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ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY
HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL
TENANT FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT
THE CAMPUS POINT MEGACAMPUS™ IN SAN DIEGO
Our long-term lease with
a high-credit tenant
underscores the strength
and uniqueness of the
Alexandria brand, as
underpinned by:
•
Enduring tenant
relationships and
commitment to innovation
•
Expertise in design,
development, and
operations
•
Our Megacampus
platform supporting tenant
growth and talent
recruitment and retention
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Table of Contents
September 30, 2025
COMPANY HIGHLIGHTS
Page
Page
Mission and Cluster Model .....................................................................
EARNINGS PRESS RELEASE
Third Quarter Ended September 30, 2025 Financial and
Operating Results ................................................................................
2025 Guidance .........................................................................................
Consolidated Statements of Operations ..........................................
2026 Considerations ...............................................................................
Consolidated Balance Sheets ............................................................
Dispositions and Exchange of Partial Interests ...................................
SUPPLEMENTAL INFORMATION
Company Profile .......................................................................................
External Growth / Investments in Real Estate
Investor Information .................................................................................
Investments in Real Estate ................................................................
Financial and Asset Base Highlights .....................................................
New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Client Base .................................................
Recent Deliveries ...........................................................................
Internal Operating Metrics
Current Projects ..............................................................................
Key Operating Metrics .............................................................................
Summary of Pipeline ......................................................................
Same Property Performance ..................................................................
Construction Spending ........................................................................
Leasing Activity .........................................................................................
Capitalization of Interest .....................................................................
Contractual Lease Expirations ...............................................................
Joint Venture Financial Information ...................................................
Top 20 Tenants .........................................................................................
Balance Sheet Management
Summary of Properties and Occupancy ..............................................
Investments ..........................................................................................
Property Listing ........................................................................................
Balance Sheet ......................................................................................
Key Credit Metrics ...............................................................................
Summary of Debt .................................................................................
Definitions and Reconciliations
Definitions and Reconciliations ..........................................................
CONFERENCE CALL
INFORMATION:
Tuesday, October 28, 2025
2:00 p.m. Eastern Time
11:00 a.m. Pacific Time
(833) 366-1125 or
(412) 902-6738
Ask to join the conference call for
Alexandria Real Estate Equities, Inc.
CONTACT INFORMATION:
Alexandria Real Estate Equities, Inc.
corporateinformation@are.com
JOEL S. MARCUS
Executive Chairman &
Founder
PETER M. MOGLIA
Chief Executive Officer &
Chief Investment Officer
MARC E. BINDA
Chief Financial Officer &
Treasurer
PAULA SCHWARTZ
Managing Director,
Rx Communications Group
(917) 633-7790
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ALEXANDRIA: THE MOST
TRUSTED BRAND IN LIFE
SCIENCE REAL ESTATE™
WE INVENTED IT.
WE DOMINATE IT.
ALEXANDRIA’S
MEGACAMPUS™
PLATFORM REPRESENTS
77%
OF OUR ANNUAL
RENTAL REVENUE
LARGEST, HIGHEST-QUALITY
ASSET BASE CLUSTERED IN
THE KEY CENTERS OF LIFE
SCIENCE INNOVATION
SECTOR-LEADING CLIENT
BASE OF ~700 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY
EXPERIENCED MANAGEMENT TEAM
As of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
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ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES SUPERIOR OPERATING
RESULTS BY CLUSTERING HIGH-QUALITY COLLABORATIVE LIFE SCIENCE AND
ADVANCED TECHNOLOGIES FACILITIES IN TOP INNOVATION MARKETS
ALEXANDRIA’S MEGACAMPUS OCCUPANCY
OUTPERFORMS THE MARKET(1)
ALEXANDRIA’S
MEGACAMPUS PLATFORM
77%
of Annual Rental Revenue
91%
Megacampus
73%
Market
18%
Occupancy
Outperformance
As of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the occupancy of operating properties at Alexandria’s Megacampus ecosystems within the Greater Boston, San Francisco Bay Area, and San Diego markets as of September 30, 2025, compared to the average market
occupancy for these markets per the Q2 2025 U.S. Life Sciences Report published by CBRE Research.
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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 the U.S. estimate for 2022.
(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to COVID.
(5)Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.
NASDAQ BIOTECHNOLOGY INDEX (NBI) TSR CONTINUES TO BROADLY TRACK THE
DIRECTIONAL PATH OF THE S&P 500 INDEX TSR
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NBI TSR
1,441%
S&P 500
Index TSR
1,221%
ARE TSR
1,064%
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Total Shareholder Return
From ARE’s IPO on May 27, 1997 to September 30, 2025
Source: S&P Global Market Intelligence.
AFTER A SLOW START TO THE YEAR, NOVEL FDA APPROVALS HAVE
RESUMED A HEALTHY PACE THROUGH THE THIRD QUARTER
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(1)
Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have
not previously been approved by the FDA.
(1)Includes two additional approvals through October 24, 2025.
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ALEXANDRIA’S LIFE SCIENCE INDUSTRY AND
CORPORATE RESPONSIBILITY LEADERSHIP
2025 RECYCLED ASSETS SOLD OR TO BE SOLD TO FUND OUR CAPITAL NEEDS AND
ENABLE ACHIEVEMENT OF 80% ANNUAL RENTAL REVENUE FROM
MEGACAMPUSES
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$87M
REDUCTION IN
ANNUAL NET
OPERATING INCOME(1)
FROM 2025
DISPOSITIONS(2)
32
TOTAL
TRANSACTIONS(2)
$1.5B
TOTAL SALES(2)
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Stabilized
Properties
Land
20% to
30%
20% to
30%
40% to 60%
Non-stabilized Properties
2025 DISPOSITIONS BY REAL ESTATE CLASSIFICATION(2)
(1)Represents annual net operating income for the quarter preceding the date on which the property is sold, or near-term prospective net operating income.
(2)Represents completed and pending YTD 2025 dispositions.. Refer to “Dispositions and Exchange of Partial Interests” in the Earnings Release for additional details.
ALEXANDRIA’S LONG-STANDING TRACK RECORD OF MONETIZING EMBEDDED
ASSET VALUE: 2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES
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2019–YTD 3Q25
AGGREGATE
$10B
Total Proceeds(1)
$3.6B
Total Gains on
Sales of Real Estate(2)
$1.4B
Total Impairments
of Real Estate(2)
2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES
(1)Represents aggregate proceeds from outright sales and sales of partial interests.
(2)Total gains and impairments include any amounts related to sales of partial interests recognized in additional paid-in capital.
ALEXANDRIA’S DISCIPLINED COST-CONTROL AND EFFICIENCY INITIATIVES HAVE
DRIVEN SUBSTANTIAL REDUCTIONS IN GENERAL AND ADMINISTRATIVE EXPENSES
Alexandria’s 2025 overhead is approximately half that of other S&P 500 REITs
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ALEXANDRIA
S&P 500 REITS
(excluding Alexandria)
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VS
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(1)
(1)
GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(2)
Source for S&P 500 REIT data: S&P Global Market Intelligence.
(1)Trailing twelve months ended September 30, 2025 and June 30, 2025, respectively. Refer to “2026 Considerations” in the Earnings Release for additional details.
(2)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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Alexandria Real Estate Equities, Inc. Reports:
3Q25 and YTD 3Q25 Net Loss per Share – Diluted of $(1.38) and $(2.09), respectively; and
3Q25 and YTD 3Q25 FFO per Share – Diluted, as Adjusted, of $2.22 and $6.85, respectively
PASADENA, Calif. – October 27, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the third quarter ended September 30, 2025.
Key highlights
YTD
Operating results
3Q25
3Q24
3Q25
3Q24
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions
$(234.9)
$164.7
$(356.1)
$374.5
Per share
$(1.38)
$0.96
$(2.09)
$2.18
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions
$377.8
$407.9
$1,166.3
$1,217.3
Per share
$2.22
$2.37
$6.85
$7.08
A sector-leading REIT with a high-quality, diverse tenant base, strong margins, and long lease
terms
(As of September 30, 2025, unless stated otherwise)
Occupancy of operating properties in North America
90.6%
Percentage of annual rental revenue in effect from Megacampus™ platform
77%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
53%
Operating margin
68%
Adjusted EBITDA margin
71%
Percentage of leases containing annual rent escalations
97%
Weighted-average remaining lease term:
Top 20 tenants
9.4
years
All tenants
7.5
years
Strong 3Q25 tenant collections:
3Q25 tenant rents and receivables collected as of October 27, 2025
99.9%
Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all
publicly traded U.S. REITs
•$27.8 billion in total market capitalization.
•$14.2 billion in total equity capitalization.
•Net debt and preferred stock to Adjusted EBITDA of 6.1x and fixed-charge coverage ratio of
3.9x for 3Q25 annualized, with 4Q25 annualized targets of 5.5x to 6.0x and 3.6x to 4.1x,
respectively.
•Significant liquidity of $4.2 billion, or 4.2x our debt maturities through 2027.
•Only 7% of our total debt matures through 2027.
•11.6 years weighted-average remaining term of debt, longest among S&P 500 REITs.
•Since 2021, our quarter-end fixed-rate debt has averaged 96.7%.
•Total debt and preferred stock to gross assets of 31%.
•$166.9 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 4Q25 through 2027 and beyond.
Solid leasing volume and rental rate increases
•Leasing volume of 1.2 million RSF during 3Q25.
•Includes the largest life science lease in company history with a long-standing multinational
pharmaceutical tenant for a 16-year build-to-suit lease expansion aggregating
466,598 RSF, located on the Campus Point by Alexandria Megacampus in our University
Town Center submarket.
•Leasing of previously vacant space aggregating 256,633 RSF, up 40%, over the quarterly
average over the last five quarters.
•Rental rate increases on lease renewals and re-leasing of space of 15.2% and 6.1% (cash
basis) for 3Q25 and 13.6% and 6.8% (cash basis) for YTD 3Q25.
•82% of our leasing activity during the last twelve months was generated from our existing
tenant base.
3Q25
YTD 3Q25
Lease renewals and re-leasing of space:
Rental rate increase
15.2%
13.6%
Rental rate increase (cash basis)
6.1%
6.8%
RSF
354,367
1,722,184
Leasing of previously vacant space – RSF
256,633
550,986
Leasing of development and redevelopment space – RSF
560,344
698,542
Total leasing activity – RSF
1,171,344
2,971,712
Dividend strategy to share net cash flows from operating activities with stockholders while
retaining a significant portion for reinvestment
•Common stock dividend declared of $1.32 per share for 3Q25, aggregating $5.28 per
common share for the twelve months ended September 30, 2025, up 14 cents, or 2.7%, over
the twelve months ended September 30, 2024.
•Dividend yield of 6.3% as of September 30, 2025 and dividend payout ratio of 60% for the
three months ended September 30, 2025.
•Significant net cash flows provided by operating activities after dividends retained for
reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024
and the midpoint of our 2025 guidance range.
•In addition, as described in the “2026 Considerations” section of guidance, in light of market
and life science industry conditions and our continued focus on capital efficiency, our Board of
Directors expects to carefully evaluate our 2026 dividend strategy.
Ongoing execution of Alexandria’s 2025 capital recycling strategy
We expect to fund a significant portion of our capital requirements for the year ending
December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and
sales to owner/users. We expect dispositions of land to represent 20%–30% of our total
dispositions and sales of partial interests for 2025.
(dollars in millions)
Sales Price
Total dispositions completed as of October 27, 2025
$508
Our share of pending transactions subject to non-refundable deposits, signed letters of
intent, and/or purchase and sale agreement negotiations
1,032
Our share of completed and pending 2025 dispositions and sales of partial interests
$1,540
(1)
(1)Excludes an exchange of partial interests of Pacific Technology Park and 199 East Blaine Street with nominal
net cash proceeds. Refer to “Dispositions and exchange of partial interests” in the Earnings Press Release for
additional details.
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Third Quarter Ended September 30, 2025 Financial and Operating Results (continued)
September 30, 2025
Leasing progress on temporary vacancy
Operating occupancy as of June 30, 2025
90.8%
Assets with vacancy designated as held for sale during 3Q25 now excluded from
operating occupancy and expected to be sold primarily in 4Q25
0.9
Reduction in occupancy, primarily from 3Q25 lease expirations
(1.1)
(1)
Operating occupancy as of September 30, 2025
90.6
Key vacant space leased with future delivery
1.6
(2)
Operating occupancy as of September 30, 2025, including leased but not yet
delivered space
92.2%
(1)Comprises the following: (i) 0.3% related to lease expirations that became vacant in 3Q25 and have been re-
leased with a future delivery upon completion of construction (and is included in item 2 below); (ii) 0.2%
vacancy at one asset in our Greater Stanford submarket, which was recently acquired with the intent to
redevelop office to laboratory space but for which we are now evaluating options to reposition for advanced
technologies use; and (iii) 0.6% of other occupancy declines, primarily from space that became vacant during
3Q25 which we are currently marketing. These lease expirations resulting in the 1.1% decline in occupancy
previously generated annual rental revenue aggregating approximately $29.0 million and had a weighted-
average lease expiration date at the end of July 2025.
(2)Represents temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, primarily in the Greater
Boston, San Francisco Bay Area, San Diego, and Seattle markets, that are leased and expected to be
occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery
date is approximately May 1, 2026 and the expected annual rental revenue is approximately $46 million.
Key operating metrics
Operating metrics
3Q25
YTD 3Q25
(dollars in millions)
Net operating income (cash basis) – annualized
$1,928
(1)
$1,975
(Decline)/Increase compared to 3Q24 and YTD 3Q24,
annualized
(5.8)%
(2)
1.3%
(2)
Same property performance:
Net operating income changes
(6.0)%
(3.1)%
Net operating income changes (cash basis)
(3.1)%
3.0%
Occupancy – current-period average
91.4%
92.6%
Occupancy – same-period prior-year average
94.8%
94.6%
(1)Quarter annualized.
(2)Decrease in net operating income (cash basis) includes the impact of operating properties disposed of after
January 1, 2024. Excluding these dispositions, net operating income (cash basis) – annualized for the three
months ended September 30, 2025 would have decreased by 1.2%, and for the nine months ended
September 30, 2025 would have increased by 7.3%, compared to the corresponding periods in 2024.
•General and administrative expenses of $89.0 million for YTD 3Q25, representing cost
reductions of $46.6 million or 34%, compared to YTD 3Q24, primarily the result of cost-
control and efficiency initiatives related to reducing personnel-related costs and streamlining
business processes. Given that some of these cost savings are expected to be temporary in
nature, we anticipate approximately half of the cost reduction expected to be achieved in
2025 will continue in 2026.
•As a percentage of net operating income, our general and administrative expenses for the
trailing twelve months ended September 30, 2025 were 5.7% — the lowest level in the past
ten years and approximately half the average of other S&P 500 REITs.
Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $16 million commencing during 3Q25, with an additional $111 million of incremental
annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 80%
leased/negotiating
•During 3Q25, we placed into service development projects aggregating 185,517 RSF that are
89% occupied across multiple submarkets and delivered incremental annual net operating
income of $16 million.
•A significant 3Q25 delivery consisted of 122,302 RSF at 10935, 10945, and 10955
Alexandria Way on the One Alexandria Square Megacampus in our Torrey Pines
submarket.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $50 million upon the burn-off of initial free rent, which has a weighted-average
remaining period of approximately three months.
•During 1Q25–4Q26, we expect to deliver annual net operating income representing nearly
8% growth in total net operating income from 2024 from projects that are 85% leased.
•76% of the RSF in our total development and redevelopment pipeline is within our
Megacampus ecosystems.
Development and Redevelopment Projects
Incremental
Annual Net
Operating Income
RSF
Occupied/
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service:
1H25
$52
527,268
96%
3Q25
16
185,517
89
Placed into service in YTD 3Q25
$68
(1)
712,785
94%
Expected to be placed into service:
4Q25 through 4Q26
$111
(2)
969,524
(3)
80%
(4)
(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449
RSF that were vacant and/or unleased at delivery.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond,
including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy
years under “New Class A/A+ development and redevelopment properties: current projects” in the
Supplemental Information for additional details.
(3)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial
deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
(4)Represents the current leased/negotiating percentage of development and redevelopment projects that are
expected to stabilize during 4Q25 through 4Q26.
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Third Quarter Ended September 30, 2025 Financial and Operating Results (continued)
September 30, 2025
Strong and flexible balance sheet
Key capital events
•In August 2025, we repaid a secured construction loan aggregating $154.6 million with an
interest rate of 7.18%, which was secured by our development project at 99 Coolidge Avenue
in our Cambridge/Inner Suburbs submarket. The project is currently 81% leased/negotiating
and is expected to be delivered in 4Q26. In connection with the repayment, we recognized a
loss on early extinguishment of debt of $107 thousand for the write-off of unamortized
deferred financing costs in 3Q25.
Investments
•As of September 30, 2025:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $28.3 million,
comprising gross unrealized gains and losses aggregating $180.4 million and
$152.1 million, respectively.
•Investment income of $28.2 million for 3Q25 presented in our consolidated statement of
operations consisted of $34.8 million of realized gains, $18.5 million of unrealized gains, and
$25.1 million of impairment charges.
Other key highlights
Key items included in net income attributable to Alexandria’s common stockholders:
YTD
3Q25
3Q24
3Q25
3Q24
3Q25
3Q24
3Q25
3Q24
(in millions, except per share
amounts)
Amount
Per Share –
Diluted
Amount
Per Share –
Diluted
Unrealized gains (losses) on
non-real estate investments
$18.5
$2.6
$0.11
$0.02
$(71.6)
$(32.5)
$(0.42)
$(0.19)
Gain on sales of real estate
9.4
27.1
0.06
0.16
22.5
27.5
0.13
0.16
Impairment of non-real
estate investments
(25.1)
(10.3)
(0.15)
(0.06)
(75.5)
(37.8)
(0.45)
(0.22)
Impairment of real estate(1)
(323.9)
(5.7)
(1.90)
(0.03)
(485.6)
(36.5)
(2.85)
(0.22)
Loss on early
extinguishment of debt
(0.1)
—
—
—
(0.1)
—
—
—
Increase in provision for
expected credit losses on
financial instruments
—
—
—
—
(0.3)
—
—
—
Total
$(321.2)
$13.7
$(1.88)
$0.09
$(610.6)
$(79.3)
$(3.59)
$(0.47)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for
additional details.
Subsequent event
•In October 2025, we completed dispositions aggregating $167.4 million across three
submarkets and recognized a gain on sales of real estate of $4.4 million. Refer to
“Dispositions and exchange of partial interests” in the Earnings Press Release for additional
details.
2025 Guidance
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September 30, 2025
(Dollars in millions, except per share amounts)
Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual amounts will
not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current U.S. administration
related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion relating to risks and uncertainties
that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 8 of the Earnings Press Release as well as our SEC filings, including our
most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
Key changes to our 2025 guidance include the following:
1)The midpoint of our guidance range for 2025 net (loss) income per share was reduced by $3.44 from $0.50 to $(2.94). In addition to the items discussed in item 2 below, the update to our guidance range
for 2025 net (loss) income per share includes the following:
•Potential additional impairments of real estate (including impairments on stabilized and non-stabilized properties and land) that may be recognized in 4Q25 ranging from $0 to $685 million, related to
assets that could potentially be sold in 4Q25 or 2026, and if such assets meet the held for sale criteria in 4Q25, considering market factors, buyer ability to perform, our desire to proceed with a sale at
a particular price, and other factors.
•Potential additional gain on sales of real estate that may be recognized in 4Q25 ranging from $0 to $240 million related to assets that may be sold in 4Q25.
•These potential impairments and gains on sales of real estate will not impact our funds from operations per share pursuant to the Nareit definition of funds from operations.
2)The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by 25 cents, from $9.26 to $9.01. The primary drivers of the change include the following:
•A 1.0% reduction in projected 2025 same property net operating income and a 0.9% reduction in our projected operating occupancy percentage in North America as of December 31, 2025 (at the
midpoints of our guidance ranges), primarily due to slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio, reflecting reduced demand across the life
science industry.
•A reduction in projected 2025 realized gains on non-real estate investments. The midpoint of our revised guidance range for 2025 realized gains on non-real estate investments assumes
approximately $15 million in 4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025.
3)Our guidance range for net debt and preferred stock Adjusted EBITDA – 4Q25 annualized increased from less than or equal to 5.2x to a range of 5.5x to 6.0x. The primary drivers of the change include the
following:
•A $450 million reduction in the midpoint of our guidance range for 2025 dispositions and sales of partial interests. This includes expected delays in the closing of certain dispositions that are now
anticipated to be completed in 1H26.
•A reduction in projected Adjusted EBITDA in 4Q25 related to the changes in same property performance (net operating income) and realized gains on non-real estate investments as described above.
Refer to “Key assumptions” and “Key sources and uses of capital” on the following page.
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
As of 10/27/25
As of 7/21/25
Key Changes to Midpoint
Net (loss) income per share(1)
$(5.68) to $(0.20)
$0.40 to $0.60
(2)
Depreciation and amortization of real estate assets
7.05
7.05
Gain on sales of real estate
(0.14) to (1.54)
(0.08)
(2)
Impairment of real estate – rental properties and land(3)
6.69 to 2.67
0.77
(2)
Allocation to unvested restricted stock awards
(0.03)
(0.03)
Funds from operations per share(4)
$7.89 to $7.95
$8.11 to $8.31
Unrealized losses on non-real estate investments
0.42
0.53
Impairment of non-real estate investments(3)
0.45
0.30
Impairment of real estate
0.23
0.23
Allocation to unvested restricted stock awards
(0.01)
(0.01)
Funds from operations per share, as adjusted(4)
$8.98 to $9.04
$9.16 to $9.36
Midpoint
$9.01
$9.26
Reduction of 25 cents(2)
Key Credit Metrics Targets
As of 10/27/25
As of 7/21/25
Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized
5.5x to 6.0x
Less than or equal to 5.2x
0.6x increase(2)
Fixed-charge coverage ratio – 4Q25 annualized
3.6x to 4.1x
4.0x to 4.5x
0.4x reduction
(1)Excludes unrealized gains or losses on non-real estate investments after September 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(2)Refer to the discussion regarding key changes to our 2025 guidance above for additional details.
(3)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
(4)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details.
2025 Guidance (continued)
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September 30, 2025
(Dollars in millions)
As of 10/27/25
As of 7/21/25
Key Changes
to Midpoint
Key Assumptions
Low
High
Low
High
Operating occupancy percentage in North America as of December 31, 2025
90.0%
91.6%
(1)
90.9%
92.5%
90 bps reduction
Lease renewals and re-leasing of space:
Rental rate changes
7.0%
15.0%
9.0%
17.0%
200 bps reduction(2)
Rental rate changes (cash basis)
0.5%
8.5%
0.5%
8.5%
No change
Same property performance:
Net operating income changes
(4.7)%
(2.7)%
(3.7)%
(1.7)%
100 bps reduction
Net operating income changes (cash basis)
(1.2)%
0.8%
(1.2)%
0.8%
No change
Straight-line rent revenue
$75
$95
$96
$116
$21 million reduction
General and administrative expenses
$112
$127
$112
$127
No Change
Capitalization of interest
$320
$350
$320
$350
Interest expense
$195
$225
$185
$215
$10 million increase(3)
Realized gains on non-real estate investments(4)
$100
$120
$100
$130
$5 million reduction
(1)Our guidance assumes an approximate 1% benefit related to a range of assets with vacancy that could potentially qualify for classification as held for sale in 4Q25 that have not yet reached the criteria for held for sale designation as of
3Q25.
(2)In October 2025, we executed a one-year lease extension aggregating 247,743 RSF with an investment-grade rated government institution tenant at a recently acquired office property in our Canada market. At acquisition, this building was
originally targeted for a future change in use, but we instead renewed the existing tenant through the beginning of 2027, with no incremental capital investment. We continue to evaluate options to convert this space, subject to market
conditions. The impact from this renewal on our 2025 rental rate changes is anticipated to result in a reduction of approximately 2.0%.
(3)The increase in the midpoint of our guidance range for 2025 interest expense is primarily due to the $450 million reduction to the midpoint of our guidance range for 2025 dispositions and sales of partial interests, which includes expected
delays in the closing of certain dispositions that are now anticipated to be completed in 1H26.
(4)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. The midpoint of our revised guidance range for
2025 realized gains on non-real estate investments assumes approximately $15 million in 4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025.
Refer to “Investments” in the Supplemental Information for additional details.
As of 10/27/25
As of 7/21/25
Midpoint
Key Changes
to Midpoint
Key Sources and Uses of Capital
Range
Midpoint
Certain Completed Items
Sources of capital:
Increase in debt
$60
$260
$160
See below
$(290)
$450 million increase
Net cash provided by operating activities after dividends
425
525
475
475
Dispositions and sales of partial interests (refer to page 7)
1,100
1,900
1,500
(1)
1,950
$450 million decrease
Total sources of capital
$1,585
$2,685
$2,135
$2,135
Uses of capital:
Construction
$1,450
$2,050
$1,750
$1,750
Acquisitions and other opportunistic uses of capital
—
500
250
$208
(2)
250
Ground lease prepayment
135
135
135
$135
135
Total uses of capital
$1,585
$2,685
$2,135
$2,135
Increase in debt (included above):
Issuance of unsecured senior notes payable
$550
$550
$550
$550
$550
Repayment of unsecured note payable
(600)
(600)
(600)
$(600)
(600)
Repayment of secured note payable
(154)
(154)
(154)
$(154)
(3)
(154)
Unsecured senior line of credit, commercial paper, and other
264
464
364
(86)
Increase in debt
$60
$260
$160
$(290)
$450 million increase
(1)As of October 27, 2025, completed dispositions aggregated $508.3 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated
$1.0 billion. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and sales of partial interests (excluding land and including stabilized and non-stabilized operating properties) in the 7.5%–8.5%
range. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interest sales for the year ending December 31, 2025. Refer to “Dispositions and exchange of partial interests” in the Earnings Press
Release for additional details.
(2)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500 million of our common stock through December 31, 2025. During 3Q25, we did not repurchase any shares of common stock.  As
of October 27, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may consider repurchasing additional shares of our common stock.
(3)In August 2025, we repaid a secured construction loan held by our development project at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket. Refer to “Key capital events” in the Earnings Press Release for additional details.
2026 Considerations
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September 30, 2025
Summary of Key Items That May Impact 2026 Results
We expect to introduce 2026 guidance on December 3, 2025 at our Investor Day. The following is an initial summary of key items that are expected to impact 2026 results:
•Core operations – Slower demand across the life science sector and increased supply for life science real estate could negatively impact future occupancy. Additional considerations
include the following:
•Same property net operating income decrease for 3Q25 compared to 3Q24 of 6.0% reflects a decline relative to the first half of 2025. Refer to “Same property performance” in the
Supplemental Information for additional details.
•Operating occupancy has decreased four consecutive quarters from 94.7% as of September 30, 2024 to 90.6% as of September 30, 2025.
•Before the benefit of excluding assets designated as held for sale which contained vacancy, 3Q25 occupancy declined 1.1% compared to 2Q25, primarily related to 3Q25 lease
expirations. These lease expirations resulting in the 1.1% decline in occupancy previously generated annual rental revenue aggregating approximately $29.0 million and had a
weighted-average lease expiration date at the end of July 2025. We are currently marketing these spaces.
•Our guidance for operating occupancy percentage in North America as of December 31, 2025 assumes an approximate 1% benefit related to a range of assets with vacancy that
could potentially qualify for designation as held for sale by December 31, 2025, but that have not yet qualified as of September 30, 2025. After considering this potential adjustment,
the midpoint of our guidance range for occupancy as of December 31, 2025 implies an 80 bps decline in operating occupancy percentage during 4Q25.
•There are key lease expirations primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease
expiration date of March 19, 2026 and annual rental revenue aggregating $81 million, which are expected to become vacant upon lease expiration. We expect downtime on these
spaces ranging from 6 to 24 months on a weighted-average basis. Refer to “Contractual lease expirations” in the Supplemental Information for additional details.
•Capitalized interest – There is approximately $4.2 billion of average real estate basis capitalized during YTD 3Q25 related to future pipeline projects undergoing critical pre-construction
activities, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction. We expect these projects to reach
anticipated pre-construction milestones on April 14, 2026, on a weighted-average real estate investment basis. We will evaluate, on an asset-by-asset basis, whether to (i) proceed with
additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider the potential dispositions of
these real estate assets. If we cease activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and
other costs directly related and essential to the construction of Class A/A+ properties, will be expensed as incurred. Refer to “Capitalization of interest” in the Supplemental Information for
additional details.
•Realized gains on non-real estate investments – The midpoint of our revised guidance range for 2025 realized gains on non-real estate investments assumes approximately $15 million in
4Q25, compared to the quarterly average realized gains of approximately $32 million per quarter for the nine months ended September 30, 2025. Refer to “Investments” in the
Supplemental Information for additional details.
•General and administrative expenses – Over the past several years, we have implemented comprehensive measures to reduce our expenditures across our organization, including our
general and administrative expenses. These initiatives are expected to generate a reduction in general and administrative expenses of approximately $49 million, or 29%, during the year
ending December 31, 2025 (at the midpoint of our 2025 guidance range) compared to the year ended December 31, 2024. Given that some of these costs savings are expected to be
temporary in nature, we anticipate approximately half of the cost reductions expected to be achieved in 2025 will continue in 2026.
•Dispositions and equity-type capital
•As of October 27, 2025, our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations aggregated
$1.0 billion. We expect these dispositions to close in late 4Q25; therefore, the corresponding reduction in EBITDA is expected to impact 1Q26. Refer to “Dispositions and exchange of
partial interests” in the Earnings Press Release for additional details.
•We expect construction spending in 2026 to be similar or slightly higher than the $1.75 billion midpoint of our guidance range for 2025 construction in order to complete our active
construction projects and significant revenue- and non-revenue-enhancing capital expenditures necessary to lease vacant space. Given the factors previously described that could
negatively impact EBITDA, we may require significant equity-type capital to manage our leverage profile.
•We expect a significant source of funding to come from the sale of non-core assets in 2026. We anticipate an end to our large-scale non-core asset sales program in 2026 or early
2027. As of September 30, 2025, 77% of our annual rental revenue is from our Megacampus™ platform, and we expect this percentage to continue to grow over time.
•Dividends and net cash provided by operating activities after dividends
•From 2013 to 2025, dividends per share and funds from operations per share, as adjusted have been highly correlated, with cumulative increases of 102% and 105%, respectively.
•The factors previously described could lead to a reduction in funds from operations per share, as adjusted and net cash provided by operating activities. At the current dividend rate,
the amount of net cash provided by operating activities after payment of dividends available to recycle and address our 2026 capital needs could be reduced. As a result, we expect
our Board of Directors to carefully evaluate our 2026 dividend strategy.
Dispositions and Exchange of Partial Interests
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September 30, 2025
(Dollars in thousands)
Interest
Sold/
Acquired
Square Footage
Gain on
Sales of Real
Estate
Property
Submarket/Market
Date of
Transaction
Operating
Future
Development
Price
Dispositions
Completed in 1H25
$260,639
$13,165
Completed in 3Q25:
5505 Morehouse Drive(1)
Sorrento Mesa/San Diego
8/26/25
100%
79,945
—
45,000
—
Other
Various
35,232
76
Total dispositions completed in 3Q25
80,232
(2)
76
(3)
Completed in October 2025:
550 Arsenal Street(4)
Cambridge/Inner Suburbs/Greater Boston
10/15/25
100%
249,275
281,592
99,250
—
Other
Various
68,129
4,362
167,379
(2)
4,362
Total dispositions as of October 27, 2025
508,250
$17,603
Our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or
purchase and sale agreement negotiations
1,032,495
Completed and pending YTD 2025 dispositions, excluding exchange of partial interests (see below)
$1,540,745
2025 guidance range for dispositions and sales of partial interests
$1,100,000 – $1,900,000
2025 guidance midpoint for dispositions and sales of partial interests
$1,500,000
Exchange of partial interests(5)
Disposition of Pacific Technology Park
Sorrento Mesa/San Diego
9/9/25
50%
544,352
—
$96,000
$9,290
Acquisition of 199 East Blaine Street
Lake Union/Seattle
9/9/25
70%
115,084
—
(94,430)
Difference in sales price received in cash
$1,570
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents a laboratory property with significant near-term lease expirations.
(2)Dispositions completed during the three months ended September 30, 2025 had annual net operating income of $4.3 million (based on 2Q25 annualized) with a weighted-average disposition date of September 2, 2025. Additionally,
October 2025 dispositions had annual net operating income of $13.0 million (based on 3Q25 annualized) with a weighted-average disposition date of October 13, 2025.
(3)Excludes a gain on sale of interest related to an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.
(4)Represents a retail shopping center with future development opportunity. We originally acquired the property in 2021 with the intent to demolish the retail center and develop it into laboratory space. However, due to the project’s financial
outlook and the substantial capital that development would have required, we decided to recycle the capital generated by the disposition into our development and redevelopment pipeline. The capitalization rates of the disposition were
6.1% and 5.4% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for 3Q25 annualized.
(5)In September 2025, we completed an exchange of partial interests in two consolidated joint ventures, Pacific Technology Park and 199 East Blaine Street, with one joint venture partner, resulting in a sales price received by cash of $1.6
million:
•We sold our 50% controlling interest in Pacific Technology Park, a non-Megacampus comprising five non-laboratory properties that were 93% occupied, at capitalization rates of 4.9% and 5.0% (cash basis). The disposition had
consolidated annual net operating income of $9.4 million based on 2Q25 annualized (at 100%). As of September 30, 2025, we no longer have any ownership interest in Pacific Technology Park, and the consolidated net operating
income is no longer included in our statement of operations following the sale.
•We acquired our partner’s 70% noncontrolling interest at 199 East Blaine Street, a fully occupied laboratory building located in our Alexandria Center® for Life Science – Eastlake Megacampus, with a weighted-average remaining lease
term of 1.3 years. The purchase price exceeded the book value of the noncontrolling interest by $66.3 million, which was recognized in additional paid-in capital. As of September 30, 2025, we own 100% of 199 East Blaine Street.
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Earnings Call Information and About the Company
September 30, 2025
We will host a conference call on Tuesday, October 28, 2025, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating
results for the third quarter ended September 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for
Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on
Tuesday, October 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 6086829.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2025 is available in the “For Investors” section of our website at www.are.com
or by following this link: https://www.are.com/fs/2025q3.pdf.
For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,
chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,
Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation
cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2025, Alexandria has a total market capitalization
of $27.8 billion and an asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed
near-term project expected to commence construction in the next year. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to
transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per
share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,”
“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking
statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a
number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties,
assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without
limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real
estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or
redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace
expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to
obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned
not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated,
we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For
more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our
SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a
prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.
Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria
Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names,
trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations
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September 30, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended
Nine Months Ended
 
