Alexandria Real Estate Equities (ARE) earnings releases

Press release Oct 26, 2026 · EX-99.1

Alexandria Real Estate Equities, Inc. All Rights

CONFERENCE CALLINFORMATION: Tuesday, October 27, 20262:00 p.m.Eastern Time11:00 a.m.Pacific Time ────────────────────────────────────────────────────────────────────── (833) 366-1125(U.S./Canada)(412) 902-6738(International) Ask to join the conference call forAlexandria Real Estate Equities, Inc. CONTACT INFORMATION: Alexandria Real Estate Equities, Inc.corporateinformation@are.com JOEL S. MARCUSExecutive Chairman &Founder PETER M. MOGLIAChief Executive Officer &Chief Investment Officer MARC E. BINDAChief Financial Officer &Treasurer PAULA SCHWARTZManaging Director,Rx Communications Group(917) 633-7790

ALEXANDRIA: MISSION–DRIVEN COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE DOMINATE IT.

HIGHEST-QUALITY AND LARGEST ASSET BASECLUSTERED IN MISSION-CRITICAL MEGACAMPUSESIN THE KEY CENTERS OF LIFE SCIENCE ANDADVANCED TECHNOLOGY INNOVATION LEADING TENANT BASE WITHINTHE LIFE SCIENCE REAL ESTATE SECTOR HIGH-QUALITY, LONG-TERM CASH FLOWS PROVEN UNDERWRITING EXPERTISE STRONG AND FLEXIBLE BALANCE SHEET LONG-TENURED, HIGHLY EXPERIENCEDMANAGEMENT TEAM WITH DEEPSECTOR EXPERTISE

As of September 30, 2026 . Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1) Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025. (2) Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Represents the latest published data, which reflects the U.S. estimate for 2022. (4) Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to lack of collection during the COVID-19 pandemic. (5) Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.

Source: U.S. Food and Drug Administration, September 2026. YTD 3Q26 covers the period from January 1, 2026 to September 30, 2026. 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.

AI SUPPORTS – BUT DOES NOT REPLACE – PHYSICAL EXPERIMENTATION DONE IN A LAB AI’s Impact on Drug Discovery is Constrained By The Complexity of Human Biology

Maintain a Strong andFlexible Balance Sheet,Significant Liquidity, andTargeted Leverage Steadily Improve Occupancyand Increase NOI, Focusingon Leasing to All Sectors ofOur Tenant Base Reduce Capital Spend andFunding Needs whilePrioritizing CapitalNecessary to Lease Space

Execute on Cost-EfficientSources of Capital, IncludingLand and Non-CoreDispositions, Sales of PartialInterests, and Other Capitalto Support Our LeverageRatio Targets Continue to SuccessfullyManage G&A Maintain Optionality forFuture Growth Focused onMegacampusTMInvestment Consider Flexible andOpportunistic Share BuybackPlan

ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY On track for annualized 4Q26 leverage guidance of 5.6 x to 6.2 x while maintaining $4.6B in liquidity

SIGNIFICANTLIQUIDITY PERCENTAGE OF FIXED-RATEDEBT SINCE2022(2) $4.6B 95.5% REMAINING DEBT TERM(IN YEARS)(3) DEBT INTERESTRATE 11.6 4.33% Longest Among S&P 500 REITs(4) 4Q26ANNUALIZED GUIDANCE 5.6xto6.2x 3.4xto3.9x NET DEBT AND PREFERREDSTOCK TO ADJUSTED FIXED-CHARGECOVERAGE RATIO EBITDA

TOP 20% CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS (1) BBB+ Negative WEIGHTED AVERAGE Baa2 Stable As of September 30, 2026 , unless stated otherwise. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Top 20% 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, 2026 . (2) Represents the average quarterly percentage of fixed-rate debt as of each quarter-end from January 1, 2022 through September 30, 2026 . (3) Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032 , our weighted-average remaining debt term would have been 9.7 years . (4) Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026 , except for ARE, which is as of September 30, 2026 .

ALEXANDRIA HAS THE LONGEST DEBT MATURITY PROFILE AMONG S&P 500 REITS: WEIGHTED- AVERAGE REMAINING DEBT TERM OF 11.6 YEARS (1) 6% OF TOTAL DEBT 28% OF TOTAL DEBT (2) (1)

Unsecured senior notes Unsecured senior line Junior subordinated payable of credit andcommercial notes payable(1) paper(2)

Debt Maturities by Year ($ in millions) As of September 30, 2026 , unless stated otherwise. (1) Reflects our junior subordinated notes payable due in 2057 . We may redeem these notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032 , and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032 , our weighted-average remaining debt term would have been 9.7 years . (2) Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for additional details.

ALEXANDRIA’S 11.6 -YEAR (1) WEIGHTED-AVERAGE REMAINING DEBT TERM IS THE LONGEST AMONG S&P 500 REITS AND EXCEEDS 2X THE AVERAGE DEBT TERM FOR THESE REITS 5.4 Years Average Debt Term of other S&P 500 REITs as of June 30, 2026 WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings. S&P 500 REIT peer group constituents and peer data are as of June 30, 2026 , except for ARE, which is as of September 30, 2026 . (1) Our junior subordinated notes payable have a 30 -year maturity. We can redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032 , and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032 , our weighted-average remaining debt term would have been 9.7 years.

Completed & Pending is More Than Required Which MayAllow Us to Defer Some Proceeds Into 2027(2)

Refer to “ Dispositions and sales of partial interests ” in the Earnings Press Release for additional details. The status of completed and pending transactions is as of October 26, 2026 . (1) Based on the midpoint of our 2026 guidance range for dispositions and sales of partial interests . The a mount has been updated to reflect the $1.0 billion junior subordinated note offering. Actual results may differ significantly. (2) Refer to “Key sources and uses of capital” under “2026 Guidance” in the Earnings Press Release for additional details.

ALEXANDRIA’S CONTINUED FOCUS ON REDUCING CAPITAL SPEND ANDFUNDING NEEDS WHILE PRIORITIZING CAPITAL NECESSARY TO LEASE SPACE

ALEXANDRIA CENTER® FOR LIFE SCIENCE – FENWAY |421 PARK DRIVE ~$136MILLIONREDUCTION IN FUTURECONSTRUCTION SPEND THROUGH EXPECTED SALE TOAN INSTITUTIONAL USER 339,668RSF; anticipated closing in 4Q26 THE ARSENAL ON THE CHARLES |311 ARSENAL STREET ~$220MILLIONREDUCTION IN FUTURECONSTRUCTION SPEND THROUGH PIVOT TO LOWER-COST ADVANCED TECHNOLOGY USE 339,020RSF project;66,859RSF leased and100,684RSF undernegotiation

SUBSTANTIAL REDUCTION IN LAND AND DEVELOPMENT AND REDEVELOPMENT DRIVESDECREASE IN AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST

Development/RedevelopmentUnder Constructionand RepositioningProjects Land/FutureDevelopment

$5.9B (1) $3.4B – $4.9B (2) (1) In addition to capitalized interest, we capitalize other qualifying 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, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximatel y 2% of the total average real estate basis subject to capitalization for 3Q26 . (2) The decrease in average real estate basis from 3Q26 to 4Q26 primarily reflects the cessation of capitalization for projects at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center ® for Life Science – Waltham Megacampus during 3Q26. Refer to “Capitalization of interest” in the Supplemental Information for additional detail.

Non-Income-Producing Assets (1) as a Percentage of Gross Assets Annual Rental Revenue (“ARR”) From Non-Core Assets as a Percentage of Total ARR (2) 20% 17%

9% to 11% 11% to 16% 12% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026 , compared with approximately 1% as of December 31, 2025 and 2024. (2) Represents non-core assets outside of our Megacampus ecosystems.

FOCUS ON STEADY IMPROVEMENT IN OCCUPANCY AND NOI + 3.7% future benefit to occupancy from 1.3 million RSF of leased space not yet occupied as of 3Q26 (1) FOCUS ON INCREASING OCCUPANCY and CASH FLOWS through LEASING BEST ASSETS in the BEST LOCATIONS BEST LEASING TEAMS SECTOR-FOCUSED LEASING TEAMS WITH DEEP TENANT RELATIONSHIPS THE ALEXANDRIA MEGACAMPUSES ™ (1) Represents 1.3 million RSF of leases executed but not occupied as of September 30, 2026 , with a weighted- average future expected occupancy date of approximately June 2027 . These leases are expected to generate annual rental revenue of approximately $52 million . We expect 32% of the total 1.3 million RSF to be delivered by December 31, 2026 .

3Q26 TOTAL LEASING VOLUME EXCEEDS1.2MRSFAND EXCEEDS 1Q25–2Q26 AVERAGE DRIVEN BYSTRONG LEASING OF VACANT SPACELargest Total Quarterly Volume Since 4Q24

SUBSTANTIAL TOTALLEASING VOLUMEIN 3Q26 1.2MRSFLEASED IN 3Q26 +256K RSFABOVE 1Q25–2Q26AVERAGEUP26%

TENANTS CONTINUE TO MAKE LONG-TERM LEASE COMMITMENTSWITH ALEXANDRIAYTD 3Q26 leases executed at a10.9-year weighted-average term

WEIGHTED-AVERAGE TERMOF LEASES SIGNED INYTD 3Q26 10.9YEARS ONE OF THE LONGESTLEASE TERMS INA DECADE 21% ABOVE 2017–2025AVERAGE LEASE TERMOF9.0YEARS

SOLID 3Q26 LEASING VOLUME DRIVEN BY STRONG LEASING OF VACANT SPACE Second- Highest Quarterly Leasing of Previously Vacant Space in Company History in 3Q26 1,250 1,236 1,039 647 (1)

Renewals & Development & Previously Vacant Projected Total Re-leasing Redevelopment Leasing

QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) Refer to “Leasing activity” in the Supplemental Information for additional details. (1) The projected 4Q26 leasing volume is an estimate based on our current assessment of a range of potential leasing outcomes, subject to ongoing negotiations. These assumptions are inherently uncertain, and some or all of the contemplated transactions may not be executed by December 31, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” in the Earnings Press Release for additional details.

ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS 74% of our leasing activity during the last twelve months was generated from our existing tenant base (1) (2) (3) (4) 3Q26 Leasing Volume by Tenant Type (% of 3Q26 Total RSF Leased) Percentage of Alexandria’s Annual Rental Revenue (as of September 30, 2026) Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including the definition of annual rental revenue. (1) Includes one 20 -year lease to a non-life science tenant in our Research Triangle market. (2) Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants. (3) 89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. (4) 80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

ALEXANDRIA’S OCCUPANCY PERFORMANCE IN ITS TOP 3 MARKETS HAS SIGNIFICANTLY EXCEEDED OVERALL MARKET OCCUPANCY AS OF 3Q26 (1)

(1) Source: Alexandria’s proprietary market database. Represents the occupancy in the Greater Boston, San Diego, and San Francisco Bay Area markets as of September 30, 2026 .

CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES ARE generates almost 2x the NOI per G&A expense on average compared to S&P 500 REITs

7.5% 14.3% Alexandria3Q26(1) S&P 500 REIT(2)Average 2023–2025(excluding Alexandria)

GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME (3) (1) Trailing twelve months ended September 30, 2026 . (2) Source for S&P 500 REIT data: S&P Global Market Intelligence. (3) Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. Reports 3Q26 and YTD 3Q26 Net Loss per Share – Diluted of $3.74 and $2.06 , respectively, and 3Q26 and YTD 3Q26 FFO per Share – Diluted, as Adjusted, o f $1.54 and $5.00 , respectively PASADENA, Calif. – October 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the third quarter ended September 30, 2026 .

Operating results 3Q26 3Q25 YTD 3Q26 YTD 3Q25 Net loss attributable to Alexandria’s common stockholders – diluted: In millions $(638.5) -1 $(234.9) $(351.4) $(356.1) Per share $(3.74) $(1.38) $(2.06) $(2.09) Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:

(1) Includes $637.9 million of real estate impairment charges related to assets held for sale for 3Q26. Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for details.

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

(As of or for the three months endedSeptember 30, 2026, unless stated otherwise) ──────────────────────────────────────────────────────────────────── Occupancy of operating properties 87.1% Occupancy of operating properties, including 90.8% executed leases with future occupancy Percentage of annual rental revenue in effect from 80% Megacampus platform Percentage of annual rental revenue in effect from investment-grade or publiclytraded large cap 57% tenants Operating margin 66% Adjusted EBITDA margin 65% Percentage of leases containing annual rent 97% escalations Weighted-average remaining lease term: All tenants 7.7 years Top 20 tenants 10.0 years Strong3Q26tenant collections: 3Q26rents and receivables collected as ofOctober 99.9% 26, 2026

Strong and flexible balance sheet with significant liquidity;top 20%credit rating rankingamong all publicly traded U.S. REITs; long-duration remaining debt term (as of9/30/26)

• $21.01 billion in total market capitalization and $8.11 billion in total equity capitalization . • Net debt and preferred stock to Adjusted EBITDA: • 4Q26 annualized target: 5.6x – 6.2x . • 3Q26 annualized: 6.9x ; 6.6x on a pro forma basis reflecting the October 2026 closing of the sale of our partial interest in the Campus Point by Alexandria joint venture. • S ignificant liquidity of $4.56 billion a nd closed extension of our $5.0 billion unsecured senior line of credit to 2032 . • O nly 6% of our total debt matures through 2028 . • 11.6 -year weighted-average remaining debt term , the longest among S&P 500 REITs. • T otal debt and preferred stock, as adjusted, to gross assets of 30% . • I ntermediate-term goal for leverage: mid-5x range .

Solid3Q26total leasing volume exceeding1.2 millionRSF;highesttotal quarterly volumesince 4Q24

• 3Q26 total leasing volume surpassed 1.2 million RSF , exceeding the 1Q25–2Q26 quarterly average of 979,822 RSF by approximately 256,000 RSF, and representing the highest quarterly volume since 4Q24. • Includes 450,961 RSF of leasing of previously vacant space, the second-highest quarterly amount in company history. • 74% of our leasing activity during the last twelve months was generated from our existing tenant base.

We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through dispositions of land, non-core dispositions, and sales of partial interests. In October 2026, we completed the sale of an approximately 29% noncontrolling interest in Campus Point by Alexandria Megacampus for $475.0 million to a new joint venture partner.

Sources of capital: transactions Sales Price (dollars in millions) Non-core and land dispositions $242 Sales of partial interests 475 Completed as ofOctober 26, 2026 717 Pending transactions subject to: Non-refundable deposits 355 Signed letters of intent and/or purchase and sale 1,548 agreement late-stage negotiations 2,620 Proceeds from dispositions and sales of partial interests in excess of 2026 guidancemidpoint which -720 may be deferred into 2027 2026 guidance midpoint fordispositions and sales $1,900 of partial interests

Occupancy of operating properties as ofJune 30, 2026 86.9% ────────────────────────────────────────────────────────────── Key changes to occupancy of operating properties: Reclassification of339,020RSF at 311 Arsenal Street from redevelopment tooperating in 3Q26, -0.9 -1 including167,543RSF of executed leases and leases undernegotiation for space not yet delivered Reclassification of held-for-sale properties with 0.6 vacancy Net increase in occupancy primarily due to lease 0.5 commencements during 3Q26 Occupancy of operating properties as ofSeptember 87.1 30, 2026 Vacant operating space with executed leases and 3.7 -2 future occupancy Occupancy of operating properties as ofSeptember 30, 2026, including executedleases with future 90.8% occupancy

(1) Refer to “Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs” in this Earnings Press Release for additional details. (2) Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy expected upon completion of building and/or tenant improveme nts. The weighted-average expected occupancy date is approximately June 2027 , with expected annual rental revenue of approximately $52 million . We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026 . The RSF presented excludes 686 thousand RSF of pre-leased space related to development and redevelopment projects under construction with future delivery. Refer to “ New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. KEY OPERATING METRICS

Operating metrics 3Q26 YTD 3Q26 Same property performance: Net operating income changes (6.7)% -1 (9.2)% -1 Net operating income changes (cash (2.8)% -1 (8.4)% -1 basis) Occupancy – current-period average 88.1% 88.6% Occupancy – same-period prior-year 91.7% 92.8% average

Refer to “ Same property comparisons ” and “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP. (1) The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26 , respectively, with weighted-average lease expiration dates of August 2026 and April 2026 , re spectively.

Resolution of certain construction projects under evaluation and reduction of capitalspend and funding needs

• We entered into a purchase and sale agreement with an institutional user for the sale of 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus, aggregating 339,668 RSF, which represents substantially all of our development project at this location . The disposition is expected to generate significant sales proceeds and to reduce future potential construction spend by approximate ly $136 million , with closing anticipated in 4Q26.

Resolution of certain construction projects under evaluation and reduction of capitalspend and funding needs (continued)

• We have executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Stree t on The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately $220 million . As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26. • We continue to evaluate the business and financial strategy for three remaining projects aggregating 667,002 RSF , including options that could further reduce future construction funding requirements. • Non-income-producing assets for 3Q26 are 12% of gross assets, a reduction of 800 bps since 4Q24.

Alexandria’s development and redevelopment pipeline delivered incremental annual netoperating income of$40 millionduring3Q26, with an additional$85 millionexpected fromprojects to be delivered by4Q28

• During 3Q26, we placed into service 529,061 RSF of development and redevelopment projects across multiple submarkets. The projects were 84% occupied at delivery and generated incremental annual net operating income aggregating $40 million . 3Q26 key deliveries included: • 198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria Center ® for Life Science – Waltham Megacampus. • 174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown. • Annual net operating income (cash basis) from recently delivered projects is expected to increase by $67 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately four months . • 80% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.

Development and IncrementalAnnual RedevelopmentP… NetOperating RSF Occupied/Leased… Income (dollars in millions) Placed into service: 1H26 $58 532,219 91% 3Q26 40 529,061 84 Placed into service inYTD $98 -1 1,061,280 87% 3Q26 Expected to be placed into service:(2) 2027 $24 905,582 77% 2028 61 $85

(1) Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery. (2) Excludes 667,002 RSF of redevelopment projects currently under evaluation.

• For the trailing twelve months ended September 30, 2026 , our general and administrative expenses represented 7.5% of net operating income, nearly half the average of other S&P 500 REITs for 2023–2025 . • Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings for the two-year period 2025 and 2026 (based on the midpoint of our 2026 guidance range). Some of the cost savings in 2025 were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026 (based on the midpoint of our 2026 guidance range).

• In August 2026, we completed a public offering of $1.00 billion aggregate principal amount of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057 . The notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032 . Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889% , subject to a minimum interest rate of 7.250% . We may elect to defer interest payments for up to five consecutive years, subject to the terms of the notes, including certain restrictions on paying dividends and repurchasing equity. We may also redeem at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032 , and thereafter on any interest payment date . This issuance supports our liquidity, capital structure, and deleveraging objectives while receiving 50% equity treatment from key rating agencies for purposes of the computations of leverage, fixed charges, and other credit metrics. • In September 2026, we closed our amended and restated $5.0 billion unsecured senior line of credit which, among other changes, extended the maturity date from January 22, 2030 to January 22, 2032 , including extension options that we control. The amendment also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835% . In connection with the amendment, we recognized a loss on early extinguishment of debt of approximately $3.3 million related to the partial write-off of unamortized loan fees. • Under our common stock repurchase program authorized in December 2025, we may repurchase up to $500.0 million of our common stock through December 31, 2026 . As of September 30, 2026 , no shares have been repurchased under this program and $500.0 million remains available for future share repurchases .

Dividend strategy to share net cash flows from operating activities with stockholderswhile retaining a significant portion for reinvestment

• Common stock dividend declared of $0.72 per share for 3Q26 , consistent with the preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, supporting liquidity, and sharing cash flows with our stockholders. • Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating $2.55 billion for the years ended December 31, 2022 through 2025 and the midpoint of our 2026 guidance range . • Dividend yield of 6.1% as of September 30, 2026 and dividend payout ratio of 47% for the three months ended September 30, 2026 .

• As of September 30, 2026 : • Our non-real estate investments aggregated $1.74 billion . • Unrealized gains presented in our consolidated balance sheet were $243.9 million , comprising gross unrealized gains and losses aggregating $322.4 million and $78.5 million , respectively. • Investment income of $24.0 million for 3Q26 , presented in our consolidated statement of operations, consisted of $16.0 million of realize d gains , $21.6 million of unrealized gains , and $13.6 million of impairment charges .

Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026 . There can be no assurance that actual results will not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of “forward-looking statements” on page 9 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.

Projected2026Funds From Operations per Share Attributable As of 10/26/26 As of 8/3/26 Key Changes to Alexandria’s Common Stockholders – Diluted Funds from No change to the operations per $6.38 to $6.42 $6.35 to $6.45 midpoint,range share, as narrowed by6 cents adjusted(1) Midpoint $6.40 $6.40

Key Credit Metrics As of 10/26/26 As of 8/3/26 Key Changes Targets Net debt and preferred stock to Adjusted 5.6x to 6.2x 5.6x to 6.2x No Change EBITDA –4Q26annualized Fixed-charge coverage ratio 3.4x to 3.9x 3.6x to 4.1x 0.2xreduction(2) –4Q26annualized

As of As of 10/26/26 8/3/26M… Key Sources Certain… and Range Midpoint Items Uses of Capital Sources of capita… Net cash provid… by $475 $575 $525 $525 operat… activi… as adjust… Dispos… and sales 1,100 2,700 1,900 -3 2,900 of partial intere… Total sources $1,575 $3,275 $2,425 $3,425 of capital Uses of capita… Constr… $1,500 $2,000 $1,750 $1,750 Reduct… in 75 1,275 675 See below 1,675 unsecu… debt Total uses of $1,575 $3,275 $2,425 $3,425 capital Reduct… in unsecu… debt (inclu… above): Repaym… of unsecu… senior notes $650 $650 $650 $650 $650 payable with 2026 maturi… Tender offers for partial princi… repaym… 952 952 952 $952 952 of unsecu… senior notes payable Issuan… of unsecu… -750 -750 -750 $(750) -750 senior notes payable Issuan… of junior -1,000 -1,000 -1,000 $(1,000) — subord… notes payabl… Unsecu… senior line of credit, 223 1,423 823 823 commer… paper, and other Reduct… in $75 $1,275 $675 $1,675 unsecu… debt

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics. (1) Refer to “ Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders ” under “Definitions and reconciliations” in the Supplemental Information for additional details . (2) Reduction primarily reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057 , as further discussed in footnote 3 below. (3) In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057 , allowing us to reduce the midpoint of our 2026 dispositions and sales of partial interests guidance by $1.0 billion . The proceeds from this issuance support our capital structure and deleveraging objectives, and the notes receive 50% equity treatment from key rating agencies for the computation of key credit metrics. Refer to the Earnings Press Release in the Supplemental Information for additional details. We do not anticipate the issuance of any common equity during 2026. As of October 26, 2026, completed dispositions and sales of partial interests aggregated $716.8 million , our share of pending dispositions and sales of partial interests subject to non-refundable deposits aggregated $355.4 million and signed letters of intent and/or purchase and sale agreement late-stage negotiations aggregated $1.55 billion . These transactions aggregate approximately $2.62 billion , exceeding the $1.90 billion midpoint of our 2026 guidanc e and potentially providing advanced funding of our 2027 capital needs, whereby certain dispositions and sales of partial interests may be completed in 2026 with proceeds deferred or available to be drawn in 2027, subject to timing and market conditions. (4) We continue to apply a disciplined approach to reduce construction spending for 2027 and seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on: (i) revenue- and non- revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is already leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating.

As of Key 10/26/26 As of 8/3/26 Changesto Midpoint Key Low High Low High Assumptio… Occupancy of operating properties 86.2% 87.8% 86.2% 87.8% No Change as of December 31,2026 Same property performan… Net operating (10.5)% (8.5)% (10.5)% (8.5)% income changes Net operating income (10.5)% (8.5)% (10.5)% (8.5)% changes (cash basis) Lease renewals and re-leasing of space: Rental rate (9.0)% (1.0)% (9.0)% (1.0)% changes Rental rate changes (15.0)% (7.0)% (15.0)% (7.0)% (cash basis) Straight-… $5 rent $40 $70 $45 $75 millionred… revenue General and $134 $154 $134 $154 No Change administr… expenses Capitaliz… of $220 $260 $220 $260 interest Interest $260 $300 $260 $300 No expense Change(2) Realized gains on $10 non-real $50 $80 $60 $90 millionred… estate investmen…

(1) Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind- downs, of which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26. (2) We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026. (3) Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. The midpoint of our revised guidance range for 2026 realized gains on non-real estate investments was reduced by $10 million , primarily due to certain transactions previously expected to close in 2026 that are now expected to close in 2027 . Refer to “Investments” in the Supplemental Information for additional details.

Summary of key items that may impact 2026 and 2027 results 1) Potential tenant wind-downs • Our 2026 guidance includes a $30 million to $35 million reduction in funds from operations for potential tenant wind-downs, of which approximately $30 million was recognized during the nine months ended September 30, 2026 , including approximately $16 million recognized in 3Q26. • Based upon current market conditions, we preliminarily estimate at least a similar level of reduction in funds from operations may be necessary in 2027. • Depending on the timing and magnitude of the specific tenant wind-downs, we anticipate that 2027 occupancy may also be negatively impacted. 2) Development-related other income • During the nine months ended September 30, 2026 , we recognized development fees and other related revenues of approximately $8.0 million , or $11 million annualized , most of which are expected to cease by the end of 2026 as we complete the respective projects. 3) Development and redevelopment projects under business and financial strategy evaluation • W e have three redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. • If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. • If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), we expect these projects would have lower rental rates and stabilized yields compared to our initial underwriting. The incremental capital required for alternative-use construction and corresponding rental rates earned are generally lower than those associated with laboratory improvements. • As of 3Q26, we have executed leases for 66,859 RSF and have additional leases under negotiation for 100,684 RS F for advanced technology use at our project at 311 Arsenal Street in The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed this project, aggregating 339,020 RSF, i nto operation during 3Q26 and included it in our operating occupancy as of September 30, 2026. Refer to the Earnings Press Release and “Leasing Activity” in the Supplemental Information for additional details. • In addition, we entered into a purchase and sale agreement with an institutional user for the sale of our development project at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus aggregating 339,668 RSF . The disposition is expected to close in 4Q26, resulting in significant sales proceeds and reducing future construction spending by approximately $136 million . 4) Capitalization of interest • Our average real estate basis capitalized during 3Q26 was $5.87 billion . As of September 30, 2026, our real estate basis that continued to qualify for capitalization declined to $4.46 billion , primarily driven by the cessation of capitalization on our projects at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center ® for Life Science – Waltham Megacampus in September 2026. During 4Q26, we expect the average real estate basis capitalized to range from $3.4 billion to $4.9 billion . Refer to “Capitalization of interest” in the Supplemental Information for additional detail . • At each milestone date, we 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 potential dispositions or sales of partial interests of these real estate assets. If we cease the 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, are expensed as incurred. During 3Q26 , annualized capitalized operating expenses represented approximately 2% of the total average real estate basis subject to capitalization. 5) 2027 Key lease expirations

2027 Key Lease Expirations RSF Annual Weighted-Averag… Weighted-Average… RentalRevenue Date 1,377,960 $100.5 million March 2027 9to24months

• We estimate that 1.4 million RSF of leases expiring in 2027, with approximately $100.5 million of annual rental revenue, will have downtime after lease expiration. These 2027 expirations have a weighted-average contractual lease expiration date in March 2027 and an expected weighted-average downtime ranging from 9 to 24 months . Refer to “Contractual lease expirations” in the Supplemental Information for additional details. We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.

Summary of key items that may impact 2027 and 2028 results The following key considerations for 2027 and 2028 reflect our preliminary expectations based on current market conditions. These expectations could change materially and are subject to a variety of factors, including industry, governmental, geopolitical, and macroeconomic conditions, including changes in interest rates, as well as other factors described in our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. 1) Operating occupancy • For the year ending December 31, 2027, we expect average operating occupancy to temporarily decline relative to our projected operating occupancy as of December 31, 2026, primarily due to expected downtime associated with the 1.4 million RSF of 2027 key lease expirations disclosed in “Contractual lease expirations” in the Supplemental Information, as well as the potential for tenant wind-downs. • For the year ending December 31, 2028, we expect average operating occupancy to improve relative to our projected average operating occupancy for the year ending December 31, 2027, driven by the lease-up of temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key lease expirations with expected downtime as disclosed in “Contractual lease expirations” in the Supplemental Information. 2) Same property performance • For the year ending December 31, 2027, we expect same property net operating income performance to improve compared with the midpoint of our guidance range for 2026 but remain negative, primarily due to the expected temporary year-over-year decline in average operating occupancy, including the impact of expected downtime associated with 1.4 million RSF of 2027 key lease expirations. • For the year ending December 31, 2028, we expect same property net operating income performance to improve compared with 2027, primarily driven by operating occupancy growth and the lease-up of vacant space, subject to leasing and market conditions. 3) Construction spending • For 2027, we continue to apply a disciplined approach to reduce construction spending and we seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating as of October 26, 2026 . • For 2028, we expect a further decline in construction spending relative to 2027, primarily driven by lower development and redevelopment spending. Construction spending on revenue- and non-revenue- enhancing capital expenditures related to our operating portfolio is expected to continue to support the lease-up of temporary vacancy, subject to leasing and market conditions. 4) Transactional and other capital sources • For 2027, capital will be required to fund construction spending as we continue to prudently manage our key credit metrics, including net debt and preferred stock to Adjusted EBITDA ratio. In general, we expect to rely on asset recycling transactions, and other sources of cost-effective capital to support the achievement of our 2027 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA. • For 2028, if we have growth in Adjusted EBITDA, we may use incremental long-term debt to fund a portion of our capital needs on a leverage neutral basis. In addition, we may use asset recycling and other sources of cost-effective capital to support the achievement of our 2028 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.

(1) Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one fully leased operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the intent to develop them for life science use. However, due to the project’s macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer. (2) Represents one vacant office property that was originally acquired with the intent to redevelop for life science use and expand our Megacampus ecosystem. The asset was sold due to the macroeconomic outlook for the project and the significant capital required to redevelop and lease the property. (3) Represents five operating properties, primarily comprising non-laboratory space, and one land parcel. As of 2Q26, these operating properties were 30% occupied with a weighted-average lease term of 2.4 years, and were sold due to the significant capital that would have been required to convert these properties through redevelopment for laboratory use and their misalignment with our Megacampus strategy. (4) Our s hare of dispositions completed during the three months ended September 30, 2026 had annual net operating income of $4.4 million (based on 2Q26 annualized results) with a weighted-average disposition date of July 29, 2026 . (5) In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million . We expect our new partner’s initial share of the annual distributions to approximate 5.5% of its $475.0 million capital contribution. Upon completion of the sale, our ownership interest decreased from 59% as of September 30, 2026 to approximately 30% . We expect to fund the majority of future construction costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20% and 30% , respectively, and increase our ownership interest to over 50% . We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we accounted for the $44.2 million difference between the consideration received and the book value of our interest sold as an increase to additional paid-in capital, with no gain recognized in earnings. (6) Refer to “Key Sources and Uses of Capital” under “2026 Guidance” in the Earnings Press Release for additional details. (7) Including the impact of the $1.0 billion junior subordinated notes issued during 3Q26, the weighted-average projected completion date of these sources of capital i s expected to be October 2026 .

We will host a conference call on Tuesday , October 27, 2026 , at 2:00 p.m. Eastern Time (“ET”)/ 11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for the third quarter ended September 30, 2026 . 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 27, 2026 , through 4:00 p.m. ET on Tuesday, November 3, 2026 . The replay number is (855) 669-9658 or (412) 317-0088 , and the access code is 6457127 . Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2026 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2026q3.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 and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026 , Alexandria has a total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 million RSF of Class A/A+ properties undergoing construction . Alexandria has a long- standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high- quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. Forward- Looking Statements This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward- looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, our failure to complete planned dispositions and sales of partial interests on anticipated terms or timing, 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 September 30, 2026 ────────────────────────────────────────────────── (Dollars in thousands, except per share amounts)

(1) Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details regarding impairment of real estate.

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:

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Primarily reflects impairment charges to reduce the carrying amounts of real estate assets classified as held for sale as of 3Q26 to their respective estimated fair values less costs to sell, including (i) $343.3 million related to a development project in our Fenway submarket that is expected to be sold to an institutional user which would have required significant capital to complete and lease, (ii) $135.3 million related to four non-Megacampus vacant office properties in our Palo Alto submarket that would have required significant capital investment to convert to laboratory use, (iii) $79.2 million related to six non-Megacampus operating properties in our San Carlos submarket that would have required significant capital investment to convert to laboratory use, (iv) $50.4 million related to a land parcel located outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v) $41.6 million related to one future development project in our Palo Alto submarket that, due to the project’s financial outlook, would have required significant capital to complete the development and lease the properties. (2) Calculated in accordance with standards established by the Nareit Board of Governors. (3) Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.

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.

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

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 and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026 , Alexandria has a total market capitalization of $21.01 billion and an asset base that includes 36.5 million RS F of operating properties and 1.9 million RSF of Class A/A+ properties undergoing construction . Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high- quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. Tenant base Alexandria is known for our high-quality and diverse tenant base, with 57% of our annual rental revenue 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 70 individuals averaging 23 years of real estate experience, including 13 years with Alexandria. Our executive management team alone averages 16 years with Alexandria .

EXECUTIVE MANAGEMENT TEAM Joel S. Marcus Peter M. Moglia Executive Chairman &Founder Chief Executive Officer &Chief Investment Officer Marc E. Binda Hunter L. Kass Chief Financial Officer &Treasurer Co-President & Regional Market Director –Greater Boston Hart Cole Joseph Hakman Co-President & Co-Regional Co-Chief Operating Officer &Chief MarketDirector – Seattle Strategic Transactions Officer Lawrence J. Diamond Blake L. Stevens Co-Chief Operating Officer & EVP – Regional Market Director Co-RegionalMarket Director – –Research Triangle Maryland Bret E. Gossett Jesse J. Nelson EVP – Co-Regional Market Director EVP – Regional Market Director –San &Head Francisco Bay Area of Leasing – San Diego Joshua J. Mitchell Michael E. Boss EVP – Regional Market Director –New EVP – Co-Regional Market Director York –San Diego Hallie E. Kuhn Jenna R. Foger EVP – Capital Markets & Co-Lead –Life EVP – Co-Lead – Life Science Science Jackie B. Clem Andres R. Gavinet General Counsel & Secretary Chief Accounting Officer Onn C. Lee Kristina A. Fukuzaki-Carlson EVP – Accounting EVP – Business Operations Madeleine T. Alsbrook Gregory C. Thomas EVP – Talent Management EVP – Chief Technology Officer Gary D. Dean EVP – Real Estate Legal Affairs

Corporate New York Stock Information Headquarters Exchange Trading Requests Symbol 26 North Euclid Common stock: ARE Phone: (626) 578-0777 Avenue Pasadena, Email: corporateinforma… California 91101 www.are.com Website: investor.are.com

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

BMO Citigroup Global Green Street RBC Capital Markets Inc. Markets John Kim / Juan Nicholas Joseph Dylan Burzinski / Michael Carroll Sanabria / Seth Bergey Natacha Jouonang / Henry Newell (212) 885-4115 (212) 816-1909 / (949) 640-8780 / (440) 715-2649 / / (312) (212) 816-2066 (949) 640-8780 (440) 715-2651 845-4074 BNP Paribas J.P. Morgan Robert W. Baird Exane Citizens Securities LLC & Co. Incorporated Nate Crossett / Anthony Paolone / Wesley Golladay Monir Koummal Aaron Hecht Daniella De Armas / Nicholas Rosales Thillman (646) 342-1588 (212) 622-6682 / (216) 737-7510 / / (646) (415) 835-3963 (212) 622-0050 (414) 298-5053 342-1554 BofA Securities Deutsche Bank AG Jefferies Farrell Granath Tayo Okusanya Joe Dickstein / / Andrew Reale Andrew Hernandez (646) 855-1351 (212) 778-8771 / / (646) (212) 250-9284 (212) 284-1742 855-1272 BTIG, LLC Evercore ISI Mizuho Securities USA LLC Tom Catherwood Steve Sakwa / Vikram Malhotra / / Michael James Kammert Jyoti Yadav Tompkins (212) 738-6140 (212) 446-9462 / (212) 282-3827 / / (212) (312) 705-4233 (212) 471-2683 527-3566 Cantor Goldman Sachs Morgan Stanley & Fitzgerald Co. LLC Richard Julien Blouin / Ronald Kamdem / Anderson / Ryan Treais Derrick Metzler Jeffrey Carr (929) 441-6927 (415) 393-7638 / (212) 296-8319 / / (929) (415) 249-7061 (212) 761-3366 709-0434 Fixed Income Research Rating Agencies Coverage Barclays J.P. Morgan Moody’s Ratings S&P Global Capital Inc. Securities LLC Ratings Srinjoy Mark Streeter / Banerjee / Benjamin Stueck (212) 553-0376 Michael Souers Ishaan Pandya (212) 526-3521 (212) 834-5086 / / (212) (212) 270-6757 (212) 438-2508 526-2970 Mizuho CreditSights Securities USA LLC Nicholas Moglia Thierry Perrein (212) 340-3886 (212) 205-7665

Financial and Asset Base Highlights September 30, 2026 ────────────────────────────────────────────────── (Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwis… 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Operati… Results & Margins Rental $481,348 $486,589 -1 $474,786 $538,330 $541,070 revenues Tenant $172,270 $156,621 $178,227 $190,542 $194,779 recover… General and $40,915 $36,861 $34,685 $28,020 $29,224 adminis… expenses General and adminis… expenses as a percent… 7.5% 6.6% 6.0% 5.6% 5.7% of net operati… income – trailing 12 months Operati… 66% 69% 67% 69% 68% margin Adjusted EBITDA 65% 67% 66% 70% 71% margin Adjusted EBITDA – $1,731,9… $1,765,1… $1,778,0… $2,097,4… $2,130,… quarter annuali… Adjusted EBITDA – trailing $1,843,1… $1,942,6… $2,044,9… $2,141,8… $2,185,… 12 months Leverage & Credit Metrics… end of period, unless stated otherwi… Net debt $11,963,… -3 $12,404,… $12,165,… $11,921,… $13,085… Net debt and preferr… stock to 6.9x -2 7.0x 6.8x 5.7x 6.1x Adjusted EBITDA – quarter annuali… Net debt and preferr… stock to Adjusted 6.5x 6.4x 5.9x 5.6x 6.0x EBITDA – trailing 12 months Total debt and preferr… $12,396,… -3 $12,812,… $12,519,… $12,400,… $13,593… stock, as adjusted Gross $40,931,… $41,280,… $40,561,… $40,209,… $43,791… assets Total debt and preferr… stock, 30% -3 31% 31% 31% 31% as adjuste… to gross assets Fixed-c… coverage ratio – 3.2x 3.3x 3.4x 3.7x 3.9x quarter annuali… Fixed-c… coverage ratio – 3.4x 3.6x 3.8x 4.0x 4.1x trailing 12 months Unencum… net operati… income as a 100.0% 100.0% 100.0% 100.0% 100.0% percent… of total net operati… income Equity Capital… & Dividend Informa… end of period, unless stated otherwi… Closing stock $47.46 $52.85 $46.42 $48.94 $83.34 price Common shares outstan… 170,849 170,729 170,712 170,538 170,339 (in thousan… Total equity $8,108,4… $9,023,0… $7,924,4… $8,346,1… $14,196… capital… Total market $21,005,… $21,835,… $20,444,… $20,746,… $27,789… capital… Dividend per $0.72/$2… $0.72/$2… $0.72/$2… $0.72/$2… $1.32/$… share – quarter… Dividend payout ratio 47% 42% 42% 33% 60% for the quarter Dividend yield – 6.1% 5.4% 6.2% 5.9% 6.3% annuali… Operati… Leases Operati… lease liabili… $354,028 $354,905 $358,610 $360,543 $361,986 at end of period Rent $6,979 $6,917 $7,658 $8,566 $10,645 expense Capital… Interest Capital… $62,922 $73,717 $69,973 $81,845 $86,091 interest Average real estate basis $5,866,8… $7,026,2… $6,860,0… $8,046,9… $8,407,… capital… during the period Weighte… interest rate for capital… of 4.29% 4.20% 4.08% 4.07% 4.10% interest during the period Refer to “Defini… and reconci… the Supplem… Informa… for additio… details… one lease aggrega… at 10955 Alexand… Way in our Torrey Pines submark… for which we recogni… a$5.3 million… of deferred rent receiva… in connect… with a lease termina… and the receipt… a$10.5 million… from the tenant; the space has since been re-leas… with delivery expected in1Q27u… complet… of tenant improve… a pro forma basis, leverage was6.6x, reflect… theOcto… 23, 2026sale of a partial interest in the Campus Point by Alexand… joint venture. Refer to “Dispos… and Sales of Partial Interes… in the Earnings Press Release… additio… details… 50% equity treatme… assigned by key rating agencies to the$1.0 billion… amount of our junior subordi… notes payable.

Financial and Asset Base Highlights (continued) September 30, 2026 ───────────────────────────────────────────────── (Dollars in thousands, except annual rental revenue per occupied RSF amounts)

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes $9.8 million reduction in rental revenues related to rents not expected to be collected in full through the lease term. (2) Refer to page 1 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details. (3) Refer to “Same property performance” in the Supplemental Information for additional details.

Investment-Grade orPublicly Traded Large Cap Tenants 57% 84% of ARE’s TotalAnnual Rental Revenue of ARE’s Top 20 TenantAnnual Rental Revenue Weighted Average Remaining Term(3) 7.7 Years 10.0 Years All Tenants Top 20 Tenants

(1) (2) (4) Percentage of Alexandria’s Annual Rental Revenue As of September 30, 2026 . Annual rental revenue represents amounts in effect as of September 30, 2026 . Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures. (1) Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants. (2) 89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. (3) Represents the weighted-average remaining term based on annual rental revenue in effect as of September 30, 2026 . (4) 80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

Occupancy of Operating Properties 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 measures presented in accordance with GAAP. (1) Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.

Rental Rate Changes:Renewed/Re-Leased Favorable Lease Structure(1) Space Strategic Lease Structure by Owner and Operatorof Collaborative Megacampus Ecosystems Increasing cash flows Percentage of leases 97% containingannual rent escalations Stable cash flows Percentage of triple net leases 91% Lower capex burden Percentage of leases providing for therecapture of capital 91% expenditures

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP. (1) Percentages calculated based on our annual rental revenue in effect as of September 30, 2026 . (2) For the three months ended September 30, 2026 .

Same Property Performance September 30, 2026 ─────────────────────────── (Dollars in thousands)

September Septemb… 30, 2026 30, 2026 ────────────────────────────────────────────────────────────────────────────── Same Same Proper… Three Nine Property Three Nine Financ… MonthsEn… MonthsE… Statisti… MonthsE… MonthsEn… Data Data Percen… change over Number of compar… same 288 284 period properti… from prior year: Net Rentable operat… (6.7)% -1 (9.2)% -1 square 32,250,… 31,629,1… income feet changes Net operat… Occupancy income (2.8)% -1 (8.4)% -1 – 88.1% 88.6% changes current-… (cash average basis) Occupancy Operat… – margin 66% 66% same-per… 91.7% 92.8% prior-ye… average

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) The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26 , respectively, with weighted-average lease expiration dates of August 2026 and April 2026 , r espectively.

