AREAlexandria Real Estate Equities

These Any of these factors may cause adversely affect the market price of shares and volatility of our common stock to decline, regardless of our financial condition, stock.

National Institutes of Health (the “NIH”), NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and healthcare pricing, costs, and

Failure An inability of the U.S. federal government to manage its fiscal matters or to avoid a government shutdown and enact appropriate fiscal legislation may

Failure of the U.S. federal government to manage its fiscal matters or to avoid a government shutdown may negatively impact the economic environment and adversely

We and the third parties with whom we work are subject to evolving privacy and information security laws, regulations, policies, and contractual obligations

In On March 2022, 6, 2024, the SEC released a proposed standard adopted new standards that would require quantitative disclosures of certain climate-related

In addition, defaults under leases with U.S. government tenants are governed by federal statute and not by state

Congress signed into law enacted the Inflation Reduction Act of 2022 (“IRA”), 2022, which directed nearly $400 billion of federal

The increased use of artificial intelligence (“AI”) AI and automation in life science research and development (“R&D”) activities may change the uses,

As of December 31, 2024, 2025, leases with U.S. government tenants at our properties accounted for

A Any further reduction in distributions to stockholders may further negatively impact our stock price.

Any shift away from the funding of research and development or delays surrounding the approval of government

Similarly, technology services and professional service fees are also subject to the impact of inflation and generally increase

In addition, elevated market interest rates may

Our unsecured senior line of credit restricts our ability to engage in some certain business activities.

We have a small portfolio of operating properties outside the U.S., primarily in Canada.

However, it may not fully cover all

It remains unclear what further actions President Trump may take with respect to domestic and

Changes in the aforementioned laws and obligations may subject us to increased compliance risks and potential liability, and materially and

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

Dev/Redev RSF of Lease Expirations Targeted for Development and Redevelopment Property/Submarket 2025 2026 Thereafter(1) Total Priority anticipated projects: 311 Arsenal Street/Cambridge/Inner Suburbs Redev 25,312 — — 25,312 10210 Campus Point Drive/University by Alexandria/University Town Center Dev 9,558 52,620 — — 52,620 62,178 1020 Red River Street/Austin Redev 126,034 — — 126,034 160,904 — 52,620 213,524 Future projects: 446, 458, 500, and 550 500 Arsenal Street/Cambridge/Inner Suburbs Dev — — 375,898 375,898 Suburbs Other/Greater 116,623 116,623 3000 Minuteman Road/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, 2200, 2100 and 2400 2200 Geng Road/Greater Stanford Dev — — 78,501 78,501 62,526 62,526 960 Industrial Road/Greater Stanford Dev — — 112,590 112,590 Campus Point by Alexandria/University Town Center Dev 269,048 — 101,966 371,014 — 96,805 96,805 Sequence District by Alexandria/Sorrento Mesa Dev/Redev — — 686,290 686,290 555,754 555,754 410 West Harrison Street/Elliott Bay Dev — — 17,205 17,205 Other/Seattle Dev — — 75,663 75,663 100 Capitola Drive/Research Triangle Dev — — 34,527 34,527 1001 Trinity Street/Austin Dev 72,938 — — 72,938 63,057 63,057 Canada Redev — — 247,743 247,743 341,986 — 2,501,164 2,843,150 502,890 — 2,553,784 3,056,674 1,815,084 1,815,084 Total 52,620 — 1,815,084 1,867,704

Consolidated Real Estate Joint Ventures Ventures(1) Property/Market/Submarket Noncontrolling(1) Noncontrolling Operating RSF Interest Share 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% 870,106 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs 25.0% 116,414 (2) 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/San Francisco Bay Area/ 75.0% 996,181 548,215 Mission Bay(3) 1450 Owens Street/San Francisco Bay Area/Mission Bay 74.9% (4) — (2) 601, 611, 651(2), 681, 685, and 701 Gateway Boulevard/San Francisco Bay Area/South San 50.0% 851,991 Francisco 751 Gateway Boulevard/San Francisco Bay Area/South San Francisco 49.0% 230,592 211(2) 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 51.8% — (2) 51.4% 285,346 3215 Merryfield Row/San Diego/Torrey Pines 70.0% 170,523 Campus Point by Alexandria/San Diego/University Town Center(5) 45.0% 1,496,181 Center(2)(4) 43.6% (5) 1,212,414 5200 Illumina Way/San Diego/University Town Center 49.0% 792,687 9625 Towne Centre Drive/San Diego/University Town Center 70.0% 163,648 SD Tech by Alexandria/San Diego/Sorrento Mesa(6) Mesa(2)(6) 50.0% 798,860 Pacific Technology Park/San Diego/Sorrento Mesa 50.0% 544,352 969,416 Summers Ridge Science Park/San Diego/Sorrento Mesa(7) 70.0% 316,531 1201 and 1208 Eastlake Avenue East/Seattle/Lake Union 70.0% 206,134 199 East Blaine Street/Seattle/Lake Union 70.0% 115,084 400 Dexter Avenue North/Seattle/Lake Union 70.0% 290,754 800 Mercer Street/Seattle/Lake Union 40.0% — (2) Unconsolidated Real Estate Joint Ventures Property/Market/Submarket Our Ownership Operating RSF Share(8) 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) 42,679 101 West Dickman Street/Maryland/Beltsville 58.4% (9) 135,949 142,933

