aggregating $153.5 million which matures in 2026 and bears an
interest rate of 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early
extinguishment of debt of $99 thousand for the write-off of unamortized deferred financing
costs in 3Q25.
Investments
•As of June 30, 2025:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $7.7 million,
comprising gross unrealized gains and losses aggregating $180.2 million and
$172.5 million, respectively.
•Investment loss of $30.6 million for 2Q25 presented in our consolidated statement of
operations consisted of $30.5 million of realized gains, $21.9 million of unrealized losses, and
$39.2 million of impairment charges.
Other key highlights
Key items included in net income attributable to Alexandria’s common stockholders:
2Q25
2Q24
2Q25
2Q24
1H25
1H24
1H25
1H24
(in millions, except per share
amounts)
Amount
Per Share –
Diluted
Amount
Per Share –
Diluted
Unrealized losses on non-
real estate investments
$(21.9)
$(64.2)
$(0.13)
$(0.37)
$(90.1)
$(35.1)
$(0.53)
$(0.20)
Gain on sales of real estate
—
—
—
—
13.2
0.4
0.08
—
Impairment of non-real
estate investments
(39.2)
(12.8)
(0.23)
(0.08)
(50.4)
(27.5)
(0.30)
(0.16)
Impairment of real estate(1)
(129.6)
(30.8)
(0.76)
(0.18)
(161.8)
(30.8)
(0.95)
(0.18)
Increase in provision for
expected credit losses on
financial instruments
—
—
—
—
(0.3)
—
—
—
Total
$(190.7)
$(107.8)
$(1.12)
$(0.63)
$(289.4)
$(93.0)
$(1.70)
$(0.54)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for
additional details.
Subsequent event
•In July 2025, we executed the largest life science lease in company history with a long-
standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease,
aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our
University Town Center submarket.
•The tenant currently occupies two buildings within the Megacampus, one building
aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025,
the tenant will vacate the 52,620 RSF building to allow for the demolition and development
of the new purpose-built life science building at this site. Upon delivery of the new build-to-
suit property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to
allow for the construction of an amenity which will service the entire Megacampus.
Industry and corporate responsibility leadership: catalyzing and leading the way for
positive change to benefit human health and society
•8 Davis Drive on the Alexandria Center® for Advanced Technologies – Research Triangle
Megacampus won the prestigious 2025 BOMA (Building Owners and Managers Association)
International TOBY (The Outstanding Building of the Year) Award in the Life Science
category. The TOBY Awards are the commercial real estate industry’s highest recognition
honoring excellence in building management and operations. The award represents the
company’s first win in the International TOBY Awards. Of the four regional winners in the Life
Science category that progressed as international TOBY nominees, three were Alexandria-
owned, -operated, and -developed facilities. The two additional Alexandria facilities were:
•201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco
campus in the San Francisco Bay Area and 
•188 East Blaine Street on the Alexandria Center® for Life Science – Eastlake Megacampus
in Seattle.
•We released our 2024 Corporate Responsibility Report, which underscores our
groundbreaking sustainability approach and the continued execution of our impactful
corporate responsibility platform. Notable highlights in the report include:
•The continued advancement of our innovative strategy to reduce operational greenhouse
gas (GHG) emissions in our asset base through energy efficiency, electrification and
alternative energy, and renewable electricity. We reduced operational GHG emissions
intensity by 18% from 2022 to 2024, representing ongoing progress toward our 30%
reduction target by 2030 relative to a 2022 baseline.
•Our steadfast work to catalyze the health and vitality of our local communities and make a
tangible positive impact through action-oriented solutions addressing some of the nation’s
most pressing issues, including mental health and education.
•15 Necco Street, a state-of-the-art R&D facility totaling 345,996 RSF in our Seaport
Innovation District submarket in Greater Boston, earned LEED Platinum certification, the
highest certification level under the U.S. Green Building Council’s Core and Shell rating
system. Home to the Lilly Seaport Innovation Center, the facility serves as the central hub for
Lilly’s genetic medicines efforts.
•We deepened our commitment to driving educational opportunities for students and
supporting STEM education with the opening of the Alexandria Real Estate Equities, Inc.
Learning Lab at the Fred Hutch Cancer Center in Seattle. Designed and built by Alexandria in
close collaboration with Fred Hutch’s Science Education and Facilities teams, the innovative
laboratory environment is dedicated to inspiring and training future scientists.
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Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)
June 30, 2025
Industry and corporate responsibility leadership (continued)
•Alexandria was named a recipient of the 2025 Charles A. Sanders, MD, Partnership Award by
the Foundation for the National Institutes of Health (FNIH) in recognition of our key role in
catalyzing a public-private partnership focused on the development of biomarkers for major
depressive disorder to address the urgent need for new medicines for neuropsychology.
•Lawrence J. Diamond, co-chief operating officer and regional market director of Maryland,
was honored with the Beacon of Service Award at the Maryland Tech Council’s 2025 ICON
Awards. The award recognizes Mr. Diamond’s leadership, service, and profound impact on
Maryland’s innovation ecosystem and broader community. 
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class,
mission-driven life science REIT making a positive and lasting impact on the world. With our
founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the
preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™
ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San
Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of
June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset base in
North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class
A/A+ properties undergoing construction and one 100% pre-leased committed near-term project
expected to commence construction in the next year. Alexandria has a long-standing and proven
track record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain
world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also
provides strategic capital to transformative life science companies through our venture capital
platform. We believe our unique business model and diligent underwriting ensure a high-quality
and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental
income, higher returns, and greater long-term asset value. For more information on Alexandria,
please visit www.are.com.
Guidance
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June 30, 2025
(Dollars in millions, except per share amounts)
Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual amounts will
not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current U.S. administration
related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion relating to risks and uncertainties
that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press Release as well as our SEC filings, including our
most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
2025 Guidance Midpoint
2025 Guidance Midpoint
Summary of Key Changes in Guidance
As of 7/21/25
As of 4/28/25
Summary of Key Changes in Sources and Uses of Capital
As of 7/21/25
As of 4/28/25
EPS, FFO per share, and FFO per share, as adjusted
See updates below
Repayment of secured note payable(5)
$154
$—
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to
Alexandria’s Common Stockholders – Diluted
As of 7/21/25
As of 4/28/25
Earnings per share(1)
$0.40 to $0.60
$1.36 to $1.56
Depreciation and amortization of real estate assets
7.05
7.05
Gain on sales of real estate
(0.08)
(0.08)
Impairment of real estate – rental properties and land(2)
0.77
0.21
Allocation to unvested restricted stock awards
(0.03)
(0.03)
Funds from operations per share and funds from operations
per share, as adjusted(3)
$8.11 to $8.31
$8.51 to $8.71
Unrealized losses on non-real estate investments
0.53
0.40
Impairment of non-real estate investments(2)
0.30
0.07
Impairment of real estate
0.23
0.19
Allocation to unvested restricted stock awards
(0.01)
(0.01)
Funds from operations per share, as adjusted(3)
$9.16 to $9.36
$9.16 to $9.36
Midpoint
$9.26
$9.26
Key Assumptions
Low
High
Occupancy percentage in North America as of December 31, 2025
90.9%
92.5%
Lease renewals and re-leasing of space:
Rental rate changes
9.0%
17.0%
Rental rate changes (cash basis)
0.5%
8.5%
Same property performance:
Net operating income
(3.7)%
(1.7)%
Net operating income (cash basis)
(1.2)%
0.8%
Straight-line rent revenue
$96
$116
General and administrative expenses
$112
$127
Capitalization of interest
$320
$350
Interest expense
$185
$215
Realized gains on non-real estate investments(4)
$100
$130
Key Credit Metric Targets(3)
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized
Less than or equal to 5.2x
Fixed-charge coverage ratio – 4Q25 annualized
4.0x to 4.5x
Key Sources and Uses of Capital
Range
Midpoint
Certain
Completed
Items
Sources of capital:
Reduction in debt
$(290)
$(290)
$(290)
See below
Net cash provided by operating activities after
dividends
425
525
475
Dispositions and sales of partial interests (refer to
page 6)
1,450
2,450
1,950
(6)
Total sources of capital
$1,585
$2,685
$2,135
Uses of capital:
Construction
$1,450
$2,050
$1,750
Acquisitions and other opportunistic uses of
capital(7)
—
500
250
$208
(7)
Ground lease prepayment
135
135
135
$135
Total uses of capital
$1,585
$2,685
$2,135
Reduction in debt (included above):
Issuance of unsecured senior notes payable
$550
$550
$550
$550
Repayment of unsecured notes payable
(600)
(600)
(600)
$(600)
Repayment of secured note payable(5)
(154)
(154)
(154)
Unsecured senior line of credit, commercial paper,
and other
(86)
(86)
(86)
Net reduction in debt
$(290)
$(290)
$(290)
(1)Excludes unrealized gains or losses on non-real estate investments after June 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
(3)Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(4)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to “Investments” in the Supplemental
Information for additional details.
(5)In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9% interest. Refer to “Key capital events” in the
Earnings Press release for additional details.
(6)As of July 21, 2025, completed dispositions aggregated $260.6 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated
$524.7 million. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and partial interest sales (excluding land and including stabilized and non-stabilized operating properties) in the 7.5% – 8.5%
range. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interest sales for the year ending December 31, 2025. Refer to “Dispositions and sales of partial interests” in the Earnings Press
Release for additional details.
(7)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 2Q25, we did not repurchase any shares of common stock. 
As of July 21, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may consider repurchasing additional shares of our common stock.
Dispositions and Sales of Partial Interests
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June 30, 2025
(Dollars in thousands)
Square Footage
Gain on
Sales of
Real Estate
Property
Submarket/Market
Date of
Sale
Interest
Sold
Operating
Future
Development
Sales Price
Completed in 1Q25
$176,352
$13,165
Completed in 2Q25:
Properties with vacancies
2425 Garcia Avenue and 2400/2450 Bayshore Parkway
Greater Stanford/San Francisco Bay Area
6/30/25
100%
95,901
—
11,000
—
Land
Land parcel
Texas
5/7/25
100%
—
1,350,000
73,287
—
84,287
—
Dispositions completed in 1H25
260,639
$13,165
Our share of pending dispositions and sales of partial interests subject to
non-refundable deposits, signed letters of intent, and/or purchase and
sale agreement negotiations
524,745
Our share of completed and pending 2025 dispositions and sales of
partial interests
$785,384
2025 guidance range for dispositions and sales of partial interests
$1,450,000 – $2,450,000
2025 guidance midpoint for dispositions and sales of partial interests
$1,950,000
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Earnings Call Information and About the Company
June 30, 2025
We will host a conference call on Tuesday, July 22, 2025, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results
for the second quarter ended June 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria
Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday,
July 22, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1006663.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2025 is available in the “For Investors” section of our website at www.are.com or
by following this link: https://www.are.com/fs/2025q2.pdf.
For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,
chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,
Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation
cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of
$25.7 billion and an asset base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed
near-term project expected to commence construction in the next year. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to
transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per
share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,”
“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking
statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a
number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties,
assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without
limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real
estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or
redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace
expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to
obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned
not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated,
we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For
more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our
SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a
prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.
Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria
Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names,
trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations
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June 30, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended
Six Months Ended
 
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Revenues:
 
 
 
 
 
 
 
Income from rentals
$737,279
$743,175
$763,249
$775,744
$755,162
$1,480,454
$1,510,713
Other income
24,761
14,983
25,696
15,863
11,572
39,744
25,129
Total revenues
762,040
758,158
788,945
791,607
766,734
1,520,198
1,535,842
Expenses:
Rental operations
224,433
226,395
240,432
233,265
217,254
450,828
435,568
General and administrative
29,128
30,675
32,730
43,945
44,629
59,803
91,684
Interest
55,296
50,876
55,659
43,550
45,789
106,172
86,629
Depreciation and amortization
346,123
342,062
330,108
293,998
290,720
688,185
578,274
Impairment of real estate
129,606
32,154
186,564
5,741
30,763
161,760
30,763
Total expenses
784,586
682,162
845,493
620,499
629,155
1,466,748
1,222,918
Equity in (losses) earnings of unconsolidated real estate joint ventures
(9,021)
(1)
(507)
6,635
139
130
(9,528)
285
Investment (loss) income
(30,622)
(49,992)
(67,988)
15,242
(43,660)
(80,614)
(376)
Gain on sales of real estate
—
13,165
101,806
27,114
—
13,165
392
Net (loss) income
(62,189)
38,662
(16,095)
213,603
94,049
(23,527)
313,225
Net income attributable to noncontrolling interests
(44,813)
(47,601)
(46,150)
(45,656)
(47,347)
(92,414)
(95,978)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
stockholders
(107,002)
(8,939)
(62,245)
167,947
46,702
(115,941)
217,247
Net income attributable to unvested restricted stock awards
(2,609)
(2,660)
(2,677)
(3,273)
(3,785)
(5,269)
(7,444)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
common stockholders
$(109,611)
$(11,599)
$(64,922)
$164,674
$42,917
$(121,210)
$209,803
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.’s common stockholders:
Basic
$(0.64)
$(0.07)
$(0.38)
$0.96
$0.25
$(0.71)
$1.22
Diluted
$(0.64)
$(0.07)
$(0.38)
$0.96
$0.25
$(0.71)
$1.22
Weighted-average shares of common stock outstanding:
Basic
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Diluted
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Dividends declared per share of common stock
$1.32
$1.32
$1.32
$1.30
$1.30
$2.64
$2.57
(1)Refer to footnote 1 in “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
Consolidated Balance Sheets
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June 30, 2025
(In thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Assets
 
 
 
 
Investments in real estate
$32,160,600
$32,121,712
$32,110,039
$32,951,777
$32,673,839
Investments in unconsolidated real estate joint ventures
40,234
50,086
39,873
40,170
40,535
Cash and cash equivalents
520,545
476,430
552,146
562,606
561,021
Restricted cash
7,403
7,324
7,701
17,031
4,832
Tenant receivables
6,267
6,875
6,409
6,980
6,822
Deferred rent
1,232,719
1,210,584
1,187,031
1,216,176
1,190,336
Deferred leasing costs
491,074
489,287
485,959
516,872
519,629
Investments
1,476,696
1,479,688
1,476,985
1,519,327
1,494,348
Other assets
1,688,091
1,758,442
1,661,306
1,657,189
1,356,503
Total assets
$37,623,629
$37,600,428
$37,527,449
$38,488,128
$37,847,865
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable
$153,500
$150,807
$149,909
$145,000
$134,942
Unsecured senior notes payable
12,042,607
12,640,144
12,094,465
12,092,012
12,089,561
Unsecured senior line of credit and commercial paper
1,097,993
299,883
—
454,589
199,552
Accounts payable, accrued expenses, and other liabilities
2,360,840
2,281,414
2,654,351
2,865,886
2,529,535
Dividends payable
229,686
228,622
230,263
227,191
227,408
Total liabilities
15,884,626
15,600,870
15,128,988
15,784,678
15,180,998
Commitments and contingencies
Redeemable noncontrolling interests
9,612
9,612
19,972
16,510
16,440
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,701
1,701
1,722
1,722
1,720
Additional paid-in capital
17,200,949
17,509,148
17,933,572
18,238,438
18,284,611
Accumulated other comprehensive loss
(27,415)
(46,202)
(46,252)
(22,529)
(27,710)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
17,175,235
17,464,647
17,889,042
18,217,631
18,258,621
Noncontrolling interests
4,554,156
4,525,299
4,489,447
4,469,309
4,391,806
Total equity
21,729,391
21,989,946
22,378,489
22,686,940
22,650,427
Total liabilities, noncontrolling interests, and equity
$37,623,629
$37,600,428
$37,527,449
$38,488,128
$37,847,865
Funds From Operations and Funds From Operations per Share
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June 30, 2025
(In thousands)
The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations
attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:
 
