Form 8-K

8-K — ALEXANDRIA REAL ESTATE EQUITIES, INC.

Accession: 0001035443-26-000067

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0001035443

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — are-20260803.htm (Primary)

EX-99.1 (a2q26ex991supp.htm)

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8-K

8-K (Primary)

Filename: are-20260803.htm · Sequence: 1

are-20260803

0001035443false00010354432026-08-032026-08-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2026

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland 1-12993 95-4502084

(State or other jurisdiction of

incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (626) 578-0777

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value per share

ARE

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 3, 2026, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Second Quarter Ended June 30, 2026 Financial and Operating Results.” The press release referred to certain supplemental information that is available on the Company’s website at www.are.com. A copy of the press release and supplemental information are attached hereto as Exhibit 99.1.

The information contained in this Item 2.02, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Alexandria Real Estate Equities, Inc.’s Earnings Press Release and Supplemental Information for the Second Quarter Ended June 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include words such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of these words or similar words. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the factors described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The Company does not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALEXANDRIA REAL ESTATE EQUITIES, INC.

August 3, 2026 By: /s/ Joel S. Marcus

Joel S. Marcus

Executive Chairman

By: /s/ Peter M. Moglia

Peter M. Moglia

Chief Executive Officer and

Chief Investment Officer

By: /s/ Marc E. Binda

Marc E. Binda

Chief Financial Officer and Treasurer

EX-99.1

Filename: a2q26ex991supp.htm · Sequence: 2

2Q26 EX 99.1 SUPP

Table of Contents

June 30, 2026

COMPANY HIGHLIGHTS

Page

Alexandria's Mission and Cluster Model ..............................................

iii

EARNINGS PRESS RELEASE

Second Quarter Ended June 30, 2026 Financial and Operating

Results ...................................................................................................

Consolidated Statements of Operations ..........................................

Guidance ...................................................................................................

Consolidated Balance Sheets ............................................................

Dispositions, Sales of Partial Interests, and Other Capital Sources

Funds From Operations and Funds From Operations per Share

Earnings Call Information and About the Company ...........................

SUPPLEMENTAL INFORMATION

Company Profile .......................................................................................

External Growth / Investments in Real Estate

Investor Information .................................................................................

Investments in Real Estate ................................................................

Financial and Asset Base Highlights .....................................................

New Class A/A+ Development and Redevelopment Properties:

High-Quality and Diverse Tenant Base ...............................................

Recent Deliveries ...........................................................................

Internal Operating Metrics

Under Construction ........................................................................

Key Operating Metrics .............................................................................

Summary of Pipeline ......................................................................

Same Property Performance ..................................................................

Construction Spending ........................................................................

Leasing Activity .........................................................................................

Capitalization of Interest .....................................................................

Contractual Lease Expirations ...............................................................

Joint Venture Financial Information ...................................................

Top 20 Tenants .........................................................................................

Balance Sheet Management

Summary of Properties and Occupancy ..............................................

Investments ..........................................................................................

Property Listing ........................................................................................

Balance Sheet ......................................................................................

Key Credit Metrics ...............................................................................

Summary of Debt .................................................................................

Definitions and Reconciliations

Definitions and Reconciliations ..........................................................

CONFERENCE CALL

INFORMATION:

Tuesday, August 4, 2026

2:00 p.m. Eastern Time

11:00 a.m. Pacific Time

(833) 366-1125 (U.S./Canada)

(412) 902-6738 (International)

Ask to join the conference call for

Alexandria Real Estate Equities, Inc.

CONTACT INFORMATION:

Alexandria Real Estate Equities, Inc.

corporateinformation@are.com

JOEL S. MARCUS

Executive Chairman &

Founder

PETER M. MOGLIA

Chief Executive Officer &

Chief Investment Officer

MARC E. BINDA

Chief Financial Officer &

Treasurer

PAULA SCHWARTZ

Managing Director,

Rx Communications Group

(917) 633-7790

iii

ALEXANDRIA:

HIGHLY IMPACTFUL,

CONSEQUENTIAL COMPANY &

THE MOST TRUSTED BRAND IN

LIFE SCIENCE REAL ESTATE

WE INVENTED IT. WE DOMINATE IT.

HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN

MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS

OF LIFE SCIENCE AND TECHNOLOGY INNOVATION

LEADING TENANT BASE WITHIN

THE LIFE SCIENCE REAL ESTATE SECTOR

HIGH-QUALITY, LONG-TERM CASH FLOWS

PROVEN UNDERWRITING EXPERTISE

STRONG AND FLEXIBLE BALANCE SHEET

LONG-TENURED, HIGHLY EXPERIENCED

MANAGEMENT TEAM WITH DEEP

SECTOR EXPERTISE

ALEXANDRIA’S

MEGACAMPUS™

PLATFORM REPRESENTS

80%

OF OUR ANNUAL

RENTAL REVENUE

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

DELIVERED IN JUNE 2026: ALEXANDRIA’S HIGHLY SUSTAINABLE

STATE-OF-THE-ART R&D HUB FOR BRISTOL MYERS SQUIBB

UNDER A 15-YEAR LEASE

This new 426,927 RSF facility will support BMS’s

cutting-edge research in cancer as well as

immune-mediated and neurodegenerative diseases

(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.

vii

THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY

IS DEPENDENT ON FOUR CRITICAL PILLARS

viii

Source: U.S. Food and Drug Administration, June 2026. 1H26 covers the period from January 1, 2026 to June 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’S IMPACT ON DRUG DISCOVERY IS CONSTRAINED

BY THE COMPLEXITY OF HUMAN BIOLOGY

xii

ALEXANDRIA’S PATH FORWARD

Steadily Improve Occupancy

and Increase NOI, Focusing

on Leasing to All Sectors of

Our Tenant Base

Continue to Successfully

Manage G&A

Maintain Optionality for

Future Growth Focused on

MegacampusTM Investment

Consider Flexible and

Opportunistic Share Buyback

Plan

Maintain a Strong and

Flexible Balance Sheet,

Significant Liquidity, and

Targeted Leverage

Reduce Capital Spend and

Funding Needs while

Prioritizing Capital Necessary

to Lease Space

Execute on Varied Cost-

Efficient Sources of Capital,

Including Land and Non-core

Dispositions, Sales of Partial

Interests, and Other Capital

to Support the Achievement

of Our Leverage Ratio

Targets

xiii

ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

On track for annualized 4Q26 leverage guidance of 5.6x to 6.2x

SIGNIFICANT

LIQUIDITY

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2022(2)

$3.6B

95.7%

REMAINING DEBT TERM

(IN YEARS)

DEBT INTEREST

RATE

9.7

4.08%

Longest Among S&P 500 REITs(3)

4Q26 ANNUALIZED GUIDANCE

5.6x to 6.2x

3.6x to 4.1x

NET DEBT AND PREFERRED

STOCK TO ADJUSTED EBITDA

FIXED-CHARGE

COVERAGE RATIO

TOP 20%

CREDIT RATING RANKING

AMONG ALL PUBLICLY TRADED

U.S. REITS(1)

BBB+

Negative

WEIGHTED AVERAGE

Baa2

Stable

As of June 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 June 30, 2026.

(2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through June 30, 2026.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026.

xiv

Longest Debt Maturity Profile Among S&P 500 REITs:

Weighted-Average Remaining Debt Term of 9.7 Years

(1)

TOTAL

DEBT

20%

OF TOTAL DEBT

(1)

(2)

Debt Maturities by Year

($ in millions)

As of June 30, 2026, unless stated otherwise.

(1)Reflects the unsecured senior line of credit and commercial paper at the pro forma maturity date of January 22, 2032, based on the July 2026 amendment to the unsecured senior line of credit, which extends the maturity date

from January 22, 2030 and is expected to become effective in September 2026. The weighted-average remaining debt term of 9.7 years does not reflect the effect of this amendment. Pro forma for the amended and restated

unsecured senior line of credit, our weighted-average remaining debt term would have been 10.0 years. Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for

additional details.

2026 SOURCES OF CAPITAL: $2.9B(1) DISPOSITIONS, SALES OF PARTIAL

INTERESTS, AND OTHER CAPITAL SOURCES

$1.33B

(2)

(3)

September

2026

Projected

Weighted-Average

Completion Date

$2.9B

Guidance

Midpoint

(1)

$471M

$1.10B

Refer to “Dispositions, sales of partial interests, and other capital sources” in the Earnings Press Release for additional details.

(1)Based on the midpoint of our 2026 guidance range for dispositions, sales of partial interests, and other capital sources. Actual results may differ significantly.

(2)We may utilize multiple sources of capital, including sales of partial interests and other capital sources, intended to support the achievement of our leverage ratio targets. We continue to evaluate available alternatives and expect to

execute on cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026.

(3)As of August 3, 2026, completed dispositions aggregated $170.4 million and our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement

negotiations aggregated $1.16 billion.

xvi

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%

16%

Development/

Redevelopment

Under

Construction

Land/Future

Development

11% to 16%

5% to 10%

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

(1)Excludes properties classified as held for sale. Land parcels classified as held for sale represented approximately 0.5% of total non-income-producing assets as of June 30, 2026, compared with approximately 1% as of December

31, 2025 and 2024.

(2)Represents non-core assets outside of our Megacampus ecosystems.

xvii

FOCUS ON STEADY IMPROVEMENT IN

OCCUPANCY AND NOI

+4.0% future benefit to occupancy from 1.4 million RSF of leased space not yet

occupied as of 2Q26(1)

FOCUS ON

INCREASING

OCCUPANCY and

CASH FLOWS through

LEASING

(1)Represents 1.4 million RSF of leases executed but not occupied as of June 30, 2026, with a weighted-average future expected occupancy date of approximately November 2026. These leases are expected to generate annual

rental revenue of approximately $69 million.

xviii

2Q26 TOTAL LEASING VOLUME SURPASSES 1M RSF

AND EXCEEDS PRIOR QUARTER AND 2Q25–1Q26 AVERAGE

xix

LEASING VOLUME

1,039

647

(1)

Renewals & Re-leasing

Development & Redevelopment

Previously Vacant

Projected Total Leasing

QUARTERLY TOTAL LEASING VOLUME

(RSF IN THOUSANDS)

Refer to “Leasing activity” in the Supplemental Information for additional details.

(1)The projected 3Q26 leasing RSF 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 September 30, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” on page 8 of the Earnings Press

Release for additional details.

ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS

68% of our leasing activity during 2Q26 was generated from our existing tenant base

(1)

2Q26 Leasing Volume by Tenant Type

(% of 2Q26 Total RSF Leased)

(1)Includes a 159,947 RSF lease with an advanced technology tenant at 3000 Minuteman Road in our Greater Boston market executed in 2Q26, enabling a pivot from a redevelopment strategy for laboratory use to advanced

technology use.

xxi

Alexandria’s Leasing Performance In Its Top 3 Markets

Has Significantly Exceeded Overall Market

OCCUPANCY AS OF 2Q26

(1)

83.0%

74.6%

8.4%

89.9%

78.2%

11.7%

83.1%

74.4%

8.7%

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

xxii

CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES

ARE generates more than 2x the NOI per G&A expense compared to the S&P 500 REIT average

6.6%

14.3%

Alexandria

2Q26(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 June 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.

xxiii

CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES

(cont’d)

$24.4M

Savings

vs. 2024

$168M

$76M

Projected Cumulative

G&A Savings

in 2025 and 2026(1)

Relative to 2024

$51.3M

Savings

vs. 2024

$144M(1)

$117M

ANNUAL GENERAL & ADMINISTRATIVE EXPENSE

(1)Based on the midpoint of our guidance range for 2026 general and administrative expenses.

xxiv

ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSET

MANAGEMENT, DESIGN, AND DEVELOPMENT SUPPORTS

TENANT RETENTION AND LONG-TERM CASH FLOW

The Outstanding Building of the Year (TOBY) Awards are the commercial real estate industry’s

highest recognition honoring excellence in commercial building management and operations

Alexandria Real Estate Equities, Inc. Reports

2Q26 and 1H26 Net (Loss) Income per Share – Diluted of $(0.43) and $1.68, respectively,

and 2Q26 and 1H26 FFO per Share – Diluted, as Adjusted, of $1.73 and $3.46, respectively

PASADENA, Calif. – August 3, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the second quarter ended June 30, 2026.

KEY HIGHLIGHTS

Operating results

2Q26

2Q25

1H26

1H25

Net (loss) income attributable to Alexandria’s common stockholders – diluted:

In millions

$(73.7)

$(109.6)

$286.7

$(121.2)

Per share

$(0.43)

$(0.64)

$1.68

$(0.71)

Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:

In millions

$296.1

$396.4

$592.0

$788.4

Per share

$1.73

$2.33

$3.46

$4.63

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

long lease terms

(As of or for the three months ended June 30, 2026, unless stated otherwise)

Occupancy of operating properties

86.9%

Occupancy of operating properties, including executed leases with future occupancy

90.9%

Percentage of annual rental revenue in effect from Megacampus platform

80%

Percentage of annual rental revenue in effect from investment-grade or publicly

traded large cap tenants

57%

Operating margin

69%

Adjusted EBITDA margin

67%

Percentage of leases containing annual rent escalations

97%

Weighted-average remaining lease term:

Top 20 tenants

10.0

years

All tenants

7.7

years

Strong 2Q26 tenant collections(1):

2Q26 rents and receivables collected as of August 3, 2026

99.9%

(1)Refer to “Tenant collections” under “Definitions and reconciliations” in the Supplemental Information.

Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking

among all publicly traded U.S. REITs; long-duration remaining debt term (as of 6/30/26)

•$21.84 billion in total market capitalization.

•$9.02 billion in total equity capitalization.

•Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of

3.3x for 2Q26 annualized; 4Q26 annualized targets: 5.6x–6.2x and 3.6x–4.1x, respectively.

•We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted

EBITDA ratio in 2H26 as we complete dispositions, sales of partial interests, and other

capital sources.

•Significant liquidity of $3.60 billion and extension of our $5.0 billion unsecured senior line of

credit to 2032.

•Only 6% of our total debt matures through 2028.

•9.7-year weighted-average remaining debt term, the longest among S&P 500 REITs.

•Total debt and preferred stock to gross assets of 31%.

•Intermediate-term goal for leverage: mid-5x range.

Solid 2Q26 leasing volume exceeding 1.0 million RSF

•2Q26 total leasing volume surpassed 1.0 million RSF, increasing 60% from 1Q26 and

exceeding the 2Q25–1Q26 quarterly average of 952,365 RSF by approximately 87,000 RSF.

•Includes 397,919 RSF for combined previously vacant and development and

redevelopment space; second-highest amount since 2Q24, excluding the 466,598 RSF

build-to-suit lease signed in 3Q25.

•75% of our leasing activity during the last twelve months was generated from our existing

tenant base.

Leasing Volume in RSF:

2Q26

1Q26

1H26

Leasing of development and redevelopment space

68,771

117,935

186,706

Leasing of previously vacant space

329,148

148,734

477,882

397,919

266,669

664,588

Lease renewals and re-leasing of space

640,998

380,687

1,021,685

Total leasing volume

1,038,917

647,356

1,686,273

Lease renewals and re-leasing of space:

Rental rate changes

(0.7)%

(15.0)%

(7.4)%

Rental rate changes (cash basis)

(4.3)%

(15.8)%

(9.6)%

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, sales of partial

interests, and other capital sources.

(in millions)

Sales Price

Completed as of August 3, 2026

$170

Pending transactions subject to non-refundable deposits, signed letters of

intent, and/or sale agreement negotiations

1,159

1,329

46%

Dispositions, sales of partial interests, and other capital sources in process

1,100

38%

Multiple alternatives under evaluation

471

16%

2026 guidance midpoint for dispositions, sales of partial interests, and

other capital sources

$2,900

We expect to allocate this capital as follows (based on guidance midpoints):

(in millions)

2026

Guidance

(Midpoint)

Construction focused on highly leased developments and lease-up of vacant space

$1,750

Reduction of debt to meet our leverage goal

1,675

Net cash provided by operating activities, as adjusted

(525)

$2,900

Second Quarter Ended June 30, 2026 Financial and Operating Results (continued)

June 30, 2026

Occupancy and leasing progress

Operating occupancy as of March 31, 2026

87.7%

Key changes to occupancy:

Reclassification of space at 3000 Minuteman Road from redevelopment to operating

in 2Q26, fully leased with expected occupancy in 2Q27

(0.4)

(1)

Previously disclosed 2Q26 key lease expirations with expected downtime

(0.8)

Increase in occupancy, primarily due to the commencement of leases during 2Q26

0.4

Operating occupancy as of June 30, 2026

86.9

Vacant space with executed leases and future occupancy

4.0

(2)

Operating occupancy as of June 30, 2026, including executed leases with future

occupancy

90.9%

(1)Refer to “Reduction of capital spend and funding needs” in this Earnings Press Release for additional details

regarding the 159,947 RSF lease executed in 2Q26.