Leasing activity includes 100% of results for properties in which we have an investment. (1) Excludes month-to-month leases aggregating 272,378 RSF and 58,516 RSF as of September 30, 2026 and December 31, 2025 , respectively. During the trailing twelve months ended September 30, 2026 , we granted free rent concessions averagin g 2.0 m onths per annum. This includes a lease concession for a 20 -year lease with a non-life science tenant in the Research Triangle market executed in 3Q26. Excluding this lease, free rent concessions were 1.1 months per annum. (2) Includes the largest life science lease in company history, executed in July 2025 with Novartis AG. The 16-year expansion build-to- suit lease aggregates 466,598 RSF and is located at the Cam pus Point by Alexandria Megacampus in our University Town Center submarket. Excluding this lease, previously vacant/developed/redeveloped rental rates would have been $58.31 and $58.70 (cash basis) and development/redevelopment leasing volume would have been 238,223 RSF, for the year ended December 31, 2025. (3) During 3Q26, we executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in our Greater Boston market, all of which will be reflected as leasing of previously vacant space. This activity enabled us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately $220 million . As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26. (4) Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs. (5) Includes previously disclosed key lease expirations aggregating 282,878 RSF that became vacant during 3Q26 , with a weighted-average lease expiration date of August 2026 .

Contractual lease expirations for properties classified as held for sale as of September 30, 2026 are excluded from the information on this page. (1) Amounts in effect as of September 30, 2026 . (2) Excludes month-to-month leases aggregating 272,378 RSF. (3) See tables below for additional details. (4) Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across four properties, generating $24.0 million of annual rental revenue with a weighted-average expiration date of April 2027 . Upon lease expiration, BMS will relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was delivered in June 2026. We expect the vacated space to experience a period of downtime and we are currently under negotiation for 190,085 RSF. (5) Refer to the footnote for Novartis AG under "Top 20 tenants" in the Supplemental Information for additional details.

2027 2028 Key Key Lease Lease Expi… Expir… with with Expe… Expec… Down… Downt… Annual Weigh… Weigh… Annual Weight… Weigh… Total Renta… Avera… Avera… Total Renta… Averag… Avera… Date Downt… Date Downt… 1,37… $100.… March 9to24… 717,5… $60.4M April 9to24… RSF 2027 RSF 2028

Reason for Expected Downtime(Based Reason for Expected Downtime(Based on on RSF) RSF)

Relocation to OtherARE Leases at Assets Properties(4) OriginallyAcquired for Other Redevelopment

Relocation to Leases at Assets 100 Technology OtherARE Properties OriginallyAcquired for Square(5) Other Redevelopment

(1) Relocation to other ARE properties. (2) Leases at assets originally acquired for redevelopment or repositioning. (3) Represents the weighted-average expiration date based on annual rental revenue as of September 30, 2026 .

84% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade or Publicly Traded Large Cap Tenants (1)

Annual rental revenue and RSF include 100% of each property managed by us. 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, 2026 . (2) Of the $ 56.7 million of annual rental revenue generated by this tenant, $27.0 million relates to a 232,902 RSF lease at our Alexandria Center ® for Life Science – Waltham Megacampus, which expires in 1Q27 . This lease is included in the 1.4 million RSF of 2027 key lease expirations with expected downtime disclosed on page 24 . We do not expect the tenant to renew its lease and are actively marketing the space. (3) Eikon Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a biopharmaceutical executive who previously served as an executive vice president of Merck & Co., Inc. As of June 30, 2026 , the company held $531 million in cash and marketable securities. (4) Intellia Therapeutics, Inc. is an established, publicly traded clinical-stage biotechnology company focused on CRISPR-based gene-editing therapies. The company reported positive Phase 3 clinical results in 2026 and reported cash, cash equivalents and marketable securities of $628.4 million as of June 30, 2026 . Additionally, on September 4, 2026, the company announced it secured a non-dilutive senior secured term loan facility for up to $400 million . (5) Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United States Government is cancelable prior to the lease expiration date. (6) 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 8.4 years as of September 30, 2026 . (7) Includes one direct lease at 100 Technology Square at Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 255,441 RSF, which generates annualized rental revenue of $21.0 million and expires in March 2028 . The tenant has leased the building since 2002 and has subsequently expanded and consolidated its operations in Cambridge into a larger footprint. As a result, we do not expect the tenant to renew its lease upon expiration. We are actively marketing the space for re-leasing and expect significant downtime following lease expiration to upgrade and re-lease the space. (8) Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former GlaxoSmithKline Chief Scientific Officer and President, R&D. Altos Labs launched with $3.0 billion in private funding in 2022, and is backed by a group of prominent investors.

Summary of Properties and Occupancy September 30, 2026 ──────────────────────────────────────────────── (Dollars in thousands, except per RSF amounts)

(1) Includes 779,842 RSF and $14.9 million of annual rental revenue in Canada. (2) Decline in occupancy was primarily due to 339,020 RSF at our 311 Arsenal Street redevelopment project in our Greater Boston market being placed back into operation following the execution of leases aggregating 66,859 R SF, with additional leases aggregating 100,684 RSF under negotiatio n for advanced technology use as of 3Q26 . This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future construction spend by approximately $220 million . (3) Excludes leases aggre gating 1.3 million RSF, or 3.7% of total operating RSF , executed as of September 30, 2026 and expected to be occupied upon completion of building and/or tenant improvements. See the Occupancy and Leasing Progress chart on the following page for additional information.

Occupancy and Leasing Progress (Operating Properties) (1) (1) R epresents executed leases aggregating 1.3 million RSF with occupancy expected upon completion of building and/or tenant improveme nts . The weighted-average expected occupancy date is approximately June 2027 , with expected annual rental revenue of approximately $52 million . We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026 . These executed leases relate solely to our operating portfolio, and therefore exclude an additiona l 686 thousand RSF of executed leases with future delivery related to our development and redevelopment properties under construction. Refer to “ New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details.

Property Listing September 30, 2026 ──────────────────────── (Dollars in thousands)

Property Listing (continued) September 30, 2026 ────────────────────────────── (Dollars in thousands)

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 September 30, 2026 ──────────────────────────── (Dollars in thousands)

17% 11% to 16% 12% Non-Income-Producing Assets (4) as a Percentage of Gross Assets (1) Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties. (2) Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. (3) Our share of investment in our development and redevelopment pipeline as of September 30, 2026 is $4.63 billion . (4) Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026 , compared with approximately 1% as of December 31, 2025 and 2024 .

99 Coolidge Avenue 50 and 60 Sylvan 4135 Campus Point Court Road(1) Megacampus: 480 Arsenal Way, 446, Megacampus: Alexandria Megacampus: Campus 458, and500 Center®for LifeScience Point by Alexandria Arsenal Street, and 99 – Waltham Coolidge Avenue 320,809RSF 268,992RSF 426,927RSF 84%Occupancy 88%Occupancy 100%Occupancy

10075 Barnes Canyon 269 East Grand Avenue 701 Dexter Avenue North Road Megacampus: Alexandria Megacampus: Alexandria Megacampus: SD Tech by Center®for Center®for Alexandria AdvancedTechnologies – AdvancedTechnologies – South San Francisco South Lake Union 253,079RSF 33,780RSF 51,627RSF 80%Occupancy 100%Occupancy 100%Occupancy

(1) Image represents 60 Sylvan Road on the Alexandria Center ® for Life Science – Waltham Megacampus.

Incremental Annual Net Operating Income Generated From YTD 3Q26 Deliveries Aggregated $98 million (1) , Including $40 million in 3Q26

Refer to “N ew Class A/A+ development and redevelopment properties: under construction ” 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 134,767 RSF that were vacant and/or unleased at delivery. (2) The delivered leases contain effective annual rent escalations of 3% , which are expected to contribute to growth in net operating income (cash basis) over the respective lease term. (3) Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue. (4) 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. (5) The lease with Novo Nordisk, an investment-grade tenant, was executed in a highly competitive leasing environment and provides strong long-term value through a 15 -year term and 3% annual rent escalations. The lower cash yield relative to the original underwriting is primarily driven by higher development costs and lower rental assumptions than initially forecasted due to market changes.

10200 Campus Point Drive 1450 Owens Street Megacampus: Campus Point by Megacampus: Alexandria Center®for Alexandria Science andTechnology – Mission Bay 466,598RSF 212,657RSF 100%Leased 51%Leased/Negotiating

269 East Grand Avenue 701 Dexter Avenue North Megacampus: Alexandria Center®for Megacampus: Alexandria Center®for AdvancedTechnologies – South San AdvancedTechnologies – South Lake Union Francisco 50,377RSF 175,950RSF 40%Leased/Negotiating 69%Leased/Negotiating

Refer to “ Initial stabilized yield (unlevered) ” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over time. (2) Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we have a 59.3% ownership interest as of September 30, 2026 . The project is fully leased to Novartis AG with 3% rent escalations. The tenant currently occupies a building within the Megacampus aggregating 52,853 RSF that generated annual rental revenue of $4.1 million as of 3Q26 . The tenant is expected to vacate this building during 2028 . We expect to fund the majority of future construction costs at the Megacampus. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details. (3) We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition, based upon future leasing interest. Under a lower- investment scenario, we would expect lower rent and tenant improvement requirements, and we would evaluate whether all or a portion of the property would be placed back into operation. We would also expect stabilized yields under such alternatives to be lower than our initial underwriting assumptions. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. (4) As of June 30, 2026, 311 Arsenal Street and 421 Park Drive in our Greater Boston market were included in projects for which we were evaluating our business and financial strategy. During 3Q26, we reclassified the 339,020 RSF redevelopment project at 311 Arsenal Street to operating following the execution of leases aggregating 66,859 RSF, with additional leases aggregating 100,684 RSF under negotiation for advanced technology use, which is expected to reduce future potential construction spending by approximately $220 million . We also entered into a purchase and sale agreement with an institutional user for the sale of 339,668 RSF at 421 Park Drive, representing substantially all of our development project at this location. This portion of the project was classified as held for sale as of 3Q26. The transaction is anticipated to close in 4Q26 and is expected to reduce future potential construction spending by approximately $136 million . (5) We expect to provide total estimated costs and related yields for each project over the next several quarters . (6) Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. (7) R epresents o ur share of investment based on our current ownership percentage upon completion of development or redevelopment projects, and will be adjusted as our ownership percentage increases at the Campus Point project.

80% of Our Total Development and Redevelopment Pipeline RSF Is Within Our Megacampus Ecosystems

Deve… Mark… Subma… OurOw… Book and Value Rede… Foot… Under… Future Total… GREA… BOST… Mega… Alex… Cent… Route Life 128 100% $300… 329,… 515,0… 844,… Scie… – Walt… 40 Sylv… Road and 35 Gate… Drive Mega… 30, 200, and Other 100% 115,… 271,… 350,0… 621,… 3000 Minu… Road 3000 Minu… Road Mega… 480 Arse… Way, 446, 458, Cambr… and Subur… 100% 25,1… — 560,0… 560,… 500 Arse… Stre… and 99Co… Aven… 446, 458, and 500 Arse… Stre… Mega… Alex… Cent… Cambr… 100% 49,4… — 174,5… 174,… Kend… Squa… 100 Edwin H. Land Boul… Mega… Alex… Cambr… 100% 9,176 — 100,0… 100,… Tech… Squa… 10 Seapo… Necco Innov… 100% 107,… — 175,0… 175,… Stre… Distr… 215 Route Pres… 128 100% 6,816 — 112,0… 112,… Way Other deve… and 100% 182,… — 774,1… 774,… rede… proj… GREA… BOST… $796… 600,… 2,760… 3,36… TOTAL Refer to “Meg… under “Def… and reco… in the Supp… Info… for addi… deta… total squa… foot… upon comp… of deve… or rede… of one or more new Class A/A+ prop… Squa… foot… pres… incl… the RSF of buil… curr… in oper… at prop… that also have… deve… or rede… oppo… Upon expi… of exis… in-p… leas… we inte… to demo… or rede… the exis… prop… subj… to mark… cond… and leas… Refer to “Inv… in real esta… unde… and reco… in the Supp… Info… for addi… deta… incl… deve… and rede… squa… feet curr… incl… in rent… prop…

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Total square footage includes 935,031 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 $1.04 billion of projects that are currently under construction.

Construction Spending September 30, 2026 ──────────────────────── (Dollars in thousands)

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction Timing Amount(5) 4Q26 $49,000 2027and beyond 56,000 Total $105,000

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes smaller conversions to laboratory space through redevelopment. (2) Approximately 74% represents capitalized costs. (3) Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements. (4) The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 53% of the total spending within this category. The first project relates to a property located at the Alexandria Center ® for Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket, which is leased to a new tenant and is undergoing its first major renovation in 12 years. The second project relates to two properties at the Alexandria Technology Square ® Megacampus in our Cambridge submarket, which are undergoing their f irst major renovation in 16 years . (5) Represents contractual capital commitments from existing real estate joint venture partners to fund construction.

Capitalization of Interest September 30, 2026 ──────────────────────────── (Dollars in thousands)

Key Categories of Average Real Estate Basis Qualifying for Capitalization Three Months EndedSeptember 30, 2026 ────────────────────────────────────────────────────────────────────────────── Total(1) $5,866,853 Projects delivered in3Q26or other projects no longer requiring capitalization of -1,402,235 interest as of the end of3Q26(2) Projects continuing to qualify for capitalization $4,464,618 of interest as of the end of3Q26 Components of average real estate basis of projects continuing to qualify for capitalization of interest as of the end of3Q26 Class A/A+ development and redevelopment projects under construction and repositioning projects: 2027–2028 stabilization $384,632 Repositioning and smaller redevelopment 1,735,127 projects(3) 2,119,759 Land/future development projects with 2,344,859 pre-construction milestones through 2028(4) Average real estate basis of projects continuing to qualify for capitalization as of $4,464,618 the end of3Q26 4Q26 projected range for average real estate $3,400,000–$4,900,000 capitalization basis

Substantial Reduction in Land and Development and Redevelopment Drives Decrease in Average Real Estate Basis Capitalized $8.1B

Development/RedevelopmentUnder Construction andRepositioning Projects Land/Future Development

$7.0B $6.9B $5.9B $3.4B – $4.9B Average Real Estate Basis Capitalized (1) In addition to capitalized interest, we incur other 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, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximately 2% of the total average real estate basis subject to capitalization for 3Q26 . (2) Primarily includes projects at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center ® for Life Science – Waltham Megacampus during 3Q26. (3) Primarily consists of projects related to our operating assets that generally have shorter periods for which capitalization of interest is required, including executed leases aggregating 1.3 million RSF as of September 30, 2026 , with future occupancy expected after completion of building and/or tenant improvements by June 2027 on a weighted-average basis. The balance also includes redevelopment projects for which we are evaluating business and financial strategy. (4) Includes future pipeline projects expected to reach pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction, with a weighted-average key construction milestone by 1H28 . As projects progress, 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 potential disposition. These projects i nclude, among others, future Megacampus development projects at (i) Alexandria Center ® for Advanced Technologies – Tanforan, (ii) Alexandria Center ® for Life Science – San Carlos, where we have a letter of intent for approximately 235,600 RSF related to existing industrial buildings that were originally expected to be demolished to allow for future development, (iii) Alexandria Center ® for Life Science – New York City, and (iv) Campus Point by Alexandria , which represent approximately 52% of the total real estate basis that continues to qualify for capitalization in this category as of September 30, 2026 .

Consol… Real Estate Joint Ventur… Noncont… Operati… Proper… Market Submark… Share RSFat 100% 50 and 60 Greater Cambrid… 66.0% 532,395 Binney Boston Suburbs Street 75/125 Greater Cambrid… Binney Boston Suburbs 60.0% 388,270 Street 100 and 225 Binney Greater Cambrid… Street Boston Suburbs 70.0% 870,641 and 300 Third Street 15 Greater Seaport Necco Boston Innovat… 43.3% 345,996 Street District 3215 San Torrey Merryf… Diego Pines 70.0% 170,523 Row Campus Univers… Point San Town 40.7% -3 1,586,6… by Diego Center Alexan… 5200 San Univers… Illumi… Diego Town 49.0% 792,687 Way Center 9625 Univers… Towne San Town 70.0% 171,001 Centre Diego Center Drive SD Tech San Sorrento by Diego Mesa 50.0% 1,051,7… Alexan… Summers Ridge San Sorrento 70.0% 316,531 Science Diego Mesa Park(5) Alexan… Center… Science San and Francis… Mission 75.0% 551,845 Techno… Bay Area Bay – Mission Bay(6) 211 and 213 San South East Francis… San 70.0% 300,930 Grand Bay Area Francis… Avenue 500 San South Forbes Francis… San 90.0% 155,685 Boulev… Bay Area Francis… Alexan… Center… San South Life Francis… San 51.4% 285,346 Science Bay Area Francis… – Millbr… 1201 and 1208 Seattle Lake 70.0% 206,134 Eastla… Union Avenue East 400 Dexter Seattle Lake 70.0% 291,355 Avenue Union North 800 Lake Mercer Seattle Union 40.0% — Street… Uncons… Real Estate Joint Ventur… Our Operati… Proper… Market Submark… Ownersh… RSFat 100% 1655 and San Mission 1725 Francis… Bay 10.0% 586,208 Third Bay Area Street 101 West Maryland Beltsvi… 58.4% -7 135,958 Dickman Street

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes properties currently under construction or in our future development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information for additional details. (2) Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court. (3) In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million which reduced our interest to approximately 30% . We expect to fund the majority of future construction costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20.0% and 30.0% , respectively, and increase our ownership interest to over 50.0% . Refer to “ Dispositions and sales of partial interests ” in the Earnings Press Release and “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. (4) Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (5) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (6) Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South. (7) 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.

As of September 30, 2026 ────────────────────────────────────────────────────────────────────────────── Noncontrolling InterestShare Our Share of ofUnconsolidat… ConsolidatedRe… Estate JVs Estate JVs Investments in $ 3,363,861 $ 85,927 real estate Cash, cash equivalents, 136,379 2,514 and restricted cash Other assets 403,837 10,486 Secured notes — -61,016 payable Other -292,967 -9,331 liabilities Redeemable noncontrolling -9,119 — interests $ 3,601,991 $ 28,580

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 interest for a property in the San Francisco Bay Area market. This redeemable noncontrolling interest earns a fixed return on its investment rather than participating in the operating results of the property. (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.

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

18% Tenant 7% Public 82% Non-Tenant 93% Private (1) Primarily relates to one non-real estate investment in a privately held entity that does not report NAV. (2) P rimarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and nine months ended September 30, 2026 . (3) Primarily re lates to the increase in fair values of our investments in publicly traded entities d uring the year ended December 31, 2025 . (4) Represents 2.7% of gross assets as of September 30, 2026 . Refer to “ Gross assets ” under “Definitions and reconciliations” in the Supplemental Information for additional details.

ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

TOP 20% CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS (1) BBB+ Negative WEIGHTED AVERAGE Baa2 Stable As of September 30, 2026 . Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Top 20% 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, 2026 . (2) Represents the average quarterly percentage of fixed-rate debt as of each quarter-end from January 1, 2022 through September 30, 2026 . (3) Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032 , our weighted-average remaining debt term would have been 9.7 years. (4) Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026 , except for ARE, which is as of September 30, 2026 .

Limited Outstanding Borrowings Liquidity and Significant Availabilityon Unsecured Senior Line of Credit -in millions $4.6B (in millions) Availability under our unsecured senior line of credit, net of $3,908 amountsoutstanding under our commercial paper program Cash, cash equivalents, and restricted 514 cash Investments in publicly traded 138 companies Liquidity as ofSeptember 30, $4,560 2026 Net Debt and Preferred Stock to Adjusted Fixed-Charge Coverage Ratio(1) EBITDA(1)

Remaining amounts available for Outstanding balance under borrowingunder our unsecured senior ourunsecured senior line of credit line and/orcommercial paper program of credit

6.9x 6.6 x (2) 5.6x to 6.2x 3.4x to 3.9x 3.7x 5.7x Mid-5x Range 3.2x Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Quarter annualized. (2) The pro forma amount reflects the October 23, 2026 sale of our partial interest in the Campus Point by Alexandria joint venture for $475.0 million . Refer to “ Dispositions and Sales of Partial Interests ” in the Earnings Press Release for additional details.

(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, 2026 , we had no outstanding balance on our unsecured senior line of credit . (3) The commercial paper program provides us with the ability to issue up to $2.50 billion of commercial paper notes that bear interest at short- term fixed rates and can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are back-stopped by our unsecured senior line of credit. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at SOFR+0.725% . As of September 30, 2026 , we had $1.09 billion of c ommercial paper notes outstanding. (4) Our junior subordinated notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032 . Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889% , subject to a minimum interest rate of 7.250% . In addition, we may redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032 , and thereafter on any interest payment date. (5) 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 i s 11.2 year s . The commercial paper notes sold during the nine months ended September 30, 2026 were issued at a weighted-average yield to maturity o f 4.19% a nd had a weighted-average maturity term of 14 days . Our total weighted- average remaining term also assumes the full maturity of our junior subordinated notes payable due in 2057 . Pro forma for the potential early redemption of our junior subordinated notes on February 15, 2032 , our total weighted-average remaining debt term would have been 9.7 years.

Average Debt Weighted-Ave… Outstanding Interest Rate September September 30, 30, 2026 2026 ────────────────────────────────────────────────────────────────────────────── Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended Long-term fixed-rate $11,341,163 $11,239,142 4.15% 4.04% debt Short-term variable-r… unsecured senior line 1,915,075 1,945,860 4.21 4.18 of credit and commercial paperprogr… Blended-av… interest 13,256,238 13,185,002 4.16 4.06 rate Loan fee amortizati… and annual facility fee related N/A N/A 0.13 0.13 to unsecured senior line ofcredit Total/weig… $13,256,238 $13,185,002 4.29% 4.19% average

Debt Unsecured Unsecured covenants Senior Notes Senior Line Payable of Credit Debt September September 30, Covenant Requirement 30, 2026 Requirement 2026 Ratios(1) Total Debt to Total ≤ 60% 33% ≤ 60.0% 35.5% Assets Secured Debt to ≤ 40% —% ≤ 45.0% —% Total Assets Consolidat… EBITDA to ≥ 1.5x 5.6x ≥ 1.50x 2.91x Interest Expense Unencumber… Total Asset Value to ≥ 150% 295% N/A N/A Unsecured Debt Unsecured Interest N/A N/A ≥ 1.75x 5.84x Coverage Ratio

(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.

(1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2026 . (3) In October 2026, the unconsolidated real estate joint venture refinanced this debt with a new $22.5 million secured note payable bearing interest at SOFR+1.85% and maturing in October 2030 . As of September 30, 2026 , our investment in this unconsolidated real estate joint venture was $9.9 million . (4) This loan is subject to a SOFR floor of 0.75%.

(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 footnote 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. (4) Refer to footnotes 2, 3, and 5 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In September 2026, we amended and restated our $5.0 billion unsecured senior line of credit which, among other changes, extended the maturity date from January 22, 2030 to January 22, 2032 , including extension options that we control. In addition, the amendment reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835% .

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:

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. Adjusted EBITDA and Adjusted EBITDA margin (continued) 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 investors’ comparison of our business activities across periods without the volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant measure of performance, it does not represent net income (loss) or cash flows from operations calculated and presented in accordance with GAAP, and it should not be considered as an alternative to those indicators in evaluating performance or liquidity. In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total revenues as presented in our consolidated statements of operations. We believe that this supplemental performance measure provides investors with additional useful information regarding the profitability of our operating activities. We are not able to forecast the net income of future periods without unreasonable effort, and therefore do not provide a reconciliation for Adjusted EBITDA on a forward- looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non- real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors.

Advanced technology Advanced technology space serves tech office and non-life- science users whose operations require building characteristics, infrastructure, or systems beyond those typically found in traditional office space. Similar to laboratory space, advanced technology space may require enhanced floor- loading capacity; increased electrical capacity, redundancy, and resilience; greater floor-to-floor heights or clear heights; enhanced freight and loading access; enhanced security features; and specialized HVAC, exhaust, or other critical building systems . Annual rental revenue Annual rental revenue represents the annualized fixed base rental obligations, calculated in accordance with GAAP. It includes the amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements for leases in effect as of the end of the period, related to our operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of 100% of the RSF of our consolidated properties and our share of the RSF of properties held in unconsolidated real estate joint ventures. As of September 30, 2026 , 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, debt premiums (discounts) and interest expense associated with the equity treatment of junior subordinated notes payable. 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, 2026 . 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 and advanced technology 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 generally consist of the permanent change in use of acquired office, warehouse, or shell space into facilities designed for life science innovation or advanced technology. 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 (continued) 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. 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 quarterly dividend per share divided by the closing common stock price at the end of the quarter. 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. Fixed charges equal interest expense calculated in accordance with GAAP plus capitalized interest, plus preferred stock dividends, less amortization of loan fees and debt premiums (discounts), and less any portion of interest expense or preferred stock dividends incurred from any corresponding portion of any hybrid instrument that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding such amounts provides investors with useful supplemental information regarding the effect of that equity-credit treatment on our credit profile and fixed-charge coverage. 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 :

(1) Represents 50% of the interest expense associated with our junior subordinated notes payable, corresponding to the portion of the related amount that key rating agencies treat as equivalent to a common dividend for credit- analysis purposes. We are not able to forecast the net income of future periods without unreasonable effort, and therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes that real estate values diminish over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the Nareit Board of Governors established funds from operations as an improved measurement tool. Since its introduction, funds from operations has become a widely used non-GAAP financial measure among equity REITs. We believe that funds from operations is helpful to investors as an additional measure of the performance of an equity REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our performance to the performance of other real estate companies on a consistent basis, without having to account for differences recognized because of real estate acquisition and disposition decisions, financing decisions, capital structure, capital market transactions, variances resulting from the volatility of market conditions outside of our control, or other corporate activities that may not be representative of the operating performance of our properties. The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”) defines funds from operations as net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of operating real estate assets, and after adjustments for our share of consolidated and unconsolidated partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair value over the recoverability period is less than the carrying value due to changes in general market conditions and do not necessarily reflect the operating performance of the properties during the corresponding period. We compute funds from operations, as adjusted, as funds from operations calculated in accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the provision for expected credit losses on financial instruments, significant termination fees, acceleration of stock compensation expense due to the resignations of executive officers, deal costs, the income tax effect related to such items, and the amount of such items that is allocable to our unvested restricted stock awards. We compute the amount that is allocable to our unvested restricted stock awards with nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested restricted stock awards with nonforfeitable dividends by applying the respective weighted-average shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor funds from operations, as adjusted, should be considered as alternatives to net income (determined in accordance with GAAP) as indications of financial performance, or to cash flows from operating activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the availability of funds for our cash needs, including our ability to make distributions. We are not able to forecast the net income of future periods without unreasonable effort, and therefore do not provide a reconciliation for funds from operations on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’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:

Noncontroll… Interest Share ofConsolida… Our Share of Real Estate Unconsolida… JVs Estate JVs September September 30, 2026 30, 2026 ────────────────────────────────────────────────────────────────────────────── (In Three Nine Three Nine thousands) MonthsEnded MonthsEnded MonthsEnded MonthsEnded Net income $38,754 $109,292 $75 $341 Depreciation and amortization 32,458 93,449 858 2,577 of realestate assets Funds from $71,212 $202,741 $933 $2,918 operations

Gross assets Gross assets are calculated as total assets plus accumulated depreciation :

Incremental annual net operating income on development and redevelopment projects Incremental annual net operating income represents the annualized net operating income expected to be realized upon a project being placed into service and achieving stabilized occupancy . For projects placed into service during the period, the incremental annual net operating income disclosed excludes future incremental annual net operating income from space that was vacant or unleased at delivery. Incremental annual net operating income is calculated as the initial stabilized yield multiplied by the project’s total cost at completion. Initial stabilized yield (unlevered) Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the property. For this calculation, we exclude any tenant- funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment projects are generally expected to increase over time due to contractual annual rent escalations. Our estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion represent our initial estimates at the commencement of the project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected project yields or costs. • Initial stabilized yield reflects rental income, including contractual rent escalations and any rent concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements. • Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property.

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, 2026 , as reported by Bloomberg Professional Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease obligation upon such tenant’s default. We monitor the credit quality and related material changes of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion, which are not immediately reflected in the twelve-month average, may result in their exclusion from this measure. Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. We recognize, measure, present, and disclose these investments as follows:

Statements of Operations Balance Sheet Gains and Losses Carrying Amount Unrealized Realized Difference betweenproceeds received upondisposition and historicalcost Publicly Fair value Changes in tradedcompanies fairvalue Privately held entitieswithout readilydetermi… fairvalues that: Fair value, Changes in NAV, Report NAV using NAVas a asa practical practicalexpedi… expedientto fair value Impairments to reduce coststo fair value, which result inan adjusted Cost, adjusted cost basis Do not report forobservable Observable andthe NAV pricechanges pricechanges(1) differences andimpairments(… betweenproceeds received upondisposition and adjusted orhistorical cost Contributions,a… Our share of for our shareof Our share realized gainsor the ofunrealized losses reported Equity investee’searni… gains orlosses by theinvestee, methodinvestme… or losses,less reported bythe and distributionsre… investee other-than-temp… reduced impairments byother-than-te…

(1) An observable price is a price observed in an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions for the same issuer with similar rights and obligations executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. Investments in real estate The following table reconciles our investments in real estate as of September 30, 2026 :

(In thousands) Investments inReal Estate Gross investments in real estate $35,306,380 Less: accumulated depreciation -6,879,381 Investments in real estate $28,426,999

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, 2026 :

(Dollars in thousands) Book Value Percentage ofGross Assets Projects under active $1,043,255 3% construction Future development projects(1)and land 3,584,278 9 parcels primarily located inMegacampuses Total Class A/A+ development and redevelopment pipeline, 4,627,533 12 excludingproperties held for sale Properties held for sale – land and 480,134 1 development parcels Total Class A/A+ development and $5,107,667 13% redevelopment pipeline

(1) Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes development rights associated with existing operating campuses. The square footage presented in the table below is classified as operating as of September 30, 2026 and excludes properties classified as held for sale . These lease expirations or vacant space at recently acquired properties represent future opportunities for which we intend, 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:

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, to facilitate investors’ 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. 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, 2026 :

Development (Dollars in thousands) Annual RentalRevenue andRedevelopmentPipeline RSF Megacampus $1,485,494 15,575,865 Core and non-core 378,257 3,973,991 Total $1,863,751 19,549,856 Megacampus as a percentage of annual rental revenue andof 80% 80% total development and redevelopment pipeline RSF

Net cash provided by operating activities, as adjusted We use net cash provided by operating activities, as adjusted, as a supplemental measure for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Net cash provided by operating activities, as adjusted, is calculated as net cash provided by operating activities as shown in our consolidated statements of cash flows, adjusted for changes in operating assets and liabilities (as they represent timing differences), and reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from asset sales). We believe net cash provided by operating activities, as adjusted, provides investors with relevant and useful information as it allows investors to evaluate our operating cash flows on a more consistent basis that excludes period-to-period timing differences in operating assets and liabilities (working capital) and reflects cash dividends and distributions paid quarterly. The following table reconciles net cash flows from operating activities, the most directly comparable financial measure presented in accordance with GAAP, to net cash provided by operating activities, as adjusted:

Nine Months Ended (in thousands) 9/30/26 9/30/25 Net cash provided by operating $875,410 $1,101,668 activities Changes in operating assets and 154,064 188,563 liabilities Common stock dividends paid -371,427 -684,419 Distributions to noncontrolling -171,248 -186,725 interests Net cash provided by operating $486,799 $419,087 activities, as adjusted

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 for evaluating our balance sheet leverage. Net debt and preferred stock is calculated at the end of the applicable period and equals total consolidated debt (including secured debt, unsecured senior debt, and junior subordinated debt) plus preferred stock, less cash, cash equivalents, restricted cash, and the portion of any hybrid instrument included in debt or preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding such amounts provides investors with useful supplemental information regarding the effect of that equity-credit treatment on our leverage. 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:

(1) Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable. Net debt and preferred stock to Adjusted EBITDA (continued) We are not able to forecast the net income of future periods without unreasonable effort, and therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Net operating income, net operating income (cash basis), and operating margin The following table reconciles net income (loss) to net operating income and net operating income (cash basis) and computes operating margin:

Net operating income, net operating income (cash basis), and operating margin (continued) 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. 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 for assets held for sale or to their estimated fair value for assets held and used. These impairments result from investing decisions or a deterioration in market conditions or changes in the intended use of a property. 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. Net operating income, net operating income (cash basis), and operating margin (continued) We believe that, to facilitate investors’ clear understanding of our operating results, net operating income should be examined in conjunction with net income or loss as presented in our consolidated statements of operations. Net operating income should not be considered as an alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows as a measure of our liquidity or our ability to make distributions. We are not able to forecast the net income of future periods without unreasonable effort, and therefore do not provide a reconciliation for net operating income on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Operating statistics We present certain operating statistics related to our properties, including number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end of the period. We believe these measures are useful to investors because they facilitate an understanding of certain trends for our properties. We compute the number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at properties classified as held for sale, for all properties in which we have an investment, including properties owned by our consolidated and unconsolidated real estate joint ventures. For operating metrics based on annual rental revenue, refer to the definition of annual rental revenue herein. Same property comparisons As a result of changes within our total property portfolio during the comparative periods presented, including changes from assets acquired or sold, properties placed into development or redevelopment, and development or redevelopment properties recently placed into service, the consolidated total income from rentals, as well as rental operating expenses in our operating results, can show significant changes from period to period. In order to supplement an evaluation of our results of operations over a given quarterly or annual period, we analyze the operating performance for all consolidated properties that were fully operating for the entirety of the comparative periods presented, referred to as same properties. We separately present quarterly and year-to-date same property results to align with the interim financial information required by the SEC in our management’s discussion and analysis of our financial condition and results of operations. These same properties are analyzed separately from properties acquired subsequent to the first day in the earliest comparable quarterly or year-to-date period presented, properties that underwent development or redevelopment at any time during the comparative periods, unconsolidated real estate joint ventures, properties classified as held for sale, and corporate entities (legal entities performing general and administrative functions), which are excluded from same property results. Additionally, termination fees, if any, are excluded from the results of same properties.

Same property comparisons (continued) The following table reconciles the number of same properties to total properties for the nine months ended September 30, 2026 :

Development and redevelopment – under construction Properties 1450 Owens Street 1 701 Dexter Avenue North 1 10200 Campus Point Drive 1 40 Sylvan Road 1 269 East Grand Avenue 1 8800 Technology Forest Place 1 3000 Minuteman Road Building 4 1 7 Development and redevelopment – placed into service or reclassified intooperating afterJanuary 1, 2025 230 Harriet Tubman Way 1 500 North Beacon Street and 4 Kingsbury Avenue 2 10935, 10945, and 10955 Alexandria Way 3 10075 Barnes Canyon Road 1 4135 Campus Point Court 1 99 Coolidge Avenue 1 50 and 60 Sylvan Road 2 311 Arsenal Street 1 3000 Minuteman Road Building 3 1 421 Park Drive 1 14 Acquisitions afterJanuary 1, 2025 Other 2 2 Unconsolidated real estate JVs 3 Properties held for sale 18 Total properties excluded from same properties 44 Same properties 284 Total properties as ofSeptember 30, 2026 328

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 collections Tenant collections represent the percentage of recognized rental income billed during the respective quarter that has been collected as of the date of this report. Rental income from tenants for whom collection is considered not probable is recognized only upon receipt of cash and, accordingly, is included in this calculation only to the extent recognized and collected. 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 are 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 on net income of any significant variability in components of our operating expenses. The following table reconciles income from rentals to tenant recoveries:

Total debt and preferred stock, as adjusted Total debt and preferred stock, as adjusted, is calculated at the end of the applicable period and equals total consolidated debt (including secured debt, unsecured senior, and junior subordinated debt) plus preferred stock, less the portion of any hybrid instrument included in debt or preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding such amounts provides investors with useful supplemental information regarding the effect of that equity-credit treatment on our leverage. The following table reconciles total debt and preferred stock, as adjusted:

(1) Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable. Total equity capitalization Total equity capitalization is equal to the outstanding shares of common stock multiplied by the closing price on the last trading day at the end of each period presented. Total market capitalization Total market capitalization is equal to the sum of total equity capitalization and total debt. Unencumbered net operating income as a percentage of total net operating income Unencumbered net operating income as a percentage of total net operating income is a non- GAAP financial measure that we believe is useful to investors as a performance measure of the results of operations of our unencumbered real estate assets as it reflects those income and expense items that are incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented. The following table summarizes unencumbered net operating income as a percentage of total net operating income:

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. 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.

Full text with the tables

                                                    
  Alexandria Real Estate Equities, Inc. All Rights  
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  Table of Contents   
  September 30, 2026  
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  COMPANY HIGHLIGHTS              Page                                    Page  
  Alexandria's Mission and                                                      
  Cluster                          iii                                          
  Model........................…                                                
  ............                                                                  
  EARNINGS PRESS RELEASE                                                        
  Third Quarter Ended September                                                 
  30,                                                                           
  2026Financial andOperating         1    Consolidated Statements of        10  
  Results......................…          Operations...................…        
  .............................…                                                
  .........                                                                     
  Guidance.....................…          Consolidated Balance                  
  .............................…     4    Sheets.......................…    11  
  .............................                                                 
  Dispositions and Sales of               Funds From Operations and             
  Partial                            8    Funds From Operations per         12  
  Interests....................…          Share                                 
  ............                                                                  
  Earnings Call Information and                                                 
  About the                          9                                          
  Company......................…                                                
  SUPPLEMENTAL INFORMATION                                                      
  Company                                                                       
  Profile......................…    15    External Growth / Investments         
  .............................…          in Real Estate                        
  ................                                                              
  Investor                                                                      
  Information..................…    16    Investments in Real               35  
  .............................…          Estate.......................…        
  ..............                                                                
  Financial and Asset Base                New Class A/A+ Development and        
  Highlights...................…    17    Redevelopment Properties:             
  ........................                                                      
  High-Quality and Diverse                                                      
  Tenant                            19    Recent                            36  
  Base.........................…          Deliveries...................…        
  ............                                                                  
  Internal Operating Metrics              Under                             38  
                                          Construction.................…        
  Key Operating                                                                 
  Metrics......................…    20    Summary of                        40  
  .............................…          Pipeline.....................…        
  ......                                                                        
  Same Property                           Construction                          
  Performance..................…    22    Spending.....................…    44  
  .............................…                                                
  Leasing                                                                       
  Activity.....................…    23    Capitalization of                 45  
  .............................…          Interest.....................…        
  ...................                                                           
  Contractual Lease                       Joint Venture Financial               
  Expirations..................…    24    Information..................…    46  
  .............................…                                                
  Top 20                                                                        
  Tenants......................…    26    Balance Sheet Management              
  .............................…                                                
  ..................                                                            
  Summary of Properties and                                                     
  Occupancy....................…    27    Investments..................…    48  
  ................                                                              
  Property                                                                      
  Listing......................…    29    Balance                           49  
  .............................…          Sheet........................…        
  .................                                                             
                                          Key Credit                        50  
                                          Metrics......................…        
                                          Summary of                        51  
                                          Debt.........................…        
                                          Definitions and                       
                                          Reconciliations                       
                                          Definitions and                   54  
                                          Reconciliations..............…        
                                                                                
                                                                        
  CONFERENCE CALLINFORMATION:                                           
  Tuesday, October 27, 20262:00 p.m.Eastern Time11:00 a.m.Pacific Time  
 ────────────────────────────────────────────────────────────────────── 
  (833) 366-1125(U.S./Canada)(412)                                      
  902-6738(International)                                               
  Ask to join the conference call forAlexandria Real                    
  Estate Equities, Inc.                                                 
  CONTACT INFORMATION:                                                  
  Alexandria Real Estate Equities,                                      
  Inc.corporateinformation@are.com                                      
  JOEL S. MARCUSExecutive Chairman &Founder                             
  PETER M. MOGLIAChief Executive Officer &Chief                         
  Investment Officer                                                    
  MARC E. BINDAChief Financial Officer &Treasurer                       
  PAULA SCHWARTZManaging Director,Rx Communications                     
  Group(917) 633-7790                                                   
                                                                        
                                                         
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  ALEXANDRIA’SMEGACAMPUS™PLATFORM REPRESENTS  
  80%OF OUR ANNUALRENTAL REVENUE              
                                              
ALEXANDRIA: MISSION–DRIVEN COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL
ESTATE WE INVENTED IT. WE DOMINATE IT.
                                                                                
  HIGHEST-QUALITY AND LARGEST ASSET                                             
  BASECLUSTERED IN MISSION-CRITICAL                                             
  MEGACAMPUSESIN THE KEY CENTERS OF                                             
  LIFE                                                                          
  SCIENCE ANDADVANCED TECHNOLOGY                                                
  INNOVATION                                                                    
                                        LEADING TENANT BASE WITHINTHE LIFE      
                                        SCIENCE REAL ESTATE SECTOR              
                                        HIGH-QUALITY, LONG-TERM CASH FLOWS      
                                        PROVEN UNDERWRITING EXPERTISE           
                                        STRONG AND FLEXIBLE BALANCE SHEET       
                                        LONG-TENURED, HIGHLY                    
                                        EXPERIENCEDMANAGEMENT TEAM WITH         
                                        DEEPSECTOR EXPERTISE                    
                                                                                
As of September 30, 2026 . Refer to “Definitions and reconciliations” in the
Supplemental Information for additional details.
                                                        
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  Reserved. ©2026                                       
                                                        
(1) Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews
Drug Discovery, 2020; National Organization for Rare Disorders as cited in The
Wall Street Journal, 2025. (2) Source: PhRMA, “Medicines in Development for
Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease Control and
Prevention, “Heart Disease Facts,” October 24, 2024. Represents the latest
published data, which reflects the U.S. estimate for 2022. (4) Source: National
Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the
latest published data, which reflects 2018–2021 data, not including 2020 due to
lack of collection during the COVID-19 pandemic. (5) Source: Alzheimer’s
Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest
published data, which reflects the U.S. estimate for 2025.
                                                       
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  Reserved. ©2026                                      
                                                       
                                                        
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  Reserved. ©2026                                       
                                                        
                                                         
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  Reserved. ©2026                                        
                                                         
Source: U.S. Food and Drug Administration, September 2026. YTD 3Q26 covers the
period from January 1, 2026 to September 30, 2026. 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.
                                                          
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  Reserved. ©2026                                         
                                                          
AI SUPPORTS – BUT DOES NOT REPLACE – PHYSICAL EXPERIMENTATION DONE IN A LAB AI’s
Impact on Drug Discovery is Constrained By The Complexity of Human Biology
                                                        
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  Reserved. ©2026                                       
                                                        
ALEXANDRIA’S PATH FORWARD
                                                     
  Maintain a Strong andFlexible Balance              
  Sheet,Significant Liquidity, andTargeted Leverage  
  Steadily Improve Occupancyand Increase NOI,        
  Focusingon Leasing to All Sectors ofOur Tenant     
  Base                                               
  Reduce Capital Spend andFunding Needs              
  whilePrioritizing CapitalNecessary to Lease Space  
                                                     
                                                     
  Execute on Cost-EfficientSources of Capital,       
  IncludingLand and Non-CoreDispositions, Sales of   
  PartialInterests, and Other Capitalto Support Our  
  LeverageRatio Targets                              
  Continue to SuccessfullyManage G&A                 
  Maintain Optionality forFuture Growth Focused      
  onMegacampusTMInvestment                           
  Consider Flexible andOpportunistic Share           
  BuybackPlan                                        
                                                     