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Net (loss) income attributable to Alexandria’s common stockholders – basic
and diluted
$(109,611)
$(11,599)
$(64,922)
$164,674
$42,917
$(121,210)
$209,803
Depreciation and amortization of real estate assets
343,729
339,381
327,198
291,258
288,118
683,110
573,068
Noncontrolling share of depreciation and amortization from consolidated real estate
JVs
(36,047)
(33,411)
(34,986)
(32,457)
(31,364)
(69,458)
(62,268)
Our share of depreciation and amortization from unconsolidated real estate JVs
942
1,054
1,061
1,075
1,068
1,996
2,102
Gain on sales of real estate
—
(13,165)
(100,109)
(27,114)
—
(13,165)
(392)
Impairment of real estate – rental properties and land
131,090
(1)
—
184,532
5,741
2,182
131,090
2,182
Allocation to unvested restricted stock awards
(1,222)
(686)
(1,182)
(2,908)
(1,305)
(1,916)
(4,736)
Funds from operations attributable to Alexandria’s common stockholders –
diluted(2)
328,881
281,574
311,592
400,269
301,616
610,447
719,759
Unrealized losses (gains) on non-real estate investments
21,938
68,145
79,776
(2,610)
64,238
90,083
35,080
Impairment of non-real estate investments
39,216
(3)
11,180
20,266
10,338
12,788
50,396
27,486
Impairment of real estate
7,189
32,154
2,032
—
28,581
39,343
28,581
Increase (decrease) in provision for expected credit losses on financial instruments
—
285
(434)
—
—
285
—
Allocation to unvested restricted stock awards
(794)
(1,329)
(1,407)
(125)
(1,738)
(2,116)
(1,528)
Funds from operations attributable to Alexandria’s common stockholders –
diluted, as adjusted
$396,430
$392,009
$411,825
$407,872
$405,485
$788,438
$809,378
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 2Q25, including
(i) $47.5 million related to land parcels in our non-cluster market, (ii) $35.4 million related to an office property located in Carlsbad, San Diego, and (iii) $8.7 million related to an unconsolidated real estate joint venture, which is
classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.
(2)Calculated in accordance with standards established by the Nareit Board of Governors.
(3)Primarily related to one non-real estate investment in a privately held entity that does not report NAV.
Funds From Operations and Funds From Operations per Share (continued)
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June 30, 2025
(In thousands, except per share amounts)
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common
stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to
rounding.
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Net (loss) income per share attributable to Alexandria’s common stockholders –
diluted
$(0.64)
$(0.07)
$(0.38)
$0.96
$0.25
$(0.71)
$1.22
Depreciation and amortization of real estate assets
1.81
1.80
1.70
1.51
1.50
3.61
2.98
Gain on sales of real estate
—
(0.08)
(0.58)
(0.16)
—
(0.08)
—
Impairment of real estate – rental properties and land
0.77
—
1.07
0.03
0.01
0.77
0.01
Allocation to unvested restricted stock awards
(0.01)
—
—
(0.01)
(0.01)
(0.01)
(0.02)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted
1.93
1.65
1.81
2.33
1.75
3.58
4.19
Unrealized losses (gains) on non-real estate investments
0.13
0.40
0.46
(0.02)
0.37
0.53
0.20
Impairment of non-real estate investments
0.23
0.07
0.12
0.06
0.08
0.30
0.16
Impairment of real estate
0.04
0.19
0.01
—
0.17
0.23
0.17
Allocation to unvested restricted stock awards
—
(0.01)
(0.01)
—
(0.01)
(0.01)
(0.01)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted, as adjusted
$2.33
$2.30
$2.39
$2.37
$2.36
$4.63
$4.71
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Funds from operations – diluted, per share
170,192
170,599
172,262
172,058
172,013
170,390
171,981
Funds from operations – diluted, as adjusted, per share
170,192
170,599
172,262
172,058
172,013
170,390
171,981
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
SUPPLEMENTAL
INFORMATION
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Company Profile
June 30, 2025
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a
best-in-class, mission-driven life science REIT making a positive and lasting impact on the
world. With our founding in 1994, Alexandria pioneered the life science real estate niche.
Alexandria is the preeminent and longest-tenured owner, operator, and developer of
collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations,
including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,
Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market
capitalization of $25.7 billion and an asset base in North America that includes 39.7 million
RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing
construction and one 100% pre-leased committed near-term project expected to
commence construction in the next year. Alexandria has a long-standing and proven track
record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and
retain world-class talent and inspire productivity, efficiency, creativity, and success.
Alexandria also provides strategic capital to transformative life science companies through
our venture capital platform. We believe our unique business model and diligent
underwriting ensure a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value. For more information on Alexandria, please visit www.are.com.
Tenant base
Alexandria is known for our high-quality and diverse tenant base, with 53% of our 
annual rental revenue being generated from tenants that are investment-grade rated or
publicly traded large cap companies. The quality, diversity, breadth, and depth of our
significant relationships with our tenants provide Alexandria with high-quality and stable
cash flows. Alexandria’s underwriting team and long-term industry relationships positively
distinguish us from all other publicly traded REITs and real estate companies.
Executive and senior management team
Alexandria’s executive and senior management team has unique experience and
expertise in creating, owning, and operating highly dynamic and collaborative
Megacampus real estate in key life science cluster locations to catalyze innovation. From
design to development to the management of our high-quality, sustainable real estate, as
well as our ongoing cultivation of collaborative environments with unique amenities and
events, the Alexandria team has a best-in-class reputation of excellence in life science real
estate. Alexandria’s highly experienced management team includes regional market
directors with leading reputations and long-standing relationships within the life science
communities in their respective innovation clusters. We believe that our experience,
expertise, reputation, and key relationships in the real estate and life science industries
provide Alexandria significant competitive advantages in attracting new business
opportunities.
Alexandria’s executive and senior management team consists of
62 individuals, averaging 24 years of real estate experience,
including 13 years with Alexandria. Our executive management
team alone averages 19 years with Alexandria.
EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus
Peter M. Moglia
Executive Chairman &
Founder
Chief Executive Officer &
Chief Investment Officer
Daniel J. Ryan
Hunter L. Kass
Co-President & Regional Market
Director – San Diego
Co-President & Regional Market
Director – Greater Boston
Marc E. Binda
Lawrence J. Diamond
Chief Financial Officer &
Treasurer
Co-Chief Operating Officer & Regional
Market Director – Maryland
Joseph Hakman
Hart Cole
Co-Chief Operating Officer &
Chief Strategic Transactions Officer
Executive Vice President – Capital
Markets/Strategic Operations &
Co-Regional Market Director – Seattle
Jackie B. Clem
Gary D. Dean
General Counsel & Secretary
Executive Vice President –
Real Estate Legal Affairs
Andres R. Gavinet
Onn C. Lee
Chief Accounting Officer
Executive Vice President –
Accounting
Kristina A. Fukuzaki-Carlson
Madeleine T. Alsbrook
Executive Vice President –
Business Operations
Executive Vice President –
Talent Management
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Investor Information
June 30, 2025
Corporate Headquarters
 
New York Stock Exchange Trading Symbol
 
Information Requests
26 North Euclid Avenue
 
Common stock: ARE
 
Phone:
(626) 578-0777
Pasadena, California 91101
 
 
Email:
corporateinformation@are.com
www.are.com
 
 
Website:
investor.are.com
Equity Research Coverage
Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.
Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or
forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions,
estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to
time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
BNP Paribas Exane
Citigroup Global Markets Inc.
Green Street
RBC Capital Markets
Nate Crossett / Monir Koummal
Nicholas Joseph / Seth Bergey
Dylan Burzinski
Michael Carroll
(646) 342-1588 / (646) 342-1554
(212) 816-1909 / (212) 816-2066
(949) 640-8780
(440) 715-2649
BofA Securities
Citizens
J.P. Morgan Securities LLC
Robert W. Baird & Co. Incorporated
Jeff Spector / Farrell Granath
Aaron Hecht / Linda Fu
Anthony Paolone / Ray Zhong
Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1351
(415) 835-3963 / (415) 869-4411
(212) 622-6682 / (212) 622-5411
(216) 737-7510 / (414) 298-5053
BTIG, LLC
Deutsche Bank AG
Jefferies
Tom Catherwood / Michael Tompkins
Tayo Okusanya / Samuel Ohiomah
Peter Abramowitz / Katie Elders
(212) 738-6140 / (212) 527-3566
(212) 250-9284 / (212) 250-0057
(212) 336-7241 / (917) 421-1968
CFRA
Evercore ISI
Mizuho Securities USA LLC
Nathan Schmidt
Steve Sakwa / James Kammert
Vikram Malhotra / Georgi Dinkov
(646) 517-1144
(212) 446-9462 / (312) 705-4233
(212) 282-3827 / (617) 352-1721
Fixed Income Research Coverage
Rating Agencies
Barclays Capital Inc.
J.P. Morgan Securities LLC
Moody’s Ratings
 
S&P Global Ratings
Srinjoy Banerjee / Japheth Otieno
Mark Streeter
(212) 553-0376
 
Alan Zigman
(212) 526-3521 / (212) 526-6961
(212) 834-5086
 
(416) 507-2556
Mizuho Securities USA LLC
Thierry Perrein
(212) 205-7665
Financial and Asset Base Highlights
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June 30, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended (unless stated otherwise)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Selected financial data from consolidated financial statements and related information
Rental revenues
$553,377
$552,112
$566,535
$579,569
$576,835
Tenant recoveries
$183,902
$191,063
$196,714
$196,175
$178,327
General and administrative expenses
$29,128
$30,675
$32,730
$43,945
$44,629
General and administrative expenses as a percentage of net operating income –
trailing 12 months
6.3%
6.9%
7.6%
8.9%
9.2%
Operating margin
71%
70%
70%
71%
72%
Adjusted EBITDA margin
71%
71%
72%
70%
72%
Adjusted EBITDA – quarter annualized
$2,174,160
$2,165,632
$2,273,480
$2,219,632
$2,216,144
Adjusted EBITDA – trailing 12 months
$2,208,226
$2,218,722
$2,228,921
$2,184,298
$2,122,250
Net debt at end of period
$12,844,726
$12,687,856
$11,762,176
$12,191,574
$11,940,144
Net debt and preferred stock to Adjusted EBITDA – quarter annualized
5.9x
5.9x
5.2x
5.5x
5.4x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months
5.8x
5.7x
5.3x
5.6x
5.6x
Total debt and preferred stock at end of period
$13,294,100
$13,090,834
$12,244,374
$12,691,601
$12,424,055
Gross assets at end of period
$43,770,007
$43,486,989
$43,152,628
$44,112,770
$43,305,279
Total debt and preferred stock to gross assets at end of period
30%
30%
28%
29%
29%
Fixed-charge coverage ratio – quarter annualized
4.1x
4.3x
4.3x
4.4x
4.5x
Fixed-charge coverage ratio – trailing 12 months
4.3x
4.4x
4.5x
4.5x
4.6x
Unencumbered net operating income as a percentage of total net operating income
99.7%
99.8%
99.9%
99.1%
99.1%
Closing stock price at end of period
$72.63
$92.51
$97.55
$118.75
$116.97
Common shares outstanding (in thousands) at end of period
170,146
170,130
172,203
172,244
172,018
Total equity capitalization at end of period
$12,357,709
$15,738,715
$16,798,446
$20,454,023
$20,120,907
Total market capitalization at end of period
$25,651,809
$28,829,549
$29,042,820
$33,145,624
$32,544,962
Dividend per share – quarter/annualized
$1.32/$5.28
$1.32/$5.28
$1.32/$5.28
$1.30/$5.20
$1.30/$5.20
Dividend payout ratio for the quarter
57%
57%
55%
55%
55%
Dividend yield – annualized
7.3%
5.7%
5.4%
4.4%
4.4%
Amounts related to operating leases:
Operating lease liabilities at end of period
$363,419
$371,412
$507,127
$648,338
$379,223
Rent expense
$12,139
$11,666
$10,685
$10,180
$9,412
Capitalized interest
$82,423
(1)
$80,065
$81,586
$86,496
$81,039
Average real estate basis capitalized during the period
$8,107,180
$8,026,566
$8,118,010
$8,281,318
$7,936,612
Weighted-average interest rate for capitalization of interest during the period
4.07%
3.99%
4.02%
3.98%
3.96%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)  Increase in capitalized interest driven primarily by an increase in the weighted-average interest rate from 3.99% at 1Q25 to 4.07% at 2Q25.
Financial and Asset Base Highlights (continued)
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June 30, 2025
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
 
Three Months Ended (unless stated otherwise)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue
$18,536
$22,023
$17,653
$29,087
$48,338
Amortization of acquired below-market leases
$10,196
$15,222
$15,512
$17,312
$22,515
Amortization of deferred revenue related to tenant-funded and -built landlord improvements
$2,401
$1,651
$1,214
$329
$—
Straight-line rent expense on ground leases
$87
$149
$1,021
$789
$341
Cash payment for ground lease extension
$—
$(135,000)
$(135,000)
$—
$—
Stock compensation expense
$12,530
$10,064
$12,477
$15,525
$14,507
Amortization of loan fees
$4,615
$4,691
$4,620
$4,222
$4,146
Amortization of debt discounts
$335
$349
$333
$330
$328
Non-revenue-enhancing capital expenditures:
Building improvements
$4,622
$3,789
$4,313
$4,270
$4,210
Tenant improvements and leasing commissions
$23,971
$73,483
$81,918
$55,920
$15,724
Funds from operations attributable to noncontrolling interests
$80,860
$81,012
$76,111
$78,113
$78,711
Operating statistics and related information (at end of period)
Number of properties – North America
384
386
391
406
408
RSF – North America (including development and redevelopment projects under construction)
43,699,922
43,687,343
44,124,001
46,748,734
47,085,993
Total square footage – North America
67,220,337
68,518,184
69,289,411
73,611,815
74,103,404
Annual rental revenue per occupied RSF – North America
$58.68
$58.38
$56.98
$57.09
$56.87
Occupancy of operating properties – North America
90.8%
(1)
91.7%
94.6%
94.7%
94.6%
Occupancy of operating and redevelopment properties – North America
86.2%
86.9%
89.7%
89.7%
89.9%
Weighted-average remaining lease term (in years)
7.4
7.6
7.5
7.5
7.4
Total leasing activity – RSF
769,815
(2)
1,030,553
1,310,999
1,486,097
1,114,001
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes
5.5%
18.5%
18.1%
5.1%
7.4%
Rental rate changes (cash basis)
6.1%
7.5%
3.3%
1.5%
3.7%
RSF (included in total leasing activity above)
483,409
884,408
1,024,862
1,278,857
589,650
Top 20 tenants:
Annual rental revenue
$795,244
$754,354
$741,965
$796,898
$805,751
Annual rental revenue from investment-grade or publicly traded large cap tenants
89%
87%
92%
92%
92%
Weighted-average remaining lease term (in years)
9.4
9.6
9.3
9.5
9.4
Same property – percentage change over comparable quarter from prior year:
Net operating income changes
(5.4)%
(3)
(3.1)%
0.6%
1.5%
1.5%
Net operating income changes (cash basis)
2.0%
(3)
5.1%
6.3%
6.5%
3.9%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus
Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF.
(3)Refer to page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional details.
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High-Quality and Diverse Client Base
June 30, 2025
Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 750 Tenants
Investment-Grade or Publicly Traded
Large Cap Tenants
89%
of ARE’s Top 20 Tenant
Annual Rental Revenue
53%
Percentage of ARE’s Annual Rental Revenue
of ARE’s Total
Annual Rental Revenue
chart-93a15c923e3b45bba49.gif
Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public Biotechnology –
Preclinical or Clinical
Stage
Private
Biotechnology
Other(3)
Biomedical
Institutions(1)
Government
Institutions
Advanced Technologies(2)
As of June 30, 2025. Annual rental revenue represents amounts in effect as of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental
revenue from unconsolidated real estate joint ventures.
(1)79% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.
(2)63% of our annual rental revenue from advanced technology tenants is from investment-grade or publicly traded large cap tenants.
(3)Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.
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High-Quality and Diverse Client Base (continued)
June 30, 2025
Strong, Broad, and Diverse Life Science Tenant Base Drives Solid
Leasing and Long-Term Remaining Lease Terms
Long-Duration Life Science Lease Terms
Remaining Lease
Term (in years)(1)
Multinational Pharmaceutical
7.1
Life Science Product, Service, and
Device
6.6
Government Institutions
5.1
Biomedical Institutions
7.8
Private Biotechnology
7.2
Public Biotechnology
7.1
Percentage of Life Science Leasing Activity by RSF(2)
Multinational
Pharmaceutical
Public
Biotechnology
Life Science
Product,
Service, and
Device
Biomedical
Institutions
Private
Biotechnology
chart-293fd959c25e42f5a9ca.gif
Other
Advanced
Technologies
(1)Average remaining lease term based on annual rental revenue in effect as of June 30, 2025.
(2)Represents the percentage of RSF for leases executed during the three months ended June 30, 2025 for each respective business type.
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High-Quality and Diverse Client Base (continued)
June 30, 2025
Sustained Operational Excellence and Strength in Tenant Collections
Tenant Rents And Receivables Collected(1)
99.9%
2Q25
99.4%
July 2025
99.8%
Average Tenant
Collections
1Q21–2Q25
chart-722408bfd13e4e39afca.gif
(1)Represents tenant collections for each quarter-end as of each respective earnings release date.
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Key Operating Metrics
June 30, 2025
Same Property
Net Operating Income Performance
Rental Rate Growth:
Renewed/Re-Leased Space
Margins(2)
Favorable Lease Structure(3)
Operating
Adjusted EBITDA
Strategic Lease Structure by Owner and
Operator of Collaborative Megacampus Ecosystems
71%
71%
Increasing cash flows
Percentage of leases containing
annual rent escalations
97%
Stable cash flows
Long-Duration Lease Terms(4)
Percentage of triple net leases
91%
9.4 Years
7.4 Years
Lower capex burden
Percentage of leases providing for the
recapture of capital expenditures
92%
Top 20 Tenants
All Tenants
chart-2d6184df01ad4ed99fb.gif
chart-3930a7501b774816bd3.gif
chart-dd31d154c1b148ef830.gif
chart-1db258f919df48d69e9.gif
(1)
(4.3)%
2024
YTD
6/30/25
Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation
from the most directly comparable financial measure presented in accordance with GAAP.
(1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
(2)For the three months ended June 30, 2025.
(3)Percentages calculated based on our annual rental revenue in effect as of June 30, 2025.
(4)Represents the weighted-average remaining term based on annual rental revenue in effect as of June 30, 2025.
Same Property Performance
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June 30, 2025
(Dollars in thousands)
June 30, 2025
June 30, 2025
Same Property Financial Data
Three Months
Ended
Six Months
Ended
Same Property Statistical Data
Three Months
Ended
Six Months
Ended
Percentage change over comparable period from prior year:
Number of same properties
330
329
Net operating income changes(1)
(5.4)%
(4.3)%
Rentable square feet
33,904,941
33,709,506
Net operating income changes (cash basis)(1)(2)
2.0%
3.4%
Occupancy – current-period average
91.3%
92.5%
Operating margin
68%
68%
Occupancy – same-period prior-year average
94.5%
94.4%
 