Year Ended December 31, (Per share) 2025 2024 2023 2022 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s $(8.44) $1.80 $0.54 $3.18 common stockholders – diluted Depreciation and amortization of real estate assets 6.99 6.20 5.67 5.47 Gain on sales of real estate (1.94) (0.74) (1.62) (3.33) Impairment of real estate – rental properties and land 11.12 1.12 2.64 0.13 Allocation to unvested restricted stock awards (0.04) (0.06) (0.04) (0.01) Funds from operations per share attributable to Alexandria Real Estate Equities, 7.69 8.32 7.19 5.44 Inc.’s common stockholders – diluted Unrealized (gains) losses on non-real estate investments (0.16) 0.65 1.18 2.55 Significant realized losses on non-real estate investments 0.62 — — Impairment of non-real estate investments 0.56 0.34 0.44 0.13 Impairment of real estate 0.30 0.18 0.06 0.27 Loss on early extinguishment of debt — — 0.02 Acceleration of stock compensation expense due to executive officer 0.01 — 0.12 0.04 resignations resignation Allocation to unvested restricted stock awards (0.01) (0.02) (0.02) (0.03) Funds from operations per share attributable to Alexandria Real Estate Equities, $9.01 $9.47 $8.97 $8.42 Inc.’s common stockholders – diluted, as adjusted Weighted-average shares of common stock outstanding – diluted(1) Earnings per share – diluted 170,307 172,071 170,909 161,659 Funds from operations – diluted, per share 170,390 172,071 170,909 Funds from operations – diluted, as adjusted, per share 170,390 172,071 170,909

Issuances of debt: $500 million of unsecured senior notes payable due 2053 5.26% February 2023 $3,226 $500 $550 million of unsecured senior notes payable due 2035 4.88% 5.66% February 2023 2,984 2025 $26,817 $600 million of unsecured senior notes payable due 2054 5.71% February 2024 29,634 4,127 $400 million of unsecured senior notes payable due 2036 5.38% February 2024 18,483 Increases in construction borrowings and interest rates under secured 7.52% 3,882 notes payable 2,577 Higher average outstanding balances and/or rate increases on borrowings 17,747 under commercial paper program and 24,069 and/or unsecured senior line of credit Other increase in interest 2,661 Change in gross interest 78,617 Decrease in capitalized interest 33,017 1,357 Total change increases 58,947 Decreases in interest expense $111,634 incurred due to:

Year Ended December 31, 2025 2024 2023 2022 Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common $(1,437,987) $309,555 $92,444 $513,268 common stockholders – basic and diluted Depreciation and amortization of real estate assets 1,341,157 1,191,524 1,080,529 988,363 Noncontrolling share of depreciation and amortization from consolidated real (154,727) (129,711) (115,349) (107,591) estate JVs Our share of depreciation and amortization from unconsolidated real estate 3,703 4,238 3,589 3,666 JVs Gain on sales of real estate (330,121) (1) (127,615) (1) (277,037) (537,918) Impairment of real estate – rental properties and land 1,894,263 (2) 192,455 (2) 450,428 20,899 Allocation to unvested restricted stock awards (5,681) (8,696) (5,175) (1,118) Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s 1,310,607 1,431,750 1,229,429 879,569 common stockholders – diluted(3) Unrealized (gains) losses on non-real estate investments (26,980) 112,246 201,475 412,193 Significant realized losses on non-real estate investments 103,329 (4) — — Impairment of non-real estate investments 95,716 (5) 58,090 (4) 74,550 20,512 Impairment of real estate 51,962 (2) 30,613 (2) 10,686 44,070 Loss on early extinguishment of debt 107 — — 3,317 Acceleration of stock compensation expense due to executive officer 2,455 (6) — 20,295 7,185 resignations Provision resignation Decrease in provision for expected credit losses on financial instruments (56) (434) (5) — — Allocation to unvested restricted stock awards (2,476) (3,188) (4,121) (5,137) Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s $1,534,664 $1,629,077 $1,532,314 $1,361,709 common stockholders – diluted, as adjusted