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Revenues:
 
 
 
 
 
 
 
Income from rentals
$735,849
$737,279
$743,175
$763,249
$775,744
$2,216,303
$2,286,457
Other income
16,095
24,761
14,983
25,696
15,863
55,839
40,992
Total revenues
751,944
762,040
758,158
788,945
791,607
2,272,142
2,327,449
Expenses:
Rental operations
239,234
224,433
226,395
240,432
233,265
690,062
668,833
General and administrative
29,224
29,128
30,675
32,730
43,945
89,027
135,629
Interest
54,852
55,296
50,876
55,659
43,550
161,024
130,179
Depreciation and amortization
340,230
346,123
342,062
330,108
293,998
1,028,415
872,272
Impairment of real estate
323,870
(1)
129,606
32,154
186,564
5,741
485,630
36,504
Loss on early extinguishment of debt
107
—
—
—
—
107
—
Total expenses
987,517
784,586
682,162
845,493
620,499
2,454,265
1,843,417
Equity in earnings (losses) of unconsolidated real estate joint ventures
201
(9,021)
(507)
6,635
139
(9,327)
424
Investment income (loss)
28,161
(30,622)
(49,992)
(67,988)
15,242
(52,453)
14,866
Gain on sales of real estate
9,366
—
13,165
101,806
27,114
22,531
27,506
Net (loss) income
(197,845)
(62,189)
38,662
(16,095)
213,603
(221,372)
526,828
Net income attributable to noncontrolling interests
(34,909)
(44,813)
(47,601)
(46,150)
(45,656)
(127,323)
(141,634)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
stockholders
(232,754)
(107,002)
(8,939)
(62,245)
167,947
(348,695)
385,194
Net income attributable to unvested restricted stock awards
(2,183)
(2,609)
(2,660)
(2,677)
(3,273)
(7,452)
(10,717)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
common stockholders
$(234,937)
$(109,611)
$(11,599)
$(64,922)
$164,674
$(356,147)
$374,477
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.’s common stockholders:
Basic
$(1.38)
$(0.64)
$(0.07)
$(0.38)
$0.96
$(2.09)
$2.18
Diluted
$(1.38)
$(0.64)
$(0.07)
$(0.38)
$0.96
$(2.09)
$2.18
Weighted-average shares of common stock outstanding:
Basic
170,181
170,135
170,522
172,262
172,058
170,278
172,007
Diluted
170,181
170,135
170,522
172,262
172,058
170,278
172,007
Dividends declared per share of common stock
$1.32
$1.32
$1.32
$1.32
$1.30
$3.96
$3.87
(1) Refer to footnote 2 in “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
Consolidated Balance Sheets
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September 30, 2025
(In thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Assets
 
 
 