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Income from rentals:
Same properties
$462,622
$480,547
$(17,925)
(3.7)%
$925,636
$950,433
$(24,797)
(2.6)%
Non-same properties
90,755
96,288
(5,533)
(5.7)
179,853
207,802
(27,949)
(13.4)
Rental revenues
553,377
576,835
(23,458)
(4.1)
1,105,489
1,158,235
(52,746)
(4.6)
Same properties
166,465
155,157
11,308
7.3
335,349
308,553
26,796
8.7
Non-same properties
17,437
23,170
(5,733)
(24.7)
39,616
43,925
(4,309)
(9.8)
Tenant recoveries
183,902
178,327
5,575
3.1
374,965
352,478
22,487
6.4
Income from rentals
737,279
755,162
(17,883)
(2.4)
1,480,454
1,510,713
(30,259)
(2.0)
Same properties
429
379
50
13.2
774
719
55
7.6
Non-same properties
24,332
11,193
13,139
117.4
38,970
24,410
14,560
59.6
Other income
24,761
11,572
13,189
114.0
39,744
25,129
14,615
58.2
Same properties
629,516
636,083
(6,567)
(1.0)
1,261,759
1,259,705
2,054
0.2
Non-same properties
132,524
130,651
1,873
1.4
258,439
276,137
(17,698)
(6.4)
Total revenues
762,040
766,734
(4,694)
(0.6)
1,520,198
1,535,842
(15,644)
(1.0)
Same properties
201,305
183,582
17,723
9.7
403,337
362,407
40,930
11.3
Non-same properties
23,128
33,672
(10,544)
(31.3)
47,491
73,161
(25,670)
(35.1)
Rental operations
224,433
217,254
7,179
3.3
450,828
435,568
15,260
3.5
Same properties
428,211
452,501
(24,290)
(5.4)
858,422
897,298
(38,876)
(4.3)
Non-same properties
109,396
96,979
12,417
12.8
210,948
202,976
7,972
3.9
Net operating income
$537,607
$549,480
$(11,873)
(2.2)%
(3)
$1,069,370
$1,100,274
$(30,904)
(2.8)%
(3)
Net operating income – same properties
$428,211
$452,501
$(24,290)
(5.4)%
$858,422
$897,298
$(38,876)
(4.3)%
Straight-line rent revenue
(8,463)
(38,585)
30,122
(78.1)
(13,930)
(76,294)
62,364
(81.7)
Amortization of acquired below-market leases
(9,199)
(11,349)
2,150
(18.9)
(19,097)
(22,772)
3,675
(16.1)
Net operating income – same properties (cash basis)
$410,549
$402,567
$7,982
2.0%
$825,395
$798,232
$27,163
3.4%
Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also
contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
(1)Includes 1Q25 lease expirations aggregating 768,080 RSF, that are vacant as of June 30, 2025, across six properties and four submarkets. Excluding the impact of the properties with these leases, same property net operating
income changes for the three and six months ended June 30, 2025 would have been (2.1)% and 6.5% (cash basis) and (1.1)% and 7.6% (cash basis), respectively. Refer to “Summary of properties and occupancy” in the
Supplemental Information for additional details.
(2)Includes the impact of initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool for the
three and six months ended June 30, 2025, including at 325 Binney Street in our Cambridge submarket, 15 Necco Street in our Seaport Innovation District submarket, and 751 Gateway Boulevard in our South San Francisco
submarket. Excluding the impact of these initial free rent concessions, same property net operating income changes (cash basis) for the three and six months ended June 30, 2025 would have been (1.8)% and (0.8)%, respectively.
(3)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income for the three and six months ended June 30, 2025 would have
increased by 4.0% and 3.2%, respectively, over the corresponding periods in 2024.
Leasing Activity
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June 30, 2025
(Dollars per RSF)
Three Months Ended
Six Months Ended
Year Ended
June 30, 2025
June 30, 2025
December 31, 2024
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Leasing activity:
Renewed/re-leased space(1)
 
 
Rental rate changes
5.5%
6.1%
13.2%
6.9%
16.9%
7.2%
New rates
$64.78
$68.27
$60.11
$59.72
$65.48
$64.18
Expiring rates
$61.38
$64.36
$53.10
$55.84
$56.01
$59.85
RSF
483,409
1,367,817
3,888,139
Tenant improvements/leasing commissions
$49.59
$80.68
(2)
$46.89
Weighted-average lease term
9.4 years
9.8 years
8.5 years
Developed/redeveloped/previously vacant space leased(3)
New rates
$58.12
$58.73
$55.31
$55.61
$59.44
$57.34
RSF
286,406
432,551
1,165,815
Weighted-average lease term
12.3 years
11.5 years
10.0 years
Leasing activity summary (totals):
New rates
$62.30
$64.72
$58.96
$58.73
$64.16
$62.68
RSF
769,815
(4)
1,800,368
5,053,954
Weighted-average lease term
10.5 years
10.2 years
8.9 years
Lease expirations(1)
Expiring rates
$63.31
$63.62
$53.95
$55.17
$53.82
$57.24
RSF
825,583
2,748,631
5,005,638
Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 163,493 RSF and 136,131 RSF as of June 30, 2025 and December 31, 2024, respectively. During the trailing twelve months ended June 30, 2025, we granted free rent
concessions averaging 0.9 months per annum.
(2)Includes tenant improvements and leasing commissions for one 11.4-year lease, executed during the three months ended March 31, 2025, at the Alexandria Technology Square® Megacampus in our Cambridge submarket
aggregating 119,280 RSF. Excluding this lease, tenant improvements and leasing commissions per RSF for the six months ended June 30, 2025 was $47.01.
(3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.
(4)In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the
Campus Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from
769,815 RSF.
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Contractual Lease Expirations
June 30, 2025
Year
RSF
Percentage of
Occupied RSF
Annual Rental Revenue
(per RSF)(1)
Percentage of
Annual Rental Revenue
2025
(2)
1,320,692
3.7%
$51.73
3.3%
2026
3,137,647
8.9%
$57.29
8.8%
2027
3,393,561
9.6%
$50.88
8.4%
2028
4,015,759
11.4%
$50.83
10.0%
2029
2,286,491
6.5%
$48.02
5.4%
2030
3,078,313
8.7%
$43.50
6.5%
2031
3,585,208
10.2%
$54.35
9.5%
2032
993,042
2.8%
$57.50
2.8%
2033
2,592,303
7.3%
$47.59
6.0%
2034
3,063,408
8.7%
$68.56
10.2%
Thereafter
7,838,957
22.2%
$76.19
29.1%
Market
2025 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
2026 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
Leased
Negotiating/
Anticipating
Targeted for
Future
Development/
Redevelopment(3)
Remaining
Expiring
Leases(4)
Total(2)
Leased
Negotiating/
Anticipating
Targeted for
Future
Development/
Redevelopment
Remaining
Expiring
Leases(4)
Total
Greater Boston
214,399
—
—
145,329
359,728
$35.89
60,418
11,897
—
514,566
586,881
$89.16
San Francisco Bay Area
134,423
10,208
—
279,182
423,813
95.48
28,454
—
—
686,304
714,758
72.57
San Diego
23,327
—
—
68,081
91,408
55.21
—
—
—
846,084
846,084
48.90
Seattle
1,868
—
—
54,781
56,649
32.64
29,604
50,552
—
111,720
191,876
30.42
Maryland
41,283
—
—
23,469
64,752
22.61
—
—
—
255,147
255,147
18.85
Research Triangle
10,478
8,368
—
34,461
53,307
43.56
19,753
—
—
159,362
179,115
39.19
New York City
—
—
—
30,384
30,384
96.62
—
—
—
73,363
73,363
103.16
Texas
—
—
198,972
—
198,972
N/A
—
—
—
—
—
—
Canada
—
—
—
40,679
40,679
10.65
—
247,743
—
1,755
249,498
21.57
Non-cluster/other markets
—
—
—
1,000
1,000
N/A
—
9,266
—
31,659
40,925
85.36
Total
425,778
18,576
198,972
677,366
1,320,692
$51.73
138,229
319,458
—
2,679,960
3,137,647
$57.29
Percentage of expiring leases
32%
1%
15%
52%
100%
4%
10%
0%
86%
100%
Contractual lease expirations for properties classified as held for sale as of June 30, 2025 are excluded from the information on this page.
(1)Represents amounts in effect as of June 30, 2025.
(2)Excludes month-to-month leases aggregating 163,493 RSF as of June 30, 2025.
(3)Primarily represents assets that were recently acquired for future development or redevelopment opportunities, for which we expect, subject to market conditions and leasing, to commence first-time conversion from non-laboratory space
to laboratory space, or to commence future ground-up development. As of June 30, 2025, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $895 thousand and July 1, 2025, respectively.
Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(4)Includes 12 properties primarily located in Greater Boston, the San Francisco Bay Area, and San Diego markets aggregating 868,289 RSF with a weighted-average lease expiration date of February 9, 2026 and annual rental revenue
aggregating $70 million and are expected to be re-leased to new tenants, including the following:
(i)Three properties aggregating 213,705 RSF in our Greater Stanford submarket that were recently acquired and we are evaluating options to reposition the campus for advanced technology use;
(ii)One property aggregating 118,225 RSF in our Torrey Pines submarket for which we are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy; and
(iii)One lease expiration aggregating 34,714 RSF at our Alexandria Technology Square Megacampus in our Cambridge submarket for which we are in the process of repositioning the building for multi-tenant use.
We continue to evaluate the business plans and re-leasing strategies for these projects.
Top 20 Tenants
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June 30, 2025
(Dollars in thousands, except average market cap amounts)
89% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade
or Publicly Traded Large Cap Tenants(1)
Tenant
Remaining Lease
Term(1) (in years)
Aggregate
RSF
Annual Rental
Revenue(1)
Percentage of
Annual Rental
Revenue(1)
Investment-Grade
Credit Ratings
Average
Market Cap
(in billions)
Moody’s
S&P
1
Bristol-Myers Squibb Company(2)
5.8
1,312,184
$113,542
5.5%
A2
A
$106.0
2
Eli Lilly and Company
9.3
1,086,165
91,233
4.4
Aa3
A+
$791.0
3
Moderna, Inc.
10.9
496,814
88,729
4.3
—
—
$19.5
4
Takeda Pharmaceutical Company Limited
9.9
549,759
47,899
2.3
Baa1
BBB+
$45.0
5
AstraZeneca PLC
6.4
450,848
39,637
1.9
A1
A+
$227.0
6
Eikon Therapeutics, Inc.(3)
13.5
311,806
38,913
1.9
—
—
$—
7
Roche
7.7
647,069
36,373
1.7
Aa2
AA
$255.0
8
Illumina, Inc.
5.4
857,967
35,924
1.7
Baa3
BBB
$18.1
9
Alphabet Inc.
2.3
625,015
34,899
1.7
Aa2
AA+
$2,120.0
10
United States Government
5.1
429,359
29,502
(4)
1.4
Aaa
AA+
$—
11
Uber Technologies, Inc.
57.3
(5)
1,009,188
27,809
1.3
Baa1
BBB
$155.0
12
Novartis AG
3.1
387,563
27,709
1.3
Aa3
AA-
$238.0
13
Cloud Software Group, Inc.
1.0
(6)
292,013
26,446
1.3
—
—
$—
14
Boston Children's Hospital
11.7
309,231
26,294
1.3
Aa2
AA
$—
15
The Regents of the University of California
9.9
363,974
25,309
1.2
Aa2
AA
$—
16
Sanofi
5.5
267,278
21,851
1.0
Aa3
AA
$132.0
17
New York University
7.1
218,983
21,110
1.0
Aa2
AA-
$—
18
Merck & Co., Inc.
8.2
333,124
21,001
1.0
Aa3
A+
$250.0
19
Charles River Laboratories, Inc.
10.0
250,905
20,535
1.0
—
—
$8.9
20
Massachusetts Institute of Technology
4.5
242,428
20,529
1.0
Aaa
AAA
$—
Total/weighted-average
9.4
(5)
10,441,673
$795,244
38.2%
Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the
Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of June 30, 2025.
(2)During the three months ended June 30, 2025, Bristol-Myers Squibb Company acquired 2seventy bio, Inc., which was a Top 20 tenant as of March 31, 2025.
(3)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharma executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over
$1.2 billion in private venture capital funding.
(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration. Approximately 3% of the annual rental revenue derived from our
leases with the United States Government is cancellable prior to the lease expiration date.
(5)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by
our unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental
revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.6 years as of June 30, 2025.
(6)Represents one lease encompassing four properties acquired in 2022 that we expect to reposition upon lease expiration. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we
acquired the properties. Refer to footnote 4 in “Contractual lease expirations” in the Supplemental Information for additional details.
Summary of Properties and Occupancy
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June 30, 2025
(Dollars in thousands, except per RSF amounts)
Solid Historical Occupancy of 95% Over Past 10 Years(1) From Historically
Strong Demand for Our Class A/A+ Properties in AAA Locations
Summary of properties
Market
RSF
Number of
Properties
Annual Rental Revenue
Operating
Development
Redevelopment
Total
% of Total
Total
% of Total
Per RSF
Greater Boston
9,270,787
632,850
1,626,322
11,529,959
26%
65
$731,510
35%
$87.55
San Francisco Bay Area
7,991,106
212,796
344,934
8,548,836
20
64
459,269
22
69.82
San Diego
6,851,449
784,590
—
7,636,039
17
74
324,236
16
49.91
Seattle
3,178,090
227,577
—
3,405,667
8
45
130,470
6
45.45
Maryland
3,848,923
—
—
3,848,923
9
50
155,975
7
43.70
Research Triangle
3,825,870
—
—
3,825,870
9
38
107,155
5
30.19
New York City
921,800
—
—
921,800
2
4
75,006
4
91.48
Texas
1,845,159
—
73,298
1,918,457
4
15
37,761
2
24.93
Canada
979,575
—
56,314
1,035,889
2
11
20,208
1
22.74
Non-cluster/other markets
349,099
—
—
349,099
1
10
14,577
1
57.54
Properties held for sale
679,383
—
—
679,383
2
8
25,063
1
43.66
North America
39,741,241
1,857,813
2,100,868
43,699,922
100%
384
$2,081,230
100%
$58.68
3,958,681
Summary of occupancy
 
