Form 8-K

8-K — ALEXANDRIA REAL ESTATE EQUITIES, INC.

Accession: 0001035443-26-000077

Filed: 2026-10-26

Period: 2026-10-26

CIK: 0001035443

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — are-20261026.htm (Primary)

EX-99.1 (a3q26ex991supp.htm)

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8-K

8-K (Primary)

Filename: are-20261026.htm · Sequence: 1

are-20261026

0001035443false00010354432026-10-262026-10-26

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): October 26, 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 October 26, 2026, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Third Quarter Ended September 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 Third Quarter Ended September 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.

October 26, 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: a3q26ex991supp.htm · Sequence: 2

3Q26 EX 99.1 SUPP

Table of Contents

September 30, 2026

COMPANY HIGHLIGHTS

Page

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

iii

EARNINGS PRESS RELEASE

Third Quarter Ended September 30, 2026 Financial and

Operating Results ................................................................................

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

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

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

Dispositions and Sales of Partial Interests ..........................................

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, October 27, 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’S

MEGACAMPUS™

PLATFORM REPRESENTS

80%

OF OUR ANNUAL

RENTAL REVENUE

ALEXANDRIA:

MISSION–DRIVEN COMPANY &

THE MOST TRUSTED BRAND IN

LIFE SCIENCE REAL ESTATE

WE INVENTED IT. WE DOMINATE IT.

HIGHEST-QUALITY AND LARGEST ASSET BASE

CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES

IN THE KEY CENTERS OF LIFE SCIENCE AND

ADVANCED 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

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

(1)Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025.

(2)Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.”

(3)Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Represents the latest published data, which reflects the U.S. estimate for 2022.

(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to lack of collection during the COVID-19 pandemic.

(5)Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.

vii

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

Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have not previously been approved by the FDA.

viii

AI SUPPORTS – BUT DOES NOT REPLACE –

PHYSICAL EXPERIMENTATION DONE IN A LAB

AI’s Impact on Drug Discovery is Constrained

By The Complexity of Human Biology

ALEXANDRIA’S PATH FORWARD

Maintain a Strong and

Flexible Balance Sheet,

Significant Liquidity, and

Targeted Leverage

Steadily Improve Occupancy

and Increase NOI, Focusing

on Leasing to All Sectors of

Our Tenant Base

Reduce Capital Spend and

Funding Needs while

Prioritizing Capital

Necessary to Lease Space

Execute on Cost-Efficient

Sources of Capital, Including

Land and Non-Core

Dispositions, Sales of Partial

Interests, and Other Capital

to Support Our Leverage

Ratio Targets

Continue to Successfully

Manage G&A

Maintain Optionality for

Future Growth Focused on

MegacampusTM Investment

Consider Flexible and

Opportunistic Share Buyback

Plan

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 while maintaining $4.6B in liquidity

SIGNIFICANT

LIQUIDITY

PERCENTAGE OF FIXED-RATE

DEBT SINCE 2022(2)

$4.6B

95.5%

REMAINING DEBT TERM

(IN YEARS)(3)

DEBT INTEREST

RATE

11.6

4.33%

Longest Among S&P 500 REITs(4)

4Q26 ANNUALIZED GUIDANCE

5.6x to 6.2x

3.4x to 3.9x

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 September 30, 2026, unless stated otherwise. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Top 20% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of September 30, 2026.

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

(3)Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.

(4)Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026, except for ARE, which is as of September 30, 2026.

ALEXANDRIA HAS THE LONGEST DEBT MATURITY PROFILE AMONG

S&P 500 REITS: WEIGHTED-AVERAGE REMAINING DEBT TERM OF 11.6 YEARS(1)

TOTAL

DEBT

28%

OF TOTAL DEBT

(2)

(1)

No Maturities

2037–2048

Unsecured senior notes payable

Unsecured senior line of credit and

commercial paper(2)

Junior subordinated notes payable(1)

Debt Maturities by Year

($ in millions)

As of September 30, 2026, unless stated otherwise.

(1)Reflects our junior subordinated notes payable due in 2057. We may redeem these notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032,

and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.

