AddedRisk Factors
suppliers. These pressures are expected to intensify in 2026 due to tariff‑driven material‑cost volatility. Certain increases in the costs of
The 10-K against last year's
1059 changes: 531 added, 358 removed, 151 reworded, 19 quiet changes
10-K 0001035443-26-000013 (2026-01-26) vs 10-K 0001035443-25-000067 (2025-01-27)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 128 words changed in this paragraph; it is 62% similar to last year's version.
Development – under construction Properties Redevelopment – placed into service after Properties January 1, 2024 99 Coolidge Avenue 1 500 North Beacon 840 Winter Street and 4 Kingsbury Avenue 2 1 1450 Owens Street 1 230 Harriet Tubman Way 1 10935, 10945, and 10955 Alexandria Way 3 Center® for Advanced Technologies – Monte 6 Villa Parkway 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 12 Other 2 Campus Point by Alexandria — 2 6 Unconsolidated real estate JVs 3 Development – placed into service after January 1, 2023 2024 Properties 751 Gateway Boulevard 1 15 Necco Street 1 325 Binney Street 1 9810 Darnestown Road 1 9820 Darnestown Road 1 Properties held for sale 20 1150 Eastlake Avenue East 1 Total properties excluded from Same Properties 58 9810 Darnestown Road 1 Same Properties 282 9820 Darnestown Road 1 Total properties in North America as of December 31, 340 2025 4155 Campus Point Court 1 201 Brookline Avenue 1 9808 Medical Center Drive 1 9 230 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 8
Source: Item 7, 10-K 0001035443-26-000013 vs Item 7, 10-K 0001035443-25-000067
Risk Factors 31 words changed in this paragraph; it is 34% similar to last year's version.
If a joint venture partner elects to sell their interest, initiate a transaction relating to its interest in the joint venture or the property, we have the right of first refusal to acquire the partner’s interest at the generally
Source: Item 1A, 10-K 0001035443-26-000013 vs Item 1A, 10-K 0001035443-25-000067
Accounting Policies 25 words changed in this paragraph; it is 36% similar to last year's version.
Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001035443-26-000013 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001035443-25-000067
Legal Proceedings 3 words changed in this paragraph; it is 93% similar to last year's version.
principal claims against H+H and EDC: fraud in the inducement, and, in the alternative, breach of contract in violation of the implied covenant of
Source: Item 3, 10-K 0001035443-26-000013 vs Item 3, 10-K 0001035443-25-000067
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of ARE's Risk Factors and MD&A, 10-K 2026-01-26 against 10-K 2025-01-27. Each links to the text at sec.gov.
AddedRisk Factors
ability to meet market expectations, and a wide range of external factors outside of our control.
AddedRisk Factors
•The availability and cost of debt and/or equity capital and changes in financing terms available to us;
AddedRisk Factors
•Our ability to execute planned asset dispositions at our targeted pricing levels and to effectively reinvest the resulting
AddedRisk Factors
•Actual or anticipated changes in rental rates, leasing activity, occupancy levels, or real estate valuations;
AddedRisk Factors
causing the further erosion of business and consumer confidence and spending; and
AddedRisk Factors
Our Board of Directors determines future distributions based on a number of factors, including, but not limited to:
AddedRisk Factors
On December 3, 2025, our Board of Directors declared a quarterly cash dividend of $0.72 per common share for the fourth
Show the other 16
AddedRisk Factors
quarter of 2025, representing a $0.60, or 45%, reduction from the dividend declared for the third quarter of 2025. Our Board of Directors
AddedRisk Factors
have a right of first refusal or buy right which may allow us to achieve full ownership of the property. However, if we decline to exercise
AddedRisk Factors
On July 3, 2025, the U.S. House of Representatives and the Senate passed the One Big Beautiful Bill Act, which the U.S.
AddedRisk Factors
President signed into law on July 4, 2025 (the “OBBB Act”). Among other things, the OBBB Act:
AddedMD&A
A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease terms
AddedMD&A
•Leasing of previously vacant space aggregating 393,376 RSF, up 98%, over the quarterly average over the last five
AddedMD&A
ended December 31, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by
AddedMD&A
•Change in net operating income (cash basis) includes the impact of operating properties disposed of after January 1,
AddedMD&A
Continued successful management and reduction of general and administrative expenses
AddedMD&A
5.6%—the lowest level in the past ten years for the Company and approximately half the average of other S&P 500 REITs. In
AddedMD&A
cost-control and efficiency initiatives. Some of these cost savings are temporary in nature, and we anticipate that
AddedMD&A
approximately half of the cost reduction achieved in 2025 will continue in 2026.
AddedMD&A
•The decision to reduce the declared dividend per common share reflects our commitment to maintaining the strength of our
AddedMD&A
balance sheet, enhancing financial flexibility, and preserving liquidity of approximately $410 million on an annual basis, which
AddedMD&A
funding, primarily from sales of non-core assets and land, as well as sales to owner/users. During the three months ended December
AddedMD&A
(1)Excludes the exchange of partial interests in two consolidated real estate joint ventures, Pacific Technology Park and 199 East Blaine Street, during the three months