 
Investments in real estate
$31,743,917
$32,160,600
$32,121,712
$32,110,039
$32,951,777
Investments in unconsolidated real estate joint ventures
39,601
40,234
50,086
39,873
40,170
Cash and cash equivalents
579,474
520,545
476,430
552,146
562,606
Restricted cash
4,705
7,403
7,324
7,701
17,031
Tenant receivables
6,409
6,267
6,875
6,409
6,980
Deferred rent
1,257,378
1,232,719
1,210,584
1,187,031
1,216,176
Deferred leasing costs
505,241
491,074
489,287
485,959
516,872
Investments
1,537,638
1,476,696
1,479,688
1,476,985
1,519,327
Other assets
1,700,785
1,688,091
1,758,442
1,661,306
1,657,189
Total assets
$37,375,148
$37,623,629
$37,600,428
$37,527,449
$38,488,128
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable
$—
$153,500
$150,807
$149,909
$145,000
Unsecured senior notes payable
12,044,999
12,042,607
12,640,144
12,094,465
12,092,012
Unsecured senior line of credit and commercial paper
1,548,542
1,097,993
299,883
—
454,589
Accounts payable, accrued expenses, and other liabilities
2,432,726
2,360,840
2,281,414
2,654,351
2,865,886
Dividends payable
230,603
229,686
228,622
230,263
227,191
Total liabilities
16,256,870
15,884,626
15,600,870
15,128,988
15,784,678
Commitments and contingencies
Redeemable noncontrolling interests
58,662
9,612
9,612
19,972
16,510
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,703
1,701
1,701
1,722
1,722
Additional paid-in capital
16,669,802
17,200,949
17,509,148
17,933,572
18,238,438
Accumulated other comprehensive loss
(32,203)
(27,415)
(46,202)
(46,252)
(22,529)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
16,639,302
17,175,235
17,464,647
17,889,042
18,217,631
Noncontrolling interests
4,420,314
4,554,156
4,525,299
4,489,447
4,469,309
Total equity
21,059,616
21,729,391
21,989,946
22,378,489
22,686,940
Total liabilities, noncontrolling interests, and equity
$37,375,148
$37,623,629
$37,600,428
$37,527,449
$38,488,128
Funds From Operations and Funds From Operations per Share
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September 30, 2025
(In thousands)
The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations
attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:
 
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Net (loss) income attributable to Alexandria’s common stockholders – basic
and diluted
$(234,937)
$(109,611)
$(11,599)
$(64,922)
$164,674
$(356,147)
$374,477
Depreciation and amortization of real estate assets
338,182
343,729
339,381
327,198
291,258
1,021,292
864,326
Noncontrolling share of depreciation and amortization from consolidated real
estate JVs
(45,327)
(36,047)
(33,411)
(34,986)
(32,457)
(114,785)
(94,725)
Our share of depreciation and amortization from unconsolidated real estate JVs
852
942
1,054
1,061
1,075
2,848
3,177
Gain on sales of real estate
(9,824)
(1)
—
(13,165)
(100,109)
(27,114)
(22,989)
(27,506)
Impairment of real estate – rental properties and land
323,870
(2)
131,090
—
184,532
5,741
454,960
7,923
Allocation to unvested restricted stock awards
(1,648)
(1,222)
(686)
(1,182)
(2,908)
(3,590)
(7,657)
Funds from operations attributable to Alexandria’s common stockholders –
diluted(3)
371,168
328,881
281,574
311,592
400,269
981,589
1,120,015
Unrealized (gains) losses on non-real estate investments
(18,515)
21,938
68,145
79,776
(2,610)
71,568
32,470
Impairment of non-real estate investments
25,139
(4)
39,216
11,180
20,266
10,338
75,535
37,824
Impairment of real estate
—
7,189
32,154
2,032
—
39,343
28,581
Loss on early extinguishment of debt
107
—
—
—
—
107
—
Increase (decrease) in provision for expected credit losses on financial instruments
—
—
285
(434)
—
285
—
Allocation to unvested restricted stock awards
(74)
(794)
(1,329)
(1,407)
(125)
(2,156)
(1,640)
Funds from operations attributable to Alexandria’s common stockholders –
diluted, as adjusted
$377,825
$396,430
$392,009
$411,825
$407,872
$1,166,271
$1,217,250
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes our share of a gain on sale of real estate asset by an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated
statements of operations.
(2)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 3Q25, including (i)
$206.2 million related to our only property located in Long Island City, in our New York City market, which was a full building conversion to laboratory/office space and is currently 52% occupied, (ii) $43.4 million related to a retail
shopping center at 550 Arsenal Street that was originally intended to be a life science development in our Cambridge/Inner Suburbs submarket that was sold in October 2025, (iii) $31.8 million related to a vacant property that would
require significant re-leasing capital in our Research Triangle submarket, and (iv) $27.8 million related to land parcels in our Sorrento Mesa submarket.
(3)Calculated in accordance with standards established by the Nareit Board of Governors.
(4)Primarily related to four non-real estate investments in privately held entities that do not report NAV.
Funds From Operations and Funds From Operations per Share (continued)
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September 30, 2025
(In thousands, except per share amounts)
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common
stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to
rounding.
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Net (loss) income per share attributable to Alexandria’s common stockholders –
diluted
$(1.38)
$(0.64)
$(0.07)
$(0.38)
$0.96
$(2.09)
$2.18
Depreciation and amortization of real estate assets
1.73
1.81
1.80
1.70
1.51
5.34
4.49
Gain on sales of real estate
(0.06)
—
(0.08)
(0.58)
(0.16)
(0.14)
(0.16)
Impairment of real estate – rental properties and land
1.90
0.77
—
1.07
0.03
2.67
0.05
Allocation to unvested restricted stock awards
(0.01)
(0.01)
—
—
(0.01)
(0.02)
(0.05)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted
2.18
1.93
1.65
1.81
2.33
5.76
6.51
Unrealized (gains) losses on non-real estate investments
(0.11)
0.13
0.40
0.46
(0.02)
0.42
0.19
Impairment of non-real estate investments
0.15
0.23
0.07
0.12
0.06
0.45
0.22
Impairment of real estate
—
0.04
0.19
0.01
—
0.23
0.17
Allocation to unvested restricted stock awards
—
—
(0.01)
(0.01)
—
(0.01)
(0.01)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted, as adjusted
$2.22
$2.33
$2.30
$2.39
$2.37
$6.85
$7.08
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,181
170,135
170,522
172,262
172,058
170,278
172,007
Funds from operations – diluted, per share
170,305
170,192
170,599
172,262
172,058
170,351
172,007
Funds from operations – diluted, as adjusted, per share
170,305
170,192
170,599
172,262
172,058
170,351
172,007
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
SUPPLEMENTAL
INFORMATION
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Company Profile
September 30, 2025
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a
best-in-class, mission-driven life science REIT making a positive and lasting impact on the
world. With our founding in 1994, Alexandria pioneered the life science real estate niche.
Alexandria is the preeminent and longest-tenured owner, operator, and developer of
collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations,
including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,
Research Triangle, and New York City.
As of September 30, 2025, Alexandria has a total market capitalization of
$27.8 billion and an asset base in North America that includes 39.1 million RSF of
operating properties and 4.2 million RSF of Class A/A+ properties undergoing construction
and one 100% pre-leased committed near-term project expected to commence
construction in the next year.
Alexandria has a long-standing and proven track record of developing Class A/A+
properties clustered in highly dynamic and collaborative Megacampus environments that
enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire
productivity, efficiency, creativity, and success.
Alexandria also provides strategic capital to transformative life science
companies through our venture capital platform. We believe our unique business model
and diligent underwriting ensure a high-quality and diverse tenant base that results in
higher occupancy levels, longer lease terms, higher rental income, higher returns, and
greater long-term asset value. For more information on Alexandria, please visit
www.are.com.
Tenant base
Alexandria is known for our high-quality and diverse tenant base, with 53% of our 
annual rental revenue being generated from tenants that are investment-grade rated or
publicly traded large cap companies. The quality, diversity, breadth, and depth of our
significant relationships with our tenants provide Alexandria with high-quality and stable
cash flows. Alexandria’s underwriting team and long-term industry relationships positively
distinguish us from all other publicly traded REITs and real estate companies.
Executive and senior management team
Alexandria’s executive and senior management team has unique experience and
expertise in creating, owning, and operating highly dynamic and collaborative
Megacampus real estate in key life science cluster locations to catalyze innovation. From
design to development to the management of our high-quality, sustainable real estate, as
well as our ongoing cultivation of collaborative environments with unique amenities and
events, the Alexandria team has a best-in-class reputation of excellence in life science real
estate. Alexandria’s highly experienced management team includes regional market
directors with leading reputations and long-standing relationships within the life science
communities in their respective innovation clusters. We believe that our experience,
expertise, reputation, and key relationships in the real estate and life science industries
provide Alexandria significant competitive advantages in attracting new business
opportunities.
Alexandria’s executive and senior management team consists of
61 individuals averaging 24 years of real estate experience,
including 13 years with Alexandria. Our executive management
team alone averages 19 years with Alexandria.
EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus
Peter M. Moglia
Executive Chairman &
Founder
Chief Executive Officer &
Chief Investment Officer
Daniel J. Ryan
Hunter L. Kass
Co-President & Regional Market
Director – San Diego
Co-President & Regional Market
Director – Greater Boston
Marc E. Binda
Lawrence J. Diamond
Chief Financial Officer &
Treasurer
Co-Chief Operating Officer & Regional
Market Director – Maryland
Joseph Hakman
Hart Cole
Co-Chief Operating Officer &
Chief Strategic Transactions Officer
Executive Vice President – Capital
Markets/Strategic Operations &
Co-Regional Market Director – Seattle
Jackie B. Clem
Gary D. Dean
General Counsel & Secretary
Executive Vice President –
Real Estate Legal Affairs
Andres R. Gavinet
Onn C. Lee
Chief Accounting Officer
Executive Vice President – Accounting
Kristina A. Fukuzaki-Carlson
Madeleine T. Alsbrook
Executive Vice President –
Business Operations
Executive Vice President –
Talent Management
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Investor Information
September 30, 2025
Corporate Headquarters
 
New York Stock Exchange Trading Symbol
 
Information Requests
26 North Euclid Avenue
 
Common stock: ARE
 
Phone:
(626) 578-0777
Pasadena, California 91101
 
 
Email:
corporateinformation@are.com
www.are.com
 
 
Website:
investor.are.com
Equity Research Coverage
Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.
Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or
forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions,
estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to
time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
BMO
Cantor Fitzgerald
Deutsche Bank AG
Jefferies
John Kim / Juan Sanabria
Richard Anderson
Tayo Okusanya / Samuel Ohiomah
Joe Dickstein / Katie Elders
(212) 885-4115 / (312) 845-4074
(929) 441-6927
(212) 250-9284 / (212) 250-0057
(212) 778-8771 / (917) 421-1968
BNP Paribas Exane
CFRA
Evercore ISI
Mizuho Securities USA LLC
Nate Crossett / Monir Koummal
Nathan Schmidt
Steve Sakwa / James Kammert
Vikram Malhotra
(646) 342-1588 / (646) 342-1554
(646) 517-1144
(212) 446-9462 / (312) 705-4233
(212) 282-3827
BofA Securities
Citigroup Global Markets Inc.
Green Street
RBC Capital Markets
Farrell Granath / Jeff Spector
Nicholas Joseph / Seth Bergey
Dylan Burzinski
Michael Carroll
(646) 855-1351 / (646) 855-1363
(212) 816-1909 / (212) 816-2066
(949) 640-8780
(440) 715-2649
BTIG, LLC
Citizens
J.P. Morgan Securities LLC
Robert W. Baird & Co. Incorporated
Tom Catherwood / Michael Tompkins
Aaron Hecht / Linda Fu
Anthony Paolone / Ray Zhong
Wesley Golladay / Nicholas Thillman
(212) 738-6140 / (212) 527-3566
(415) 835-3963 / (415) 869-4411
(212) 622-6682 / (212) 622-5411
(216) 737-7510 / (414) 298-5053
Fixed Income Research Coverage
Rating Agencies
Barclays Capital Inc.
J.P. Morgan Securities LLC
Moody’s Ratings
 
S&P Global Ratings
Srinjoy Banerjee / Ishaan Pandya
Mark Streeter / Tyler Schachner
(212) 553-0376
 
Michael Souers
(212) 526-3521 / (212) 526-2970
(212) 834-5086 / (212) 834-2238
 
(212) 438-2508
CreditSights
Mizuho Securities USA LLC
Nicholas Moglia
Thierry Perrein
(212) 340-3886
(212) 205-7665
Financial and Asset Base Highlights
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September 30, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended (unless stated otherwise)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Selected financial data from consolidated financial statements and related information
Rental revenues
$541,070
(1)
$553,377
$552,112
$566,535
$579,569
Tenant recoveries
$194,779
$183,902
$191,063
$196,714
$196,175
General and administrative expenses
$29,224
$29,128
$30,675
$32,730
$43,945
General and administrative expenses as a percentage of net operating income –
trailing 12 months
5.7%
6.3%
6.9%
7.6%
8.9%
Operating margin
68%
71%
70%
70%
71%
Adjusted EBITDA margin
71%
71%
71%
72%
70%
Adjusted EBITDA – quarter annualized
$2,130,008
$2,174,160
$2,165,632
$2,273,480
$2,219,632
Adjusted EBITDA – trailing 12 months
$2,185,820
$2,208,226
$2,218,722
$2,228,921
$2,184,298
Net debt at end of period
$13,085,745
$12,844,726
$12,687,856
$11,762,176
$12,191,574
Net debt and preferred stock to Adjusted EBITDA – quarter annualized
6.1x
5.9x
5.9x
5.2x
5.5x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months
6.0x
5.8x
5.7x
5.3x
5.6x
Total debt and preferred stock at end of period
$13,593,541
$13,294,100
$13,090,834
$12,244,374
$12,691,601
Gross assets at end of period
$43,791,893
$43,770,007
$43,486,989
$43,152,628
$44,112,770
Total debt and preferred stock to gross assets at end of period
31%
30%
30%
28%
29%
Fixed-charge coverage ratio – quarter annualized
3.9x
4.1x
4.3x
4.3x
4.4x
Fixed-charge coverage ratio – trailing 12 months
4.1x
4.3x
4.4x
4.5x
4.5x
Unencumbered net operating income as a percentage of total net operating income
100.0%
99.7%
99.8%
99.9%
99.1%
Closing stock price at end of period
$83.34
$72.63
$92.51
$97.55
$118.75
Common shares outstanding (in thousands) at end of period
170,339
170,146
170,130
172,203
172,244
Total equity capitalization at end of period
$14,196,059
$12,357,709
$15,738,715
$16,798,446
$20,454,023
Total market capitalization at end of period
$27,789,600
$25,651,809
$28,829,549
$29,042,820
$33,145,624
Dividend per share – quarter/annualized
$1.32/$5.28
$1.32/$5.28
$1.32/$5.28
$1.32/$5.28
$1.30/$5.20
Dividend payout ratio for the quarter
60%
57%
57%
55%
55%
Dividend yield – annualized
6.3%
7.3%
5.7%
5.4%
4.4%
Amounts related to operating leases:
Operating lease liabilities at end of period
$361,986
$363,419
$371,412
$507,127
$648,338
Rent expense
$10,645
$12,139
$11,666
$10,685
$10,180
Capitalized interest
$86,091
(2)
$82,423
$80,065
$81,586
$86,496
Average real estate basis capitalized during the period
$8,407,332
$8,107,180
$8,026,566
$8,118,010
$8,281,318
Weighted-average interest rate for capitalization of interest during the period
4.10%
4.07%
3.99%
4.02%
3.98%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes a $4.4 million adjustment during 3Q25 to place one tenant located in the Seattle market on cash basis for which collection of future lease payments was no longer probable.
(2)Increase in capitalized interest primarily attributable to three repositioning capital projects, which commenced or had increased construction during 3Q25, in our Greater Boston and Texas markets.
Financial and Asset Base Highlights (continued)
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September 30, 2025
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
 
Three Months Ended (unless stated otherwise)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue
$18,821
$18,536
$22,023
$17,653
$29,087
Amortization of acquired below-market leases
$6,456
$10,196
$15,222
$15,512
$17,312
Amortization of deferred revenue related to tenant-funded and -built landlord improvements
$5,455
$2,401
$1,651
$1,214
$329
Straight-line rent expense on ground leases
$114
$87
$149
$1,021
$789
Cash payment for ground lease extension
$—
$—
$(135,000)
$(135,000)
$—
Stock compensation expense
$10,293
$12,530
$10,064
$12,477
$15,525
Amortization of loan fees
$4,505
$4,615
$4,691
$4,620
$4,222
Amortization of debt discounts
$325
$335
$349
$333
$330
Non-revenue-enhancing capital expenditures:
Building improvements
$3,948
$4,622
$3,789
$4,313
$4,270
Tenant improvements and leasing commissions
$16,707
$23,971
$73,483
$81,918
$55,920
Funds from operations attributable to noncontrolling interests
$80,236
$80,860
$81,012
$76,111
$78,113
Operating statistics and related information (at end of period)
Number of properties – North America
375
384
386
391
406
RSF – North America (including development and redevelopment projects under construction)
42,887,964
43,699,922
43,687,343
44,124,001
46,748,734
Total square footage – North America
66,417,026
67,220,337
68,518,184
69,289,411
73,611,815
Annual rental revenue per occupied RSF – North America
$58.94
$58.68
$58.38
$56.98
$57.09
Occupancy of operating properties – North America
90.6%
(1)
90.8%
91.7%
94.6%
94.7%
Occupancy of operating and redevelopment properties – North America
85.8%
86.2%
86.9%
89.7%
89.7%
Weighted-average remaining lease term (in years)
7.5
7.4
7.6
7.5
7.5
Total leasing activity – RSF
1,171,344
769,815
1,030,553
1,310,999
1,486,097
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes
15.2%
5.5%
18.5%
18.1%
5.1%
Rental rate changes (cash basis)
6.1%
6.1%
7.5%
3.3%
1.5%
RSF (included in total leasing activity above)
354,367
483,409
884,408
1,024,862
1,278,857
Top 20 tenants:
Annual rental revenue
$768,528
$795,244
$754,354
$741,965
$796,898
Annual rental revenue from investment-grade or publicly traded large cap tenants
90%
89%
87%
92%
92%
Weighted-average remaining lease term (in years)
9.4
9.4
9.6
9.3
9.5
Same property performance – percentage change over comparable quarter from prior year:
Net operating income changes
(6.0)%
(2)
(5.4)%
(3.1)%
0.6%
1.5%
Net operating income changes (cash basis)
(3.1)%
(2)
2.0%
5.1%
6.3%
6.5%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)Refer to “Same property performance” in the Supplemental Information for additional details.
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High-Quality and Diverse Client Base
September 30, 2025
Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 700 Tenants
Investment-Grade or Publicly Traded
Large Cap Tenants
90%
of ARE’s Top 20 Tenant
Annual Rental Revenue
53%
of ARE’s Total
Annual Rental Revenue
chart-f1c75afe7a874fcbb7aa.gif
Life Science Product,
Service, and Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Other(1)
Advanced
Technologies(2)
Public
Biotechnology –
Preclinical or
Clinical Stage
Government
Institutions
Biomedical
Institutions(3)
Private
Biotechnology
Percentage of ARE’s Annual Rental Revenue
As of September 30, 2025. Annual rental revenue represents amounts in effect as of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating
annual rental revenue from unconsolidated real estate joint ventures.
(1)Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.
(2)68% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.
(3)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.
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Key Operating Metrics
September 30, 2025
Same Property Performance:
Net Operating Income Changes
Rental Rate Growth:
Renewed/Re-Leased Space
Margins(2)
Favorable Lease Structure(3)
Operating
Adjusted EBITDA
Strategic Lease Structure by Owner and Operator
of Collaborative Megacampus Ecosystems
68%
71%
Increasing cash flows
Percentage of leases containing
annual rent escalations
97%
Stable cash flows
Long-Duration Lease Terms(4)
Percentage of triple net leases
91%
9.4 Years
7.5 Years
Lower capex burden
Percentage of leases providing for the
recapture of capital expenditures
92%
Top 20 Tenants
All Tenants
chart-dd31d154c1b148ef830a.gif
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(3.1)%
2024
YTD
9/30/25
(1)
Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation
from the most directly comparable financial measure presented in accordance with GAAP.
(1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
(2)For the three months ended September 30, 2025.
(3)Percentages calculated based on our annual rental revenue in effect as of September 30, 2025.
(4)Represents the weighted-average remaining term based on annual rental revenue in effect as of September 30, 2025.
Same Property Performance
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September 30, 2025
September 30, 2025
September 30, 2025
Same Property Financial Data
Three Months
Ended
Nine Months
Ended
Same Property Statistical Data
Three Months
Ended
Nine Months
Ended
Percentage change over comparable period from prior year:
Number of same properties
316
314
Net operating income changes(1)
(6.0)%
(3.1)%
Rentable square feet
31,953,032
31,739,397
Net operating income changes (cash basis)(1)
(3.1)%
3.0%
(2)
Occupancy – current-period average
91.4%
92.6%
Operating margin
67%
68%
Occupancy – same-period prior-year average
94.8%
94.6%
The charts below present our reported same property results (“As reported”), which reflect the operating performance of all consolidated properties that were fully operational throughout the
comparative quarterly periods presented. To provide additional insight and a retrospective view of the performance of our ongoing operating portfolio, the charts also present an alternative calculation of our
same property performance, using the 3Q25 same property pool (“3Q25 same properties”) for each period presented. We believe this alternative presentation provides a useful operating trend primarily by
removing properties expected to be sold.
Same Property – Net Operating Income
Same Property – Net Operating Income (Cash Basis)
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Net Operating Income
Net Operating Income (Cash Basis)
Percentage Change in Same Property Performance
1Q25
2Q25
3Q25
1Q25
2Q25
3Q25
As reported
(3.1)%
(5.4)%
(6.0)%
5.1%
2.0%
(3.1)%
3Q25 same properties
0.3%
(2.5)%
(6.0)%
8.0%
5.6%
(3.1)%
Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also
contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
(1)Reflects previously disclosed lease expirations aggregating 768,080 RSF that became vacant in 1Q25 as presented on page 25, “Summary of properties and occupancy” in the Supplemental Information. As of 3Q25, 338,780 RSF of
this vacant space met the criteria for classification as held for sale and has been excluded from our same property results. The remaining 429,300 RSF is included in our same property results for the three and nine months ended
September 30, 2025. Excluding the impact of this vacant 429,300 RSF, same property net operating income changes for the three and nine months ended September 30, 2025 would have been (4.2)% and (1.3)% (cash basis), and
(1.9)% and 4.2% (cash basis), respectively.
(2)Includes the impact of initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool for the
nine months ended September 30, 2025, including at 325 Binney Street in our Cambridge submarket, 15 Necco Street in our Seaport Innovation District submarket, and 751 Gateway Boulevard in our South San Francisco submarket.
Excluding the impact of these initial free rent concessions, same property net operating income changes (cash basis) for the nine months ended September 30, 2025 would have been (0.3)%.
Same Property Performance (Continued)
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September 30, 2025
(Dollars in thousands)
 