(2)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of

building and/or tenant improvements. The weighted-average expected occupancy date is approximately

November 2026, with expected annual rental revenue of approximately $69 million. We expect 64% of the total

1.4 million RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater

Boston, San Diego, and San Francisco Bay Area markets.

KEY OPERATING METRICS

Operating metrics

2Q26

1H26

Same property performance:

Net operating income changes

(10.6)%

(1)

(11.5)%

(1)

Net operating income changes (cash basis)

(8.6)%

(1)

(11.2)%

(1)

Occupancy – current-period average

87.1%

88.2%

Occupancy – same-period prior-year average

92.6%

93.5%

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 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with

weighted-average lease expiration dates of January 2026 and April 2026, respectively.

Reduction of capital spend and funding needs

•In 2Q26, we executed a lease aggregating 159,947 RSF with an advanced technology tenant

at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The

lease enables us to pivot a portion of the redevelopment project from future laboratory and/or

biomanufacturing use to a lower-cost advanced technology use, reducing the project’s

expected aggregate construction budget by approximately $80 million. We expect to deliver

the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant

improvements.

•As a result, the leased space was reclassified from redevelopment to operating, reducing

the redevelopment project from 431,550 RSF as of 1Q26 to 271,603 RSF as of 2Q26.

•We continue to evaluate the business and financial strategy for five projects aggregating

1.4 million RSF, which may allow us to further reduce future construction funding

requirements within our active pipeline.

Reduction of capital spend and funding needs (continued)

•As of 2Q26, we executed letters of intent aggregating 108,800 RSF for advanced technology

use at our redevelopment project at 311 Arsenal Street. If we are successful in executing

these potential leases, we expect to evaluate whether all or a portion of this project will be

placed back into operation without the need to further redevelop for laboratory use.

•Non-income-producing assets for 2Q26 are 16% of gross assets, a 4% reduction since 4Q24;

targeting a range of 11% to 16% by 4Q26.

Alexandria’s development and redevelopment pipeline delivered incremental annual net

operating income of $57 million during 2Q26, with an additional $42 million anticipated to

be delivered by 4Q26

•During 2Q26, we placed into service one development project aggregating 426,927 RSF that

is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University

Town Center submarket and delivered incremental annual net operating income aggregating

$57 million.

•Annual net operating income (cash basis) from recently delivered projects is expected to

increase by $40 million upon the burn-off of initial free rent, which has a weighted-average

remaining period of approximately five months.

•79% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment

Projects

Incremental

Annual Net

Operating Income

RSF

Occupied/

Leased/

Negotiating

Percentage

(dollars in millions)

Placed into service in 1H26

$58

532,219

91%

Expected to be placed into service:

2H26

$42

(1)

174,662

(2)

84%

(3)

2027–2028

1,258,004

68%

$135

(1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including

speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years

under “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental

Information for additional details.

(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries

through 2026 from projects expected to stabilize in 2027–2028.

(3)Represents the current leased/negotiating percentage of our 174,662 RSF development project that is

expected to stabilize in 4Q26.

Second Quarter Ended June 30, 2026 Financial and Operating Results (continued)

June 30, 2026

Continued successful management of general and administrative expenses

•General and administrative expenses for 2Q26 aggregated $36.9 million, an increase of

$7.7 million, or 26.5%, from 2Q25, but a decrease of $7.8 million, or 17.4%, from 2Q24,

reflecting the continued benefit from cost‑efficiency initiatives implemented in prior years.

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.

•Compared to 2024, we continue to expect approximately $76 million of cumulative general

and administrative expense savings in 2025 and 2026 (based on the midpoint of our 2026

guidance range).

•For the trailing twelve months ended June 30, 2026, our general and administrative expenses

represented 6.6% of net operating income, approximately half the average of other S&P 500

REITs for 2023–2025.

Key capital events

•In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of

credit. The amendment is expected to become effective in September 2026, upon the

satisfaction of certain conditions. The amendment extends the maturity date from

January 22, 2030 to January 22, 2032, including extension options that we control. In

addition, the amendment reduces the applicable borrowing rate to SOFR plus 0.725% from

the currently applicable SOFR plus 0.835%. In connection with the amendment, we expect

to recognize a loss on early extinguishment of debt of approximately $3.3 million related to

the partial write-off of unamortized loan fees in 3Q26.

•In April 2026, we repaid, upon maturity, $350.0 million of 3.80% unsecured senior notes

payable. The repayment was funded temporarily with borrowings under our commercial

paper program, which will be repaid through planned dispositions, sales of partial interests,

and other capital sources included in our 2026 guidance. No gain or loss was incurred in

connection with this repayment.

•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

June 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 stockholders

while retaining a significant portion for reinvestment

•Common stock dividend declared of $0.72 per share for 2Q26, 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, preserving liquidity, and sharing

cash flows with our stockholders.

•Significant net cash provided by operating activities, as adjusted, retained for reinvestment

aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the

midpoint of our 2026 guidance range.

•Dividend yield of 5.4% as of June 30, 2026 and dividend payout ratio of 42% for the three

months ended June 30, 2026.

Investments

•As of June 30, 2026:

•Our non-real estate investments aggregated $1.69 billion.

•Unrealized gains presented in our consolidated balance sheet were $223.9 million,

comprising gross unrealized gains and losses aggregating $290.5 million and $66.6 million,

respectively.

•Investment income of $133.2 million for 2Q26, presented in our consolidated statement of

operations, consisted of $10.3 million of realized gains, $131.9 million of unrealized gains,

and $9.0 million of impairment charges.

2026 Guidance

June 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 8 of the

Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted

As of 8/3/26

As of 4/27/26

Key Changes

Funds from operations per share, as adjusted(1)

$6.35 to $6.45

$6.30 to $6.50

No change to midpoint;

range narrowed by 10 cents(2)

Midpoint

$6.40

Key Credit Metrics Targets

As of 8/3/26

As of 4/27/26

Key Changes

Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized

5.6x to 6.2x

No Change

Fixed-charge coverage ratio – 4Q26 annualized

3.6x to 4.1x

As of 8/3/26

As of 4/27/26

Midpoint

Key Sources and Uses of Capital

Range

Midpoint

Certain

Completed Items

Sources of capital:

Net cash provided by operating activities, as adjusted

$475

$575

$525

Dispositions, sales of partial interests, and other capital sources(3)

2,100

3,700

2,900

(3)

2,900

Total sources of capital

$2,575

$4,275

$3,425

Uses of capital:

Construction(4)(5)

$1,500

$2,000

$1,750

Reduction in unsecured senior debt

1,075

2,275

1,675

See below

1,675

Total uses of capital

$2,575

$4,275

$3,425

Reduction in unsecured senior debt (included above):

Repayment of unsecured senior notes payable with 2026 maturities

$650

Tender offers for partial principal repayments of unsecured senior notes payable

952

$952

952

Issuance of unsecured senior notes payable

(750)

$(750)

(750)

Unsecured senior line of credit, commercial paper, and other

223

1,423

823

Reduction in unsecured senior debt

$1,075

$2,275

$1,675

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)Refer to “2026 and 4Q26 funds from operations per share – diluted, as adjusted” on page 6 for additional details.

(3)For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased

developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate

available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026. As of August 3,

2026, completed dispositions aggregated $170.4 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated

$1.16 billion, and in-process dispositions, sales of partial interests, and other capital sources aggregated $1.10 billion, with the remaining $471.0 million representing multiple alternatives that we are currently evaluating.

(4)We are currently evaluating our future construction spending estimates for 2027, and a number of factors could cause our preliminary estimates for 2027 to change as we refine our estimates over the next several months. As of August 3,

2026, our updated estimate of 2027 construction spending assumes a decline of $100 million to $600 million (relative to the $1.75 billion midpoint of our 2026 guidance range), resulting in an expected range of $1.15 billion to $1.65 billion,

subject to market conditions. The updates to our 2027 construction spending outlook primarily reflect additional leasing activity since 1Q26, including recently executed leases and leases currently under negotiation, which has refined our

expectations regarding the amount and timing of 2027 construction spending.

(5)We expect 2027 construction spending to primarily focus on: (i) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, (ii) five projects

under evaluation which may require significant capital to complete, and (iii) revenue- and non-revenue-enhancing capital expenditures, in order to secure leasing of vacant space and renewals and re-leasing of space at our operating

properties.

2026 Guidance (continued)

June 30, 2026

(Dollars in millions)

As of 8/3/26

As of 4/27/26

Key Changes

to Midpoint

Key Assumptions

Low

High

Low

High

Occupancy of operating properties as of December 31, 2026

86.2%

(1)

87.8%

(1)

86.2%

87.8%

No Change

Same property performance:

Net operating income changes

(10.5)%

(1)

(8.5)%

(1)

(10.5)%

(8.5)%

Net operating income changes (cash basis)

(10.5)%

(1)

(8.5)%

(1)

(10.5)%

(8.5)%

Lease renewals and re-leasing of space:

Rental rate changes

(9.0)%

(1.0)%

(9.0)%

(1.0)%

Rental rate changes (cash basis)

(15.0)%

(7.0)%

(15.0)%

(7.0)%

Straight-line rent revenue

$45

$75

$55

$85

$10 million reduction(2)

General and administrative expenses

$134

$154

$134

$154

No Change

Capitalization of interest

$220

$260

$225

$265

$5 million reduction(3)

Interest expense

$260

$300

$240

$280

$20 million increase(4)

Realized gains on non-real estate investments(5)

$60

$90

$60

$90

No Change

(1)Our guidance for occupancy of operating properties as of December 31, 2026, and for 2026 same property net operating income changes assumes a benefit of approximately 1% and 2%, respectively, related to a range of assets with

vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, but that had not yet met such criteria as of June 30, 2026.

(2)Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance continues to assume a $25 million to $30 million reduction in funds from operations related to potential tenant wind-

downs, of which approximately $14 million was recognized during 1H26, including approximately $8 million recognized in 2Q26.

(3)Reduction driven primarily by the achievement of certain milestone dates across several projects impacting 4Q26, including a potential decline related to projects for which we are evaluating business and financial strategies. Refer to the

discussion of “2026 and 4Q26 funds from operations per share – diluted, as adjusted” and “Capitalization of interest” on the following page, and “Capitalization of interest” in the Supplemental Information for additional details.

(4)Includes: (i) an approximate $15 million increase resulting primarily from a shift of approximately six weeks in the weighted-average projected completion date of our 2026 dispositions, sales of partial interests, and other capital sources,

from August 2026 to September 2026, and (ii) an approximate $5 million increase resulting primarily from the reduction in 2026 capitalization of interest in 4Q26 discussed in the footnote above.

(5)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. Refer to

“Investments” in the Supplemental Information for additional details.

2026 Guidance (continued)

June 30, 2026

2026 and 4Q26 funds from operations per share – diluted, as adjusted

•On April 27, 2026, we provided a guidance range of $6.30 to $6.50 for projected 2026 funds from operations per share – diluted, as

$1.40–$1.50

adjusted. On August 3, 2026, we narrowed this range to $6.35 to $6.45 while maintaining the midpoint of $6.40. Our outlook includes the

following assumptions:

•The $6.40 midpoint of the guidance range for 2026 funds from operations per share – diluted, as adjusted, remains unchanged, as

we expect the benefit from the later dispositions, sales of partial interests, and other capital sources to substantially offset the higher

interest expense and lower capitalization of interest for 2026. The narrowed guidance range reflects additional visibility into our full-

year outlook.

•We expect higher 3Q26 funds from operations per share – diluted, as adjusted, than previously assumed due to the approximately

six-week shift in the weighted-average projected completion date of the dispositions, sales of partial interests, and other capital

sources assumed at the midpoint of our 2026 guidance, from August to September 2026.

•During 4Q26, we expect lower capitalization of interest than previously assumed primarily driven by the achievement of certain

milestone dates across several projects, including a potential decline related to projects for which we are evaluating business and

financial strategies. The lower capitalized interest is expected to result in our 4Q26 funds from operations per share – diluted, as

adjusted, being at the lower end of our previously provided, and now reiterated, range of $1.40 to $1.50.

1) Development-related other income

•During 1H26, we recognized development fees and other related revenues of approximately $5.6 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete

the respective projects.

2) Development and redevelopment projects under business and financial strategy evaluation

•We have five development and 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), these projects could deliver earlier than 2028. The incremental capital required for

alternative-use construction, and corresponding rental rates earned, are generally lower than those associated with laboratory improvements.

•In 2Q26, we executed a lease with an advanced technology tenant at the 3000 Minuteman Road redevelopment project in our Greater Boston market. This lease is for a lower-cost alternative use at

lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed one building at our 3000 Minuteman Road redevelopment project, aggregating 159,947 RSF, back into

operation this quarter and included it in our operating occupancy as of June 30, 2026. Refer to the Earnings Press Release and “Leasing Activity” in the Supplemental Information for additional

details.

•In addition, we have signed letters of intent at our 311 Arsenal Street redevelopment project for non-laboratory use, including advanced technology uses, aggregating 108,800 RSF. If we are

successful in executing these potential leases for advanced technology use, we expect lower rental rates and stabilized yields than our initial underwriting.

3) Capitalization of interest

•We expect average real estate basis capitalized to decline from $6.94 billion for 1H26 to an updated range of $3.4 billion to $4.9 billion for 4Q26, primarily driven by the achievement of certain milestone

dates across several projects due to deliveries of development and redevelopment projects, deliveries of leased vacant space under construction, and pauses in construction and pre-construction

activities, including a potential decline related to projects for which we are evaluating business and financial strategies. The updated range for 4Q26 represents a $400 million reduction (at the midpoint)

from the projected range of $3.8 billion to $5.3 billion that was previously disclosed on April 27, 2026. Refer to "Capitalization of interest" in the Supplemental Information for additional details.

•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 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. Annualized capitalized operating

expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1H26.

4) 2Q26 Key lease expirations

Key Lease Expirations

RSF

Annual Rental

Revenue

Weighted-Average

Expiration Date

Weighted-Average

Downtime

2026

451,450

$18.1 million

August 2026

12 to 24 months

2027

1,377,960

$100.5 million

March 2027

12 to 24 months

•We estimate 451 thousand RSF and 1.4 million RSF of leases expiring in 2026 and 2027 with approximately $18.1

million and $100.5 million of annual rental revenue, respectively, to have downtime after lease expiration. These

2026 and 2027 expirations have weighted-average contractual lease expiration dates of August 2026 and March

2027, respectively, and expected weighted-average downtime of 12 to 24 months. Refer to “Contractual lease

expirations” in the Supplemental Information for additional details.

5) Dispositions, sales of partial interests, and other capital sources

•We may utilize multiple sources of capital, including land dispositions, non-core dispositions, sales of partial interests, and other capital sources to support the achievement of our leverage ratio targets

beyond 2026, given (i) key lease expirations in 2027 with downtime and the factors previously described that could negatively impact EBITDA, (ii) construction spending required to complete our

development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, and (iii) revenue- and non-revenue-enhancing capital expenditures required to secure leasing of

vacant space and renewals and re-leasing of space at our operating properties. Refer to footnotes 4 and 5 under “Key sources and uses of capital” on page 4 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.

Dispositions, Sales of Partial Interests, and Other Capital Sources

June 30, 2026

(Dollars in thousands)

Date of

Transaction

Interest

Sold

Square Footage

Capitalization

Rate

Capitalization

Rate

(Cash Basis)

Price

(Our Share)

Property

Submarket/Market

Operating

Future

Development

Completed in 2Q26 and 1H26

$7,350

Completed in July 2026:

Land:

3825 and 3875 Fabian Way(1)

Palo Alto/San Francisco Bay Area

7/14/26

100%

228,000

250,000

N/A(1)

163,000

Total completed 2026 dispositions as of August 3, 2026

170,350

Our share of pending dispositions and sales of partial interests subject to non-refundable deposits,

signed letters of intent, and/or purchase and sale agreement negotiations

1,158,626

1,328,976

Dispositions, sales of partial interests, and other capital sources in process

1,100,000

Multiple alternatives under evaluation

471,024

$2,900,000

2026 guidance range for dispositions, sales of partial interests, and other capital sources(2)

$2,100,000 – $3,700,000

Midpoint

$2,900,000

Weighted-average projected completion date of 2026 dispositions, sales of partial interests, and other capital sources

September 2026

(1)Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one 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. Based on 2Q26 annualized results, the assets

generated approximately $6.2 million of annual net operating income.