Operating Properties
Operating and Redevelopment Properties
Market
6/30/25
3/31/25
6/30/24
6/30/25
3/31/25
6/30/24
Greater Boston
90.1%
(2)
91.8%
94.2%
76.7%
78.4%
81.7%
San Francisco Bay Area
88.9
(2)
90.3
94.0
85.2
86.3
90.7
San Diego
94.8
94.3
95.1
94.8
94.3
95.1
Seattle
90.3
91.5
94.7
90.3
91.5
93.7
Maryland
93.9
94.1
96.5
93.9
94.1
96.5
Research Triangle
92.8
(2)
93.4
97.4
92.8
93.4
97.4
New York City
88.9
(3)
87.6
85.1
88.9
87.6
85.1
Texas
82.1
(2)
82.1
95.5
78.9
78.9
91.8
Subtotal
91.0
91.8
94.7
86.3
87.1
90.2
Canada
90.7
94.6
94.9
85.8
82.4
82.5
Non-cluster/other markets
72.6
73.0
75.6
72.6
73.0
75.6
North America
90.8%
(2)(4)
91.7%
94.6%
86.2%
86.9%
89.9%
(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2016 through 2024 and as of June 30, 2025.
(2)Includes previously disclosed lease expirations that became vacant in 1Q25 aggregating 768,080 RSF across six properties and in four submarkets comprising the following: (i) 182,054 RSF at the Alexandria Technology
Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties
aggregating 247,246 RSF in our Austin submarket. As of June 30, 2025, 153,658 RSF was leased with a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining
614,422 RSF over the next several quarters.
(3)The Alexandria Center® for Life Science – New York City Megacampus is 97.8% occupied as of June 30, 2025. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life
Science – Long Island City property, which was 52.2% occupied as of June 30, 2025.
(4)Includes temporary vacancies as of June 30, 2025 aggregating 668,795 RSF, or 1.7%, primarily in the Greater Boston, San Francisco Bay Area, and San Diego markets, which are leased and expected to be occupied
upon completion of building and/or tenant improvements. The weighted-average expected delivery date is January 2, 2026.
Property Listing
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June 30, 2025
(Dollars in thousands)
Our Megacampus™ Properties Account for 75% of Our Annual Rental Revenue
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Greater Boston
Cambridge/Inner Suburbs
Megacampus: Alexandria Center® at Kendall Square
2,213,867
—
—
2,213,867
8
$211,592
97.4%
97.4%
50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street,
and 300 Third Street(1)
Megacampus: Alexandria Center® at One Kendall Square
1,284,337
—
104,956
1,389,293
12
144,417
94.2
87.1
One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400,
1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street
Megacampus: Alexandria Technology Square®
1,190,888
—
—
1,190,888
7
96,651
79.5
79.5
100, 200, 300, 400, 500, 600, and 700 Technology Square
Megacampus: The Arsenal on the Charles
751,316
36,444
333,758
1,121,518
13
45,819
79.6
55.1
  311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,
1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
Megacampus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street,
and 99 Coolidge Avenue(1)
623,056
204,395
—
827,451
6
27,508
95.9
95.9
Cambridge/Inner Suburbs
6,063,464
240,839
438,714
6,743,017
46
525,987
90.9
84.7
Fenway
Megacampus: Alexandria Center® for Life Science – Fenway
1,295,745
392,011
137,675
1,825,431
3
99,477
87.2
78.8
401 and 421 Park Drive and 201 Brookline Avenue
Seaport Innovation District
5 and 15(1) Necco Street
459,395
—
—
459,395
2
47,345
96.6
96.6
Seaport Innovation District
459,395
—
—
459,395
2
47,345
96.6
96.6
Route 128
Megacampus: Alexandria Center® for Life Science – Waltham
466,094
—
596,064
1,062,158
5
39,741
100.0
43.9
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
19, 225, and 235 Presidential Way
585,226
—
—
585,226
3
14,194
97.0
97.0
Route 128
1,051,320
—
596,064
1,647,384
8
53,935
98.3
62.8
Other
400,863
—
453,869
854,732
6
4,766
59.7
28.0
Greater Boston
9,270,787
632,850
1,626,322
11,529,959
65
$731,510
90.1%
76.7%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
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June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
San Francisco Bay Area
Mission Bay
Megacampus: Alexandria Center® for Science and Technology –
Mission Bay(1)
2,023,185
212,796
(3)
—
2,235,981
10
$78,852
82.5%
82.5%
1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street,
1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard
South
Mission Bay
2,023,185
212,796
—
2,235,981
10
78,852
82.5
82.5
South San Francisco
Megacampus: Alexandria Technology Center® – Gateway(1)
1,431,608
—
237,684
1,669,292
12
76,715
81.3
69.7
600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)
Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South
San Francisco
812,453
—
107,250
919,703
5
52,990
100.0
88.3
213(1), 249, 259, 269, and 279 East Grand Avenue
Alexandria Center® for Life Science – South San Francisco
504,235
—
—
504,235
3
32,001
88.0
88.0
201 Haskins Way and 400 and 450 East Jamie Court
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan
445,232
—
—
445,232
2
2,359
100.0
100.0
1122 and 1150 El Camino Real
Alexandria Center® for Life Science – Millbrae(1)
285,346
—
—
285,346
1
35,828
100.0
100.0
230 Harriet Tubman Way
500 Forbes Boulevard(1)
155,685
—
—
155,685
1
10,908
100.0
100.0
South San Francisco
3,634,559
—
344,934
3,979,493
24
210,801
91.0
83.1
Greater Stanford
Megacampus: Alexandria Center® for Life Science – San Carlos
738,038
—
—
738,038
9
44,886
88.1
88.1
825, 835, 960, and 1501-1599 Industrial Road
Alexandria Stanford Life Science District
704,716
—
—
704,716
9
72,225
97.0
97.0
3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and
3330 Hillview Avenue
3412, 3420, 3440, 3450, and 3460 Hillview Avenue
340,103
—
—
340,103
5
23,597
82.9
82.9
3875 Fabian Way
228,000
—
—
228,000
1
9,642
100.0
100.0
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road
198,548
—
—
198,548
3
12,893
89.4
89.4
2100 and 2200 Geng Road
62,526
—
—
62,526
2
2,732
100.0
100.0
3350 West Bayshore Road
61,431
—
—
61,431
1
3,641
73.2
73.2
Greater Stanford
2,333,362
—
—
2,333,362
30
169,616
91.2
91.2
San Francisco Bay Area
7,991,106
212,796
344,934
8,548,836
64
$459,269
88.9%
85.2%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
(2)We own 100% of this property.
(3)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of
intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the institution decided to pursue a
long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF to our presentation of the development project.
Property Listing (continued)
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June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
San Diego
Torrey Pines
Megacampus: One Alexandria Square
968,527
122,302
—
1,090,829
10
$62,077
88.2%
88.2%
3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,
10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana
Road, and 3545 Cray Court
ARE Torrey Ridge
299,138
—
—
299,138
3
13,263
79.7
79.7
10578, 10618, and 10628 Science Center Drive
ARE Nautilus
218,459
—
—
218,459
4
14,656
97.7
97.7
3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics
Court
Torrey Pines
1,486,124
122,302
—
1,608,426
17
89,996
87.9
87.9
University Town Center
Megacampus: Campus Point by Alexandria(1)
1,310,696
426,927
—
1,737,623
8
81,788
98.8
98.8
9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155,
4224, and 4242 Campus Point Court
Megacampus: 5200 Illumina Way(1)
792,687
—
—
792,687
6
29,978
100.0
100.0
9625 Towne Centre Drive(1)
163,648
—
—
163,648
1
6,520
100.0
100.0
University Town Center
2,267,031
426,927
—
2,693,958
15
118,286
99.3
99.3
Sorrento Mesa
Megacampus: SD Tech by Alexandria(1)
816,048
235,361
—
1,051,409
11
37,003
96.0
96.0
9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and
10055, 10065, and 10075 Barnes Canyon Road
Megacampus: Sequence District by Alexandria
671,039
—
—
671,039
6
23,458
100.0
100.0
6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
Pacific Technology Park(1)
544,352
—
—
544,352
5
9,352
92.8
92.8
9389, 9393, 9401, 9455, and 9477 Waples Street
Summers Ridge Science Park(1)
316,531
—
—
316,531
4
11,521
100.0
100.0
9965, 9975, 9985, and 9995 Summers Ridge Road
Scripps Science Park by Alexandria
144,113
—
—
144,113
1
11,379
100.0
100.0
10102 Hoyt Park Drive
ARE Portola
101,857
—
—
101,857
3
4,222
100.0
100.0
6175, 6225, and 6275 Nancy Ridge Drive
5810/5820 Nancy Ridge Drive
83,354
—
—
83,354
1
4,621
100.0
100.0
9877 Waples Street
63,774
—
—
63,774
1
2,680
100.0
100.0
5871 Oberlin Drive
33,842
—
—
33,842
1
2,103
100.0
100.0
Sorrento Mesa
2,774,910
235,361
—
3,010,271
33
106,339
97.4
97.4
Sorrento Valley
3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
151,406
—
—
151,406
6
2,866
42.7
42.7
11045 and 11055 Roselle Street
43,233
—
—
43,233
2
2,191
96.3
96.3
Sorrento Valley
194,639
—
—
194,639
8
5,057
54.6
54.6
Other
128,745
—
—
128,745
1
4,558
100.0
100.0
San Diego
6,851,449
784,590
—
7,636,039
74
$324,236
94.8%
94.8%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
(2)We own 100% of this property.
Property Listing (continued)
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June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Seattle
Lake Union
Megacampus: Alexandria Center® for Life Science – Eastlake
1,151,672
—
—
1,151,672
9
$73,275
93.8%
93.8%
1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and
199(1) East Blaine Street, and 1600 Fairview Avenue East
Megacampus: Alexandria Center® for Advanced Technologies – South
Lake Union
381,380
227,577
—
608,957
3
21,811
99.6
99.6
400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North
219 Terry Avenue North
31,797
—
—
31,797
1
1,368
56.9
56.9
Lake Union
1,564,849
227,577
—
1,792,426
13
96,454
94.5
94.5
Elliott Bay
410 West Harrison Street and 410 Elliott Avenue West
20,101
—
—
20,101
2
710
100.0
100.0
Bothell
Megacampus: Alexandria Center® for Advanced Technologies – Canyon
Park
1,065,194
—
—
1,065,194
22
21,113
86.3
86.3
22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,
22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522,
22722, and 22745 29th Drive Southeast, 21540, 22213 and 22309 30th
Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street
Southeast
Alexandria Center® for Advanced Technologies – Monte Villa Parkway
464,889
—
—
464,889
6
11,527
83.9
83.9
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
Bothell
1,530,083
—
—
1,530,083
28
32,640
85.6
85.6
Other
63,057
—
—
63,057
2
666
100.0
100.0
Seattle
3,178,090
227,577
—
3,405,667
45
130,470
90.3
90.3
Maryland
Rockville
Megacampus: Alexandria Center® for Life Science – Shady Grove
1,691,960
—
—
1,691,960
20
92,343
94.4
94.4
9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and
9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920
Belward Campus Drive, and 9810 and 9820 Darnestown Road
1330 Piccard Drive
131,508
—
—
131,508
1
4,324
100.0
100.0
1405 and 1450(1) Research Boulevard
114,182
—
—
114,182
2
2,958
72.8
72.8
1500 and 1550 East Gude Drive
91,359
—
—
91,359
2
1,844
100.0
100.0
5 Research Place
63,852
—
—
63,852
1
3,108
100.0
100.0
5 Research Court
51,520
—
—
51,520
1
1,976
100.0
100.0
12301 Parklawn Drive
49,185
—
—
49,185
1
1,598
100.0
100.0
Rockville
2,193,566
—
—
2,193,566
28
$108,151
94.3%
94.3%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
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June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Maryland (continued)
Gaithersburg
Alexandria Technology Center® – Gaithersburg I
619,061
—
—
619,061
9
$19,642
93.6%
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
7
17,692
95.1
95.1
700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield
Road
20400 Century Boulevard
81,006
—
—
81,006
1
1,858
100.0
100.0
401 Professional Drive
63,207
—
—
63,207
1
1,434
82.7
82.7
950 Wind River Lane
50,000
—
—
50,000
1
1,234
100.0
100.0
620 Professional Drive
27,950
—
—
27,950
1
1,207
100.0
100.0
Gaithersburg
1,327,524
—
—
1,327,524
20
43,067
94.4
94.4
Beltsville
8000/9000/10000 Virginia Manor Road
191,884
—
—
191,884
1
3,050
100.0
100.0
101 West Dickman Street(1)
135,949
—
—
135,949
1
1,707
75.0
75.0
Beltsville
327,833
—
—
327,833
2
4,757
89.6
89.6
Maryland
3,848,923
—
—
3,848,923
50
155,975
93.9
93.9
Research Triangle
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham
2,214,887
—
—
2,214,887
16
54,090
97.6
97.6
6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31
Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
Megacampus: Alexandria Center® for Advanced Technologies and
AgTech – Research Triangle
711,490
—
—
711,490
6
29,518
93.2
93.2
6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
Megacampus: Alexandria Center® for Sustainable Technologies
364,493
—
—
364,493
7
7,283
60.7
60.7
104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
Alexandria Technology Center® – Alston
155,731
—
—
155,731
3
2,755
82.2
82.2
100, 800, and 801 Capitola Drive
Alexandria Innovation Center® – Research Triangle
136,722
—
—
136,722
3
4,222
98.3
98.3
7010, 7020, and 7030 Kit Creek Road
2525 East NC Highway 54
82,996
—
—
82,996
1
3,651
100.0
100.0
407 Davis Drive
81,956
—
—
81,956
1
3,323
100.0
100.0
601 Keystone Park Drive
77,595
—
—
77,595
1
2,313
100.0
100.0
Research Triangle
3,825,870
—
—
3,825,870
38
$107,155
92.8%
92.8%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
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June 30, 2025
(Dollars in thousands)
 
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
New York City
New York City
Megacampus: Alexandria Center® for Life Science – New York City
742,700
—
—
742,700
3
$69,318
97.8%
97.8%
430 and 450 East 29th Street
Alexandria Center® for Life Science – Long Island City
179,100
—
—
179,100
1
5,688
52.2
52.2
30-02 48th Avenue
New York City
921,800
—
—
921,800
4
75,006
88.9
88.9
Texas
Austin
Megacampus: Intersection Campus
1,525,359
—
—
1,525,359
12
33,694
83.0
83.0
507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center
Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
1001 Trinity Street and 1020 Red River Street
198,972
—
—
198,972
2
895
100.0
100.0
Austin
1,724,331
—
—
1,724,331
14
34,589
84.9
84.9
Greater Houston
Alexandria Center® for Advanced Technologies at The Woodlands
120,828
—
73,298
194,126
1
3,172
41.5
25.8
8800 Technology Forest Place
Texas
1,845,159
—
73,298
1,918,457
15
37,761
82.1
78.9
Canada
979,575
—
56,314
1,035,889
11
20,208
90.7
85.8
Non-cluster/other markets
349,099
—
—
349,099
10
14,577
72.6
72.6
North America, excluding properties held for sale
39,061,858
1,857,813
2,100,868
43,020,539
376
2,056,167
90.8%
86.2%
Properties held for sale
679,383
—
—
679,383
8
25,063
84.5%
84.5%
Total – North America
39,741,241
1,857,813
2,100,868
43,699,922
384
$2,081,230
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments in Real Estate
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June 30, 2025
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ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT
DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL
GROWTH IN ANNUAL NET OPERATING INCOME
Placed Into
Service
Near-Term
Deliveries
Intermediate-Term
Deliveries
1H25
3Q25–4Q26
2027–2028
$52M
$139M
$261M
96%
Occupied
84%
Leased/Negotiating
28%
Leased/Negotiating
527,268 RSF
1.2 million RSF
3.3 million RSF
(4)
(2)
(5)
(1)
(3)
Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.
(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from
development and redevelopment projects expected to be placed into service primarily commencing from 3Q25 through 4Q26 is projected to be $103 million. Refer to the initial and stabilized occupancy years under “New Class A/A+
development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(3)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2027 through 2028 is projected to be $236 million.
(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2H25 and 2026.
(5)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
Investments in Real Estate (continued)
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June 30, 2025
(Dollars in thousands)
Investments in real estate
Development and Redevelopment
Under Construction
100% Pre-leased
Committed
Near Term(1)
Operating
2025 and
2026
2027 and
Beyond
Future
Subtotal
Total
Square footage
Operating
39,061,858
—
—
—
—
—
39,061,858
Future Class A/A+ development and redevelopment properties
—
1,155,041
2,803,640
466,598
24,754,090
29,179,369
29,179,369
Future development and redevelopment square feet currently
included in rental properties(2)
—
—
—
(52,620)
(2,525,858)
(2,578,478)
(2,578,478)
Total square footage, excluding properties held for sale
39,061,858
1,155,041
2,803,640
413,978
22,228,232
26,600,891
65,662,749
Properties held for sale
679,383
—
—
—
878,205
878,205
1,557,588
Total square footage
39,741,241
1,155,041
2,803,640
413,978
23,106,437
27,479,096
67,220,337
Investments in real estate
Gross book value as of June 30, 2025(3)
$29,681,626
$1,128,865
$2,657,516
$19,965
$4,819,006
$8,625,352
$38,306,978
(1)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that
currently occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the
demolition and development of the new, build-to-suit life science building at this site. Upon delivery of the new purpose-built property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the
construction of an amenity which will service the entire Megacampus. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital
would be contributed pro-rata with our joint venture partner.
(2)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.
(3)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint
ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
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June 30, 2025
(Dollars in thousands)
Incremental Annual Net Operating Income Generated From 1H25 Deliveries
Aggregated $52 Million, Including $15 Million(1) in 2Q25
230 Harriet Tubman Way
10935, 10945, and 10955
Alexandria Way(2)
10075 Barnes Canyon Road
San Francisco Bay Area/
South San Francisco
San Diego/Torrey Pines
San Diego/Sorrento Mesa
285,346 RSF
212,694 RSF
17,718 RSF
100% Occupancy
100% Occupancy
100% Occupancy
harriettubman.jpg
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Property/Market/Submarket
Our
Ownership
Interest
RSF Placed in Service
Occupancy
Percentage(4)
Total Project
Unlevered Yields
2Q25
Delivery
Date(3)
Prior to
1/1/25
1Q25
2Q25
Total
Initial
Stabilized
Initial
Stabilized
(Cash Basis)
RSF
Investment
Development projects
230 Harriet Tubman Way/San Francisco Bay Area/South
San Francisco
N/A
48.5%
—
285,346
—
285,346
100%
285,346
476,000
7.5%
6.2%
10935, 10945, and 10955 Alexandria Way/San Diego/
Torrey Pines
5/11/25
100%
93,492
—
119,202
212,694
100%
334,996
480,000
(5)
7.2
(5)
6.9
(5)
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
N/A
50.0%
—
17,718
—
17,718
100%
253,079
321,000
5.5
5.7
Redevelopment projects
651 Gateway Boulevard/San Francisco Bay Area/South
San Francisco
N/A(6)
50.0%
67,017
—
22,005
(6)
89,022
75%
(6)
326,706
487,000
5.0
5.1
Canada
5/29/25
100%
78,487
6,430
76,567
161,484
100%
250,790
115,000
6.0
6.0
Weighted average/total
5/14/25
238,996
309,494
217,774
766,264
1,450,917
$1,879,000
6.3%
6.0%
Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.
(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025. Refer to footnote 6 below.
(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
(3)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(4)Occupancy relates to total operating RSF placed in service as of the most recent delivery.
(5)Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield (cash basis), respectively, were primarily driven by leasing space at higher rental rates than previously underwritten and a $23 million reduction in total
investment due to construction cost savings from overall project efficiencies.
(6)Represents a turnkey space delivered vacant and unleased that did not generate incremental annual net operating income as of June 30, 2025.
New Class A/A+ Development and Redevelopment Properties:
2025 and 2026 Stabilization (“Near-Term Deliveries”)
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June 30, 2025
99 Coolidge Avenue
500 North Beacon Street and
4 Kingsbury Avenue(1)
10935, 10945, and 10955
Alexandria Way(2)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/
Cambridge/Inner Suburbs
San Diego/Torrey Pines
204,395 RSF
36,444 RSF
122,302 RSF
76% Leased/Negotiating
92% Leased/Negotiating
100% Leased
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4135 Campus Point Court
10075 Barnes Canyon Road
8800 Technology Forest Place
San Diego/
University Town Center
San Diego/Sorrento Mesa
Texas/Greater Houston
426,927 RSF
235,361 RSF
73,298 RSF
100% Leased
68% Leased/Negotiating
41% Leased/Negotiating
campuspoint4135.jpg
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(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
New Class A/A+ Development and Redevelopment Properties:
2027 and Beyond Stabilization (“Intermediate-Term Deliveries”)
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June 30, 2025
311 Arsenal Street
421 Park Drive
401 Park Drive
40, 50, and 60 Sylvan Road(1)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
Greater Boston/Fenway
Greater Boston/Route 128
333,758 RSF
392,011 RSF
137,675 RSF
596,064 RSF
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1450 Owens Street
651 Gateway Boulevard
269 East Grand Avenue
701 Dexter Avenue North
San Francisco Bay Area/
Mission Bay
San Francisco Bay Area/
South San Francisco
San Francisco Bay Area/
South San Francisco
Seattle/Lake Union
212,796 RSF(2)
237,684 RSF
107,250 RSF
227,577 RSF
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(1)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket.
(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we
executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the
institution decided to pursue a long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF to our presentation of the development project.
New Class A/A+ Development and Redevelopment Properties: Current Projects
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June 30, 2025
 