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Income from rentals:
Same properties
$430,646
$451,763
$(21,117)
(4.7)%
$1,330,669
$1,353,855
$(23,186)
(1.7)%
Non-same properties
110,424
127,806
(17,382)
(13.6)
315,890
383,949
(68,059)
(17.7)
Rental revenues
541,070
579,569
(38,499)
(6.6)
1,646,559
1,737,804
(91,245)
(5.3)
Same properties
167,933
165,579
2,354
1.4
492,718
460,690
32,028
7.0
Non-same properties
26,846
30,596
(3,750)
(12.3)
77,026
87,963
(10,937)
(12.4)
Tenant recoveries
194,779
196,175
(1,396)
(0.7)
569,744
548,653
21,091
3.8
Income from rentals
735,849
775,744
(39,895)
(5.1)
2,216,303
2,286,457
(70,154)
(3.1)
Same properties
352
386
(34)
(8.8)
1,127
1,058
69
6.5
Non-same properties
15,743
15,477
266
1.7
54,712
39,934
14,778
37.0
Other income
16,095
15,863
232
1.5
55,839
40,992
14,847
36.2
Same properties
598,931
617,728
(18,797)
(3.0)
1,824,514
1,815,603
8,911
0.5
Non-same properties
153,013
173,879
(20,866)
(12.0)
447,628
511,846
(64,218)
(12.5)
Total revenues
751,944
791,607
(39,663)
(5.0)
2,272,142
2,327,449
(55,307)
(2.4)
Same properties
199,051
192,229
6,822
3.5
587,333
539,271
48,062
8.9
Non-same properties
40,183
41,036
(853)
(2.1)
102,729
129,562
(26,833)
(20.7)
Rental operations
239,234
233,265
5,969
2.6
690,062
668,833
21,229
3.2
Same properties
399,880
425,499
(25,619)
(6.0)
1,237,181
1,276,332
(39,151)
(3.1)
Non-same properties
112,830
132,843
(20,013)
(15.1)
344,899
382,284
(37,385)
(9.8)
Net operating income
$512,710
$558,342
$(45,632)
(8.2)%
(1)
$1,582,080
$1,658,616
$(76,536)
(4.6)%
(1)
Net operating income – same properties
$399,880
$425,499
$(25,619)
(6.0)%
$1,237,181
$1,276,332
$(39,151)
(3.1)%
Straight-line rent revenue
(8,019)
(21,594)
13,575
(62.9)
(19,703)
(96,437)
76,734
(79.6)
Amortization of acquired below-market leases and deferred
revenue related to tenant-funded and -built landlord
improvements
(8,167)
(7,739)
(428)
5.5
(26,385)
(24,055)
(2,330)
9.7
Net operating income – same properties (cash basis)
$383,694
$396,166
$(12,472)
(3.1)%
$1,191,093
$1,155,840
$35,253
3.0%
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)Decrease in net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income for the three months ended September 30, 2025 would have
decreased by 3.7%, and for the nine months ended September 30, 2025 would have increased by 0.8%, compared to the corresponding periods in 2024.
Leasing Activity
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September 30, 2025
(Dollars per RSF)
Three Months Ended
Nine Months Ended
Year Ended
September 30, 2025
September 30, 2025
December 31, 2024
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Leasing activity:
Renewed/re-leased space(1)
 
 
Rental rate changes
15.2%
6.1%
13.6%
6.8%
16.9%
7.2%
New rates
$56.91
$57.07
$59.45
$59.17
$65.48
$64.18
Expiring rates
$49.42
$53.77
$52.34
$55.41
$56.01
$59.85
RSF
354,367
1,722,184
3,888,139
Tenant improvements/leasing commissions
$47.15
$66.29
$46.89
Weighted-average lease term
7.3 years
9.5 years
8.5 years
Previously vacant/developed/redeveloped space leased(2)
New rates
$85.31
$76.33
$74.93
$69.16
$59.44
$57.34
Previously vacant RSF
256,633
550,986
672,474
Developed/redeveloped RSF
560,344
(3)
698,542
493,341
Weighted-average lease term
15.4 years
14.7 years
10.0 years
Leasing activity summary (totals):
New rates
$76.72
$70.51
$65.96
$63.37
$64.16
$62.68
RSF
1,171,344
2,971,712
5,053,954
Weighted-average lease term
14.6 years
12.6 years
8.9 years
Lease expirations(1)
Expiring rates
$66.03
$67.63
$56.68
$57.98
$53.82
$57.24
RSF
800,421
(4)
3,549,052
5,005,638
Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 85,652 RSF and 136,131 RSF as of September 30, 2025 and December 31, 2024, respectively. During the trailing twelve months ended September 30, 2025, we granted free
rent concessions averaging 1.2 months per annum.
(2)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.
(3)Includes the largest life science lease in company history, executed in July 2025 with a long-standing multinational pharmaceutical tenant. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located
at the Campus Point by Alexandria Megacampus in our University Town Center submarket. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for
additional details.
(4)Includes 75,735 of vacant RSF at one recently acquired asset in our Greater Stanford submarket for which we are evaluating options to reposition for advanced technologies use.
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Contractual Lease Expirations
September 30, 2025
Year
RSF
Percentage of
Occupied RSF
Annual Rental Revenue
(per RSF)(1)
Percentage of
Annual Rental Revenue
2025
(2)
434,371
1.3%
$50.71
1.1%
2026
3,084,651
9.1%
$54.43
8.5%
2027
3,177,025
9.4%
$55.06
8.9%
2028
3,954,063
11.7%
$50.63
10.1%
2029
2,115,070
6.3%
$47.02
5.0%
2030
2,999,453
8.9%
$43.32
6.6%
2031
3,654,099
10.8%
$55.36
10.2%
2032
968,848
2.9%
$58.14
2.9%
2033
2,382,921
7.1%
$49.05
5.9%
2034
3,031,460
9.0%
$67.16
10.3%
Thereafter
7,915,520
23.5%
$76.06
30.5%
Market
2025 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
2026 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
Leased
Negotiating/
Anticipating
Targeted for
Future
Development/
Redevelopment
Remaining
Expiring
Leases
Total(2)
Leased
Negotiating/
Anticipating
Targeted for
Future
Development/
Redevelopment
Remaining
Expiring
Leases
Total
Greater Boston
21,892
—
—
12,113
34,005
$57.84
119,978
11,897
—
229,566
361,441
$57.14
San Francisco Bay Area
—
—
—
55,766
55,766
64.75
28,609
103,596
—
282,976
415,181
69.31
San Diego
23,327
1,579
—
48,794
73,700
62.02
—
—
52,620
(3)
275,029
327,649
53.34
Seattle
50,552
—
—
23,756
74,308
22.80
34,719
—
—
137,715
172,434
24.17
Maryland
1,136
—
—
18,338
19,474
33.48
—
6,823
—
151,847
158,670
21.38
Research Triangle
10,478
3,951
—
4,843
19,272
N/A
22,660
—
—
165,542
188,202
41.69
New York City
—
11,798
—
7,825
19,623
105.22
12,168
—
—
62,241
74,409
72.35
Texas
—
—
—
—
—
—
—
—
—
—
—
—
Canada
—
—
—
40,679
40,679
10.72
247,743
—
—
1,755
249,498
21.72
Non-cluster/other markets
—
—
—
—
—
—
—
—
—
31,659
31,659
64.43
Subtotal
107,385
17,328
—
212,114
336,827
44.52
465,877
122,316
52,620
1,338,330
1,979,143
48.10
Key lease expirations(4)
—
—
—
97,544
97,544
72.08
—
—
—
1,105,508
1,105,508
65.74
Total
107,385
17,328
—
309,658
434,371
$50.71
465,877
122,316
52,620
2,443,838
3,084,651
$54.43
Percentage of expiring leases
25%
4%
0%
71%
100%
15%
4%
2%
79%
100%
Contractual lease expirations for properties classified as held for sale as of September 30, 2025 are excluded from the information on this page.
(1)Represents amounts in effect as of September 30, 2025.
(2)Excludes month-to-month leases aggregating 85,652 RSF as of September 30, 2025.
(3)Relates to a single-tenant, 100% pre-leased development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the beginning of 2026, the tenant will vacate 52,620 RSF, which
generated annual rental revenue of $4.1 million as of 3Q25, from an existing building to allow for the demolition and development of the new, build-to-suit life science building at this site. Refer to “New Class A/A+ development and
redevelopment properties: current projects” in the Supplemental Information for additional details.
(4)Includes lease expirations at 20 properties primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease expiration date of March 19, 2026 and
annual rental revenue aggregating $81 million, which are expected to become vacant at lease expiration and re-leased to new tenants, including the following:
(i)Recently acquired properties comprising two properties aggregating 137,970 RSF in our Greater Stanford submarket for which we are evaluating options to reposition for advanced technologies use;
(ii)Two properties comprising 163,648 RSF in our University Town Center submarket and 118,225 RSF in our Torrey Pines submarket for which we are evaluating options to re-lease or reposition from single tenancy to multi-tenancy;
(iii)One property aggregating 83,354 RSF in our Sorrento Mesa submarket, where the in-place credit tenant will relocate and expand into our development project at 10075 Barnes Canyon Road, which is expected to be delivered in
2H26; and
(iv)113,097 RSF at our Alexandria Center® at One Kendall Square Megacampus in our Cambridge submarket. We plan to upgrade most of these spaces, most of which have not undergone major improvements since our acquisition in
2016.
We continue to evaluate the business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect downtime on the 1.2 million RSF to range from 6 to 24 months on a weighted-average basis,
and we expect these properties to remain operating properties.
Top 20 Tenants
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September 30, 2025
(Dollars in thousands, except average market cap amounts)
90% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade
or Publicly Traded Large Cap Tenants(1)
Tenant
Remaining Lease
Term(1) (in years)
Aggregate
RSF
Annual Rental
Revenue(1)
Percentage of
Annual Rental
Revenue(1)
Investment-Grade
Credit Ratings
Average
Market Cap
(in billions)
Moody’s
S&P
1
Bristol-Myers Squibb Company
5.7
1,283,860
$110,865
5.5%
A2
A
$106.5
2
Eli Lilly and Company
9.1
1,086,165
90,805
4.5
Aa3
A+
$753.2
3
Moderna, Inc.
13.2
462,100
71,571
3.5
—
—
$13.3
4
Takeda Pharmaceutical Company Limited
9.7
549,759
47,899
2.4
Baa1
BBB+
$45.6
5
AstraZeneca PLC
6.4
440,087
39,413
1.9
A1
A+
$223.0
6
Eikon Therapeutics, Inc.(2)
13.3
311,806
38,913
1.9
—
—
$—
7
Roche
7.5
647,069
36,383
1.8
Aa2
AA
$256.8
8
Illumina, Inc.
5.1
857,967
35,924
1.8
Baa3
BBB
$17.1
9
Alphabet Inc.
2.2
589,218
33,260
1.6
Aa2
AA+
$2,231.6
10
United States Government
4.8
429,359
29,597
(3)
1.5
Aaa
AA+
$—
11
Novartis AG
2.3
377,095
29,463
1.5
Aa3
AA-
$240.2
12
Uber Technologies, Inc.
57.0
(4)
1,009,188
27,820
1.4
Baa1
BBB
$167.1
13
Boston Children's Hospital
11.5
309,231
26,294
1.3
Aa2
AA
$—
14
The Regents of the University of California
9.7
364,606
24,318
1.2
Aa2
AA
$—
15
Sanofi
5.3
267,278
21,851
1.1
Aa3
AA
$127.1
16
New York University
6.8
218,983
21,110
1.0
Aa2
AA-
$—
17
Merck & Co., Inc.
7.9
333,124
21,001
1.0
Aa3
A+
$225.8
18
Charles River Laboratories, Inc.
9.8
253,036
20,959
1.0
—
—
$8.2
19
Cloud Software Group, Inc.
1.0
(5)
216,278
20,553
1.0
—
—
$—
20
Massachusetts Institute of Technology
4.3
242,428
20,529
1.0
Aaa
AAA
$—
Total/weighted-average
9.4
(4)
10,248,637
$768,528
37.9%
Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the
Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of September 30, 2025.
(2)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharmaceutical executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over
$1.2 billion in private venture capital funding.
(3)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration. Approximately 3% of the annual rental revenue derived from our
leases with the United States Government is cancellable prior to the lease expiration date.
(4)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by
our unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental
revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.7 years as of September 30, 2025.
(5)Represents one lease encompassing four properties acquired in 2022 that we expect to reposition upon lease expiration. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we
acquired the properties, of which 137,970 RSF has lease expirations through 2026. Refer to footnote 3 in “Contractual lease expirations” in the Supplemental Information for additional details.
Summary of Properties and Occupancy
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September 30, 2025
(Dollars in thousands, except per RSF amounts)
Summary of properties
RSF
Number of
Properties
Annual Rental Revenue
Market
Operating
Development
Redevelopment
Total
% of Total
Total
% of Total
Per RSF
Greater Boston
9,096,225
583,407
1,626,322
11,305,954
26%
64
$708,464
35%
$89.74
San Francisco Bay Area
7,525,945
212,796
344,934
8,083,675
19
62
421,518
21
67.18
San Diego
6,314,303
648,516
—
6,962,819
16
68
328,638
15
54.67
Seattle
3,178,029
227,577
—
3,405,606
8
45
126,834
6
44.29
Maryland
3,855,906
—
—
3,855,906
9
50
157,213
8
44.00
Research Triangle
3,648,703
—
—
3,648,703
9
36
94,255
5
27.22
New York City
742,700
—
—
742,700
2
3
69,317
3
94.97
Texas
1,646,187
—
73,298
1,719,485
4
13
36,866
2
28.02
Canada
979,575
—
56,314
1,035,889
2
11
20,186
1
22.83
Non-cluster/other markets
315,440
—
—
315,440
1
9
12,195
1
55.52
Properties held for sale
1,811,787
—
—
1,811,787
4
14
53,266
3
44.62
North America
39,114,800
1,672,296
2,100,868
42,887,964
100%
375
$2,028,752
100%
$58.94
3,773,164
Summary of occupancy
 