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  x  
  Reserved. ©2026                                      
                                                       
ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH
SIGNIFICANT LIQUIDITY On track for annualized 4Q26 leverage guidance of 5.6 x to
6.2 x while maintaining $4.6B in liquidity
                                                                                
  SIGNIFICANTLIQUIDITY                   PERCENTAGE OF FIXED-RATEDEBT           
                                         SINCE2022(2)                           
  $4.6B                                  95.5%                                  
  REMAINING DEBT TERM(IN YEARS)(3)       DEBT INTERESTRATE                      
  11.6                                   4.33%                                  
  Longest Among S&P 500 REITs(4)                                                
  4Q26ANNUALIZED GUIDANCE                                                       
  5.6xto6.2x                             3.4xto3.9x                             
  NET DEBT AND PREFERREDSTOCK TO                                                
  ADJUSTED                               FIXED-CHARGECOVERAGE RATIO             
  EBITDA                                                                        
                                                                                
TOP 20% CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS (1) BBB+
Negative WEIGHTED AVERAGE Baa2 Stable As of September 30, 2026 , unless stated
otherwise. Refer to “Definitions and reconciliations” in the Supplemental
Information for additional details. (1) Top 20% 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, 2026
. (2) Represents the average quarterly percentage of fixed-rate debt as of each
quarter-end from January 1, 2022 through September 30, 2026 . (3) Pro forma for
the potential early redemption of our junior subordinated notes payable on
February 15, 2032 , our weighted-average remaining debt term would have been 9.7
years . (4) Sources: S&P Global Market Intelligence, Bloomberg Professional
Services, or company filings as of June 30, 2026 , except for ARE, which is as
of September 30, 2026 .
                                                        
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ALEXANDRIA HAS THE LONGEST DEBT MATURITY PROFILE AMONG S&P 500 REITS: WEIGHTED-
AVERAGE REMAINING DEBT TERM OF 11.6 YEARS (1) 6% OF TOTAL DEBT 28% OF TOTAL DEBT
(2)
(1)
                 
  No Maturities  
  2037–2048      
                 
                                                                                
  Unsecured senior notes    Unsecured senior line      Junior subordinated      
  payable                   of credit andcommercial    notes payable(1)         
                            paper(2)                                            
                                                                                
Debt Maturities by Year ($ in millions) As of September 30, 2026 , unless stated
otherwise. (1) Reflects our junior subordinated notes payable due in 2057 . We
may redeem these notes at 100% of principal plus accrued and unpaid interest
during the period beginning November 17, 2031 and ending on February 15, 2032 ,
and thereafter on any interest payment date. Pro forma for the potential early
redemption of our junior subordinated notes payable on February 15, 2032 , our
weighted-average remaining debt term would have been 9.7 years . (2) Refer to
footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in
the Supplemental Information for additional details.
                                                         
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ALEXANDRIA’S 11.6 -YEAR (1) WEIGHTED-AVERAGE REMAINING DEBT TERM IS THE LONGEST
AMONG S&P 500 REITS AND EXCEEDS 2X THE AVERAGE DEBT TERM FOR THESE REITS 5.4
Years Average Debt Term of other S&P 500 REITs as of June 30, 2026
WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) Sources: S&P Global Market
Intelligence, Bloomberg Professional Services, or company filings. S&P 500 REIT
peer group constituents and peer data are as of June 30, 2026 , except for ARE,
which is as of September 30, 2026 . (1) Our junior subordinated notes payable
have a 30 -year maturity. We can redeem the notes at 100% of principal plus
accrued and unpaid interest during the period beginning November 17, 2031 and
ending on February 15, 2032 , and thereafter on any interest payment date. Pro
forma for the potential early redemption of our junior subordinated notes
payable on February 15, 2032 , our weighted-average remaining debt term would
have been 9.7 years.
                                                          
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2026 SOURCES OF CAPITAL: $1.9B (1) TRANSACTIONS
                                              
  Excludes $1.0B of JuniorSubordinated Notes  
  Completed                                   
                                              
$717M $355M (1) ~ $2.6B Completed & Pending $1.9B Guidance Midpoint $1.55B
                                                   
  Completed & Pending is More Than Required Which  
  MayAllow Us to Defer Some Proceeds Into 2027(2)  
                                                   
Refer to “ Dispositions and sales of partial interests ” in the Earnings Press
Release for additional details. The status of completed and pending transactions
is as of October 26, 2026 . (1) Based on the midpoint of our 2026 guidance range
for dispositions and sales of partial interests . The a mount has been updated
to reflect the $1.0 billion junior subordinated note offering. Actual results
may differ significantly. (2) Refer to “Key sources and uses of capital” under
“2026 Guidance” in the Earnings Press Release for additional details.
                                                         
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  ALEXANDRIA’S CONTINUED FOCUS ON REDUCING CAPITAL   
  SPEND ANDFUNDING NEEDS WHILE PRIORITIZING CAPITAL  
  NECESSARY TO LEASE SPACE                           
                                                     
                                                                                
                                         ALEXANDRIA CENTER® FOR LIFE SCIENCE –  
                                         FENWAY |421 PARK DRIVE                 
  ~$136MILLIONREDUCTION IN                                                      
  FUTURECONSTRUCTION SPEND THROUGH                                              
  EXPECTED SALE TOAN INSTITUTIONAL USER                                         
  339,668RSF; anticipated closing in                                            
  4Q26                                                                          
                                         THE ARSENAL ON THE CHARLES |311        
                                         ARSENAL STREET                         
  ~$220MILLIONREDUCTION IN                                                      
  FUTURECONSTRUCTION SPEND THROUGH                                              
  PIVOT                                                                         
  TO LOWER-COST ADVANCED TECHNOLOGY USE                                         
  339,020RSF project;66,859RSF leased                                           
  and100,684RSF undernegotiation                                                
                                                                                
As of October 26, 2026 .
                                                        
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  SUBSTANTIAL REDUCTION IN LAND AND DEVELOPMENT AND  
  REDEVELOPMENT DRIVESDECREASE IN AVERAGE REAL       
  ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST  
                                                     
AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST ($ IN BILLIONS)
$8.1B $7.0B $6.9B
                                                  
  Development/RedevelopmentUnder Constructionand  
  RepositioningProjects                           
  Land/FutureDevelopment                          
                                                  
$5.9B (1) $3.4B – $4.9B (2) (1) In addition to capitalized interest, we
capitalize other qualifying 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, related costs are expensed as incurred. Annualized capitalized
operating expenses represent approximatel y 2% of the total average real estate
basis subject to capitalization for 3Q26 . (2) The decrease in average real
estate basis from 3Q26 to 4Q26 primarily reflects the cessation of
capitalization for projects at 421 Park Drive on the Alexandria Center ® for
Life Science – Fenway Megacampus and Alexandria Stanford Life Science District,
both of which were classified as held for sale as of September 30, 2026, as well
as a delivered project at Alexandria Center ® for Life Science – Waltham
Megacampus during 3Q26. Refer to “Capitalization of interest” in the
Supplemental Information for additional detail.
                                                         
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  REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE  
  ASSETS                                          
                                                  
Non-Income-Producing Assets (1) as a Percentage of Gross Assets Annual Rental
Revenue (“ARR”) From Non-Core Assets as a Percentage of Total ARR (2) 20% 17%
                                              
  Development/RedevelopmentUnderConstruction  
  Land/FutureDevelopment                      
                                              
9% to 11% 11% to 16% 12% Refer to “Definitions and reconciliations” in the
Supplemental Information for additional details. (1) Excludes land and
development parcels classified as held for sale which represented approximately
1% of total non-income-producing assets as of September 30, 2026 , compared with
approximately 1% as of December 31, 2025 and 2024. (2) Represents non-core
assets outside of our Megacampus ecosystems.
                                                          
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FOCUS ON STEADY IMPROVEMENT IN OCCUPANCY AND NOI + 3.7% future benefit to
occupancy from 1.3 million RSF of leased space not yet occupied as of 3Q26 (1)
FOCUS ON INCREASING OCCUPANCY and CASH FLOWS through LEASING BEST ASSETS in the
BEST LOCATIONS BEST LEASING TEAMS SECTOR-FOCUSED LEASING TEAMS WITH DEEP TENANT
RELATIONSHIPS THE ALEXANDRIA MEGACAMPUSES ™ (1) Represents 1.3 million RSF of
leases executed but not occupied as of September 30, 2026 , with a weighted-
average future expected occupancy date of approximately June 2027 . These leases
are expected to generate annual rental revenue of approximately $52 million . We
expect 32% of the total 1.3 million RSF to be delivered by December 31, 2026 .
                                                           
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  3Q26 TOTAL LEASING VOLUME EXCEEDS1.2MRSFAND        
  EXCEEDS 1Q25–2Q26 AVERAGE DRIVEN BYSTRONG LEASING  
  OF VACANT SPACELargest Total Quarterly Volume      
  Since 4Q24                                         
                                                     
                                          
  SUBSTANTIAL TOTALLEASING VOLUMEIN 3Q26  
  1.2MRSFLEASED IN 3Q26                   
  +256K RSFABOVE 1Q25–2Q26AVERAGEUP26%    
                                          
                          
  980RSF1Q25–2Q26AVERAGE  
                          
QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS)
                                                         
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  TENANTS CONTINUE TO MAKE LONG-TERM LEASE            
  COMMITMENTSWITH ALEXANDRIAYTD 3Q26 leases executed  
  at a10.9-year weighted-average term                 
                                                      
                                                    
  WEIGHTED-AVERAGE TERMOF LEASES SIGNED INYTD 3Q26  
  10.9YEARS                                         
  ONE OF THE LONGESTLEASE TERMS INA DECADE          
  21%                                               
  ABOVE 2017–2025AVERAGE LEASE TERMOF9.0YEARS       
                                                    
                            
  9.0Years2017–2025AVERAGE  
                            
WEIGHTED AVERAGE LEASE TERMS (IN YEARS)
                                                        
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SOLID 3Q26 LEASING VOLUME DRIVEN BY STRONG LEASING OF VACANT SPACE Second-
Highest Quarterly Leasing of Previously Vacant Space in Company History in 3Q26
1,250 1,236 1,039 647 (1)
                                                                                
  Renewals &         Development &       Previously Vacant    Projected Total   
  Re-leasing         Redevelopment                            Leasing           
                                                                                
QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) Refer to “Leasing activity” in
the Supplemental Information for additional details. (1) The projected 4Q26
leasing volume is an estimate based on our current assessment of a range of
potential leasing outcomes, subject to ongoing negotiations. These assumptions
are inherently uncertain, and some or all of the contemplated transactions may
not be executed by December 31, 2026, or at all. Accordingly, actual results may
differ materially from this estimate. Refer to the “Forward-Looking Statements”
in the Earnings Press Release for additional details.
                                                         
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  Reserved. ©2026                                        
                                                         
ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS 74% of our leasing
activity during the last twelve months was generated from our existing tenant
base (1) (2) (3) (4) 3Q26 Leasing Volume by Tenant Type (% of 3Q26 Total RSF
Leased) Percentage of Alexandria’s Annual Rental Revenue (as of September 30,
2026) Refer to “Definitions and reconciliations” in the Supplemental Information
for additional details, including the definition of annual rental revenue. (1)
Includes one 20 -year lease to a non-life science tenant in our Research
Triangle market. (2) Represents the percentage of our annual rental revenue
generated by professional services, finance, construction/real estate companies,
and retail-related tenants. (3) 89% of our annual rental revenue from advanced
technologies tenants is from investment-grade or publicly traded large cap
tenants. (4) 80% of our annual rental revenue from biomedical institutions is
from investment-grade or publicly traded large cap tenants.
                                                          
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ALEXANDRIA’S OCCUPANCY PERFORMANCE IN ITS TOP 3 MARKETS HAS SIGNIFICANTLY
EXCEEDED OVERALL MARKET OCCUPANCY AS OF 3Q26 (1)
                                   
  81.0%    75.3%    +    570  bps  
  89.7%    77.6%    +  1,210  bps  
  87.1%    74.7%    +  1,240  bps  
                                   
(1) Source: Alexandria’s proprietary market database. Represents the occupancy
in the Greater Boston, San Diego, and San Francisco Bay Area markets as of
September 30, 2026 .
                                                           
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CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES ARE generates almost 2x the NOI
per G&A expense on average compared to S&P 500 REITs
                                                                               
  7.5%                 14.3%                                                   
  Alexandria3Q26(1)    S&P 500 REIT(2)Average 2023–2025(excluding Alexandria)  
                                                                               
GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME (3)
(1) Trailing twelve months ended September 30, 2026 . (2) Source for S&P 500
REIT data: S&P Global Market Intelligence. (3) Refer to “Net operating income”
under “Definitions and reconciliations” in the Supplemental Information for
additional details.
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  1  
  Reserved. ©2026                                      
                                                       
Alexandria Real Estate Equities, Inc. Reports 3Q26 and YTD 3Q26 Net Loss per
Share – Diluted of $3.74 and $2.06 , respectively, and 3Q26 and YTD 3Q26 FFO per
Share – Diluted, as Adjusted, o f $1.54 and $5.00 , respectively PASADENA,
Calif. – October 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the third quarter ended September
30, 2026 .
                  
  KEY HIGHLIGHTS  
                  
                                                                                
  Operating results                 3Q26          3Q25    YTD 3Q26    YTD 3Q25  
  Net loss attributable to                                                      
  Alexandria’s                                                                  
  common stockholders –                                                         
  diluted:                                                                      
  In millions                   $(638.5)  -1  $(234.9)    $(351.4)    $(356.1)  
  Per share                      $(3.74)       $(1.38)     $(2.06)     $(2.09)  
  Funds from operations                                                         
  attributable to                                                               
  Alexandria’s common                                                           
  stockholders –                                                                
  diluted, as adjusted:                                                         
                                                                                
  In millions                     $264.4        $377.8      $856.5    $1,166.3  
  Per share                        $1.54         $2.22       $5.00       $6.85  
                                                                                
(1) Includes $637.9 million of real estate impairment charges related to assets
held for sale for 3Q26. Refer to “Funds from operations and funds from
operations per share” in the Earnings Press Release for details.
                                                      
  A best-in-class REIT with a high-quality and        
  diverse tenant base, strong margins, andlong lease  
  terms                                               
                                                      
                                                                      
  (As of or for the three months endedSeptember 30,                   
  2026, unless stated otherwise)                                      
 ──────────────────────────────────────────────────────────────────── 
  Occupancy of operating properties                     87.1%         
  Occupancy of operating properties, including          90.8%         
  executed leases with future occupancy                               
  Percentage of annual rental revenue in effect from      80%         
  Megacampus platform                                                 
  Percentage of annual rental revenue in effect from                  
  investment-grade or publiclytraded large cap            57%         
  tenants                                                             
  Operating margin                                        66%         
  Adjusted EBITDA margin                                  65%         
  Percentage of leases containing annual rent             97%         
  escalations                                                         
  Weighted-average remaining lease term:                              
  All tenants                                             7.7  years  
  Top 20 tenants                                         10.0  years  
  Strong3Q26tenant collections:                                       
  3Q26rents and receivables collected as ofOctober      99.9%         
  26, 2026                                                            
                                                                      
                                                      
  Strong and flexible balance sheet with significant  
  liquidity;top 20%credit rating rankingamong all     
  publicly traded U.S. REITs; long-duration           
  remaining debt term (as of9/30/26)                  
                                                      
• $21.01 billion in total market capitalization and $8.11 billion in total
equity capitalization . • Net debt and preferred stock to Adjusted EBITDA: •
4Q26 annualized target: 5.6x – 6.2x . • 3Q26 annualized: 6.9x ; 6.6x on a pro
forma basis reflecting the October 2026 closing of the sale of our partial
interest in the Campus Point by Alexandria joint venture. • S ignificant
liquidity of $4.56 billion a nd closed extension of our $5.0 billion unsecured
senior line of credit to 2032 . • O nly 6% of our total debt matures through
2028 . • 11.6 -year weighted-average remaining debt term , the longest among S&P
500 REITs. • T otal debt and preferred stock, as adjusted, to gross assets of
30% . • I ntermediate-term goal for leverage: mid-5x range .
                                                      
  Solid3Q26total leasing volume exceeding1.2          
  millionRSF;highesttotal quarterly volumesince 4Q24  
                                                      
• 3Q26 total leasing volume surpassed 1.2 million RSF , exceeding the 1Q25–2Q26
quarterly average of 979,822 RSF by approximately 256,000 RSF, and representing
the highest quarterly volume since 4Q24. • Includes 450,961 RSF of leasing of
previously vacant space, the second-highest quarterly amount in company history.
• 74% of our leasing activity during the last twelve months was generated from
our existing tenant base.
                                                                                
  Leasing Volume in RSF:             3Q26         2Q26       1Q26     YTD 3Q26  
  Leasing of previously           450,961      329,148    148,734      928,843  
  vacant space                                                                  
  Leasing of development                                                        
  andredevelopment                      —       68,771    117,935      186,706  
  space                                                                         
                                  450,961      397,919    266,669    1,115,549  
  Lease renewals and              785,069      640,998    380,687    1,806,754  
  re-leasing of space                                                           
  Total leasing volume          1,236,030    1,038,917    647,356    2,922,303  
  Lease renewals and                                                            
  re-leasing of space:                                                          
  Rental rate changes              (2.4)%       (0.7)%    (15.0)%       (5.1)%  
  Rental rate changes (cash        (3.3)%       (4.3)%    (15.8)%       (6.9)%  
  basis)                                                                        
                                                                                
                                             
  Ongoing execution of Alexandria’s capital  
  recycling strategy                         
                                             
We plan to continue funding a significant portion of our capital requirements
for the year ending December 31, 2026 through dispositions of land, non-core
dispositions, and sales of partial interests. In October 2026, we completed the
sale of an approximately 29% noncontrolling interest in Campus Point by
Alexandria Megacampus for $475.0 million to a new joint venture partner.
                                                                     
  Sources of capital: transactions                      Sales Price  
  (dollars in millions)                                              
  Non-core and land dispositions                               $242  
  Sales of partial interests                                    475  
  Completed as ofOctober 26, 2026                               717  
  Pending transactions subject to:                                   
  Non-refundable deposits                                       355  
  Signed letters of intent and/or purchase and sale           1,548  
  agreement late-stage negotiations                                  
                                                              2,620  
  Proceeds from dispositions and sales of partial                    
  interests in excess of 2026 guidancemidpoint which           -720  
  may be deferred into 2027                                          
  2026 guidance midpoint fordispositions and sales           $1,900  
  of partial interests                                               
                                                                     
Refer to “Definitions and reconciliations” in the Supplemental Information.
                                                       
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  Third Quarter Ended September 30, 2026Financial and Operating Results         
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
                                                                                
                                                 
  Occupancy of operating properties and leasing  
  progress                                       
                                                 
                                                                
  Occupancy of operating properties as ofJune 30,               
  2026                                               86.9%      
 ────────────────────────────────────────────────────────────── 
  Key changes to occupancy of operating properties:             
  Reclassification of339,020RSF at 311 Arsenal                  
  Street from redevelopment tooperating in 3Q26,      -0.9  -1  
  including167,543RSF of executed leases and leases             
  undernegotiation for space not yet delivered                  
  Reclassification of held-for-sale properties with    0.6      
  vacancy                                                       
  Net increase in occupancy primarily due to lease     0.5      
  commencements during 3Q26                                     
  Occupancy of operating properties as ofSeptember    87.1      
  30, 2026                                                      
  Vacant operating space with executed leases and      3.7  -2  
  future occupancy                                              
  Occupancy of operating properties as ofSeptember              
  30, 2026, including executedleases with future     90.8%      
  occupancy                                                     
                                                                
(1) Refer to “Resolution of certain construction projects under evaluation and
reduction of capital spend and funding needs” in this Earnings Press Release for
additional details. (2) Represents executed leases aggregating 1.3 million RSF
within our operating portfolio, with occupancy expected upon completion of
building and/or tenant improveme nts. The weighted-average expected occupancy
date is approximately June 2027 , with expected annual rental revenue of
approximately $52 million . We expect 32% of the total 1.3 million RSF to be
occupied by December 31, 2026 . The RSF presented excludes 686 thousand RSF of
pre-leased space related to development and redevelopment projects under
construction with future delivery. Refer to “ New Class A/A+ development and
redevelopment properties: under construction” in the Supplemental Information
for additional details. KEY OPERATING METRICS
                                                                  
  Operating metrics                     3Q26        YTD 3Q26      
  Same property performance:                                      
  Net operating income changes          (6.7)%  -1  (9.2)%    -1  
  Net operating income changes (cash    (2.8)%  -1  (8.4)%    -1  
  basis)                                                          
  Occupancy – current-period average    88.1%       88.6%         
  Occupancy – same-period prior-year    91.7%       92.8%         
  average                                                         
                                                                  
Refer to “ Same property comparisons ” and “Net operating income” under
“Definitions and reconciliations” in the Supplemental Information for additional
details and their respective reconciliations from the most directly comparable
financial measures presented in accordance with GAAP. (1) The decline was due to
a decrease in same property occupancy, primarily driven by previously disclosed
key lease expirations with expected downtime aggregating 282,878 RSF and 1.2
million RSF in 3Q26 and YTD 3Q26 , respectively, with weighted-average lease
expiration dates of August 2026 and April 2026 , re spectively.
                                                     
  Resolution of certain construction projects under  
  evaluation and reduction of capitalspend and       
  funding needs                                      
                                                     
• We entered into a purchase and sale agreement with an institutional user for
the sale of 421 Park Drive on the Alexandria Center ® for Life Science – Fenway
Megacampus, aggregating 339,668 RSF, which represents substantially all of our
development project at this location . The disposition is expected to generate
significant sales proceeds and to reduce future potential construction spend by
approximate ly $136 million , with closing anticipated in 4Q26.
                                                     
  Resolution of certain construction projects under  
  evaluation and reduction of capitalspend and       
  funding needs (continued)                          
                                                     
• We have executed leases of 66,859 RSF and have additional leases under
negotiation of 100,684 RSF for advanced technology use at our project at 311
Arsenal Stree t on The Arsenal on the Charles Megacampus. This activity enables
us to pivot the redevelopment project to a lower-cost advanced technology use,
reducing future potential construction spend by approximately $220 million . As
a result of this leasing progress, the entire project aggregating 339,020 RSF
was reclassified from redevelopment to operating as of 3Q26. • We continue to
evaluate the business and financial strategy for three remaining projects
aggregating 667,002 RSF , including options that could further reduce future
construction funding requirements. • Non-income-producing assets for 3Q26 are
12% of gross assets, a reduction of 800 bps since 4Q24.
                                                      
  Alexandria’s development and redevelopment          
  pipeline delivered incremental annual netoperating  
  income of$40 millionduring3Q26, with an             
  additional$85 millionexpected fromprojects to be    
  delivered by4Q28                                    
                                                      
• During 3Q26, we placed into service 529,061 RSF of development and
redevelopment projects across multiple submarkets. The projects were 84%
occupied at delivery and generated incremental annual net operating income
aggregating $40 million . 3Q26 key deliveries included: • 198,992 RSF to Novo
Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria Center ® for Life
Science – Waltham Megacampus. • 174,662 RSF at 99 Coolidge Avenue located on a
Megacampus in Watertown. • Annual net operating income (cash basis) from
recently delivered projects is expected to increase by $67 million upon the
burn-off of initial free rent, which has a weighted-average remaining period of
approximately four months . • 80% of the RSF in our total development and
redevelopment pipeline is within our Megacampus ecosystems.
                                                                                
  Development and    IncrementalAnnual                                          
  RedevelopmentP…         NetOperating            RSF    Occupied/Leased…       
                                Income                                          
  (dollars in                                                                   
  millions)                                                                     
  Placed into                                                                   
  service:                                                                      
  1H26                             $58        532,219                      91%  
  3Q26                              40        529,061                       84  
  Placed into                                                                   
  service inYTD                    $98  -1  1,061,280                      87%  
  3Q26                                                                          
  Expected to be                                                                
  placed into                                                                   
  service:(2)                                                                   
  2027                             $24        905,582    77%                    
  2028                              61                                          
                                   $85                                          
                                                                                
(1) Excludes future incremental annual net operating income from spaces placed
into service that were vacant and/or unleased at delivery. (2) Excludes 667,002
RSF of redevelopment projects currently under evaluation.
                                                       
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  Third Quarter Ended September 30, 2026Financial and Operating Results         
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
                                                                                
                                                  
  Continued successful management of general and  
  administrative expenses                         
                                                  
• For the trailing twelve months ended September 30, 2026 , our general and
administrative expenses represented 7.5% of net operating income, nearly half
the average of other S&P 500 REITs for 2023–2025 . • Compared to 2024, we
continue to expect approximately $76 million of cumulative general and
administrative expense savings for the two-year period 2025 and 2026 (based on
the midpoint of our 2026 guidance range). Some of the cost savings in 2025 were
temporary, and approximately half of the cost reductions achieved in 2025 are
expected to continue in 2026 (based on the midpoint of our 2026 guidance range).
                      
  Key capital events  
                      
• In August 2026, we completed a public offering of $1.00 billion aggregate
principal amount of 7.250% Series A fixed-to-fixed reset rate junior
subordinated notes due 2057 . The notes will initially bear interest at 7.250%
per year through, but excluding, February 15, 2032 . Thereafter, the interest
rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%
, subject to a minimum interest rate of 7.250% . We may elect to defer interest
payments for up to five consecutive years, subject to the terms of the notes,
including certain restrictions on paying dividends and repurchasing equity. We
may also redeem at 100% of principal plus accrued and unpaid interest during the
period beginning November 17, 2031 and ending on February 15, 2032 , and
thereafter on any interest payment date . This issuance supports our liquidity,
capital structure, and deleveraging objectives while receiving 50% equity
treatment from key rating agencies for purposes of the computations of leverage,
fixed charges, and other credit metrics. • In September 2026, we closed our
amended and restated $5.0 billion unsecured senior line of credit which, among
other changes, extended the maturity date from January 22, 2030 to January 22,
2032 , including extension options that we control. The amendment also reduced
the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835% . In
connection with the amendment, we recognized a loss on early extinguishment of
debt of approximately $3.3 million related to the partial write-off of
unamortized loan fees. • Under our common stock repurchase program authorized in
December 2025, we may repurchase up to $500.0 million of our common stock
through December 31, 2026 . As of September 30, 2026 , no shares have been
repurchased under this program and $500.0 million remains available for future
share repurchases .
                                                    
  Dividend strategy to share net cash flows from    
  operating activities with stockholderswhile       
  retaining a significant portion for reinvestment  
                                                    
• Common stock dividend declared of $0.72 per share for 3Q26 , consistent with
the preceding quarter. The declared dividend per common share reflects our
commitment to maintaining the strength of our balance sheet, enhancing financial
flexibility, supporting liquidity, and sharing cash flows with our stockholders.
• Significant net cash provided by operating activities, as adjusted, retained
for reinvestment aggregating $2.55 billion for the years ended December 31, 2022
through 2025 and the midpoint of our 2026 guidance range . • Dividend yield of
6.1% as of September 30, 2026 and dividend payout ratio of 47% for the three
months ended September 30, 2026 .
               
  Investments  
               
• As of September 30, 2026 : • Our non-real estate investments aggregated $1.74
billion . • Unrealized gains presented in our consolidated balance sheet were
$243.9 million , comprising gross unrealized gains and losses aggregating $322.4
million and $78.5 million , respectively. • Investment income of $24.0 million
for 3Q26 , presented in our consolidated statement of operations, consisted of
$16.0 million of realize d gains , $21.6 million of unrealized gains , and $13.6
million of impairment charges .
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  4  
  Reserved. ©2026                                      
                                                       
                                                   
  2026 Guidance                                    
  September 30, 2026                               
 ───────────────────────────────────────────────── 
  (Dollars in millions, except per share amounts)  
                                                   
Guidance for 2026 has been updated to reflect our current view of existing
market conditions and assumptions for the year ending December 31, 2026 . There
can be no assurance that actual results will not be materially higher or lower
than these expectations. Our guidance for 2026 is subject to a number of
variables and uncertainties. Refer to our discussion of “forward-looking
statements” on page 9 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.
                                                                                
  Projected2026Funds                                                            
  From Operations                                                               
  per                                                                           
  Share Attributable    As of 10/26/26      As of 8/3/26    Key Changes         
  to Alexandria’s                                                               
  Common                                                                        
  Stockholders –                                                                
  Diluted                                                                       
  Funds from                                                No change to the    
  operations per        $6.38 to $6.42    $6.35 to $6.45    midpoint,range      
  share, as                                                 narrowed by6 cents  
  adjusted(1)                                                                   
  Midpoint                       $6.40             $6.40                        
                                                                                
                                                                                
  Key Credit Metrics        As of 10/26/26    As of 8/3/26    Key Changes       
  Targets                                                                       
  Net debt and preferred                                                        
  stock to Adjusted         5.6x to 6.2x      5.6x to 6.2x    No Change         
  EBITDA –4Q26annualized                                                        
  Fixed-charge coverage                                                         
  ratio                     3.4x to 3.9x      3.6x to 4.1x    0.2xreduction(2)  
  –4Q26annualized                                                               
                                                                                
                                                                                
                As of                                                    As of  
             10/26/26                                                 8/3/26M…  
  Key                                                                           
  Sources                                      Certain…                         
  and           Range              Midpoint    Items                            
  Uses of                                                                       
  Capital                                                                       
  Sources                                                                       
  of                                                                            
  capita…                                                                       
  Net                                                                           
  cash                                                                          
  provid…                                                                       
  by             $475      $575        $525                               $525  
  operat…                                                                       
  activi…                                                                       
  as                                                                            
  adjust…                                                                       
  Dispos…                                                                       
  and                                                                           
  sales         1,100     2,700       1,900                     -3       2,900  
  of                                                                            
  partial                                                                       
  intere…                                                                       
  Total                                                                         
  sources      $1,575    $3,275      $2,425                             $3,425  
  of                                                                            
  capital                                                                       
  Uses of                                                                       
  capita…                                                                       
  Constr…      $1,500    $2,000      $1,750                             $1,750  
  Reduct…                                                                       
  in               75     1,275         675              See below       1,675  
  unsecu…                                                                       
  debt                                                                          
  Total                                                                         
  uses of      $1,575    $3,275      $2,425                             $3,425  
  capital                                                                       
  Reduct…                                                                       
  in                                                                            
  unsecu…                                                                       
  debt                                                                          
  (inclu…                                                                       
  above):                                                                       
  Repaym…                                                                       
  of                                                                            
  unsecu…                                                                       
  senior                                                                        
  notes          $650      $650        $650                   $650        $650  
  payable                                                                       
  with                                                                          
  2026                                                                          
  maturi…                                                                       
  Tender                                                                        
  offers                                                                        
  for                                                                           
  partial                                                                       
  princi…                                                                       
  repaym…         952       952         952                   $952         952  
  of                                                                            
  unsecu…                                                                       
  senior                                                                        
  notes                                                                         
  payable                                                                       
  Issuan…                                                                       
  of                                                                            
  unsecu…        -750      -750        -750                 $(750)        -750  
  senior                                                                        
  notes                                                                         
  payable                                                                       
  Issuan…                                                                       
  of                                                                            
  junior       -1,000    -1,000      -1,000               $(1,000)           —  
  subord…                                                                       
  notes                                                                         
  payabl…                                                                       
  Unsecu…                                                                       
  senior                                                                        
  line of                                                                       
  credit,         223     1,423         823                                823  
  commer…                                                                       
  paper,                                                                        
  and                                                                           
  other                                                                         
  Reduct…                                                                       
  in              $75    $1,275        $675                             $1,675  
  unsecu…                                                                       
  debt                                                                          
                                                                                
Refer to “Definitions and reconciliations” in the Supplemental Information for
additional details on key credit metrics. (1) Refer to “ Funds from operations
and funds from operations, as adjusted, attributable to Alexandria Real Estate
Equities, Inc.’s common stockholders ” under “Definitions and reconciliations”
in the Supplemental Information for additional details . (2) Reduction primarily
reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate
junior subordinated notes due 2057 , as further discussed in footnote 3 below.
(3) In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed
reset rate junior subordinated notes due 2057 , allowing us to reduce the
midpoint of our 2026 dispositions and sales of partial interests guidance by
$1.0 billion . The proceeds from this issuance support our capital structure and
deleveraging objectives, and the notes receive 50% equity treatment from key
rating agencies for the computation of key credit metrics. Refer to the Earnings
Press Release in the Supplemental Information for additional details. We do not
anticipate the issuance of any common equity during 2026. As of October 26,
2026, completed dispositions and sales of partial interests aggregated $716.8
million , our share of pending dispositions and sales of partial interests
subject to non-refundable deposits aggregated $355.4 million and signed letters
of intent and/or purchase and sale agreement late-stage negotiations aggregated
$1.55 billion . These transactions aggregate approximately $2.62 billion ,
exceeding the $1.90 billion midpoint of our 2026 guidanc e and potentially
providing advanced funding of our 2027 capital needs, whereby certain
dispositions and sales of partial interests may be completed in 2026 with
proceeds deferred or available to be drawn in 2027, subject to timing and market
conditions. (4) We continue to apply a disciplined approach to reduce
construction spending for 2027 and seek to prioritize leased projects with high
incremental returns. We expect 2027 construction spending to primarily focus on:
(i) revenue- and non- revenue-enhancing capital expenditures, which are expected
to represent the majority of spend, approximately half of which is associated
with space that is already leased or under lease negotiations, in order to
support the leasing of vacant space and renewals and re-leasing of space at our
operating properties and (ii) construction spending required to complete our
development and redevelopment projects that are expected to stabilize through
2028 and are 77% leased/negotiating.
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  5  
  Reserved. ©2026                                      
                                                       
                             
  2026 Guidance (continued)  
  September 30, 2026         
 ─────────────────────────── 
  (Dollars in millions)      
                             
                                                                                
                      As of                                        Key          
                   10/26/26              As of 8/3/26              Changesto    
                                                                   Midpoint     
  Key                   Low      High             Low      High                 
  Assumptio…                                                                    
  Occupancy                                                                     
  of                                                                            
  operating                                                                     
  properties          86.2%     87.8%           86.2%     87.8%    No Change    
  as of                                                                         
  December                                                                      
  31,2026                                                                       
  Same                                                                          
  property                                                                      
  performan…                                                                    
  Net                                                                           
  operating         (10.5)%    (8.5)%         (10.5)%    (8.5)%                 
  income                                                                        
  changes                                                                       
  Net                                                                           
  operating                                                                     
  income            (10.5)%    (8.5)%         (10.5)%    (8.5)%                 
  changes                                                                       
  (cash                                                                         
  basis)                                                                        
  Lease                                                                         
  renewals                                                                      
  and                                                                           
  re-leasing                                                                    
  of space:                                                                     
  Rental                                                                        
  rate               (9.0)%    (1.0)%          (9.0)%    (1.0)%                 
  changes                                                                       
  Rental                                                                        
  rate                                                                          
  changes           (15.0)%    (7.0)%         (15.0)%    (7.0)%                 
  (cash                                                                         
  basis)                                                                        
  Straight-…                                                       $5           
  rent                  $40       $70             $45       $75    millionred…  
  revenue                                                                       
  General                                                                       
  and                  $134      $154            $134      $154    No Change    
  administr…                                                                    
  expenses                                                                      
  Capitaliz…                                                                    
  of                   $220      $260            $220      $260                 
  interest                                                                      
  Interest             $260      $300            $260      $300    No           
  expense                                                          Change(2)    
  Realized                                                                      
  gains on                                                         $10          
  non-real              $50       $80             $60       $90    millionred…  
  estate                                                                        
  investmen…                                                                    
                                                                                
(1) Reduction driven primarily by write-offs and reserves of deferred rent
related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35
million reduction in funds from operations related to potential tenant wind-
downs, of which approximately $30 million was recognized YTD through 3Q26,
including approximately $16 million recognized in 3Q26. (2) We expect 2026
interest expense to be near the high-end of the range, reflecting, in part,
interest expense associated with the $1.0 billion issuance of junior
subordinated notes in August 2026. (3) Represents realized gains and losses
included in funds from operations per share – diluted, as adjusted. Excludes
unrealized gains and losses and significant gains and impairments realized on
non-real estate investments, if any. The midpoint of our revised guidance range
for 2026 realized gains on non-real estate investments was reduced by $10
million , primarily due to certain transactions previously expected to close in
2026 that are now expected to close in 2027 . Refer to “Investments” in the
Supplemental Information for additional details.
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  6  
  Reserved. ©2026                                      
                                                       
                             
  2026 Guidance (continued)  
  September 30, 2026         
 ─────────────────────────── 
                             
Summary of key items that may impact 2026 and 2027 results 1) Potential tenant
wind-downs • Our 2026 guidance includes a $30 million to $35 million reduction
in funds from operations for potential tenant wind-downs, of which approximately
$30 million was recognized during the nine months ended September 30, 2026 ,
including approximately $16 million recognized in 3Q26. • Based upon current
market conditions, we preliminarily estimate at least a similar level of
reduction in funds from operations may be necessary in 2027. • Depending on the
timing and magnitude of the specific tenant wind-downs, we anticipate that 2027
occupancy may also be negatively impacted. 2) Development-related other income •
During the nine months ended September 30, 2026 , we recognized development fees
and other related revenues of approximately $8.0 million , or $11 million
annualized , most of which are expected to cease by the end of 2026 as we
complete the respective projects. 3) Development and redevelopment projects
under business and financial strategy evaluation • W e have three redevelopment
projects for which the business and financial strategies continue to be
evaluated, including whether to continue construction of laboratory
improvements, pause construction, pursue lower-investment construction
alternatives (including a pivot to advanced technology use), or pursue a
disposition. Refer to “New Class A/A+ development and redevelopment properties:
under construction” in the Supplemental Information for additional details. • If
we elect to continue to pursue construction of laboratory improvements for these
projects, the earliest deliveries of these projects are in 2028. • If we elect
to pursue lower-investment construction alternatives (including a pivot to
advanced technology use), we expect these projects would have lower rental rates
and stabilized yields compared to our initial underwriting. The incremental
capital required for alternative-use construction and corresponding rental rates
earned are generally lower than those associated with laboratory improvements. •
As of 3Q26, we have executed leases for 66,859 RSF and have additional leases
under negotiation for 100,684 RS F for advanced technology use at our project at
311 Arsenal Street in The Arsenal on the Charles Megacampus. This activity
enables us to pivot the redevelopment project to a lower-cost alternative use at
lower rental rates and stabilized yields than our initial underwriting.
Therefore, we placed this project, aggregating 339,020 RSF, i nto operation
during 3Q26 and included it in our operating occupancy as of September 30, 2026.
Refer to the Earnings Press Release and “Leasing Activity” in the Supplemental
Information for additional details. • In addition, we entered into a purchase
and sale agreement with an institutional user for the sale of our development
project at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway
Megacampus aggregating 339,668 RSF . The disposition is expected to close in
4Q26, resulting in significant sales proceeds and reducing future construction
spending by approximately $136 million . 4) Capitalization of interest • Our
average real estate basis capitalized during 3Q26 was $5.87 billion . As of
September 30, 2026, our real estate basis that continued to qualify for
capitalization declined to $4.46 billion , primarily driven by the cessation of
capitalization on our projects at 421 Park Drive on the Alexandria Center ® for
Life Science – Fenway Megacampus and Alexandria Stanford Life Science District,
both of which were classified as held for sale as of September 30, 2026, as well
as a delivered project at Alexandria Center ® for Life Science – Waltham
Megacampus in September 2026. During 4Q26, we expect the average real estate
basis capitalized to range from $3.4 billion to $4.9 billion . Refer to
“Capitalization of interest” in the Supplemental Information for additional
detail . • At each milestone date, we 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 potential dispositions or sales of partial
interests of these real estate assets. If we cease the 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, are expensed as
incurred. During 3Q26 , annualized capitalized operating expenses represented
approximately 2% of the total average real estate basis subject to
capitalization. 5) 2027 Key lease expirations
                                                                                
  2027 Key Lease                                                                
  Expirations                                                                   
  RSF                Annual              Weighted-Averag…    Weighted-Average…  
                     RentalRevenue       Date                                   
  1,377,960          $100.5 million      March 2027          9to24months        
                                                                                
• We estimate that 1.4 million RSF of leases expiring in 2027, with
approximately $100.5 million of annual rental revenue, will have downtime after
lease expiration. These 2027 expirations have a weighted-average contractual
lease expiration date in March 2027 and an expected weighted-average downtime
ranging from 9 to 24 months . Refer to “Contractual lease expirations” in the
Supplemental Information for additional details. We expect to introduce 2027
guidance and related key assumptions, and 2027 key sources and uses of capital
at our Investor Day on December 2, 2026, consistent with our historical
practice.
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  7  
  Reserved. ©2026                                      
                                                       
                             
  2026 Guidance (continued)  
  September 30, 2026         
 ─────────────────────────── 
                             
Summary of key items that may impact 2027 and 2028 results The following key
considerations for 2027 and 2028 reflect our preliminary expectations based on
current market conditions. These expectations could change materially and are
subject to a variety of factors, including industry, governmental, geopolitical,
and macroeconomic conditions, including changes in interest rates, as well as
other factors described in our SEC filings, including our most recent annual
report on Form 10-K and any subsequent quarterly reports on Form 10-Q. 1)
Operating occupancy • For the year ending December 31, 2027, we expect average
operating occupancy to temporarily decline relative to our projected operating
occupancy as of December 31, 2026, primarily due to expected downtime associated
with the 1.4 million RSF of 2027 key lease expirations disclosed in “Contractual
lease expirations” in the Supplemental Information, as well as the potential for
tenant wind-downs. • For the year ending December 31, 2028, we expect average
operating occupancy to improve relative to our projected average operating
occupancy for the year ending December 31, 2027, driven by the lease-up of
temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key
lease expirations with expected downtime as disclosed in “Contractual lease
expirations” in the Supplemental Information. 2) Same property performance • For
the year ending December 31, 2027, we expect same property net operating income
performance to improve compared with the midpoint of our guidance range for 2026
but remain negative, primarily due to the expected temporary year-over-year
decline in average operating occupancy, including the impact of expected
downtime associated with 1.4 million RSF of 2027 key lease expirations. • For
the year ending December 31, 2028, we expect same property net operating income
performance to improve compared with 2027, primarily driven by operating
occupancy growth and the lease-up of vacant space, subject to leasing and market
conditions. 3) Construction spending • For 2027, we continue to apply a
disciplined approach to reduce construction spending and we seek to prioritize
leased projects with high incremental returns. We expect 2027 construction
spending to primarily focus on (i) revenue- and non-revenue-enhancing capital
expenditures, which are expected to represent the majority of spend,
approximately half of which is associated with space that is leased or under
lease negotiations, in order to support the leasing of vacant space and renewals
and re-leasing of space at our operating properties and (ii) construction
spending required to complete our development and redevelopment projects that
are expected to stabilize through 2028 and are 77% leased/negotiating as of
October 26, 2026 . • For 2028, we expect a further decline in construction
spending relative to 2027, primarily driven by lower development and
redevelopment spending. Construction spending on revenue- and non-revenue-
enhancing capital expenditures related to our operating portfolio is expected to
continue to support the lease-up of temporary vacancy, subject to leasing and
market conditions. 4) Transactional and other capital sources • For 2027,
capital will be required to fund construction spending as we continue to
prudently manage our key credit metrics, including net debt and preferred stock
to Adjusted EBITDA ratio. In general, we expect to rely on asset recycling
transactions, and other sources of cost-effective capital to support the
achievement of our 2027 key credit metric ratio targets, including net debt and
preferred stock to Adjusted EBITDA. • For 2028, if we have growth in Adjusted
EBITDA, we may use incremental long-term debt to fund a portion of our capital
needs on a leverage neutral basis. In addition, we may use asset recycling and
other sources of cost-effective capital to support the achievement of our 2028
key credit metric ratio targets, including net debt and preferred stock to
Adjusted EBITDA.
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  8  
  Reserved. ©2026                                      
                                                       