(2)For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased

Earnings Call Information and About the Company

June 30, 2026

We will host a conference call on Tuesday, August 4, 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 second quarter ended June 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, August 4, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 5367901.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 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/2026q2.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 June 30, 2026, Alexandria has a total

market capitalization of $21.84 billion and an asset base that includes 36.0 million RSF of operating properties and 2.8 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, 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

June 30, 2026

(Dollars in thousands, except per share amounts)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Revenues:

Income from rentals

$643,210

$653,013

$728,872

$735,849

$737,279

$1,296,223

$1,480,454

Other income

19,574

18,009

25,542

16,095

24,761

37,583

39,744

Total revenues

662,784

671,022

754,414

751,944

762,040

1,333,806

1,520,198

Expenses:

Rental operations

207,336

224,142

232,543

239,234

224,433

431,478

450,828

General and administrative

36,861

34,685

28,020

29,224

29,128

71,546

59,803

Interest

64,342

64,584

65,674

54,852

55,296

128,926

106,172

Depreciation and amortization

304,384

305,441

322,063

340,230

346,123

609,825

688,185

Impairment of real estate

222,470

5,499

1,717,188

323,870

129,606

227,969

161,760

Total expenses

835,393

634,351

2,365,488

987,410

784,586

1,469,744

1,466,748

Equity in earnings (losses) of unconsolidated real estate joint ventures

413

(147)

(304)

201

(9,021)

266

(9,528)

Investment income (losses)

133,227

(4,582)

(3,890)

28,161

(30,622)

128,645

(80,614)

Gain (loss) on early extinguishment of debt

—

366,435

—

(107)

—

366,435

—

Gain on sales of real estate

—

619,914

9,366

—

13,165

Net (loss) income

(38,969)

398,377

(995,354)

(197,845)

(62,189)

359,408

(23,527)

Net income attributable to noncontrolling interests

(33,814)

(36,724)

(85,521)

(34,909)

(44,813)

(70,538)

(92,414)

Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s

stockholders

(72,783)

361,653

(1,080,875)

(232,754)

(107,002)

288,870

(115,941)

Net income attributable to unvested restricted stock awards

(908)

(2,779)

(965)

(2,183)

(2,609)

(2,149)

(5,269)

Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s

common stockholders

$(73,691)

$358,874

$(1,081,840)

$(234,937)

$(109,611)

$286,721

$(121,210)

Net (loss) income per share attributable to Alexandria Real Estate Equities,

Inc.’s common stockholders:

Basic

$(0.43)

$2.10

$(6.35)

$(1.38)

$(0.64)

$1.68

$(0.71)

Diluted

$(0.43)

$2.10

$(6.35)

$(1.38)

$(0.64)

$1.68

$(0.71)

Weighted-average shares of common stock outstanding:

Basic

170,718

170,598

170,394

170,181

170,135

170,658

170,328

Diluted

170,718

170,867

170,394

170,181

170,135

171,040

170,328

Dividends declared per share of common stock

$0.72

$1.32

$1.44

$2.64

Consolidated Balance Sheets

June 30, 2026

(In thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Assets

Investments in real estate

$29,125,895

$28,830,116

$28,689,996

$31,743,917

$32,160,600

Investments in unconsolidated real estate joint ventures

28,910

30,520

30,677

39,601

40,234

Cash and cash equivalents

470,449

418,720

549,062

579,474

520,545

Restricted cash

4,690

4,665

4,693

4,705

7,403

Tenant receivables

7,661

7,362

6,672

6,409

6,267

Deferred rent

1,209,722

1,200,047

1,179,403

1,257,378

1,232,719

Deferred leasing costs

453,761

456,405

458,311

505,241

491,074

Investments

1,685,695

1,536,419

1,501,249

1,537,638

1,476,696

Other assets

1,645,443

1,683,143

1,661,772

1,700,785

1,688,091

Total assets

$34,632,226

$34,167,397

$34,081,835

$37,375,148

$37,623,629

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$—

$153,500

Unsecured senior notes payable

10,818,366

11,166,009

12,047,394

12,044,999

12,042,607

Unsecured senior line of credit and commercial paper

1,994,508

1,353,986

353,161

1,548,542

1,097,993

Accounts payable, accrued expenses, and other liabilities

2,513,526

2,154,782

2,397,073

2,432,726

2,360,840

Dividends payable

130,468

128,880

127,771

230,603

229,686

Total liabilities

15,456,868

14,803,657

14,925,399

16,256,870

15,884,626

Commitments and contingencies

Redeemable noncontrolling interests

9,119

9,234

58,788

58,662

9,612

Alexandria Real Estate Equities, Inc.’s stockholders’ equity:

Common stock

1,707

1,705

1,703

1,701

Additional paid-in capital

15,585,296

15,763,321

15,497,760

16,669,802

17,200,949

Accumulated other comprehensive loss

(33,027)

(30,936)

(29,395)

(32,203)

(27,415)

Alexandria Real Estate Equities, Inc.’s stockholders’ equity

15,553,976

15,734,092

15,470,070

16,639,302

17,175,235

Noncontrolling interests

3,612,263

3,620,414

3,627,578

4,420,314

4,554,156

Total equity

19,166,239

19,354,506

19,097,648

21,059,616

21,729,391

Total liabilities, noncontrolling interests, and equity

$34,632,226

$34,167,397

$34,081,835

$37,375,148

$37,623,629

Funds From Operations and Funds From Operations per Share

June 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 Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted

$(73,691)

$358,874

$(1,081,840)

$(234,937)

$(109,611)

$286,721

$(121,210)

Depreciation and amortization of real estate assets

302,238

303,296

319,865

338,182

343,729

605,534

683,110

Noncontrolling share of depreciation and amortization from consolidated real estate JVs

(31,518)

(29,473)

(39,942)

(45,327)

(36,047)

(60,991)

(69,458)

Our share of depreciation and amortization from unconsolidated real estate JVs

805

914

855

852

942

1,719

1,996

Gain on sales of real estate

—

(307,132)

(9,824)

—

(13,165)

Impairment of real estate – rental properties and land

222,470

(1)

5,499

1,439,303

323,870

131,090

227,969

131,090

Allocation to unvested restricted stock awards

(2,201)

(2,181)

(1,903)

(1,648)

(1,222)

(5,877)

(1,916)

Funds from operations attributable to Alexandria’s common stockholders – diluted(2)

418,103

636,929

329,206

371,168

328,881

1,055,075

610,447

Unrealized (gains) losses on non-real estate investments

(131,933)

10,332

(98,548)

(18,515)

21,938

(121,601)

90,083

Significant realized losses on non-real estate investments

—

103,329

—

Impairment of non-real estate investments

8,998

(3)

12,448

20,181

25,139

39,216

21,446

50,396

Impairment of real estate

—

12,619

—

7,189

—

39,343

(Gain) loss on early extinguishment of debt

—

(366,435)

—

107

—

(366,435)

—

Acceleration of stock compensation expense due to executive officer resignation

—

2,455

—

(Decrease) increase in provision for expected credit losses on financial instruments

—

(341)

—

285

Allocation to unvested restricted stock awards

909

2,674

(363)

(74)

(794)

3,541

(2,116)

Funds from operations attributable to Alexandria’s common stockholders – diluted, as

adjusted

$296,077

$295,948

$368,538

$377,825

$396,430

$592,026

$788,438

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

(1)Primarily reflects impairment charges to reduce the carrying amounts of the following real estate assets classified as held for sale as of 2Q26 to their respective estimated fair values less costs to sell, including (i) $64.2 million related to a

land parcel in Sorrento Mesa that is expected to be sold to a residential developer, (ii) $61.6 million, including $8.9 million attributable to foreign currency translation, related to one operating property in Canada, which was classified as held

for sale following our decision to sell the asset and reallocate the substantial near-term capital that its redevelopment would have required toward other projects with greater value-creation opportunities, (iii) $28.2 million related to one land

parcel and five operating properties, primarily comprising non-laboratory space, in our Sorrento Valley submarket, which were 30% occupied as of 2Q26, had a weighted-average lease term of 2.4 years, and would have required significant

capital investment to convert to laboratory use, and (iv) $24.8 million related to one vacant office property, aggregating 104,956 RSF, in the Cambridge submarket of our Greater Boston market, for which we elected not to pursue a

conversion to laboratory space.

(2)Calculated in accordance with standards established by the Nareit Board of Governors.

(3)Primarily related to two non-real estate investments in privately held entities that do not report NAV.

Funds From Operations and Funds From Operations per Share (continued)

June 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 Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Net (loss) income per share attributable to Alexandria’s common stockholders – diluted

$(0.43)

$2.10

$(6.35)

$(1.38)

$(0.64)

$1.68

$(0.71)

Depreciation and amortization of real estate assets

1.59

1.61

1.65

1.73

1.81

3.19

3.61

Gain on sales of real estate

—

(1.80)

(0.06)

—

(0.08)

Impairment of real estate – rental properties and land

1.30

0.03

8.45

1.90

0.77

1.33

0.77

Allocation to unvested restricted stock awards

(0.02)

(0.01)

(0.02)

(0.01)

(0.03)

(0.01)

Funds from operations per share attributable to Alexandria’s common stockholders –

diluted

2.44

3.73

1.93

2.18

1.93

6.17

3.58

Unrealized (gains) losses on non-real estate investments

(0.77)

0.06

(0.58)

(0.11)

0.13

(0.71)

0.53

Significant realized losses on non-real estate investments

—

0.61

—

Impairment of non-real estate investments

0.05

0.07

0.12

0.15

0.23

0.13

0.30

Impairment of real estate

—

0.07

—

0.04

—

0.23

(Gain) loss on early extinguishment of debt

—

(2.14)

—

(2.14)

—

Acceleration of stock compensation expense due to executive officer resignation

—

0.01

—

Allocation to unvested restricted stock awards

0.01

—

0.01

(0.01)

Funds from operations per share attributable to Alexandria’s common stockholders –

diluted, as adjusted

$1.73

$2.16

$2.22

$2.33

$3.46

$4.63

Weighted-average shares of common stock outstanding – diluted

Earnings per share – diluted

170,718

170,867

170,394

170,181

170,135

171,040

170,328

Funds from operations – diluted, per share

171,210

170,867

170,504

170,305

170,192

171,040

170,390

Funds from operations – diluted, as adjusted, per share

171,210

170,867

170,504

170,305

170,192

171,040

170,390

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

SUPPLEMENTAL

INFORMATION

Company Profile

June 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 June 30, 2026, Alexandria has a total market capitalization of $21.84 billion

and an asset base that includes 36.0 million RSF of operating properties and 2.8 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 69

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 Market

Director – Seattle

Co-Chief Operating Officer &

Chief Strategic Transactions Officer

Lawrence J. Diamond

Blake L. Stevens

Co-Chief Operating Officer & Co-Regional

Market Director – Maryland

EVP – Regional Market Director –

Research Triangle

Bret E. Gossett

Jesse J. Nelson

EVP – Co-Regional Market Director &

Head of Leasing – San Diego

EVP – Regional Market Director – San

Francisco Bay Area

Joshua J. Mitchell

Michael E. Boss

EVP – Regional Market Director – New

York

EVP – Co-Regional Market Director – San

Diego

Hallie E. Kuhn

Jenna R. Foger

EVP – Capital Markets & Co-Lead – Life

Science

EVP – Co-Lead – Life 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

Investor Information

June 30, 2026

Corporate Headquarters

New York Stock Exchange Trading Symbol

Information Requests

26 North Euclid Avenue

Common stock: ARE

Phone:

(626) 578-0777

Pasadena, California 91101

Email:

corporateinformation@are.com

www.are.com

Website:

investor.are.com

Equity Research Coverage

Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.

Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or

forecasts of Alexandria or our management. Alexandria does not, by our reference or distribution of the information below, imply our endorsement of or concurrence with any opinions,

estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to

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

BMO

Citigroup Global Markets Inc.

Green Street

RBC Capital Markets

John Kim / Juan Sanabria

Nicholas Joseph / Seth Bergey

Dylan Burzinski

Michael Carroll / Henry Newell

(212) 885-4115 / (312) 845-4074

(212) 816-1909 / (212) 816-2066

(949) 640-8780

(440) 715-2649 / (440) 715-2651

BNP Paribas Exane

Citizens

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Nate Crossett / Monir Koummal

Aaron Hecht

Anthony Paolone / Daniella De Armas Rosales

Wesley Golladay / Nicholas Thillman

(646) 342-1588 / (646) 342-1554

(415) 835-3963

(212) 622-6682 / (212) 622-0050

(216) 737-7510 / (414) 298-5053

BofA Securities

Deutsche Bank AG

Jefferies

Farrell Granath / Julieta Michelin

Tayo Okusanya

Joe Dickstein / Andrew Hernandez

(646) 855-1351 / (646) 855-1898

(212) 250-9284

(212) 778-8771 / (212) 284-1742

BTIG, LLC

Evercore ISI

Mizuho Securities USA LLC

Tom Catherwood / Michael Tompkins

Steve Sakwa / James Kammert

Vikram Malhotra / Jyoti Yadav

(212) 738-6140 / (212) 527-3566

(212) 446-9462 / (312) 705-4233

(212) 282-3827 / (212) 471-2683

Cantor Fitzgerald

Goldman Sachs

Morgan Stanley & Co. LLC

Richard Anderson / Jeffrey Carr

Julien Blouin / Ryan Treais

Ronald Kamdem / Derrick Metzler

(929) 441-6927 / (929) 709-0434

(415) 393-7638 / (415) 249-7061

(212) 296-8319 / (212) 761-3366

Fixed Income Research Coverage

Rating Agencies

Barclays Capital Inc.

J.P. Morgan Securities LLC

Moody’s Ratings

S&P Global Ratings

Srinjoy Banerjee / Ishaan Pandya

Mark Streeter / Benjamin Stueck

(212) 553-0376

Michael Souers

(212) 526-3521 / (212) 526-2970

(212) 834-5086 / (212) 270-6757

(212) 438-2508

CreditSights

Mizuho Securities USA LLC

Nicholas Moglia

Thierry Perrein

(212) 340-3886

(212) 205-7665

Financial and Asset Base Highlights

June 30, 2026

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Operating Results & Margins

Rental revenues

$486,589

$474,786

$538,330

$541,070

$553,377

Tenant recoveries

$156,621

$178,227

$190,542

$194,779

$183,902

General and administrative expenses

$36,861

$34,685

$28,020

$29,224

$29,128

General and administrative expenses as a percentage of net operating income – trailing 12 months

6.6%

6.0%

5.6%

5.7%

6.3%

Operating margin

69%

67%

69%

68%

71%

Adjusted EBITDA margin

67%

66%

70%

71%

Adjusted EBITDA – quarter annualized

$1,765,132

$1,778,012

$2,097,444

$2,130,008

$2,174,160

Adjusted EBITDA – trailing 12 months

$1,942,649

$2,044,906

$2,141,811

$2,185,820

$2,208,226

Leverage & Credit Metrics (at end of period, unless stated otherwise)

Net debt

$12,404,801

$12,165,681

$11,921,114

$13,085,745

$12,844,726

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

7.0x

6.8x

5.7x

6.1x

5.9x

Net debt and preferred stock to Adjusted EBITDA – trailing 12 months

6.4x

5.9x

5.6x

6.0x

5.8x

Total debt and preferred stock

$12,812,874

$12,519,995

$12,400,555

$13,593,541

$13,294,100

Gross assets

$41,280,369

$40,561,055

$40,209,360

$43,791,893

$43,770,007

Total debt and preferred stock to gross assets

31%

30%

Fixed-charge coverage ratio – quarter annualized

3.3x

3.4x

3.7x

3.9x

4.1x

Fixed-charge coverage ratio – trailing 12 months

3.6x

3.8x

4.0x

4.1x

4.3x

Unencumbered net operating income as a percentage of total net operating income

100.0%

99.7%

Equity Capitalization & Dividend Information (at end of period, unless stated otherwise)

Closing stock price

$52.85

$46.42

$48.94

$83.34

$72.63

Common shares outstanding (in thousands)

170,729

170,712

170,538

170,339

170,146

Total equity capitalization

$9,023,023

$7,924,465

$8,346,123

$14,196,059

$12,357,709

Total market capitalization

$21,835,897

$20,444,460

$20,746,678

$27,789,600

$25,651,809

Dividend per share – quarter/annualized

$0.72/$2.88

$1.32/$5.28

Dividend payout ratio for the quarter

42%

33%

60%

57%

Dividend yield – annualized

5.4%

6.2%

5.9%

6.3%

7.3%

Operating Leases

Operating lease liabilities at end of period

$354,905

$358,610

$360,543

$361,986

$363,419

Rent expense

$6,917

$7,658

$8,566

$10,645

$12,139

Capitalized Interest

Capitalized interest

$73,717

(1)

$69,973

$81,845

$86,091

$82,423

Average real estate basis capitalized during the period

$7,026,243

(1)

$6,860,098

$8,046,984

$8,407,332

$8,107,180

Weighted-average interest rate for capitalization of interest during the period

4.20%

(1)

4.08%

4.07%

4.10%

4.07%

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

(1)Increase in capitalized interest from 1Q26 was primarily driven by an increase in the weighted-average interest rate for capitalization of interest to 4.20% in 2Q26 from 4.08% in 1Q26, reflecting the issuance of debt at a higher

interest rate than debt repurchased or repaid. Specifically, the increase reflects the full-quarter impact of the February 2026 issuance of $750 million of 5.25% senior notes, compared with the February 2026 repurchase of $1.33

billion aggregate principal amount of outstanding senior notes bearing interest rates of 3.00%, 3.55%, and 4.00%, and the April 2026 repayment of $350 million of 3.80% unsecured senior notes payable. We expect capitalized

interest to decline in 2H26, primarily due to a reduction in the average real estate basis capitalized. Refer to “Capitalization of Interest” under “2026 Guidance” in the Earnings Release and “New Class A/A+ development and

redevelopment properties: under construction” in the Supplemental Information for additional details.