Operating Properties
Operating and Redevelopment Properties
Market
9/30/25
6/30/25
9/30/24
9/30/25
6/30/25
9/30/24
Greater Boston
86.8%
(1)(2)
90.1%
94.6%
73.6%
76.7%
80.9%
San Francisco Bay Area
90.4
(1)(3)
88.9
94.1
86.4
85.2
91.1
San Diego
95.2
94.8
96.0
95.2
94.8
96.0
Seattle
90.1
90.3
92.3
90.1
90.3
91.3
Maryland
93.9
93.9
96.2
93.9
93.9
96.2
Research Triangle
94.9
(1)
92.8
97.5
94.9
92.8
97.5
New York City
98.3
88.9
85.1
98.3
88.9
85.1
Texas
79.9
(1)
82.1
95.5
76.5
78.9
91.8
Subtotal
90.8
91.0
94.9
85.9
86.3
90.0
Canada
90.3
90.7
95.5
85.4
85.8
82.6
Non-cluster/other markets
69.6
72.6
72.8
69.6
72.6
72.8
North America
90.6%
(1)(4)
90.8%
94.7%
85.8%
86.2%
89.7%
(1)Refer to the table below for a summary of our previously disclosed key lease expirations that became vacant in 1Q25:
Property
Submarket
Vacant RSF
as of 3Q25
Vacant RSF leased as of
3Q25 with future delivery
%
Included in 3Q25 occupancy and same property results:
Alexandria Technology Square® Megacampus
Cambridge
182,054
89,222
49%
507 East Howard Lane and 13813 Center Lake Drive
Austin
247,246
102,930
42
429,300
192,152
45%
Classified as held for sale as of 3Q25 (excluded from occupancy and same property results):
409 Illinois Street
Mission Bay
234,249
N/A
7 Triangle Drive
Research Triangle
104,531
N/A
Total 1Q25 key lease expirations vacant at 3Q25
768,080
(2)The decline in occupancy in 3Q25 was primarily due to one lease expiration of 78,380 RSF in Cambridge which we are marketing and a 72,846 RSF lease expiration located in Watertown which has been leased but was not
occupied as of September 30, 2025.
(3)Increase in occupancy from 2Q25 is primarily due to the classification as held for sale of 409 and 499 Illinois Street on the Alexandria Center® for Science and Technology – Mission Bay Megacampus as of September 30, 2025,
partially offset by the new vacancy at 3301 Hillview Avenue, located in our Greater Stanford submarket, previously occupied by an acquired software tenant, for which we are evaluating options to reposition as an advanced
technologies campus.
(4)Includes temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, or 1.6% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, San Diego, and Seattle markets, which are leased
and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately May 1, 2026 and the expected annual rental revenue is approximately $46
million.
Property Listing
footerlogov2a.jpg
September 30, 2025
(Dollars in thousands)
Our Megacampus™ Properties Account for 77% of Our Annual Rental Revenue
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Greater Boston
Cambridge/Inner Suburbs
Megacampus: Alexandria Center® at Kendall Square
2,213,867
—
—
2,213,867
8
$212,828
93.4%
93.4%
50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street,
and 300 Third Street(1)
Megacampus: Alexandria Center® at One Kendall Square
1,284,745
—
104,956
1,389,701
12
148,644
92.5
85.5
One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400,
1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street
Megacampus: Alexandria Technology Square®
1,196,987
—
—
1,196,987
7
74,957
72.9
72.9
100, 200, 300, 400, 500, 600, and 700 Technology Square
Megacampus: The Arsenal on the Charles
787,760
—
333,758
1,121,518
13
46,678
78.0
54.8
  311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,
1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99
Coolidge Avenue(1)
386,780
191,396
—
578,176
5
19,975
72.6
72.6
Cambridge/Inner Suburbs
5,870,139
191,396
438,714
6,500,249
45
503,082
85.6
79.6
Fenway
Megacampus: Alexandria Center® for Life Science – Fenway
1,314,508
392,011
137,675
1,844,194
3
100,665
87.5
79.2
401 and 421 Park Drive and 201 Brookline Avenue
Seaport Innovation District
5 and 15(1) Necco Street
459,395
—
—
459,395
2
47,226
97.0
97.0
Seaport Innovation District
459,395
—
—
459,395
2
47,226
97.0
97.0
Route 128
Megacampus: Alexandria Center® for Life Science – Waltham
466,094
—
596,064
1,062,158
5
38,531
100.0
43.9
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
19, 225, and 235 Presidential Way
585,226
—
—
585,226
3
14,194
97.0
97.0
Route 128
1,051,320
—
596,064
1,647,384
8
52,725
98.3
62.8
Other
400,863
—
453,869
854,732
6
4,766
59.7
28.0
Greater Boston
9,096,225
583,407
1,626,322
11,305,954
64
$708,464
86.8%
73.6%
Our Megacampus™ Properties Account for 77% of Our Annual Rental Revenue
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
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September 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
San Francisco Bay Area
Mission Bay
Megacampus: Alexandria Center® for Science and Technology –
Mission Bay(1)
1,557,403
212,796
(3)
—
1,770,199
8
$63,191
95.6%
95.6%
1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens
Street, and 455 Mission Bay Boulevard South
Mission Bay
1,557,403
212,796
—
1,770,199
8
63,191
95.6
95.6
South San Francisco
Megacampus: Alexandria Technology Center® – Gateway(1)
1,431,486
—
237,684
1,669,170
12
76,377
80.7
69.2
600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)
Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South
San Francisco
812,453
—
107,250
919,703
5
51,351
95.6
84.4
213(1), 249, 259, 269, and 279 East Grand Avenue
Alexandria Center® for Life Science – South San Francisco
504,252
—
—
504,252
3
28,619
83.0
83.0
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
3,634,454
—
344,934
3,979,388
24
205,442
89.1
81.3
Greater Stanford
Megacampus: Alexandria Center® for Life Science – San Carlos
738,038
—
—
738,038
9
43,983
86.5
86.5
825, 835, 960, and 1501-1599 Industrial Road
Alexandria Stanford Life Science District
705,442
—
—
705,442
9
54,520
86.4
86.4
3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and
3330 Hillview Avenue
3412, 3420, 3440, 3450, and 3460 Hillview Avenue
340,103
—
—
340,103
5
24,593
86.5
86.5
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
13,774
100.0
100.0
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
2,334,088
—
—
2,334,088
30
152,885
88.9
88.9
San Francisco Bay Area
7,525,945
212,796
344,934
8,083,675
62
$421,518
90.4%
86.4%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
(2)We own 100% of this property.
Property Listing (continued)
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September 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
San Diego
Torrey Pines
Megacampus: One Alexandria Square
1,090,828
—
—
1,090,828
10
$77,208
90.9%
90.9%
3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,
10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana
Road, and 3545 Cray Court
ARE Torrey Ridge
299,138
—
—
299,138
3
13,263
79.7
79.7
10578, 10618, and 10628 Science Center Drive
ARE Nautilus
218,640
—
—
218,640
4
15,108
100.0
100.0
3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics
Court
Torrey Pines
1,608,606
—
—
1,608,606
17
105,579
90.1
90.1
University Town Center
Megacampus: Campus Point by Alexandria(1)
1,310,696
426,927
—
1,737,623
8
84,058
99.5
99.5
9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155,
4224, and 4242 Campus Point Court
Megacampus: 5200 Illumina Way(1)
792,687
—
—
792,687
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
120,556
99.7
99.7
Sorrento Mesa
Megacampus: SD Tech by Alexandria(1)
829,437
221,589
—
1,051,026
11
37,841
96.1
96.1
9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and
10055, 10065, and 10075 Barnes Canyon Road
Megacampus: Sequence District by Alexandria
671,039
—
—
671,039
6
23,458
100.0
100.0
6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
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
4,207
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
2,243,947
221,589
—
2,465,536
28
97,810
98.6
98.6
Sorrento Valley
3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
151,406
—
—
151,406
6
2,502
32.7
32.7
11045 and 11055 Roselle Street
43,313
—
—
43,313
2
2,191
96.1
96.1
Sorrento Valley
194,719
—
—
194,719
8
4,693
46.8
46.8
San Diego
6,314,303
648,516
—
6,962,819
68
$328,638
95.2%
95.2%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
(2)We own 100% of this property.
Property Listing (continued)
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September 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Seattle
Lake Union
Megacampus: Alexandria Center® for Life Science – Eastlake
1,151,672
—
—
1,151,672
9
$69,333
91.6%
91.6%
1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and
199 East Blaine Street, and 1600 Fairview Avenue East
Megacampus: Alexandria Center® for Advanced Technologies – South
Lake Union
413,178
227,577
—
640,755
4
23,436
98.8
98.8
400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and
219 Terry Avenue North
Lake Union
1,564,850
227,577
—
1,792,427
13
92,769
93.5
93.5
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
1,065,132
—
—
1,065,132
22
21,277
87.1
87.1
22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,
22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522,
22722, and 22745 29th Drive Southeast, 21540, 22213 and 22309 30th
Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street
Southeast
Alexandria Center® for Advanced Technologies – Monte Villa Parkway
464,889
—
—
464,889
6
11,412
83.9
83.9
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
Bothell
1,530,021
—
—
1,530,021
28
32,689
86.1
86.1
Other
63,057
—
—
63,057
2
666
100.0
100.0
Seattle
3,178,029
227,577
—
3,405,606
45
126,834
90.1
90.1
Maryland
Rockville
Megacampus: Alexandria Center® for Life Science – Shady Grove
1,691,960
—
—
1,691,960
20
93,268
94.6
94.6
9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and
9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920
Belward Campus Drive, and 9810 and 9820 Darnestown Road
1330 Piccard Drive
131,507
—
—
131,507
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
2,193,565
—
—
2,193,565
28
$109,076
94.4%
94.4%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
footerlogov2a.jpg
September 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Maryland (continued)
Gaithersburg
Alexandria Technology Center® – Gaithersburg I
619,061
—
—
619,061
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
17,640
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
43,015
94.4
94.4
Beltsville
8000/9000/10000 Virginia Manor Road
191,884
—
—
191,884
1
3,396
100.0
100.0
101 West Dickman Street(1)
142,933
—
—
142,933
1
1,726
71.3
71.3
Beltsville
334,817
—
—
334,817
2
5,122
87.8
87.8
Maryland
3,855,906
—
—
3,855,906
50
157,213
93.9
93.9
Research Triangle
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham
2,214,887
—
—
2,214,887
16
44,550
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
711,693
—
—
711,693
6
28,726
92.9
92.9
6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
Megacampus: Alexandria Center® for Sustainable Technologies
259,962
—
—
259,962
6
7,259
84.8
84.8
104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive
Alexandria Technology Center® – Alston
160,574
—
—
160,574
3
2,798
78.2
78.2
100, 800, and 801 Capitola Drive
Alexandria Innovation Center® – Research Triangle
136,635
—
—
136,635
3
4,019
95.3
95.3
7010, 7020, and 7030 Kit Creek Road
2525 East NC Highway 54
82,996
—
—
82,996
1
3,580
100.0
100.0
407 Davis Drive
81,956
—
—
81,956
1
3,323
100.0
100.0
Research Triangle
3,648,703
—
—
3,648,703
36
$94,255
94.9%
94.9%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
footerlogov2a.jpg
September 30, 2025
(Dollars in thousands)
 
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
New York City
New York City
Megacampus: Alexandria Center® for Life Science – New York City
742,700
—
—
742,700
3
$69,317
98.3%
98.3%
430 and 450 East 29th Street
New York City
742,700
—
—
742,700
3
69,317
98.3
98.3
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
Austin
1,525,359
—
—
1,525,359
12
33,694
83.0
83.0
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
1,646,187
—
73,298
1,719,485
13
36,866
79.9
76.5
Canada
979,575
—
56,314
1,035,889
11
20,186
90.3
85.4
Non-cluster/other markets
315,440
—
—
315,440
9
12,195
69.6
69.6
North America, excluding properties held for sale
37,303,013
1,672,296
2,100,868
41,076,177
361
1,975,486
90.6%
85.8%
Properties held for sale
1,811,787
—
—
1,811,787
14
53,266
65.9%
65.9%
Total – North America
39,114,800
1,672,296
2,100,868
42,887,964
375
$2,028,752
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments in Real Estate
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September 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
YTD 3Q25
4Q25–4Q26
$68M
$111M
94%
Occupied
80%
Leased/Negotiating
712,785 RSF
969,524 RSF
(2)
(1)
(3)
(4)
Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.
(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449 RSF that were vacant and/or unleased at delivery.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from
development and redevelopment projects expected to be placed into service primarily commencing from 4Q25 through 4Q26 is projected to be $83 million. Refer to the initial and stabilized occupancy years under “New Class A/A+
development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(3)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 4Q25 through 4Q26.
(4)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
Investments in Real Estate
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September 30, 2025
(Dollars in thousands)
Investments in real estate
Development and Redevelopment
Under Construction
100% Pre-leased
Committed
Near Term(1)
Operating
2025 and
2026
2027 and
Beyond
Future
Subtotal
Total
Square footage
Operating
37,303,013
—
—
—
—
—
37,303,013
Future Class A/A+ development and redevelopment properties
—
969,524
2,803,640
466,598
24,257,782
28,497,544
28,497,544
Future development and redevelopment square feet currently included
in rental properties(2)
—
—
—
(52,620)
(2,082,454)
(2,135,074)
(2,135,074)
Total square footage, excluding properties held for sale
37,303,013
969,524
2,803,640
413,978
22,175,328
26,362,470
63,665,483
Properties held for sale
1,811,787
—
—
—
939,756
939,756
2,751,543
Total square footage
39,114,800
969,524
2,803,640
413,978
23,115,084
27,302,226
66,417,026
Investments in real estate
Gross book value as of September 30, 2025(3)
$29,451,717
$901,674
$2,762,729
$60,398
$4,984,144
$8,708,945
(4)
$38,160,662
Properties held for sale
883,455
—
—
—
112,681
112,681
996,136
Total gross investment in real estate, excluding properties held for sale
$28,568,262
$901,674
$2,762,729
$60,398
$4,871,463
$8,596,264
$37,164,526
chart-58ac094c706249a88e6a.gif
Projects under active construction with stabilization
in 2025-2027 and beyond and one 100% pre-leased
committed near-term project expected to commence
in the next year – $3.7 billion
20%
Non-Income-
Producing Assets
Future development projects(5) and land parcels,
primarily located in Megacampuses with critical
milestones in 4Q25 and 2026 – $4.9 billion
Non-Income-Producing Assets as a Percentage of Gross Assets
(1)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. Refer to “New Class A/A+ development and redevelopment properties: current
projects” in the Supplemental Information for additional details.
(2)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.
(3)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint
ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(4)Our share of investment in our development and redevelopment pipeline is $7.6 billion.
(5)As of September 30, 2025, annual rental revenue from future development parcels with existing income was approximately 1% of total annual rental revenue.
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
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September 30, 2025
99 Coolidge Avenue
500 North Beacon Street and
4 Kingsbury Avenue(1)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/
Cambridge/Inner Suburbs
129,413 RSF
248,018 RSF
100% Occupancy
92% Occupancy
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230 Harriet Tubman Way
10935, 10945, and 10955
Alexandria Way(2)
10075 Barnes Canyon Road
San Francisco Bay Area/
South San Francisco
San Diego/Torrey Pines
San Diego/Sorrento Mesa
285,346 RSF
334,996 RSF
31,490 RSF
100% Occupancy
100% Occupancy
100% Occupancy
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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: Recent Deliveries
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September 30, 2025
(Dollars in thousands)
Incremental Annual Net Operating Income Generated From YTD 3Q25 Deliveries
Aggregated $68 Million,(1) Including $16 Million in 3Q25
Property/Market/Submarket
Our
Ownership
Interest
RSF Placed in Service
Occupancy
Percentage(3)
Total Project
Unlevered Yields
3Q25
Delivery
Date(2)
Prior to
1/1/25
1Q25
2Q25
3Q25
Total
Initial
Stabilized
Initial
Stabilized
(Cash Basis)
RSF
Investment
Development projects
99 Coolidge Avenue/Greater Boston/Cambridge/
Inner Suburbs
7/15/25
100%
116,414
—
—
12,999
129,413
100%
320,809
$444,000
6.0%
6.8%
500 North Beacon Street and 4 Kingsbury Avenue/
Greater Boston/Cambridge/Inner Suburbs
8/23/25
100%
211,574
—
—
36,444
248,018
92%
248,018
429,000
6.5
5.9
230 Harriet Tubman Way/San Francisco Bay Area/
South San Francisco
N/A
48.5%
—
285,346
—
—
285,346
100%
285,346
476,000
7.5
6.2
10935, 10945, and 10955 Alexandria Way/San
Diego/Torrey Pines
7/1/25
100%
93,492
—
119,202
122,302
334,996
100%
334,996
480,000
7.2
6.9
10075 Barnes Canyon Road/San Diego/Sorrento
Mesa
7/23/25
50.0%
—
17,718
—
13,772
31,490
100%
253,079
321,000
5.5
5.7
Redevelopment projects
651 Gateway Boulevard/San Francisco Bay Area/
South San Francisco
N/A
50.0%
67,017
—
22,005
—
89,022
75%
326,706
487,000
5.0
5.1
Canada
N/A
100%
78,487
6,430
76,567
—
161,484
100%
250,790
115,000
6.0
6.0
Weighted average/total
7/5/25
566,984
309,494
217,774
185,517
1,279,769
2,019,744
$2,752,000
6.3%
6.1%
Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.
(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 42,449 RSF that were vacant and/or unleased at delivery.
(2)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(3)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected.
Key New Class A/A+ Development and Redevelopment Properties:
2025 and 2026 Stabilization (Near-Term Deliveries)
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September 30, 2025
99 Coolidge Avenue
4135 Campus Point Court
Greater Boston/
Cambridge/Inner Suburbs
San Diego/
University Town Center
191,396 RSF
426,927 RSF
81% Leased/Negotiating
100% Leased
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10075 Barnes Canyon Road
8800 Technology Forest Place
San Diego/Sorrento Mesa
Texas/Greater Houston
221,589 RSF
73,298 RSF
68% Leased/Negotiating
41% Leased/Negotiating
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Key New Class A/A+ Development and Redevelopment Properties:
2027 and Beyond Stabilization (Intermediate-Term Deliveries)
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September 30, 2025
311 Arsenal Street
421 Park Drive
401 Park Drive
40, 50, and 60 Sylvan Road(1)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
Greater Boston/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
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.
New Class A/A+ Development and Redevelopment Properties: Current Projects
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September 30, 2025
 