(2)Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for additional details.

xii

ALEXANDRIA’S 11.6-YEAR(1) WEIGHTED-AVERAGE REMAINING DEBT TERM

IS THE LONGEST AMONG S&P 500 REITS AND EXCEEDS 2X THE AVERAGE

DEBT TERM FOR THESE REITS

5.4 Years

Average Debt Term

of other S&P 500 REITs

as of June 30, 2026

WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)

Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings. S&P 500 REIT peer group constituents and peer data are as of June 30, 2026, except for ARE, which is as of September 30, 2026.

(1)Our junior subordinated notes payable have a 30-year maturity. We can redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032,

xiii

2026 SOURCES OF CAPITAL: $1.9B(1) TRANSACTIONS

Excludes $1.0B of Junior

Subordinated Notes Completed

$717M

$355M

(1)

~$2.6B

Completed

& Pending

$1.9B

Guidance

Midpoint

$1.55B

Completed & Pending is More Than Required Which May

Allow Us to Defer Some Proceeds Into 2027(2)

Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details. The status of completed and pending transactions is as of October 26, 2026.

(1)Based on the midpoint of our 2026 guidance range for dispositions and sales of partial interests. The amount has been updated to reflect the $1.0 billion junior subordinated note offering. Actual results may differ significantly.

(2)Refer to “Key sources and uses of capital” under “2026 Guidance” in the Earnings Press Release for additional details.

xiv

ALEXANDRIA’S CONTINUED FOCUS ON REDUCING CAPITAL SPEND AND

FUNDING NEEDS WHILE PRIORITIZING CAPITAL NECESSARY TO LEASE SPACE

ALEXANDRIA CENTER® FOR LIFE SCIENCE – FENWAY | 421 PARK DRIVE

~$136 MILLION REDUCTION IN FUTURE

CONSTRUCTION SPEND THROUGH EXPECTED SALE TO

AN INSTITUTIONAL USER

339,668 RSF; anticipated closing in 4Q26

THE ARSENAL ON THE CHARLES | 311 ARSENAL STREET

~$220 MILLION REDUCTION IN FUTURE

CONSTRUCTION SPEND THROUGH PIVOT TO LOWER-

COST ADVANCED TECHNOLOGY USE

339,020 RSF project; 66,859 RSF leased and 100,684 RSF under

negotiation

As of October 26, 2026.

SUBSTANTIAL REDUCTION IN LAND AND DEVELOPMENT AND REDEVELOPMENT DRIVES

DECREASE IN AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST

AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST

($ IN BILLIONS)

$8.1B

$7.0B

$6.9B

Development/

Redevelopment

Under Construction

and Repositioning

Projects

Land/Future

Development

$5.9B(1)

$3.4B – $4.9B

(2)

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

prepare a project for its intended use, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximately 2% of the total average real estate basis subject to capitalization for 3Q26.

(2)The decrease in average real estate basis from 3Q26 to 4Q26 primarily reflects the cessation of capitalization for projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life

Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus during 3Q26. Refer to “Capitalization of interest” in the

Supplemental Information for additional detail.

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%

Development/

Redevelopment

Under

Construction

Land/Future

Development

9% to 11%

11% to 16%

12%

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

(1)Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026, compared with approximately 1% as of December 31,

2025 and 2024.

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

xvii

FOCUS ON STEADY IMPROVEMENT IN

OCCUPANCY AND NOI

+3.7% future benefit to occupancy from 1.3 million RSF of leased space not yet

occupied as of 3Q26(1)

FOCUS ON

INCREASING

OCCUPANCY and

CASH FLOWS through

LEASING

BEST ASSETS in the

BEST LOCATIONS

BEST LEASING

TEAMS

SECTOR-FOCUSED

LEASING TEAMS

WITH DEEP TENANT

RELATIONSHIPS

THE ALEXANDRIA

MEGACAMPUSES™

(1)Represents 1.3 million RSF of leases executed but not occupied as of September 30, 2026, with a weighted-average future expected occupancy date of approximately June 2027. These leases are expected to generate annual

rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be delivered by December 31, 2026.