                                               
  Dispositions and Sales of Partial Interests  
  September 30, 2026                           
 ───────────────────────────────────────────── 
  (Dollars in thousands)                       
                                               
                                                                                
                     Date      Inter…    Square                    Price(…      
                     ofTra…              Foota…                     Share)      
  Prop…    Subma…              Opera…    Futur…                                 
  Comp…                                                                         
  in                                                                $7,350      
  1H26                                                                          
  Non-…                                                                         
  and                                                                           
  land                                                                          
  disp…                                                                         
  comp…                                                                         
  in                                                                            
  3Q26:                                                                         
  3825     Palo                                                                 
  and      Alto/…                                                               
  3875     Franc…    7/14/…      100%    228,0…    250,0…          163,000      
  Fabi…    Bay                                                                  
  Way(…    Area                                                                 
  One      Cambr…                                                               
  Hamp…    Boston    8/21/…      100%    104,9…         —           44,900      
  Stre…                                                                         
  3911,                                                                         
  3931,                                                                         
  4025,                                                                         
  4031,    Sorre…                                                               
  4045,    Valle…    9/23/…      100%    95,814    144,0…           26,500      
  and      Diego                                                                
  4075                                                                          
  Sorr…                                                                         
  Vall…                                                                         
  Boul…                                                                         
  Disp…                                                                         
  comp…                                                            234,400  -4  
  in                                                                            
  3Q26                                                                          
  Total                                                                         
  disp…                                                                         
  comp…                                                            241,750      
  in                                                                            
  YTD                                                                           
  3Q26                                                                          
  Comp…                                                                         
  in                                                                            
  Octo…                                                                         
  2026:                                                                         
  Sales                                                                         
  of                                                                            
  part…                                                                         
  inte…                                                                         
  Camp…    Unive…                                                               
  Point    Town      10/23…        -5    1,586…    366,8…          475,000      
  by       Cente…                                                               
  Alex…    Diego                                                                
  Total                                                                         
  comp…                                                                         
  2026                                                                          
  disp…                                                                         
  and                                                                           
  sales                                                                         
  of                                                               716,750      
  part…                                                                         
  inte…                                                                         
  as                                                                            
  ofOc…                                                                         
  26,                                                                           
  2026                                                                          
  Our                                                                           
  share                                                                         
  of                                                                            
  pend…                                                                         
  disp…                                                                         
  and                                                                           
  sales                                                                         
  of                                                                            
  part…                                                                         
  inte…                                                                         
  subj…                                                                         
  to:                                                                           
  Non-…                                                            355,400      
  depo…                                                                         
  Sign…                                                                         
  lett…                                                                         
  of                                                                            
  inte…                                                                         
  and/…                                                                         
  purc…                                                            1,547,…      
  and                                                                           
  sale                                                                          
  agre…                                                                         
  late…                                                                         
  nego…                                                                         
                                                                   2,620,…      
  Proc…                                                                         
  from                                                                          
  disp…                                                                         
  and                                                                           
  sales                                                                         
  of                                                                            
  part…                                                                         
  inte…                                                                         
  in                                                                            
  exce…                                                            -720,0…      
  of                                                                            
  2026                                                                          
  guid…                                                                         
  which                                                                         
  may                                                                           
  be                                                                            
  defe…                                                                         
  into                                                                          
  2027…                                                                         
  2026                                                                          
  guid…                                                                         
  midp…                                                                         
  ford…                                                                         
  and                                                              $1,900…      
  sales                                                                         
  of                                                                            
  part…                                                                         
  inte…                                                                         
  2026                                                                          
  guid…                                                                         
  range                                                                         
  ford…                                            $1,10…                       
  and                                                   –                       
  sales                                            $2,70…                       
  of                                                                            
  part…                                                                         
  inte…                                                                         
  Weig…                                                                         
  proj…                                                                         
  comp…                                                                         
  date                                                                          
  of                                                       Novem…               
  2026…                                                    2026             -7  
  and                                                                           
  sales                                                                         
  of                                                                            
  part…                                                                         
  inte…                                                                         
                                                                                
(1) Represents one future development project aggregating 250,000 SF at 3825
Fabian Way and one fully leased operating building aggregating 228,000 RSF at
3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019
with the intent to develop them for life science use. However, due to the
project’s macroeconomic outlook, the assets no longer aligned with our strategy
and were sold to a residential developer. (2) Represents one vacant office
property that was originally acquired with the intent to redevelop for life
science use and expand our Megacampus ecosystem. The asset was sold due to the
macroeconomic outlook for the project and the significant capital required to
redevelop and lease the property. (3) Represents five operating properties,
primarily comprising non-laboratory space, and one land parcel. As of 2Q26,
these operating properties were 30% occupied with a weighted-average lease term
of 2.4 years, and were sold due to the significant capital that would have been
required to convert these properties through redevelopment for laboratory use
and their misalignment with our Megacampus strategy. (4) Our s hare of
dispositions completed during the three months ended September 30, 2026 had
annual net operating income of $4.4 million (based on 2Q26 annualized results)
with a weighted-average disposition date of July 29, 2026 . (5) In October 2026,
we completed the sale of an approximately 29% noncontrolling interest in the
Campus Point by Alexandria Megacampus for $475.0 million . We expect our new
partner’s initial share of the annual distributions to approximate 5.5% of its
$475.0 million capital contribution. Upon completion of the sale, our ownership
interest decreased from 59% as of September 30, 2026 to approximately 30% . We
expect to fund the majority of future construction costs at the Megacampus,
which is expected to reduce the ownership interests of our new joint venture
partner and existing joint venture partner over time to below 20% and 30% ,
respectively, and increase our ownership interest to over 50% . We retained
control and therefore continue to consolidate the properties held by the real
estate joint venture. Accordingly, we accounted for the $44.2 million difference
between the consideration received and the book value of our interest sold as an
increase to additional paid-in capital, with no gain recognized in earnings. (6)
Refer to “Key Sources and Uses of Capital” under “2026 Guidance” in the Earnings
Press Release for additional details. (7) Including the impact of the $1.0
billion junior subordinated notes issued during 3Q26, the weighted-average
projected completion date of these sources of capital i s expected to be October
2026 .
                                                       
  Alexandria Real Estate Equities, Inc. All Rights  9  
  Reserved. ©2026                                      
                                                       
                                                   
  Earnings Call Information and About the Company  
  September 30, 2026                               
 ───────────────────────────────────────────────── 
                                                   
We will host a conference call on Tuesday , October 27, 2026 , at 2:00 p.m.
Eastern Time (“ET”)/ 11:00 a.m. Pacific Time (“PT”), which is open to the
general public, to discuss our financial and operating results for the third
quarter ended September 30, 2026 . 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 27, 2026 , through 4:00 p.m. ET on Tuesday,
November 3, 2026 . The replay number is (855) 669-9658 or (412) 317-0088 , and
the access code is 6457127 . Additionally, a copy of this Earnings Press Release
and Supplemental Information for the third quarter ended September 30, 2026 is
available in the “For Investors” section of our website at www.are.com or by
following this link: https://www.are.com/fs/2026q3.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 and advanced technology innovation cluster locations, including
Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland,
Research Triangle, and New York City. As of September 30, 2026 , Alexandria has
a total market capitalization of $21.01 billion and an asset base that includes
36.5 million RSF of operating properties and 1.9 million RSF of Class A/A+
properties undergoing construction . Alexandria has a long- standing and proven
track record of developing Class A/A+ properties clustered in highly dynamic and
collaborative Megacampus environments that enhance our tenants’ ability to
successfully recruit and retain world-class talent and inspire productivity,
efficiency, creativity, and success. Alexandria also provides strategic capital
to transformative life science companies through our venture capital platform.
We believe our unique business model and diligent underwriting ensure a high-
quality and diverse tenant base that results in higher occupancy levels, longer
lease terms, higher rental income, higher returns, and greater long-term asset
value. For more information on Alexandria, please visit www.are.com. Forward-
Looking Statements This document includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-
looking statements include, without limitation, statements regarding our
projected 2026 funds from operations per share, projected 2026 funds from
operations per share, as adjusted, projected net operating income, and our
projected sources and uses of capital. You can identify the forward-looking
statements by their use of forward-looking words, such as “forecast,”
“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,”
“expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,”
or the negative of those words or similar words. These forward-looking
statements are based on our current expectations, beliefs, projections, future
plans and strategies, anticipated events or trends, and similar expressions
concerning matters that are not historical facts, as well as a number of
assumptions concerning future events. There can be no assurance that actual
results will not be materially higher or lower than these expectations. These
statements are subject to risks, uncertainties, assumptions, and other important
factors that could cause actual results to differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a
difference include, without limitation, our failure to obtain capital (debt,
construction financing, and/or equity) or refinance debt maturities, lower than
expected yields, increased interest rates and operating costs, adverse economic
or real estate developments in our markets, our failure to successfully place
into service and lease any properties undergoing development or redevelopment
and our existing space held for future development or redevelopment (including
new properties acquired for that purpose), our failure to successfully operate
or lease acquired properties, decreased rental rates, increased vacancy rates or
failure to renew or replace expiring leases, defaults on or non-renewal of
leases by tenants, our failure to complete planned dispositions and sales of
partial interests on anticipated terms or timing, 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.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  10  
  Reserved. ©2026                                       
                                                        
                                                    
  Consolidated Statements of Operations             
  September 30, 2026                                
 ────────────────────────────────────────────────── 
  (Dollars in thousands, except per share amounts)  
                                                    
                                                                                
            Three                                                Nine           
           Months                                              Months           
            Ended                                               Ended           
           9/30/…      6/30/…    3/31/…    12/31…    9/30/…    9/30/…    9/30…  
  Reve…                                                                         
  Inco…                                                                         
  from     $653,…      $643,…    $653,…    $728,…    $735,…    $1,94…    $2,2…  
  rent…                                                                         
  Other    17,564      19,574    18,009    25,542    16,095    55,147    55,8…  
  inco…                                                                         
  Total    671,1…      662,7…    671,0…    754,4…    751,9…    2,004…    2,27…  
  reve…                                                                         
  Expe…                                                                         
  Rent…    227,9…      207,3…    224,1…    232,5…    239,2…    659,4…    690,…  
  oper…                                                                         
  Gene…                                                                         
  and      40,915      36,861    34,685    28,020    29,224    112,4…    89,0…  
  admi…                                                                         
  Inte…    79,687      64,342    64,584    65,674    54,852    208,6…    161,…  
  Depr…                                                                         
  and      304,4…      304,3…    305,4…    322,0…    340,2…    914,2…    1,02…  
  amor…                                                                         
  Impa…                                                                         
  of       637,9…  -1  222,4…     5,499    1,717…    323,8…    865,8…    485,…  
  real                                                                          
  esta…                                                                         
  Total    1,290…      835,3…    634,3…    2,365…    987,4…    2,760…    2,45…  
  expe…                                                                         
  Equi…                                                                         
  in                                                                            
  earn…                                                                         
  (los…                                                                         
  of           75         413      -147      -304       201       341    -9,3…  
  unco…                                                                         
  real                                                                          
  esta…                                                                         
  joint                                                                         
  vent…                                                                         
  Inve…                                                                         
  inco…    23,990      133,2…    -4,582    -3,890    28,161    152,6…    -52,…  
  (los…                                                                         
  (Los…                                                                         
  gain                                                                          
  on                                                                            
  early    -3,323           —    366,4…         —      -107    363,1…     -107  
  exti…                                                                         
  of                                                                            
  debt                                                                          
  Gain                                                                          
  on                                                                            
  sales         —           —         —    619,9…     9,366         —    22,5…  
  of                                                                            
  real                                                                          
  esta…                                                                         
  Net                                                                           
  (los…    -598,…      -38,9…    398,3…    -995,…    -197,…    -239,…    -221…  
  inco…                                                                         
  Net                                                                           
  inco…                                                                         
  attr…    -38,7…      -33,8…    -36,7…    -85,5…    -34,9…    -109,…    -127…  
  to                                                                            
  nonc…                                                                         
  inte…                                                                         
  Net                                                                           
  (los…                                                                         
  inco…                                                                         
  attr…                                                                         
  to       -637,…      -72,7…    361,6…    -1,08…    -232,…    -348,…    -348…  
  Alex…                                                                         
  Real                                                                          
  Esta…                                                                         
  Equi…                                                                         
  Inc.…                                                                         
  Net                                                                           
  inco…                                                                         
  attr…                                                                         
  to         -766        -908    -2,779      -965    -2,183    -2,603    -7,4…  
  unve…                                                                         
  rest…                                                                         
  stock                                                                         
  awar…                                                                         
  Net                                                                           
  (los…                                                                         
  inco…                                                                         
  attr…                                                                         
  to                                                                            
  Alex…    $(638…      $(73,…    $358,…    $(1,0…    $(234…    $(351…    $(35…  
  Real                                                                          
  Esta…                                                                         
  Equi…                                                                         
  Inc.…                                                                         
  stoc…                                                                         
  Net                                                                           
  (los…                                                                         
  inco…                                                                         
  per                                                                           
  share                                                                         
  attr…                                                                         
  to                                                                            
  Alex…                                                                         
  Real                                                                          
  Esta…                                                                         
  Equi…                                                                         
  comm…                                                                         
  stoc…                                                                         
                                                                                
  Basic    $(3.7…      $(0.4…     $2.10    $(6.3…    $(1.3…    $(2.0…    $(2.…  
  Dilu…    $(3.7…      $(0.4…     $2.10    $(6.3…    $(1.3…    $(2.0…    $(2.…  
  Weig…                                                                         
  shar…                                                                         
  of                                                                            
  comm…                                                                         
  stock                                                                         
  outs…                                                                         
  Basic    170,7…      170,7…    170,5…    170,3…    170,1…    170,6…    170,…  
  Dilu…    170,7…      170,7…    170,8…    170,3…    170,1…    170,6…    170,…  
  Divi…                                                                         
  decl…                                                                         
  per                                                                           
  share     $0.72       $0.72     $0.72     $0.72     $1.32     $2.16    $3.96  
  of                                                                            
  comm…                                                                         
  stock                                                                         
                                                                                
(1) Refer to “Funds from operations and funds from operations per share” in the
Earnings Press Release for additional details regarding impairment of real
estate.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  11  
  Reserved. ©2026                                       
                                                        
                               
  Consolidated Balance Sheets  
  September 30, 2026           
 ───────────────────────────── 
  (In thousands)               
                               
                                                                                
                 9/30/26      6/30/26       3/31/26     12/31/25       9/30/25  
  Assets                                                                        
  Investm…                                                                      
  in real     $28,426,9…    $29,125,…    $28,830,1…    $28,689,…    $31,743,9…  
  estate                                                                        
  Investm…                                                                      
  in                                                                            
  unconso…                                                                      
  real            28,580       28,910        30,520       30,677        39,601  
  estate                                                                        
  joint                                                                         
  ventures                                                                      
  Cash and                                                                      
  cash           508,855      470,449       418,720      549,062       579,474  
  equival…                                                                      
  Restric…         4,908        4,690         4,665        4,693         4,705  
  cash                                                                          
  Tenant           6,168        7,661         7,362        6,672         6,409  
  receiva…                                                                      
  Deferred     1,210,911    1,209,722     1,200,047    1,179,403     1,257,378  
  rent                                                                          
  Deferred                                                                      
  leasing        452,164      453,761       456,405      458,311       505,241  
  costs                                                                         
  Investm…     1,735,673    1,685,695     1,536,419    1,501,249     1,537,638  
  Other        1,677,464    1,645,443     1,683,143    1,661,772     1,700,785  
  assets                                                                        
  Total       $34,051,7…    $34,632,…    $34,167,3…    $34,081,…    $37,375,1…  
  assets                                                                        
  Liabili…                                                                      
  Noncont…                                                                      
  Interes…                                                                      
  and                                                                           
  Equity                                                                        
  Unsecur…                                                                      
  senior      $10,820,6…    $10,818,…    $11,166,0…    $12,047,…    $12,044,9…  
  notes                                                                         
  payable                                                                       
  Junior                                                                        
  subordi…       985,143            —             —            —             —  
  notes                                                                         
  payable                                                                       
  Unsecur…                                                                      
  senior                                                                        
  line of                                                                       
  credit       1,091,166    1,994,508     1,353,986      353,161     1,548,542  
  and                                                                           
  commerc…                                                                      
  paper                                                                         
  Accounts                                                                      
  payable,                                                                      
  accrued                                                                       
  expense…     2,604,418    2,513,526     2,154,782    2,397,073     2,432,726  
  and                                                                           
  other                                                                         
  liabili…                                                                      
  Dividen…       131,999      130,468       128,880      127,771       230,603  
  payable                                                                       
  Total       15,633,413    15,456,8…    14,803,657    14,925,3…    16,256,870  
  liabili…                                                                      
  Commitm…                                                                      
  and                                                                           
  conting…                                                                      
  Redeema…                                                                      
  noncont…         9,119        9,119         9,234       58,788        58,662  
  interes…                                                                      
  Alexand…                                                                      
  Real                                                                          
  Estate                                                                        
  Equitie…                                                                      
  Inc.’s                                                                        
  stockho…                                                                      
  equity:                                                                       
                                                                                
  Common           1,708        1,707         1,707        1,705         1,703  
  stock                                                                         
  Additio…                                                                      
  paid-in     14,839,182    15,585,2…    15,763,321    15,497,7…    16,669,802  
  capital                                                                       
  Accumul…                                                                      
  other          -33,691      -33,027       -30,936      -29,395       -32,203  
  compreh…                                                                      
  loss                                                                          
  Alexand…                                                                      
  Real                                                                          
  Estate                                                                        
  Equitie…    14,807,199    15,553,9…    15,734,092    15,470,0…    16,639,302  
  Inc.’s                                                                        
  stockho…                                                                      
  equity                                                                        
  Noncont…     3,601,991    3,612,263     3,620,414    3,627,578     4,420,314  
  interes…                                                                      
  Total       18,409,190    19,166,2…    19,354,506    19,097,6…    21,059,616  
  equity                                                                        
  Total                                                                         
  liabili…                                                                      
  noncont…    $34,051,7…    $34,632,…    $34,167,3…    $34,081,…    $37,375,1…  
  interes…                                                                      
  and                                                                           
  equity                                                                        
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  12  
  Reserved. ©2026                                       
                                                        
                                                             
  Funds From Operations and Funds From Operations per Share  
  September 30, 2026                                         
 ─────────────────────────────────────────────────────────── 
  (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                                                Nine           
           Months                                              Months           
            Ended                                               Ended           
           9/30/…      6/30/…    3/31/…    12/31…    9/30/…    9/30/…    9/30…  
  Net                                                                           
  (los…                                                                         
  inco…                                                                         
  attr…                                                                         
  to                                                                            
  Alex…    $(638…      $(73,…    $358,…    $(1,0…    $(234…    $(351…    $(35…  
  comm…                                                                         
  stoc…                                                                         
  –                                                                             
  basic                                                                         
  and                                                                           
  dilu…                                                                         
  Depr…                                                                         
  and                                                                           
  amor…                                                                         
  of       302,2…      302,2…    303,2…    319,8…    338,1…    907,7…    1,02…  
  real                                                                          
  esta…                                                                         
  asse…                                                                         
  Nonc…                                                                         
  share                                                                         
  of                                                                            
  depr…                                                                         
  and                                                                           
  amor…    -32,4…      -31,5…    -29,4…    -39,9…    -45,3…    -93,4…    -114…  
  from                                                                          
  cons…                                                                         
  real                                                                          
  esta…                                                                         
  JVs                                                                           
  Our                                                                           
  share                                                                         
  of                                                                            
  depr…                                                                         
  and                                                                           
  amor…       858         805       914       855       852     2,577    2,848  
  from                                                                          
  unco…                                                                         
  real                                                                          
  esta…                                                                         
  JVs                                                                           
  Gain                                                                          
  on                                                                            
  sales         —           —         —    -307,…    -9,824         —    -22,…  
  of                                                                            
  real                                                                          
  esta…                                                                         
  Impa…                                                                         
  of                                                                            
  real                                                                          
  esta…                                                                         
  –        637,9…  -1  222,4…     5,499    1,439…    323,8…    865,8…    454,…  
  rent…                                                                         
  prop…                                                                         
  and                                                                           
  land                                                                          
  Allo…                                                                         
  to                                                                            
  unve…    -1,042      -2,201    -2,181    -1,903    -1,648    -7,141    -3,5…  
  rest…                                                                         
  stock                                                                         
  awar…                                                                         
  Funds                                                                         
  from                                                                          
  oper…                                                                         
  attr…                                                                         
  to       269,0…      418,1…    636,9…    329,2…    371,1…    1,324…    981,…  
  Alex…                                                                         
  comm…                                                                         
  stoc…                                                                         
  –                                                                             
  dilu…                                                                         
  Unre…                                                                         
  (gai…                                                                         
  loss…                                                                         
  on       -21,5…      -131,…    10,332    -98,5…    -18,5…    -143,…    71,5…  
  non-…                                                                         
  esta…                                                                         
  inve…                                                                         
  Sign…                                                                         
  real…                                                                         
  loss…                                                                         
  on            —           —         —    103,3…         —         —        —  
  non-…                                                                         
  esta…                                                                         
  inve…                                                                         
  Impa…                                                                         
  of                                                                            
  non-…    13,580  -3   8,998    12,448    20,181    25,139    35,026    75,5…  
  esta…                                                                         
  inve…                                                                         
  Impa…                                                                         
  of            —           —         —    12,619         —         —    39,3…  
  real                                                                          
  esta…                                                                         
  Loss                                                                          
  (gai…                                                                         
  on                                                                            
  early     3,323           —    -366,…         —       107    -363,…      107  
  exti…                                                                         
  of                                                                            
  debt                                                                          
  Acce…                                                                         
  of                                                                            
  stock                                                                         
  comp…                                                                         
  expe…         —           —         —     2,455         —         —        —  
  due                                                                           
  to                                                                            
  exec…                                                                         
  offi…                                                                         
  resi…                                                                         
  (Dec…                                                                         
  incr…                                                                         
  in                                                                            
  prov…                                                                         
  for                                                                           
  expe…         —           —         —      -341         —         —      285  
  cred…                                                                         
  loss…                                                                         
  on                                                                            
  fina…                                                                         
  inst…                                                                         
  Allo…                                                                         
  to                                                                            
  unve…        33         909     2,674      -363       -74     3,496    -2,1…  
  rest…                                                                         
  stock                                                                         
  awar…                                                                         
  Funds                                                                         
  from                                                                          
  oper…                                                                         
  attr…                                                                         
  to                                                                            
  Alex…    $264,…      $296,…    $295,…    $368,…    $377,…    $856,…    $1,1…  
  comm…                                                                         
  stoc…                                                                         
  –                                                                             
  dilu…                                                                         
  asad…                                                                         
                                                                                
Refer to “Definitions and reconciliations” in the Supplemental Information for
additional details. (1) Primarily reflects impairment charges to reduce the
carrying amounts of real estate assets classified as held for sale as of 3Q26 to
their respective estimated fair values less costs to sell, including (i) $343.3
million related to a development project in our Fenway submarket that is
expected to be sold to an institutional user which would have required
significant capital to complete and lease, (ii) $135.3 million related to four
non-Megacampus vacant office properties in our Palo Alto submarket that would
have required significant capital investment to convert to laboratory use, (iii)
$79.2 million related to six non-Megacampus operating properties in our San
Carlos submarket that would have required significant capital investment to
convert to laboratory use, (iv) $50.4 million related to a land parcel located
outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v)
$41.6 million related to one future development project in our Palo Alto
submarket that, due to the project’s financial outlook, would have required
significant capital to complete the development and lease the properties. (2)
Calculated in accordance with standards established by the Nareit Board of
Governors. (3) Primarily relates to one non-real estate investment in a
privately held entity that does not report NAV.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  13  
  Reserved. ©2026                                       
                                                        
                                                                         
  Funds From Operations and Funds From Operations per Share (continued)  
  September 30, 2026                                                     
 ─────────────────────────────────────────────────────────────────────── 
  (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                                               Nine            
           Months                                             Months            
            Ended                                              Ended            
           9/30/…    6/30/…    3/31/…    12/31…    9/30/…    9/30/26    9/30/…  
  Net                                                                           
  (los…                                                                         
  inco…                                                                         
  per                                                                           
  share                                                                         
  attr…    $(3.7…    $(0.4…     $2.10    $(6.3…    $(1.3…    $(2.06)    $(2.0…  
  to                                                                            
  Alex…                                                                         
  comm…                                                                         
  stoc…                                                                         
  –                                                                             
  dilu…                                                                         
  Depr…                                                                         
  and                                                                           
  amor…                                                                         
  of         1.58      1.59      1.61      1.65      1.73       4.77      5.34  
  real                                                                          
  esta…                                                                         
  asse…                                                                         
  Gain                                                                          
  on                                                                            
  sales         —         —         —     -1.80     -0.06          —     -0.14  
  of                                                                            
  real                                                                          
  esta…                                                                         
  Impa…                                                                         
  of                                                                            
  real                                                                          
  esta…                                                                         
  –          3.74      1.30      0.03      8.45      1.90       5.07      2.67  
  rent…                                                                         
  prop…                                                                         
  and                                                                           
  land                                                                          
  Allo…                                                                         
  to                                                                            
  unve…     -0.01     -0.02     -0.01     -0.02     -0.01      -0.04     -0.02  
  rest…                                                                         
  stock                                                                         
  awar…                                                                         
  Funds                                                                         
  from                                                                          
  oper…                                                                         
  per                                                                           
  share                                                                         
  attr…      1.57      2.44      3.73      1.93      2.18       7.74      5.76  
  to                                                                            
  Alex…                                                                         
  comm…                                                                         
  stoc…                                                                         
  –dil…                                                                         
  Unre…                                                                         
  (gai…                                                                         
  loss…                                                                         
  on        -0.13     -0.77      0.06     -0.58     -0.11      -0.84      0.42  
  non-…                                                                         
  esta…                                                                         
  inve…                                                                         
  Sign…                                                                         
  real…                                                                         
  loss…                                                                         
  on            —         —         —      0.61         —          —         —  
  non-…                                                                         
  esta…                                                                         
  inve…                                                                         
  Impa…                                                                         
  of                                                                            
  non-…      0.08      0.05      0.07      0.12      0.15       0.20      0.45  
  esta…                                                                         
  inve…                                                                         
  Impa…                                                                         
  of            —         —         —      0.07         —          —      0.23  
  real                                                                          
  esta…                                                                         
  Loss                                                                          
  (gai…                                                                         
  on                                                                            
  early      0.02         —     -2.14         —         —      -2.12         —  
  exti…                                                                         
  of                                                                            
  debt                                                                          
  Acce…                                                                         
  of                                                                            
  stock                                                                         
  comp…                                                                         
  expe…         —         —         —      0.01         —          —         —  
  due                                                                           
  to                                                                            
  exec…                                                                         
  offi…                                                                         
  resi…                                                                         
  Allo…                                                                         
  to                                                                            
  unve…         —      0.01      0.01         —         —       0.02     -0.01  
  rest…                                                                         
  stock                                                                         
  awar…                                                                         
  Funds                                                                         
  from                                                                          
  oper…                                                                         
  per                                                                           
  share                                                                         
  attr…                                                                         
  to        $1.54     $1.73     $1.73     $2.16     $2.22      $5.00     $6.85  
  Alex…                                                                         
  comm…                                                                         
  stoc…                                                                         
  –dil…                                                                         
  as                                                                            
  adju…                                                                         
  Weig…                                                                         
  shar…                                                                         
  of                                                                            
  comm…                                                                         
  stock                                                                         
  outs…                                                                         
  –                                                                             
  dilu…                                                                         
  Earn…                                                                         
  per                                                                           
  share    170,7…    170,7…    170,8…    170,3…    170,1…    170,689    170,2…  
  –                                                                             
  dilu…                                                                         
  Funds                                                                         
  from                                                                          
  oper…                                                                         
  –        171,4…    171,2…    170,8…    170,5…    170,3…    171,169    170,3…  
  dilu…                                                                         
  per                                                                           
  share                                                                         
  Funds                                                                         
  from                                                                          
  oper…                                                                         
  –                                                                             
  dilu…    171,4…    171,2…    170,8…    170,5…    170,3…    171,169    170,3…  
  as                                                                            
  adju…                                                                         
  per                                                                           
  share                                                                         
                                                                                
Refer to “Definitions and reconciliations” in the Supplemental Information for
additional details.

SUPPLEMENTAL INFORMATION
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  15  
  Reserved. ©2026                                       
                                                        
                      
  Company Profile     
  September 30, 2026  
 ──────────────────── 
                      
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 and advanced technology innovation cluster locations, including
Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland,
Research Triangle, and New York City. As of September 30, 2026 , Alexandria has
a total market capitalization of $21.01 billion and an asset base that includes
36.5 million RS F of operating properties and 1.9 million RSF of Class A/A+
properties undergoing construction . Alexandria has a long-standing and proven
track record of developing Class A/A+ properties clustered in highly dynamic and
collaborative Megacampus environments that enhance our tenants’ ability to
successfully recruit and retain world-class talent and inspire productivity,
efficiency, creativity, and success. Alexandria also provides strategic capital
to transformative life science companies through our venture capital platform.
We believe our unique business model and diligent underwriting ensure a high-
quality and diverse tenant base that results in higher occupancy levels, longer
lease terms, higher rental income, higher returns, and greater long-term asset
value. For more information on Alexandria, please visit www.are.com. Tenant base
Alexandria is known for our high-quality and diverse tenant base, with 57% of
our annual rental revenue 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 70 individuals averaging 23 years of real estate
experience, including 13 years with Alexandria. Our executive management team
alone averages 16 years with Alexandria .
                                                                                
  EXECUTIVE MANAGEMENT TEAM                                                     
  Joel S. Marcus                          Peter M. Moglia                       
  Executive Chairman &Founder             Chief Executive Officer &Chief        
                                          Investment Officer                    
  Marc E. Binda                           Hunter L. Kass                        
  Chief Financial Officer &Treasurer      Co-President & Regional Market        
                                          Director –Greater Boston              
  Hart Cole                               Joseph Hakman                         
  Co-President & Co-Regional              Co-Chief Operating Officer &Chief     
  MarketDirector – Seattle                Strategic Transactions Officer        
  Lawrence J. Diamond                     Blake L. Stevens                      
  Co-Chief Operating Officer &            EVP – Regional Market Director        
  Co-RegionalMarket Director –            –Research Triangle                    
  Maryland                                                                      
  Bret E. Gossett                         Jesse J. Nelson                       
  EVP – Co-Regional Market Director       EVP – Regional Market Director –San   
  &Head                                   Francisco Bay Area                    
  of Leasing – San Diego                                                        
  Joshua J. Mitchell                      Michael E. Boss                       
  EVP – Regional Market Director –New     EVP – Co-Regional Market Director     
  York                                    –San Diego                            
  Hallie E. Kuhn                          Jenna R. Foger                        
  EVP – Capital Markets & Co-Lead                                               
  –Life                                   EVP – Co-Lead – Life Science          
  Science                                                                       
  Jackie B. Clem                          Andres R. Gavinet                     
  General Counsel & Secretary             Chief Accounting Officer              
  Onn C. Lee                              Kristina A. Fukuzaki-Carlson          
  EVP – Accounting                        EVP – Business Operations             
  Madeleine T. Alsbrook                   Gregory C. Thomas                     
  EVP – Talent Management                 EVP – Chief Technology Officer        
  Gary D. Dean                                                                  
  EVP – Real Estate Legal Affairs                                               
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  16  
  Reserved. ©2026                                       
                                                        
                        
  Investor Information  
  September 30, 2026    
 ────────────────────── 
                        
                                                                                
  Corporate           New York Stock       Information                          
  Headquarters        Exchange Trading     Requests                             
                      Symbol                                                    
  26 North Euclid     Common stock: ARE    Phone:            (626) 578-0777     
  Avenue                                                                        
  Pasadena,                                Email:            corporateinforma…  
  California 91101                                                              
  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, orforecasts 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 totime, own our       
  stock and/or hold other long or short positions in  
  our stock and may provide compensated services to   
  us.                                                 
                                                      
                                                                                
  BMO                Citigroup Global    Green Street         RBC Capital       
                     Markets Inc.                             Markets           
  John Kim / Juan    Nicholas Joseph     Dylan Burzinski /    Michael Carroll   
  Sanabria           / Seth Bergey       Natacha Jouonang     / Henry Newell    
  (212) 885-4115     (212) 816-1909 /    (949) 640-8780 /     (440) 715-2649 /  
  / (312)            (212) 816-2066      (949) 640-8780       (440) 715-2651    
  845-4074                                                                      
  BNP Paribas                            J.P. Morgan          Robert W. Baird   
  Exane              Citizens            Securities LLC       & Co.             
                                                              Incorporated      
  Nate Crossett /                        Anthony Paolone /    Wesley Golladay   
  Monir Koummal      Aaron Hecht         Daniella De Armas    / Nicholas        
                                         Rosales              Thillman          
  (646) 342-1588                         (212) 622-6682 /     (216) 737-7510 /  
  / (646)            (415) 835-3963      (212) 622-0050       (414) 298-5053    
  342-1554                                                                      
  BofA Securities    Deutsche Bank AG    Jefferies                              
  Farrell Granath    Tayo Okusanya       Joe Dickstein /                        
  / Andrew Reale                         Andrew Hernandez                       
  (646) 855-1351                         (212) 778-8771 /                       
  / (646)            (212) 250-9284      (212) 284-1742                         
  855-1272                                                                      
  BTIG, LLC          Evercore ISI        Mizuho Securities                      
                                         USA LLC                                
  Tom Catherwood     Steve Sakwa /       Vikram Malhotra /                      
  / Michael          James Kammert       Jyoti Yadav                            
  Tompkins                                                                      
  (212) 738-6140     (212) 446-9462 /    (212) 282-3827 /                       
  / (212)            (312) 705-4233      (212) 471-2683                         
  527-3566                                                                      
  Cantor             Goldman Sachs       Morgan Stanley &                       
  Fitzgerald                             Co. LLC                                
  Richard            Julien Blouin /     Ronald Kamdem /                        
  Anderson /         Ryan Treais         Derrick Metzler                        
  Jeffrey Carr                                                                  
  (929) 441-6927     (415) 393-7638 /    (212) 296-8319 /                       
  / (929)            (415) 249-7061      (212) 761-3366                         
  709-0434                                                                      
  Fixed Income                                                                  
  Research                               Rating Agencies                        
  Coverage                                                                      
  Barclays           J.P. Morgan         Moody’s Ratings      S&P Global        
  Capital Inc.       Securities LLC                           Ratings           
  Srinjoy            Mark Streeter /                                            
  Banerjee /         Benjamin Stueck     (212) 553-0376       Michael Souers    
  Ishaan Pandya                                                                 
  (212) 526-3521     (212) 834-5086 /                                           
  / (212)            (212) 270-6757                           (212) 438-2508    
  526-2970                                                                      
                     Mizuho                                                     
  CreditSights       Securities USA                                             
                     LLC                                                        
  Nicholas Moglia    Thierry Perrein                                            
  (212) 340-3886     (212) 205-7665                                             
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  17  
  Reserved. ©2026                                       
                                                        
                                                    
  Financial and Asset Base Highlights               
  September 30, 2026                                
 ────────────────────────────────────────────────── 
  (Dollars in thousands, except per share amounts)  
                                                    
                                                                                
                  Three                                                         
                 Months                                                         
                  Ended                                                         
                (unless                                                         
                 stated                                                         
              otherwis…                                                         
                9/30/26        6/30/26        3/31/26     12/31/25     9/30/25  
  Operati…                                                                      
  Results                                                                       
  &                                                                             
  Margins                                                                       
  Rental       $481,348       $486,589  -1   $474,786     $538,330    $541,070  
  revenues                                                                      
  Tenant       $172,270       $156,621       $178,227     $190,542    $194,779  
  recover…                                                                      
  General                                                                       
  and           $40,915        $36,861        $34,685      $28,020     $29,224  
  adminis…                                                                      
  expenses                                                                      
  General                                                                       
  and                                                                           
  adminis…                                                                      
  expenses                                                                      
  as a                                                                          
  percent…         7.5%           6.6%           6.0%         5.6%        5.7%  
  of net                                                                        
  operati…                                                                      
  income –                                                                      
  trailing                                                                      
  12                                                                            
  months                                                                        
  Operati…          66%            69%            67%          69%         68%  
  margin                                                                        
  Adjusted                                                                      
  EBITDA            65%            67%            66%          70%         71%  
  margin                                                                        
  Adjusted                                                                      
  EBITDA –    $1,731,9…      $1,765,1…      $1,778,0…    $2,097,4…    $2,130,…  
  quarter                                                                       
  annuali…                                                                      
  Adjusted                                                                      
  EBITDA –                                                                      
  trailing    $1,843,1…      $1,942,6…      $2,044,9…    $2,141,8…    $2,185,…  
  12                                                                            
  months                                                                        
  Leverage                                                                      
  & Credit                                                                      
  Metrics…                                                                      
  end of                                                                        
  period,                                                                       
  unless                                                                        
  stated                                                                        
  otherwi…                                                                      
  Net debt    $11,963,…  -3  $12,404,…      $12,165,…    $11,921,…    $13,085…  
  Net debt                                                                      
  and                                                                           
  preferr…                                                                      
  stock to         6.9x  -2       7.0x           6.8x         5.7x        6.1x  
  Adjusted                                                                      
  EBITDA –                                                                      
  quarter                                                                       
  annuali…                                                                      
  Net debt                                                                      
  and                                                                           
  preferr…                                                                      
  stock to                                                                      
  Adjusted         6.5x           6.4x           5.9x         5.6x        6.0x  
  EBITDA –                                                                      
  trailing                                                                      
  12                                                                            
  months                                                                        
  Total                                                                         
  debt and                                                                      
  preferr…    $12,396,…  -3  $12,812,…      $12,519,…    $12,400,…    $13,593…  
  stock,                                                                        
  as                                                                            
  adjusted                                                                      
  Gross       $40,931,…      $41,280,…      $40,561,…    $40,209,…    $43,791…  
  assets                                                                        
  Total                                                                         
  debt and                                                                      
  preferr…                                                                      
  stock,            30%  -3        31%            31%          31%         31%  
  as                                                                            
  adjuste…                                                                      
  to gross                                                                      
  assets                                                                        
  Fixed-c…                                                                      
  coverage                                                                      
  ratio –          3.2x           3.3x           3.4x         3.7x        3.9x  
  quarter                                                                       
  annuali…                                                                      
  Fixed-c…                                                                      
  coverage                                                                      
  ratio –          3.4x           3.6x           3.8x         4.0x        4.1x  
  trailing                                                                      
  12                                                                            
  months                                                                        
  Unencum…                                                                      
  net                                                                           
  operati…                                                                      
  income                                                                        
  as a           100.0%         100.0%         100.0%       100.0%      100.0%  
  percent…                                                                      
  of total                                                                      
  net                                                                           
  operati…                                                                      
  income                                                                        
  Equity                                                                        
  Capital…                                                                      
  &                                                                             
  Dividend                                                                      
  Informa…                                                                      
  end of                                                                        
  period,                                                                       
  unless                                                                        
  stated                                                                        
  otherwi…                                                                      
  Closing                                                                       
  stock          $47.46         $52.85         $46.42       $48.94      $83.34  
  price                                                                         
  Common                                                                        
  shares                                                                        
  outstan…      170,849        170,729        170,712      170,538     170,339  
  (in                                                                           
  thousan…                                                                      
  Total                                                                         
  equity      $8,108,4…      $9,023,0…      $7,924,4…    $8,346,1…    $14,196…  
  capital…                                                                      
  Total                                                                         
  market      $21,005,…      $21,835,…      $20,444,…    $20,746,…    $27,789…  
  capital…                                                                      
  Dividend                                                                      
  per         $0.72/$2…      $0.72/$2…      $0.72/$2…    $0.72/$2…    $1.32/$…  
  share –                                                                       
  quarter…                                                                      
  Dividend                                                                      
  payout                                                                        
  ratio             47%            42%            42%          33%         60%  
  for the                                                                       
  quarter                                                                       
  Dividend                                                                      
  yield –          6.1%           5.4%           6.2%         5.9%        6.3%  
  annuali…                                                                      
  Operati…                                                                      
  Leases                                                                        
  Operati…                                                                      
  lease                                                                         
  liabili…     $354,028       $354,905       $358,610     $360,543    $361,986  
  at end                                                                        
  of                                                                            
  period                                                                        
  Rent           $6,979         $6,917         $7,658       $8,566     $10,645  
  expense                                                                       
  Capital…                                                                      
  Interest                                                                      
  Capital…      $62,922        $73,717        $69,973      $81,845     $86,091  
  interest                                                                      
  Average                                                                       
  real                                                                          
  estate                                                                        
  basis       $5,866,8…      $7,026,2…      $6,860,0…    $8,046,9…    $8,407,…  
  capital…                                                                      
  during                                                                        
  the                                                                           
  period                                                                        
  Weighte…                                                                      
  interest                                                                      
  rate for                                                                      
  capital…                                                                      
  of              4.29%          4.20%          4.08%        4.07%       4.10%  
  interest                                                                      
  during                                                                        
  the                                                                           
  period                                                                        
  Refer to                                                                      
  “Defini…                                                                      
  and                                                                           
  reconci…                                                                      
  the                                                                           
  Supplem…                                                                      
  Informa…                                                                      
  for                                                                           
  additio…                                                                      
  details…                                                                      
  one                                                                           
  lease                                                                         
  aggrega…                                                                      
  at 10955                                                                      
  Alexand…                                                                      
  Way in                                                                        
  our                                                                           
  Torrey                                                                        
  Pines                                                                         
  submark…                                                                      
  for                                                                           
  which we                                                                      
  recogni…                                                                      
  a$5.3                                                                         
  million…                                                                      
  of                                                                            
  deferred                                                                      
  rent                                                                          
  receiva…                                                                      
  in                                                                            
  connect…                                                                      
  with a                                                                        
  lease                                                                         
  termina…                                                                      
  and the                                                                       
  receipt…                                                                      
  a$10.5                                                                        
  million…                                                                      
  from the                                                                      
  tenant;                                                                       
  the                                                                           
  space                                                                         
  has                                                                           
  since                                                                         
  been                                                                          
  re-leas…                                                                      
  with                                                                          
  delivery                                                                      
  expected                                                                      
  in1Q27u…                                                                      
  complet…                                                                      
  of                                                                            
  tenant                                                                        
  improve…                                                                      
  a pro                                                                         
  forma                                                                         
  basis,                                                                        
  leverage                                                                      
  was6.6x,                                                                      
  reflect…                                                                      
  theOcto…                                                                      
  23,                                                                           
  2026sale                                                                      
  of a                                                                          
  partial                                                                       
  interest                                                                      
  in the                                                                        
  Campus                                                                        
  Point by                                                                      
  Alexand…                                                                      
  joint                                                                         
  venture.                                                                      
  Refer to                                                                      
  “Dispos…                                                                      
  and                                                                           
  Sales of                                                                      
  Partial                                                                       
  Interes…                                                                      
  in the                                                                        
  Earnings                                                                      
  Press                                                                         
  Release…                                                                      
  additio…                                                                      
  details…                                                                      
  50%                                                                           
  equity                                                                        
  treatme…                                                                      
  assigned                                                                      
  by key                                                                        
  rating                                                                        
  agencies                                                                      
  to                                                                            
  the$1.0                                                                       
  billion…                                                                      
  amount                                                                        
  of our                                                                        
  junior                                                                        
  subordi…                                                                      
  notes                                                                         
  payable.                                                                      
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  18  
  Reserved. ©2026                                       
                                                        