Property/Market/Submarket
Square Footage
Percentage
Occupancy(1)
Dev/Redev
In Service
CIP
Total
Leased
Leased/
Negotiating
Initial
Stabilized
Under construction
2025 and 2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
Dev
116,414
204,395
320,809
52%
76%
4Q23
2026
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
Dev
211,574
36,444
248,018
92
92
1Q24
2025
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
Dev
212,694
122,302
334,996
100
100
4Q24
2025
4135 Campus Point Court/San Diego/University Town Center
Dev
—
426,927
426,927
100
100
2026
2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
Dev
17,718
235,361
253,079
68
68
1Q25
2026
8800 Technology Forest Place/Texas/Greater Houston
Redev
50,094
73,298
123,392
41
41
2Q23
2026
Canada
Redev
194,476
56,314
250,790
78
80
3Q23
2025
802,970
1,155,041
1,958,011
80
84
2027 and beyond stabilization
One Hampshire Street/Greater Boston/Cambridge
Redev
—
104,956
104,956
—
—
2027
2028
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
Redev
56,904
333,758
390,662
7
7
2027
2027
421 Park Drive/Greater Boston/Fenway
Dev
—
392,011
392,011
13
13
2027
2028
401 Park Drive/Greater Boston/Fenway
Redev
—
137,675
137,675
—
—
2026
2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
Redev
—
596,064
596,064
33
33
2026
2027
Other/Greater Boston
Redev
—
453,869
453,869
—
—
2027
2027
1450 Owens Street/San Francisco Bay Area/Mission Bay(2)
Dev
—
212,796
212,796
—
49
(2)
2026
2027
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(3)
Redev
89,022
237,684
326,706
21
21
1Q24
2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
Redev
—
107,250
107,250
—
—
2026
2027
701 Dexter Avenue North/Seattle/Lake Union
Dev
—
227,577
227,577
23
23
2026
2027
145,926
2,803,640
2,949,566
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center(4)
Dev
—
466,598
466,598
100
100
2028
2028
Total 2027 and beyond stabilization and committed near-term project
145,926
3,270,238
3,416,164
25
28
948,896
4,425,279
5,374,175
45%
49%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time.
(2)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of
intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the institution decided to pursue a
long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF and the related book basis to our presentation of the development project.
(3)We continue to build out this project on a floor-by-floor basis. As of 2Q25, the remaining cost to complete is $138 million, or 28% of the total cost at completion.
(4)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently
occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF.  At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the demolition and
development of the new, build-to-suit life science building at this site. Upon delivery of the new purpose-built property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the construction of an amenity
which will service the entire Megacampus. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital would be contributed pro-rata
with our joint venture partner.
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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June 30, 2025
(Dollars in thousands)
Our
Ownership
Interest
At 100%
Unlevered Yields
Property/Market/Submarket
In Service
CIP
Cost to
Complete
Total at
Completion
Initial
Stabilized
Initial Stabilized
(Cash Basis)
Under construction
2025 and 2026 stabilization with 84% leased/negotiating
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
76.9%
$136,692
$217,195
$90,113
$444,000
6.0%
6.8%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
100%
376,928
45,565
4,507
427,000
6.2%
5.5%
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
100%
258,106
218,712
3,182
480,000
7.2%
6.9%
4135 Campus Point Court/San Diego/University Town Center
55.0%
—
380,816
143,184
524,000
7.3%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
50.0%
16,646
205,116
99,238
321,000
5.5%
5.7%
8800 Technology Forest Place/Texas/Greater Houston
100%
60,360
46,373
5,267
112,000
6.3%
6.0%
Canada
100%
96,895
15,088
3,017
115,000
6.0%
6.0%
945,627
1,128,865
2027 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge
100%
—
170,821
TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
100%
21,613
291,434
421 Park Drive/Greater Boston/Fenway
100%
—
533,157
401 Park Drive/Greater Boston/Fenway
100%
—
170,697
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
100%
—
480,940
Other/Greater Boston
100%
—
157,989
1450 Owens Street/San Francisco Bay Area/Mission Bay
25.0%
—
242,946
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco
50.0%
116,544
232,366
138,090
487,000
5.0%
5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
100%
—
93,905
TBD
701 Dexter Avenue North/Seattle/Lake Union
100%
—
283,261
138,157
2,657,516
1,083,784
3,786,381
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center
55.0%
—
19,965
640,035
660,000
7.3%
6.5%
Total
$1,083,784
$3,806,346
$2,880,000
(2)
$7,780,000
(2)
Our share of investment(2)(3)
$990,000
$3,180,000
$2,440,000
$6,610,000
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2027 and beyond over the next several quarters.
(2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. Total cost to complete for our development and redevelopment projects under construction have not
been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign
materials required, and/or the higher cost of domestic materials.
(3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
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June 30, 2025
(Dollars in thousands)
74% of Our Total Development and Redevelopment Pipeline RSF
Is Within Our Megacampus™ Ecosystems
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge
100%
$170,821
104,956
—
—
104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs
100%
348,966
370,202
—
34,157
404,359
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99
Coolidge Avenue/Cambridge/Inner Suburbs
(2)
308,792
204,395
—
902,000
1,106,395
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway
100%
703,854
529,686
—
—
529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128
100%
544,558
596,064
—
515,000
1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: Alexandria Center® at Kendall Square/Cambridge
100%
209,528
—
—
174,500
174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge
100%
8,239
—
—
100,000
100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation
District
60.0%
293,055
—
—
1,040,000
1,040,000
10 Necco Street/Seaport Innovation District
100%
105,734
—
—
175,000
175,000
215 Presidential Way/Route 128
100%
6,816
—
—
112,000
112,000
Other development and redevelopment projects
100%
373,732
453,869
—
1,348,541
1,802,410
$3,074,095
2,259,172
—
4,401,198
6,660,370
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)We have a 76.9% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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June 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
San Francisco Bay Area
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/
Mission Bay
25.0%
$242,946
(2)
212,796
(2)
—
—
212,796
1450 Owens Street
Megacampus: Alexandria Technology Center® – Gateway/
South San Francisco
50.0%
258,932
237,684
—
291,000
528,684
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San
Francisco/South San Francisco
100%
100,560
107,250
—
90,000
197,250
211(3) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South
San Francisco
100%
420,858
—
—
1,930,000
1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae/South San Francisco
48.5%
157,008
—
—
348,401
348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford
100%
471,861
—
—
1,497,830
1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
3825 and 3875 Fabian Way/Greater Stanford
100%
161,492
—
—
478,000
478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford
100%
38,761
—
—
240,000
240,000
Megacampus: 88 Bluxome Street/SoMa
100%
408,649
—
—
1,070,925
1,070,925
$2,261,067
557,730
—
5,946,156
6,503,886
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the
three months ended June 30, 2025, the institution decided to pursue a long-term lease instead of a condominium sale. As a result, we added back the 103,361 RSF and the related book basis to our presentation of the development
project.
(3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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June 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
San Diego
Megacampus: One Alexandria Square/Torrey Pines
100%
$281,632
122,302
—
125,280
247,582
10945 Alexandria Way and 10975 and 10995 Torreyana Road
Megacampus: Campus Point by Alexandria/University Town Center
55.0%
(3)
540,207
426,927
466,598
500,859
1,394,384
10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165,
and 4224 Campus Point Court
Megacampus: SD Tech by Alexandria/Sorrento Mesa
50.0%
391,642
235,361
—
493,845
729,206
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines
100%
156,121
—
—
215,000
215,000
Megacampus: 5200 Illumina Way/University Town Center
51.0%
17,458
—
—
451,832
451,832
9625 Towne Centre Drive/University Town Center
30.0%
837
—
—
100,000
100,000
Megacampus: Sequence District by Alexandria/Sorrento Mesa
100%
47,565
—
—
1,661,915
1,661,915
6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa
100%
42,700
—
—
154,308
154,308
10256 and 10260 Meanley Drive
4075 Sorrento Valley Boulevard/Sorrento Valley
100%
28,174
—
—
144,000
144,000
Other development and redevelopment projects
(4)
78,002
—
—
475,000
475,000
$1,584,338
784,590
466,598
4,322,039
5,573,227
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)We have a 100% interest in this property.
(3)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%, after
which future capital would be contributed pro-rata with our partner.
(4)Includes a property in which we own a partial interest through a real estate joint venture.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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June 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
Seattle
Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/
Lake Union
(2)
$571,319
227,577
—
1,057,400
1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo
100%
61,490
—
—
544,825
544,825
410 West Harrison Street/Elliott Bay
100%
—
—
—
91,000
91,000
Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/
Bothell
100%
19,248
—
—
230,000
230,000
21660 20th Avenue Southeast
Other development and redevelopment projects
100%
149,289
—
—
706,087
706,087
801,346
227,577
—
2,629,312
2,856,889
Maryland
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville
100%
24,020
—
—
296,000
296,000
9830 Darnestown Road
24,020
—
—
296,000
296,000
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle
100%
162,011
—
—
2,060,000
2,060,000
Megacampus: Alexandria Center® for Advanced Technologies and AgTech –
Research Triangle/Research Triangle
100%
109,661
—
—
1,170,000
1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for NextGen Medicines/
Research Triangle
100%
112,142
—
—
1,055,000
1,055,000
3029 East Cornwallis Road
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle
100%
55,122
—
—
750,000
750,000
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive
100 Capitola Drive/Research Triangle
100%
—
—
—
65,965
65,965
Other development and redevelopment projects
100%
4,185
—
—
76,262
76,262
$443,121
—
—
5,177,227
5,177,227
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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June 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
New York City
Megacampus: Alexandria Center® for Life Science – New York City/New York City
100%
$173,815
—
—
550,000
(2)
550,000
173,815
—
—
550,000
550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston
100%
49,280
73,298
—
116,405
189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin
100%
10,858
—
—
250,010
250,010
Other development and redevelopment projects
100%
58,577
—
—
344,000
344,000
118,715
73,298
—
710,415
783,713
Canada
100%
15,088
56,314
—
371,743
428,057
Other development and redevelopment projects
100%
47,478
—
—
350,000
350,000
Total pipeline as of June 30, 2025, excluding properties held for sale
8,543,083
3,958,681
466,598
24,754,090
29,179,369
Properties held for sale
82,269
—
—
878,205
878,205
Total pipeline as of June 30, 2025
$8,625,352
(3)
3,958,681
466,598
25,632,295
30,057,574
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 2,578,478 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”
under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our
option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended
June 30, 2025 filed with the Securities and Exchange Commission on July 21, 2025 for additional details.
(3)Includes $3.8 billion of projects that are currently under construction and one 100% pre-leased committed near-term project expected to commence construction in the next year.
Construction Spending
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June 30, 2025
(Dollars in thousands)
Construction spending
Six Months Ended
June 30, 2025
Projected Guidance
Midpoint for Year Ending
December 31, 2025
Year Ended
December 31, 2024
Construction of Class A/A+ properties:
Active construction projects
Under construction
$
612,341
$
1,240,000
$
1,791,097
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
226,587
500,000
426,948
Revenue- and non-revenue-enhancing capital expenditures
127,772
415,000
(1)
273,377
Construction spending (before contributions from noncontrolling interests or tenants):
966,700
2,155,000
2,491,422
Contributions from noncontrolling interests (consolidated real estate joint ventures)
(113,268)
(230,000)
(2)
(343,798)
Tenant-funded and -built landlord improvements
(171,153)
(175,000)
(129,152)
Total construction spending
$
682,279
$
1,750,000
$
2,018,472
2025 guidance range for construction spending
$1,450,000 – $2,050,000
Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing
Amount(2)
3Q25 through 2026
$203,691
2027 and beyond
93,585
Total
$297,276
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents revenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements for the year ending December 31, 2025. Our
share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected to be $340 million at the midpoint of our guidance for 2025 construction spending.
(2)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
Capitalization of Interest
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June 30, 2025
(Dollars in thousands)
Alexandria Has Been Curating and Growing Highly Desirable and Well-Amenitized Megacampus
Ecosystems In The Top Life Science Clusters For Nearly Two Decades
Average Real Estate
Basis Capitalized
During 1H25
Percentage of Total
Average Real Estate
Basis Capitalized
Leased/
Negotiating
Key Categories of Real Estate Basis Capitalized
Construction of Class A/A+ properties:
Development and redevelopment of projects under construction and one 100% pre-leased committed near-term project
expected to commence construction in the next year
2025 and 2026 stabilization
84%
$767,453
10%
2027 and beyond stabilization
28%
2,102,723
26
Smaller redevelopments and repositioning capital projects
1,007,166
(1)
12
Key future Megacampus expansion pre-construction work
1,209,540
(2)
15
Future pipeline projects with key pre-construction milestones during 2H25 and 2026
2,979,991
(3)
37
Total average real estate basis capitalized
$8,066,873
100%
chart-0d65eed92a6c40b48cf.gif
Under construction – 2025 and 2026 stabilization
(84% leased/negotiating)
Future pipeline – Key milestones in
2H25 and 2026(3)
Under construction and committed near-
term project – 2027 and beyond
(28% leased/negotiating)
Smaller redevelopments and
repositioning capital projects(1)
Future pipeline – Key
Megacampus projects(2)
Percentage of Total Average Real Estate Basis Capitalized During 1H25
(1)Includes 668,795 RSF that is leased, but not yet delivered. The weighted-average expected delivery date is January 2, 2026.
(2)Refer to the four projects on the following pages for additional details.
(3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work and other activities necessary to begin aboveground vertical
construction, on April 3, 2026, on a weighted-average real estate investment basis. We will evaluate whether to proceed with future pre-construction and/or construction activities based on leasing demand and market conditions.
Capitalization of Interest (continued)
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June 30, 2025
Key Future Megacampus™ Development Project
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1.9M RSF
FUTURE
0.4M RSF
OPERATING
Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future
development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.
Capitalization of Interest (continued)
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June 30, 2025
Key Future Megacampus™ Development Project
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0.7M RSF
OPERATING
1.5M RSF
FUTURE
Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future
development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.
Capitalization of Interest (continued)
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June 30, 2025