xviii

3Q26 TOTAL LEASING VOLUME EXCEEDS 1.2M RSF

AND EXCEEDS 1Q25–2Q26 AVERAGE DRIVEN BY

STRONG LEASING OF VACANT SPACE

Largest Total Quarterly Volume Since 4Q24

SUBSTANTIAL TOTAL

LEASING VOLUME

IN 3Q26

1.2M RSF

LEASED IN 3Q26

+256K RSF

ABOVE 1Q25–2Q26

AVERAGE

UP 26%

980 RSF

1Q25–2Q26

AVERAGE

QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS)

xix

TENANTS CONTINUE TO MAKE LONG-TERM LEASE COMMITMENTS

WITH ALEXANDRIA

YTD 3Q26 leases executed at a 10.9-year weighted-average term

WEIGHTED-AVERAGE TERM

OF LEASES SIGNED IN

YTD 3Q26

10.9 YEARS

ONE OF THE LONGEST

LEASE TERMS IN

A DECADE

21%

ABOVE 2017–2025

AVERAGE LEASE TERM

OF 9.0 YEARS

9.0 Years

2017–2025

AVERAGE

WEIGHTED AVERAGE LEASE TERMS (IN YEARS)

SOLID 3Q26 LEASING VOLUME DRIVEN BY STRONG LEASING

OF VACANT SPACE

Second-Highest Quarterly Leasing of Previously Vacant Space in Company History in 3Q26

1,250

1,236

1,039

647

(1)

Renewals & 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 4Q26 leasing volume is an estimate based on our current assessment of a range of potential leasing outcomes, subject to ongoing negotiations. These assumptions are inherently uncertain, and some or all of the

contemplated transactions may not be executed by December 31, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” in the Earnings Press Release for

additional details.

xxi

ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS

74% of our leasing activity during the last twelve months was generated from our existing tenant base

(1)

(2)

(3)

(4)

3Q26 Leasing Volume by Tenant Type

(% of 3Q26 Total RSF Leased)

Percentage of Alexandria’s Annual Rental Revenue

(as of September 30, 2026)

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including the definition of annual rental revenue.

(1)Includes one 20-year lease to a non-life science tenant in our Research Triangle market.

(2)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants.

(3)89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(4)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

xxii

ALEXANDRIA’S OCCUPANCY PERFORMANCE IN ITS TOP 3 MARKETS

HAS SIGNIFICANTLY EXCEEDED OVERALL MARKET

OCCUPANCY AS OF 3Q26

(1)

81.0%

75.3%

570

bps

89.7%

77.6%

1,210

bps

87.1%

74.7%

1,240

bps

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

xxiii

CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES

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

7.5%

14.3%

Alexandria

3Q26(1)

S&P 500 REIT(2)

Average 2023–2025

(excluding Alexandria)

GENERAL AND ADMINISTRATIVE EXPENSES AS A

PERCENTAGE OF NET OPERATING INCOME(3)

(1)Trailing twelve months ended September 30, 2026.

(2)Source for S&P 500 REIT data: S&P Global Market Intelligence.

(3)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. Reports

3Q26 and YTD 3Q26 Net Loss per Share – Diluted of $3.74 and $2.06, respectively, and

3Q26 and YTD 3Q26 FFO per Share – Diluted, as Adjusted, of $1.54 and $5.00, respectively

PASADENA, Calif. – October 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the third quarter ended September 30, 2026.

KEY HIGHLIGHTS

Operating results

3Q26

3Q25

YTD 3Q26

YTD 3Q25

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

In millions

$(638.5)

(1)

$(234.9)

$(351.4)

$(356.1)

Per share

$(3.74)

$(1.38)

$(2.06)

$(2.09)

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

In millions

$264.4

$377.8

$856.5

$1,166.3

Per share

$1.54

$2.22

$5.00

$6.85

(1)Includes $637.9 million of real estate impairment charges related to assets held for sale for 3Q26. Refer to

“Funds from operations and funds from operations per share” in the Earnings Press Release for details.