Property/Market/Submarket
Square Footage
Percentage
Occupancy(1)
Dev/Redev
In Service
CIP
Total
Leased
Leased/
Negotiating
Initial
Stabilized
Under construction
2025 and 2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
Dev
129,413
191,396
320,809
81%
81%
4Q23
4Q26
4135 Campus Point Court/San Diego/University Town Center
Dev
—
426,927
426,927
100
100
3Q26
3Q26
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
Dev
31,490
221,589
253,079
68
68
1Q25
2H26
8800 Technology Forest Place/Texas/Greater Houston
Redev
50,094
73,298
123,392
41
41
2Q23
4Q26
Canada
Redev
194,476
56,314
250,790
78
78
3Q23
4Q25
405,473
969,524
1,374,997
80
80
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
—
—
2027
2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
Redev
—
596,064
596,064
33
33
4Q26
2027
Other/Greater Boston
Redev
—
453,869
453,869
—
—
2027
2027
1450 Owens Street/San Francisco Bay Area/Mission Bay
Dev
—
212,796
212,796
—
49
2027
2027
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(2)
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
—
—
2H26
2027
701 Dexter Avenue North/Seattle/Lake Union
Dev
—
227,577
227,577
23
23
4Q26
2027
145,926
2,803,640
2,949,566
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center(3)
Dev
—
466,598
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
551,399
4,239,762
4,791,161
41%
43%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over time.
(2)We continue to build out this project on a floor-by-floor basis. As of September 30, 2025, the remaining cost to complete is $138 million, or 28% of the total cost at completion.
(3)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently
occupies two buildings within the Megacampus: one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. These buildings generated annual rental revenue of $7.5 million as of 3Q25. At the beginning of 2026,
the tenant will vacate the 52,620 RSF building, and during 2028, the tenant will vacate the 52,853 RSF building. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from
55% to 75%, after which future capital would be contributed pro rata with our joint venture partner.
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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September 30, 2025
(Dollars in thousands)
Our
Ownership
Interest
At 100%
Unlevered Yields
Property/Market/Submarket
In Service
CIP
Cost to
Complete
Total at
Completion
Initial
Stabilized
Initial Stabilized
(Cash Basis)
Under construction
2025 and 2026 stabilization with 80% leased/negotiating
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
100%
$154,608
$210,017
$79,375
$444,000
6.0%
6.8%
4135 Campus Point Court/San Diego/University Town Center
55.0%
—
412,619
111,381
524,000
9.0%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
50.0%
25,573
217,841
77,586
321,000
5.5%
5.7%
8800 Technology Forest Place/Texas/Greater Houston
100%
60,480
46,526
4,994
112,000
6.3%
6.0%
Canada
100%
95,750
14,671
4,579
115,000
6.0%
6.0%
336,411
901,674
2027 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge
100%
—
173,897
TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
100%
21,756
298,829
421 Park Drive/Greater Boston/Fenway
100%
—
561,633
401 Park Drive/Greater Boston/Fenway
100%
—
174,402
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
100%
—
511,925
Other/Greater Boston
100%
—
160,950
1450 Owens Street/San Francisco Bay Area/Mission Bay
25.0%
—
245,677
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco
50.0%
116,744
232,429
137,827
487,000
5.0%
5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
100%
—
109,065
TBD
701 Dexter Avenue North/Seattle/Lake Union
100%
—
293,922
138,500
2,762,729
474,911
3,664,403
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center(2)
55.0%
—
60,398
599,602
660,000
7.3%
6.5%
Total
$474,911
$3,724,801
$2,670,000
(3)
$6,870,000
(3)
Our share of investment(3)(4)
$410,000
$3,100,000
$2,180,000
$5,690,000
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2027 and beyond over the next several quarters.
(2)Refer to footnote 3 on the prior page for additional details.
(3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.
(4)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
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September 30, 2025
(Dollars in thousands)
76% of Our Total Development and Redevelopment Pipeline RSF
Is Within Our Megacampus™ Ecosystems
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge
100%
$173,897
104,956
—
—
104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs
100%
311,016
333,758
—
34,157
367,915
311 Arsenal Street
Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99
Coolidge Avenue/Cambridge/Inner Suburbs
100%
233,479
191,396
—
560,000
751,396
446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway
100%
736,035
529,686
—
—
529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128
100%
576,242
596,064
—
515,000
1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: Alexandria Center® at Kendall Square/Cambridge
100%
212,439
—
—
174,500
174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge
100%
8,449
—
—
100,000
100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation
District
60.0%
295,345
—
—
1,040,000
1,040,000
10 Necco Street/Seaport Innovation District
100%
106,373
—
—
175,000
175,000
215 Presidential Way/Route 128
100%
6,816
—
—
112,000
112,000
Other development and redevelopment projects
100%
379,674
453,869
—
1,348,541
1,802,410
$3,039,765
2,209,729
—
4,059,198
6,268,927
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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September 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
San Francisco Bay Area
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/
Mission Bay
25.0%
$245,677
212,796
—
—
212,796
1450 Owens Street
Megacampus: Alexandria Technology Center® – Gateway/
South San Francisco
50.0%
259,005
237,684
—
291,000
528,684
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San
Francisco/South San Francisco
100%
115,720
107,250
—
90,000
197,250
211(2) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South
San Francisco
100%
429,101
—
—
1,930,000
1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae/South San Francisco
48.5%
158,718
—
—
348,401
348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford
100%
479,347
—
—
1,497,830
1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
3825 and 3875 Fabian Way/Greater Stanford
100%
164,226
—
—
478,000
478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford
100%
81,552
—
—
240,000
240,000
Megacampus: 88 Bluxome Street/SoMa
100%
418,909
—
—
1,070,925
1,070,925
$2,352,255
557,730
—
5,946,156
6,503,886
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(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)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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September 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
San Diego
Megacampus: Campus Point by Alexandria/University Town Center
55.0%
(3)
$620,470
426,927
466,598
500,859
1,394,384
10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165,
and 4224 Campus Point Court
Megacampus: SD Tech by Alexandria/Sorrento Mesa
50.0%
414,636
221,589
—
493,845
715,434
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines
100%
158,326
—
—
215,000
215,000
Megacampus: One Alexandria Square/Torrey Pines
100%
64,545
—
—
125,280
125,280
10975 and 10995 Torreyana Road
Megacampus: 5200 Illumina Way/University Town Center
51.0%
17,536
—
—
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%
48,303
—
—
1,661,915
1,661,915
6290, 6310, 6340, 6350, and 6450 Sequence Drive
4075 Sorrento Valley Boulevard/Sorrento Valley
100%
28,167
—
—
144,000
144,000
Other development and redevelopment projects
(4)
78,036
—
—
475,000
475,000
1,430,856
648,516
466,598
4,167,731
5,282,845
Seattle
Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/
Lake Union
(5)
584,896
227,577
—
1,057,400
1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo
100%
62,116
—
—
544,825
544,825
410 West Harrison Street/Elliott Bay
100%
—
—
—
91,000
91,000
Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/
Bothell
100%
19,739
—
—
230,000
230,000
21660 20th Avenue Southeast
Other development and redevelopment projects
100%
151,672
—
—
706,087
706,087
$818,423
227,577
—
2,629,312
2,856,889
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(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. 
(5)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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September 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
Maryland
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville
100%
$25,629
—
—
296,000
296,000
9830 Darnestown Road
25,629
—
—
296,000
296,000
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle
100%
163,894
—
—
2,060,000
2,060,000
Megacampus: Alexandria Center® for Advanced Technologies and AgTech –
Research Triangle/Research Triangle
100%
111,537
—
—
1,170,000
1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for NextGen Medicines/
Research Triangle
100%
113,456
—
—
1,055,000
1,055,000
3029 East Cornwallis Road
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle
100%
55,732
—
—
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
448,804
—
—
5,177,227
5,177,227
New York City
Megacampus: Alexandria Center® for Life Science – New York City/New York City
100%
175,666
—
—
550,000
(2)
550,000
$175,666
—
—
550,000
550,000
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 September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our
option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended
September 30, 2025 filed with the Securities and Exchange Commission on October 27, 2025 for additional details.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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September 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston
100%
$49,575
73,298
—
116,405
189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin
100%
133,684
—
—
250,010
250,010
Other development and redevelopment projects
100%
59,432
—
—
344,000
344,000
242,691
73,298
—
710,415
783,713
Canada
100%
14,671
56,314
—
371,743
428,057
Other development and redevelopment projects
100%
47,504
—
—
350,000
350,000
Total pipeline as of September 30, 2025, excluding properties held for sale
8,596,264
3,773,164
466,598
24,257,782
28,497,544
Properties held for sale
112,681
—
—
939,756
939,756
Total pipeline as of September 30, 2025
$8,708,945
(2)
3,773,164
466,598
25,197,538
29,437,300
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 2,135,074 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”
under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)Includes $3.7 billion of projects that are currently under construction and one 100% pre-leased committed near-term project expected to commence vertical construction in 2026.
Construction Spending
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September 30, 2025
(Dollars in thousands)
Construction spending
Nine Months Ended
September 30, 2025
Projected Guidance
Midpoint for Year Ending
December 31, 2025
Year Ended
December 31, 2024
Construction of Class A/A+ properties:
Active construction projects
Under construction
$
799,723
$
1,240,000
$
1,791,097
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
365,654
500,000
426,948
Revenue- and non-revenue-enhancing capital expenditures
230,867
415,000
(1)
273,377
Construction spending (before contributions from noncontrolling interests or tenants):
1,396,244
2,155,000
2,491,422
Contributions from noncontrolling interests (consolidated real estate joint ventures)
(156,668)
(230,000)
(2)
(343,798)
Tenant-funded and -built landlord improvements
(171,153)
(175,000)
(129,152)
Total construction spending
$
1,068,423
$
1,750,000
$
2,018,472
2025 guidance range for construction spending
$1,450,000 – $2,050,000
Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing
Amount(2)
4Q25 through 2026
$130,980
2027 and beyond
35,925
Total
$166,905
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents revenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements for the year ending December 31, 2025. Our
share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected to be $320 million at the midpoint of our guidance for 2025 construction spending.
(2)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
Capitalization of Interest
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September 30, 2025
(Dollars in thousands)
Average Real Estate
Basis Capitalized
During YTD 3Q25
Percentage of Total
Average Real Estate
Basis Capitalized
Leased/
Negotiating
Key Categories of Real Estate Basis Capitalized
Construction of Class A/A+ properties:
Development and redevelopment of projects under construction and one 100% pre-leased committed near-term project
expected to commence construction in the next year:
2025 and 2026 stabilization
80%
$650,004
8%
2027 and beyond stabilization
28%
2,157,701
26
Smaller redevelopments and repositioning of capital projects
1,128,760
(1)
14
Future pipeline projects with critical pre-construction milestones during 4Q25 and 2026:(3)
Megacampus projects
3,032,254
(2)(3)
37
Non-Megacampus projects
1,211,641
(3)
15
Total average real estate basis capitalized(4)
$8,180,360
100%
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Smaller redevelopments and repositioning
of capital projects(1) – $1.1 billion
Under construction – 2025 and 2026 stabilization
– $650.0 million (80% leased/negotiating)
Critical milestones in 4Q25 and 2026 – 
Future Megacampus projects(2) – $3.0 billion
Under construction and committed near-term
project – stabilization in 2027 and beyond
– $2.2 billion (28% leased/negotiating)
Critical milestones in 4Q25 and 2026 – Future
Non-Megacampus projects – $1.2 billion
Percentage of Total Average Real Estate Basis Capitalized During YTD 3Q25
(1)Includes the real estate basis related to the 617,458 RSF of vacant space as of September 30, 2025 that is leased but not yet delivered. The weighted-average expected delivery date is approximately May 1, 2026.
(2)Includes four key projects on the following pages for additional details, which represent a total average capitalized real estate basis of approximately $1.2 billion during YTD 3Q25.
(3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical
construction on April 14, 2026 on a weighted-average real estate investment basis. We will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market
conditions, pause future investments, or consider the potential disposition of real estate assets.
(4)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities
necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total
average real estate basis subject to capitalization for YTD 3Q25.
Capitalization of Interest (continued)
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September 30, 2025
Key Active, Committed Near-Term, and Future Megacampus™ Development Projects
1.3M RSF
OPERATING
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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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September 30, 2025
Key Future Megacampus™ Development Project
0.7M RSF
OPERATING
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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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September 30, 2025
Key Active and Future Megacampus™ Development Project
0.4M RSF
OPERATING
keyactiveseattlev4a.jpg
1.3M RSF
ACTIVE/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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September 30, 2025
Key Future Megacampus™ Development Project
0.4M RSF
OPERATING
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1.9M 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.
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Joint Venture Financial Information
September 30, 2025
Consolidated Real Estate Joint Ventures
Property
Market
Submarket
Noncontrolling
Interest Share(1)
Operating RSF
at 100%
50 and 60 Binney Street
Greater Boston
Cambridge/Inner Suburbs
66.0%
532,395
75/125 Binney Street
Greater Boston
Cambridge/Inner Suburbs
60.0%
388,270
100 and 225 Binney Street and 300 Third Street
Greater Boston
Cambridge/Inner Suburbs
70.0%
870,641
15 Necco Street
Greater Boston
Seaport Innovation District
43.3%
345,996
285, 299, 307, and 345 Dorchester Avenue
Greater Boston
Seaport Innovation District
40.0%
—
(2)
Alexandria Center® for Science and Technology – Mission Bay(3)
San Francisco Bay Area
Mission Bay
75.0%
548,215
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard
San Francisco Bay Area
South San Francisco
50.0%
874,234
751 Gateway Boulevard
San Francisco Bay Area
South San Francisco
49.0%
230,592
211 and 213 East Grand Avenue
San Francisco Bay Area
South San Francisco
70.0%
300,930
500 Forbes Boulevard
San Francisco Bay Area
South San Francisco
90.0%
155,685
Alexandria Center® for Life Science – Millbrae
San Francisco Bay Area
South San Francisco
51.5%
285,346
3215 Merryfield Row
San Diego
Torrey Pines
70.0%
170,523
Campus Point by Alexandria(2)(4)
San Diego
University Town Center
45.0%
(5)
1,212,414
5200 Illumina Way
San Diego
University Town Center
49.0%
792,687
9625 Towne Centre Drive
San Diego
University Town Center
70.0%
163,648
SD Tech by Alexandria(2)(6)
San Diego
Sorrento Mesa
50.0%
829,437
Summers Ridge Science Park(7)
San Diego
Sorrento Mesa
70.0%
316,531
1201 and 1208 Eastlake Avenue East
Seattle
Lake Union
70.0%
206,134
400 Dexter Avenue North
Seattle
Lake Union
70.0%
290,754
800 Mercer Street
Seattle
Lake Union
40.0%
—
(2)
Unconsolidated Real Estate Joint Ventures
Property
Market
Submarket
Our Ownership
Share(8)
Operating RSF
at 100%
1655 and 1725 Third Street
San Francisco Bay Area
Mission Bay
10.0%
586,208
1450 Research Boulevard
Maryland
Rockville
73.2%
(9)
42,012
101 West Dickman Street
Maryland
Beltsville
58.4%
(9)
142,933
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)In addition to the real estate joint ventures listed, we have one consolidated real estate joint venture in the Greater Boston market in which a partner holds a $48.7 million redeemable noncontrolling interest earning a fixed return.
(2)Represents a property currently under construction or in our future development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental
Information for additional details.
(3)Includes 409 and 499 Illinois, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South. Operating RSF excludes 409 and 499 Illinois, which met the criteria to be designated as held for sale as of September
2025.
(4)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.
(5)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases from 55% to 75%,
after which future capital would be contributed pro rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(6)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(8)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture, 
(9)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.
Joint Venture Financial Information (continued)
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September 30, 2025
(In thousands)
As of September 30, 2025
Noncontrolling Interest
Share of Consolidated
Real Estate JVs
Our Share of
Unconsolidated
Real Estate JVs
Investments in real estate
$
4,103,608
$
99,393
Cash, cash equivalents, and restricted cash
160,646
2,341
Other assets
445,479
10,533
Secured notes payable
—
(67,315)
Other liabilities
(230,757)
(5,351)
Redeemable noncontrolling interests
(58,662)
—
$
4,420,314
$
39,601
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
September 30, 2025
September 30, 2025
Three Months Ended
Nine Months Ended
Three Months Ended
Nine Months Ended
Total revenues
$
118,646
$
353,241
$
2,700
$
7,963
Rental operations
(38,170)
(108,978)
(1,025)
(3,008)
80,476
244,263
1,675
4,955
General and administrative
(630)
(2,193)
(20)
(101)
Interest
(151)
(905)
(1,060)
(3,118)
Depreciation and amortization of real estate assets
(45,327)
(114,785)
(852)
(2,848)
Impairment of real estate
—
—
—
(8,673)
Gain on sale of interest of unconsolidated JV
—
—
458
458
Fixed returns allocated to redeemable noncontrolling interests(1)
541
943
—
—
$
34,909
$
127,323
$
201
$
(9,327)
Straight-line rent and below-market lease revenue
$
6,663
$
16,857
$
172
$
506
Funds from operations(2)
$
80,236
$
242,108
$
595
$
1,736
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests for properties in the Greater Boston and San Francisco Bay Area markets. These redeemable noncontrolling interests earn a fixed return on
their investment rather than participate in the operating results of the properties.
(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments
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September 30, 2025
(Dollars in thousands)
We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income
(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.
September 30, 2025
Year Ended
December 31, 2024
Three Months Ended
Nine Months Ended
Realized gains
$9,646
(1)
$19,115
(1)
$59,124
(2)
Unrealized gains (losses)
18,515
(3)
(71,568)
(4)
(112,246)
(5)
Investment income (loss)
$28,161
$(52,453)
$(53,122)
September 30, 2025
December 31, 2024
Investments
Cost
Unrealized Gains
Unrealized Losses
Carrying Amount
Carrying Amount
Publicly traded companies
$197,229
$28,964
$(101,901)
$124,292
$105,667
Entities that report NAV
482,734
98,002
(40,603)
540,133
609,866
Entities that do not report NAV:
Entities with observable price changes
80,454
53,409
(9,614)
124,249
174,737
Entities without observable price changes
422,519
—
—
422,519
400,487
Investments accounted for under the equity method
  N/A
N/A
N/A
326,445
186,228
September 30, 2025
$1,182,936
(6)
$180,375
$(152,118)
$1,537,638
$1,476,985
December 31, 2024
$1,207,146
$228,100
$(144,489)
$1,476,985
Public/Private Mix (Cost)
Tenant/Non-Tenant Mix (Cost)
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13%
Public
21%
Tenant
87%
Private
79%
Non-Tenant
(1)Consists of realized gains of $34.8 million and $94.7 million, partially offset by impairment charges of $25.1 million and $75.5 million during the three and nine months ended September 30, 2025, respectively.
(2)Consists of realized gains of $117.2 million, partially offset by impairment charges aggregating $58.1 million during the year ended December 31, 2024.
(3)Consists of unrealized gains of $51.3 million primarily resulting from the increase in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $32.8 million resulting from
accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended September 30, 2025.
(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the nine months ended September 30, 2025.
(5)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024.
(6)Represents 2.7% of gross assets as of September 30, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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Balance Sheet
September 30, 2025
ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
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SIGNIFICANT
LIQUIDITY
PERCENTAGE OF FIXED-RATE
DEBT SINCE 2021(1)
$4.2B
96.7%
REMAINING DEBT TERM
(IN YEARS)
DEBT INTEREST
RATE
11.6
3.97%
Longest Among S&P 500 REITs(3)
TOP 15%
CREDIT RATING RANKING
AMONG ALL PUBLICLY
TRADED U.S. REITS(2)
BBB+
Stable
Baa1
Negative
WEIGHTED AVERAGE
As of September 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2021 through September 30, 2025.
(2)Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of September 30, 2025.
(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for PSA and WY) as of June 30, 2025, except for ARE, which is as of September 30, 2025.
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Key Credit Metrics
September 30, 2025
Liquidity
Limited Outstanding Borrowings and Significant Availability
on Unsecured Senior Line of Credit
(in millions)
$4.2B
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(in millions)
Availability under our unsecured senior line of credit, net of amounts
outstanding under our commercial paper program
$3,450
Cash, cash equivalents, and restricted cash
584
Investments in publicly traded companies
124
Liquidity as of September 30, 2025
$4,158
Net Debt and Preferred Stock to Adjusted EBITDA(1)
Fixed-Charge Coverage Ratio(1)
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5.5x to 6.0x
3.6x to 4.1x
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.
Summary of Debt
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September 30, 2025
(Dollars in millions)
Weighted-Average Remaining Term of 11.6 Years
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(1)We expect to have limited borrowings, with less than $500.0 million outstanding on our unsecured senior line of credit and commercial paper program by the end of 2025. We expect to reduce the outstanding balance with
proceeds from our 2025 dispositions expected to close in 4Q25. Refer to “Dispositions and exchange of partial interests” in the Earnings Press Release for additional details.
(2)Refer to footnotes 2 through 4 on page 58 under “Fixed-rate and variable-rate debt” for additional details.
Summary of Debt (continued)
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September 30, 2025
ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM
AMONG S&P 500 REITS AT 2X THE AVERAGE DEBT TERM FOR THESE REITS
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5.8 Years
Average Debt Term
of S&P 500 REITs
as of June 30, 2025
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WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for PSA and WY) as of June 30, 2025, except for ARE, which is as of September 30, 2025
Summary of Debt (continued)
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September 30, 2025
(Dollars in thousands)
Fixed-rate and variable-rate debt
Fixed-Rate
Debt
Variable-Rate
Debt
Total
Percentage
Weighted-Average
Interest Rate(1)
Remaining Term
(in years)
Unsecured senior notes payable
$12,044,999
$—
$12,044,999
88.6%
3.90%
12.6
Unsecured senior line of credit(2) and commercial
paper program(3)
—
1,548,542
1,548,542
11.4
4.52
4.3
(4)
Total/weighted average
$12,044,999
$1,548,542
$13,593,541
100.0%
3.97%
11.6
(4)
Percentage of total debt
88.6%
11.4%
100.0%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)As of September 30, 2025, we had no outstanding balance on our unsecured senior line of credit.
(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a
maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue
commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at
SOFR+0.855%. As of September 30, 2025, we had $1.5 billion of commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the
consolidated weighted-average maturity of our debt is 11.1 years. The commercial paper notes sold during the nine months ended September 30, 2025 were issued at a weighted-average yield to maturity of 4.64% and had a
weighted-average maturity term of 17 days.
Average Debt Outstanding
Weighted-Average Interest Rate
September 30, 2025
September 30, 2025
Three Months Ended
Nine Months Ended
Three Months Ended
Nine Months Ended
Long-term fixed-rate debt
$12,121,219
$12,290,203
3.88%
3.86%
Short-term variable-rate unsecured senior line of credit and commercial paper
program debt
1,503,453
935,353
4.64
4.64
Blended-average interest rate
13,624,672
13,225,556
3.96
3.92
Loan fee amortization and annual facility fee related to unsecured senior line of credit
N/A
N/A
0.14
0.13
Total/weighted average
$13,624,672
$13,225,556
4.10%
4.05%
Summary of Debt (continued)
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September 30, 2025
(Dollars in thousands)
Debt covenants
Unsecured Senior Notes Payable
Unsecured Senior Line of Credit
Debt Covenant Ratios(1)
Requirement
September 30, 2025
Requirement
September 30, 2025
Total Debt to Total Assets
≤ 60%
32%
≤ 60.0%
33.6%
Secured Debt to Total Assets
≤ 40%
—%
≤ 45.0%
—%
Consolidated EBITDA to Interest Expense
≥ 1.5x
9.8x
≥ 1.50x
3.58x
Unencumbered Total Asset Value to Unsecured Debt
≥ 150%
302%
N/A
N/A
Unsecured Interest Coverage Ratio
N/A
N/A
≥ 1.75x
8.54x
(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to
the computation of EBITDA as described in Exchange Act Release No. 47226.
Unconsolidated real estate joint ventures’ debt
At 100%
Unconsolidated Joint Venture
Maturity Date
Stated Rate
Interest Rate(1)
Aggregate
Commitment
Debt Balance(2)
Our Share
101 West Dickman Street
10/29/26
SOFR+1.95%
(3)
6.20%
$26,750
$18,999
58.4%
1450 Research Boulevard
12/6/26
SOFR+1.95%
(3)
6.26%
13,000
8,932
73.2%
1655 and 1725 Third Street
2/10/35
6.37%
6.44%
500,000
496,794
10.0%
$539,750
$524,725
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2025.
(3)This loan is subject to a fixed SOFR floor of 0.75%.
Summary of Debt (continued)
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September 30, 2025
(Dollars in thousands)
Debt
Stated 
Rate
Interest
Rate(1)
Maturity
Date(2)
Principal Payments Remaining for the Periods Ending December 31,
Principal
Unamortized
(Deferred
Financing
Cost),
(Discount)/
Premium
Total
2025
2026
2027
2028
2029
Thereafter
Unsecured senior line of credit and commercial
paper program(3)
(3)
4.52%
(3)
1/22/30
(3)
$—
$—
$—
$—
$—
$1,550,000
$1,550,000
$(1,458)
$1,548,542
Unsecured senior notes payable
4.30%
4.50
1/15/26
—
300,000
—
—
—
—
300,000
(160)
299,840
Unsecured senior notes payable
3.80%
3.96
4/15/26
—
350,000
—
—
—
—
350,000
(285)
349,715
Unsecured senior notes payable
3.95%
4.13
1/15/27
—
—
350,000
—
—
—
350,000
(684)
349,316
Unsecured senior notes payable
3.95%
4.07
1/15/28
—
—
—
425,000
—
—
425,000
(994)
424,006
Unsecured senior notes payable
4.50%
4.60
7/30/29
—
—
—
—
300,000
—
300,000
(860)
299,140
Unsecured senior notes payable
2.75%
2.87
12/15/29
—
—
—
—
400,000
—
400,000
(1,757)
398,243
Unsecured senior notes payable
4.70%
4.81
7/1/30
—
—
—
—
—
450,000
450,000
(1,779)
448,221
Unsecured senior notes payable
4.90%
5.05
12/15/30
—
—
—
—
—
700,000
700,000
(4,143)
695,857
Unsecured senior notes payable
3.375%
3.48
8/15/31
—
—
—
—
—
750,000
750,000
(3,866)
746,134
Unsecured senior notes payable
2.00%
2.12
5/18/32
—
—
—
—
—
900,000
900,000
(6,275)
893,725
Unsecured senior notes payable
1.875%
1.97
2/1/33
—
—
—
—
—
1,000,000
1,000,000
(6,458)
993,542
Unsecured senior notes payable
2.95%
3.07
3/15/34
—
—
—
—
—
800,000
800,000
(6,668)
793,332
Unsecured senior notes payable
4.75%
4.88
4/15/35
—
—
—
—
—
500,000
500,000
(4,615)
495,385
Unsecured senior notes payable
5.50%
5.66
10/1/35
—
—
—
—
—
550,000
550,000
(6,470)
543,530
Unsecured senior notes payable
5.25%
5.38
5/15/36
—
—
—
—
—
400,000
400,000
(3,853)
396,147
Unsecured senior notes payable
4.85%
4.93
4/15/49
—
—
—
—
—
300,000
300,000
(2,785)
297,215
Unsecured senior notes payable
4.00%
3.91
2/1/50
—
—
—
—
—
700,000
700,000
9,880
709,880
Unsecured senior notes payable
3.00%
3.08
5/18/51
—
—
—
—
—
850,000
850,000
(10,938)
839,062
Unsecured senior notes payable
3.55%
3.63
3/15/52
—
—
—
—
—
1,000,000
1,000,000
(13,339)
986,661
Unsecured senior notes payable
5.15%
5.26
4/15/53
—
—
—
—
—
500,000
500,000
(7,427)
492,573
Unsecured senior notes payable
5.625%
5.71
5/15/54
—
—
—
—
—
600,000
600,000
(6,525)
593,475
Unsecured debt weighted-average interest rate/
subtotal
3.97
—
650,000
350,000
425,000
700,000
11,550,000
13,675,000
(81,459)
13,593,541
Weighted-average interest rate/total
3.97%
$—
$650,000
$350,000
$425,000
$700,000
$11,550,000
$13,675,000
$(81,459)
$13,593,541
Balloon payments
$—
$650,000
$350,000
$425,000
$700,000
$11,550,000
$13,675,000
$(81,459)
$13,593,541
Principal amortization
—
—
—
—
—
—
—
—
—
Total debt
$—
$650,000
$350,000
$425,000
$700,000
$11,550,000
$13,675,000
$(81,459)
$13,593,541
Fixed-rate debt
$—
$650,000
$350,000
$425,000
$700,000
$10,000,000
$12,125,000
$(80,001)
$12,044,999
Variable-rate debt
—
—
—
—
—
1,550,000
1,550,000
(1,458)
1,548,542
Total debt
$—
$650,000
$350,000
$425,000
$700,000
$11,550,000
$13,675,000
$(81,459)
$13,593,541
Weighted-average stated rate on maturing debt
N/A
4.03%
3.95%
3.95%
3.50%
3.89%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)Reflects any extension options that we control.
(3)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.
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Definitions and Reconciliations
September 30, 2025
This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-
GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Adjusted EBITDA and Adjusted EBITDA margin
 