Key Active, Committed Near-Term, and Future Megacampus™ Development Project
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1.3M RSF
OPERATING
1.4M RSF
ACTIVE/FUTURE
100% Pre-leased
Committed Near-
Term Development
Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future
development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.
Capitalization of Interest (continued)
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June 30, 2025
Key Active and Future Megacampus™ Development Project
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1.3M RSF
ACTIVE/FUTURE
0.4M RSF
OPERATING
Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future
development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing properties subject to market conditions and leasing.
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Joint Venture Financial Information
June 30, 2025
Consolidated Real Estate Joint Ventures
Property
Market
Submarket
Noncontrolling
Interest Share
Operating RSF
at 100%
50 and 60 Binney Street
Greater Boston
Cambridge/Inner Suburbs
66.0%
532,395
75/125 Binney Street
Greater Boston
Cambridge/Inner Suburbs
60.0%
388,270
100 and 225 Binney Street and 300 Third Street
Greater Boston
Cambridge/Inner Suburbs
70.0%
870,641
99 Coolidge Avenue(1)
Greater Boston
Cambridge/Inner Suburbs
23.1%
116,414
15 Necco Street
Greater Boston
Seaport Innovation District
43.3%
345,996
285, 299, 307, and 345 Dorchester Avenue
Greater Boston
Seaport Innovation District
40.0%
—
(1)
Alexandria Center® for Science and Technology – Mission Bay(2)
San Francisco Bay Area
Mission Bay
75.0%
1,013,997
601, 611, 651(1), 681, 685, and 701 Gateway Boulevard
San Francisco Bay Area
South San Francisco
50.0%
874,234
751 Gateway Boulevard
San Francisco Bay Area
South San Francisco
49.0%
230,592
211 and 213 East Grand Avenue
San Francisco Bay Area
South San Francisco
70.0%
300,930
500 Forbes Boulevard
San Francisco Bay Area
South San Francisco
90.0%
155,685
Alexandria Center® for Life Science – Millbrae
San Francisco Bay Area
South San Francisco
51.5%
285,346
3215 Merryfield Row
San Diego
Torrey Pines
70.0%
170,523
Campus Point by Alexandria(1)(3)
San Diego
University Town Center
45.0%
(4)
1,212,414
5200 Illumina Way
San Diego
University Town Center
49.0%
792,687
9625 Towne Centre Drive
San Diego
University Town Center
70.0%
163,648
SD Tech by Alexandria(1)(5)
San Diego
Sorrento Mesa
50.0%
816,048
Pacific Technology Park
San Diego
Sorrento Mesa
50.0%
544,352
Summers Ridge Science Park(6)
San Diego
Sorrento Mesa
70.0%
316,531
1201 and 1208 Eastlake Avenue East
Seattle
Lake Union
70.0%
206,134
199 East Blaine Street
Seattle
Lake Union
70.0%
115,084
400 Dexter Avenue North
Seattle
Lake Union
70.0%
290,754
800 Mercer Street
Seattle
Lake Union
40.0%
—
(1)
Unconsolidated Real Estate Joint Ventures
Property
Market
Submarket
Our Ownership
Share(7)
Operating RSF
at 100%
1655 and 1725 Third Street
San Francisco Bay Area
Mission Bay
10.0%
586,208
1450 Research Boulevard
Maryland
Rockville
73.2%
(8)
42,012
101 West Dickman Street
Maryland
Beltsville
58.4%
(8)
135,949
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents a property currently under construction or in our future development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental
Information for additional details.
(2)Includes 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.
(3)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.
(4)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%,
after which future capital would be contributed pro-rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(5)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(6)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(7)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture.
(8)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.
Joint Venture Financial Information (continued)
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June 30, 2025
(In thousands)
As of June 30, 2025
Noncontrolling Interest
Share of Consolidated
Real Estate JVs
Our Share of
Unconsolidated
Real Estate JVs
Investments in real estate
$
4,250,023
$
99,775
Cash, cash equivalents, and restricted cash
144,770
2,917
Other assets
457,402
10,156
Secured notes payable
(35,448)
(67,378)
Other liabilities
(252,979)
(5,236)
Redeemable noncontrolling interests
(9,612)
—
$
4,554,156
$
40,234
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
June 30, 2025
June 30, 2025
Three Months Ended
Six Months Ended
Three Months Ended
Six Months Ended
Total revenues
$
117,958
$
234,595
$
2,688
$
5,263
Rental operations
(36,039)
(70,808)
(935)
(1,983)
81,919
163,787
1,753
3,280
General and administrative
(930)
(1,563)
(62)
(81)
Interest
(330)
(754)
(1,097)
(2,058)
Depreciation and amortization of real estate assets
(36,047)
(69,458)
(942)
(1,996)
Impairment of real estate
—
—
(8,673)
(8,673)
Fixed returns allocated to redeemable noncontrolling interests(1)
201
402
—
—
$
44,813
$
92,414
$
(9,021)
$
(9,528)
Straight-line rent and below-market lease revenue
$
6,542
$
10,194
$
176
$
334
Funds from operations(1)
$
80,860
$
161,872
$
594
$
1,141
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments
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June 30, 2025
(Dollars in thousands)
We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income
(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.
June 30, 2025
Year Ended
December 31, 2024
Three Months Ended
Six Months Ended
Realized (losses) gains
$(8,684)
(1)
$9,469
(1)
$59,124
(2)
Unrealized losses
(21,938)
(3)
(90,083)
(4)
$(112,246)
(5)
Investment loss
$(30,622)
$(80,614)
$(53,122)
June 30, 2025
December 31, 2024
Investments
Cost
Unrealized Gains
Unrealized Losses
Carrying Amount
Carrying Amount
Publicly traded companies
$183,859
$18,365
$(120,299)
$81,925
$105,667
Entities that report NAV
497,975
97,201
(43,013)
552,163
609,866
Entities that do not report NAV:
Entities with observable price changes
78,105
64,585
(9,156)
133,534
174,737
Entities without observable price changes
432,299
—
—
432,299
400,487
Investments accounted for under the equity method
  N/A
N/A
N/A
276,775
186,228
June 30, 2025
$1,192,238
(6)
$180,151
$(172,468)
$1,476,696
$1,476,985
December 31, 2024
$1,207,146
$228,100
$(144,489)
$1,476,985
Public/Private Mix (Cost)
Tenant/Non-Tenant Mix (Cost)
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12%
Public
22%
Tenant
88%
Private
78%
Non-Tenant
(1)Consists of realized gains of $30.5 million and $59.9 million, partially offset by impairment charges of $39.2 million and $50.4 million during the three and six months ended June 30, 2025, respectively.
(2)Consists of realized gains of $117.2 million, partially offset by impairment charges aggregating $58.1 million during the year ended December 31, 2024.
(3)Consists of unrealized gains of $12.5 million primarily resulting from the increase in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $34.4 million resulting from
accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended June 30, 2025.
(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the six months ended June 30, 2025.
(5)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024.
(6)Represents 2.7% of gross assets as of June 30, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Balance Sheet
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June 30, 2025
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PERCENTAGE OF DEBT
MATURING THROUGH 2027
PERCENTAGE OF FIXED-RATE
DEBT SINCE 2021(2)
9%
97.2%
One of the Lowest Debt Maturities
for 2025–2027 Among S&P 500 REITs(3)
REMAINING DEBT TERM
(IN YEARS)
DEBT INTEREST
RATE
12.0
4.01%
WEIGHTED AVERAGE
TOP
10%
Baa1
Stable
BBB+
Stable
CREDIT RATING
RANKING AMONG ALL
PUBLICLY TRADED
U.S. REITS(1)
ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of June 30, 2025.
(2)Represents the quarterly average percentage fixed-rate debt as of each quarter end from January 1, 2021 through June 30, 2025.
(3)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of March 31, 2025” or company filings as of March 31, 2025, except ARE, which is as of June 30, 2025.
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Key Credit Metrics
June 30, 2025
Liquidity
Minimal Outstanding Borrowings and Significant Availability
on Unsecured Senior Line of Credit
(in millions)
$4.6B
q225lineofcreditv2a.jpg
(in millions)
Availability under our unsecured senior line of credit, net of amounts
outstanding under our commercial paper program
$3,900
Cash, cash equivalents, and restricted cash
528
Availability under our secured construction loan
42
Investments in publicly traded companies
82
Liquidity as of June 30, 2025
$4,552
Net Debt and Preferred Stock to Adjusted EBITDA(1)
Fixed-Charge Coverage Ratio(1)
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4.0x to 4.5x
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.
Summary of Debt
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June 30, 2025
(Dollars in millions)
Weighted-Average Remaining Term of 12.0 Years
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(1)We expect to have limited borrowings outstanding on our unsecured senior line of credit and commercial paper program by the end of 2025. We expect to reduce the outstanding balance with proceeds from our 2025
dispositions.
(2)Refer to footnotes 2 through 4 on page 57 under “Fixed-rate and variable-rate debt” for additional details.
Summary of Debt (continued)
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June 30, 2025
ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM
AMONG S&P 500 REITS AT 2X THE AVERAGE DEBT TERM FOR THESE REITS
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WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
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5.9 Years
Average Debt Term
of S&P 500 REITs
as of March 31, 2025
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Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for PSA) as of March 31, 2025, except for ARE, which is as of June 30, 2025.
Summary of Debt (continued)
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June 30, 2025
(Dollars in thousands)
Fixed-rate and variable-rate debt
Fixed-Rate
Debt
Variable-Rate
Debt
Total
Percentage
Weighted-Average
Interest Rate(1)
Remaining Term
(in years)
Secured note payable
$—
$153,500
$153,500
1.2%
7.16%
1.4
Unsecured senior notes payable
12,042,607
—
12,042,607
90.5
3.90
12.8
Unsecured senior line of credit(2) and commercial
paper program(3)
—
1,097,993
1,097,993
8.3
4.71
4.6
(4)
Total/weighted average
$12,042,607
$1,251,493
$13,294,100
100.0%
4.01%
12.0
(4)
Percentage of total debt
90.6%
9.4%
100.0%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)As of June 30, 2025, we had no outstanding balance on our unsecured senior line of credit.
(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a
maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue
commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at
SOFR+0.855%. As of June 30, 2025, we had $1.1 billion of commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the
consolidated weighted-average maturity of our debt is 11.6 years. The commercial paper notes sold during the six months ended June 30, 2025 were issued at a weighted-average yield to maturity of 4.67% and had a weighted-
average maturity term of 16 days.
Average Debt Outstanding
Weighted-Average Interest Rate
June 30, 2025
June 30, 2025
Three Months Ended
Six Months Ended
Three Months Ended
Six Months Ended
Long-term fixed-rate debt
$12,314,715
$12,374,695
3.88%
3.85%
Short-term variable-rate unsecured senior line of credit and commercial paper
program debt
926,720
651,302
4.70
4.65
Blended-average interest rate
13,241,435
13,025,997
3.94
3.89
Loan fee amortization and annual facility fee related to unsecured senior line of credit
N/A
N/A
0.13
0.14
Total/weighted average
$13,241,435
$13,025,997
4.07%
4.03%
Summary of Debt (continued)
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June 30, 2025
(Dollars in thousands)
Debt covenants
Unsecured Senior Notes Payable
Unsecured Senior Line of Credit
Debt Covenant Ratios(1)
Requirement
June 30, 2025
Requirement
June 30, 2025
Total Debt to Total Assets
≤ 60%
31%
≤ 60.0%
32.2%
Secured Debt to Total Assets
≤ 40%
0.4%
≤ 45.0%
0.3%
Consolidated EBITDA to Interest Expense
≥ 1.5x
10.6x
≥ 1.50x
3.71x
Unencumbered Total Asset Value to Unsecured Debt
≥ 150%
309%
N/A
N/A
Unsecured Interest Coverage Ratio
N/A
N/A
≥ 1.75x
9.30x
(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to
the computation of EBITDA as described in Exchange Act Release No. 47226.
Unconsolidated real estate joint ventures’ debt
At 100%
Unconsolidated Joint Venture
Maturity Date
Stated Rate
Interest Rate(1)
Aggregate
Commitment
Debt Balance(2)
Our Share
101 West Dickman Street
11/10/26
SOFR+1.95%
(3)
6.34%
$26,750
$19,081
58.4%
1450 Research Boulevard
12/10/26
SOFR+1.95%
(3)
6.40%
13,000
8,965
73.2%
1655 and 1725 Third Street
2/10/35
6.37%
6.44%
500,000
496,709
10.0%
$539,750
$524,755
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2025.
(3)This loan is subject to a fixed SOFR floor of 0.75%.
Summary of Debt (continued)
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June 30, 2025
(Dollars in thousands)
Debt
Stated 
Rate
Interest
Rate(1)
Maturity
Date(2)
Principal Payments Remaining for the Periods Ending December 31,
Principal
Unamortized
(Deferred
Financing
Cost),
(Discount)/
Premium
Total
2025
2026
2027
2028
2029
Thereafter
Secured note payable
Greater Boston(3)
SOFR+2.70%
7.16%
11/19/26
(3)
$—
$153,624
$—
$—
$—
$—
$153,624
$(124)
$153,500
Unsecured senior line of credit and commercial
paper program(4)
(4)
4.71
(4)
1/22/30
(4)
—
—
—
—
—
1,100,000
1,100,000
(2,007)
1,097,993
Unsecured senior notes payable
4.30%
4.50
1/15/26
—
300,000
—
—
—
—
300,000
(284)
299,716
Unsecured senior notes payable
3.80%
3.96
4/15/26
—
350,000
—
—
—
—
350,000
(408)
349,592
Unsecured senior notes payable
3.95%
4.13
1/15/27
—
—
350,000
—
—
—
350,000
(812)
349,188
Unsecured senior notes payable
3.95%
4.07
1/15/28
—
—
—
425,000
—
—
425,000
(1,100)
423,900
Unsecured senior notes payable
4.50%
4.60
7/30/29
—
—
—
—
300,000
—
300,000
(916)
299,084
Unsecured senior notes payable
2.75%
2.87
12/15/29
—
—
—
—
400,000
—
400,000
(1,860)
398,140
Unsecured senior notes payable
4.70%
4.81
7/1/30
—
—
—
—
—
450,000
450,000
(1,872)
448,128
Unsecured senior notes payable
4.90%
5.05
12/15/30
—
—
—
—
—
700,000
700,000
(4,339)
695,661
Unsecured senior notes payable
3.375%
3.48
8/15/31
—
—
—
—
—
750,000
750,000
(4,027)
745,973
Unsecured senior notes payable
2.00%
2.12
5/18/32
—
—
—
—
—
900,000
900,000
(6,506)
893,494
Unsecured senior notes payable
1.875%
1.97
2/1/33
—
—
—
—
—
1,000,000
1,000,000
(6,675)
993,325
Unsecured senior notes payable
2.95%
3.07
3/15/34
—
—
—
—
—
800,000
800,000
(6,857)
793,143
Unsecured senior notes payable
4.75%
4.88
4/15/35
—
—
—
—
—
500,000
500,000
(4,730)
495,270
Unsecured senior notes payable
5.50%
5.66
10/1/35
—
—
—
—
—
550,000
550,000
(6,624)
543,376
Unsecured senior notes payable
5.25%
5.38
5/15/36
—
—
—
—
—
400,000
400,000
(3,939)
396,061
Unsecured senior notes payable
4.85%
4.93
4/15/49
—
—
—
—
—
300,000
300,000
(2,814)
297,186
Unsecured senior notes payable
4.00%
3.91
2/1/50
—
—
—
—
—
700,000
700,000
9,916
709,916
Unsecured senior notes payable
3.00%
3.08
5/18/51
—
—
—
—
—
850,000
850,000
(11,034)
838,966
Unsecured senior notes payable
3.55%
3.63
3/15/52
—
—
—
—
—
1,000,000
1,000,000
(13,450)
986,550
Unsecured senior notes payable
5.15%
5.26
4/15/53
—
—
—
—
—
500,000
500,000
(7,482)
492,518
Unsecured senior notes payable
5.625%
5.71
5/15/54
—
—
—
—
—
600,000
600,000
(6,580)
593,420
Unsecured debt weighted-average interest rate/
subtotal
3.97
—
650,000
350,000
425,000
700,000
11,100,000
13,225,000
(84,400)
13,140,600
Weighted-average interest rate/total
4.01%
$—
$803,624
$350,000
$425,000
$700,000
$11,100,000
$13,378,624
$(84,524)
$13,294,100
Balloon payments
$—
$803,624
$350,000
$425,000
$700,000
$11,100,000
$13,378,624
$—
$13,378,624
Principal amortization
—
—
—
—
—
—
—
(84,524)
(84,524)
Total debt
$—
$803,624
$350,000
$425,000
$700,000
$11,100,000
$13,378,624
$(84,524)
$13,294,100
Fixed-rate debt
$—
$650,000
$350,000
$425,000
$700,000
$10,000,000
$12,125,000
$(82,393)
$12,042,607
Variable-rate debt
—
153,624
—
—
—
1,100,000
1,253,624
(2,131)
1,251,493
Total debt
$—
$803,624
$350,000
$425,000
$700,000
$11,100,000
$13,378,624
$(84,524)
$13,294,100
Weighted-average stated rate on maturing debt
N/A
3.78%
3.95%
3.95%
3.50%
3.88%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)Reflects any extension options that we control.
(3)Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, where we have a 76.9% interest. As of June 30, 2025, this joint venture has $41.7 million available under existing lender
commitments. We expect to repay the entire $153.5 million balance in August 2025.
(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.
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Definitions and Reconciliations
June 30, 2025
This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-
GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Adjusted EBITDA and Adjusted EBITDA margin
 