Financial and Asset Base Highlights (continued)

June 30, 2026

(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

Three Months Ended (unless stated otherwise)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Components of Funds From Operations and Non-Revenue-Enhancing Capital Expenditures

Straight-line rent revenue

$901

(1)

$17,862

$14,096

$18,821

$18,536

Amortization of acquired below-market leases

$8,381

$5,615

$5,889

$6,456

$10,196

Amortization of deferred revenue related to tenant-funded and -built landlord improvements

$7,484

$5,405

$5,264

$5,455

$2,401

Straight-line rent expense on ground leases

$141

$155

$116

$114

$87

Stock compensation expense

$10,146

$11,032

$8,232

$10,293

$12,530

Amortization of loan fees

$4,417

$4,428

$4,481

$4,505

$4,615

Amortization of debt discounts

$352

$320

$327

$325

$335

Non-revenue-enhancing capital expenditures:

Building improvements

$4,600

$3,357

$4,372

$3,948

$4,622

Tenant improvements and leasing commissions

$28,042

$22,811

$26,494

$16,707

$23,971

Funds from operations attributable to noncontrolling interests

$65,332

$66,197

$77,922

$80,236

$80,860

Property Statistics (at end of period and includes assets held for sale, unless stated otherwise)

Number of properties – operating and development and redevelopment projects under construction

336

339

340

375

384

RSF – operating and development and redevelopment projects under construction

38,858,653

39,260,168

39,449,372

42,887,964

43,699,922

Total square footage

59,297,725

59,377,267

59,382,079

66,417,026

67,220,337

Annual rental revenue per occupied RSF

$60.45

$59.91

$59.97

$58.94

$58.68

Occupancy of operating properties (excluding assets held for sale)

86.9%

(2)

87.7%

90.9%

90.6%

90.8%

Occupancy of operating and redevelopment properties (excluding assets held for sale)

83.6%

84.1%

86.9%

85.8%

86.2%

Weighted-average remaining lease term (in years)

7.7

7.5

7.4

Leasing Statistics

Total leasing activity – RSF

1,038,917

647,356

1,220,944

1,171,344

769,815

Lease renewals and re-leasing of space – change in new rental rates over expiring rates:

Rental rate changes

(0.7)%

(15.0)%

(9.9)%

15.2%

5.5%

Rental rate changes (cash basis)

(4.3)%

(15.8)%

(5.2)%

6.1%

RSF (included in total leasing activity above)

640,998

380,687

821,289

354,367

483,409

Previously vacant leasing activity – RSF

329,148

148,734

393,376

256,633

154,638

Developed/redeveloped leasing activity – RSF

68,771

117,935

6,279

560,344

131,768

Top 20 Tenants

Annual rental revenue

$778,069

$725,681

$725,559

$768,528

$795,244

Annual rental revenue from investment-grade or publicly traded large cap tenants

88%

87%

84%

90%

89%

Weighted-average remaining lease term (in years)

10.0

9.9

9.7

9.4

Same Property Performance (change over comparable prior year quarter)

Net operating income changes

(10.6)%

(3)

(11.9)%

(6.0)%

(5.4)%

Net operating income changes (cash basis)

(8.6)%

(3)

(11.7)%

(1.7)%

(3.1)%

2.0%

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

(1)Decrease from 1Q26 is primarily due to (i) one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, for which we recognized a $5.3 million write-off of deferred rent receivable in connection with a

lease termination and the receipt of a $10.5 million payment from the tenant; the space has since been re-leased, with delivery expected in 1Q27 upon completion of tenant improvements; and (ii) a $4.5 million reduction in rental

revenue 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.

High-Quality and Diverse Tenant Base

June 30, 2026

Stable Cash Flows From Our High-Quality and Diverse Tenants

Investment-Grade or

Publicly Traded Large Cap Tenants

88%

57%

of ARE’s Top 20 Tenant

Annual Rental Revenue

of ARE’s Total

Annual Rental Revenue

Weighted Average Remaining Term(3)

10.0 Years

7.7 Years

Top 20 Tenants

All Tenants

(1)

(2)

(4)

Percentage of Alexandria’s Annual Rental Revenue

As of June 30, 2026. Annual rental revenue represents amounts in effect as of June 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)83% 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 June 30, 2026.

(4)81% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

Key Operating Metrics

June 30, 2026

Same Property Performance and Occupancy

Same Property Net Operating Income Changes

(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.

Key Operating Metrics (continued)

June 30, 2026

Rental Rate Changes, Lease Structure, and Margins

Rental Rate Changes:

Renewed/Re-Leased Space

Favorable Lease Structure(1)

Strategic Lease Structure by Owner and Operator

of Collaborative Megacampus Ecosystems

Increasing cash flows

Percentage of leases containing

annual rent escalations

97%

Stable cash flows

Percentage of triple net leases

91%

Lower capex burden

Percentage of leases providing for the

recapture of capital expenditures

91%

Margins(2)

Operating

Adjusted EBITDA

69%

67%

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 June 30, 2026.

(2)For the three months ended June 30, 2026.

Same Property Performance

June 30, 2026

(Dollars in thousands)

June 30, 2026

Same Property Financial Data

Three Months

Ended

Six Months

Ended

Same Property Statistical Data

Three Months

Ended

Six Months

Ended

Percentage change over comparable period from prior year:

Number of same properties

289

288

Net operating income changes

(10.6%)

(1)

(11.5%)

(1)

Rentable square feet

31,733,905

31,448,559

Net operating income changes (cash basis)

(8.6%)

(1)

(11.2%)

(1)

Occupancy – current-period average

87.1%

88.2%

Operating margin

68%

66%

Occupancy – same-period prior-year average

92.6%

93.5%

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Income from rentals:

Same properties

$434,779

$477,026

$(42,247)

(8.9)%

$855,554

$940,034

$(84,480)

(9.0)%

Non-same properties

51,810

76,351

(24,541)

(32.1)

105,821

165,455

(59,634)

(36.0)

Rental revenues

486,589

553,377

(66,788)

(12.1)

961,375

1,105,489

(144,114)

(13.0)

Same properties

148,483

166,400

(17,917)

(10.8)

312,684

327,564

(14,880)

(4.5)

Non-same properties

8,138

17,502

(9,364)

(53.5)

22,164

47,401

(25,237)

(53.2)

Tenant recoveries

156,621

183,902

(27,281)

(14.8)

334,848

374,965

(40,117)

(10.7)

Income from rentals

643,210

737,279

(94,069)

(12.8)

1,296,223

1,480,454

(184,231)

(12.4)

Same properties

—

Non-same properties

19,574

24,761

(5,187)

(20.9)

37,583

39,744

(2,161)

(5.4)

Other income

19,574

24,761

(5,187)

(20.9)

37,583

39,744

(2,161)

(5.4)

Same properties

583,262

643,426

(60,164)

(9.4)

1,168,238

1,267,598

(99,360)

(7.8)

Non-same properties

79,522

118,614

(39,092)

(33.0)

165,568

252,600

(87,032)

(34.5)

Total revenues

662,784

762,040

(99,256)

(13.0)

1,333,806

1,520,198

(186,392)

(12.3)

Same properties

187,351

200,594

(13,243)

(6.6)

395,913

394,692

1,221

0.3

Non-same properties

19,985

23,839

(3,854)

(16.2)

35,565

56,136

(20,571)

(36.6)

Rental operations

207,336

224,433

(17,097)

(7.6)

431,478

450,828

(19,350)

(4.3)

Same properties

395,911

442,832

(46,921)

(10.6)

772,325

872,906

(100,581)

(11.5)

Non-same properties

59,537

94,775

(35,238)

(37.2)

130,003

196,464

(66,461)

(33.8)

Net operating income

$455,448

$537,607

$(82,159)

(15.3)%

$902,328

$1,069,370

$(167,042)

(15.6)%

Net operating income – same properties

$395,911

$442,832

$(46,921)

(10.6)%

$772,325

$872,906

$(100,581)

(11.5)%

Straight-line rent revenue

(5,138)

(18,773)

13,635

(72.6)

(16,624)

(26,420)

9,796

(37.1)

Amortization of acquired below-market leases and deferred

revenue related to tenant-funded and -built landlord

improvements

(12,915)

(10,731)

(2,184)

20.4

(22,677)

(20,999)

(1,678)

8.0

Net operating income – same properties (cash basis)

$377,858

$413,328

$(35,470)

(8.6)%

$733,024

$825,487

$(92,463)

(11.2)%

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 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with weighted-

average lease expiration dates of January 2026 and April 2026, respectively.

Leasing Activity

June 30, 2026

(Dollars per RSF)

Three Months Ended

Six Months Ended

Year Ended

June 30, 2026

December 31, 2025

Including

Straight-Line Rent

Cash Basis

Including

Straight-Line Rent

Cash Basis

Including

Straight-Line Rent

Cash Basis

Leasing activity:

Renewed/re-leased space(1)

Rental rate changes

(0.7)%

(4.3)%

(7.4)%

(9.6)%

7.0%

3.5%

New rates

$39.03

(2)

$41.66

(2)

$43.08

$46.04

$52.71

$53.66

Expiring rates

$39.29

$43.52

$46.51

$50.94

$49.27

$51.87

RSF

640,998

1,021,685

2,543,473

Tenant improvements/leasing commissions

$45.57

(3)

$50.92

$55.34

Weighted-average lease term

6.8 years

7.5 years

9.0 years

Previously vacant/developed/redeveloped space leased

New rates

$33.55

(2)

$34.13

(2)

$41.49

$41.34

$72.30

(4)

$67.56

Previously vacant RSF

329,148

477,882

944,362

Developed/redeveloped RSF(5)

68,771

186,706

704,821

(4)

Weighted-average lease term

9.6 years

12.4 years

13.8 years

Leasing activity summary (totals):

New rates

$36.93

$38.77

$42.45

$44.19

$60.42

$59.13

RSF

1,038,917

1,686,273

4,192,656

Weighted-average lease term

8.0 years

10.1 years

11.9 years

Lease expirations(1)

Expiring rates

$50.81

$53.94

$53.81

$58.39

$54.22

$55.56

RSF

1,169,042

(6)

2,509,851

4,460,081

Leasing activity includes 100% of results for properties in which we have an investment.

(1)Excludes month-to-month leases aggregating 291,724 RSF and 58,516 RSF as of June 30, 2026 and December 31, 2025, respectively. During the trailing twelve months ended June 30, 2026, we granted free rent

concessions averaging 1.5 months per annum.

(2)Leases executed with advanced technology tenants represented 29.2% of our total 2Q26 leasing volume. Advanced technology space typically generates lower rental rates, and requires lower capital investment, compared to

laboratory space.

(3)Includes the impact of one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, executed in April 2026 to accommodate the expansion needs of a growth-stage life science company

advancing next-generation therapeutics and to backfill a vacancy from a tenant wind-down. Delivery of the space is expected in 1Q27 upon completion of tenant improvements. Excluding this lease, tenant improvements and

leasing commissions for the three months ended June 30, 2026 was $28.60 per RSF.

(4)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 Campus 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.

(5)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.

(6)Includes previously disclosed key lease expirations aggregating 260,888 RSF that became vacant during 2Q26, with a weighted-average lease expiration date of April 2026.

Contractual Lease Expirations

June 30, 2026

Year

RSF

Percentage of Occupied RSF

Annual Rental Revenue (per RSF)(1)

Percentage of Annual Rental Revenue

2026

(2)

959,302

3.2%

$44.98

2.4%

2027

2,938,215

9.9%

$60.39

9.8%

2028

3,641,986

12.3%

$50.48

10.2%

2029

1,945,145

6.6%

$42.34

4.6%

2030

2,525,229

8.5%

$43.24

6.0%

2031

3,571,099

12.1%

$53.19

10.5%

2032

961,096

3.3%

$54.69

2.9%

2033

2,169,347

7.3%

$49.96

6.0%

2034

2,566,256

8.7%

$67.46

9.6%

2035

1,032,429

3.5%

$57.15

3.3%

Thereafter

7,227,517

24.6%

$87.19

34.7%

Market

2026 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

2027 Contractual Lease Expirations (in RSF)

Annual

Rental

Revenue

(per RSF)(1)

Leased

Negotiating/

Anticipating

Remaining

Expiring Leases

Total(2)

Leased

Negotiating/

Anticipating

Remaining

Expiring Leases

Total

Greater Boston

101,347

12,190

93,849

207,386

$51.56

42,458

—

106,399

148,857

$66.73

San Diego

—

83,965

60.25

—

383,498

42.30

San Francisco Bay Area

155

17,357

17,031

34,543

37.48

375

15,212

180,738

196,325

72.94

Seattle

6,193

6,276

22,291

34,760

29.37

18,205

96,573

174,346

289,124

42.21

Maryland

6,833

—

7,696

14,529

81.74

—

170,981

29.91

Research Triangle

13,385

11,913

8,853

34,151

23.99

39,891

—

206,807

246,698

34.64

New York City

—

32,890

97.03

—

98,612

98.03

Texas

65,628

—

65,628

28.77

—

26,160

27.74

Subtotal

193,541

47,736

266,575

507,852

49.34

100,929

111,785

1,347,541

1,560,255

49.26

Key lease expirations with expected downtime

31,391

192,847

227,212

451,450

(3)

40.10

—

1,377,960

(3)

72.92

Total

224,932

240,583

493,787

959,302

$44.98

100,929

111,785

2,725,501

2,938,215

$60.39

Percentage of expiring leases

23%

25%

52%

100%

93%

100%

Contractual lease expirations for properties classified as held for sale as of June 30, 2026 are excluded from the information on this page.

(1)Amounts in effect as of June 30, 2026.

(2)Excludes month-to-month leases aggregating 291,724 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 in early discussions for 190,085 RSF.

2026 Key Lease Expirations with Expected Downtime

2027 Key Lease Expirations with Expected Downtime

Total

Annual Rental

Revenue(1)

Weighted Average

Expiration Date

Weighted Average

Expected Downtime

Total

Annual Rental

Revenue(1)

Weighted Average

Expiration Date

Weighted Average

Expected Downtime

451,450 RSF

$18.1M

August 2026

12 to 24 months

1,377,960 RSF

$100.5M

March 2027

12 to 24 months

Reason for Expected Downtime

(Based on RSF)

Reason for Expected Downtime

(Based on RSF)

Relocation to Other

ARE Properties(4)

Leases at Assets Originally

Acquired for Redevelopment

Other

Relocation to Other ARE Properties

Other

Current Leasing Status

(Based on RSF)

Current Leasing Status

(Based on RSF)

Early Discussions

Marketing

Leased/Negotiating

Early Discussions

Marketing

Top 20 Tenants

June 30, 2026

(Dollars in thousands, except average market cap amounts)

88% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

Tenant

Remaining Lease

Term(1) (in years)

Aggregate

RSF

Annual Rental

Revenue(1)

Percentage of

Annual Rental

Revenue(1)

Investment-Grade

Credit Ratings

Average

Market Cap

(in billions)

Moody’s

S&P

Bristol Myers Squibb Company

8.5

1,653,689

$161,572

8.8%

$107.15

Eli Lilly and Company

9.0

1,054,241

92,202

5.0

Aa3

AA-

$883.16

Moderna, Inc.