                                                   
  Financial and Asset Base Highlights (continued)  
  September 30, 2026                               
 ───────────────────────────────────────────────── 
  (Dollars in thousands, except annual rental      
  revenue per occupied RSF amounts)                
                                                   
                                                                                
                  Three                                                         
                 Months                                                         
                  Ended                                                         
                (unless                                                         
                 stated                                                         
              otherwis…                                                         
                9/30/26        6/30/26      3/31/26      12/31/25      9/30/25  
  Compone…                                                                      
  of Funds                                                                      
  From                                                                          
  Operati…                                                                      
  and                                                                           
  Non-Rev…                                                                      
  Capital                                                                       
  Expendi…                                                                      
  Straigh…                                                                      
  rent           $2,466  -1       $901      $17,862       $14,096      $18,821  
  revenue                                                                       
  Amortiz…                                                                      
  of                                                                            
  acquired       $8,233         $8,381       $5,615        $5,889       $6,456  
  below-m…                                                                      
  leases                                                                        
  Amortiz…                                                                      
  of                                                                            
  deferred                                                                      
  revenue                                                                       
  related                                                                       
  to            $11,992         $7,484       $5,405        $5,264       $5,455  
  tenant-…                                                                      
  and                                                                           
  -built                                                                        
  landlord                                                                      
  improve…                                                                      
  Straigh…                                                                      
  rent                                                                          
  expense          $123           $141         $155          $116         $114  
  on                                                                            
  ground                                                                        
  leases                                                                        
  Stock                                                                         
  compens…      $11,953        $10,146      $11,032        $8,232      $10,293  
  expense                                                                       
  Amortiz…                                                                      
  of loan        $4,422         $4,417       $4,428        $4,481       $4,505  
  fees                                                                          
  Amortiz…                                                                      
  of debt          $353           $352         $320          $327         $325  
  discoun…                                                                      
  Non-rev…                                                                      
  capital                                                                       
  expendi…                                                                      
  Building       $4,989         $4,600       $3,357        $4,372       $3,948  
  improve…                                                                      
  Tenant                                                                        
  improve…                                                                      
  and           $31,906        $28,042      $22,811       $26,494      $16,707  
  leasing                                                                       
  commiss…                                                                      
  Funds                                                                         
  from                                                                          
  operati…                                                                      
  attribu…      $71,212        $65,332      $66,197       $77,922      $80,236  
  to                                                                            
  noncont…                                                                      
  interes…                                                                      
  Property                                                                      
  Statist…                                                                      
  end of                                                                        
  period                                                                        
  and                                                                           
  includes                                                                      
  assets                                                                        
  held for                                                                      
  sale,                                                                         
  unless                                                                        
  stated                                                                        
  otherwi…                                                                      
  Number                                                                        
  of                                                                            
  propert…                                                                      
  –                                                                             
  operati…                                                                      
  and               328            336          339           340          375  
  develop…                                                                      
  and                                                                           
  redevel…                                                                      
  projects                                                                      
  under                                                                         
  constru…                                                                      
  RSF –                                                                         
  operati…                                                                      
  and                                                                           
  develop…                                                                      
  and         38,453,6…      38,858,6…    39,260,1…    39,449,372    42,887,9…  
  redevel…                                                                      
  projects                                                                      
  under                                                                         
  constru…                                                                      
  Total                                                                         
  square      58,510,8…      59,297,7…    59,377,2…    59,382,079    66,417,0…  
  footage                                                                       
  Annual                                                                        
  rental                                                                        
  revenue        $60.93         $60.45       $59.91        $59.97       $58.94  
  per                                                                           
  occupied                                                                      
  RSF                                                                           
  Occupan…                                                                      
  of                                                                            
  operati…                                                                      
  propert…        87.1%  -2      86.9%        87.7%         90.9%        90.6%  
  (exclud…                                                                      
  assets                                                                        
  held for                                                                      
  sale)                                                                         
  Occupan…                                                                      
  of                                                                            
  operati…                                                                      
  and                                                                           
  redevel…        85.4%          83.6%        84.1%         86.9%        85.8%  
  propert…                                                                      
  (exclud…                                                                      
  assets                                                                        
  held for                                                                      
  sale)                                                                         
  Weighte…                                                                      
  remaini…                                                                      
  lease             7.7            7.7          7.5           7.5          7.5  
  term                                                                          
  (in                                                                           
  years)                                                                        
  Leasing                                                                       
  Statist…                                                                      
  Total                                                                         
  leasing     1,236,030      1,038,917      647,356     1,220,944    1,171,344  
  activity                                                                      
  – RSF                                                                         
  Lease                                                                         
  renewals                                                                      
  and                                                                           
  re-leas…                                                                      
  of space                                                                      
  –                                                                             
  change                                                                        
  in new                                                                        
  rental                                                                        
  rates                                                                         
  over                                                                          
  expiring                                                                      
  rates:                                                                        
  Rental                                                                        
  rate           (2.4)%         (0.7)%      (15.0)%        (9.9)%        15.2%  
  changes                                                                       
  Rental                                                                        
  rate                                                                          
  changes        (3.3)%         (4.3)%      (15.8)%        (5.2)%         6.1%  
  (cash                                                                         
  basis)                                                                        
  RSF                                                                           
  (includ…                                                                      
  in total      785,069        640,998      380,687       821,289      354,367  
  leasing                                                                       
  activity                                                                      
  above)                                                                        
  Previou…                                                                      
  vacant                                                                        
  leasing       450,961        329,148      148,734       393,376      256,633  
  activity                                                                      
  – RSF                                                                         
  Develop…                                                                      
  leasing                                                                       
  activity            —         68,771      117,935         6,279      560,344  
  –                                                                             
  RSF                                                                           
  Top 20                                                                        
  Tenants                                                                       
  Annual                                                                        
  rental       $803,625       $778,069     $725,681      $725,559     $768,528  
  revenue                                                                       
  Annual                                                                        
  rental                                                                        
  revenue                                                                       
  from                                                                          
  investm…                                                                      
  or                84%            88%          87%           84%          90%  
  publicly                                                                      
  traded                                                                        
  large                                                                         
  cap                                                                           
  tenants                                                                       
  Weighte…                                                                      
  remaini…                                                                      
  lease            10.0           10.0          9.9           9.7          9.4  
  term                                                                          
  (in                                                                           
  years)                                                                        
  Same                                                                          
  Property                                                                      
  Perform…                                                                      
  over                                                                          
  compara…                                                                      
  prior                                                                         
  year                                                                          
  quarter)                                                                      
  Net                                                                           
  operati…       (6.7)%  -3    (10.6)%      (11.9)%        (6.0)%       (6.0)%  
  income                                                                        
  changes                                                                       
  Net                                                                           
  operati…                                                                      
  income         (2.8)%  -3     (8.6)%      (11.7)%        (1.7)%       (3.1)%  
  changes                                                                       
  (cash                                                                         
  basis)                                                                        
                                                                                
Refer to “Definitions and reconciliations” in the Supplemental Information for
additional details. (1) Includes $9.8 million reduction in rental revenues
related to rents not expected to be collected in full through the lease term.
(2) Refer to page 1 in the Earnings Press Release and “Summary of properties and
occupancy” in the Supplemental Information for additional details. (3) Refer to
“Same property performance” in the Supplemental Information for additional
details.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  19  
  Reserved. ©2026                                       
                                                        
                                        
  High-Quality and Diverse Tenant Base  
  September 30, 2026                    
 ────────────────────────────────────── 
                                        
Stable Cash Flows From Our High-Quality and Diverse Tenants
                                                                                
  Investment-Grade orPublicly Traded                                            
  Large                                                                         
  Cap Tenants                                                                   
  57%                                     84%                                   
  of ARE’s TotalAnnual Rental Revenue     of ARE’s Top 20 TenantAnnual Rental   
                                          Revenue                               
  Weighted Average Remaining Term(3)                                            
  7.7 Years                               10.0 Years                            
  All Tenants                             Top 20 Tenants                        
                                                                                
(1) (2) (4) Percentage of Alexandria’s Annual Rental Revenue As of September 30,
2026 . Annual rental revenue represents amounts in effect as of September 30,
2026 . Refer to “Definitions and reconciliations” in the Supplemental
Information for additional details, including our methodology of calculating
annual rental revenue from unconsolidated real estate joint ventures. (1)
Represents the percentage of our annual rental revenue generated by professional
services, finance, construction/real estate companies, and retail-related
tenants. (2) 89% of our annual rental revenue from advanced technologies tenants
is from investment-grade or publicly traded large cap tenants. (3) Represents
the weighted-average remaining term based on annual rental revenue in effect as
of September 30, 2026 . (4) 80% of our annual rental revenue from biomedical
institutions is from investment-grade or publicly traded large cap tenants.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  20  
  Reserved. ©2026                                       
                                                        
                         
  Key Operating Metrics  
  September 30, 2026     
 ─────────────────────── 
                         
Same Property Performance and Occupancy
                                              
  Same Property Net Operating Income Changes  
                                              
(1) (1)
             
  Occupancy  
             
Occupancy of Operating Properties 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 measures presented in accordance with GAAP. (1) Refer to footnote 1
under “Same property performance” in the Supplemental Information for additional
details.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  21  
  Reserved. ©2026                                       
                                                        
                                     
  Key Operating Metrics (continued)  
  September 30, 2026                 
 ─────────────────────────────────── 
                                     
Rental Rate Changes, Lease Structure, and Margins
                                                                                
  Rental Rate                                                                   
  Changes:Renewed/Re-Leased           Favorable Lease Structure(1)              
  Space                                                                         
                                      Strategic Lease Structure by              
                                      Owner and Operatorof                      
                                      Collaborative Megacampus                  
                                      Ecosystems                                
                                      Increasing cash flows                     
                                      Percentage of leases                 97%  
                                      containingannual rent escalations         
                                      Stable cash flows                         
                                      Percentage of triple net leases      91%  
                                      Lower capex burden                        
                                      Percentage of leases providing            
                                      for therecapture of capital          91%  
                                      expenditures                              
                                                                                
                                 
  Margins(2)                     
  Operating     Adjusted EBITDA  
  66%           65%              
                                 
Refer to “Definitions and reconciliations” in the Supplemental Information for
additional details. “Definitions and reconciliations” contains the definition of
“Adjusted EBITDA” and its reconciliation from the most directly comparable
financial measures presented in accordance with GAAP. (1) Percentages calculated
based on our annual rental revenue in effect as of September 30, 2026 . (2) For
the three months ended September 30, 2026 .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  22  
  Reserved. ©2026                                       
                                                        
                             
  Same Property Performance  
  September 30, 2026         
 ─────────────────────────── 
  (Dollars in thousands)     
                             
                                                                                
             September                                   Septemb…               
             30, 2026                                    30, 2026               
 ────────────────────────────────────────────────────────────────────────────── 
  Same                                      Same                                
  Proper…    Three          Nine            Property        Three         Nine  
  Financ…    MonthsEn…      MonthsE…        Statisti…    MonthsE…    MonthsEn…  
  Data                                      Data                                
  Percen…                                                                       
  change                                                                        
  over                                      Number of                           
  compar…                                   same              288          284  
  period                                    properti…                           
  from                                                                          
  prior                                                                         
  year:                                                                         
  Net                                       Rentable                            
  operat…    (6.7)%     -1  (9.2)%    -1    square       32,250,…    31,629,1…  
  income                                    feet                                
  changes                                                                       
  Net                                                                           
  operat…                                   Occupancy                           
  income     (2.8)%     -1  (8.4)%    -1    –               88.1%        88.6%  
  changes                                   current-…                           
  (cash                                     average                             
  basis)                                                                        
                                            Occupancy                           
  Operat…                                   –                                   
  margin     66%            66%             same-per…       91.7%        92.8%  
                                            prior-ye…                           
                                            average                             
                                                                                
                                                                                
          Three                                Nine                             
          Mont…                               Mont…                             
          Ended                               Ended                             
          Sept…                               Sept…                             
            30,                                 30,                             
           2026     2025        $        %     2026     2025        $        %  
                            Chan…    Chan…                      Chan…    Chan…  
  Inc…                                                                          
  from                                                                          
  ren…                                                                          
  Same    $432…    $454…    $(22…    (4.8…    $1,2…    $1,3…    $(92…    (6.8…  
  pro…                                                                          
  Non…    48,7…    86,4…    -37,…    -43.6    174,…    285,…    -111…    -38.9  
  pro…                                                                          
  Ren…    481,…    541,…    -59,…    -11.0    1,44…    1,64…    -203…    -12.4  
  rev…                                                                          
  Same    167,…    175,…    -7,3…     -4.2    478,…    498,…    -20,…     -4.0  
  pro…                                                                          
  Non…    4,445    19,6…    -15,…    -77.4    28,6…    71,2…    -42,…    -59.8  
  pro…                                                                          
  Ten…    172,…    194,…    -22,…    -11.6    507,…    569,…    -62,…    -11.0  
  rec…                                                                          
  Inc…                                                                          
  from    653,…    735,…    -82,…    -11.2    1,94…    2,21…    -266…    -12.0  
  ren…                                                                          
  Same        —        —        —        —        —        —        —        —  
  pro…                                                                          
  Non…    17,5…    16,0…    1,469      9.1    55,1…    55,8…     -692     -1.2  
  pro…                                                                          
  Oth…    17,5…    16,0…    1,469      9.1    55,1…    55,8…     -692     -1.2  
  inc…                                                                          
  Same    600,…    629,…    -29,…     -4.7    1,74…    1,85…    -112…     -6.1  
  pro…                                                                          
  Non…    70,7…    122,…    -51,…    -42.1    258,…    412,…    -154…    -37.4  
  pro…                                                                          
  Tot…    671,…    751,…    -80,…    -10.7    2,00…    2,27…    -267…    -11.8  
  rev…                                                                          
  Same    205,…    207,…    -1,2…     -0.6    600,…    597,…    2,690      0.4  
  pro…                                                                          
  Non…    22,0…    32,1…    -10,…    -31.4    58,7…    92,1…    -33,…    -36.2  
  pro…                                                                          
  Ren…    227,…    239,…    -11,…     -4.7    659,…    690,…    -30,…     -4.4  
  ope…                                                                          
  Same    394,…    422,…    -28,…     -6.7    1,14…    1,26…    -115…     -9.2  
  pro…                                                                          
  Non…    48,7…    90,0…    -41,…    -45.9    199,…    320,…    -121…    -37.8  
  pro…                                                                          
  Net                                                                           
  ope…    $443…    $512…    $(69…    (13.…    $1,3…    $1,5…    $(23…    (14.…  
  inc…                                                                          
  Net                                                                           
  ope…                                                                          
  inc…    $394…    $422…    $(28…    (6.7…    $1,1…    $1,2…    $(11…    (9.2…  
  –                                                                             
  same                                                                          
  pro…                                                                          
  Str…                                                                          
  rent      480    -19,…    20,1…    -102…    -16,…    -35,…    18,7…    -52.6  
  rev…                                                                          
  Amo…                                                                          
  of                                                                            
  acq…                                                                          
  bel…                                                                          
  lea…                                                                          
  and                                                                           
  def…    -13,…    -10,…    -2,9…     27.3    -36,…    -32,…    -4,0…     12.5  
  rel…                                                                          
  to                                                                            
  ten…                                                                          
  and                                                                           
  -bu…                                                                          
  lan…                                                                          
  Net                                                                           
  ope…                                                                          
  inc…                                                                          
  –       $381…    $391…    $(10…    (2.8…    $1,0…    $1,1…    $(10…    (8.4…  
  same                                                                          
  pro…                                                                          
  (ca…                                                                          
  bas…                                                                          
                                                                                
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) The decline
was due to a decrease in same property occupancy, primarily driven by previously
disclosed key lease expirations with expected downtime aggregating 282,878 RSF
and 1.2 million RSF in 3Q26 and YTD 3Q26 , respectively, with weighted-average
lease expiration dates of August 2026 and April 2026 , r espectively.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  23  
  Reserved. ©2026                                       
                                                        
                      
  Leasing Activity    
  September 30, 2026  
 ──────────────────── 
  (Dollars per RSF)   
                      
                                                                                
           T…                      N…                                           
           M…                      M…                   Ye…                     
           E…                      E…                   En…                     
           S…                      S…                   De…                     
           3…                      3…                   31,                     
           2…                      2…                   20…                     
 ────────────────────────────────────────────────────────────────────────────── 
       I…            C…        I…        C…         I…             C…           
       R…            B…        R…        B…         R…             B…           
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …        (…            (…        (…        (6…        7.…            3.…      
  …                                                                             
  …        $…            $…        $…        $4…        $5…            $5…      
  …                                                                             
  …        $…            $…        $…        $5…        $4…            $5…      
  …                                                                             
  …        7…                      1…                   2,…                     
  …                                                                             
  …        $…                      $…                   $5…                     
  …                                                                             
  …        1…                      9…                   9.0                     
  …        y…                      y…                   ye…                     
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …        $…            $…        $…        $4…        $7…  -2        $6…  -2  
  …                                                                             
  …                                                                             
  …        4…  -3                  9…                   94…                     
  …                                                                             
  …         —  -3                  1…                   70…  -2                 
  …                                                                             
  …        1…                      1…                   13…                     
  …        y…                      y…                   ye…                     
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …        $…            $…        $…        $4…        $6…            $5…      
  …                                                                             
  …        1…                      2…                   4,…                     
  …        1…                      1…                   11…                     
  …        y…                      y…                   ye…                     
  …                                                                             
  …                                                                             
  …                                                                             
  …        $…            $…        $…        $5…        $5…            $5…      
  …                                                                             
  …        1…  -5                  3…                   4,…                     
                                                                                
Leasing activity includes 100% of results for properties in which we have an
investment. (1) Excludes month-to-month leases aggregating 272,378 RSF and
58,516 RSF as of September 30, 2026 and December 31, 2025 , respectively. During
the trailing twelve months ended September 30, 2026 , we granted free rent
concessions averagin g 2.0 m onths per annum. This includes a lease concession
for a 20 -year lease with a non-life science tenant in the Research Triangle
market executed in 3Q26. Excluding this lease, free rent concessions were 1.1
months per annum. (2) Includes the largest life science lease in company
history, executed in July 2025 with Novartis AG. The 16-year expansion build-to-
suit lease aggregates 466,598 RSF and is located at the Cam pus Point by
Alexandria Megacampus in our University Town Center submarket. Excluding this
lease, previously vacant/developed/redeveloped rental rates would have been
$58.31 and $58.70 (cash basis) and development/redevelopment leasing volume
would have been 238,223 RSF, for the year ended December 31, 2025. (3) During
3Q26, we executed leases of 66,859 RSF and have additional leases under
negotiation of 100,684 RSF for advanced technology use at our project at 311
Arsenal Street in our Greater Boston market, all of which will be reflected as
leasing of previously vacant space. This activity enabled us to pivot the
redevelopment project to a lower-cost advanced technology use, reducing future
potential construction spend by approximately $220 million . As a result of this
leasing progress, the entire project aggregating 339,020 RSF was reclassified
from redevelopment to operating as of 3Q26. (4) Refer to “New Class A/A+
development and redevelopment properties: summary of pipeline” in the
Supplemental Information for additional details, including total project costs.
(5) Includes previously disclosed key lease expirations aggregating 282,878 RSF
that became vacant during 3Q26 , with a weighted-average lease expiration date
of August 2026 .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  24  
  Reserved. ©2026                                       
                                                        
                                 
  Contractual Lease Expirations  
  September 30, 2026             
 ─────────────────────────────── 
                                 
                                                                                
                                     Perc…          Annu…          Perc…        
                                     of             Rent…          of           
  Year              RSF              Occu…          Reve…          Annu…        
                                     RSF            (per           Rent…        
                                                    RSF)…          Reve…        
        2026  -2         481…               1.6%           $39…           1.0%  
        2027             3,0…               9.9%           $57…           9.4%  
        2028             3,7…  -3           12.…           $50…           10.…  
        2029             2,1…               7.0%           $41…           4.8%  
        2030             2,6…               8.6%           $43…           6.2%  
        2031             3,5…               11.…           $53…           10.…  
        2032             1,0…               3.5%           $56…           3.2%  
        2033             2,4…               7.8%           $46…           6.0%  
        2034             2,6…               8.6%           $65…           9.3%  
        2035             1,1…               3.8%           $55…           3.4%  
  The…                   7,9…               25.…           $85…           36.…  
                                                                                
                                                                                
         …                                      …                               
         …                                A…    …                            …  
  …      …                                R…    …                            …  
         …                                      …                               
         …                                      …                               
     L…     N…     E…     M…     T…       L…    …    E…    …    T…              
                   T…                                T…                         
  …      …      —      —      …      …    $…    …     —    …    1…    …      …  
  …                                                                             
  …      —      …      …      …      …    6…    —    1…    …    1…    …      …  
  …                                                                             
  …                                                                             
  …      …      —      …      —      …    2…    …    4…    …    6…    …      …  
  …                                                                             
  …                                                                             
  …      …      …      —      …      …    4…    …    1…    …    3…    …      …  
  …      —      —      —      …      …    1…    —    3…    …    1…    …      …  
  …      …      …      —      …      …    2…    …    1…    …    4…    …      …  
  …                                                                             
  …                                                                             
  …      —      —      —      …      …    1…    —    7…    …    2…    …      …  
  …                                                                             
  …      —      —      —      —      —     —    —     —    —    2…    …      …  
  …      —      —      —      —      —     —    —     —    —    5…    …      …  
  …                                                                             
  …      …      …      …      …      …    4…    …    4…    …    6…    …      …  
  …                                                                             
  …                                                                             
  …      —      …      …      …      …    2…    —    3…    …    5…    …  -3  …  
  …                                                                             
  …                                                                             
  …      …      …      …      …      …    $…    …    7…    …    1…    …      …  
  …                                                                             
  …      …      …      …      …      …          …    2…    …    3…    …         
  …                                                                             
  …                                                                             
                                                                                
Contractual lease expirations for properties classified as held for sale as of
September 30, 2026 are excluded from the information on this page. (1) Amounts
in effect as of September 30, 2026 . (2) Excludes month-to-month leases
aggregating 272,378 RSF. (3) See tables below for additional details. (4)
Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across
four properties, generating $24.0 million of annual rental revenue with a
weighted-average expiration date of April 2027 . Upon lease expiration, BMS will
relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was
delivered in June 2026. We expect the vacated space to experience a period of
downtime and we are currently under negotiation for 190,085 RSF. (5) Refer to
the footnote for Novartis AG under "Top 20 tenants" in the Supplemental
Information for additional details.
                                                                                
  2027                                   2028                                   
  Key                                    Key                                    
  Lease                                  Lease                                  
  Expi…                                  Expir…                                 
  with                                   with                                   
  Expe…                                  Expec…                                 
  Down…                                  Downt…                                 
           Annual    Weigh…    Weigh…              Annual    Weight…    Weigh…  
  Total    Renta…    Avera…    Avera…    Total     Renta…    Averag…    Avera…  
                     Date      Downt…                        Date       Downt…  
  1,37…    $100.…    March     9to24…    717,5…    $60.4M    April      9to24…  
  RSF                2027                RSF                 2028               
                                                                                
                                                                                
  Reason for Expected Downtime(Based     Reason for Expected Downtime(Based on  
  on RSF)                                RSF)                                   
                                                                                
                                                                                
  Relocation to OtherARE             Leases at Assets                           
  Properties(4)                      OriginallyAcquired for              Other  
                                     Redevelopment                              
                                                                                
                                                                                
  Relocation to          Leases at Assets        100 Technology                 
  OtherARE Properties    OriginallyAcquired for  Square(5)               Other  
                         Redevelopment                                          
                                                                                
                                                                                
  Current Leasing Status(Based on RSF)    Current Leasing Status(Based on RSF)  
                                                                                
                                                              
  Negotiating  Early Tenant Discussions  Marketing/Remaining  
                                                              
                                                
  Early TenantDiscussions  Marketing/Remaining  
                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  25  
  Reserved. ©2026                                       
                                                        
                                             
  Contractual Lease Expirations (continued)  
  September 30, 2026                         
 ─────────────────────────────────────────── 
  (Dollars in thousands)                     
                                             
Summary of 2027 Key Lease Expirations with Expected Downtime
                                                                                
            Expira…      Annual…        RSF                                     
  Campus                 Negoti…      Early    Marke…      Total                
                                    Tenant…                                     
  Campus                                                                        
  Point                                                                         
  by                                                                            
  Alexa…    March                                                               
  Diego     2027         $18,776    190,085         —     61,775    251,8…  -1  
  –                                                                             
  Unive…                                                                        
  Town                                                                          
  Center                                                                        
  Alexa…                                                                        
  Cente…                                                                        
  Life                                                                          
  Scien…                                                                        
  –         January       27,045          —    232,9…          —    232,9…  -2  
  Walth…    2027                                                                
  Boston                                                                        
  –                                                                             
  Route                                                                         
  128                                                                           
  Alexa…                                                                        
  Cente…                                                                        
  Advan…                                                                        
  Techn…                                                                        
  –                                                                             
  South     January                                                             
  San       2027           8,805          —         —    129,501    129,5…      
  Franc…                                                                        
  Bay                                                                           
  Area –                                                                        
  South                                                                         
  San                                                                           
  Franc…                                                                        
  199                                                                           
  East                                                                          
  Blaine    June           7,177          —    66,464     43,505    109,9…      
  Stree…    2027                                                                
  – Lake                                                                        
  Union                                                                         
  Seque…                                                                        
  Distr…                                                                        
  by                                                                            
  Alexa…    January        3,282     90,000         —          —    90,000  -2  
  Diego     2027                                                                
  –                                                                             
  Sorre…                                                                        
  Mesa                                                                          
  Alexa…                                                                        
  Cente…                                                                        
  Advan…                                                                        
  Techn…                                                                        
  –         March          4,089          —    50,946     32,144    83,090  -2  
  South     2027                                                                
  Lake                                                                          
  Union…                                                                        
  –Lake                                                                         
  Union                                                                         
  3033                                                                          
  Scien…                                                                        
  Park                                                                          
  Road/…    March          5,258          —         —     65,525    65,525  -1  
  Diego     2027                                                                
  –                                                                             
  Torrey                                                                        
  Pines                                                                         
  Alexa…                                                                        
  Techn…                                                                        
  Squar…    January                                                             
  Boston    2027           5,652          —    37,960     22,951    60,911  -1  
  –                                                                             
  Cambr…                                                                        
  Subur…                                                                        
  ARE                                                                           
  Torrey                                                                        
  Ridge…    March                                                               
  Diego     2027           2,889          —         —     59,248    59,248      
  –                                                                             
  Torrey                                                                        
  Pines                                                                         
  The                                                                           
  Arsen…                                                                        
  on the                                                                        
  Charl…    Februa…        4,732          —    54,109          —    54,109  -1  
  Boston    2027                                                                
  –                                                                             
  Cambr…                                                                        
  Subur…                                                                        
  Alexa…                                                                        
  Cente…                                                                        
  Advan…                                                                        
  Techn…    July                                                                
  –         2027           1,725          —         —     50,297    50,297  -2  
  Canyon                                                                        
  Park/…                                                                        
  –                                                                             
  Bothe…                                                                        
  Alexa…                                                                        
  Cente…                                                                        
  Life                                                                          
  Scien…    January                                                             
  –         2027           1,599          —         —     48,500    48,500  -1  
  Shady                                                                         
  Grove…                                                                        
  –                                                                             
  Rockv…                                                                        
  10970                                                                         
  Alexa…                                                                        
  Way/S…    Novemb…                                                             
  Diego     2027           2,675          —         —     36,172    36,172      
  –                                                                             
  Torrey                                                                        
  Pines                                                                         
  Other     Various        6,781     25,558    78,919      1,399    105,8…      
            March    -3  $100,4…    305,643    521,3…    551,017    1,377…      
            2027                                                                
                                        22%       38%        40%                
                                                                                
(1) Relocation to other ARE properties. (2) Leases at assets originally acquired
for redevelopment or repositioning. (3) Represents the weighted-average
expiration date based on annual rental revenue as of September 30, 2026 .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  26  
  Reserved. ©2026                                       
                                                        
                                                    
  Top 20 Tenants                                    
  September 30, 2026                                
 ────────────────────────────────────────────────── 
  (Dollars in thousands, except average market cap  
  amounts)                                          
                                                    
84% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade or Publicly
Traded Large Cap Tenants (1)
                                                                                
               R…                        An…            Pe…    I…           A…  
        Te…    L…             Ag…        Re…            of…    R…           C…  
               y…                                       Re…                 b…  
                        M…    S&P                                               
        Br…                                                                     
  1     My…        8.3             1…         $…        8.…    A2    A      $…  
        Sq…                                                                     
        Co…                                                                     
        Eli                                                                     
  2     Li…        8.7             1…         9…        4.9    A…    AA-    $…  
        and                                                                     
        Co…                                                                     
  3     Mo…        12…             4…         7…        3.8    —     —      $…  
        In…                                                                     
  4     As…        5.5             6…         5…  -2    3.0    A1    A+     $…  
        PLC                                                                     
        Ta…                                                                     
  5     Ph…        10…             3…         4…        2.2    B…    BB…    $…  
        Co…                                                                     
        Li…                                                                     
        Ei…                                                                     
  6     Th…        12…             2…         3…        2.1    —     —      $…  
        In…                                                                     
        In…                                                                     
  7     Th…        6.9             2…         3…        1.9    —     —      $…  
        In…                                                                     
  8     Il…        5.1             7…         2…        1.6    B…    BBB    $…  
        In…                                                                     
        Un…                                                                     
  9     St…        3.9             4…         2…  -5    1.6    A…    AA+    $—  
        Go…                                                                     
        No…                                                                     
  10    No…        11…             2…         2…        1.5    A…    AA     $…  
        A/S                                                                     
        Ub…                                                                     
  11    Te…        56…  -6         1…         2…        1.5    B…    BB…    $…  
        In…                                                                     
        Bo…                                                                     
  12    Ch…        14…             3…         2…        1.4    A…    AA     $—  
        Ho…                                                                     
  13    No…        1.7  -7         3…         2…        1.3    A…    AA-    $…  
        AG                                                                      
  14    Sa…        4.3             2…         2…        1.2    A…    AA     $…  
        New                                                                     
  15    Yo…        5.8             2…         2…        1.1    A…    AA-    $—  
        Un…                                                                     
        Ma…                                                                     
  16    In…        3.3             2…         2…        1.1    A…    AAA    $—  
        of                                                                      
        Te…                                                                     
        Me…                                                                     
  17    &          7.6             3…         1…        1.0    A…    A+     $…  
        Co…                                                                     
        In…                                                                     
  18    Va…        8.3             2…         1…        1.0    —     —      $…  
        In…                                                                     
        Ch…                                                                     
  19    Ri…        9.1             1…         1…        1.0    —     —      $…  
        La…                                                                     
        In…                                                                     
        Al…                                                                     
  20    La…        14…             1…         1…        1.0    —     —      $—  
        In…                                                                     
        To…        10…  -6         9…         $…        42…                     
                                                                                
Annual rental revenue and RSF include 100% of each property managed by us. 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, 2026 . (2) Of the $ 56.7 million of annual rental
revenue generated by this tenant, $27.0 million relates to a 232,902 RSF lease
at our Alexandria Center ® for Life Science – Waltham Megacampus, which expires
in 1Q27 . This lease is included in the 1.4 million RSF of 2027 key lease
expirations with expected downtime disclosed on page 24 . We do not expect the
tenant to renew its lease and are actively marketing the space. (3) Eikon
Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a
biopharmaceutical executive who previously served as an executive vice president
of Merck & Co., Inc. As of June 30, 2026 , the company held $531 million in cash
and marketable securities. (4) Intellia Therapeutics, Inc. is an established,
publicly traded clinical-stage biotechnology company focused on CRISPR-based
gene-editing therapies. The company reported positive Phase 3 clinical results
in 2026 and reported cash, cash equivalents and marketable securities of $628.4
million as of June 30, 2026 . Additionally, on September 4, 2026, the company
announced it secured a non-dilutive senior secured term loan facility for up to
$400 million . (5) Includes leases, which are not subject to annual
appropriations, with governmental entities such as the NIH and the General
Services Administration. Approximately 2% of the annual rental revenue derived
from our leases with the United States Government is cancelable prior to the
lease expiration date. (6) 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 8.4 years as of September 30, 2026 . (7) Includes one direct
lease at 100 Technology Square at Alexandria Technology Square® Megacampus in
our Cambridge submarket aggregating 255,441 RSF, which generates annualized
rental revenue of $21.0 million and expires in March 2028 . The tenant has
leased the building since 2002 and has subsequently expanded and consolidated
its operations in Cambridge into a larger footprint. As a result, we do not
expect the tenant to renew its lease upon expiration. We are actively marketing
the space for re-leasing and expect significant downtime following lease
expiration to upgrade and re-lease the space. (8) Altos Labs, Inc. is a private
biotechnology company led by Hal Barron, M.D., former GlaxoSmithKline Chief
Scientific Officer and President, R&D. Altos Labs launched with $3.0 billion in
private funding in 2022, and is backed by a group of prominent investors.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  27  
  Reserved. ©2026                                       
                                                        
                                                  
  Summary of Properties and Occupancy             
  September 30, 2026                              
 ──────────────────────────────────────────────── 
  (Dollars in thousands, except per RSF amounts)  
                                                  
Summary of properties
                                                                                
                                             Nu…       An…                      
        RSF                                  of…       Re…                      
                                                       Re…                      
                                        %                   %         Per       
  M…    Op…      De…    Re…    To…     of         To…       of        RSF       
                                      To…                   To…                 
  G…    10…        —    60…    10…    28%     63       $7…       39%       $8…  
  B…                                                                            
  S…    6,…      46…      —    6,…     18     55       34…        18       59…  
  D…                                                                            
  S…                                                                            
  F…    5,…      21…    50…    5,…     16     39       30…        17       70…  
  B…                                                                            
  A…                                                                            
  S…    2,…      17…      —    3,…      8     39       11…         6       43…  
  M…    3,…        —      —    3,…     10     47       15…         8       45…  
  R…    3,…        —      —    3,…      9     36       86…         5       26…  
  T…                                                                            
  N…                                                                            
  Y…    72…        —      —    72…      2      2       65…         3       93…  
  C…                                                                            
  T…    1,…        —    66…    1,…      4     13       41…         2       29…  
  N…    95…  -1    —      —    95…      2     16       21…         1       29…  
  m…                                                                            
  P…                                                                            
  h…    96…      33…      —    1,…      3     18       21…         1       40…  
  f…                                                                            
  s…                                                                            
        36…      1,…    71…    38…    10…    328       $1…       10…       $6…  
                 1,…                                                            
                                                                                
Summary of occupancy
                                                                                
                                                 Operat…                        
             Operati…                                and                        
             Propert…                            Redeve…                        
                                                 Proper…                        
  Market      9/30/26      6/30/26    9/30/25    9/30/26    6/30/26    9/30/25  
  Greater       81.0%  -2    83.0%      86.8%      76.6%      73.7%      73.6%  
  Boston                                                                        
  San            89.7         89.9       95.2       89.7       89.9       95.2  
  Diego                                                                         
  San                                                                           
  Franci…        87.1         83.1       90.4       86.3       81.9       86.4  
  Bay                                                                           
  Area                                                                          
  Seattle        90.6         87.7       90.1       90.6       87.7       90.1  
  Maryla…        91.5         91.5       93.9       91.5       91.5       93.9  
  Resear…        94.5         93.9       94.9       94.5       93.9       94.9  
  Triang…                                                                       
  New                                                                           
  York           96.6         95.5       98.3       96.6       95.5       98.3  
  City                                                                          
  Texas          85.3         85.3       79.9       82.0       82.0       76.5  
  Subtot…        87.4         87.1       90.8       85.6       83.8       85.9  
  Non-cl…        78.0         54.1       85.2       78.0       54.1       81.7  
  market…                                                                       
                87.1%  -3    86.9%      90.6%      85.4%      83.6%      85.8%  
                                                                                
(1) Includes 779,842 RSF and $14.9 million of annual rental revenue in Canada.
(2) Decline in occupancy was primarily due to 339,020 RSF at our 311 Arsenal
Street redevelopment project in our Greater Boston market being placed back into
operation following the execution of leases aggregating 66,859 R SF, with
additional leases aggregating 100,684 RSF under negotiatio n for advanced
technology use as of 3Q26 . This activity enables us to pivot the redevelopment
project to a lower-cost advanced technology use, reducing future construction
spend by approximately $220 million . (3) Excludes leases aggre gating 1.3
million RSF, or 3.7% of total operating RSF , executed as of September 30, 2026
and expected to be occupied upon completion of building and/or tenant
improvements. See the Occupancy and Leasing Progress chart on the following page
for additional information.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  28  
  Reserved. ©2026                                       
                                                        
                                                   
  Summary of Properties and Occupancy (continued)  
  September 30, 2026                               
 ───────────────────────────────────────────────── 
                                                   
Occupancy and Leasing Progress (Operating Properties) (1) (1) R epresents
executed leases aggregating 1.3 million RSF with occupancy expected upon
completion of building and/or tenant improveme nts . The weighted-average
expected occupancy date is approximately June 2027 , with expected annual rental
revenue of approximately $52 million . We expect 32% of the total 1.3 million
RSF to be occupied by December 31, 2026 . These executed leases relate solely to
our operating portfolio, and therefore exclude an additiona l 686 thousand RSF
of executed leases with future delivery related to our development and
redevelopment properties under construction. Refer to “ New Class A/A+
development and redevelopment properties: under construction” in the
Supplemental Information for additional details.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  29  
  Reserved. ©2026                                       
                                                        
                          
  Property Listing        
  September 30, 2026      
 ──────────────────────── 
  (Dollars in thousands)  
                          
Our Megacampus Properties Account for 80% of Our Annual Rental Revenue
                                                                                
  M…                                                                            
  /                                                  Nu…           Oc…          
  S…                 RSF                             of…    An…    Pe…          
  /                                                                             
  A…                                                                            
                     Op…          Op…                                           
                                  an…                                           
      Op…       De…       Re…     To…                                           
  G…                                                                            
  B…                                                                            
  C…                                                                            
  S…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…       2,…       —         —    2,…      8    $2…    91…    91.…  
           Ke…                                                                  
           Sq…                                                                  
           50…                                                                  
           60…                                                                  
           75…                                                                  
           90,                                                                  
           10…                                                                  
           and                                                                  
           22…                                                                  
           St…                                                                  
           140                                                                  
           Fi…                                                                  
           St…                                                                  
           300                                                                  
           Th…                                                                  
           St…                                                                  
           Me…                                                                  
           Al…                                                                  
           Ce…       1,…       —         —    1,…     11    12…    83…    83.8  
           One                                                                  
           Ke…                                                                  
           Sq…                                                                  
           One                                                                  
           Ke…                                                                  
           Sq…                                                                  
           (B…                                                                  
           10…                                                                  
           20…                                                                  
           30…                                                                  
           40…                                                                  
           50…                                                                  
           60…                                                                  
           14…                                                                  
           and                                                                  
           20…                                                                  
           and                                                                  
           325                                                                  
           and                                                                  
           399                                                                  
           Bi…                                                                  
           St…                                                                  
           Me…                                                                  
           Al…       1,…       —         —    1,…      7    95…    87…    87.4  
           Te…                                                                  
           Sq…                                                                  
           10…                                                                  
           20…                                                                  
           30…                                                                  
           40…                                                                  
           50…                                                                  
           60…                                                                  
           and                                                                  
           700                                                                  
           Te…                                                                  
           Sq…                                                                  
           Me…                                                                  
           The                                                                  
           Ar…       1,…       —         —    1,…     13    42…    54…    54.5  
           on                                                                   
           the                                                                  
           Ch…                                                                  
           31…                                                                  
           32…                                                                  
           and                                                                  
           343                                                                  
           Ar…                                                                  
           St…                                                                  
           30…                                                                  
           40…                                                                  
           and                                                                  
           500                                                                  
           No…                                                                  
           Be…                                                                  
           St…                                                                  
           2,                                                                   
           3,                                                                   
           and                                                                  
           4                                                                    
           Ki…                                                                  
           Av…                                                                  
           and                                                                  
           10…                                                                  
           20…                                                                  
           and                                                                  
           400                                                                  
           Ta…                                                                  
           Av…                                                                  
           Me…                                                                  
           480                                                                  
           Ar…                                                                  
           Wa…                                                                  
           44…                                                                  
           45…                                                                  
           and       57…       —         —    57…      5    34…    81…    81.4  
           500                                                                  
           Ar…                                                                  
           St…                                                                  
           and                                                                  
           99…                                                                  
           Av…                                                                  
                     6,…       —         —    6,…     44    50…    81…    81.9  
  F…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       1,…       —         —    1,…      3    10…    74…    74.0  
           Sc…                                                                  
           –                                                                    
           Fe…                                                                  
           401                                                                  
           and                                                                  
           421                                                                  
           Pa…                                                                  
           Dr…                                                                  
           and                                                                  
           201                                                                  
           Br…                                                                  
           Av…                                                                  
  S…                                                                            
  I…                                                                            
  D…                                                                            
           5                                                                    
           and       45…       —         —    45…      2    48…    98…    98.6  
           15…                                                                  
           St…                                                                  
  R…                                                                            
  1…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       73…       —       32…    1,…      5    68…    87…    60.2  
           Sc…                                                                  
           –                                                                    
           Wa…                                                                  
           40,                                                                  
           50,                                                                  
           and                                                                  
           60                                                                   
           Sy…                                                                  
           Ro…                                                                  
           35                                                                   
           Ga…                                                                  
           Dr…                                                                  
           and                                                                  
           840                                                                  
           Wi…                                                                  
           St…                                                                  
           19,                                                                  
           22…                                                                  
           and       58…       —         —    58…      3    14…    97…    97.0  
           235                                                                  
           Pr…                                                                  
           Way                                                                  
                     1,…       —       32…    1,…      8    82…    91…    73.2  
  O…                                                                            
           Me…                                                                  
           30,                                                                  
           20…                                                                  
           and       63…       —       27…    90…      6    5,…    54…    37.8  
           30…                                                                  
           Mi…                                                                  
           Ro…                                                                  
  G…                                                                            
  B…                 10…       —       60…    10…     63    $7…    81…    76.…  
  T…                                                                            
      Re…                                                                       
      to                                                                        
      “N…                                                                       
      Cl…                                                                       
      A/…                                                                       
      de…                                                                       
      and                                                                       
      re…                                                                       
      pr…                                                                       
      su…                                                                       
      of                                                                        
      pi…                                                                       
      and                                                                       
      “D…                                                                       
      and                                                                       
      re…                                                                       
      in                                                                        
      the                                                                       
      Su…                                                                       
      In…                                                                       
      for                                                                       
      ad…                                                                       
      de…                                                                       
      own                                                                       
      a                                                                         
      pa…                                                                       
      in…                                                                       
      in                                                                        
      th…                                                                       
      pr…                                                                       
      th…                                                                       
      a                                                                         
      re…                                                                       
      es…                                                                       
      jo…                                                                       
      ve…                                                                       
      Re…                                                                       
      to                                                                        
      “J…                                                                       
      ve…                                                                       
      fi…                                                                       
      in…                                                                       
      in                                                                        
      the                                                                       
      Su…                                                                       
      In…                                                                       
      for                                                                       
      ad…                                                                       
      de…                                                                       
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  30  
  Reserved. ©2026                                       
                                                        