The following table reconciles net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the
Adjusted EBITDA margin:
 
Three Months Ended
(Dollars in thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Net (loss) income
$(62,189)
$38,662
$(16,095)
$213,603
$94,049
Interest expense
55,296
50,876
55,659
43,550
45,789
Income taxes
1,020
1,145
1,855
1,877
1,182
Depreciation and amortization
346,123
342,062
330,108
293,998
290,720
Stock compensation expense
12,530
10,064
12,477
15,525
14,507
Gain on sales of real estate
—
(13,165)
(101,806)
(27,114)
—
Unrealized losses (gains) on non-real estate
investments
21,938
68,145
79,776
(2,610)
64,238
Impairment of real estate
129,606
32,154
186,564
5,741
30,763
Impairment of non-real estate investments
39,216
11,180
20,266
10,338
12,788
Increase (decrease) in provision for expected
credit losses on financial instruments
—
285
(434)
—
—
Adjusted EBITDA
$543,540
$541,408
$568,370
$554,908
$554,036
Total revenues
$762,040
$758,158
$788,945
$791,607
$766,734
Adjusted EBITDA margin
71%
71%
72%
70%
72%
We use Adjusted EBITDA as a supplemental performance measure of our operations, for
financial and operational decision-making, and as a supplemental means of evaluating period-to-period
comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes,
depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on
early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes
in provision for expected credit losses on financial instruments, and significant termination fees. Adjusted
EBITDA also excludes unrealized gains or losses and significant realized gains or losses and
impairments that result from our non-real estate investments. These non-real estate investment amounts
are classified in our consolidated statements of operations outside of total revenues.
We believe Adjusted EBITDA provides investors with relevant and useful information as it
allows investors to evaluate the operating performance of our business activities without having to
account for differences recognized because of investing and financing decisions related to our real
estate and non-real estate investments, our capital structure, capital market transactions, and variances
resulting from the volatility of market conditions outside of our control. For example, we exclude gains or
losses on the early extinguishment of debt to allow investors to measure our performance independent
of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and
gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real
estate investments, changes in provision for expected credit losses on financial instruments, and
significant termination fees allows investors to evaluate performance from period to period on a
consistent basis without having to account for differences recognized because of investing and financing
decisions related to our real estate and non-real estate investments or other corporate activities that
may not be representative of the operating performance of our properties.
In addition, we believe that excluding charges related to stock compensation and unrealized
gains or losses facilitates for investors a comparison of our business activities across periods without the
volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a
measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future
requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant
measure of performance, it does not represent net income (loss) or cash flows from operations
calculated and presented in accordance with GAAP, and it should not be considered as an alternative to
those indicators in evaluating performance or liquidity.
In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total
revenues as presented in our consolidated statements of operations. We believe that this supplemental
performance measure provides investors with additional useful information regarding the profitability of
our operating activities.
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to
the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions
outside of our control, including the timing of dispositions, capital events, and financing decisions, as
well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-
real estate investments, impairments of real estate, impairments of non-real estate investments, and
changes in provision for expected credit losses on financial instruments. Our attempt to predict these
amounts may produce significant but inaccurate estimates, which would be potentially misleading for our
investors.
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Definitions and Reconciliations (continued)
June 30, 2025
Annual rental revenue
Annual rental revenue represents the annualized fixed base rental obligations, calculated in
accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and
tenant-built landlord improvements, for leases in effect as of the end of the period, related to our
operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our
consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint
ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of
100% of the RSF of our consolidated properties and our share of the RSF of properties held in
unconsolidated real estate joint ventures. As of June 30, 2025, approximately 91% of our leases (on an
annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real
estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating
expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these
operating expenses recovered from our tenants. Amounts recovered from our tenants related to these
operating expenses, along with base rent, are classified in income from rentals in our consolidated
statements of operations.
Capitalization rates
Capitalization rates are calculated based on net operating income and net operating income
(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter
preceding the date on which the property is sold, or near-term prospective net operating income.
Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary
to develop, redevelop, or reposition a project for its intended use are ongoing, provided that
expenditures for the asset have been made and interest cost has been incurred. Activities necessary to
develop, redevelop, or reposition a project include pre-construction activities such as entitlements,
permitting, design, site work, and other activities preceding commencement of construction of
aboveground building improvements. The advancement of pre-construction efforts is focused on
reducing the time required to deliver projects to prospective tenants. These critical activities add
significant value for future ground-up development and are required for the vertical construction of
buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related
to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus
capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition
of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable
financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative
tenants with highly dynamic and collaborative environments that enhance their ability to successfully
recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These
properties are typically well-located, professionally managed, and well-maintained, offering a wide range
of amenities and featuring premium construction materials and finishes. Class A/A+ properties are
generally newer or have undergone substantial redevelopment and are generally expected to command
higher annual rental rates compared to other classes of similar properties. AAA locations are in close
proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is
important to note that our definition of property classification may not be directly comparable to other
equity REITs.
Credit ratings
Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of
June 30, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be
subject to revision or withdrawal at any time.
Development, redevelopment, and pre-construction
A key component of our business model is our disciplined allocation of capital to the
development and redevelopment of new Class A/A+ properties, as well as property enhancements
identified during the underwriting of certain acquired properties. These efforts are primarily concentrated
in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other
strategic locations that support innovation and growth. These projects are generally focused on
providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide
range of tenants. Upon completion, each development or redevelopment project is expected to generate
increases in rental income, net operating income, and cash flows. Our development and redevelopment
projects are generally in locations that are highly desirable to high-quality entities, which we believe
results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value.
Development projects generally consist of the ground-up development of generic and
reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of
acquired office, warehouse, or shell space into laboratory space. We generally will not commence new
development projects for aboveground construction of new Class A/A+ laboratory space without first
securing significant pre-leasing for such space, except when there is solid market demand for high-
quality Class A/A+ properties.
Pre-construction activities include entitlements, permitting, design, site work, and other
activities preceding commencement of construction of aboveground building improvements. The
advancement of pre-construction efforts is focused on reducing the time required to deliver projects to
prospective tenants. These critical activities add significant value for future ground-up development and
are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality
facilities and are expected to generate significant revenue and cash flows.
Development, redevelopment, and pre-construction spending also includes the following
costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified
during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion
of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and
growth-stage life science companies.
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Definitions and Reconciliations (continued)
June 30, 2025
Development, redevelopment, and pre-construction (continued)
Revenue-enhancing and repositioning capital expenditures represent spending to reposition
or significantly change the use of a property, including through improvement in the asset quality from
Class B to Class A/A+.
Non-revenue-enhancing capital expenditures represent costs required to maintain the current
revenues of a stabilized property, including the associated costs for renewed and re-leased space.
Dividend payout ratio (common stock)
Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends
on our common stock (shares of common stock outstanding on the respective record dates multiplied by
the related dividend per share) to funds from operations attributable to Alexandria’s common
stockholders – diluted, as adjusted.
Dividend yield
Dividend yield for the quarter represents the annualized quarter dividend divided by the
closing common stock price at the end of the quarter.
Space Intentionally Blank
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,
less amortization of loan fees and debt premiums (discounts).
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:
 