12.4

462,100

71,571

3.9

—

$15.00

AstraZeneca PLC

5.7

611,326

56,151

(2)

3.0

A+

$273.81

Takeda Pharmaceutical Company Limited

10.3

386,111

41,673

2.3

Baa1

BBB+

$50.27

Eikon Therapeutics, Inc.(3)

13.0

299,638

38,907

2.1

—

$0.62

Illumina, Inc.

5.3

792,687

29,977

1.6

Baa3

BBB

$18.90

United States Government

4.1

414,499

29,340

(4)

1.6

Aaa

AA+

$—

Uber Technologies, Inc.

56.3

(5)

1,009,188

27,869

1.5

Baa1

BBB+

$172.86

Boston Children's Hospital

10.7

309,231

26,294

1.4

Aa2

$—

Novartis AG

1.9

(6)

321,743

25,111

1.4

Aa3

AA-

$290.24

Sanofi

4.5

267,278

22,045

1.2

Aa3

$115.66

Alphabet Inc.

1.9

418,600

21,837

1.2

Aa2

AA+

$3,530.73

New York University

6.1

218,983

21,073

1.1

Aa2

AA-

$—

Massachusetts Institute of Technology

3.5

242,428

20,529

1.1

Aaa

AAA

$—

Merck & Co., Inc.

7.8

300,930

18,895

1.0

Aa3

A+

$253.48

Vaxcyte, Inc.

8.5

230,755

18,656

1.0

—

$6.36

Altos Labs, Inc.(7)

14.8

158,990

18,407

1.0

—

$—

Charles River Laboratories, Inc.

9.3

187,418

18,061

1.0

—

$8.63

Amgen Inc.

9.6

309,945

17,899

1.0

Baa1

BBB+

$175.75

Total/weighted-average

10.0

(5)

9,649,780

$778,069

42.2%

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 June 30, 2026.

(2)Of the $56.2 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 23. We do not anticipate 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 March 31, 2026, the company held

$512 million in cash and marketable securities.

(4)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 cancellable prior to the lease expiration date.

(5)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by

our unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental

revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.3 years as of June 30, 2026.

(6)Includes one 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. We do not expect the tenant to renew the lease and are actively marketing the space for re-lease.

(7)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer and President, R&D at GlaxoSmithKline. 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

June 30, 2026

(Dollars in thousands, except per RSF amounts)

Summary of properties

RSF

Number of

Properties

Annual Rental Revenue

Market

Operating

Development

Redevelopment

Total

% of Total

Total

% of Total

Per RSF

Greater Boston

9,500,175

566,673

1,201,425

11,268,273

29%

$699,694

38%

$88.73

San Diego

6,444,923

466,598

—

6,911,521

338,631

58.44

San Francisco Bay Area

5,861,540

212,657

84,157

6,158,354

307,239

70.78

Seattle

2,846,133

227,577

—

3,073,710

111,216

44.58

Maryland

3,676,755

—

3,676,755

151,419

45.79

Research Triangle

3,436,158

—

3,436,158

88,834

27.52

New York City

727,674

—

727,674

65,192

93.85

Texas

1,651,094

—

66,350

1,717,444

39,944

28.37

Non-cluster/other markets

170,429

—

170,429

—

5,679

—

61.58

Properties held for sale

1,718,335

—

1,718,335

38,554

29.71

36,033,216

1,473,505

1,351,932

38,858,653

100%

336

$1,846,402

100%

$60.45

2,825,437

Summary of occupancy

Operating Properties

Operating and Redevelopment Properties

Market

6/30/26

3/31/26

6/30/25

6/30/26

3/31/26

6/30/25

Greater Boston

83.0%

(1)

83.8%

90.1%

73.7%

73.1%

76.7%

San Diego

89.9

88.4

94.8

89.9

88.4

94.8

San Francisco Bay Area

83.1

(2)

87.6

88.9

81.9

86.4

85.2

Seattle

87.7

87.8

90.3

87.7

87.8

90.3

Maryland

91.5

92.3

93.9

91.5

92.3

93.9

Research Triangle

93.9

93.8

92.8

93.9

93.8

92.8

New York City

95.5

95.8

88.9

95.5

95.8

88.9

Texas

85.3

81.8

82.1

82.0

78.7

78.9

Subtotal

87.1

87.8

91.0

83.8

84.0

86.3

Canada

N/A

90.7

N/A

85.8

Non-cluster/other markets

54.1

86.0

72.6

54.1

86.0

72.6

86.9%

(3)

87.7%

90.8%

83.6%

84.1%

86.2%

(1)Decline in occupancy was primarily due to 159,947 RSF at our 3000 Minuteman Road redevelopment project in our Greater Boston market being placed back into operation following the execution of a lease with an advanced

technology tenant in 2Q26. The lease enables us to pivot a portion of the redevelopment project from future laboratory use to a lower-cost advanced technology use, reducing the project’s expected aggregate construction

budget by approximately $80 million. We expect to deliver the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant improvements.

(2)Decline in occupancy since March 31, 2026 was primarily attributable to previously disclosed key lease expirations with expected downtime, including 137,316 RSF of office space at Alexandria Stanford Life Science District,

where we are evaluating a repositioning for advanced technology space, and 71,567 RSF across two properties in our Palo Alto and South San Francisco submarkets. Of the latter, we have re-leased 17,271 RSF, and are

actively marketing the remaining space.

(3)Excludes leases aggregating 1.4 million RSF, or 4.0% of total operating RSF, executed as of June 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.

Summary of Properties and Occupancy (continued)

June 30, 2026

Occupancy and Leasing Progress

(1)

(1)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately November 2026,

with expected annual rental revenue of approximately $69 million. We expect 64% of the total RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San

Francisco Bay Area markets.

Property Listing

June 30, 2026

(Dollars in thousands)

Our Megacampus Properties Account for 80% of Our Annual Rental Revenue

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

GREATER BOSTON

Cambridge/Inner Suburbs

Megacampus: Alexandria Center® at Kendall Square

2,213,866

—

2,213,866

$208,565

91.7%

50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street,

and 300 Third Street(1)

Megacampus: Alexandria Center® at One Kendall Square

1,296,825

—

1,296,825

131,171

86.2

One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400,

1800, and 2000), and 325 and 399 Binney Street

Megacampus: Alexandria Technology Square®

1,205,526

—

1,205,526

79,719

75.4

100, 200, 300, 400, 500, 600, and 700 Technology Square

Megacampus: The Arsenal on the Charles

787,659

—

333,758

1,121,417

42,505

77.8

54.7

311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,

1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue

Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99

Coolidge Avenue

403,514

174,662

—

578,176

24,805

86.3

5,907,390

174,662

333,758

6,415,810

486,765

84.9

80.4

Fenway

Megacampus: Alexandria Center® for Life Science – Fenway

1,452,183

392,011

—

1,844,194

101,578

76.5

401 and 421 Park Drive and 201 Brookline Avenue

Seaport Innovation District

5 and 15(1) Necco Street

459,395

—

459,395

47,003

97.0

Route 128

Megacampus: Alexandria Center® for Life Science – Waltham

465,981

—

596,064

1,062,045

44,718

86.5

38.0

40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street

19, 225, and 235 Presidential Way

585,226

—

585,226

14,194

97.0

1,051,207

—

596,064

1,647,271

58,912

92.4

59.0

Other

Megacampus: 30, 200, and 3000 Minuteman Road

630,000

—

271,603

901,603

5,436

54.1

37.8

GREATER BOSTON TOTAL

9,500,175

566,673

1,201,425

11,268,273

$699,694

83.0%

73.7%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

Property Listing (continued)

June 30, 2026

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

SAN DIEGO

Torrey Pines

Megacampus: One Alexandria Square

1,092,030

—

1,092,030

$64,870

75.2%

3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park

Road, 10935, 10945, 10955, and 10970 Alexandria Way, 10996

Torreyana Road, and 3545 Cray Court

ARE Torrey Ridge

308,481

—

308,481

13,494

91.0

10578, 10618, and 10628 Science Center Drive

1,400,511

—

1,400,511

78,364

78.7

University Town Center

Megacampus: Campus Point by Alexandria(1)

1,684,979

466,598

—

2,151,577

129,656

96.4

9880(2), 10200, 10290, and 10300 Campus Point Drive and 4135, 4155,

4224, and 4242 Campus Point Court

Megacampus: 5200 Illumina Way(1)

792,687

—

792,687

29,978

100.0

9625 Towne Centre Drive(1)

171,001

—

171,001

1,021

46.5

2,648,667

466,598

—

3,115,265

160,655

94.3

Sorrento Mesa

Megacampus: SD Tech by Alexandria(1)

1,154,144

—

1,154,144

48,955

89.9

9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and

10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road

Megacampus: Sequence District by Alexandria

572,298

—

572,298

21,235

100.0

6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive

Summers Ridge Science Park(1)

316,531

—

316,531

11,521

100.0

9965, 9975, 9985, and 9995 Summers Ridge Road

10102 Hoyt Park Drive

144,113

—

144,113

11,379

100.0

5810/5820 Nancy Ridge Drive

83,354

—

83,354

—

9877 Waples Street

63,774

—

63,774

2,680

100.0

5871 Oberlin Drive

33,842

—

33,842

2,103

100.0

2,368,056

—

2,368,056

97,873

91.5

Sorrento Valley

11045 Roselle Street

27,689

—

27,689

1,739

100.0

27,689

—

27,689

1,739

100.0

SAN DIEGO TOTAL

6,444,923

466,598

—

6,911,521

$338,631

89.9%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

(2)We own 100% of this property.

Property Listing (continued)

June 30, 2026

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

SAN FRANCISCO BAY AREA

Mission Bay

Megacampus: Alexandria Center® for Science and Technology –

Mission Bay(1)

1,561,033

212,657

—

1,773,690

$59,562

90.0%

1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700

Owens Street, and 455 Mission Bay Boulevard South

South San Francisco

Megacampus: Alexandria Center® for Advanced Technologies – South

San Francisco

812,453

—

84,157

896,610

42,878

79.0

71.6

213(1), 249, 259, 269, and 279 East Grand Avenue

Alexandria Center® for Life Science – South San Francisco

504,414

—

504,414

26,407

74.5

201 Haskins Way and 400 and 450 East Jamie Court

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan

222,000

—

222,000

1,008

100.0

1150 El Camino Real

Alexandria Technology Center® – Gateway

326,197

—

326,197

14,948

86.0

600, 630, 650, 901, and 951 Gateway Boulevard

Alexandria Center® for Life Science – Millbrae(1)

285,346

—

285,346

37,006

100.0

230 Harriet Tubman Way

500 Forbes Boulevard(1)

155,685

—

155,685

10,908

100.0

2,306,095

—

84,157

2,390,252

133,155

85.1

82.1

San Carlos

Megacampus: Alexandria Center® for Life Science – San Carlos

634,713

—

634,713

41,624

95.6

825, 835, and 960 Industrial Road

1501-1599 Industrial Road

103,325

—

103,325

5,001

65.3

738,038

—

738,038

46,625

91.4

Palo Alto

Alexandria Stanford Life Science District

705,598

—

705,598

35,331

56.8

3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307,

and 3330 Hillview Avenue

3412, 3420, 3440, 3450, and 3460 Hillview Avenue

340,103

—

340,103

21,796

76.3

2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road

198,548

—

198,548

10,080

78.0

2100 Geng Road

12,125

—

12,125

690

100.0

1,256,374

—

1,256,374

67,897

65.8

SAN FRANCISCO BAY AREA TOTAL

5,861,540

212,657

84,157

6,158,354

$307,239

83.1%

81.9%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

(2)We own 100% of this property.

Property Listing (continued)

June 30, 2026

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

SEATTLE

Lake Union

Megacampus: Alexandria Center® for Life Science – Eastlake

1,151,975

—

1,151,975

$59,278

90.8%

1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188

and 199 East Blaine Street, and 1600 Fairview Avenue East

Megacampus: Alexandria Center® for Advanced Technologies – South

Lake Union

413,178

227,577

—

640,755

23,407

98.8

400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and

219 Terry Avenue North

1,565,153

227,577

—

1,792,730

82,685

92.9

Elliott Bay

410 Elliott Avenue West

2,896

—

2,896

—

Bothell

Megacampus: Alexandria Center® for Advanced Technologies – Canyon

Park

815,000

—

815,000

15,778

82.9

22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,

22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, and

22522 29th Drive Southeast, 22213 and 22309 30th Drive Southeast, and

1629, 1631, 1725, 1916, and 1930 220th Street Southeast

Alexandria Center® for Advanced Technologies – Monte Villa Parkway

463,084

—

463,084

12,753

78.8

3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway

1,278,084

—

1,278,084

28,531

81.4

SEATTLE TOTAL

2,846,133

227,577

—

3,073,710

111,216

87.7

MARYLAND

Rockville

Megacampus: Alexandria Center® for Life Science – Shady Grove

1,691,960

—

1,691,960

91,187

92.2

9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and

9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920

Belward Campus Drive, and 9810 and 9820 Darnestown Road

1330 Piccard Drive

131,507

—

131,507

3,704

87.6

1405 and 1450 Research Boulevard

114,182

—

114,182

3,317

75.1

5 Research Place

63,852

—

63,852

3,164

100.0

5 Research Court

51,520

—

51,520

1,974

100.0

12301 Parklawn Drive

49,185

—

49,185

1,853

100.0

2,102,206

—

2,102,206

$105,199

91.6%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

Property Listing (continued)

June 30, 2026

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

MARYLAND (CONTINUED)

Gaithersburg

Alexandria Technology Center® – Gaithersburg I

619,061

—

619,061

$19,699

88.6%

9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940

Clopper Road

Alexandria Technology Center® – Gaithersburg II

486,300

—

486,300

15,897

89.2

700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield

Road

401 Professional Drive

63,396

—

63,396

1,283

76.8

950 Wind River Lane

50,000

—

50,000

1,234

100.0

620 Professional Drive

27,950

—

27,950

1,207

100.0

1,246,707

—

1,246,707

39,320

89.0

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

3,444

100.0

101 West Dickman Street(1)

135,958

—

135,958

3,456

100.0

327,842

—

327,842

6,900

100.0

MARYLAND TOTAL

3,676,755

—

3,676,755

151,419

91.5

RESEARCH TRIANGLE

Research Triangle

Megacampus: Alexandria Center® for Life Science – Durham

2,041,067

—

2,041,067

39,833

97.8

6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31

Alexandria Way, and 2400 Ellis Road

Megacampus: Alexandria Center® for Advanced Technologies and

AgTech – Research Triangle

712,410

—

712,410

27,718

86.4

6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive

Megacampus: Alexandria Center® for Sustainable Technologies

259,962

—

259,962

7,258

85.1

104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive

Alexandria Technology Center® – Alston

121,204

—

121,204

2,290

80.5

800 and 801 Capitola Drive

Alexandria Innovation Center® – Research Triangle

136,563

—

136,563

4,832

96.9

7010, 7020, and 7030 Kit Creek Road

2525 East NC Highway 54

82,996

—

82,996

3,580

100.0

407 Davis Drive

81,956

—

81,956

3,323

100.0

RESEARCH TRIANGLE TOTAL

3,436,158

—

3,436,158

$88,834

93.9%

Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

Property Listing (continued)

June 30, 2026

(Dollars in thousands)

Market / Submarket / Address

RSF

Number of

Properties

Annual

Rental

Revenue

Occupancy Percentage

Operating

Operating and

Redevelopment

Operating

Development

Redevelopment

Total

NEW YORK CITY

New York City

Megacampus: Alexandria Center® for Life Science – New York City

727,674

—

727,674

$65,192

95.5%

430 and 450 East 29th Street

NEW YORK CITY TOTAL

727,674

—

727,674

65,192

95.5

TEXAS

Austin

Megacampus: Intersection Campus

1,523,318

—

1,523,318

36,192

88.7

507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center

Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle

Greater Houston

Alexandria Center® for Advanced Technologies at The Woodlands

127,776

—

66,350

194,126

3,752

44.6

29.4

8800 Technology Forest Place

TEXAS TOTAL

1,651,094

—

66,350

1,717,444

39,944

85.3

82.0

Non-cluster/other markets

170,429

—

170,429

5,679

54.1

Total, excluding properties held for sale

34,314,881

1,473,505

1,351,932

37,140,318

313

1,807,848

86.9%

83.6%

Properties held for sale

1,718,335

—

1,718,335

38,554

75.5%

Total

36,033,216

1,473,505

1,351,932

38,858,653

336

$1,846,402

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

June 30, 2026

INCREMENTAL ANNUAL NET OPERATING INCOME

GROWTH EXPECTED FROM ALEXANDRIA’S

DEVELOPMENT AND REDEVELOPMENT DELIVERIES

Placed Into

Service

Near-Term

Deliveries

Intermediate-Term

Deliveries

1H26

Projected Stabilization:

2H26

Projected Stabilization:

2027–2028

$58M

$42M

$93M

91%

Occupied

84%

Leased/Negotiating

68%

Leased/Negotiating

532,219 RSF

174,662 RSF

1.3 million RSF

(1)

(2)

(3)

(4)

(5)

Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

(1)Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery.