                                
  Property Listing (continued)  
  September 30, 2026            
 ────────────────────────────── 
  (Dollars in thousands)        
                                
                                                                                
  M…                                                                            
  /                                                  Nu…           Oc…          
  S…                 RSF                             of…    An…    Pe…          
  /                                                                             
  A…                                                                            
                     Op…            Op…                                         
                                    an…                                         
      Op…       De…       Re…       To…                                         
  S…                                                                            
  D…                                                                            
  T…                                                                            
  P…                                                                            
           Me…                                                                  
           One       1,…         —       —    1,…     10    $6…    75…    75.…  
           Al…                                                                  
           Sq…                                                                  
           31…                                                                  
           and                                                                  
           32…                                                                  
           Ro…                                                                  
           30…                                                                  
           30…                                                                  
           and                                                                  
           30…                                                                  
           Sc…                                                                  
           Pa…                                                                  
           10…                                                                  
           10…                                                                  
           10…                                                                  
           and                                                                  
           10…                                                                  
           Al…                                                                  
           Wa…                                                                  
           10…                                                                  
           Ro…                                                                  
           and                                                                  
           35…                                                                  
           Cr…                                                                  
           Co…                                                                  
           ARE                                                                  
           To…       30…         —       —    30…      3    14…    97…    97.3  
           Ri…                                                                  
           10…                                                                  
           10…                                                                  
           and                                                                  
           10…                                                                  
           Sc…                                                                  
           Ce…                                                                  
           Dr…                                                                  
                     1,…         —       —    1,…     13    77…    80…    80.6  
  U…                                                                            
  T…                                                                            
  C…                                                                            
           Me…                                                                  
           Ca…                                                                  
           Po…       1,…       46…       —    2,…      8    13…    96…    96.8  
           by                                                                   
           Al…                                                                  
           98…                                                                  
           10…                                                                  
           10…                                                                  
           and                                                                  
           10…                                                                  
           Ca…                                                                  
           Po…                                                                  
           Dr…                                                                  
           and                                                                  
           41…                                                                  
           41…                                                                  
           and                                                                  
           42…                                                                  
           Ca…                                                                  
           Po…                                                                  
           Co…                                                                  
           Me…                                                                  
           52…       79…         —       —    79…      6    29…    10…    100…  
           Il…                                                                  
           Wa…                                                                  
           96…                                                                  
           To…       17…         —       —    17…      1    5,…    46…    46.5  
           Ce…                                                                  
           Dr…                                                                  
                     2,…       46…       —    3,…     15    16…    94…    94.5  
  S…                                                                            
  M…                                                                            
           Me…                                                                  
           SD                                                                   
           Te…       1,…         —       —    1,…     13    48…    86…    86.0  
           by                                                                   
           Al…                                                                  
           96…                                                                  
           96…                                                                  
           96…                                                                  
           97…                                                                  
           97…                                                                  
           98…                                                                  
           98…                                                                  
           and                                                                  
           98…                                                                  
           Sc…                                                                  
           Ro…                                                                  
           an…                                                                  
           10…                                                                  
           10…                                                                  
           10…                                                                  
           and                                                                  
           10…                                                                  
           Ca…                                                                  
           Ro…                                                                  
           Me…                                                                  
           Se…                                                                  
           Di…       57…         —       —    57…      6    21…    10…    100…  
           by                                                                   
           Al…                                                                  
           62…                                                                  
           63…                                                                  
           63…                                                                  
           63…                                                                  
           64…                                                                  
           and                                                                  
           64…                                                                  
           Se…                                                                  
           Dr…                                                                  
           Su…                                                                  
           Ri…       31…         —       —    31…      4    11…    10…    100…  
           Sc…                                                                  
           Pa…                                                                  
           99…                                                                  
           99…                                                                  
           99…                                                                  
           and                                                                  
           99…                                                                  
           Su…                                                                  
           Ri…                                                                  
           Ro…                                                                  
           10…                                                                  
           Ho…       14…         —       —    14…      1    11…    10…    100…  
           Pa…                                                                  
           Dr…                                                                  
           58…                                                                  
           Na…       83…         —       —    83…      1      —      —       —  
           Ri…                                                                  
           Dr…                                                                  
           98…                                                                  
           Wa…       63…         —       —    63…      1    2,…    10…    100…  
           St…                                                                  
           58…                                                                  
           Ob…       33…         —       —    33…      1    2,…    10…    100…  
           Dr…                                                                  
                     2,…         —       —    2,…     27    97…    89…    89.7  
  S…                                                                            
  D…                 6,…       46…       —    6,…     55    $3…    89…    89.…  
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      the                                                                       
      Su…                                                                       
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      own                                                                       
      a                                                                         
      pa…                                                                       
      in…                                                                       
      in                                                                        
      th…                                                                       
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      jo…                                                                       
      ve…                                                                       
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      to                                                                        
      “J…                                                                       
      ve…                                                                       
      fi…                                                                       
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      in                                                                        
      the                                                                       
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      10…                                                                       
      of                                                                        
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  Alexandria Real Estate Equities, Inc. All Rights  31  
  Reserved. ©2026                                       
                                                        
                                
  Property Listing (continued)  
  September 30, 2026            
 ────────────────────────────── 
  (Dollars in thousands)        
                                
                                                                                
  M…                                                                            
  /                                                    Nu…           Oc…        
  S…                 RSF                               of…    An…    Pe…        
  /                                                                             
  A…                                                                            
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                                    an…                                         
      Op…       De…       Re…       To…                                         
  S…                                                                            
  F…                                                                            
  B…                                                                            
  A…                                                                            
  M…                                                                            
  B…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Sc…       1,…       21…         —    1,…      8    $6…    90…    9…  
           and                                                                  
           Te…                                                                  
           –M…                                                                  
           Ba…                                                                  
           14…                                                                  
           15…                                                                  
           16…                                                                  
           and                                                                  
           17…                                                                  
           Th…                                                                  
           St…                                                                  
           14…                                                                  
           15…                                                                  
           and                                                                  
           17…                                                                  
           St…                                                                  
           and                                                                  
           455                                                                  
           Mi…                                                                  
           Bay                                                                  
           Bo…                                                                  
           So…                                                                  
  S…                                                                            
  S…                                                                            
  F…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Ad…       86…         —       50…    91…      5    40…    73…    6…  
           Te…                                                                  
           –                                                                    
           So…                                                                  
           Fr…                                                                  
           21…                                                                  
           24…                                                                  
           25…                                                                  
           26…                                                                  
           and                                                                  
           279                                                                  
           Ea…                                                                  
           Gr…                                                                  
           Av…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…                                                                  
           Sc…       50…         —         —    50…      3    26…    76…    7…  
           –                                                                    
           So…                                                                  
           San                                                                  
           Fr…                                                                  
           201                                                                  
           Ha…                                                                  
           Way                                                                  
           and                                                                  
           400                                                                  
           and                                                                  
           450                                                                  
           Ea…                                                                  
           Ja…                                                                  
           Co…                                                                  
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Ad…       22…         —         —    22…      1    1,…    10…    1…  
           Te…                                                                  
           –                                                                    
           Ta…                                                                  
           11…                                                                  
           El                                                                   
           Ca…                                                                  
           Re…                                                                  
           Al…                                                                  
           Te…       32…         —         —    32…      5    14…    86…    8…  
           Ce…                                                                  
           Ga…                                                                  
           60…                                                                  
           63…                                                                  
           65…                                                                  
           90…                                                                  
           and                                                                  
           951                                                                  
           Ga…                                                                  
           Bo…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       28…         —         —    28…      1    37…    10…    1…  
           Sc…                                                                  
           –                                                                    
           Mi…                                                                  
           230                                                                  
           Ha…                                                                  
           Tu…                                                                  
           Way                                                                  
           500                                                                  
           Fo…       15…         —         —    15…      1    10…    10…    1…  
           Bo…                                                                  
                     2,…         —       50…    2,…     16    13…    83…    8…  
  S…                                                                            
  C…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       63…         —         —    63…      3    41…    95…    9…  
           Sc…                                                                  
           –                                                                    
           San                                                                  
           Ca…                                                                  
           82…                                                                  
           83…                                                                  
           and                                                                  
           960                                                                  
           In…                                                                  
           Ro…                                                                  
                     63…         —         —    63…      3    41…    95…    9…  
  P…                                                                            
  A…                                                                            
           Al…                                                                  
           St…                                                                  
           Li…       41…         —         —    41…      5    33…    97…    9…  
           Sc…                                                                  
           Di…                                                                  
           31…                                                                  
           31…                                                                  
           31…                                                                  
           and                                                                  
           31…                                                                  
           Po…                                                                  
           Dr…                                                                  
           and                                                                  
           33…                                                                  
           Hi…                                                                  
           Av…                                                                  
           34…                                                                  
           34…                                                                  
           34…                                                                  
           34…       34…         —         —    34…      5    21…    76…    7…  
           and                                                                  
           34…                                                                  
           Hi…                                                                  
           Av…                                                                  
           24…                                                                  
           Ha…                                                                  
           St…                                                                  
           and       16…         —         —    16…      2    9,…    73…    7…  
           14…                                                                  
           Pa…                                                                  
           Mi…                                                                  
           Ro…                                                                  
                     91…         —         —    91…     12    65…    85…    8…  
  S…                                                                            
  F…                                                                            
  B…                 5,…       21…       50…    5,…     39    $3…    87…    8…  
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      and                                                                       
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      in                                                                        
      the                                                                       
      Su…                                                                       
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      own                                                                       
      a                                                                         
      pa…                                                                       
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      in                                                                        
      th…                                                                       
      pr…                                                                       
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      to                                                                        
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      ve…                                                                       
      fi…                                                                       
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      in                                                                        
      the                                                                       
      Su…                                                                       
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      de…                                                                       
      own                                                                       
      10…                                                                       
      of                                                                        
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      pr…                                                                       
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  32  
  Reserved. ©2026                                       
                                                        
                                
  Property Listing (continued)  
  September 30, 2026            
 ────────────────────────────── 
  (Dollars in thousands)        
                                
                                                                                
  M…                                                                            
  /                                                  Nu…           Oc…          
  S…                 RSF                             of…    An…    Pe…          
  /                                                                             
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                                    an…                                         
      Op…       De…       Re…       To…                                         
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  L…                                                                            
  U…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       1,…         —       —    1,…      9    $5…    84…    84.…  
           Sc…                                                                  
           –                                                                    
           Ea…                                                                  
           11…                                                                  
           12…                                                                  
           12…                                                                  
           15…                                                                  
           16…                                                                  
           and                                                                  
           16…                                                                  
           Ea…                                                                  
           Av…                                                                  
           Ea…                                                                  
           18…                                                                  
           199                                                                  
           Ea…                                                                  
           Bl…                                                                  
           St…                                                                  
           and                                                                  
           16…                                                                  
           Fa…                                                                  
           Av…                                                                  
           Ea…                                                                  
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Ad…       46…       17…       —    64…      4    27…    98…    98.9  
           Te…                                                                  
           –                                                                    
           So…                                                                  
           Un…                                                                  
           40…                                                                  
           70…                                                                  
           Av…                                                                  
           No…                                                                  
           428                                                                  
           We…                                                                  
           Av…                                                                  
           No…                                                                  
           an…                                                                  
           Te…                                                                  
           Av…                                                                  
           No…                                                                  
                     1,…       17…       —    1,…     13    82…    88…    88.9  
  E…                                                                            
  B…                                                                            
           410                                                                  
           El…       2,…         —       —    2,…      1      —      —       —  
           Av…                                                                  
           We…                                                                  
  B…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Ad…       81…         —       —    81…     19    19…    94…    94.8  
           Te…                                                                  
           –                                                                    
           Ca…                                                                  
           22…                                                                  
           and                                                                  
           22…                                                                  
           17…                                                                  
           Av…                                                                  
           So…                                                                  
           22…                                                                  
           22…                                                                  
           22…                                                                  
           22…                                                                  
           and                                                                  
           22…                                                                  
           20…                                                                  
           Av…                                                                  
           So…                                                                  
           22…                                                                  
           22…                                                                  
           22…                                                                  
           an…                                                                  
           29…                                                                  
           Dr…                                                                  
           So…                                                                  
           22…                                                                  
           and                                                                  
           22…                                                                  
           30…                                                                  
           Dr…                                                                  
           So…                                                                  
           an…                                                                  
           16…                                                                  
           17…                                                                  
           19…                                                                  
           and                                                                  
           19…                                                                  
           22…                                                                  
           St…                                                                  
           So…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Ad…                                                                  
           Te…       46…         —       —    46…      6    13…    90…    90.2  
           –                                                                    
           Mo…                                                                  
           Vi…                                                                  
           Pa…                                                                  
           33…                                                                  
           33…                                                                  
           33…                                                                  
           33…                                                                  
           35…                                                                  
           and                                                                  
           37…                                                                  
           Mo…                                                                  
           Vi…                                                                  
           Pa…                                                                  
                     1,…         —       —    1,…     25    32…    93…    93.1  
  S…                 2,…       17…       —    3,…     39    11…    90…    90.6  
  T…                                                                            
  M…                                                                            
  R…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       1,…         —       —    1,…     20    91…    92…    92.2  
           Sc…                                                                  
           –                                                                    
           Sh…                                                                  
           Gr…                                                                  
           96…                                                                  
           96…                                                                  
           96…                                                                  
           97…                                                                  
           97…                                                                  
           97…                                                                  
           97…                                                                  
           98…                                                                  
           98…                                                                  
           98…                                                                  
           99…                                                                  
           an…                                                                  
           Me…                                                                  
           Ce…                                                                  
           Dr…                                                                  
           14…                                                                  
           and                                                                  
           15…                                                                  
           Br…                                                                  
           Ro…                                                                  
           99…                                                                  
           Ca…                                                                  
           Dr…                                                                  
           and                                                                  
           98…                                                                  
           and                                                                  
           98…                                                                  
           Da…                                                                  
           Ro…                                                                  
           13…                                                                  
           Pi…       13…         —       —    13…      1    3,…    87…    87.6  
           Dr…                                                                  
           14…                                                                  
           and                                                                  
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           Re…                                                                  
           Bo…                                                                  
           5                                                                    
           Re…       63…         —       —    63…      1    3,…    10…    100…  
           Pl…                                                                  
           5                                                                    
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           Co…                                                                  
           12…                                                                  
           Pa…       49…         —       —    49…      1    1,…    10…    100…  
           Dr…                                                                  
                     2,…         —       —    2,…     26    $1…    91…    91.…  
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  a…                                                                            
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  in                                                                            
  t…                                                                            
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  I…                                                                            
  f…                                                                            
  a…                                                                            
  d…                                                                            
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  a                                                                             
  p…                                                                            
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  in                                                                            
  t…                                                                            
  p…                                                                            
  t…                                                                            
  a                                                                             
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  to                                                                            
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  v…                                                                            
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  i…                                                                            
  in                                                                            
  t…                                                                            
  S…                                                                            
  I…                                                                            
  f…                                                                            
  a…                                                                            
  d…                                                                            
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  33  
  Reserved. ©2026                                       
                                                        
                                
  Property Listing (continued)  
  September 30, 2026            
 ────────────────────────────── 
  (Dollars in thousands)        
                                
                                                                                
  M…                                                                            
  /                                                 Nu…            Oc…          
  S…                 RSF                            of…    Ann…    Pe…          
  /                                                                             
  A…                                                                            
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                                  an…                                           
      Op…       De…       Re…     To…                                           
  M…                                                                            
  (…                                                                            
  G…                                                                            
           Al…                                                                  
           Te…                                                                  
           Ce…       61…       —       —    619…      9    $19…    88…    88.…  
           Ga…                                                                  
           I                                                                    
           9,                                                                   
           25,                                                                  
           35,                                                                  
           45,                                                                  
           50,                                                                  
           and                                                                  
           55                                                                   
           We…                                                                  
           Wa…                                                                  
           Mi…                                                                  
           Ro…                                                                  
           and                                                                  
           91…                                                                  
           93…                                                                  
           and                                                                  
           94…                                                                  
           Ro…                                                                  
           Al…                                                                  
           Te…                                                                  
           Ce…       48…       —       —    486…      7    16,…    89…    89.2  
           Ga…                                                                  
           II                                                                   
           70…                                                                  
           70…                                                                  
           and                                                                  
           708                                                                  
           Qu…                                                                  
           Or…                                                                  
           Ro…                                                                  
           and                                                                  
           19,                                                                  
           20,                                                                  
           21,                                                                  
           and                                                                  
           22                                                                   
           Fi…                                                                  
           401                                                                  
           Pr…       63…       —       —    63,…      1    1,2…    76…    76.4  
           Dr…                                                                  
           950                                                                  
           Wi…       50…       —       —    50,…      1    1,2…    10…    100…  
           Ri…                                                                  
           La…                                                                  
           620                                                                  
           Pr…       27…       —       —    27,…      1    1,2…    10…    100…  
           Dr…                                                                  
                     1,…       —       —    1,2…     19    39,…    88…    88.9  
  B…                                                                            
           80…                                                                  
           Vi…       19…       —       —    191…      1    3,5…    10…    100…  
           Ma…                                                                  
           Ro…                                                                  
           101                                                                  
           We…       13…       —       —    135…      1    2,8…    10…    100…  
           Di…                                                                  
           St…                                                                  
                     32…       —       —    327…      2    6,3…    10…    100…  
  M…                 3,…       —       —    3,6…     47    151…    91…    91.5  
  T…                                                                            
  R…                                                                            
  T…                                                                            
  R…                                                                            
  T…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…       2,…       —       —    2,0…     15    39,…    97…    97.8  
           Sc…                                                                  
           –                                                                    
           Du…                                                                  
           6,                                                                   
           8,                                                                   
           10,                                                                  
           12,                                                                  
           14,                                                                  
           40,                                                                  
           41,                                                                  
           42,                                                                  
           and                                                                  
           65                                                                   
           Mo…                                                                  
           Dr…                                                                  
           21,                                                                  
           25,                                                                  
           27,                                                                  
           29,                                                                  
           and                                                                  
           31…                                                                  
           Wa…                                                                  
           and                                                                  
           24…                                                                  
           El…                                                                  
           Ro…                                                                  
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Ad…                                                                  
           Te…       71…       —       —    712…      6    25,…    88…    88.9  
           an…                                                                  
           –                                                                    
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           Tr…                                                                  
           6,                                                                   
           8,                                                                   
           10,                                                                  
           and                                                                  
           12                                                                   
           Da…                                                                  
           Dr…                                                                  
           and                                                                  
           5                                                                    
           and                                                                  
           9                                                                    
           La…                                                                  
           Dr…                                                                  
           Me…                                                                  
           Al…                                                                  
           Ce…       25…       —       —    259…      8    7,2…    85…    85.7  
           Su…                                                                  
           Te…                                                                  
           10…                                                                  
           10…                                                                  
           11…                                                                  
           11…                                                                  
           and                                                                  
           114                                                                  
           TW                                                                   
           Al…                                                                  
           Dr…                                                                  
           and                                                                  
           5                                                                    
           Tr…                                                                  
           Dr…                                                                  
           Al…                                                                  
           Te…       12…       —       —    121…      2    2,2…    80…    80.5  
           Ce…                                                                  
           Al…                                                                  
           800                                                                  
           and                                                                  
           801                                                                  
           Ca…                                                                  
           Dr…                                                                  
           Al…                                                                  
           In…                                                                  
           Ce…       13…       —       —    136…      3    4,4…    96…    96.9  
           Re…                                                                  
           Tr…                                                                  
           70…                                                                  
           70…                                                                  
           and                                                                  
           70…                                                                  
           Kit                                                                  
           Cr…                                                                  
           Ro…                                                                  
           25…                                                                  
           Ea…                                                                  
           NC        82…       —       —    82,…      1    3,5…    10…    100…  
           Hi…                                                                  
           54                                                                   
           407                                                                  
           Da…       81…       —       —    81,…      1    3,3…    10…    100…  
           Dr…                                                                  
  R…                                                                            
  T…                 3,…       —       —    3,4…     36    $86…    94…    94.…  
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      in                                                                        
      the                                                                       
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      for                                                                       
      ad…                                                                       
      de…                                                                       
      own                                                                       
      a                                                                         
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      in                                                                        
      the                                                                       
      Su…                                                                       
      In…                                                                       
      for                                                                       
      ad…                                                                       
      de…                                                                       
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  34  
  Reserved. ©2026                                       
                                                        
                                
  Property Listing (continued)  
  September 30, 2026            
 ────────────────────────────── 
  (Dollars in thousands)        
                                
                                                                                
  M…                                                                            
  /                                                    Nu…           Oc…        
  S…                 RSF                               of…    An…    Pe…        
  /                                                                             
  A…                                                                            
                     Op…            Op…                                         
                                    an…                                         
      Op…       De…       Re…       To…                                         
  N…                                                                            
  Y…                                                                            
  C…                                                                            
  N…                                                                            
  Y…                                                                            
  C…                                                                            
           Me…                                                                  
           Al…                                                                  
           Ce…                                                                  
           Li…                                                                  
           Sc…       72…         —         —    72…      2    $6…    96…    9…  
           –                                                                    
           New                                                                  
           Yo…                                                                  
           Ci…                                                                  
           430                                                                  
           and                                                                  
           450                                                                  
           Ea…                                                                  
           29…                                                                  
           St…                                                                  
  N…                                                                            
  Y…                 72…         —         —    72…      2    65…    96…    9…  
  C…                                                                            
  T…                                                                            
  T…                                                                            
  A…                                                                            
           Me…                                                                  
           In…       1,…         —         —    1,…     12    37…    88…    8…  
           Ca…                                                                  
           507                                                                  
           Ea…                                                                  
           Ho…                                                                  
           La…                                                                  
           13…                                                                  
           Mc…                                                                  
           Pa…                                                                  
           13…                                                                  
           and                                                                  
           13…                                                                  
           Ce…                                                                  
           Dr…                                                                  
           and                                                                  
           12…                                                                  
           12…                                                                  
           12…                                                                  
           and                                                                  
           12…                                                                  
           Ri…                                                                  
           Vi…                                                                  
           Ci…                                                                  
  G…                                                                            
  H…                                                                            
           Al…                                                                  
           Ce…                                                                  
           Ad…                                                                  
           Te…       12…         —       66…    19…      1    3,…    44…    2…  
           at                                                                   
           The                                                                  
           Wo…                                                                  
           88…                                                                  
           Te…                                                                  
           Fo…                                                                  
           Pl…                                                                  
  T…                 1,…         —       66…    1,…     13    41…    85…    8…  
  T…                                                                            
  N…                 95…         —         —    95…     16    21…    78…    7…  
  m…                                                                            
  T…                                                                            
  e…                                                                            
  p…                 35…       85…       71…    37…    310    1,…    87…    8…  
  h…                                                                            
  f…                                                                            
  s…                                                                            
  P…                                                                            
  h…                 96…       33…         —    1,…     18    21…    55…    5…  
  f…                                                                            
  s…                                                                            
  T…                 36…       1,…       71…    38…    328    $1…               
                                                                                
Refer to “New Class A/A+ development and redevelopment properties: summary of
pipeline” and “Definitions and reconciliations” in the Supplemental Information
for additional details.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  35  
  Reserved. ©2026                                       
                                                        
                              
  Investments in Real Estate  
  September 30, 2026          
 ──────────────────────────── 
  (Dollars in thousands)      
                              
                                                                                
                   Devel…                                                       
                   and                                                          
                   Redev…                                                       
                             Under                                              
                           Constr…                                              
           Opera…          2027–2…    Evalu…     Future    Subto…        Total  
  Squa…                                                                         
  foot…                                                                         
  Oper…    35,57…                —         —          —         —      35,575…  
  Futu…                                                                         
  Class                                                                         
  A/A+                                                                          
  deve…         —          905,582    667,0…    18,912…    20,48…      20,484…  
  and                                                                           
  rede…                                                                         
  prop…                                                                         
  Futu…                                                                         
  deve…                                                                         
  and                                                                           
  rede…                                                                         
  squa…                                                                         
  feet          —                —         —    -935,0…    -935,…      -935,0…  
  curr…                                                                         
  incl…                                                                         
  in                                                                            
  rent…                                                                         
  prop…                                                                         
  Total                                                                         
  squa…                                                                         
  foot…                                                                         
  excl…    35,57…          905,582    667,0…    17,977…    19,54…      55,125…  
  prop…                                                                         
  held                                                                          
  for                                                                           
  sale                                                                          
  Prop…                                                                         
  held     965,5…                —    339,6…    2,079,…    2,419…      3,385,…  
  for                                                                           
  sale                                                                          
  Total                                                                         
  squa…    36,54…          905,582    1,006…    20,057…    21,96…      58,510…  
  foot…                                                                         
  Inve…                                                                         
  in                                                                            
  real                                                                          
  esta…                                                                         
  Gross                                                                         
  book                                                                          
  value                                                                         
  as       $30,1…          $670,1…    $611,…    $3,826…    $5,10…  -3  $35,30…  
  ofSe…                                                                         
  30,                                                                           
  2026…                                                                         
  Prop…                                                                         
  held     459,4…                —    238,2…    241,902    480,1…      939,611  
  for                                                                           
  sale                                                                          
  Total                                                                         
  gross                                                                         
  inve…                                                                         
  in                                                                            
  real                                                                          
  esta…    $29,7…          $670,1…    $373,…    $3,584…    $4,62…      $34,36…  
  excl…                                                                         
  prop…                                                                         
  held                                                                          
  for                                                                           
  sale                                                                          
                                                                                
20%
                                               
  Development/RedevelopmentUnder Construction  
  Land/FutureDevelopment                       
                                               
17% 11% to 16% 12% Non-Income-Producing Assets (4) as a Percentage of Gross
Assets (1) Refer to “Investments in real estate” under “Definitions and
reconciliations” in the Supplemental Information for additional details,
including future development and redevelopment square feet currently included in
rental properties. (2) Balances exclude accumulated depreciation and our share
of the cost basis associated with our properties held by our unconsolidated real
estate joint ventures, which is classified as investments in unconsolidated real
estate joint ventures in our consolidated balance sheet. Refer to “Investments
in real estate” under “Definitions and reconciliations” in the Supplemental
Information for additional details. (3) Our share of investment in our
development and redevelopment pipeline as of September 30, 2026 is $4.63 billion
. (4) Excludes land and development parcels classified as held for sale which
represented approximately 1% of total non-income-producing assets as of
September 30, 2026 , compared with approximately 1% as of December 31, 2025 and
2024 .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  36  
  Reserved. ©2026                                       
                                                        
                                                                              
  New Class A/A+ Development and Redevelopment Properties: Recent Deliveries  
  September 30, 2026                                                          
 ──────────────────────────────────────────────────────────────────────────── 
                                                                              
                                                                                
  99 Coolidge Avenue        50 and 60 Sylvan           4135 Campus Point Court  
                            Road(1)                                             
  Megacampus:                                                                   
  480 Arsenal Way, 446,     Megacampus: Alexandria     Megacampus: Campus       
  458, and500               Center®for LifeScience     Point by Alexandria      
  Arsenal Street, and 99    – Waltham                                           
  Coolidge Avenue                                                               
  320,809RSF                268,992RSF                 426,927RSF               
  84%Occupancy              88%Occupancy               100%Occupancy            
                                                                                
                                                                                
  10075 Barnes Canyon       269 East Grand Avenue      701 Dexter Avenue North  
  Road                                                                          
                            Megacampus: Alexandria     Megacampus: Alexandria   
  Megacampus: SD Tech by    Center®for                 Center®for               
  Alexandria                AdvancedTechnologies –     AdvancedTechnologies –   
                            South San Francisco        South Lake Union         
  253,079RSF                33,780RSF                  51,627RSF                
  80%Occupancy              100%Occupancy              100%Occupancy            
                                                                                
(1) Image represents 60 Sylvan Road on the Alexandria Center ® for Life Science
– Waltham Megacampus.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  37  
  Reserved. ©2026                                       
                                                        
                                                                                
  New Class A/A+ Development and Redevelopment Properties: Recent Deliveries    
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  (Dollars in thousands)                                                        
                                                                                
Incremental Annual Net Operating Income Generated From YTD 3Q26 Deliveries
Aggregated $98 million (1) , Including $40 million in 3Q26
                                                                                
                 …                                                              
            …    …                          O…       T…         U…              
                 …                                   P…         Y…              
                 …                                                              
    …       …    …    …     …     …         I…       I…                         
            …                                        B…                         
                         …     …                                                
                                                                                
       …    …    …    …     —     …    …        …    3…    …        …    6…     
       …    …    —    —     …     —    …        …    4…    …        …    6…     
       …    …    …    …     —     —    …        …    2…    …        …    5…     
       …    …    —    —     —     …    …        …    2…    …                    
                                                                                
       …    …    —    —     —     …    …        …    2…    …        …    4…  …  
       …    …    —    —     —     …    …        …    8…    …                    
       …    …    …    …     —     —    …        …    1…    …        …    6…     
       …         …    …     …     …    …             1…                         
                                                                                
Refer to “N ew Class A/A+ development and redevelopment properties: under
construction ” 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 134,767 RSF that were vacant and/or unleased at delivery. (2) The
delivered leases contain effective annual rent escalations of 3% , which are
expected to contribute to growth in net operating income (cash basis) over the
respective lease term. (3) Represents the average delivery date for deliveries
that occurred during the current quarter, weighted by annual rental revenue. (4)
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. (5) The lease with Novo Nordisk, an investment-grade
tenant, was executed in a highly competitive leasing environment and provides
strong long-term value through a 15 -year term and 3% annual rent escalations.
The lower cash yield relative to the original underwriting is primarily driven
by higher development costs and lower rental assumptions than initially
forecasted due to market changes.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  38  
  Reserved. ©2026                                       
                                                        
                                                                               
  New Class A/A+ Development and Redevelopment Properties: Under Construction  
  September 30, 2026                                                           
 ───────────────────────────────────────────────────────────────────────────── 
                                                                               
                                                                                
  10200 Campus Point Drive                1450 Owens Street                     
  Megacampus: Campus Point by             Megacampus: Alexandria Center®for     
  Alexandria                              Science andTechnology – Mission Bay   
  466,598RSF                              212,657RSF                            
  100%Leased                              51%Leased/Negotiating                 
                                                                                
                                                                                
  269 East Grand Avenue                701 Dexter Avenue North                  
  Megacampus: Alexandria Center®for    Megacampus: Alexandria Center®for        
  AdvancedTechnologies – South San     AdvancedTechnologies – South Lake Union  
  Francisco                                                                     
  50,377RSF                            175,950RSF                               
  40%Leased/Negotiating                69%Leased/Negotiating                    
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  39  
  Reserved. ©2026                                       
                                                        
                                                                                
  New Class A/A+ Development and Redevelopment Properties: Under Construction   
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  (Dollars in thousands)                                                        
                                                                                
                                                                                
  P…    Ma…       De…      Sq…                      P…           O…             
                           Fo…                                                  
             In        C…       T…       L…         L…    In…        St…        
             Se…                                                                
  U…                                                                            
  c…                                                                            
  2…                                                                            
  s…                                                                            
  1…    San                                                                     
  C…    Di…       Dev        —      46…      46…    1…    10…        4Q…    4…  
  P…    To…                                                                     
  D…    Ce…                                                                     
        San                                                                     
  1…    Fr…                                                                     
  O…    Bay       Dev        —      21…      21…    51     51        2Q…    2…  
  S…    Ar…                                                                     
        Bay                                                                     
        San                                                                     
  2…    Fr…                                                                     
  E…    Bay       Re…      33…      50…      84…    40     40        3Q…    2…  
  G…    Ar…                                                                     
  A…    San                                                                     
        Fr…                                                                     
  7…                                                                            
  D…    Se…       Dev      51…      17…      22…    34     69        3Q…    2…  
  A…    Un…                                                                     
  N…                                                                            
                           85…      90…      99…    6…    77%                   
  E…                                                                            
  b…                                                                            
  a…                                                                            
  f…                                                                            
  s…                                                                            
  e…                                                                            
  p…                                                                            
  l…                                                                            
  d…                                                                            
  in                                                                            
  2…                                                                            
  40    Gr…                                                                     
  S…    Bo…       Re…        —      32…      32…    —%     —%                   
  R…    128                                                                     
  3…    Gr…                                                                     
  M…    Bo…       Re…        —      27…      27…     —      —                   
  R…                                                                            
  8…                                                                            
  T…    Te…       Re…      57…      66…      12…    46     46                   
  F…    Ho…                                                                     
  P…                                                                            
                           57…      66…      72…    8%     8%                   
                                                                                
                                                                                
               Ou…          At                             Un…                  
                           10…                             Yi…                  
                    In            Co…    To…                         I…         
  P…    Ma…         Se…    CIP    to…    at…      In…                S…         
                                                                     B…         
  U…                                                                            
  c…                                                                            
  2…                                                                            
  s…                                                                            
  1…    San                                                                     
  C…    Di…    59…          $—    $1…    $5…      $6…           7.…        6.…  
  P…    To…                                                                     
  D…    Ce…                                                                     
        San                                                                     
  1…    Fr…                                                                     
  O…    Bay    25…           —    26…    TBD                                    
  S…    Ar…                                                                     
        Bay                                                                     
        San                                                                     
  2…    Fr…                                                                     
  E…    Bay    10…         49…    53…                                           
  G…    Ar…                                                                     
  A…    San                                                                     
        Fr…                                                                     
  7…                                                                            
  D…    Se…    10…         96…    24…                                           
  A…    Un…                                                                     
  N…                                                                            
                           $1…    $6…    $7…  -6  $1…  -6                       
  O…                                                                            
  s…                       $1…    $4…    $5…  -6  $1…  -6                       
  of                                                                            
  i…                                                                            
  E…                                                                            
  b…                                                                            
  a…                                                                            
  f…                                                                            
  s…                                                                            
  e…                                                                            
  p…                                                                            
  l…                                                                            
  d…                                                                            
  in                                                                            
  2…                                                                            
  40    Gr…                                                                     
  S…    Bo…    10…          $—    $2…    TBD                                    
  R…    128                                                                     
  3…    Gr…                                                                     
  M…    Bo…    10…           —    97…                                           
  R…                                                                            
  8…                                                                            
  T…    Te…    10…         65…    42…                                           
  F…    Ho…                                                                     
  P…                                                                            
                           $6…    $3…                                           
                                                                                
Refer to “ Initial stabilized yield (unlevered) ” under “Definitions and
reconciliations” in the Supplemental Information for additional details. (1)
Initial occupancy dates are subject to leasing and/or market conditions.
Stabilized occupancy may vary depending on single tenancy versus multi-tenancy.
Multi-tenant projects may increase in occupancy over time. (2) Represents a
single-tenant project that expands the existing Campus Point by Alexandria
Megacampus, where we have a 59.3% ownership interest as of September 30, 2026 .
The project is fully leased to Novartis AG with 3% rent escalations. The tenant
currently occupies a building within the Megacampus aggregating 52,853 RSF that
generated annual rental revenue of $4.1 million as of 3Q26 . The tenant is
expected to vacate this building during 2028 . We expect to fund the majority of
future construction costs at the Megacampus. Refer to “Dispositions and Sales of
Partial Interests” in the Earnings Press Release for additional details. (3) We
are evaluating multiple options, including whether to continue construction of
laboratory improvements, pause construction, pursue lower-investment
construction alternatives (including a pivot to advanced technology use), or
pursue a disposition, based upon future leasing interest. Under a lower-
investment scenario, we would expect lower rent and tenant improvement
requirements, and we would evaluate whether all or a portion of the property
would be placed back into operation. We would also expect stabilized yields
under such alternatives to be lower than our initial underwriting assumptions.
If we elect to continue to pursue construction of laboratory improvements for
these projects, the earliest deliveries of these projects are in 2028. (4) As of
June 30, 2026, 311 Arsenal Street and 421 Park Drive in our Greater Boston
market were included in projects for which we were evaluating our business and
financial strategy. During 3Q26, we reclassified the 339,020 RSF redevelopment
project at 311 Arsenal Street to operating following the execution of leases
aggregating 66,859 RSF, with additional leases aggregating 100,684 RSF under
negotiation for advanced technology use, which is expected to reduce future
potential construction spending by approximately $220 million . We also entered
into a purchase and sale agreement with an institutional user for the sale of
339,668 RSF at 421 Park Drive, representing substantially all of our development
project at this location. This portion of the project was classified as held for
sale as of 3Q26. The transaction is anticipated to close in 4Q26 and is expected
to reduce future potential construction spending by approximately $136 million .
(5) We expect to provide total estimated costs and related yields for each
project over the next several quarters . (6) Represents dollar amount rounded to
the nearest $10 million and includes preliminary estimated amounts for projects
listed as TBD. (7) R epresents o ur share of investment based on our current
ownership percentage upon completion of development or redevelopment projects,
and will be adjusted as our ownership percentage increases at the Campus Point
project.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  40  
  Reserved. ©2026                                       
                                                        
                                                                                
  New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline  
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  (Dollars in thousands)                                                        
                                                                                
80% of Our Total Development and Redevelopment Pipeline RSF Is Within Our
Megacampus Ecosystems
                                                                                
                                                      Deve…                     
  Mark…    Subma…    OurOw…             Book            and                     
                                       Value          Rede…                     
                                                      Foot…                     
                     Under…    Future         Total…                            
  GREA…                                                                         
  BOST…                                                                         
  Mega…                                                                         
  Alex…                                                                         
  Cent…    Route                                                                
  Life     128       100%              $300…          329,…    515,0…    844,…  
  Scie…                                                                         
  –                                                                             
  Walt…                                                                         
  40                                                                            
  Sylv…                                                                         
  Road                                                                          
  and                                                                           
  35                                                                            
  Gate…                                                                         
  Drive                                                                         
  Mega…                                                                         
  30,                                                                           
  200,                                                                          
  and      Other     100%              115,…          271,…    350,0…    621,…  
  3000                                                                          
  Minu…                                                                         
  Road                                                                          
  3000                                                                          
  Minu…                                                                         
  Road                                                                          
  Mega…                                                                         
  480                                                                           
  Arse…                                                                         
  Way,                                                                          
  446,                                                                          
  458,     Cambr…                                                               
  and      Subur…    100%              25,1…              —    560,0…    560,…  
  500                                                                           
  Arse…                                                                         
  Stre…                                                                         
  and                                                                           
  99Co…                                                                         
  Aven…                                                                         
  446,                                                                          
  458,                                                                          
  and                                                                           
  500                                                                           
  Arse…                                                                         
  Stre…                                                                         
  Mega…                                                                         
  Alex…                                                                         
  Cent…    Cambr…    100%              49,4…              —    174,5…    174,…  
  Kend…                                                                         
  Squa…                                                                         
  100                                                                           
  Edwin                                                                         
  H.                                                                            
  Land                                                                          
  Boul…                                                                         
  Mega…                                                                         
  Alex…    Cambr…    100%              9,176              —    100,0…    100,…  
  Tech…                                                                         
  Squa…                                                                         
  10       Seapo…                                                               
  Necco    Innov…    100%              107,…              —    175,0…    175,…  
  Stre…    Distr…                                                               
  215      Route                                                                
  Pres…    128       100%              6,816              —    112,0…    112,…  
  Way                                                                           
  Other                                                                         
  deve…                                                                         
  and                100%              182,…              —    774,1…    774,…  
  rede…                                                                         
  proj…                                                                         
  GREA…                                                                         
  BOST…                                $796…          600,…    2,760…    3,36…  
  TOTAL                                                                         
  Refer                                                                         
  to                                                                            
  “Meg…                                                                         
  under                                                                         
  “Def…                                                                         
  and                                                                           
  reco…                                                                         
  in                                                                            
  the                                                                           
  Supp…                                                                         
  Info…                                                                         
  for                                                                           
  addi…                                                                         
  deta…                                                                         
  total                                                                         
  squa…                                                                         
  foot…                                                                         
  upon                                                                          
  comp…                                                                         
  of                                                                            
  deve…                                                                         
  or                                                                            
  rede…                                                                         
  of                                                                            
  one                                                                           
  or                                                                            
  more                                                                          
  new                                                                           
  Class                                                                         
  A/A+                                                                          
  prop…                                                                         
  Squa…                                                                         
  foot…                                                                         
  pres…                                                                         
  incl…                                                                         
  the                                                                           
  RSF                                                                           
  of                                                                            
  buil…                                                                         
  curr…                                                                         
  in                                                                            
  oper…                                                                         
  at                                                                            
  prop…                                                                         
  that                                                                          
  also                                                                          
  have…                                                                         
  deve…                                                                         
  or                                                                            
  rede…                                                                         
  oppo…                                                                         
  Upon                                                                          
  expi…                                                                         
  of                                                                            
  exis…                                                                         
  in-p…                                                                         
  leas…                                                                         
  we                                                                            
  inte…                                                                         
  to                                                                            
  demo…                                                                         
  or                                                                            
  rede…                                                                         
  the                                                                           
  exis…                                                                         
  prop…                                                                         
  subj…                                                                         
  to                                                                            
  mark…                                                                         
  cond…                                                                         
  and                                                                           
  leas…                                                                         
  Refer                                                                         
  to                                                                            
  “Inv…                                                                         
  in                                                                            
  real                                                                          
  esta…                                                                         
  unde…                                                                         
  and                                                                           
  reco…                                                                         
  in                                                                            
  the                                                                           
  Supp…                                                                         
  Info…                                                                         
  for                                                                           
  addi…                                                                         
  deta…                                                                         
  incl…                                                                         
  deve…                                                                         
  and                                                                           
  rede…                                                                         
  squa…                                                                         
  feet                                                                          
  curr…                                                                         
  incl…                                                                         
  in                                                                            
  rent…                                                                         
  prop…                                                                         
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  41  
  Reserved. ©2026                                       
                                                        
                                                                                
  New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline  
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  (Dollars in thousands)                                                        
                                                                                