Three Months Ended
(Dollars in thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Adjusted EBITDA
$543,540
$541,408
$568,370
$554,908
$554,036
Interest expense
$55,296
$50,876
$55,659
$43,550
$45,789
Capitalized interest
82,423
80,065
81,586
86,496
81,039
Amortization of loan fees
(4,615)
(4,691)
(4,620)
(4,222)
(4,146)
Amortization of debt discounts
(335)
(349)
(333)
(330)
(328)
Cash interest and fixed charges
$132,769
$125,901
$132,292
$125,494
$122,354
Fixed-charge coverage ratio:
– quarter annualized
4.1x
4.3x
4.3x
4.4x
4.5x
– trailing 12 months
4.3x
4.4x
4.5x
4.5x
4.6x
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This
is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market
conditions outside of our control, including the timing of dispositions, capital events, and financing
decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or
losses on non-real estate investments, impairment of real estate, impairments of non-real estate
investments, and changes in provision for expected credit losses on financial instruments. Our attempt
to predict these amounts may produce significant but inaccurate estimates, which would be potentially
misleading for our investors.
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Definitions and Reconciliations (continued)
June 30, 2025
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders
GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes
that real estate values diminish over time. In an effort to overcome the difference between real estate
values and historical cost accounting for real estate assets, the Nareit Board of Governors established
funds from operations as an improved measurement tool. Since its introduction, funds from operations
has become a widely used non-GAAP financial measure among equity REITs. We believe that funds
from operations is helpful to investors as an additional measure of the performance of an equity
REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our
performance to the performance of other real estate companies on a consistent basis, without having to
account for differences recognized because of real estate acquisition and disposition decisions,
financing decisions, capital structure, capital market transactions, variances resulting from the volatility
of market conditions outside of our control, or other corporate activities that may not be representative of
the operating performance of our properties.
The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)
defines funds from operations as net income (computed in accordance with GAAP), excluding gains or
losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of
operating real estate assets, and after adjustments for our share of consolidated and unconsolidated
partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair
value over the recoverability period is less than the carrying value due to changes in general market
conditions and do not necessarily reflect the operating performance of the properties during the
corresponding period.
We compute funds from operations, as adjusted, as funds from operations calculated in
accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized
on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments
of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that
we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the
provision for expected credit losses on financial instruments, significant termination fees, acceleration of
stock compensation expense due to the resignations of executive officers, deal costs, the income tax
effect related to such items, and the amount of such items that is allocable to our unvested restricted
stock awards. We compute the amount that is allocable to our unvested restricted stock awards with
nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net
income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested
restricted stock awards with nonforfeitable dividends by applying the respective weighted-average
shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference
of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor
funds from operations, as adjusted, should be considered as alternatives to net income (determined in
accordance with GAAP) as indications of financial performance, or to cash flows from operating
activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the
availability of funds for our cash needs, including our ability to make distributions.
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders (continued)
The following table reconciles net income (loss) to funds from operations for the share of
consolidated real estate joint ventures attributable to noncontrolling interests and our share of
unconsolidated real estate joint ventures:
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
June 30, 2025
June 30, 2025
(In thousands)
Three Months
Ended
Six Months
Ended
Three Months
Ended
Six Months
Ended
Net income (loss)
$44,813
$92,414
$(9,021)
$(9,528)
Depreciation and amortization of real
estate assets
36,047
69,458
942
1,996
Impairment of real estate
—
—
8,673
8,673
Funds from operations
$80,860
$161,872
$594
$1,141
Gross assets
Gross assets are calculated as total assets plus accumulated depreciation:
(In thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Total assets
$37,623,629
$37,600,428
$37,527,449
$38,488,128
$37,847,865
Accumulated depreciation
6,146,378
5,886,561
5,625,179
5,624,642
5,457,414
Gross assets
$43,770,007
$43,486,989
$43,152,628
$44,112,770
$43,305,279
Incremental annual net operating income on development and redevelopment projects
Incremental annual net operating income represents the amount of net operating income, on
an annual basis, expected to be realized upon a project being placed into service and achieving full
occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied
by the project’s total cost at completion.
Initial stabilized yield (unlevered)
Initial stabilized yield is calculated as the estimated amounts of net operating income at
stabilization divided by our investment in the property. For this calculation, we exclude any tenant-
funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized
yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment
projects are generally expected to increase over time due to contractual annual rent escalations. Our
estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion
represent our initial estimates at the commencement of the project. We expect to update this information
upon completion of the project, or sooner if there are significant changes to the expected project yields
or costs.
•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent
concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any
amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.
•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental
concessions, if any, have elapsed and our total cash investment in the property.
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Definitions and Reconciliations (continued)
June 30, 2025
Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-
grade rated or publicly traded companies with an average daily market capitalization greater than $10
billion for the twelve months ended June 30, 2025, as reported by Bloomberg Professional Services.
Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent
entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease
obligation upon such tenant’s default. We monitor the credit quality and related material changes of our
tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion,
which are not immediately reflected in the twelve-month average, may result in their exclusion from this
measure.
Investments
We hold investments in publicly traded companies and privately held entities primarily
involved in the life science industry. We recognize, measure, present, and disclose these investments as
follows:
Statements of Operations
Balance Sheet
Gains and Losses
Carrying Amount
Unrealized
Realized
Difference between
proceeds received upon
disposition and historical
cost
Publicly traded
companies
Fair value
Changes in fair
value
Privately held entities
without readily
determinable fair
values that:
Report NAV
Fair value, using NAV
as a practical
expedient
Changes in NAV, as
a practical expedient
to fair value
Do not report NAV
Cost, adjusted for
observable price
changes and
impairments(1)
Observable price
changes(1)
Impairments to reduce costs
to fair value, which result in
an adjusted cost basis and
the differences between
proceeds received upon
disposition and adjusted or
historical cost
Equity method
investments
Contributions,
adjusted for our share
of the investee’s
earnings or losses,
less distributions
received, reduced by
other-than-temporary
impairments
Our share of
unrealized gains or
losses reported by
the investee
Our share of realized gains
or losses reported by the
investee, and other-than-
temporary impairments
(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same
issuer. Observable price changes result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including subsequent equity offerings or other
reported equity transactions related to the same issuer.
Investments in real estate
The following table reconciles our investments in real estate as of June 30, 2025:
(In thousands)
Investments in
Real Estate
Gross investments in real estate
$38,306,978
Less: accumulated depreciation
(6,146,378)
Investments in real estate
$32,160,600
The following table presents our new Class A/A+ development and redevelopment pipeline,
excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental
revenue as of June 30, 2025:
Percentage of
(Dollars in thousands)
Book Value
Gross
Assets
Annual Rental
Revenue
Under construction and committed near-term projects
$3,806,346
9%
—%
Income-producing/potential cash flows/covered land play(1)
3,183,092
7
1
Land
1,553,645
4
—
$8,543,083
20%
1%
(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
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Definitions and Reconciliations (continued)
June 30, 2025
Investments in real estate (continued)
The square footage presented in the table below is classified as operating as of June 30,
2025. These lease expirations or vacant space at recently acquired properties represent future
opportunities for which we have the intent, subject to market conditions and leasing, to commence first-
time conversion from non-laboratory space to laboratory space, or to commence future ground-up
development:
Dev/
Redev
RSF of Lease Expirations Targeted for
Development and Redevelopment
Property/Submarket
2025
2026
Thereafter(1)
Total
Committed near-term project:
Campus Point by Alexandria/University Town Center
Dev
—
—
52,620
52,620
Future projects:
446, 458, 500, and 550 Arsenal Street/Cambridge/
Inner Suburbs
Dev
—
—
365,898
365,898
Other/Greater Boston
Redev
—
—
167,549
167,549
1122 and 1150 El Camino Real/South San Francisco
Dev
—
—
375,232
375,232
3875 Fabian Way/Greater Stanford
Dev
—
—
228,000
228,000
2100 and 2200 Geng Road/Greater Stanford
Dev
—
—
62,526
62,526
960 Industrial Road/Greater Stanford
Dev
—
—
112,590
112,590
Campus Point by Alexandria/University Town Center
Dev
—
—
96,805
96,805
Sequence District by Alexandria/Sorrento Mesa
Dev/
Redev
—
—
555,754
555,754
410 West Harrison Street/Elliott Bay
Dev
—
—
17,205
17,205
Other/Seattle
Dev
—
—
63,057
63,057
100 Capitola Drive/Research Triangle
Dev
—
—
34,527
34,527
1001 Trinity Street and 1020 Red River Street/Austin
Dev/
Redev
198,972
—
—
198,972
Canada
Redev
—
—
247,743
247,743
198,972
—
2,326,886
2,525,858
Total
198,972
—
2,379,506
2,578,478
(1)Includes vacant square footage as of June 30, 2025.
Joint venture financial information
We present components of balance sheet and operating results information related to our real
estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.
We present the proportionate share of certain financial line items as follows: (i) for each real estate joint
venture that we consolidate in our financial statements, which are controlled by us through contractual
rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest
economic ownership percentage to each financial item to arrive at the amount of such cumulative
noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that
we do not control and do not consolidate, which are instead controlled jointly or by our joint venture
partners through contractual rights or majority voting rights, we apply our economic ownership
percentage to each financial item to arrive at our proportionate share of each component presented.
The components of balance sheet and operating results information related to our real estate
joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,
the joint venture agreement generally determines what equity holders can receive upon capital events,
such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their
respective legal ownership of any residual cash from a joint venture only after all liabilities, priority
distributions, and claims have been repaid or satisfied.
We believe that this information can help investors estimate the balance sheet and operating
results information related to our partially owned entities. Presenting this information provides a
perspective not immediately available from consolidated financial statements and one that can
supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in
our consolidated results.
The components of balance sheet and operating results information related to our real estate
joint ventures are limited as an analytical tool as the overall economic ownership interest does not
represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In
addition, joint venture financial information may include financial information related to the
unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for
investors a clear understanding of our operating results and our total assets and liabilities, joint venture
financial information should be examined in conjunction with our consolidated statements of operations
and balance sheets. Joint venture financial information should not be considered an alternative to our
consolidated financial statements, which are presented and prepared in accordance with GAAP.
Space Intentionally Blank
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Definitions and Reconciliations (continued)
June 30, 2025
Key items included in net income attributable to Alexandria’s common stockholders
We present a tabular comparison of items, whether gain or loss, that may facilitate a high-
level understanding of our results and provide context for the disclosures included in this Supplemental
Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form
10-Q. We believe that such tabular presentation promotes a better understanding for investors of the
corporate-level decisions made and activities performed that significantly affect comparison of our
operating results from period to period. We also believe that this tabular presentation will supplement for
investors an understanding of our disclosures and real estate operating results. Gains or losses on sales
of real estate and impairments of assets classified as held for sale are related to corporate-level
decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to
corporate-level financing decisions focused on our capital structure strategy. Significant realized and
unrealized gains or losses on non-real estate investments, impairments of real estate and non-real
estate investments, and acceleration of stock compensation expense due to the resignation of an
executive officer are not related to the operating performance of our real estate assets as they result
from strategic, corporate-level non-real estate investment decisions and external market conditions.
Impairments of non-real estate investments and changes in the provision for expected credit losses on
financial instruments are not related to the operating performance of our real estate as they represent
the write-down of non-real estate investments when their fair values decrease below their respective
carrying values due to changes in general market or other conditions outside of our control. Significant
items, whether a gain or loss, included in the tabular disclosure for current periods are described in
further detail in this Supplemental Information and accompanying Earnings Press Release.
Megacampus™
A Megacampus ecosystem is a cluster campus that consist of approximately 1 million RSF or
greater, including operating, active development/redevelopment, and land RSF less operating RSF
expected to be demolished. The following table reconciles our annual rental revenue and development
and redevelopment pipeline RSF as of June 30, 2025:
(Dollars in thousands)
Annual Rental
Revenue
Development and
Redevelopment
Pipeline RSF
Megacampus
$1,570,877
20,370,529
Core and non-core
510,353
7,108,567
Total
$2,081,230
27,479,096
Megacampus as a percentage of annual rental revenue and
of total development and redevelopment pipeline RSF
75%
74%
Net cash provided by operating activities after dividends
Net cash provided by operating activities after dividends is reduced by distributions to
noncontrolling interests and excludes changes in operating assets and liabilities as they represent timing
differences.
Net debt and preferred stock to Adjusted EBITDA
Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we
believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net
debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and
restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of
Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted
EBITDA.
The following table reconciles debt to net debt and preferred stock and computes the ratio to
Adjusted EBITDA:
(Dollars in thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Secured notes payable
$153,500
$150,807
$149,909
$145,000
$134,942
Unsecured senior notes payable
12,042,607
12,640,144
12,094,465
12,092,012
12,089,561
Unsecured senior line of credit and
commercial paper
1,097,993
299,883
—
454,589
199,552
Unamortized deferred financing costs
78,574
80,776
77,649
79,610
81,942
Cash and cash equivalents
(520,545)
(476,430)
(552,146)
(562,606)
(561,021)
Restricted cash
(7,403)
(7,324)
(7,701)
(17,031)
(4,832)
Preferred stock
—
—
—
—
—
Net debt and preferred stock
$12,844,726
$12,687,856
$11,762,176
$12,191,574
$11,940,144
Adjusted EBITDA:
– quarter annualized
$2,174,160
$2,165,632
$2,273,480
$2,219,632
$2,216,144
– trailing 12 months
$2,208,226
$2,218,722
$2,228,921
$2,184,298
$2,122,250
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized
5.9x
5.9x
5.2x
5.5x
5.4x
– trailing 12 months
5.8x
5.7x
5.3x
5.6x
5.6x
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a
forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of
items that depend on market conditions outside of our control, including the timing of dispositions,
capital events, and financing decisions, as well as quarterly components such as gain on sales of real
estate, unrealized gains or losses on non-real estate investments, impairment of real estate, impairment
of non-real estate investments, and provision for expected credit losses on financial instruments. Our
attempt to predict these amounts may produce significant but inaccurate estimates, which would be
potentially misleading for our investors.
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Definitions and Reconciliations (continued)
June 30, 2025
Net operating income, net operating income (cash basis), and operating margin
The following table reconciles net income (loss) to net operating income and net operating
income (cash basis) and computes operating margin:
Three Months Ended
Six Months Ended
(Dollars in thousands)
6/30/25
6/30/24
6/30/25
6/30/24
Net (loss) income
$(62,189)
$94,049
$(23,527)
$313,225
Equity in losses (earnings) of unconsolidated real
estate joint ventures
9,021
(130)
9,528
(285)
General and administrative expenses
29,128
44,629
59,803
91,684
Interest expense
55,296
45,789
106,172
86,629
Depreciation and amortization
346,123
290,720
688,185
578,274
Impairment of real estate
129,606
30,763
161,760
30,763
Gain on sales of real estate
—
—
(13,165)
(392)
Investment loss
30,622
43,660
80,614
376
Net operating income
537,607
549,480
1,069,370
1,100,274
Straight-line rent revenue
(18,536)
(48,338)
(40,559)
(96,589)
Amortization of deferred revenue related to tenant-
funded and -built landlord improvements
(2,401)
—
(4,052)
—
Amortization of acquired below-market leases
(10,196)
(22,515)
(25,418)
(52,855)
Provision for expected credit losses on financial
instruments
—
—
285
—
Net operating income (cash basis)
$506,474
$478,627
$999,626
$950,830
Net operating income (cash basis) – annualized
$2,025,896
$1,914,508
$1,999,252
$1,901,660
Net operating income (from above)
$537,607
$549,480
$1,069,370
$1,100,274
Total revenues
$762,040
$766,734
$1,520,198
$1,535,842
Operating margin
71%
72%
70%
72%
Net operating income is a non-GAAP financial measure calculated as net income (loss), the
most directly comparable financial measure calculated and presented in accordance with GAAP,
excluding equity in the earnings of our unconsolidated real estate joint ventures, general and
administrative expenses, interest expense, depreciation and amortization, impairments of real estate,
gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment
income or loss. We believe net operating income provides useful information to investors regarding our
financial condition and results of operations because it primarily reflects those income and expense
items that are incurred at the property level. Therefore, we believe net operating income is a useful
measure for investors to evaluate the operating performance of our consolidated real estate assets. Net
operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line
rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue
related to tenant-funded and tenant-built landlord improvements, and changes in the provision for
expected credit losses on financial instruments required by GAAP. We believe that net operating income
on a cash basis is helpful to investors as an additional measure of operating performance because it
eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases
and tenant-funded and tenant-built landlord improvements.
Net operating income, net operating income (cash basis), and operating margin (continued)
Furthermore, we believe net operating income is useful to investors as a performance
measure of our consolidated properties because, when compared across periods, net operating income
reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not
immediately apparent from net income or loss. Net operating income can be used to measure the initial
stabilized yields of our properties by calculating net operating income generated by a property divided by
our investment in the property. Net operating income excludes certain components from net income in
order to provide results that are more closely related to the results of operations of our properties. For
example, interest expense is not necessarily linked to the operating performance of a real estate asset
and is often incurred at the corporate level rather than at the property level. In addition, depreciation and
amortization, because of historical cost accounting and useful life estimates, may distort comparability of
operating performance at the property level. Impairments of real estate have been excluded in deriving
net operating income because we do not consider impairments of real estate to be property-level
operating expenses. Impairments of real estate relate to changes in the values of our assets and do not
reflect the current operating performance with respect to related revenues or expenses. Our
impairments of real estate represent the write-down in the value of the assets to the estimated fair value
less cost to sell. These impairments result from investing decisions or a deterioration in market
conditions. We also exclude realized and unrealized investment gain or loss, which results from
investment decisions that occur at the corporate level related to non-real estate investments in publicly
traded companies and certain privately held entities. Therefore, we do not consider these activities to be
an indication of operating performance of our real estate assets at the property level. Our calculation of
net operating income also excludes charges incurred from changes in certain financing decisions, such
as losses on early extinguishment of debt and changes in provision for expected credit losses on
financial instruments, as these charges often relate to corporate strategy. Property operating expenses
included in determining net operating income primarily consist of costs that are related to our operating
properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;
contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and
property-level salaries. General and administrative expenses consist primarily of accounting and
corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as
part of corporate office management. We calculate operating margin as net operating income divided by
total revenues.
We believe that in order to facilitate for investors a clear understanding of our operating
results, net operating income should be examined in conjunction with net income or loss as presented in
our consolidated statements of operations. Net operating income should not be considered as an
alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows
as a measure of our liquidity or our ability to make distributions.
Operating statistics
We present certain operating statistics related to our properties, including number of
properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end
of the period. We believe these measures are useful to investors because they facilitate an
understanding of certain trends for our properties. We compute the number of properties, RSF,
occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at
properties classified as held for sale, for all properties in which we have an investment, including
properties owned by our consolidated and unconsolidated real estate joint ventures. For operating
metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.
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Definitions and Reconciliations (continued)
June 30, 2025
Same property comparisons
As a result of changes within our total property portfolio during the comparative periods
presented, including changes from assets acquired or sold, properties placed into development or
redevelopment, and development or redevelopment properties recently placed into service, the
consolidated total income from rentals, as well as rental operating expenses in our operating results, can
show significant changes from period to period. In order to supplement an evaluation of our results of
operations over a given quarterly or annual period, we analyze the operating performance for all
consolidated properties that were fully operating for the entirety of the comparative periods presented,
referred to as same properties. We separately present quarterly and year-to-date same property results
to align with the interim financial information required by the SEC in our management’s discussion and
analysis of our financial condition and results of operations. These same properties are analyzed
separately from properties acquired subsequent to the first day in the earliest comparable quarterly or
year-to-date period presented, properties that underwent development or redevelopment at any time
during the comparative periods, unconsolidated real estate joint ventures, properties classified as held
for sale, and corporate entities (legal entities performing general and administrative functions), which are
excluded from same property results. Additionally, termination fees, if any, are excluded from the results
of same properties.
Space Intentionally Blank
Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the six
months ended June 30, 2025:
Redevelopment – placed into
Development – under construction
Properties
service after January 1, 2024
Properties
99 Coolidge Avenue
1
840 Winter Street
1
500 North Beacon Street and 4 Kingsbury
Avenue
2
Alexandria Center® for Advanced
Technologies – Monte Villa Parkway
6
1450 Owens Street
1
7
10935, 10945, and 10955 Alexandria
Way
3
Acquisitions after January 1, 2024
Properties
Other
3
10075 Barnes Canyon Road
1
3
421 Park Drive
1
Unconsolidated real estate JVs
4
4135 Campus Point Court
1
Properties held for sale
8
701 Dexter Avenue North
1
Total properties excluded from same
properties
55
11
Development – placed into
Same properties
329
service after January 1, 2024
Properties
Total properties in North America as of
June 30, 2025
384
9810 Darnestown Road
1
9820 Darnestown Road
1
1150 Eastlake Avenue East
1
4155 Campus Point Court
1
201 Brookline Avenue
1
9808 Medical Center Drive
1
230 Harriet Tubman Way
1
7
Redevelopment – under construction
Properties
40, 50, and 60 Sylvan Road
3
269 East Grand Avenue
1
651 Gateway Boulevard
1
401 Park Drive
1
8800 Technology Forest Place
1
311 Arsenal Street
1
One Hampshire Street
1
Canada
4
Other
2
15
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Definitions and Reconciliations (continued)
June 30, 2025
Stabilized occupancy date
The stabilized occupancy date represents the estimated date on which the project is expected
to reach occupancy of 95% or greater.
Tenant recoveries
Tenant recoveries represent revenues comprising reimbursement of real estate taxes,
insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
and earned in the period during which the applicable expenses are incurred and the tenant’s obligation
to reimburse us arises.
We classify rental revenues and tenant recoveries generated through the leasing of real
estate assets within revenues in income from rentals in our consolidated statements of operations. We
provide investors with a separate presentation of rental revenues and tenant recoveries in “Same
property performance” in this Supplemental Information because we believe it promotes investors’
understanding of our operating results. We believe that the presentation of tenant recoveries is useful to
investors as a supplemental measure of our ability to recover operating expenses under our triple net
leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common
area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for
any significant variability to components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:
Three Months Ended
Six Months Ended
(In thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Income from rentals
$737,279
$743,175
$763,249
$775,744
$755,162
$1,480,454
$1,510,713
Rental revenues
(553,377)
(552,112)
(566,535)
(579,569)
(576,835)
(1,105,489)
(1,158,235)
Tenant recoveries
$183,902
$191,063
$196,714
$196,175
$178,327
$374,965
$352,478
Total equity capitalization
Total equity capitalization is equal to the outstanding shares of common stock multiplied by the
closing price on the last trading day at the end of each period presented.
Total market capitalization
Total market capitalization is equal to the sum of total equity capitalization and total debt.
Unencumbered net operating income as a percentage of total net operating income
Unencumbered net operating income as a percentage of total net operating income is a non-
GAAP financial measure that we believe is useful to investors as a performance measure of the results
of operations of our unencumbered real estate assets as it reflects those income and expense items that
are incurred at the unencumbered property level. Unencumbered net operating income is derived from
assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or
other security interest, as of the period for which income is presented.
The following table summarizes unencumbered net operating income as a percentage of total
net operating income:
 
Three Months Ended
(Dollars in thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Unencumbered net operating income
$535,766
$530,691
$547,921
$553,589
$544,268
Encumbered net operating income
1,841
1,072
592
4,753
5,212
Total net operating income
$537,607
$531,763
$548,513
$558,342
$549,480
Unencumbered net operating income as a
percentage of total net operating income
99.7%
99.8%
99.9%
99.1%
99.1%
Weighted-average interest rate for capitalization of interest
The weighted-average interest rate required for calculating capitalization of interest pursuant
to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates
applicable to borrowings outstanding during the period, including expense/income related to interest rate
hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank
fees. A separate calculation is performed to determine our weighted-average interest rate for
capitalization for each month. The rate will vary each month due to changes in variable interest rates,
outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms
of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.
Space Intentionally Blank
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Definitions and Reconciliations (continued)
June 30, 2025
Weighted-average shares of common stock outstanding – diluted
From time to time, we enter into capital market transactions, including forward equity sales
agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and
redevelopment projects, and for general working capital purposes. While the Forward Agreements are
outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under
the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted
stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares.
The weighted-average shares of common stock outstanding used in calculating EPS – diluted,
FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as
follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with
nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class
method for each of the respective periods presented below.
Three Months Ended
Six Months Ended
(In thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Basic shares for earnings per
share
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Unvested RSAs with
forfeitable dividends
—
—
—
—
—
—
—
Diluted shares for earnings
per share
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Basic shares for funds from
operations per share and
funds from operations per
share, as adjusted
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Unvested RSAs with
forfeitable dividends
57
77
—
—
—
62
—
Diluted shares for funds from
operations per share and
funds from operations per
share, as adjusted
170,192
170,599
172,262
172,058
172,013
170,390
171,981
Weighted-average unvested
RSAs with nonforfeitable
dividends used in
calculating the allocations
of net income, funds from
operations, and funds from
operations, as adjusted
1,998
2,053
2,417
2,838
2,878
2,025
2,933