(2)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from projects

expected to be placed into service commencing through 2026 is projected to be $42 million. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: under construction” in

the Supplemental Information for additional details.

(3)Our share of incremental annual net operating income from projects expected to stabilize in 2027–2028 is projected to be $59 million.

(4)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026.

(5)Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027–2028.

Investments in Real Estate (continued)

June 30, 2026

(Dollars in thousands)

Development and Redevelopment

Under Construction

Operating

2H26

Stabilization

2027–2028

Stabilization

Evaluating

Strategy

Future

Subtotal

Total

Square footage

Operating

34,314,881

—

34,314,881

Future Class A/A+ development and redevelopment properties

—

174,662

1,258,004

1,392,771

19,372,303

22,197,740

Future development and redevelopment square feet currently included in

rental properties(1)

—

(947,156)

Total square footage, excluding properties held for sale

34,314,881

174,662

1,258,004

1,392,771

18,425,147

21,250,584

55,565,465

Properties held for sale

1,718,335

—

2,013,925

3,732,260

Total square footage

36,033,216

174,662

1,258,004

1,392,771

20,439,072

23,264,509

59,297,725

Investments in real estate

Gross book value as of June 30, 2026(2)

$29,139,650

$201,882

$1,195,667

$1,319,039

$3,917,800

$6,634,388

(3)

$35,774,038

Properties held for sale

455,917

—

188,192

644,109

Total gross investment in real estate, excluding properties held for sale

$28,683,733

$201,882

$1,195,667

$1,319,039

$3,729,608

$6,446,196

$35,129,929

20%

Development/

Redevelopment

Under Construction

Land/Future

Development

17%

16%

11% to 16%

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 June 30, 2026 is $6.17 billion.

(4)Excludes properties classified as held for sale. Land parcels classified as held for sale represented approximately 0.5% of total non-income-producing assets as of June 30, 2026, compared with approximately 1% as of December 31,

2025 and 2024.

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries

June 30, 2026

(Dollars in thousands)

Incremental Annual Net Operating Income Generated From

1H26 Deliveries Aggregated $58 million

99 Coolidge Avenue

4135 Campus Point Court

10075 Barnes Canyon Road

8800 Technology Forest Place

Greater Boston/

Cambridge/Inner Suburbs

San Diego/

University Town Center

San Diego/Sorrento Mesa

Texas/Greater Houston

146,147 RSF

426,927 RSF

253,079 RSF

57,042 RSF

100% Occupancy

80% Occupancy

100% Occupancy

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(2)

Total Project

Unlevered Yields

2Q26

Delivery

Date(1)

Prior to

1/1/26

1Q26

2Q26

Total

Initial

Stabilized

Initial

Stabilized

(Cash Basis)

RSF

Investment

Development projects

99 Coolidge Avenue/Greater Boston/Cambridge/Inner

Suburbs

N/A

100%

129,413

16,734

—

146,147

100%

320,809

$444,000

6.0%

6.8%

4135 Campus Point Court/San Diego/University Town

Center

6/1/26

58.2%

—

426,927

100%

426,927

524,000

10.8

6.2

10075 Barnes Canyon Road/San Diego/Sorrento Mesa

N/A

50.0%

171,469

81,610

(3)

—

253,079

80%

253,079

314,000

5.5

5.7

Redevelopment projects

8800 Technology Forest Place/Texas/Greater Houston

N/A

100%

50,094

6,948

—

57,042

100%

123,392

112,000

6.3

6.0

Weighted average/total

6/1/26

350,976

105,292

426,927

883,195

1,124,207

$1,394,000

7.7%

6.3%

Refer to “New 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)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.

(2)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.

(3)Includes 50,531 RSF that were vacant and/or unleased at delivery.

New Class A/A+ Development and Redevelopment Properties: Under Construction

June 30, 2026

99 Coolidge Avenue

50 and 60 Sylvan Road(1)

10200 Campus Point Drive

Greater Boston/

Cambridge/Inner Suburbs

Greater Boston/Route 128

San Diego/

University Town Center

174,662 RSF

267,015 RSF

466,598 RSF

84% Leased/Negotiating

74% Leased/Negotiating

100% Leased

1450 Owens Street

269 East Grand Avenue

701 Dexter Avenue North

San Francisco Bay Area/

Mission Bay

San Francisco Bay Area/

South San Francisco

Seattle/Lake Union

212,657 RSF

84,157 RSF

227,577 RSF

51% Leased/Negotiating

40% Leased/Negotiating

23% Leased/Negotiating

(1)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket.

New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)

June 30, 2026

96% of Development and Redevelopment RSF Under Construction

Is Within our Megacampus Ecosystem

Property

Market/Submarket

Dev/

Redev

Square Footage

Percentage

Occupancy(1)

In Service

CIP

Total

Leased

Leased/

Negotiating

Initial

Stabilized

Under construction

2H26 stabilization

99 Coolidge Avenue

Greater Boston/Cambridge/Inner Suburbs

Dev

146,147

174,662

320,809

84%

4Q23

4Q26

2027–2028 stabilization

50 and 60 Sylvan Road

Greater Boston/Route 128

Redev

—

267,015

4Q26

2027

10200 Campus Point Drive(2)

San Diego/University Town Center

Dev

—

466,598

100

2028

1450 Owens Street

San Francisco Bay Area/Mission Bay

Dev

—

212,657

2027

269 East Grand Avenue

San Francisco Bay Area/South San Francisco

Redev

—

84,157

2H26

2027

701 Dexter Avenue North

Seattle/Lake Union

Dev

—

227,577

3Q26

2027

—

1,258,004

Total

146,147

1,432,666

1,578,813

71%

Evaluating business and financial strategy; earliest potential lab

delivery in 2028(3)

311 Arsenal Street

Greater Boston/Cambridge/Inner Suburbs

Redev

56,904

333,758

390,662

16%

44%

421 Park Drive

Greater Boston/Fenway

Dev

—

392,011

—

40 Sylvan Road

Greater Boston/Route 128

Redev

—

329,049

—

3000 Minuteman Road

Greater Boston/Other

Redev

—

271,603

(4)

—

8800 Technology Forest Place

Texas/Greater Houston

Redev

57,042

66,350

123,392

113,946

1,392,771

1,506,717

15%

(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 currently have a 58.2% ownership interest. The project is fully leased to Novartis AG that currently occupies one building

within the Megacampus aggregating 52,853 RSF, that generated annual rental revenue of $4.1 million as of 2Q26. The tenant is expected to vacate this building during 2028. We expect to fund the majority of future construction costs at the

Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner.

(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. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.

(4)The decrease from 431,550 RSF as of March 31, 2026 to 271,603 RSF as of June 30, 2026 for this project reflects 159,947 RSF being placed back into operation from redevelopment following the execution of a lease with an advanced

technology tenant, enabling a pivot of redevelopment strategy from future laboratory use to advanced technology use. As of June 30, 2026, the 159,947 RSF of leased space remains vacant within our operating pool and is expected to be

delivered in 2Q27 upon completion of building and tenant improvements.

New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)

June 30, 2026

(Dollars in thousands)

Our

Ownership

Interest

At 100%

Unlevered Yields

Property

Market/Submarket

In Service

CIP

Cost to

Complete

Total at

Completion

Initial

Stabilized

Initial Stabilized

(Cash Basis)

Under construction

2H26 stabilization with 84% leased/negotiating

99 Coolidge Avenue

Greater Boston/Cambridge/Inner Suburbs

100%

$203,414

$201,882

$38,704

$444,000

6.0%

6.8%

2027–2028 stabilization with 68% leased/negotiating(1)

50 and 60 Sylvan Road

Greater Boston/Route 128

100%

—

373,082

TBD

10200 Campus Point Drive(2)

San Diego/University Town Center

58.2%

—

87,875

572,125

660,000

7.3%

6.5%

1450 Owens Street

San Francisco Bay Area/Mission Bay

25.0%

—

257,055

TBD

269 East Grand Avenue

San Francisco Bay Area/South San Francisco

100%

—

143,100

701 Dexter Avenue North

Seattle/Lake Union

100%

—

334,555

—

1,195,667

Total

$203,414

$1,397,549

$860,000

(3)

$2,460,000

(3)

Our share of investment(3)(4)

$200,000

$1,170,000

$560,000

$1,930,000

Evaluating business and financial strategy; earliest potential lab

delivery in 2028(5)

311 Arsenal Street

Greater Boston/Cambridge/Inner Suburbs

100%

$28,100

$318,772

TBD

421 Park Drive

Greater Boston/Fenway

100%

—

629,367

40 Sylvan Road

Greater Boston/Route 128

100%

—

233,255

3000 Minuteman Road

Greater Boston/Other

100%

—

95,534

8800 Technology Forest Place

Texas/Greater Houston

100%

65,588

42,111

$93,688

$1,319,039

Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)We expect to provide total estimated costs and related yields for each project over the next several quarters.

(2)Refer to footnote 2 on the prior page for additional details.

(3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.

(4)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus

Point project.

(5)Refer to footnote 3 on the prior page for additional details.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline

June 30, 2026

(Dollars in thousands)

79% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus Ecosystems

Market

Property

Submarket

Our

Ownership

Interest

Book Value

Development and Redevelopment

Square Footage

Under

Construction

Future

Total(1)

GREATER BOSTON

Megacampus: The Arsenal on the Charles

Cambridge/Inner Suburbs

100%

$331,654

333,758

34,157

367,915

311 Arsenal Street

Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99

Coolidge Avenue

Cambridge/Inner Suburbs

100%

226,573

174,662

560,000

734,662

446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue

Megacampus: Alexandria Center® for Life Science – Fenway

Fenway

100%

629,367

392,011

—

392,011

421 Park Drive

Megacampus: Alexandria Center® for Life Science – Waltham

Route 128

100%

673,010

596,064

515,000

1,111,064

40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive

Megacampus: 30, 200, and 3000 Minuteman Road

Other

100%

113,619

271,603

350,000

621,603

3000 Minuteman Road

Megacampus: Alexandria Center® at Kendall Square

Cambridge

100%

49,411

—

174,500

100 Edwin H. Land Boulevard

Megacampus: Alexandria Technology Square®

Cambridge

100%

8,982

—

100,000

10 Necco Street

Seaport Innovation District

100%

107,225

—

175,000

215 Presidential Way

Route 128

100%

6,816

—

112,000

Other development and redevelopment projects

100%

167,700

—

740,000

GREATER BOSTON TOTAL

$2,314,357

1,768,098

2,760,657

4,528,755

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

(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have

future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under

“Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)

June 30, 2026

(Dollars in thousands)

Market

Property

Submarket

Our

Ownership

Interest

Book Value

Development and Redevelopment

Square Footage

Under

Construction

Future

Total(1)

SAN DIEGO

Megacampus: Campus Point by Alexandria

University Town Center

58.2%

(2)

$265,441

466,598

866,816

1,333,414

10010(3), 10140(3), and 10200 Campus Point Drive and 4165, 4224, and 4275(3)

Campus Point Court

11255 and 11355 North Torrey Pines Road

Torrey Pines

100%

166,000

—

215,000

Megacampus: One Alexandria Square

Torrey Pines

100%

69,959

—

125,280

10975 and 10995 Torreyana Road

Megacampus: 5200 Illumina Way

University Town Center

51.0%

17,940

—

451,832

9625 Towne Centre Drive

University Town Center

30.0%

852

—

100,000

Megacampus: Sequence District by Alexandria

Sorrento Mesa

100%

50,290

—

1,661,915

6290, 6310, 6340, 6350, and 6450 Sequence Drive

Megacampus: SD Tech by Alexandria

Sorrento Mesa

50.0%

136,170

—

493,845

9805 Scranton Road and 10065 Barnes Canyon Road

Other development and redevelopment projects

(4)

—

50,000

SAN DIEGO TOTAL

706,652

466,598

3,964,688

4,431,286

SAN FRANCISCO BAY AREA

Megacampus: Alexandria Center® for Science and Technology – Mission Bay

Mission Bay

25.0%

257,055

212,657

—

212,657

1450 Owens Street

Megacampus: Alexandria Center® for Advanced Technologies – South San

Francisco

South San Francisco

100%

149,755

84,157

90,000

174,157

211(4) and 269 East Grand Avenue

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan

South San Francisco

100%

462,052

—

1,930,000

1122, 1150, and 1178 El Camino Real

Alexandria Center® for Life Science – Millbrae

South San Francisco

48.6%

164,583

—

348,401

201 and 231 Adrian Road and 30 Rollins Road

Megacampus: Alexandria Center® for Life Science – San Carlos

San Carlos

100%

503,588

—

1,497,830

960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road

2100, 2200, 2300, and 2400 Geng Road

Palo Alto

100%

130,290

—

240,000

SAN FRANCISCO BAY AREA TOTAL

$1,667,323

296,814

4,106,231

4,403,045

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

“Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(2)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after

which future capital would be contributed pro rata with our partner.

(3)We have a 100% interest in this property.

(4)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)

June 30, 2026

(Dollars in thousands)

Market

Property

Submarket

Our

Ownership

Interest

Book Value

Development and Redevelopment

Square Footage

Under

Construction

Future

Total(1)

SEATTLE

Megacampus: Alexandria Center® for Advanced Technologies – South Lake

Union

Lake Union

(2)

$634,437

227,577

1,057,400

1,284,977

601 and 701 Dexter Avenue North and 800 Mercer Street

1010 4th Avenue South

SoDo

100%

64,266

—

544,825

410 West Harrison Street

Elliott Bay

100%

26,141

—

91,000

Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park

Bothell

100%

20,823

—

230,000

21660 20th Avenue Southeast

Other development and redevelopment projects

100%

159,938

—

706,087

SEATTLE TOTAL

905,605

227,577

2,629,312

2,856,889

MARYLAND

Megacampus: Alexandria Center® for Life Science – Shady Grove

Rockville

100%

30,138

—

296,000

9830 Darnestown Road

MARYLAND TOTAL

30,138

—

296,000

RESEARCH TRIANGLE

Megacampus: Alexandria Center® for Life Science – Durham

Research Triangle

100%

169,483

—

2,060,000

Megacampus: Alexandria Center® for Advanced Technologies and AgTech –

Research Triangle

100%

116,137

—

1,170,000

4 and 12 Davis Drive

Megacampus: Alexandria Center® for Sustainable Technologies

Research Triangle

100%

57,622

—

750,000

120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive

Other development and redevelopment projects

100%

1,647

—

25,000

RESEARCH TRIANGLE TOTAL

344,889

—

4,005,000

NEW YORK CITY

Megacampus: Alexandria Center® for Life Science – New York City

New York City

100%

182,969

—

550,000

(3)

550,000

NEW YORK CITY TOTAL

$182,969

—

550,000

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

“Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.

(2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60.0% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.

(3)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our

option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended

June 30, 2026 filed with the SEC on August 3, 2026 for additional details.

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)

June 30, 2026

(Dollars in thousands)

Market

Property

Submarket

Our

Ownership

Interest

Book Value

Development and Redevelopment

Square Footage

Under

Construction

Future

Total(1)

TEXAS

Alexandria Center® for Advanced Technologies at The Woodlands

Greater Houston

100%

$45,211

66,350

116,405

182,755

8800 Technology Forest Place

1001 Trinity Street and 1020 Red River Street

Austin

100%

140,035

—

250,010

Other development and redevelopment projects

100%

61,513

—

344,000

TEXAS TOTAL

246,759

66,350

710,415

776,765

Other development and redevelopment projects

100%

47,504

—

350,000

Total pipeline as of June 30, 2026, excluding properties held for sale

6,446,196

2,825,437

19,372,303

22,197,740

Properties held for sale

188,192

—

2,013,925

Total pipeline as of June 30, 2026

$6,634,388

(2)

2,825,437

21,386,228

24,211,665

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

(1)Total square footage includes 0.9 million 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 $2.72 billion of projects that are currently under construction.