The following table reconciles net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the
Adjusted EBITDA margin:
 
Three Months Ended
(Dollars in thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Net (loss) income
$(197,845)
$(62,189)
$38,662
$(16,095)
$213,603
Interest expense
54,852
55,296
50,876
55,659
43,550
Income taxes
3,737
1,020
1,145
1,855
1,877
Depreciation and amortization
340,230
346,123
342,062
330,108
293,998
Stock compensation expense
10,293
12,530
10,064
12,477
15,525
Loss on early extinguishment of debt
107
—
—
—
—
Gain on sales of real estate
(9,366)
—
(13,165)
(101,806)
(27,114)
Unrealized (gains) losses on non-real estate
investments
(18,515)
21,938
68,145
79,776
(2,610)
Impairment of real estate
323,870
129,606
32,154
186,564
5,741
Impairment of non-real estate investments
25,139
39,216
11,180
20,266
10,338
Increase (decrease) in provision for expected
credit losses on financial instruments
—
—
285
(434)
—
Adjusted EBITDA
$532,502
$543,540
$541,408
$568,370
$554,908
Total revenues
$751,944
$762,040
$758,158
$788,945
$791,607
Adjusted EBITDA margin
71%
71%
71%
72%
70%
We use Adjusted EBITDA as a supplemental performance measure of our operations, for
financial and operational decision-making, and as a supplemental means of evaluating period-to-period
comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes,
depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on
early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes
in provision for expected credit losses on financial instruments, and significant termination fees. Adjusted
EBITDA also excludes unrealized gains or losses and significant realized gains or losses and
impairments that result from our non-real estate investments. These non-real estate investment amounts
are classified in our consolidated statements of operations outside of total revenues.
We believe Adjusted EBITDA provides investors with relevant and useful information as it
allows investors to evaluate the operating performance of our business activities without having to
account for differences recognized because of investing and financing decisions related to our real
estate and non-real estate investments, our capital structure, capital market transactions, and variances
resulting from the volatility of market conditions outside of our control. For example, we exclude gains or
losses on the early extinguishment of debt to allow investors to measure our performance independent
of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and
gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real
estate investments, changes in provision for expected credit losses on financial instruments, and
significant termination fees allows investors to evaluate performance from period to period on a
consistent basis without having to account for differences recognized because of investing and financing
decisions related to our real estate and non-real estate investments or other corporate activities that
may not be representative of the operating performance of our properties.
In addition, we believe that excluding charges related to stock compensation and unrealized
gains or losses facilitates for investors a comparison of our business activities across periods without the
volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a
measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future
requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant
measure of performance, it does not represent net income (loss) or cash flows from operations
calculated and presented in accordance with GAAP, and it should not be considered as an alternative to
those indicators in evaluating performance or liquidity.
In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total
revenues as presented in our consolidated statements of operations. We believe that this supplemental
performance measure provides investors with additional useful information regarding the profitability of
our operating activities.
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to
the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions
outside of our control, including the timing of dispositions, capital events, and financing decisions, as
well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-
real estate investments, impairments of real estate, impairments of non-real estate investments, and
changes in provision for expected credit losses on financial instruments. Our attempt to predict these
amounts may produce significant but inaccurate estimates, which would be potentially misleading for our
investors.
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Definitions and Reconciliations (continued)
September 30, 2025
Annual rental revenue
Annual rental revenue represents the annualized fixed base rental obligations, calculated in
accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and
tenant-built landlord improvements, for leases in effect as of the end of the period, related to our
operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our
consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint
ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of
100% of the RSF of our consolidated properties and our share of the RSF of properties held in
unconsolidated real estate joint ventures. As of September 30, 2025, approximately 91% of our leases
(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all
real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other
operating expenses (including increases thereto) in addition to base rent. Annual rental revenue
excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants
related to these operating expenses, along with base rent, are classified in income from rentals in our
consolidated statements of operations.
Capitalization rates
Capitalization rates are calculated based on net operating income and net operating income
(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter
preceding the date on which the property is sold, or near-term prospective net operating income.
Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary
to develop, redevelop, or reposition a project for its intended use are ongoing, provided that
expenditures for the asset have been made and interest cost has been incurred. Activities necessary to
develop, redevelop, or reposition a project include pre-construction activities such as entitlements,
permitting, design, site work, and other activities preceding commencement of construction of
aboveground building improvements. The advancement of pre-construction efforts is focused on
reducing the time required to deliver projects to prospective tenants. These critical activities add
significant value for future ground-up development and are required for the vertical construction of
buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related
to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus
capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition
of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable
financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative
tenants with highly dynamic and collaborative environments that enhance their ability to successfully
recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These
properties are typically well-located, professionally managed, and well-maintained, offering a wide range
of amenities and featuring premium construction materials and finishes. Class A/A+ properties are
generally newer or have undergone substantial redevelopment and are generally expected to command
higher annual rental rates compared to other classes of similar properties. AAA locations are in close
proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is
important to note that our definition of property classification may not be directly comparable to other
equity REITs.
Credit ratings
Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of
September 30, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be
subject to revision or withdrawal at any time.
Development, redevelopment, and pre-construction
A key component of our business model is our disciplined allocation of capital to the
development and redevelopment of new Class A/A+ properties, as well as property enhancements
identified during the underwriting of certain acquired properties. These efforts are primarily concentrated
in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other
strategic locations that support innovation and growth. These projects are generally focused on
providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide
range of tenants. Upon completion, each development or redevelopment project is expected to generate
increases in rental income, net operating income, and cash flows. Our development and redevelopment
projects are generally in locations that are highly desirable to high-quality entities, which we believe
results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value.
Development projects generally consist of the ground-up development of generic and
reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of
acquired office, warehouse, or shell space into laboratory space. We generally will not commence new
development projects for aboveground construction of new Class A/A+ laboratory space without first
securing significant pre-leasing for such space, except when there is solid market demand for high-
quality Class A/A+ properties.
Pre-construction activities include entitlements, permitting, design, site work, and other
activities preceding commencement of construction of aboveground building improvements. The
advancement of pre-construction efforts is focused on reducing the time required to deliver projects to
prospective tenants. These critical activities add significant value for future ground-up development and
are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality
facilities and are expected to generate significant revenue and cash flows.
Development, redevelopment, and pre-construction spending also includes the following
costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified
during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion
of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and
growth-stage life science companies.
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Definitions and Reconciliations (continued)
September 30, 2025
Development, redevelopment, and pre-construction (continued)
Revenue-enhancing and repositioning capital expenditures represent spending to reposition
or significantly change the use of a property, including through improvement in the asset quality from
Class B to Class A/A+.
Non-revenue-enhancing capital expenditures represent costs required to maintain the current
revenues of a stabilized property, including the associated costs for renewed and re-leased space.
Dividend payout ratio (common stock)
Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends
on our common stock (shares of common stock outstanding on the respective record dates multiplied by
the related dividend per share) to funds from operations attributable to Alexandria’s common
stockholders – diluted, as adjusted.
Dividend yield
Dividend yield for the quarter represents the annualized quarter dividend divided by the
closing common stock price at the end of the quarter.
Space Intentionally Blank
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,
less amortization of loan fees and debt premiums (discounts).
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:
 