Active construction projects Under Includes development and redevelopment under construction(1) $ 1,791,097 1,216,572 $ 1,220,000 1,445,000 Future pipeline pre-construction Primarily Megacampus expansion pre-construction work (entitlement, 426,948 500,000 design, 275,971 210,000 (2) and site work) Revenue- and non-revenue-enhancing capital expenditures 273,377 415,000 (2) expenditures(3) 324,293 510,000 (4) Construction spend spending (before contributions from noncontrolling interests or 2,491,422 2,135,000 1,816,836 2,165,000 tenants) Contributions from noncontrolling interests (consolidated real estate joint (343,797) (230,000) (3) (193,936) (100,000) (5) ventures) Tenant-funded and -built landlord improvements (129,153) (155,000) (178,651) (315,000) Total construction spending $ 2,018,472 1,444,249 $ 1,750,000 2025 2026 guidance range for construction spending $1,450,000 $1,500,000 – $2,050,000 $2,000,000

Issuance of unsecured senior notes payable $300 $900 $600 Repayment of secured notes payable (600) (600) (600) with 2026 maturities(3) $(650) $(650) $(650) Unsecured senior line of credit, commercial paper program, and other 260 (640) (190) Net reduction (425) (1,625) (1,025) Reduction in debt $(40) $(340) $(190) $(1,075) $(2,275) $(1,675)

Net operating income (3.0)% (1.0)% (9.5)% (7.5)% Net operating income (cash basis) (1.0)% 1.0% (9.5)% (7.5)% Straight-line rent revenue $111 $131 $65 $95 General and administrative expenses $129 $144 $134 $154 Capitalization of interest $340 $370 interest(3) $225 $275 Interest expense $165 $195 $230 $280 Realized gains on non-real estate investments(2) $100 $130 investments(4) $60 $90

Year Ended December 31, 2025 2024 2023 2022 Basic shares for earnings per share 170,307 172,071 170,909 161,659 Unvested RSAs with forfeitable rights to dividends — — — Forward Agreements — — — Diluted shares for earnings per share 170,307 172,071 170,909 161,659 Basic shares for funds from operations per share and funds 170,307 172,071 170,909 161,659 from operations per share, as adjusted Unvested RSAs with forfeitable rights to dividends — — — Forward Agreements — 83 — — Diluted shares for funds from operations per share, share and 170,390 172,071 170,909 161,659 funds from operations per share, as adjusted Weighted-average unvested RSAs with nonforfeitable 1,883 2,779 2,325 1,723 rights to dividends used in the allocations of net income, funds from operations, and funds from operations, as adjusted

As of December 31, 2024 2025 Noncontrolling Interest Our Share of Share of Consolidated Unconsolidated Real Estate Joint Ventures Real Estate Joint Ventures Investments in real estate $4,240,036 $109,756 $3,317,283 $83,974 Cash, cash equivalents, and restricted cash 163,799 3,218 139,397 1,853 Other assets 416,997 10,019 402,602 10,238 Secured notes payable (37,330) (77,345) — (60,864) Other liabilities (274,083) (5,775) (172,916) (4,524) Redeemable noncontrolling interests (19,972) (58,788) — $4,489,447 $39,873 $3,627,578 $30,677

Reduction in debt $(40) $(340) $(190) debt(1) $(1,075) $(2,275) $(1,675) Net cash provided by operating activities after dividends 425 475 575 525 475 Dispositions and sales of partial interests(1) 1,200 2,200 1,700 interests(2) 2,100 3,700 2,900 Total sources of capital $1,585 $2,385 $1,985 $1,500 $2,000 $1,750 Uses of capital:

Although COVID-19 pandemic, the U.S.

These investments are subject to market and sector-specific risks that can

In contrast, we believe that a

We expect to continue to maintain a significant

In accordance with such guidelines, we will endeavor to design buildings that incorporate materials, systems, and features to

In water-scarce areas, we will

In areas prone to wildfire, we will consider incorporating brush management practices into

Our attempt to predict these amounts may produce significant but inaccurate estimates, which would

Adjusted EBITDA also excludes unrealized gains or losses and significant

Our attempt to predict these amounts may produce significant but inaccurate estimates, which would

Our attempt to predict these amounts may produce significant but inaccurate estimates, which would

Our attempt to predict these amounts may produce significant but inaccurate estimates, which would