Construction Spending

June 30, 2026

(Dollars in thousands)

Construction spending

Projected Guidance

Midpoint for Year Ending

December 31, 2026

Six Months Ended

June 30, 2026

Year Ended

December 31, 2025

Construction of Class A/A+ properties:

Active construction projects

Development and redevelopment under construction(1)

1,505,000

820,291

1,216,572

Future pipeline pre-construction

Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)

210,000

(2)

102,052

275,971

Revenue- and non-revenue-enhancing capital expenditures(3)

510,000

(4)

269,067

324,293

Construction spending (before contributions from noncontrolling interests or tenants)

2,225,000

1,191,410

1,816,836

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(100,000)

(5)

(38,325)

(193,936)

Tenant-funded and -built landlord improvements

(375,000)

(371,746)

(178,651)

Total construction spending

1,750,000

781,339

1,444,249

2026 guidance range for construction spending

$1,500,000 – $2,000,000

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction

Timing

Amount(5)

Second half of 2026

$62,000

2027 and beyond

42,000

Total

$104,000

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

(1)Includes smaller conversions to laboratory space through redevelopment.

(2)Approximately 70% 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 first major renovation in 16 years.

(5)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.

Capitalization of Interest

June 30, 2026

(Dollars in thousands)

Leased/

Negotiating

Average Real Estate Basis Capitalized

Key Categories of Real Estate Basis Capitalized

Six Months Ended

June 30, 2026

Weighted Average

Delivery/Milestone Date

Construction of Class A/A+ properties:

Development and redevelopment of projects under construction and repositioning projects:

2H26 stabilization

84%

$117,693

October 2026

2027–2028 stabilization

68%

799,738

October 2026

Evaluating business and financial strategy(1)

15%

1,243,636

January 2027

Repositioning and smaller redevelopment projects(2)

1,580,601

N/A

3,741,668

Land/future development projects with critical key pre-construction milestones through:

2026(3)

765,490

August 2026

2027(3)

719,619

May 2027

2028 and beyond(4)

1,312,919

N/A

2,798,028

Total average real estate basis capitalized, excluding projects delivered or no longer requiring capitalization of interest as of 2Q26

6,539,696

Average real estate basis of projects delivered in 1H26 or no longer requiring capitalization of interest as of 2Q26

403,475

May 2026

Total average real estate basis capitalized(5)

$6,943,171

Substantial Reduction in Land Drives Decrease in Average Real Estate Basis Capitalized

$8.1B

Development/Redevelopment

Under Construction and

Repositioning Projects

Land/Future Development

$6.9B

$3.4B – $4.9B

Average Real Estate Basis Capitalized

(1)Includes five projects aggregating 1.4 million RSF for which we are evaluating business and financial strategy. 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. If we choose not to pursue future construction or other activities, capitalized interest and other project costs may no

longer qualify for capitalization.

(2)These projects generally have shorter periods for which capitalization of interest is required and consist of a variety of projects related to our operating assets, including the executed leases aggregating 1.4 million RSF as of June 30, 2026

with future occupancy expected after completion of building and/or tenant improvements by November 2026 on a weighted-average basis. The average basis subject to capitalization for this category over the last eight quarters was $1.20

billion. Subject to market conditions, we expect the average real estate basis capitalized for this category to be closer to the historical eight-quarter average over the next few quarters as we deliver leased spaces, partially offset by new

leasing which may require construction.

(3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction. As

projects progress through these activities, 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 for

potential disposition.

(4)Includes future Megacampus development projects at Alexandria Center® for Advanced Technologies – Tanforan in our South San Francisco submarket and Alexandria Center® for Life Science – San Carlos in our San Carlos submarket,

which represent approximately 64% of the total average capitalized real estate basis with 2028 and beyond milestones during the six months ended June 30, 2026. These projects are located at transit-friendly sites with future access to

exceptional amenities.

(5)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, payroll, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities

necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total average real

estate basis subject to capitalization for 1H26.

Joint Venture Financial Information

June 30, 2026

Consolidated Real Estate Joint Ventures

Property

Market

Submarket

Noncontrolling

Interest Share

Operating RSF

at 100%

50 and 60 Binney Street

Greater Boston

Cambridge/Inner Suburbs

66.0%

532,395

75/125 Binney Street

Greater Boston

Cambridge/Inner Suburbs

60.0%

388,270

100 and 225 Binney Street and 300 Third Street

Greater Boston

Cambridge/Inner Suburbs

70.0%

870,641

15 Necco Street

Greater Boston

Seaport Innovation District

43.3%

345,996

3215 Merryfield Row

San Diego

Torrey Pines

70.0%

170,523

Campus Point by Alexandria(1)(2)

San Diego

University Town Center

41.8%

(3)

1,586,697

5200 Illumina Way

San Diego

University Town Center

49.0%

792,687

9625 Towne Centre Drive

San Diego

University Town Center

70.0%

171,001

SD Tech by Alexandria(1)(4)

San Diego

Sorrento Mesa

50.0%

1,051,752

Summers Ridge Science Park(5)

San Diego

Sorrento Mesa

70.0%

316,531

Alexandria Center® for Science and Technology – Mission Bay(6)

San Francisco Bay Area

Mission Bay

75.0%

551,845

211 and 213 East Grand Avenue

San Francisco Bay Area

South San Francisco

70.0%

300,930

500 Forbes Boulevard

San Francisco Bay Area

South San Francisco

90.0%

155,685

Alexandria Center® for Life Science – Millbrae

San Francisco Bay Area

South San Francisco

51.4%

285,346

1201 and 1208 Eastlake Avenue East

Seattle

Lake Union

70.0%

206,134

400 Dexter Avenue North

Seattle

Lake Union

70.0%

290,754

800 Mercer Street(1)

Seattle

Lake Union

40.0%

—

Unconsolidated Real Estate Joint Ventures

Property

Market

Submarket

Our Ownership

Operating RSF

at 100%

1655 and 1725 Third Street

San Francisco Bay Area

Mission Bay

10.0%

586,208

101 West Dickman Street

Maryland

Beltsville

58.4%

(7)

135,958

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)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%,

after which future capital would be contributed pro rata with our partner. Refer to “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.

Joint Venture Financial Information (continued)

June 30, 2026

(In thousands)

As of June 30, 2026

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

Investments in real estate

3,376,318

86,697

Cash, cash equivalents, and restricted cash

116,812

2,559

Other assets

401,550

10,406

Secured notes payable

—

(61,061)

Other liabilities

(273,298)

(9,691)

Redeemable noncontrolling interests

(9,119)

—

3,612,263

28,910

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

June 30, 2026

Three Months Ended

Six Months Ended

Three Months Ended

Six Months Ended

Total revenues

98,861

196,073

3,004

6,010

Rental operations

(32,953)

(63,630)

(961)

(2,152)

65,908

132,443

2,043

3,858

General and administrative

(661)

(1,283)

(2)

(24)

Interest

(107)

(170)

(975)

(2,001)

Depreciation and amortization of real estate assets

(31,518)

(60,991)

(805)

(1,719)

Gain on sale of interest of unconsolidated JV

—

152

Fixed returns allocated to redeemable noncontrolling interest(1)

192

539

—

33,814

70,538

413

266

Straight-line rent and below-market lease revenue

1,144

4,125

137

334

Funds from operations(2)

65,332

131,529

1,218

1,985

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.

Investments

June 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

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

June 30, 2026

Year Ended

December 31, 2025

Three Months Ended

Six Months Ended

Realized gains (losses):

Realized gains

$10,292

$28,490

$115,722

Impairment of non-real estate investments

(8,998)

(1)

(21,446)

(95,716)

Significant realized loss

—

(103,329)

1,294

7,044

(83,323)

Unrealized gains

131,933

(2)

121,601

(2)

26,980

(3)

Investment income (losses)

$133,227

$128,645

$(56,343)

June 30, 2026

December 31, 2025

Investments

Cost

Unrealized Gains

Unrealized Losses

Carrying Amount

Publicly traded companies

$86,268

$50,949

$(14,405)

$122,812

$94,928

Entities that report NAV

496,043

180,952

(40,937)

636,058

512,376

Entities that do not report NAV:

Entities with observable price changes

91,621

58,568

(11,210)

138,979

123,238

Entities without observable price changes

390,401

—

390,401

413,324

Investments accounted for under the equity method

N/A

397,445

357,383

June 30, 2026

$1,064,333

(4)

$290,469

$(66,552)

$1,685,695

$1,501,249

December 31, 2025

$1,010,488

$184,434

$(51,056)

$1,501,249

Public/Private Mix (Cost)

Tenant/Non-Tenant Mix (Cost)

17%

Tenant

Public

83%

Non-Tenant

94%

Private

(1)Primarily related to two non-real estate investments in privately held entities that do not report NAV.

(2)Primarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and six months ended June 30, 2026.

(3)Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025.

(4)Represents 2.6% of gross assets as of June 30, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Balance Sheet

June 30, 2026

ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE

BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT

LIQUIDITY

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2022(2)

$3.6B

95.7%

REMAINING DEBT TERM

(IN YEARS)

DEBT INTEREST

RATE

9.7

4.08%

Longest Among S&P 500 REITs(3)

4Q26 ANNUALIZED GUIDANCE

5.6x to 6.2x

3.6x to 4.1x

NET DEBT AND PREFERRED

STOCK TO ADJUSTED EBITDA

FIXED-CHARGE

COVERAGE RATIO

TOP 20%

CREDIT RATING RANKING AMONG

ALL PUBLICLY TRADED U.S. REITS(1)

BBB+

Negative

WEIGHTED AVERAGE

Baa2

Stable

As of June 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 June 30, 2026.

(2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through June 30, 2026.

(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026.

Key Credit Metrics

June 30, 2026

Liquidity

Limited Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$3.6B

(in millions)

Availability under our unsecured senior line of credit, net of amounts

outstanding under our commercial paper program

$3,003

Cash, cash equivalents, and restricted cash

475

Investments in publicly traded companies

123

Liquidity as of June 30, 2026

$3,601

Net Debt and Preferred Stock to Adjusted EBITDA(1)

Fixed-Charge Coverage Ratio(1)

5.6x to 6.2x

3.6x to 4.1x

Mid-5x Range

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

(1)Quarter annualized.

Summary of Debt

June 30, 2026

ALEXANDRIA’S 9.7-YEAR WEIGHTED-AVERAGE REMAINING DEBT TERM IS THE LONGEST

AMONG S&P 500 REITS AT ALMOST 2X THE AVERAGE DEBT TERM FOR THESE REITS

5.5 Years

Average Debt Term

of S&P 500 REITs

as of March 31, 2026

(1)

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026.

(1)Pro forma for the amended and restated unsecured senior line of credit expected to become effective in September 2026, our weighted-average remaining debt term would have been 10.0 years.

Summary of Debt (continued)

June 30, 2026

(Dollars in thousands)

Fixed-rate and variable-rate debt

Fixed-Rate

Debt

Variable-Rate

Debt

Total

Percentage

Weighted-Average

Interest Rate(1)

Remaining Term

(in years)

Unsecured senior notes payable

$10,818,366

$—

$10,818,366

84.4%

4.04%

10.9

Unsecured senior line of credit(2) and commercial

paper program(3)

—

1,994,508

15.6

4.27

3.6

(4)

Total/weighted average

$10,818,366

$1,994,508

$12,812,874

100.0%

4.08%

9.7

(4)

Percentage of total debt

84.4%

15.6%

100.0%

(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)As of June 30, 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+0.835%. As of June 30, 2026, we had $1.99 billion of commercial paper notes outstanding.

(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the

consolidated weighted-average maturity of our debt is 9.2 years. The commercial paper notes sold during the six months ended June 30, 2026 were issued at a weighted-average yield to maturity of 4.17% and had a weighted-

average maturity term of 15 days.

Average Debt Outstanding

Weighted-Average Interest Rate

June 30, 2026

Three Months Ended

Six Months Ended

Three Months Ended

Six Months Ended

Long-term fixed-rate debt

$10,943,589

$11,188,132

4.02%

3.98%

Short-term variable-rate unsecured senior line of credit and commercial paper

program debt

2,186,278

1,961,252

4.27

4.16

Blended-average interest rate

13,129,867

13,149,384

4.06

4.01

Loan fee amortization and annual facility fee related to unsecured senior line of

credit

N/A

0.14

0.13

Total/weighted average

$13,129,867

$13,149,384

4.20%

4.14%

Summary of Debt (continued)

June 30, 2026

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

June 30, 2026

Requirement

June 30, 2026

Total Debt to Total Assets

≤ 60%

32%

≤ 60.0%

35.5%

Secured Debt to Total Assets

≤ 40%

—%

≤ 45.0%

—%

Consolidated EBITDA to Interest Expense

≥ 1.5x

7.4x

≥ 1.50x

3.07x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

300%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

6.50x

(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to

the computation of EBITDA as described in Exchange Act Release No. 47226.

Unconsolidated real estate joint ventures’ debt

At 100%

Unconsolidated Joint Venture

Maturity Date

Stated Rate

Interest Rate(1)

Aggregate

Commitment

Debt Balance(2)

Our Share

101 West Dickman Street

10/29/26

(3)

SOFR+1.95%

(4)

5.68%

$26,750

$19,445

58.4%

1655 and 1725 Third Street

2/10/35

6.37%

6.44%

500,000

497,052

10.0%

$526,750

$516,497

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2026.

(3)The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. As of June 30, 2026, our investment in this unconsolidated real estate joint venture was $9.8 million.

(4)This loan is subject to a SOFR floor of 0.75%.

Summary of Debt (continued)

June 30, 2026

(Dollars in thousands)

Debt

Stated

Rate

Interest

Rate(1)

Maturity

Date(2)

Principal Payments Remaining for the Periods Ending December 31,

Principal

Unamortized

(Deferred

Financing

Cost),

(Discount)/

Premium

Total

2026

2027

2028

2029

2030

Thereafter

Unsecured senior line of credit and commercial

paper program(3)

(3)

4.27%

(3)

1/22/30

(3)

$—

$1,996,859

$—

$1,996,859

$(2,351)

$1,994,508

Unsecured senior notes payable

3.95%

4.13

1/15/27

—

350,000

—

350,000

(296)

349,704

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(675)

424,325

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

—

300,000

(693)

299,307

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

—

400,000

(1,449)

398,551

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

—

450,000

(1,501)

448,499

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

—

700,000

(3,555)

696,445

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(3,381)

746,619

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(5,579)

894,421

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(5,805)

994,195

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(6,096)

793,904

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(4,270)

495,730

Unsecured senior notes payable

5.50%

5.66

10/1/35

—

550,000

(6,007)

543,993

Unsecured senior notes payable

5.25%

5.41

3/15/36

—

750,000

(10,866)

739,134

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(3,595)

396,405

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,698)

297,302

Unsecured senior notes payable

4.00%

3.95

2/1/50

—

390,801

5,441

396,242

Unsecured senior notes payable

3.00%

3.16

5/18/51

—

352,398

(4,413)

347,985

Unsecured senior notes payable

3.55%

3.70

3/15/52

—

475,406

(6,180)

469,226

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,260)

492,740

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,361)

593,639

Unsecured debt weighted-average interest rate/

subtotal

4.08

—

350,000

425,000

700,000

3,146,859

8,268,605

12,890,464

(77,590)

12,812,874

Weighted-average interest rate/total

4.08%

$—

$350,000

$425,000

$700,000

$3,146,859

$8,268,605

$12,890,464

$(77,590)

$12,812,874

Balloon payments

$—

$350,000

$425,000

$700,000

$3,146,859

$8,268,605

$12,890,464

$—

$12,890,464

Principal amortization

—

(77,590)

Total debt

$—

$350,000

$425,000

$700,000

$3,146,859

$8,268,605

$12,890,464

$(77,590)

$12,812,874

Fixed-rate debt

$—

$350,000

$425,000

$700,000

$1,150,000

$8,268,605

$10,893,605

$(75,239)

$10,818,366

Variable-rate debt

—

1,996,859

—

1,996,859

(2,351)

1,994,508

Total debt

$—

$350,000

$425,000

$700,000

$3,146,859

$8,268,605

$12,890,464

$(77,590)

$12,812,874

Weighted-average stated rate on maturing debt

N/A

3.95%

3.50%

4.47%

3.84%

(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)Reflects any extension options that we control.