Three Months Ended
(Dollars in thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Adjusted EBITDA
$532,502
$543,540
$541,408
$568,370
$554,908
Interest expense
$54,852
$55,296
$50,876
$55,659
$43,550
Capitalized interest
86,091
82,423
80,065
81,586
86,496
Amortization of loan fees
(4,505)
(4,615)
(4,691)
(4,620)
(4,222)
Amortization of debt discounts
(325)
(335)
(349)
(333)
(330)
Cash interest and fixed charges
$136,113
$132,769
$125,901
$132,292
$125,494
Fixed-charge coverage ratio:
– quarter annualized
3.9x
4.1x
4.3x
4.3x
4.4x
– trailing 12 months
4.1x
4.3x
4.4x
4.5x
4.5x
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This
is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market
conditions outside of our control, including the timing of dispositions, capital events, and financing
decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or
losses on non-real estate investments, impairments of real estate, impairments of non-real estate
investments, and changes in provision for expected credit losses on financial instruments. Our attempt
to predict these amounts may produce significant but inaccurate estimates, which would be potentially
misleading for our investors.
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Definitions and Reconciliations (continued)
September 30, 2025
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders
GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes
that real estate values diminish over time. In an effort to overcome the difference between real estate
values and historical cost accounting for real estate assets, the Nareit Board of Governors established
funds from operations as an improved measurement tool. Since its introduction, funds from operations
has become a widely used non-GAAP financial measure among equity REITs. We believe that funds
from operations is helpful to investors as an additional measure of the performance of an equity
REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our
performance to the performance of other real estate companies on a consistent basis, without having to
account for differences recognized because of real estate acquisition and disposition decisions,
financing decisions, capital structure, capital market transactions, variances resulting from the volatility
of market conditions outside of our control, or other corporate activities that may not be representative of
the operating performance of our properties.
The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)
defines funds from operations as net income (computed in accordance with GAAP), excluding gains or
losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of
operating real estate assets, and after adjustments for our share of consolidated and unconsolidated
partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair
value over the recoverability period is less than the carrying value due to changes in general market
conditions and do not necessarily reflect the operating performance of the properties during the
corresponding period.
We compute funds from operations, as adjusted, as funds from operations calculated in
accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized
on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments
of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that
we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the
provision for expected credit losses on financial instruments, significant termination fees, acceleration of
stock compensation expense due to the resignations of executive officers, deal costs, the income tax
effect related to such items, and the amount of such items that is allocable to our unvested restricted
stock awards. We compute the amount that is allocable to our unvested restricted stock awards with
nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net
income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested
restricted stock awards with nonforfeitable dividends by applying the respective weighted-average
shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference
of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor
funds from operations, as adjusted, should be considered as alternatives to net income (determined in
accordance with GAAP) as indications of financial performance, or to cash flows from operating
activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the
availability of funds for our cash needs, including our ability to make distributions.
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders (continued)
The following table reconciles net income (loss) to funds from operations for the share of
consolidated real estate joint ventures attributable to noncontrolling interests and our share of
unconsolidated real estate joint ventures:
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
September 30, 2025
September 30, 2025
(In thousands)
Three Months
Ended
Nine Months
Ended
Three Months
Ended
Nine Months
Ended
Net income (loss)
$34,909
$127,323
$201
$(9,327)
Depreciation and amortization of real
estate assets
45,327
114,785
852
2,848
Gain on sale of interest of
unconsolidated JV
—
—
(458)
(458)
Impairment of real estate
—
—
—
8,673
Funds from operations
$80,236
$242,108
$595
$1,736
Gross assets
Gross assets are calculated as total assets plus accumulated depreciation:
(In thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Total assets
$37,375,148
$37,623,629
$37,600,428
$37,527,449
$38,488,128
Accumulated depreciation
6,416,745
6,146,378
5,886,561
5,625,179
5,624,642
Gross assets
$43,791,893
$43,770,007
$43,486,989
$43,152,628
$44,112,770
Incremental annual net operating income on development and redevelopment projects
Incremental annual net operating income represents the amount of net operating income, on
an annual basis, expected to be realized upon a project being placed into service and achieving full
occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied
by the project’s total cost at completion.
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Definitions and Reconciliations (continued)
September 30, 2025
Initial stabilized yield (unlevered)
Initial stabilized yield is calculated as the estimated amounts of net operating income at
stabilization divided by our investment in the property. For this calculation, we exclude any tenant-
funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized
yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment
projects are generally expected to increase over time due to contractual annual rent escalations. Our
estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion
represent our initial estimates at the commencement of the project. We expect to update this information
upon completion of the project, or sooner if there are significant changes to the expected project yields
or costs.
•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent
concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any
amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.
•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental
concessions, if any, have elapsed and our total cash investment in the property.
Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-
grade rated or publicly traded companies with an average daily market capitalization greater than $10
billion for the twelve months ended September 30, 2025, as reported by Bloomberg Professional
Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the
tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s
lease obligation upon such tenant’s default. We monitor the credit quality and related material changes
of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10
billion, which are not immediately reflected in the twelve-month average, may result in their exclusion
from this measure.
Space Intentionally Blank
Investments
We hold investments in publicly traded companies and privately held entities primarily
involved in the life science industry. We recognize, measure, present, and disclose these investments as
follows:
Statements of Operations
Balance Sheet
Gains and Losses
Carrying Amount
Unrealized
Realized
Difference between
proceeds received upon
disposition and historical
cost
Publicly traded
companies
Fair value
Changes in fair
value
Privately held entities
without readily
determinable fair
values that:
Report NAV
Fair value, using NAV
as a practical
expedient
Changes in NAV, as
a practical expedient
to fair value
Do not report NAV
Cost, adjusted for
observable price
changes and
impairments(1)
Observable price
changes(1)
Impairments to reduce costs
to fair value, which result in
an adjusted cost basis and
the differences between
proceeds received upon
disposition and adjusted or
historical cost
Equity method
investments
Contributions,
adjusted for our share
of the investee’s
earnings or losses,
less distributions
received, reduced by
other-than-temporary
impairments
Our share of
unrealized gains or
losses reported by
the investee
Our share of realized gains
or losses reported by the
investee, and other-than-
temporary impairments
(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same
issuer. Observable price changes result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including subsequent equity offerings or other
reported equity transactions related to the same issuer.
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Definitions and Reconciliations (continued)
September 30, 2025
Investments in real estate
The following table reconciles our investments in real estate as of September 30, 2025:
(In thousands)
Investments in
Real Estate
Gross investments in real estate
$38,160,662
Less: accumulated depreciation
(6,416,745)
Investments in real estate
$31,743,917
The following table presents our new Class A/A+ development and redevelopment pipeline,
excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental
revenue as of September 30, 2025:
Percentage of
(Dollars in thousands)
Book Value
Gross
Assets
Annual Rental
Revenue
Projects under active construction and one 100% pre-leased
committed near-term project expected to commence in the next year
$3,724,801
9%
—%
Future development projects(1) and land parcels primarily located in
Megacampuses
4,871,463
11
1
$8,596,264
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
Investments in real estate (continued)
The square footage presented in the table below is classified as operating as of
September 30, 2025. These lease expirations or vacant space at recently acquired properties represent
future opportunities for which we have the intent, subject to market conditions and leasing, to commence
first-time conversion from non-laboratory space to laboratory space, or to commence future ground-up
development:
Dev/
Redev
RSF of Lease Expirations Targeted for
Development and Redevelopment
Property/Submarket
2025
2026
Thereafter(1)
Total
Committed near-term project:
Campus Point by Alexandria/University Town Center
Dev
—
52,620
—
52,620
Future projects:
446, 458, and 500 Arsenal Street/Cambridge/Inner
Suburbs
Dev
—
—
116,623
116,623
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
—
—
39,370
39,370
Canada
Redev
—
—
247,743
247,743
—
—
2,082,454
2,082,454
Total
—
52,620
2,082,454
2,135,074
(1)Includes vacant square footage as of September 30, 2025.
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Definitions and Reconciliations (continued)
September 30, 2025
Joint venture financial information
We present components of balance sheet and operating results information related to our real
estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.
We present the proportionate share of certain financial line items as follows: (i) for each real estate joint
venture that we consolidate in our financial statements, which are controlled by us through contractual
rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest
economic ownership percentage to each financial item to arrive at the amount of such cumulative
noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that
we do not control and do not consolidate, which are instead controlled jointly or by our joint venture
partners through contractual rights or majority voting rights, we apply our economic ownership
percentage to each financial item to arrive at our proportionate share of each component presented.
The components of balance sheet and operating results information related to our real estate
joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,
the joint venture agreement generally determines what equity holders can receive upon capital events,
such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their
respective legal ownership of any residual cash from a joint venture only after all liabilities, priority
distributions, and claims have been repaid or satisfied.
We believe that this information can help investors estimate the balance sheet and operating
results information related to our partially owned entities. Presenting this information provides a
perspective not immediately available from consolidated financial statements and one that can
supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in
our consolidated results.
The components of balance sheet and operating results information related to our real estate
joint ventures are limited as an analytical tool as the overall economic ownership interest does not
represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In
addition, joint venture financial information may include financial information related to the
unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for
investors a clear understanding of our operating results and our total assets and liabilities, joint venture
financial information should be examined in conjunction with our consolidated statements of operations
and balance sheets. Joint venture financial information should not be considered an alternative to our
consolidated financial statements, which are presented and prepared in accordance with GAAP.
Space Intentionally Blank
Key items included in net income attributable to Alexandria’s common stockholders
We present a tabular comparison of items, whether gain or loss, that may facilitate a high-
level understanding of our results and provide context for the disclosures included in this Supplemental
Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form
10-Q. We believe that such tabular presentation promotes a better understanding for investors of the
corporate-level decisions made and activities performed that significantly affect comparison of our
operating results from period to period. We also believe that this tabular presentation will supplement for
investors an understanding of our disclosures and real estate operating results. Gains or losses on sales
of real estate and impairments of assets classified as held for sale are related to corporate-level
decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to
corporate-level financing decisions focused on our capital structure strategy. Significant realized and
unrealized gains or losses on non-real estate investments, impairments of real estate and non-real
estate investments, and acceleration of stock compensation expense due to the resignation of an
executive officer are not related to the operating performance of our real estate assets as they result
from strategic, corporate-level non-real estate investment decisions and external market conditions.
Impairments of non-real estate investments and changes in the provision for expected credit losses on
financial instruments are not related to the operating performance of our real estate as they represent
the write-down of non-real estate investments when their fair values decrease below their respective
carrying values due to changes in general market or other conditions outside of our control. Significant
items, whether a gain or loss, included in the tabular disclosure for current periods are described in
further detail in this Supplemental Information and accompanying Earnings Press Release.
Megacampus™
A Megacampus ecosystem is a cluster campus that consists of approximately 1 million RSF or
greater, including operating, active development/redevelopment, and land RSF less operating RSF
expected to be demolished. The following table reconciles our annual rental revenue and development
and redevelopment pipeline RSF, excluding properties classified as held for sale, as of September 30,
2025:
(Dollars in thousands)
Annual Rental
Revenue
Development and
Redevelopment
Pipeline RSF
Megacampus
$1,522,942
20,092,287
Core and non-core
452,544
6,270,183
Total
$1,975,486
26,362,470
Megacampus as a percentage of annual rental revenue and
of total development and redevelopment pipeline RSF
77%
76%
Net cash provided by operating activities after dividends
Net cash provided by operating activities after dividends is reduced by distributions to
noncontrolling interests and excludes changes in operating assets and liabilities as they represent timing
differences.
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Definitions and Reconciliations (continued)
September 30, 2025
Net debt and preferred stock to Adjusted EBITDA
Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we
believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net
debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and
restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of
Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted
EBITDA.
The following table reconciles debt to net debt and preferred stock and computes the ratio to
Adjusted EBITDA:
(Dollars in thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Secured notes payable
$—
$153,500
$150,807
$149,909
$145,000
Unsecured senior notes payable
12,044,999
12,042,607
12,640,144
12,094,465
12,092,012
Unsecured senior line of credit and
commercial paper
1,548,542
1,097,993
299,883
—
454,589
Unamortized deferred financing costs
76,383
78,574
80,776
77,649
79,610
Cash and cash equivalents
(579,474)
(520,545)
(476,430)
(552,146)
(562,606)
Restricted cash
(4,705)
(7,403)
(7,324)
(7,701)
(17,031)
Preferred stock
—
—
—
—
—
Net debt and preferred stock
$13,085,745
$12,844,726
$12,687,856
$11,762,176
$12,191,574
Adjusted EBITDA:
– quarter annualized
$2,130,008
$2,174,160
$2,165,632
$2,273,480
$2,219,632
– trailing 12 months
$2,185,820
$2,208,226
$2,218,722
$2,228,921
$2,184,298
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized
6.1x
5.9x
5.9x
5.2x
5.5x
– trailing 12 months
6.0x
5.8x
5.7x
5.3x
5.6x
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a
forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of
items that depend on market conditions outside of our control, including the timing of dispositions,
capital events, and financing decisions, as well as quarterly components such as gain on sales of real
estate, unrealized gains or losses on non-real estate investments, impairments of real estate,
impairments of non-real estate investments, and changes in provision for expected credit losses on
financial instruments. Our attempt to predict these amounts may produce significant but inaccurate
estimates, which would be potentially misleading for our investors.
Net operating income, net operating income (cash basis), and operating margin
The following table reconciles net income (loss) to net operating income and net operating
income (cash basis) and computes operating margin:
Three Months Ended
Nine Months Ended
(Dollars in thousands)
9/30/25
9/30/24
9/30/25
9/30/24
Net (loss) income
$(197,845)
$213,603
$(221,372)
$526,828
Equity in (earnings) losses of unconsolidated real
estate joint ventures
(201)
(139)
9,327
(424)
General and administrative expenses
29,224
43,945
89,027
135,629
Interest expense
54,852
43,550
161,024
130,179
Depreciation and amortization
340,230
293,998
1,028,415
872,272
Impairment of real estate
323,870
5,741
485,630
36,504
Loss on early extinguishment of debt
107
—
107
—
Gain on sales of real estate
(9,366)
(27,114)
(22,531)
(27,506)
Investment (income) loss
(28,161)
(15,242)
52,453
(14,866)
Net operating income
512,710
558,342
1,582,080
1,658,616
Straight-line rent revenue
(18,821)
(29,087)
(59,380)
(125,676)
Amortization of deferred revenue related to tenant-
funded and -built landlord improvements
(5,455)
(329)
(9,507)
(329)
Amortization of acquired below-market leases
(6,456)
(17,312)
(31,874)
(70,167)
Provision for expected credit losses on financial
instruments
—
—
285
—
Net operating income (cash basis)
$481,978
$511,614
$1,481,604
$1,462,444
Net operating income (cash basis) – annualized
$1,927,912
$2,046,456
$1,975,472
$1,949,925
Net operating income (from above)
$512,710
$558,342
$1,582,080
$1,658,616
Total revenues
$751,944
$791,607
$2,272,142
$2,327,449
Operating margin
68%
71%
70%
71%
Net operating income is a non-GAAP financial measure calculated as net income (loss), the
most directly comparable financial measure calculated and presented in accordance with GAAP,
excluding equity in the earnings of our unconsolidated real estate joint ventures, general and
administrative expenses, interest expense, depreciation and amortization, impairments of real estate,
gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment
income or loss. We believe net operating income provides useful information to investors regarding our
financial condition and results of operations because it primarily reflects those income and expense
items that are incurred at the property level. Therefore, we believe net operating income is a useful
measure for investors to evaluate the operating performance of our consolidated real estate assets. Net
operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line
rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue
related to tenant-funded and tenant-built landlord improvements, and changes in the provision for
expected credit losses on financial instruments required by GAAP. We believe that net operating income
on a cash basis is helpful to investors as an additional measure of operating performance because it
eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases
and tenant-funded and tenant-built landlord improvements.
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Definitions and Reconciliations (continued)
September 30, 2025
Net operating income, net operating income (cash basis), and operating margin (continued)
Furthermore, we believe net operating income is useful to investors as a performance
measure of our consolidated properties because, when compared across periods, net operating income
reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not
immediately apparent from net income or loss. Net operating income can be used to measure the initial
stabilized yields of our properties by calculating net operating income generated by a property divided by
our investment in the property. Net operating income excludes certain components from net income in
order to provide results that are more closely related to the results of operations of our properties. For
example, interest expense is not necessarily linked to the operating performance of a real estate asset
and is often incurred at the corporate level rather than at the property level. In addition, depreciation and
amortization, because of historical cost accounting and useful life estimates, may distort comparability of
operating performance at the property level. Impairments of real estate have been excluded in deriving
net operating income because we do not consider impairments of real estate to be property-level
operating expenses. Impairments of real estate relate to changes in the values of our assets and do not
reflect the current operating performance with respect to related revenues or expenses. Our
impairments of real estate represent the write-down in the value of the assets to the estimated fair value
less cost to sell. These impairments result from investing decisions or a deterioration in market
conditions. We also exclude realized and unrealized investment gain or loss, which results from
investment decisions that occur at the corporate level related to non-real estate investments in publicly
traded companies and certain privately held entities. Therefore, we do not consider these activities to be
an indication of operating performance of our real estate assets at the property level. Our calculation of
net operating income also excludes charges incurred from changes in certain financing decisions, such
as losses on early extinguishment of debt and changes in provision for expected credit losses on
financial instruments, as these charges often relate to corporate strategy. Property operating expenses
included in determining net operating income primarily consist of costs that are related to our operating
properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;
contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and
property-level salaries. General and administrative expenses consist primarily of accounting and
corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as
part of corporate office management. We calculate operating margin as net operating income divided by
total revenues.
We believe that in order to facilitate for investors a clear understanding of our operating
results, net operating income should be examined in conjunction with net income or loss as presented in
our consolidated statements of operations. Net operating income should not be considered as an
alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows
as a measure of our liquidity or our ability to make distributions.
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for net operating income on a forward-looking basis. This is due
to the inherent difficulty of forecasting the timing and/or amount of items that depend on market
conditions outside of our control, including the timing of dispositions, capital events, and financing
decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or
losses on non-real estate investments, impairments of real estate, impairments of non-real estate
investments, and changes in provision for expected credit losses on financial instruments. Our attempt
to predict these amounts may produce significant but inaccurate estimates, which would be potentially
misleading for our investors.
Operating statistics
We present certain operating statistics related to our properties, including number of
properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end
of the period. We believe these measures are useful to investors because they facilitate an
understanding of certain trends for our properties. We compute the number of properties, RSF,
occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at
properties classified as held for sale, for all properties in which we have an investment, including
properties owned by our consolidated and unconsolidated real estate joint ventures. For operating
metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.
Same property comparisons
As a result of changes within our total property portfolio during the comparative periods
presented, including changes from assets acquired or sold, properties placed into development or
redevelopment, and development or redevelopment properties recently placed into service, the
consolidated total income from rentals, as well as rental operating expenses in our operating results, can
show significant changes from period to period. In order to supplement an evaluation of our results of
operations over a given quarterly or annual period, we analyze the operating performance for all
consolidated properties that were fully operating for the entirety of the comparative periods presented,
referred to as same properties. We separately present quarterly and year-to-date same property results
to align with the interim financial information required by the SEC in our management’s discussion and
analysis of our financial condition and results of operations. These same properties are analyzed
separately from properties acquired subsequent to the first day in the earliest comparable quarterly or
year-to-date period presented, properties that underwent development or redevelopment at any time
during the comparative periods, unconsolidated real estate joint ventures, properties classified as held
for sale, and corporate entities (legal entities performing general and administrative functions), which are
excluded from same property results. Additionally, termination fees, if any, are excluded from the results
of same properties.
Space Intentionally Blank
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Definitions and Reconciliations (continued)
September 30, 2025
Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the nine
months ended September 30, 2025:
Redevelopment – placed into
Development – under construction
Properties
service after January 1, 2024
Properties
99 Coolidge Avenue
1
840 Winter Street
1
1450 Owens Street
1
Alexandria Center® for Advanced
Technologies – Monte Villa Parkway
6
10075 Barnes Canyon Road
1
421 Park Drive
1
7
4135 Campus Point Court
1
Acquisitions after January 1, 2024
Properties
701 Dexter Avenue North
1
Other
3
6
3
Development – placed into
Unconsolidated real estate JVs
4
service after January 1, 2024
Properties
Properties held for sale
14
9810 Darnestown Road
1
Total properties excluded from same
properties
61
9820 Darnestown Road
1
1150 Eastlake Avenue East
1
Same properties
314
4155 Campus Point Court
1
Total properties in North America as of
September 30, 2025
375
201 Brookline Avenue
1
9808 Medical Center Drive
1
230 Harriet Tubman Way
1
500 North Beacon Street and 4 Kingsbury
Avenue
2
10935, 10945, and 10955 Alexandria
Way
3
12
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
Stabilized occupancy date
The stabilized occupancy date represents the estimated date on which a development or
redevelopment project is expected to reach occupancy of 95% or greater.
Tenant recoveries
Tenant recoveries represent revenues comprising reimbursement of real estate taxes,
insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
and earned in the period during which the applicable expenses are incurred and the tenant’s obligation
to reimburse us arises.
We classify rental revenues and tenant recoveries generated through the leasing of real
estate assets within revenues in income from rentals in our consolidated statements of operations. We
provide investors with a separate presentation of rental revenues and tenant recoveries in “Same
property performance” in this Supplemental Information because we believe it promotes investors’
understanding of our operating results. We believe that the presentation of tenant recoveries is useful to
investors as a supplemental measure of our ability to recover operating expenses under our triple net
leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common
area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for
any significant variability to components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:
Three Months Ended
Nine Months Ended
(In thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Income from rentals
$735,849
$737,279
$743,175
$763,249
$775,744
$2,216,303
$2,286,457
Rental revenues
(541,070)
(553,377)
(552,112)
(566,535)
(579,569)
(1,646,559)
(1,737,804)
Tenant recoveries
$194,779
$183,902
$191,063
$196,714
$196,175
$569,744
$548,653
Total equity capitalization
Total equity capitalization is equal to the outstanding shares of common stock multiplied by the
closing price on the last trading day at the end of each period presented.
Total market capitalization
Total market capitalization is equal to the sum of total equity capitalization and total debt.
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Definitions and Reconciliations (continued)
September 30, 2025
Unencumbered net operating income as a percentage of total net operating income
Unencumbered net operating income as a percentage of total net operating income is a non-
GAAP financial measure that we believe is useful to investors as a performance measure of the results
of operations of our unencumbered real estate assets as it reflects those income and expense items that
are incurred at the unencumbered property level. Unencumbered net operating income is derived from
assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or
other security interest, as of the period for which income is presented.
The following table summarizes unencumbered net operating income as a percentage of total
net operating income:
 
Three Months Ended
(Dollars in thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Unencumbered net operating income
$512,710
$535,766
$530,691
$547,921
$553,589
Encumbered net operating income
—
1,841
1,072
592
4,753
Total net operating income
$512,710
$537,607
$531,763
$548,513
$558,342
Unencumbered net operating income as a
percentage of total net operating income
100.0%
99.7%
99.8%
99.9%
99.1%
Weighted-average interest rate for capitalization of interest
The weighted-average interest rate required for calculating capitalization of interest pursuant
to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates
applicable to borrowings outstanding during the period, including expense/income related to interest rate
hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank
fees. A separate calculation is performed to determine our weighted-average interest rate for
capitalization for each month. The rate will vary each month due to changes in variable interest rates,
outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms
of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.
Space Intentionally Blank
Weighted-average shares of common stock outstanding – diluted
From time to time, we enter into capital market transactions, including forward equity sales
agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and
redevelopment projects, and for general working capital purposes. While the Forward Agreements are
outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under
the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted
stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares.
The weighted-average shares of common stock outstanding used in calculating EPS – diluted,
FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as
follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with
nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class
method for each of the respective periods presented below.
Three Months Ended
Nine Months Ended
(In thousands)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Basic shares for earnings per
share
170,181
170,135
170,522
172,262
172,058
170,278
172,007
Unvested RSAs with
forfeitable dividends
—
—
—
—
—
—
—
Diluted shares for earnings
per share
170,181
170,135
170,522
172,262
172,058
170,278
172,007
Basic shares for funds from
operations per share and
funds from operations per
share, as adjusted
170,181
170,135
170,522
172,262
172,058
170,278
172,007
Unvested RSAs with
forfeitable dividends
124
57
77
—
—
73
—
Diluted shares for funds from
operations per share and
funds from operations per
share, as adjusted
170,305
170,192
170,599
172,262
172,058
170,351
172,007
Weighted-average unvested
RSAs with nonforfeitable
dividends used in
calculating the allocations
of net income, funds from
operations, and funds from
operations, as adjusted
1,917
1,998
2,053
2,417
2,838
1,989
2,901