                                                                                
                                                      Deve…                     
  Mar…    Subma…    OurO…               Book            and                     
                                       Value          Rede…                     
                                                      Foot…                     
                    Unde…      Future         Total…                            
  SAN                                                                           
  DIE…                                                                          
  Meg…                                                                          
  Cam…    Unive…                                                                
  Poi…    Town      59.3%  -2          $288…          466,…    866,8…    1,33…  
  by      Center                                                                
  Ale…                                                                          
  100…                                                                          
  101…                                                                          
  and                                                                           
  102…                                                                          
  Cam…                                                                          
  Poi…                                                                          
  Dri…                                                                          
  and                                                                           
  416…                                                                          
  422…                                                                          
  and                                                                           
  427…                                                                          
  Poi…                                                                          
  Cou…                                                                          
  112…                                                                          
  and                                                                           
  113…    Torrey                                                                
  Nor…    Pines      100%              168,…              —    215,0…    215,…  
  Tor…                                                                          
  Pin…                                                                          
  Road                                                                          
  Meg…                                                                          
  One     Torrey     100%              71,3…              —    125,2…    125,…  
  Ale…    Pines                                                                 
  Squ…                                                                          
  109…                                                                          
  and                                                                           
  109…                                                                          
  Tor…                                                                          
  Road                                                                          
  Meg…    Unive…                                                                
  5200    Town      51.0%              17,9…              —    451,8…    451,…  
  Ill…    Center                                                                
  Way                                                                           
  9625    Unive…                                                                
  Tow…    Town      30.0%                859              —    100,0…    100,…  
  Cen…    Center                                                                
  Dri…                                                                          
  Meg…                                                                          
  Seq…    Sorre…                                                                
  Dis…    Mesa       100%              51,1…              —    1,661…    1,66…  
  by                                                                            
  Ale…                                                                          
  629…                                                                          
  631…                                                                          
  634…                                                                          
  635…                                                                          
  and                                                                           
  6450                                                                          
  Seq…                                                                          
  Dri…                                                                          
  Meg…                                                                          
  SD      Sorre…                                                                
  Tech    Mesa      50.0%              144,…              —    493,8…    493,…  
  by                                                                            
  Ale…                                                                          
  9805                                                                          
  Scr…                                                                          
  Road                                                                          
  and                                                                           
  100…                                                                          
  Bar…                                                                          
  Can…                                                                          
  Road                                                                          
  Oth…                                                                          
  dev…                                                                          
  and                  -4                  —              —    50,000    50,0…  
  red…                                                                          
  pro…                                                                          
  SAN                                                                           
  DIE…                                 743,…          466,…    3,964…    4,43…  
  TOT…                                                                          
  SAN                                                                           
  FRA…                                                                          
  BAY                                                                           
  AREA                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Sci…    Missi…                                                                
  and     Bay       25.0%              263,…          212,…         —    212,…  
  Tec…                                                                          
  –                                                                             
  Mis…                                                                          
  Bay                                                                           
  1450                                                                          
  Owe…                                                                          
  Str…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…    South                                                                 
  Adv…    San        100%              59,9…          50,3…    90,000    140,…  
  Tec…    Franc…                                                                
  –                                                                             
  Sou…                                                                          
  San…                                                                          
  211…                                                                          
  269                                                                           
  East                                                                          
  Gra…                                                                          
  Ave…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…    South                                                                 
  Adv…    San        100%              471,…              —    1,930…    1,93…  
  Tec…    Franc…                                                                
  –                                                                             
  Tan…                                                                          
  112…                                                                          
  115…                                                                          
  and                                                                           
  1178                                                                          
  El                                                                            
  Cam…                                                                          
  Real                                                                          
  Ale…                                                                          
  Cen…    South                                                                 
  Life    San       48.6%              164,…              —    348,4…    348,…  
  Sci…    Franc…                                                                
  –                                                                             
  Mil…                                                                          
  201                                                                           
  and                                                                           
  231                                                                           
  Adr…                                                                          
  Road                                                                          
  and                                                                           
  30                                                                            
  Rol…                                                                          
  Road                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Life    San        100%              510,…              —    1,497…    1,49…  
  Sci…    Carlos                                                                
  –                                                                             
  San                                                                           
  Car…                                                                          
  960                                                                           
  Ind…                                                                          
  Roa…                                                                          
  987                                                                           
  and                                                                           
  1075                                                                          
  Com…                                                                          
  Str…                                                                          
  and                                                                           
  888                                                                           
  Bra…                                                                          
  Road                                                                          
  SAN                                                                           
  FRA…                                                                          
  BAY                                  $1,4…          263,…    3,866…    4,12…  
  AREA                                                                          
  TOT…                                                                          
  Ref…                                                                          
  to                                                                            
  “Me…                                                                          
  und…                                                                          
  “De…                                                                          
  and                                                                           
  rec…                                                                          
  in                                                                            
  the                                                                           
  Sup…                                                                          
  Inf…                                                                          
  for                                                                           
  add…                                                                          
  det…                                                                          
  tot…                                                                          
  squ…                                                                          
  foo…                                                                          
  upon                                                                          
  com…                                                                          
  of                                                                            
  dev…                                                                          
  or                                                                            
  red…                                                                          
  of                                                                            
  one                                                                           
  or                                                                            
  more                                                                          
  new                                                                           
  Cla…                                                                          
  A/A+                                                                          
  pro…                                                                          
  Squ…                                                                          
  foo…                                                                          
  pre…                                                                          
  inc…                                                                          
  the                                                                           
  RSF                                                                           
  of                                                                            
  bui…                                                                          
  cur…                                                                          
  in                                                                            
  ope…                                                                          
  at                                                                            
  pro…                                                                          
  that                                                                          
  also                                                                          
  hav…                                                                          
  dev…                                                                          
  or                                                                            
  red…                                                                          
  opp…                                                                          
  Upon                                                                          
  exp…                                                                          
  of                                                                            
  exi…                                                                          
  in-…                                                                          
  lea…                                                                          
  we                                                                            
  int…                                                                          
  to                                                                            
  dem…                                                                          
  or                                                                            
  red…                                                                          
  the                                                                           
  exi…                                                                          
  pro…                                                                          
  sub…                                                                          
  to                                                                            
  mar…                                                                          
  con…                                                                          
  and                                                                           
  lea…                                                                          
  Ref…                                                                          
  to                                                                            
  “In…                                                                          
  in                                                                            
  real                                                                          
  est…                                                                          
  und…                                                                          
  and                                                                           
  rec…                                                                          
  in                                                                            
  the                                                                           
  Sup…                                                                          
  Inf…                                                                          
  for                                                                           
  add…                                                                          
  det…                                                                          
  inc…                                                                          
  dev…                                                                          
  and                                                                           
  red…                                                                          
  squ…                                                                          
  feet                                                                          
  cur…                                                                          
  inc…                                                                          
  in                                                                            
  ren…                                                                          
  pro…                                                                          
  Oct…                                                                          
  202…                                                                          
  we                                                                            
  com…                                                                          
  a                                                                             
  par…                                                                          
  sale                                                                          
  of                                                                            
  our                                                                           
  int…                                                                          
  in                                                                            
  this                                                                          
  joi…                                                                          
  ven…                                                                          
  for…                                                                          
  mil…                                                                          
  whi…                                                                          
  red…                                                                          
  our                                                                           
  int…                                                                          
  to                                                                            
  app…                                                                          
  We                                                                            
  exp…                                                                          
  to                                                                            
  fund                                                                          
  the                                                                           
  maj…                                                                          
  of                                                                            
  fut…                                                                          
  con…                                                                          
  cos…                                                                          
  at                                                                            
  the                                                                           
  Meg…                                                                          
  whi…                                                                          
  ise…                                                                          
  to                                                                            
  inc…                                                                          
  our                                                                           
  own…                                                                          
  int…                                                                          
  over                                                                          
  time                                                                          
  to                                                                            
  ove…                                                                          
  Ref…                                                                          
  to                                                                            
  “Di…                                                                          
  and                                                                           
  Sal…                                                                          
  of                                                                            
  Par…                                                                          
  Int…                                                                          
  in                                                                            
  the                                                                           
  Ear…                                                                          
  Pre…                                                                          
  Rel…                                                                          
  for                                                                           
  add…                                                                          
  det…                                                                          
  have                                                                          
  a                                                                             
  100%                                                                          
  int…                                                                          
  in                                                                            
  this                                                                          
  pro…                                                                          
  a                                                                             
  pro…                                                                          
  in                                                                            
  whi…                                                                          
  we                                                                            
  own                                                                           
  a                                                                             
  par…                                                                          
  int…                                                                          
  thr…                                                                          
  a                                                                             
  real                                                                          
  est…                                                                          
  joi…                                                                          
  ven…                                                                          
  Ref…                                                                          
  to                                                                            
  “Jo…                                                                          
  ven…                                                                          
  fin…                                                                          
  inf…                                                                          
  in                                                                            
  the                                                                           
  Sup…                                                                          
  Inf…                                                                          
  for                                                                           
  add…                                                                          
  det…                                                                          
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  42  
  Reserved. ©2026                                       
                                                        
                                                                                
  New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline  
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  (Dollars in thousands)                                                        
                                                                                
                                                                                
                                                    Deve…                       
  Mar…    Subma…    OurO…             Book            and                       
                                     Value          Rede…                       
                                                    Foot…                       
                    Unde…    Future         Total…                              
  SEA…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Adv…    Lake         -2            $548…          175,…    1,057…      1,23…  
  Tec…    Union                                                                 
  –                                                                             
  Sou…                                                                          
  Lak…                                                                          
  601                                                                           
  and                                                                           
  701                                                                           
  Dex…                                                                          
  Ave…                                                                          
  Nor…                                                                          
  and                                                                           
  800                                                                           
  Mer…                                                                          
  Str…                                                                          
  1010                                                                          
  4th     SoDo       100%            64,3…              —    544,8…      544,…  
  Ave…                                                                          
  Sou…                                                                          
  410                                                                           
  West    Ellio…     100%            27,1…              —    91,000      91,0…  
  Har…    Bay                                                                   
  Str…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Adv…    Bothe…     100%            20,8…              —    230,0…      230,…  
  Tec…                                                                          
  –                                                                             
  Can…                                                                          
  Park                                                                          
  216…                                                                          
  20th                                                                          
  Ave…                                                                          
  Sou…                                                                          
  Oth…                                                                          
  dev…                                                                          
  and                100%            161,…              —    706,0…      706,…  
  red…                                                                          
  pro…                                                                          
  SEA…                               822,…          175,…    2,629…      2,80…  
  TOT…                                                                          
  MAR…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Life    Rockv…     100%            25,9…              —    296,0…      296,…  
  Sci…                                                                          
  –                                                                             
  Sha…                                                                          
  Gro…                                                                          
  9830                                                                          
  Dar…                                                                          
  Road                                                                          
  MAR…                               25,9…              —    296,0…      296,…  
  TOT…                                                                          
  RES…                                                                          
  TRI…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…    Resea…                                                                
  Life    Trian…     100%            170,…              —    2,060…      2,06…  
  Sci…                                                                          
  –                                                                             
  Dur…                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Adv…                                                                          
  Tec…               100%            118,…              —    1,170…      1,17…  
  and                                                                           
  AgT…                                                                          
  –Re…                                                                          
  Tri…                                                                          
  4                                                                             
  and                                                                           
  12                                                                            
  Dav…                                                                          
  Dri…                                                                          
  Meg…                                                                          
  Ale…    Resea…                                                                
  Cen…    Trian…     100%            57,6…              —    750,0…      750,…  
  Sus…                                                                          
  Tec…                                                                          
  120                                                                           
  TW                                                                            
  Ale…                                                                          
  Dri…                                                                          
  2752                                                                          
  East                                                                          
  NC                                                                            
  Hig…                                                                          
  54,                                                                           
  and                                                                           
  10                                                                            
  Sou…                                                                          
  Tri…                                                                          
  Dri…                                                                          
  Oth…                                                                          
  dev…                                                                          
  and                100%            1,647              —    25,000      25,0…  
  red…                                                                          
  pro…                                                                          
  RES…                                                                          
  TRI…                               348,…              —    4,005…      4,00…  
  TOT…                                                                          
  NEW                                                                           
  YORK                                                                          
  CITY                                                                          
  Meg…                                                                          
  Ale…                                                                          
  Cen…                                                                          
  Life    New                                                                   
  Sci…    York       100%            185,…              —    550,0…  -3  550,…  
  –       City                                                                  
  New                                                                           
  York                                                                          
  City                                                                          
  NEW                                                                           
  YORK                               $185…              —    550,0…      550,…  
  CITY                                                                          
  TOT…                                                                          
  Ref…                                                                          
  to                                                                            
  “Me…                                                                          
  und…                                                                          
  “De…                                                                          
  and                                                                           
  rec…                                                                          
  in                                                                            
  the                                                                           
  Sup…                                                                          
  Inf…                                                                          
  for                                                                           
  add…                                                                          
  det…                                                                          
  tot…                                                                          
  squ…                                                                          
  foo…                                                                          
  upon                                                                          
  com…                                                                          
  of                                                                            
  dev…                                                                          
  or                                                                            
  red…                                                                          
  of                                                                            
  one                                                                           
  or                                                                            
  more                                                                          
  new                                                                           
  Cla…                                                                          
  A/A+                                                                          
  pro…                                                                          
  Squ…                                                                          
  foo…                                                                          
  pre…                                                                          
  inc…                                                                          
  the                                                                           
  RSF                                                                           
  of                                                                            
  bui…                                                                          
  cur…                                                                          
  in                                                                            
  ope…                                                                          
  at                                                                            
  pro…                                                                          
  that                                                                          
  also                                                                          
  hav…                                                                          
  dev…                                                                          
  or                                                                            
  red…                                                                          
  opp…                                                                          
  Upon                                                                          
  exp…                                                                          
  of                                                                            
  exi…                                                                          
  in-…                                                                          
  lea…                                                                          
  we                                                                            
  int…                                                                          
  to                                                                            
  dem…                                                                          
  or                                                                            
  red…                                                                          
  the                                                                           
  exi…                                                                          
  pro…                                                                          
  sub…                                                                          
  to                                                                            
  mar…                                                                          
  con…                                                                          
  and                                                                           
  lea…                                                                          
  Ref…                                                                          
  to                                                                            
  “In…                                                                          
  in                                                                            
  real                                                                          
  est…                                                                          
  und…                                                                          
  and                                                                           
  rec…                                                                          
  in                                                                            
  the                                                                           
  Sup…                                                                          
  Inf…                                                                          
  for                                                                           
  add…                                                                          
  det…                                                                          
  inc…                                                                          
  dev…                                                                          
  and                                                                           
  red…                                                                          
  squ…                                                                          
  feet                                                                          
  cur…                                                                          
  inc…                                                                          
  in                                                                            
  ren…                                                                          
  pro…                                                                          
  have                                                                          
  a10…                                                                          
  in                                                                            
  601                                                                           
  and                                                                           
  701                                                                           
  Dex…                                                                          
  Ave…                                                                          
  Nor…                                                                          
  agg…                                                                          
  and                                                                           
  a60…                                                                          
  in                                                                            
  the                                                                           
  fut…                                                                          
  dev…                                                                          
  pro…                                                                          
  at                                                                            
  800                                                                           
  Mer…                                                                          
  Str…                                                                          
  agg…                                                                          
  202…                                                                          
  we                                                                            
  fil…                                                                          
  a                                                                             
  law…                                                                          
  aga…                                                                          
  the                                                                           
  New                                                                           
  York                                                                          
  City                                                                          
  Hea…                                                                          
  +                                                                             
  Hos…                                                                          
  Cor…                                                                          
  and                                                                           
  the                                                                           
  New                                                                           
  York                                                                          
  City                                                                          
  Eco…                                                                          
  Dev…                                                                          
  Cor…                                                                          
  for                                                                           
  fra…                                                                          
  and                                                                           
  bre…                                                                          
  of                                                                            
  con…                                                                          
  con…                                                                          
  our                                                                           
  opt…                                                                          
  to                                                                            
  gro…                                                                          
  lea…                                                                          
  a                                                                             
  land                                                                          
  par…                                                                          
  tod…                                                                          
  a                                                                             
  fut…                                                                          
  wor…                                                                          
  life                                                                          
  sci…                                                                          
  bui…                                                                          
  wit…                                                                          
  the                                                                           
  Ale…                                                                          
  Cen…                                                                          
  Life                                                                          
  Sci…                                                                          
  –                                                                             
  New                                                                           
  York                                                                          
  City                                                                          
  Meg…                                                                          
  Ref…                                                                          
  to                                                                            
  our                                                                           
  qua…                                                                          
  rep…                                                                          
  on                                                                            
  Form                                                                          
  10-Q                                                                          
  for                                                                           
  the…                                                                          
  mon…                                                                          
  end…                                                                          
  Sep…                                                                          
  30,                                                                           
  202…                                                                          
  with                                                                          
  the                                                                           
  SEC…                                                                          
  26,                                                                           
  202…                                                                          
  add…                                                                          
  det…                                                                          
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  43  
  Reserved. ©2026                                       
                                                        
                                                                                
  New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline  
  (continued)                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  (Dollars in thousands)                                                        
                                                                                
                                                                                
                                                      Deve…                     
  Mark…    Subma…    OurOw…             Book            and                     
                                       Value          Rede…                     
                                                      Foot…                     
                     Under…    Future         Total…                            
  TEXAS                                                                         
  Alex…                                                                         
  Cent…                                                                         
  Adva…    Great…                                                               
  Tech…    Houst…    100%              $45,…          66,3…    116,4…    182,…  
  at                                                                            
  The                                                                           
  Wood…                                                                         
  8800                                                                          
  Tech…                                                                         
  Fore…                                                                         
  Place                                                                         
  1001                                                                          
  Trin…                                                                         
  Stre…                                                                         
  and      Austin    100%              142,…              —    250,0…    250,…  
  1020                                                                          
  Red                                                                           
  River                                                                         
  Stre…                                                                         
  Other                                                                         
  deve…                                                                         
  and                100%                  —              —         —        —  
  rede…                                                                         
  proj…                                                                         
  TEXAS                                187,…          66,3…    366,4…    432,…  
  TOTAL                                                                         
  Other                                                                         
  deve…                                                                         
  and                100%              47,5…              —    474,0…    474,…  
  rede…                                                                         
  proj…                                                                         
  Total                                                                         
  pipe…                                                                         
  as                                                                            
  ofSe…                                                                         
  30,                                                                           
  2026,                                4,62…          1,57…    18,91…    20,4…  
  excl…                                                                         
  prop…                                                                         
  held                                                                          
  for                                                                           
  sale                                                                          
  Prop…                                                                         
  held                                 480,…          339,…    2,079…    2,41…  
  for                                                                           
  sale                                                                          
  Total                                                                         
  pipe…                                                                         
  as                                   $5,1…      -2  1,91…    20,99…    22,9…  
  ofSe…                                                                         
  30,                                                                           
  2026                                                                          
                                                                                
Refer to “Megacampus” under “Definitions and reconciliations” in the
Supplemental Information for additional details. (1) Total square footage
includes 935,031 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 $1.04 billion of projects that are currently
under construction.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  44  
  Reserved. ©2026                                       
                                                        
                          
  Construction Spending   
  September 30, 2026      
 ──────────────────────── 
  (Dollars in thousands)  
                          
                                                                                
                                  Projected                                     
                                  Guidance…               Nine                  
                                   for Year             Months            Year  
            Construc…             EndingDe…           EndedSe…       EndedDec…  
            spending               31, 2026           30, 2026        31, 2025  
 ────────────────────────────────────────────────────────────────────────────── 
  Constru…                                                                      
  of Class                                                                      
  A/A+                                                                          
  propert…                                                                      
  Active                                                                        
  constru…                                                                      
  projects                                                                      
  Develop…                                                                      
  and                                                                           
  redevel…             $          1,555,000        $  1,039,2…    $  1,216,572  
  under                                                                         
  constru…                                                                      
  Future                                                                        
  pipeline                                                                      
  pre-con…                                                                      
  Primari…                                                                      
  Megacam…                                                                      
  expansi…                                                                      
  pre-con…                                                                      
  work                              210,000  -2        140,645         275,971  
  (entitl…                                                                      
  design,                                                                       
  and site                                                                      
  work)                                                                         
  Revenue-                                                                      
  and                                                                           
  non-rev…                          510,000  -4        430,365         324,293  
  capital                                                                       
  expendi…                                                                      
  Constru…                                                                      
  spending                                                                      
  (before                                                                       
  contrib…                                                                      
  from                            2,275,000           1,610,2…       1,816,836  
  noncont…                                                                      
  interes…                                                                      
  or                                                                            
  tenants)                                                                      
  Contrib…                                                                      
  from                                                                          
  noncont…                                                                      
  interes…                                                                      
  (consol…                         -100,000  -5        -50,727        -193,936  
  real                                                                          
  estate                                                                        
  joint                                                                         
  venture…                                                                      
  Tenant-…                                                                      
  and                                                                           
  -built                           -425,000           -405,733        -178,651  
  landlord                                                                      
  improve…                                                                      
  Total                                                                         
  constru…             $          1,750,000        $  1,153,7…    $  1,444,249  
  spending                                                                      
  2026gui…                                                                      
  range                $1,500,0…                                                
  for                  –                                                        
  constru…             $2,000,0…                                                
  spending                                                                      
                                                                                
                                                                           
  Projected capital contributions from partners in                         
  consolidated real estate joint ventures to fund                          
  construction                                                             
  Timing                                              Amount(5)            
  4Q26                                                            $49,000  
  2027and beyond                                                   56,000  
  Total                                                          $105,000  
                                                                           
Refer to “Definitions and reconciliations” in the Supplemental Information for
additional details. (1) Includes smaller conversions to laboratory space through
redevelopment. (2) Approximately 74% represents capitalized costs. (3)
Represents revenue- and non-revenue-enhancing capital expenditures before
contributions from noncontrolling interests and tenant-funded and tenant-built
landlord improvements. (4) The top two revenue- and non-revenue-enhancing
capital expenditure projects in 2026 represent approximately 53% of the total
spending within this category. The first project relates to a property located
at the Alexandria Center ® for Advanced Technologies – South San Francisco
Megacampus in our South San Francisco submarket, which is leased to a new tenant
and is undergoing its first major renovation in 12 years. The second project
relates to two properties at the Alexandria Technology Square ® Megacampus in
our Cambridge submarket, which are undergoing their f irst major renovation in
16 years . (5) Represents contractual capital commitments from existing real
estate joint venture partners to fund construction.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  45  
  Reserved. ©2026                                       
                                                        
                              
  Capitalization of Interest  
  September 30, 2026          
 ──────────────────────────── 
  (Dollars in thousands)      
                              
                                                                                
  Key Categories of Average Real                                                
  Estate Basis                                                                  
  Qualifying for Capitalization           Three Months EndedSeptember 30, 2026  
 ────────────────────────────────────────────────────────────────────────────── 
  Total(1)                                                          $5,866,853  
  Projects delivered in3Q26or other                                             
  projects no                                                                   
  longer requiring capitalization of                                -1,402,235  
  interest as of                                                                
  the end of3Q26(2)                                                             
  Projects continuing to qualify for                                            
  capitalization                                                    $4,464,618  
  of interest as of the end of3Q26                                              
  Components of average real estate                                             
  basis of                                                                      
  projects continuing to qualify for                                            
  capitalization                                                                
  of interest as of the end of3Q26                                              
  Class A/A+ development and                                                    
  redevelopment projects                                                        
  under construction and repositioning                                          
  projects:                                                                     
  2027–2028 stabilization                                             $384,632  
  Repositioning and smaller                                                     
  redevelopment                                                      1,735,127  
  projects(3)                                                                   
                                                                     2,119,759  
  Land/future development projects                                              
  with                                                               2,344,859  
  pre-construction milestones through                                           
  2028(4)                                                                       
  Average real estate basis of                                                  
  projects continuing                                                           
  to qualify for capitalization as of                               $4,464,618  
  the end                                                                       
  of3Q26                                                                        
  4Q26 projected range for average                                              
  real estate                                            $3,400,000–$4,900,000  
  capitalization basis                                                          
                                                                                
Substantial Reduction in Land and Development and Redevelopment Drives Decrease
in Average Real Estate Basis Capitalized $8.1B
                                               
  Development/RedevelopmentUnder Construction  
  andRepositioning Projects                    
  Land/Future Development                      
                                               
$7.0B $6.9B $5.9B $3.4B – $4.9B Average Real Estate Basis Capitalized (1) In
addition to capitalized interest, we incur other 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, related costs are expensed
as incurred. Annualized capitalized operating expenses represent approximately
2% of the total average real estate basis subject to capitalization for 3Q26 .
(2) Primarily includes projects at 421 Park Drive on the Alexandria Center ® for
Life Science – Fenway Megacampus and Alexandria Stanford Life Science District,
both of which were classified as held for sale as of September 30, 2026, as well
as a delivered project at Alexandria Center ® for Life Science – Waltham
Megacampus during 3Q26. (3) Primarily consists of projects related to our
operating assets that generally have shorter periods for which capitalization of
interest is required, including executed leases aggregating 1.3 million RSF as
of September 30, 2026 , with future occupancy expected after completion of
building and/or tenant improvements by June 2027 on a weighted-average basis.
The balance also includes redevelopment projects for which we are evaluating
business and financial strategy. (4) Includes future pipeline projects expected
to reach pre-construction milestones, including various phases of entitlement,
design, site work, and other activities necessary to begin aboveground vertical
construction, with a weighted-average key construction milestone by 1H28 . As
projects progress, 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 potential disposition.
These projects i nclude, among others, future Megacampus development projects at
(i) Alexandria Center ® for Advanced Technologies – Tanforan, (ii) Alexandria
Center ® for Life Science – San Carlos, where we have a letter of intent for
approximately 235,600 RSF related to existing industrial buildings that were
originally expected to be demolished to allow for future development, (iii)
Alexandria Center ® for Life Science – New York City, and (iv) Campus Point by
Alexandria , which represent approximately 52% of the total real estate basis
that continues to qualify for capitalization in this category as of September
30, 2026 .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  46  
  Reserved. ©2026                                       
                                                        
                                       
  Joint Venture Financial Information  
  September 30, 2026                   
 ───────────────────────────────────── 
                                       
                                                                                
  Consol…                                                                       
  Real                                                                          
  Estate                                                                        
  Joint                                                                         
  Ventur…                                                                       
                                     Noncont…               Operati…            
  Proper…    Market      Submark…    Share                  RSFat               
                                                            100%                
  50 and                                                                        
  60         Greater     Cambrid…              66.0%                   532,395  
  Binney     Boston      Suburbs                                                
  Street                                                                        
  75/125     Greater     Cambrid…                                               
  Binney     Boston      Suburbs               60.0%                   388,270  
  Street                                                                        
  100 and                                                                       
  225                                                                           
  Binney     Greater     Cambrid…                                               
  Street     Boston      Suburbs               70.0%                   870,641  
  and 300                                                                       
  Third                                                                         
  Street                                                                        
  15         Greater     Seaport                                                
  Necco      Boston      Innovat…              43.3%                   345,996  
  Street                 District                                               
  3215       San         Torrey                                                 
  Merryf…    Diego       Pines                 70.0%                   170,523  
  Row                                                                           
  Campus                 Univers…                                               
  Point      San         Town                  40.7%  -3              1,586,6…  
  by         Diego       Center                                                 
  Alexan…                                                                       
  5200       San         Univers…                                               
  Illumi…    Diego       Town                  49.0%                   792,687  
  Way                    Center                                                 
  9625                   Univers…                                               
  Towne      San         Town                  70.0%                   171,001  
  Centre     Diego       Center                                                 
  Drive                                                                         
  SD Tech    San         Sorrento                                               
  by         Diego       Mesa                  50.0%                  1,051,7…  
  Alexan…                                                                       
  Summers                                                                       
  Ridge      San         Sorrento              70.0%                   316,531  
  Science    Diego       Mesa                                                   
  Park(5)                                                                       
  Alexan…                                                                       
  Center…                                                                       
  Science    San                                                                
  and        Francis…    Mission               75.0%                   551,845  
  Techno…    Bay Area    Bay                                                    
  –                                                                             
  Mission                                                                       
  Bay(6)                                                                        
  211 and                                                                       
  213        San         South                                                  
  East       Francis…    San                   70.0%                   300,930  
  Grand      Bay Area    Francis…                                               
  Avenue                                                                        
  500        San         South                                                  
  Forbes     Francis…    San                   90.0%                   155,685  
  Boulev…    Bay Area    Francis…                                               
  Alexan…                                                                       
  Center…    San         South                                                  
  Life       Francis…    San                   51.4%                   285,346  
  Science    Bay Area    Francis…                                               
  –                                                                             
  Millbr…                                                                       
  1201                                                                          
  and                                                                           
  1208       Seattle     Lake                  70.0%                   206,134  
  Eastla…                Union                                                  
  Avenue                                                                        
  East                                                                          
  400                                                                           
  Dexter     Seattle     Lake                  70.0%                   291,355  
  Avenue                 Union                                                  
  North                                                                         
  800                    Lake                                                   
  Mercer     Seattle     Union                 40.0%                         —  
  Street…                                                                       
  Uncons…                                                                       
  Real                                                                          
  Estate                                                                        
  Joint                                                                         
  Ventur…                                                                       
                                     Our                    Operati…            
  Proper…    Market      Submark…    Ownersh…               RSFat               
                                                            100%                
  1655                                                                          
  and        San         Mission                                                
  1725       Francis…    Bay                   10.0%                   586,208  
  Third      Bay Area                                                           
  Street                                                                        
  101                                                                           
  West       Maryland    Beltsvi…              58.4%  -7               135,958  
  Dickman                                                                       
  Street                                                                        
                                                                                
Refer to “Joint venture financial information” under “Definitions and
reconciliations” in the Supplemental Information for additional details. (1)
Includes properties currently under construction or in our future development
and redevelopment pipeline. Refer to the sections under “New Class A/A+
development and redevelopment properties” in the Supplemental Information for
additional details. (2) Includes 10200, 10290, and 10300 Campus Point Drive and
4135, 4155, 4165, 4224, and 4242 Campus Point Court. (3) In October 2026, we
completed a partial sale of our interest in this joint venture for $475.0
million which reduced our interest to approximately 30% . We expect to fund the
majority of future construction costs at the Megacampus, which is expected to
reduce the ownership interests of our new joint venture partner and existing
joint venture partner over time to below 20.0% and 30.0% , respectively, and
increase our ownership interest to over 50.0% . Refer to “ Dispositions and
sales of partial interests ” in the Earnings Press Release and “New Class A/A+
development and redevelopment properties: under construction” in the
Supplemental Information for additional details. (4) Includes 9605, 9645, 9675,
9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075
Barnes Canyon Road. (5) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(6) Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard
South. (7) 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.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  47  
  Reserved. ©2026                                       
                                                        
                                                   
  Joint Venture Financial Information (continued)  
  September 30, 2026                               
 ───────────────────────────────────────────────── 
  (In thousands)                                   
                                                   
                                                                                
                                   As of September                              
                                          30, 2026                              
 ────────────────────────────────────────────────────────────────────────────── 
                  Noncontrolling                                                
                  InterestShare                       Our Share                 
                  of                                  ofUnconsolidat…           
                  ConsolidatedRe…                     Estate JVs                
                  Estate JVs                                                    
  Investments in  $                      3,363,861    $                 85,927  
  real estate                                                                   
  Cash, cash                                                                    
  equivalents,                             136,379                       2,514  
  and restricted                                                                
  cash                                                                          
  Other assets                             403,837                      10,486  
  Secured notes                                  —                     -61,016  
  payable                                                                       
  Other                                   -292,967                      -9,331  
  liabilities                                                                   
  Redeemable                                                                    
  noncontrolling                            -9,119                           —  
  interests                                                                     
                  $                      3,601,991    $                 28,580  
                                                                                
                                                                                
         Nonco…                                                                 
         Inter…                              Our                                
         Share                               Share                              
         ofCon…                              of                                 
         Real    Septe…                      Uncon…  Septem…                    
         Estate     30,                      Estate      30,                    
         JVs       2026                      JVs        2026                    
 ────────────────────────────────────────────────────────────────────────────── 
         Three             Nine              Three              Nine            
         Months            Months            Months             Months          
         Ended             Ended             Ended              Ended           
  Total  $       105,5…    $       301,6…    $         2,885    $        8,895  
  reve…                                                                         
  Rent…          -33,9…            -97,5…               -940            -3,092  
  oper…                                                                         
                 71,634            204,0…              1,945             5,803  
  Gene…                                                                         
  and              -593            -1,876                -23               -47  
  admi…                                                                         
  Inte…             -20              -190               -989            -2,990  
  Depr…                                                                         
  and                                                                           
  amor…                                                                         
  of             -32,4…            -93,4…               -858            -2,577  
  real                                                                          
  esta…                                                                         
  asse…                                                                         
  Gain                                                                          
  on                                                                            
  sale                                                                          
  of                  —                 —                  —               152  
  inte…                                                                         
  of                                                                            
  unco…                                                                         
  JV                                                                            
  Fixed                                                                         
  retu…                                                                         
  allo…                                                                         
  to                191               730                  —                 —  
  rede…                                                                         
  nonc…                                                                         
  inte…                                                                         
         $       38,754    $       109,2…    $            75    $          341  
  Stra…                                                                         
  rent                                                                          
  and    $        4,909    $        9,034    $           216    $          550  
  belo…                                                                         
  lease                                                                         
  reve…                                                                         
  Funds                                                                         
  from   $       71,212    $       202,7…    $           933    $        2,918  
  oper…                                                                         
                                                                                
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
interest for a property in the San Francisco Bay Area market. This redeemable
noncontrolling interest earns a fixed return on its investment rather than
participating in the operating results of the property. (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.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  48  
  Reserved. ©2026                                       
                                                        
                          
  Investments             
  September 30, 2026      
 ──────────────────────── 
  (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 (losses) and non-real estate investments.
Refer to “Investments” under “Definitions and reconciliations” in the
Supplemental Information for additional details.
                                                                                
                                                                      Year      
                                                             EndedDecember      
                  September 30,                                        31,      
                           2026                                       2025      
 ────────────────────────────────────────────────────────────────────────────── 
                   Three Months          Nine Months                            
                          Ended                Ended                            
  Realized                                                                      
  gains                                                                         
  (losses):                                                                     
  Realized              $16,007              $44,497              $115,722      
  gains                                                                         
  Impairment                                                                    
  of non-real           -13,580  -1          -35,026               -95,716      
  estate                                                                        
  investments                                                                   
  Significant                                                                   
  realized                    —                    —              -103,329      
  losses                                                                        
                          2,427                9,471               -83,323      
  Unrealized             21,563  -2          143,164  -2            26,980  -3  
  gains                                                                         
  Investment                                                                    
  income                $23,990             $152,635             $(56,343)      
  (losses)                                                                      
                                                                                
                                                                                
              September                                               December  
               30, 2026                                               31, 2025  
 ────────────────────────────────────────────────────────────────────────────── 
  Investm…         Cost      Unrealiz…    Unrealiz…     Carrying      Carrying  
                                 Gains       Losses       Amount        Amount  
  Publicly                                                                      
  traded       $105,921        $56,294    $(24,638)     $137,577       $94,928  
  compani…                                                                      
  Entities                                                                      
  that          507,978        215,565      -43,100      680,443       512,376  
  report                                                                        
  NAV                                                                           
  Entities                                                                      
  that do                                                                       
  not                                                                           
  report                                                                        
  NAV:                                                                          
  Entities                                                                      
  with                                                                          
  observa…       77,062         50,568      -10,785      116,845       123,238  
  price                                                                         
  changes                                                                       
  Entities                                                                      
  without                                                                       
  observa…      406,415              —            —      406,415       413,324  
  price                                                                         
  changes                                                                       
  Investm…                                                                      
  account…                                                                      
  for                                                                           
  under             N/A            N/A          N/A      394,393       357,383  
  the                                                                           
  equity                                                                        
  method                                                                        
  Septemb…    $1,097,3…  -4   $322,427    $(78,523)    $1,735,6…    $1,501,249  
  30, 2026                                                                      
  December    $1,010,4…       $184,434    $(51,056)    $1,501,2…                
  31, 2025                                                                      
                                                                                
                                                             
  Public/Private Mix (Cost)    Tenant/Non-Tenant Mix (Cost)  
                                                             
18% Tenant 7% Public 82% Non-Tenant 93% Private (1) Primarily relates to one
non-real estate investment in a privately held entity that does not report NAV.
(2) P rimarily relates to the increase in the fair value of our investments in
privately held entities that report NAV during the three and nine months ended
September 30, 2026 . (3) Primarily re lates to the increase in fair values of
our investments in publicly traded entities d uring the year ended December 31,
2025 . (4) Represents 2.7% of gross assets as of September 30, 2026 . Refer to “
Gross assets ” under “Definitions and reconciliations” in the Supplemental
Information for additional details.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  49  
  Reserved. ©2026                                       
                                                        
                      
  Balance Sheet       
  September 30, 2026  
 ──────────────────── 
                      
ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH
SIGNIFICANT LIQUIDITY
                                                                                
  SIGNIFICANTLIQUIDITY                   PERCENTAGE OF FIXED-RATEDEBT           
                                         SINCE2022(2)                           
  $4.6B                                  95.5%                                  
  REMAINING DEBT TERM(IN YEARS)(3)       DEBT INTERESTRATE                      
  11.6                                   4.33%                                  
  Longest Among S&P 500 REITs(4)                                                
  4Q26ANNUALIZED GUIDANCE                                                       
  5.6xto6.2x                             3.4xto3.9x                             
  NET DEBT AND PREFERREDSTOCK TO                                                
  ADJUSTED                               FIXED-CHARGECOVERAGE RATIO             
  EBITDA                                                                        
                                                                                
TOP 20% CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS (1) BBB+
Negative WEIGHTED AVERAGE Baa2 Stable As of September 30, 2026 . Refer to
“Definitions and reconciliations” in the Supplemental Information for additional
details. (1) Top 20% 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, 2026 . (2) Represents the
average quarterly percentage of fixed-rate debt as of each quarter-end from
January 1, 2022 through September 30, 2026 . (3) Pro forma for the potential
early redemption of our junior subordinated notes payable on February 15, 2032 ,
our weighted-average remaining debt term would have been 9.7 years. (4) Sources:
S&P Global Market Intelligence, Bloomberg Professional Services, or company
filings as of June 30, 2026 , except for ARE, which is as of September 30, 2026
.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  50  
  Reserved. ©2026                                       
                                                        
                      
  Key Credit Metrics  
  September 30, 2026  
 ──────────────────── 
                      
                                                                                
                                              Limited Outstanding Borrowings    
  Liquidity                                   and Significant Availabilityon    
                                              Unsecured Senior Line of Credit   
                                              -in millions                      
  $4.6B                                                                         
  (in millions)                                                                 
  Availability under our                                                        
  unsecured senior                                                              
  line of credit, net of            $3,908                                      
  amountsoutstanding under our                                                  
  commercial                                                                    
  paper program                                                                 
  Cash, cash equivalents, and                                                   
  restricted                           514                                      
  cash                                                                          
  Investments in publicly traded       138                                      
  companies                                                                     
  Liquidity as ofSeptember 30,      $4,560                                      
  2026                                                                          
  Net Debt and Preferred Stock                                                  
  to Adjusted                                 Fixed-Charge Coverage Ratio(1)    
  EBITDA(1)                                                                     
                                                                                
$5, 000 $5,000 $5,000 $1,091 $353 <$350
                                                                                
  Remaining amounts available for         Outstanding balance under             
  borrowingunder our unsecured senior     ourunsecured senior line of credit    
  line                                    and/orcommercial paper program        
  of credit                                                                     
                                                                                
6.9x 6.6 x (2) 5.6x to 6.2x 3.4x to 3.9x 3.7x 5.7x Mid-5x Range 3.2x Refer to
“Definitions and reconciliations” in the Supplemental Information for additional
details. (1) Quarter annualized. (2) The pro forma amount reflects the October
23, 2026 sale of our partial interest in the Campus Point by Alexandria joint
venture for $475.0 million . Refer to “ Dispositions and Sales of Partial
Interests ” in the Earnings Press Release for additional details.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  51  
  Reserved. ©2026                                       
                                                        
                          
  Summary of Debt         
  September 30, 2026      
 ──────────────────────── 
  (Dollars in thousands)  
                          
                                                                                
  Fixed…                                                                        
  and     Fixed-…    Variabl…      Total    Percent…    Weight…                 
  varia…                                                                        
  debt                                                                          
                                 Intere…    Remaini…                            
                                 Rate(1)     Term(in                            
                                              years)                            
  Unsec…                                                                        
  senior  $10,82…          $—    $10,82…       83.9%      4.04%      10.60      
  notes                                                                         
  payab…                                                                        
  Junior                                                                        
  subor…  985,143           —    985,143        7.6%       7.37  -4  30.40  -4  
  notes                                                                         
  payab…                                                                        
  Unsec…                                                                        
  senior                                                                        
  line                                                                          
  of            —    1,091,1…    1,091,…         8.5       4.40       5.30  -5  
  credi…                                                                        
  comme…                                                                        
  progr…                                                                        
  Total…  $11,80…    $1,091,…    $12,89…      100.0%      4.33%       11.6  -5  
  avera…                                                                        
  Perce…                                                                        
  of        91.5%        8.5%     100.0%                                        
  total                                                                         
  debt                                                                          
                                                                                
(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, 2026 , we had no outstanding balance on our unsecured senior line
of credit . (3) The commercial paper program provides us with the ability to
issue up to $2.50 billion of commercial paper notes that bear interest at short-
term fixed rates and can generally be issued with a maturity of 30 days or less
and with a maximum maturity of 397 days from the date of issuance. Borrowings
under the program are used to fund short-term capital needs and are back-stopped
by our unsecured senior line of credit. In the event we are unable to issue
commercial paper notes or refinance outstanding borrowings under terms equal to
or more favorable than those under our unsecured senior line of credit, we
expect to borrow under the unsecured senior line of credit at SOFR+0.725% . As
of September 30, 2026 , we had $1.09 billion of c ommercial paper notes
outstanding. (4) Our junior subordinated notes will initially bear interest at
7.250% per year through, but excluding, February 15, 2032 . Thereafter, the
interest rate will reset every five years to the five-year U.S. Treasury rate
plus 2.889% , subject to a minimum interest rate of 7.250% . In addition, we may
redeem the notes at 100% of principal plus accrued and unpaid interest during
the period beginning November 17, 2031 and ending on February 15, 2032 , and
thereafter on any interest payment date. (5) 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 i
s 11.2 year s . The commercial paper notes sold during the nine months ended
September 30, 2026 were issued at a weighted-average yield to maturity o f 4.19%
a nd had a weighted-average maturity term of 14 days . Our total weighted-
average remaining term also assumes the full maturity of our junior subordinated
notes payable due in 2057 . Pro forma for the potential early redemption of our
junior subordinated notes on February 15, 2032 , our total weighted-average
remaining debt term would have been 9.7 years.
                                                                                
                 Average Debt                    Weighted-Ave…                  
                  Outstanding                    Interest Rate                  
                    September                    September 30,                  
                     30, 2026                             2026                  
 ────────────────────────────────────────────────────────────────────────────── 
                 Three Months     Nine Months     Three Months     Nine Months  
                        Ended           Ended            Ended           Ended  
  Long-term                                                                     
  fixed-rate      $11,341,163     $11,239,142            4.15%           4.04%  
  debt                                                                          
  Short-term                                                                    
  variable-r…                                                                   
  unsecured                                                                     
  senior line       1,915,075       1,945,860             4.21            4.18  
  of credit                                                                     
  and                                                                           
  commercial                                                                    
  paperprogr…                                                                   
  Blended-av…                                                                   
  interest         13,256,238      13,185,002             4.16            4.06  
  rate                                                                          
  Loan fee                                                                      
  amortizati…                                                                   
  and annual                                                                    
  facility                                                                      
  fee related             N/A             N/A             0.13            0.13  
  to                                                                            
  unsecured                                                                     
  senior                                                                        
  line                                                                          
  ofcredit                                                                      
  Total/weig…     $13,256,238     $13,185,002            4.29%           4.19%  
  average                                                                       
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  52  
  Reserved. ©2026                                       
                                                        