(3)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is

expected to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition,

the amendment reduces the applicable borrowing rate and eliminates the existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility fee of SOFR plus 0.725% and 0.15%, respectively, from the

currently applicable borrowing rate and facility fee of SOFR plus 0.835% and 0.14%, respectively. In connection with the amendment, we expect to recognize a loss on early extinguishment of debt of approximately $3.3 million related to the

partial write-off of unamortized loan fees in 3Q26.

Definitions and Reconciliations

June 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 thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Net (loss) income

$(38,969)

$398,377

$(995,354)

$(197,845)

$(62,189)

Interest expense

64,342

64,584

65,674

54,852

55,296

Income taxes

1,845

3,225

1,851

3,737

1,020

Depreciation and amortization

304,384

305,441

322,063

340,230

346,123

Stock compensation expense

10,146

11,032

8,232

10,293

12,530

(Gain) loss on early extinguishment of debt

—

(366,435)

—

107

—

Gain on sales of real estate

—

(619,914)

(9,366)

—

Unrealized (gains) losses on non-real estate

investments

(131,933)

10,332

(98,548)

(18,515)

21,938

Significant realized losses on non-real

estate investments

—

103,329

—

Impairment of real estate

222,470

5,499

1,717,188

323,870

129,606

Impairment of non-real estate investments

8,998

12,448

20,181

25,139

39,216

Decrease in provision for expected credit

losses on financial instruments

—

(341)

—

Adjusted EBITDA

$441,283

$444,503

$524,361

$532,502

$543,540

Total revenues

$662,784

$671,022

$754,414

$751,944

$762,040

Adjusted EBITDA margin

67%

66%

70%

71%

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.

Definitions and Reconciliations (continued)

June 30, 2026

Advanced technology

Advanced technology space serves tech office and non-life-science uses of real estate by

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 June 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 and debt premiums (discounts). Refer to the definition

of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable

financial measure calculated and presented in accordance with GAAP, to cash interest.

Class A/A+ properties and AAA locations

Class A/A+ properties are properties clustered in AAA locations that provide innovative

tenants with highly dynamic and collaborative environments that enhance their ability to successfully

recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These

properties are typically well-located, professionally managed, and well-maintained, offering a wide range

of amenities and featuring premium construction materials and finishes. Class A/A+ properties are

generally newer or have undergone substantial redevelopment and are generally expected to command

higher annual rental rates compared to other classes of similar properties. AAA locations are in close

proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is

important to note that our definition of property classification may not be directly comparable to other

equity REITs.

Credit ratings

Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of

June 30, 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.

Definitions and Reconciliations (continued)

June 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.

The following table reconciles interest expense, the most directly comparable financial

measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-

charge coverage ratio:

Three Months Ended

(Dollars in thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Adjusted EBITDA

$441,283

$444,503

$524,361

$532,502

$543,540

Interest expense

$64,342

$64,584

$65,674

$54,852

$55,296

Capitalized interest

73,717

69,973

81,845

86,091

82,423

Amortization of loan fees

(4,417)

(4,428)

(4,481)

(4,505)

(4,615)

Amortization of debt discounts

(352)

(320)

(327)

(325)

(335)

Cash interest and fixed charges

$133,290

$129,809

$142,711

$136,113

$132,769

Fixed-charge coverage ratio:

– quarter annualized

3.3x

3.4x

3.7x

3.9x

4.1x

– trailing 12 months

3.6x

3.8x

4.0x

4.1x

4.3x

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.

Definitions and Reconciliations (continued)

June 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:

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

June 30, 2026

(In thousands)

Three Months

Ended

Six Months

Ended

Three Months

Ended

Six Months

Ended

Net income

$33,814

$70,538

$413

$266

Depreciation and amortization of real

estate assets

31,518

60,991

805

1,719

Funds from operations

$65,332

$131,529

$1,218

$1,985

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Total assets

$34,632,226

$34,167,397

$34,081,835

$37,375,148

$37,623,629

Accumulated depreciation

6,648,143

6,393,658

6,127,525

6,416,745

6,146,378

Gross assets

$41,280,369

$40,561,055

$40,209,360

$43,791,893

$43,770,007

Incremental annual net operating income on development and redevelopment projects

Incremental annual net operating income represents the amount of net operating income, on

an annualized basis, expected to be realized upon a project being placed into service and achieving full

occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied

by the project’s total cost at completion.

Initial stabilized yield (unlevered)

Initial stabilized yield is calculated as the estimated amounts of net operating income at

stabilization divided by our investment in the property. For this calculation, we exclude any tenant-

funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized

yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment

projects are generally expected to increase over time due to contractual annual rent escalations. Our

estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion

represent our initial estimates at the commencement of the project. We expect to update this information

upon completion of the project, or sooner if there are significant changes to the expected project yields

or costs.

•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent

concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any

amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.

•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental

concessions, if any, have elapsed and our total cash investment in the property.

Definitions and Reconciliations (continued)

June 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 June 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 between

proceeds received upon

disposition and historical

cost

Publicly traded

companies

Fair value

Changes in fair

value

Privately held entities

without readily

determinable fair

values that:

Report NAV

Fair value, using NAV

as a practical

expedient

Changes in NAV, as

a practical expedient

to fair value

Do not report NAV

Cost, adjusted for

observable price

changes and

impairments(1)

Observable price

changes(1)

Impairments to reduce costs

to fair value, which result in

an adjusted cost basis and

the differences between

proceeds received upon

disposition and adjusted or

historical cost

Equity method

investments

Contributions,

adjusted for our share

of the investee’s

earnings or losses,

less distributions

received, reduced by

other-than-temporary

impairments

Our share of

unrealized gains or

losses reported by

the investee

Our share of realized gains

or losses reported by the

investee, and other-than-

temporary impairments

(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same

issuer. Observable price changes result from, among other things, equity transactions for the same issuer with

similar rights and obligations executed during the reporting period, including subsequent equity offerings or other

reported equity transactions related to the same issuer.

Investments in real estate

The following table reconciles our investments in real estate as of June 30, 2026:

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$35,774,038

Less: accumulated depreciation

(6,648,143)

Investments in real estate

$29,125,895

The following table presents our new Class A/A+ development and redevelopment pipeline,

excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental

revenue as of June 30, 2026:

(Dollars in thousands)

Book Value

Percentage of

Gross Assets

Projects under active construction

$2,716,588

Future development projects(1) and land parcels primarily located in

Megacampuses

3,729,608

Total Class A/A+ development and redevelopment pipeline, excluding

properties held for sale

6,446,196

Properties held for sale – land parcels

188,192

—

Total Class A/A+ development and redevelopment pipeline

$6,634,388

16%

(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 June 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:

Dev/

Redev

RSF of Lease Expirations Targeted for

Development and Redevelopment

Property/Submarket

2026

2027

Thereafter(1)

Total

Future projects:

446, 458, and 500 Arsenal Street/Cambridge/Inner

Suburbs

Dev

—

116,623

Campus Point by Alexandria/University Town Center

Dev

—

96,805

Sequence District by Alexandria/Sorrento Mesa

Dev/

Redev

—

457,013

1150 El Camino Real/South San Francisco

Dev

—

152,000

2100 Geng Road/Palo Alto

Dev

—

12,125

960 Industrial Road/San Carlos

Dev

—

112,590

Total

—

947,156

(1)Includes vacant square footage as of June 30, 2026.

Definitions and Reconciliations (continued)

June 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 June 30, 2026:

(Dollars in thousands)

Annual Rental

Revenue

Development and

Redevelopment

Pipeline RSF

Megacampus

$1,444,106

16,828,718

Core and non-core

363,742

4,421,866

Total

$1,807,848

21,250,584

Megacampus as a percentage of annual rental revenue and

of total development and redevelopment pipeline RSF

80%

79%

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:

Six Months Ended

(in thousands)

6/30/26

6/30/25

Net cash provided by operating activities

$533,592

$668,190

Decreases in operating assets and liabilities

166,799

203,101

Common stock dividends paid

(247,594)

(457,217)

Distributions to noncontrolling interests

(111,860)

(123,618)

Net cash provided by operating activities, as adjusted

$340,937

$290,456

Definitions and Reconciliations (continued)

June 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 unsecured senior and secured 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. Refer to the definition

of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted

EBITDA.

The following table reconciles debt to net debt and preferred stock and computes the ratio to

Adjusted EBITDA:

(Dollars in thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Secured notes payable

$—

$153,500

Unsecured senior notes payable

10,818,366

11,166,009

12,047,394

12,044,999

12,042,607

Unsecured senior line of credit and

commercial paper

1,994,508

1,353,986

353,161

1,548,542

1,097,993

Unamortized deferred financing costs

67,066

69,071

74,314

76,383

78,574

Cash and cash equivalents

(470,449)

(418,720)

(549,062)

(579,474)

(520,545)

Restricted cash

(4,690)

(4,665)

(4,693)

(4,705)

(7,403)

Preferred stock

—

Net debt and preferred stock

$12,404,801

$12,165,681

$11,921,114

$13,085,745

$12,844,726

Adjusted EBITDA:

– quarter annualized

$1,765,132

$1,778,012

$2,097,444

$2,130,008

$2,174,160

– trailing 12 months

$1,942,649

$2,044,906

$2,141,811

$2,185,820

$2,208,226

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

7.0x

6.8x

5.7x

6.1x

5.9x

– trailing 12 months

6.4x

5.9x

5.6x

6.0x

5.8x

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 Ended

Six Months Ended

(Dollars in thousands)

6/30/26

6/30/25

6/30/26

6/30/25

Net (loss) income

$(38,969)

$(62,189)

$359,408

$(23,527)

Equity in (earnings) losses of unconsolidated real

estate joint ventures

(413)

9,021

(266)

9,528

General and administrative expenses

36,861

29,128

71,546

59,803

Interest expense

64,342

55,296

128,926

106,172

Depreciation and amortization

304,384

346,123

609,825

688,185

Impairment of real estate

222,470

129,606

227,969

161,760

Gain on early extinguishment of debt

—

(366,435)

—

Gain on sales of real estate

—

(13,165)

Investment (income) loss

(133,227)

30,622

(128,645)

80,614

Net operating income

455,448

537,607

902,328

1,069,370

Straight-line rent revenue

(901)

(18,536)

(18,763)

(40,559)

Amortization of deferred revenue related to tenant-

funded and -built landlord improvements

(7,484)

(2,401)

(12,889)

(4,052)

Amortization of acquired below-market leases

(8,381)

(10,196)

(13,996)

(25,418)

Provision for expected credit losses on financial

instruments

—

285

Net operating income (cash basis)

$438,682

$506,474

$856,680

$999,626

Net operating income (cash basis) – annualized

$1,754,728

$2,025,896

$1,713,360

$1,999,252

Net operating income (from above)

$455,448

$537,607

$902,328

$1,069,370

Total revenues

$662,784

$762,040

$1,333,806

$1,520,198

Operating margin

69%

71%

68%

70%

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.

Definitions and Reconciliations (continued)

June 30, 2026

Net operating income, net operating income (cash basis), and operating margin (continued)

Furthermore, we believe net operating income is useful to investors as a performance

measure of our consolidated properties because, when compared across periods, net operating income

reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not

immediately apparent from net income or loss. Net operating income can be used to measure the initial

stabilized yields of our properties by calculating net operating income generated by a property divided by

our investment in the property. Net operating income excludes certain components from net income in

order to provide results that are more closely related to the results of operations of our properties. For

example, interest expense is not necessarily linked to the operating performance of a real estate asset

and is often incurred at the corporate level rather than at the property level. In addition, depreciation and

amortization, because of historical cost accounting and useful life estimates, may distort comparability of

operating performance at the property level. Impairments of real estate have been excluded in deriving

net operating income because we do not consider impairments of real estate to be property-level

operating expenses. Impairments of real estate relate to changes in the values of our assets and do not

reflect the current operating performance with respect to related revenues or expenses. Our

impairments of real estate represent the write-down in the value of the assets to the estimated fair value

less cost to sell. These impairments result from investing decisions or a deterioration in market

conditions. We also exclude realized and unrealized investment gain or loss, which results from

investment decisions that occur at the corporate level related to non-real estate investments in publicly

traded companies and certain privately held entities. Therefore, we do not consider these activities to be

an indication of operating performance of our real estate assets at the property level. Our calculation of

net operating income also excludes charges incurred from changes in certain financing decisions, such

as losses on early extinguishment of debt and changes in provision for expected credit losses on

financial instruments, as these charges often relate to corporate strategy. Property operating expenses

included in determining net operating income primarily consist of costs that are related to our operating

properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;

contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and

property-level salaries. General and administrative expenses consist primarily of accounting and

corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as

part of corporate office management. We calculate operating margin as net operating income divided by

total revenues.

We believe that, 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.

Definitions and Reconciliations (continued)

June 30, 2026

Same property comparisons (continued)

The following table reconciles the number of same properties to total properties for the six

months ended June 30, 2026:

Development and redevelopment – under construction

Properties

99 Coolidge Avenue

1450 Owens Street

421 Park Drive

701 Dexter Avenue North

10200 Campus Point Drive

40, 50, and 60 Sylvan Road

269 East Grand Avenue

8800 Technology Forest Place

311 Arsenal Street

3000 Minuteman Road

Development – placed into service after January 1, 2025

230 Harriet Tubman Way

500 North Beacon Street and 4 Kingsbury Avenue

10935, 10945, and 10955 Alexandria Way

10075 Barnes Canyon Road

4135 Campus Point Court

Acquisitions after January 1, 2025

Other

Unconsolidated real estate JVs

Properties held for sale

Total properties excluded from same properties

Same properties

288

Total properties as of June 30, 2026

336

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 Months Ended

Six Months Ended

(In thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Income from rentals

$643,210

$653,013

$728,872

$735,849

$737,279

$1,296,223

$1,480,454

Rental revenues

(486,589)

(474,786)

(538,330)

(541,070)

(553,377)

(961,375)

(1,105,489)

Tenant recoveries

$156,621

$178,227

$190,542

$194,779

$183,902

$334,848

$374,965

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.

Definitions and Reconciliations (continued)

June 30, 2026

Unencumbered net operating income as a percentage of total net operating income

Unencumbered net operating income as a percentage of total net operating income is a non-

GAAP financial measure that we believe is useful to investors as a performance measure of the results

of operations of our unencumbered real estate assets as it reflects those income and expense items that

are incurred at the unencumbered property level. Unencumbered net operating income is derived from

assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or

other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total

net operating income:

Three Months Ended

(Dollars in thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Unencumbered net operating income

$455,448

$446,880

$521,871

$512,710

$535,766

Encumbered net operating income

—

1,841

Total net operating income

$455,448

$446,880

$521,871

$512,710

$537,607

Unencumbered net operating income as a

percentage of total net operating income

100.0%

99.7%

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.

Three Months Ended

Six Months Ended

(In thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Basic shares for earnings per

170,718

170,598

170,394

170,181

170,135

170,658

170,328

Unvested RSAs with

forfeitable dividends

—

269

—

382

—

Diluted shares for earnings

per share

170,718

170,867

170,394

170,181

170,135

171,040

170,328

Basic shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,718

170,598

170,394

170,181

170,135

170,658

170,328

Unvested RSAs with

forfeitable dividends

492

269

110

124

382

Diluted shares for funds from

operations per share and

funds from operations per

share, as adjusted

171,210

170,867

170,504

170,305

170,192

171,040

170,390

Weighted-average unvested

RSAs with nonforfeitable

dividends used in

calculating the allocations

of net income, funds from

operations, and funds from

operations, as adjusted

1,276

1,340

1,570

1,917

1,998

1,308

2,025

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v3.26.1

Cover Page

Aug. 03, 2026

Cover [Abstract]

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Entity Central Index Key

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Document Type

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Document Period End Date

Aug. 03, 2026

Entity Registrant Name

ALEXANDRIA REAL ESTATE EQUITIES, INC.

Entity Incorporation, State or Country Code

Entity File Number

1-12993

Entity Tax Identification Number

95-4502084

Entity Address, Address Line One

26 North Euclid Avenue

Entity Address, City or Town

Pasadena

Entity Address, State or Province

Entity Address, Postal Zip Code

91101

City Area Code

626

Local Phone Number

578-0777

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Title of 12(b) Security

Common Stock, $0.01 par value per share

Trading Symbol

ARE

Security Exchange Name

NYSE

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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