                               
  Summary of Debt (continued)  
  September 30, 2026           
 ───────────────────────────── 
  (Dollars in thousands)       
                               
                                                                                
  Debt           Unsecured                       Unsecured                      
  covenants      Senior Notes                    Senior Line                    
                 Payable                         of Credit                      
  Debt                           September                       September 30,  
  Covenant       Requirement     30, 2026        Requirement     2026           
  Ratios(1)                                                                     
  Total Debt                                                                    
  to Total       ≤ 60%           33%             ≤ 60.0%         35.5%          
  Assets                                                                        
  Secured                                                                       
  Debt to        ≤ 40%           —%              ≤ 45.0%         —%             
  Total                                                                         
  Assets                                                                        
  Consolidat…                                                                   
  EBITDA to      ≥ 1.5x          5.6x            ≥ 1.50x         2.91x          
  Interest                                                                      
  Expense                                                                       
  Unencumber…                                                                   
  Total Asset                                                                   
  Value to       ≥ 150%          295%            N/A             N/A            
  Unsecured                                                                     
  Debt                                                                          
  Unsecured                                                                     
  Interest       N/A             N/A             ≥ 1.75x         5.84x          
  Coverage                                                                      
  Ratio                                                                         
                                                                                
(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.
                                                                                
  Un…                                                                           
  re…    As                                                                     
  es…    of                                                                     
  jo…    Sep…                                                                   
  ve…    30,                                                                    
  de…    2026                                                                   
 ────────────────────────────────────────────────────────────────────────────── 
                                                             At                 
                                                           100%                 
  Un…    Mat…              Sta…              Int…                  De…    Our   
  Jo…    Date              Rate              Rat…          Agg…    Ba…    Sha…  
  Ve…                                                                           
  101                                                                           
  We…          10/…  -3          SOF…  -4          5.9…    $26…    $1…    58.…  
  Di…                                                                           
  St…                                                                           
  16…                                                                           
  and                                                                           
  17…          2/1…              6.3…              6.4…    500…    49…    10.…  
  Th…                                                                           
  St…                                                                           
                                                           $52…    $5…          
                                                                                
(1) Includes interest expense and amortization of loan fees. (2) Represents
outstanding principal, net of unamortized deferred financing costs, as of
September 30, 2026 . (3) In October 2026, the unconsolidated real estate joint
venture refinanced this debt with a new $22.5 million secured note payable
bearing interest at SOFR+1.85% and maturing in October 2030 . As of September
30, 2026 , our investment in this unconsolidated real estate joint venture was
$9.9 million . (4) This loan is subject to a SOFR floor of 0.75%.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  53  
  Reserved. ©2026                                       
                                                        
                               
  Summary of Debt (continued)  
  September 30, 2026           
 ───────────────────────────── 
  (Dollars in thousands)       
                               
                                                                                
                            P…                                                  
                            P…                                                  
                            R…                                                  
                            f…                                                  
      …     …        M…     t…                                    …    U…    …  
                            P…                                                  
                            E…                                                  
                            D…                                                  
                            3…                                                  
            …     …      …      …      …      …                                 
      …     …        1…     $—     $…     $—     $—    …    $—    …    $…    …  
      …     …        1…     —       —     4…      —    —     —    …    -…    …  
      …     …        7…     —       —      —     3…    —     —    …    -…    …  
      …     …        1…     —       —      —     4…    —     —    …    -…    …  
      …     …        7…     —       —      —      —    …     —    …    -…    …  
      …     …        1…     —       —      —      —    …     —    …    -…    …  
      …     …        8…     —       —      —      —    —    7…    …    -…    …  
      …     …        5…     —       —      —      —    —    9…    …    -…    …  
      …     …        2…     —       —      —      —    —    1…    …    -…    …  
      …     …        3…     —       —      —      —    —    8…    …    -…    …  
      …     …        4…     —       —      —      —    —    5…    …    -…    …  
      …     …        1…     —       —      —      —    —    5…    …    -…    …  
      …     …        3…     —       —      —      —    —    7…    …    -…    …  
      …     …        5…     —       —      —      —    —    4…    …    -…    …  
      …     …        4…     —       —      —      —    —    3…    …    -…    …  
      …     …        2…     —       —      —      —    —    3…    …    5…    …  
      …     …        5…     —       —      —      —    —    3…    …    -…    …  
      …     …        3…     —       —      —      —    —    4…    …    -…    …  
      …     …        4…     —       —      —      —    —    5…    …    -…    …  
      …     …        5…     —       —      —      —    —    6…    …    -…    …  
            …               —      3…     4…     7…    …    8…    …    -…    …  
      …  …  …  …     2…  …  —       —      —      —    —    1…    …    -…    …  
      …     …  …     1…  …  —       —      —      —    —    1…    …    -…    …  
            …               $—     $…     $…     $…    …    $…    …    $…    …  
                            $—     $…     $…     $…    …    $…    …    $…    …  
                            —       —      —      —    —    1…    …    -…    …  
                            $—     $…     $…     $…    …    $…    …    $…    …  
                            N…     3…     3…     3…    …    4…                  
                                                                                
(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 footnote 4 under “Fixed-rate and variable-rate
debt” in “Summary of debt” for additional details. (4) Refer to footnotes 2, 3,
and 5 under “Fixed-rate and variable-rate debt” in “Summary of debt” for
additional details. In September 2026, we amended and restated our $5.0 billion
unsecured senior line of credit which, among other changes, extended the
maturity date from January 22, 2030 to January 22, 2032 , including extension
options that we control. In addition, the amendment reduced the applicable
borrowing rate to SOFR plus 0.725% from SOFR plus 0.835% .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  54  
  Reserved. ©2026                                       
                                                        
                                   
  Definitions and Reconciliations  
  September 30, 2026               
 ───────────────────────────────── 
                                   
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              9/30/26      6/30/26     3/31/26      12/31/25       9/30/25  
  thousands)                                                                    
  Net (loss)   $(598,932)    $(38,969)    $398,377    $(995,354)    $(197,845)  
  income                                                                        
  Interest         79,687       64,342      64,584        65,674        54,852  
  expense                                                                       
  Income            2,609        1,845       3,225         1,851         3,737  
  taxes                                                                         
  Depreciat…                                                                    
  and             304,419      304,384     305,441       322,063       340,230  
  amortizat…                                                                    
  Stock                                                                         
  compensat…       11,953       10,146      11,032         8,232        10,293  
  expense                                                                       
  Loss                                                                          
  (gain) on                                                                     
  early             3,323            —    -366,435             —           107  
  extinguis…                                                                    
  of                                                                            
  debt                                                                          
  Gain on                                                                       
  sales of              —            —           —      -619,914        -9,366  
  real                                                                          
  estate                                                                        
  Unrealized                                                                    
  (gains)                                                                       
  losses on       -21,563     -131,933      10,332       -98,548       -18,515  
  non-real                                                                      
  estateinv…                                                                    
  Significa…                                                                    
  realized                                                                      
  losses on             —            —           —       103,329             —  
  non-reale…                                                                    
  investmen…                                                                    
  Impairment                                                                    
  of                                                                            
  non-real         13,580        8,998      12,448        20,181        25,139  
  estate                                                                        
  investmen…                                                                    
  Impairment                                                                    
  of real         637,904      222,470       5,499     1,717,188       323,870  
  estate                                                                        
  Decrease                                                                      
  in                                                                            
  provision                                                                     
  for                                                                           
  expected              —            —           —          -341             —  
  creditlos…                                                                    
  on                                                                            
  financial                                                                     
  instrumen…                                                                    
  Adjusted       $432,980     $441,283    $444,503      $524,361      $532,502  
  EBITDA                                                                        
  Total          $671,182     $662,784    $671,022      $754,414      $751,944  
  revenues                                                                      
  Adjusted                                                                      
  EBITDA              65%          67%         66%           70%           71%  
  margin                                                                        
                                                                                
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. Adjusted EBITDA and Adjusted EBITDA margin
(continued) 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 investors’ comparison of our business activities
across periods without the volatility resulting from market forces outside of
our control. Adjusted EBITDA has limitations as a measure of our performance.
Adjusted EBITDA does not reflect our historical expenditures or future
requirements for capital expenditures or contractual commitments. While Adjusted
EBITDA is a relevant measure of performance, it does not represent net income
(loss) or cash flows from operations calculated and presented in accordance with
GAAP, and it should not be considered as an alternative to those indicators in
evaluating performance or liquidity. In order to calculate the Adjusted EBITDA
margin, we divide Adjusted EBITDA by total revenues as presented in our
consolidated statements of operations. We believe that this supplemental
performance measure provides investors with additional useful information
regarding the profitability of our operating activities. We are not able to
forecast the net income of future periods without unreasonable effort, and
therefore do not provide a reconciliation for Adjusted EBITDA on a forward-
looking basis. This is due to the inherent difficulty of forecasting the timing
and/or amount of items that depend on market conditions outside of our control,
including the timing of dispositions, capital events, and financing decisions,
as well as quarterly components such as gain on sales of real estate, unrealized
gains or losses on non- real estate investments, impairments of real estate,
impairments of non-real estate investments, and changes in provision for
expected credit losses on financial instruments. Our attempt to predict these
amounts may produce significant but inaccurate estimates, which would
potentially be misleading for our investors.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  55  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
Advanced technology Advanced technology space serves tech office and non-life-
science users whose operations require building characteristics, infrastructure,
or systems beyond those typically found in traditional office space. Similar to
laboratory space, advanced technology space may require enhanced floor- loading
capacity; increased electrical capacity, redundancy, and resilience; greater
floor-to-floor heights or clear heights; enhanced freight and loading access;
enhanced security features; and specialized HVAC, exhaust, or other critical
building systems . Annual rental revenue Annual rental revenue represents the
annualized fixed base rental obligations, calculated in accordance with GAAP. It
includes the amortization of deferred revenue related to tenant-funded and
tenant-built landlord improvements for leases in effect as of the end of the
period, related to our operating RSF. Annual rental revenue is presented using
100% of the annual rental revenue from our consolidated properties and our share
of annual rental revenue for our unconsolidated real estate joint ventures.
Annual rental revenue per RSF is computed by dividing annual rental revenue by
the sum of 100% of the RSF of our consolidated properties and our share of the
RSF of properties held in unconsolidated real estate joint ventures. As of
September 30, 2026 , 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, debt premiums (discounts) and interest expense
associated with the equity treatment of junior subordinated notes payable. 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,
2026 . 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 and
advanced technology 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 generally consist of the permanent
change in use of acquired office, warehouse, or shell space into facilities
designed for life science innovation or advanced technology. 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.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  56  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
Development, redevelopment, and pre-construction (continued) 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. 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 quarterly dividend per share
divided by the closing common stock price at the end of the quarter. 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. Fixed charges equal interest expense calculated in accordance
with GAAP plus capitalized interest, plus preferred stock dividends, less
amortization of loan fees and debt premiums (discounts), and less any portion of
interest expense or preferred stock dividends incurred from any corresponding
portion of any hybrid instrument that is treated as equity, generally consistent
with the treatment by key rating agencies, as excluding such amounts provides
investors with useful supplemental information regarding the effect of that
equity-credit treatment on our credit profile and fixed-charge coverage. 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          9/30/26     6/30/26     3/31/26    12/31/25     9/30/25  
  thousands)                                                                    
  Adjusted            $432,980    $441,283    $444,503    $524,361    $532,502  
  EBITDA                                                                        
  Interest             $79,687     $64,342     $64,584     $65,674     $54,852  
  expense                                                                       
  Capitalized           62,922      73,717      69,973      81,845      86,091  
  interest                                                                      
  Amortization          -4,422      -4,417      -4,428      -4,481      -4,505  
  of loan fees                                                                  
  Amortization                                                                  
  of debt                 -353        -352        -320        -327        -325  
  discounts                                                                     
  Interest                                                                      
  expense                                                                       
  associated                                                                    
  with the              -4,028           —           —           —           —  
  equitytreatm…                                                                 
  of junior                                                                     
  subordinated                                                                  
  notespayable…                                                                 
  Cash interest                                                                 
  and fixed           $133,806    $133,290    $129,809    $142,711    $136,113  
  charges                                                                       
  Fixed-charge                                                                  
  coverage                                                                      
  ratio:                                                                        
  – quarter               3.2x        3.3x        3.4x        3.7x        3.9x  
  annualized                                                                    
  – trailing 12           3.4x        3.6x        3.8x        4.0x        4.1x  
  months                                                                        
                                                                                
(1) Represents 50% of the interest expense associated with our junior
subordinated notes payable, corresponding to the portion of the related amount
that key rating agencies treat as equivalent to a common dividend for credit-
analysis purposes. We are not able to forecast the net income of future periods
without unreasonable effort, and therefore do not provide a reconciliation for
fixed-charge coverage ratio on a forward-looking basis. This is due to the
inherent difficulty of forecasting the timing and/or amount of items that depend
on market conditions outside of our control, including the timing of
dispositions, capital events, and financing decisions, as well as quarterly
components such as gain on sales of real estate, unrealized gains or losses on
non-real estate investments, impairments of real estate, impairments of non-real
estate investments, and changes in provision for expected credit losses on
financial instruments. Our attempt to predict these amounts may produce
significant but inaccurate estimates, which would potentially be misleading for
our investors.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  57  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
Funds from operations and funds from operations, as adjusted, attributable to
Alexandria Real Estate Equities, Inc.’s common stockholders GAAP-basis
accounting for real estate assets utilizes historical cost accounting and
assumes that real estate values diminish over time. In an effort to overcome the
difference between real estate values and historical cost accounting for real
estate assets, the Nareit Board of Governors established funds from operations
as an improved measurement tool. Since its introduction, funds from operations
has become a widely used non-GAAP financial measure among equity REITs. We
believe that funds from operations is helpful to investors as an additional
measure of the performance of an equity REIT. Moreover, we believe that funds
from operations, as adjusted, allows investors to compare our performance to the
performance of other real estate companies on a consistent basis, without having
to account for differences recognized because of real estate acquisition and
disposition decisions, financing decisions, capital structure, capital market
transactions, variances resulting from the volatility of market conditions
outside of our control, or other corporate activities that may not be
representative of the operating performance of our properties. The 2018 White
Paper published by the Nareit Board of Governors (the “Nareit White Paper”)
defines funds from operations as net income (computed in accordance with GAAP),
excluding gains or losses on sales of real estate, and impairments of real
estate, plus depreciation and amortization of operating real estate assets, and
after adjustments for our share of consolidated and unconsolidated partnerships
and real estate joint ventures. Impairments represent the write-down of assets
when fair value over the recoverability period is less than the carrying value
due to changes in general market conditions and do not necessarily reflect the
operating performance of the properties during the corresponding period. We
compute funds from operations, as adjusted, as funds from operations calculated
in accordance with the Nareit White Paper, excluding significant gains, losses,
and impairments realized on non-real estate investments, unrealized gains or
losses on non-real estate investments, impairments of real estate primarily
consisting of right-of-use assets and pre-acquisition costs related to projects
that we decided to no longer pursue, gains or losses on early extinguishment of
debt, changes in the provision for expected credit losses on financial
instruments, significant termination fees, acceleration of stock compensation
expense due to the resignations of executive officers, deal costs, the income
tax effect related to such items, and the amount of such items that is allocable
to our unvested restricted stock awards. We compute the amount that is allocable
to our unvested restricted stock awards with nonforfeitable dividends using the
two-class method. Under the two-class method, we allocate net income (after
amounts attributable to noncontrolling interests) to common stockholders and to
unvested restricted stock awards with nonforfeitable dividends by applying the
respective weighted-average shares outstanding during each quarter-to-date and
year-to-date period. This may result in a difference of the summation of the
quarter-to-date and year-to-date amounts. Neither funds from operations nor
funds from operations, as adjusted, should be considered as alternatives to net
income (determined in accordance with GAAP) as indications of financial
performance, or to cash flows from operating activities (determined in
accordance with GAAP) as measures of liquidity, nor are they indicative of the
availability of funds for our cash needs, including our ability to make
distributions. We are not able to forecast the net income of future periods
without unreasonable effort, and therefore do not provide a reconciliation for
funds from operations on a forward-looking basis. This is due to the inherent
difficulty of forecasting the timing and/or amount of items that depend on
market conditions outside of our control, including the timing of dispositions,
capital events, and financing decisions, as well as components such as gain on
sales of real estate, unrealized gains or losses on non-real estate investments,
impairments of real estate, impairments of non-real estate investments, and
changes in provision for expected credit losses on financial instruments. Our
attempt to predict these amounts may produce significant but inaccurate
estimates, which would potentially be misleading for our investors. Funds from
operations and funds from operations, as adjusted, attributable to Alexandria
Real Estate Equities, Inc.’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:
                                                                                
                Noncontroll…                                                    
                    Interest                                                    
                       Share                                                    
                ofConsolida…                     Our Share of                   
                 Real Estate                     Unconsolida…                   
                         JVs                       Estate JVs                   
                   September                        September                   
                    30, 2026                         30, 2026                   
 ────────────────────────────────────────────────────────────────────────────── 
  (In                  Three             Nine           Three             Nine  
  thousands)     MonthsEnded      MonthsEnded     MonthsEnded      MonthsEnded  
  Net income         $38,754         $109,292             $75             $341  
  Depreciation                                                                  
  and                                                                           
  amortization        32,458           93,449             858            2,577  
  of                                                                            
  realestate                                                                    
  assets                                                                        
  Funds from         $71,212         $202,741            $933           $2,918  
  operations                                                                    
                                                                                
Gross assets Gross assets are calculated as total assets plus accumulated
depreciation :
                                                                                
  (In           9/30/26       6/30/26       3/31/26     12/31/25       9/30/25  
  thousand…                                                                     
  Total      $34,051,7…    $34,632,2…    $34,167,3…    $34,081,…    $37,375,1…  
  assets                                                                        
  Accumula…   6,879,381     6,648,143     6,393,658    6,127,525     6,416,745  
  deprecia…                                                                     
  Gross      $40,931,1…    $41,280,3…    $40,561,0…    $40,209,…    $43,791,8…  
  assets                                                                        
                                                                                
Incremental annual net operating income on development and redevelopment
projects Incremental annual net operating income represents the annualized net
operating income expected to be realized upon a project being placed into
service and achieving stabilized occupancy . For projects placed into service
during the period, the incremental annual net operating income disclosed
excludes future incremental annual net operating income from space that was
vacant or unleased at delivery. Incremental annual net operating income is
calculated as the initial stabilized yield multiplied by the project’s total
cost at completion. Initial stabilized yield (unlevered) Initial stabilized
yield is calculated as the estimated amounts of net operating income at
stabilization divided by our investment in the property. For this calculation,
we exclude any tenant- funded and tenant-built landlord improvements from our
investment in the property. Our initial stabilized yield excludes the benefit of
leverage. Our cash rents related to our development and redevelopment projects
are generally expected to increase over time due to contractual annual rent
escalations. Our estimates for initial stabilized yields, initial stabilized
yields (cash basis), and total costs at completion represent our initial
estimates at the commencement of the project. We expect to update this
information upon completion of the project, or sooner if there are significant
changes to the expected project yields or costs. • Initial stabilized yield
reflects rental income, including contractual rent escalations and any rent
concessions over the term(s) of the lease(s), calculated on a straight-line
basis, and any amortization of deferred revenue related to tenant-funded and
tenant-built landlord improvements. • Initial stabilized yield (cash basis)
reflects cash rents at the stabilization date after initial rental concessions,
if any, have elapsed and our total cash investment in the property.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  58  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
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, 2026 , as
reported by Bloomberg Professional Services. Credit ratings from Moody’s Ratings
and S&P Global Ratings reflect credit ratings of the tenant’s parent entity, and
there can be no assurance that a tenant’s parent entity will satisfy the
tenant’s lease obligation upon such tenant’s default. We monitor the credit
quality and related material changes of our tenants. Material changes that cause
a tenant’s market capitalization to decrease below $10 billion, which are not
immediately reflected in the twelve-month average, may result in their exclusion
from this measure. Investments We hold investments in publicly traded companies
and privately held entities primarily involved in the life science industry. We
recognize, measure, present, and disclose these investments as follows:
                                                                                
                                         Statements of                          
                                         Operations                             
                     Balance Sheet       Gains and Losses                       
                     Carrying Amount     Unrealized           Realized          
                                                              Difference        
                                                              betweenproceeds   
                                                              received          
                                                              upondisposition   
                                                              and               
                                                              historicalcost    
  Publicly           Fair value          Changes in                             
  tradedcompanies                        fairvalue                              
  Privately held                                                                
  entitieswithout                                                               
  readilydetermi…                                                               
  fairvalues                                                                    
  that:                                                                         
                     Fair value,         Changes in NAV,                        
  Report NAV         using NAVas a       asa practical                          
                     practicalexpedi…    expedientto fair                       
                                         value                                  
                                                              Impairments to    
                                                              reduce coststo    
                                                              fair value,       
                                                              which result      
                                                              inan adjusted     
                     Cost, adjusted                           cost basis        
  Do not report      forobservable       Observable           andthe            
  NAV                pricechanges        pricechanges(1)      differences       
                     andimpairments(…                         betweenproceeds   
                                                              received          
                                                              upondisposition   
                                                              and adjusted      
                                                              orhistorical      
                                                              cost              
                     Contributions,a…                         Our share of      
                     for our shareof     Our share            realized gainsor  
                     the                 ofunrealized         losses reported   
  Equity             investee’searni…    gains orlosses       by theinvestee,   
  methodinvestme…    or losses,less      reported bythe       and               
                     distributionsre…    investee             other-than-temp…  
                     reduced                                  impairments       
                     byother-than-te…                                           
                                                                                
(1) An observable price is a price observed in an orderly transaction for an
identical or similar investment of the same issuer. Observable price changes
result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including
subsequent equity offerings or other reported equity transactions related to the
same issuer. Investments in real estate The following table reconciles our
investments in real estate as of September 30, 2026 :
                                                                 
  (In thousands)                      Investments inReal Estate  
  Gross investments in real estate                  $35,306,380  
  Less: accumulated depreciation                     -6,879,381  
  Investments in real estate                        $28,426,999  
                                                                 
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, 2026 :
                                                                                
  (Dollars in thousands)               Book Value    Percentage ofGross Assets  
  Projects under active                $1,043,255                           3%  
  construction                                                                  
  Future development projects(1)and                                             
  land                                  3,584,278                            9  
  parcels primarily located                                                     
  inMegacampuses                                                                
  Total Class A/A+ development and                                              
  redevelopment pipeline,               4,627,533                           12  
  excludingproperties held for sale                                             
  Properties held for sale – land                                               
  and                                     480,134                            1  
  development parcels                                                           
  Total Class A/A+ development and     $5,107,667                          13%  
  redevelopment pipeline                                                        
                                                                                
(1) Includes projects with existing buildings that are generating or can
generate operating cash flows. Also includes development rights associated with
existing operating campuses. The square footage presented in the table below is
classified as operating as of September 30, 2026 and excludes properties
classified as held for sale . These lease expirations or vacant space at
recently acquired properties represent future opportunities for which we intend,
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:
                                                                                
                           RSF of                                               
                           Lease                                                
                           Expira…                                              
            Dev/Re…        Target…                                              
                           forDev…                                              
                           and                                                  
                           Redeve…                                              
  Prope…             2026           2027     Thereaf…           Total           
  Future                                                                        
  proje…                                                                        
  446,                                                                          
  458,                                                                          
  and       Dev            —              —            116,623         116,623  
  500                                                                           
  Arsen…                                                                        
  Stree…                                                                        
  Campus                                                                        
  Point                                                                         
  by        Dev            —              —             96,805          96,805  
  Alexa…                                                                        
  Town                                                                          
  Center                                                                        
  Seque…                                                                        
  Distr…                                                                        
  by        Dev/Re…        —              —            457,013         457,013  
  Alexa…                                                                        
  Mesa                                                                          
  1150                                                                          
  El                                                                            
  Camino    Dev            —              —            152,000         152,000  
  Real/…                                                                        
  San                                                                           
  Franc…                                                                        
  960                                                                           
  Indus…    Dev            —              —            112,590         112,590  
  Road/…                                                                        
  Carlos                                                                        
  Total                    —              —            935,031         935,031  
                                                                                
(1) Includes vacant square footage as of September 30, 2026 .
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  59  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
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, to facilitate
investors’ 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.
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, 2026 :
                                                                                
                                                                   Development  
  (Dollars in thousands)      Annual RentalRevenue    andRedevelopmentPipeline  
                                                                           RSF  
  Megacampus                            $1,485,494                  15,575,865  
  Core and non-core                        378,257                   3,973,991  
  Total                                 $1,863,751                  19,549,856  
  Megacampus as a                                                               
  percentage of annual                                                          
  rental revenue andof                         80%                         80%  
  total development                                                             
  and redevelopment                                                             
  pipeline RSF                                                                  
                                                                                
Net cash provided by operating activities, as adjusted We use net cash provided
by operating activities, as adjusted, as a supplemental measure for financial
and operational decision-making, and as a supplemental means of evaluating
period-to-period comparisons on a consistent basis. Net cash provided by
operating activities, as adjusted, is calculated as net cash provided by
operating activities as shown in our consolidated statements of cash flows,
adjusted for changes in operating assets and liabilities (as they represent
timing differences), and reduced by dividends and distributions to
noncontrolling interests (excludes liquidating distributions from asset sales).
We believe net cash provided by operating activities, as adjusted, provides
investors with relevant and useful information as it allows investors to
evaluate our operating cash flows on a more consistent basis that excludes
period-to-period timing differences in operating assets and liabilities (working
capital) and reflects cash dividends and distributions paid quarterly. The
following table reconciles net cash flows from operating activities, the most
directly comparable financial measure presented in accordance with GAAP, to net
cash provided by operating activities, as adjusted:
                                                                      
                                     Nine Months Ended                
  (in thousands)                               9/30/26       9/30/25  
  Net cash provided by operating              $875,410    $1,101,668  
  activities                                                          
  Changes in operating assets and              154,064       188,563  
  liabilities                                                         
  Common stock dividends paid                 -371,427      -684,419  
  Distributions to noncontrolling             -171,248      -186,725  
  interests                                                           
  Net cash provided by operating              $486,799      $419,087  
  activities, as adjusted                                             
                                                                      
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  60  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
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 for evaluating our balance sheet leverage.
Net debt and preferred stock is calculated at the end of the applicable period
and equals total consolidated debt (including secured debt, unsecured senior
debt, and junior subordinated debt) plus preferred stock, less cash, cash
equivalents, restricted cash, and the portion of any hybrid instrument included
in debt or preferred stock that is treated as equity, generally consistent with
the treatment by key rating agencies, as excluding such amounts provides
investors with useful supplemental information regarding the effect of that
equity-credit treatment on our leverage. 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             9/30/26      6/30/26       3/31/26     12/31/25       9/30/25  
  thousan…                                                                      
  Secured                                                                       
  notes               $—           $—            $—           $—            $—  
  payable                                                                       
  Unsecur…                                                                      
  senior      10,820,687    10,818,3…    11,166,009    12,047,3…    12,044,999  
  notes                                                                         
  payable                                                                       
  Junior                                                                        
  subordi…       985,143            —             —            —             —  
  notes                                                                         
  payable                                                                       
  Unsecur…                                                                      
  senior                                                                        
  line of      1,091,166    1,994,508     1,353,986      353,161     1,548,542  
  credit                                                                        
  andcomm…                                                                      
  paper                                                                         
  Unamort…                                                                      
  deferred        79,954       67,066        69,071       74,314        76,383  
  financi…                                                                      
  costs                                                                         
  Cash and                                                                      
  cash          -508,855     -470,449      -418,720     -549,062      -579,474  
  equival…                                                                      
  Restric…        -4,908       -4,690        -4,665       -4,693        -4,705  
  cash                                                                          
  Equity                                                                        
  treatme…                                                                      
  of            -500,000            —             —            —             —  
  junior                                                                        
  subordi…                                                                      
  payable…                                                                      
  Preferr…             —            —             —            —             —  
  stock                                                                         
  Net debt                                                                      
  and         $11,963,1…    $12,404,…    $12,165,6…    $11,921,…    $13,085,7…  
  preferr…                                                                      
  stock                                                                         
  Adjusted                                                                      
  EBITDA:                                                                       
  –                                                                             
  quarter     $1,731,920    $1,765,1…    $1,778,012    $2,097,4…    $2,130,008  
  annuali…                                                                      
  –                                                                             
  trailing    $1,843,127    $1,942,6…    $2,044,906    $2,141,8…    $2,185,820  
  12                                                                            
  months                                                                        
  Net debt                                                                      
  and                                                                           
  preferr…                                                                      
  stock to                                                                      
  Adjusted                                                                      
  EBITDA:                                                                       
  –                                                                             
  quarter           6.9x         7.0x          6.8x         5.7x          6.1x  
  annuali…                                                                      
  –                                                                             
  trailing          6.5x         6.4x          5.9x         5.6x          6.0x  
  12                                                                            
  months                                                                        
                                                                                
(1) Represents the 50% equity treatment assigned by key rating agencies to the
$1.0 billion principal amount of our junior subordinated notes payable. Net debt
and preferred stock to Adjusted EBITDA (continued) We are not able to forecast
the net income of future periods without unreasonable effort, and therefore do
not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA
on a forward-looking basis. This is due to the inherent difficulty of
forecasting the timing and/or amount of items that depend on market conditions
outside of our control, including the timing of dispositions, capital events,
and financing decisions, as well as quarterly components such as gain on sales
of real estate, unrealized gains or losses on non-real estate investments,
impairments of real estate, impairments of non-real estate investments, and
changes in provision for expected credit losses on financial instruments. Our
attempt to predict these amounts may produce significant but inaccurate
estimates, which would potentially be misleading for our investors. Net
operating income, net operating income (cash basis), and operating margin The
following table reconciles net income (loss) to net operating income and net
operating income (cash basis) and computes operating margin:
                                                                                
                    Three Months                     Nine Months                
                           Ended                           Ended                
  (Dollars in            9/30/26       9/30/25           9/30/26       9/30/25  
  thousands)                                                                    
  Net loss            $(598,932)    $(197,845)        $(239,524)    $(221,372)  
  Equity in                                                                     
  (earnings)                                                                    
  losses of                                                                     
  unconsolidat…              -75          -201              -341         9,327  
  realestate                                                                    
  joint                                                                         
  ventures                                                                      
  General and                                                                   
  administrati…           40,915        29,224           112,461        89,027  
  expenses                                                                      
  Interest                79,687        54,852           208,613       161,024  
  expense                                                                       
  Depreciation                                                                  
  and                    304,419       340,230           914,244     1,028,415  
  amortization                                                                  
  Impairment of          637,904       323,870           865,873       485,630  
  real estate                                                                   
  Loss (gain)                                                                   
  on early                                                                      
  extinguishme…            3,323           107          -363,112           107  
  of                                                                            
  debt                                                                          
  Gain on sales                                                                 
  of real                      —        -9,366                 —       -22,531  
  estate                                                                        
  Investment                                                                    
  (income)               -23,990       -28,161          -152,635        52,453  
  losses                                                                        
  Net operating          443,251       512,710         1,345,579     1,582,080  
  income                                                                        
  Straight-line           -2,466       -18,821           -21,229       -59,380  
  rent revenue                                                                  
  Amortization                                                                  
  of deferred                                                                   
  revenue                                                                       
  related                                                                       
  to                     -11,992        -5,455           -24,881        -9,507  
  tenant-funded                                                                 
  and -built                                                                    
  landlord                                                                      
  improvements                                                                  
  Amortization                                                                  
  of acquired             -8,233        -6,456           -22,229       -31,874  
  below-market                                                                  
  leases                                                                        
  Provision for                                                                 
  expected                                                                      
  credit losses                —             —                 —           285  
  on                                                                            
  financialins…                                                                 
  Net operating                                                                 
  income (cash          $420,560      $481,978        $1,277,240    $1,481,604  
  basis)                                                                        
  Net operating                                                                 
  income (cash        $1,682,240    $1,927,912        $1,702,987    $1,975,472  
  basis)–annua…                                                                 
  Net operating                                                                 
  income (from          $443,251      $512,710        $1,345,579    $1,582,080  
  above)                                                                        
  Total                 $671,182      $751,944        $2,004,988    $2,272,142  
  revenues                                                                      
  Operating                  66%           68%               67%           70%  
  margin                                                                        
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  61  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
Net operating income, net operating income (cash basis), and operating margin
(continued) 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. 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 for assets held for sale or to their estimated fair value for
assets held and used. These impairments result from investing decisions or a
deterioration in market conditions or changes in the intended use of a property.
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. Net operating income, net operating income (cash basis), and
operating margin (continued) We believe that, to facilitate investors’ clear
understanding of our operating results, net operating income should be examined
in conjunction with net income or loss as presented in our consolidated
statements of operations. Net operating income should not be considered as an
alternative to net income or loss as an indication of our performance, nor as an
alternative to cash flows as a measure of our liquidity or our ability to make
distributions. We are not able to forecast the net income of future periods
without unreasonable effort, and therefore do not provide a reconciliation for
net operating income on a forward-looking basis. This is due to the inherent
difficulty of forecasting the timing and/or amount of items that depend on
market conditions outside of our control, including the timing of dispositions,
capital events, and financing decisions, as well as components such as gain on
sales of real estate, unrealized gains or losses on non-real estate investments,
impairments of real estate, impairments of non-real estate investments, and
changes in provision for expected credit losses on financial instruments. Our
attempt to predict these amounts may produce significant but inaccurate
estimates, which would potentially be misleading for our investors. Operating
statistics We present certain operating statistics related to our properties,
including number of properties, RSF, occupancy percentage, leasing activity, and
contractual lease expirations as of the end of the period. We believe these
measures are useful to investors because they facilitate an understanding of
certain trends for our properties. We compute the number of properties, RSF,
occupancy percentage, leasing activity, and contractual lease expirations at
100%, excluding RSF at properties classified as held for sale, for all
properties in which we have an investment, including properties owned by our
consolidated and unconsolidated real estate joint ventures. For operating
metrics based on annual rental revenue, refer to the definition of annual rental
revenue herein. Same property comparisons As a result of changes within our
total property portfolio during the comparative periods presented, including
changes from assets acquired or sold, properties placed into development or
redevelopment, and development or redevelopment properties recently placed into
service, the consolidated total income from rentals, as well as rental operating
expenses in our operating results, can show significant changes from period to
period. In order to supplement an evaluation of our results of operations over a
given quarterly or annual period, we analyze the operating performance for all
consolidated properties that were fully operating for the entirety of the
comparative periods presented, referred to as same properties. We separately
present quarterly and year-to-date same property results to align with the
interim financial information required by the SEC in our management’s discussion
and analysis of our financial condition and results of operations. These same
properties are analyzed separately from properties acquired subsequent to the
first day in the earliest comparable quarterly or year-to-date period presented,
properties that underwent development or redevelopment at any time during the
comparative periods, unconsolidated real estate joint ventures, properties
classified as held for sale, and corporate entities (legal entities performing
general and administrative functions), which are excluded from same property
results. Additionally, termination fees, if any, are excluded from the results
of same properties.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  62  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
Same property comparisons (continued) The following table reconciles the number
of same properties to total properties for the nine months ended September 30,
2026 :
                                                                    
  Development and redevelopment – under construction    Properties  
  1450 Owens Street                                              1  
  701 Dexter Avenue North                                        1  
  10200 Campus Point Drive                                       1  
  40 Sylvan Road                                                 1  
  269 East Grand Avenue                                          1  
  8800 Technology Forest Place                                   1  
  3000 Minuteman Road Building 4                                 1  
                                                                 7  
  Development and redevelopment – placed into                       
  service or reclassified intooperating afterJanuary                
  1, 2025                                                           
  230 Harriet Tubman Way                                         1  
  500 North Beacon Street and 4 Kingsbury Avenue                 2  
  10935, 10945, and 10955 Alexandria Way                         3  
  10075 Barnes Canyon Road                                       1  
  4135 Campus Point Court                                        1  
  99 Coolidge Avenue                                             1  
  50 and 60 Sylvan Road                                          2  
  311 Arsenal Street                                             1  
  3000 Minuteman Road Building 3                                 1  
  421 Park Drive                                                 1  
                                                                14  
  Acquisitions afterJanuary 1, 2025                                 
  Other                                                          2  
                                                                 2  
  Unconsolidated real estate JVs                                 3  
  Properties held for sale                                      18  
  Total properties excluded from same properties                44  
  Same properties                                              284  
  Total properties as ofSeptember 30, 2026                     328  
                                                                    
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 collections Tenant collections represent the
percentage of recognized rental income billed during the respective quarter that
has been collected as of the date of this report. Rental income from tenants for
whom collection is considered not probable is recognized only upon receipt of
cash and, accordingly, is included in this calculation only to the extent
recognized and collected. 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 are 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 on net income of any significant
variability in components of our operating expenses. The following table
reconciles income from rentals to tenant recoveries:
                                                                                
          Three                                                Nine             
         Months                                              Months             
          Ended                                               Ended             
  (In    9/30/…    6/30/…    3/31/26    12/31…    9/30/25    9/30/…    9/30/25  
  thou…                                                                         
  Inco…                                                                         
  from   $653,…    $643,…    $653,0…    $728,…    $735,8…    $1,94…    $2,216…  
  rent…                                                                         
  Rent…  -481,…    -486,…    -474,7…    -538,…    -541,0…    -1,44…    -1,646…  
  reve…                                                                         
  Tena…  $172,…    $156,…    $178,2…    $190,…    $194,7…    $507,…    $569,7…  
  reco…                                                                         
                                                                                
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  63  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
Total debt and preferred stock, as adjusted Total debt and preferred stock, as
adjusted, is calculated at the end of the applicable period and equals total
consolidated debt (including secured debt, unsecured senior, and junior
subordinated debt) plus preferred stock, less the portion of any hybrid
instrument included in debt or preferred stock that is treated as equity,
generally consistent with the treatment by key rating agencies, as excluding
such amounts provides investors with useful supplemental information regarding
the effect of that equity-credit treatment on our leverage. The following table
reconciles total debt and preferred stock, as adjusted:
                                                                                
  (Dollars                                                                      
  in             9/30/26      6/30/26       3/31/26     12/31/25       9/30/25  
  thousan…                                                                      
  Secured                                                                       
  notes               $—           $—            $—           $—            $—  
  payable                                                                       
  Unsecur…                                                                      
  senior      10,820,687    10,818,3…    11,166,009    12,047,3…    12,044,999  
  notes                                                                         
  payable                                                                       
  Junior                                                                        
  subordi…       985,143            —             —            —             —  
  notes                                                                         
  payable                                                                       
  Unsecur…                                                                      
  senior                                                                        
  line of      1,091,166    1,994,508     1,353,986      353,161     1,548,542  
  credit                                                                        
  andcomm…                                                                      
  paper                                                                         
  Equity                                                                        
  treatme…                                                                      
  of            -500,000            —             —            —             —  
  juniors…                                                                      
  notes                                                                         
  payable…                                                                      
  Preferr…             —            —             —            —             —  
  stock                                                                         
  Total                                                                         
  debt and                                                                      
  preferr…    $12,396,9…    $12,812,…    $12,519,9…    $12,400,…    $13,593,5…  
  stock,                                                                        
  asadjus…                                                                      
                                                                                
(1) Represents the 50% equity treatment assigned by key rating agencies to the
$1.0 billion principal amount of our junior subordinated notes payable. Total
equity capitalization Total equity capitalization is equal to the outstanding
shares of common stock multiplied by the closing price on the last trading day
at the end of each period presented. Total market capitalization Total market
capitalization is equal to the sum of total equity capitalization and total
debt. Unencumbered net operating income as a percentage of total net operating
income Unencumbered net operating income as a percentage of total net operating
income is a non- GAAP financial measure that we believe is useful to investors
as a performance measure of the results of operations of our unencumbered real
estate assets as it reflects those income and expense items that are incurred at
the unencumbered property level. Unencumbered net operating income is derived
from assets classified in continuing operations, which are not subject to any
mortgage, deed of trust, lien, or other security interest, as of the period for
which income is presented. The following table summarizes unencumbered net
operating income as a percentage of total net operating income:
                                                                                
                  Three Months                                                  
                         Ended                                                  
  (Dollars in          9/30/26     6/30/26     3/31/26    12/31/25     9/30/25  
  thousands)                                                                    
  Unencumbered                                                                  
  net operating       $443,251    $455,448    $446,880    $521,871    $512,710  
  income                                                                        
  Encumbered                                                                    
  net operating              —           —           —           —           —  
  income                                                                        
  Total net                                                                     
  operating           $443,251    $455,448    $446,880    $521,871    $512,710  
  income                                                                        
  Unencumbered                                                                  
  net operating                                                                 
  income as                                                                     
  apercentage           100.0%      100.0%      100.0%      100.0%      100.0%  
  of total net                                                                  
  operating                                                                     
  income                                                                        
                                                                                
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. 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.
                                                        
  Alexandria Real Estate Equities, Inc. All Rights  64  
  Reserved. ©2026                                       
                                                        
                                               
  Definitions and Reconciliations (continued)  
  September 30, 2026                           
 ───────────────────────────────────────────── 
                                               
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                                                 Nine            
         Months                                               Months            
          Ended                                                Ended            
  (In    9/30/…    6/30/26    3/31/…    12/31/…    9/30/…    9/30/26    9/30/…  
  thou…                                                                         
  Basic                                                                         
  shar…                                                                         
  for    170,7…    170,718    170,5…    170,394    170,1…    170,689    170,2…  
  earn…                                                                         
  pers…                                                                         
  Unve…                                                                         
  RSAs        —          —       269          —         —          —         —  
  with…                                                                         
  divi…                                                                         
  Dilu…                                                                         
  shar…                                                                         
  for    170,7…    170,718    170,8…    170,394    170,1…    170,689    170,2…  
  earn…                                                                         
  share                                                                         
  Basic                                                                         
  shar…                                                                         
  for                                                                           
  funds                                                                         
  from…                                                                         
  per                                                                           
  share  170,7…    170,718    170,5…    170,394    170,1…    170,689    170,2…  
  andf…                                                                         
  from                                                                          
  oper…                                                                         
  pers…                                                                         
  as                                                                            
  adju…                                                                         
  Unve…                                                                         
  RSAs      667        492       269        110       124        480        73  
  with…                                                                         
  divi…                                                                         
  Dilu…                                                                         
  shar…                                                                         
  for                                                                           
  funds                                                                         
  from…                                                                         
  per                                                                           
  share  171,4…    171,210    170,8…    170,504    170,3…    171,169    170,3…  
  andf…                                                                         
  from                                                                          
  oper…                                                                         
  pers…                                                                         
  as                                                                            
  adju…                                                                         
  Weig…                                                                         
  unve…                                                                         
  with                                                                          
  nonf…                                                                         
  used                                                                          
  inca…                                                                         
  the                                                                           
  allo…                                                                         
  net     1,224      1,276     1,340      1,570     1,917      1,280     1,989  
  inco…                                                                         
  funds                                                                         
  from…                                                                         
  and                                                                           
  funds                                                                         
  from…                                                                         
  as                                                                            
  adju…

AREAlexandria Real Estate Equities

Latest results release: Oct 26, 2026

Adjusted vs GAAP earnings per share

Every release, in full

Alexandria Real Estate Equities, Inc. All Rights