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

long lease terms

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

Occupancy of operating properties

87.1%

Occupancy of operating properties, including executed leases with future occupancy

90.8%

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

66%

Adjusted EBITDA margin

65%

Percentage of leases containing annual rent escalations

97%

Weighted-average remaining lease term:

All tenants

7.7

years

Top 20 tenants

10.0

years

Strong 3Q26 tenant collections:

3Q26 rents and receivables collected as of October 26, 2026

99.9%

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 9/30/26)

•$21.01 billion in total market capitalization and $8.11 billion in total equity capitalization.

•Net debt and preferred stock to Adjusted EBITDA:

•4Q26 annualized target: 5.6x–6.2x.

•3Q26 annualized: 6.9x; 6.6x on a pro forma basis reflecting the October 2026 closing of the

sale of our partial interest in the Campus Point by Alexandria joint venture.

•Significant liquidity of $4.56 billion and closed extension of our $5.0 billion unsecured senior

line of credit to 2032.

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

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

•Total debt and preferred stock, as adjusted, to gross assets of 30%.

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

Solid 3Q26 total leasing volume exceeding 1.2 million RSF; highest total quarterly volume

since 4Q24

•3Q26 total leasing volume surpassed 1.2 million RSF, exceeding the 1Q25–2Q26 quarterly

average of 979,822 RSF by approximately 256,000 RSF, and representing the highest

quarterly volume since 4Q24.

•Includes 450,961 RSF of leasing of previously vacant space, the second-highest quarterly

amount in company history.

•74% of our leasing activity during the last twelve months was generated from our existing

tenant base.

Leasing Volume in RSF:

3Q26

2Q26

1Q26

YTD 3Q26

Leasing of previously vacant space

450,961

329,148

148,734

928,843

Leasing of development and

redevelopment space

—

68,771

117,935

186,706

450,961

397,919

266,669

1,115,549

Lease renewals and re-leasing of space

785,069

640,998

380,687

1,806,754

Total leasing volume

1,236,030

1,038,917

647,356

2,922,303

Lease renewals and re-leasing of space:

Rental rate changes

(2.4)%

(0.7)%

(15.0)%

(5.1)%

Rental rate changes (cash basis)

(3.3)%

(4.3)%

(15.8)%

(6.9)%

Ongoing execution of Alexandria’s capital recycling strategy

We plan to continue funding a significant portion of our capital requirements for the year ending

December 31, 2026 through dispositions of land, non-core dispositions, and sales of partial

interests. In October 2026, we completed the sale of an approximately 29% noncontrolling

interest in Campus Point by Alexandria Megacampus for $475.0 million to a new joint venture

partner.

Sources of capital: transactions

Sales Price

(dollars in millions)

Non-core and land dispositions

$242

Sales of partial interests

475

Completed as of October 26, 2026

717

Pending transactions subject to:

Non-refundable deposits

355

Signed letters of intent and/or purchase and sale agreement late-stage negotiations

1,548

2,620

Proceeds from dispositions and sales of partial interests in excess of 2026 guidance

midpoint which may be deferred into 2027

(720)

2026 guidance midpoint for dispositions and sales of partial interests

$1,900

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

Third Quarter Ended September 30, 2026 Financial and Operating Results (continued)

September 30, 2026

Occupancy of operating properties and leasing progress

Occupancy of operating properties as of June 30, 2026

86.9%

Key changes to occupancy of operating properties:

Reclassification of 339,020 RSF at 311 Arsenal Street from redevelopment to

operating in 3Q26, including 167,543 RSF of executed leases and leases under

negotiation for space not yet delivered

(0.9)

(1)

Reclassification of held-for-sale properties with vacancy

0.6

Net increase in occupancy primarily due to lease commencements during 3Q26

0.5

Occupancy of operating properties as of September 30, 2026

87.1

Vacant operating space with executed leases and future occupancy

3.7

(2)

Occupancy of operating properties as of September 30, 2026, including executed

leases with future occupancy

90.8%

(1)Refer to “Resolution of certain construction projects under evaluation and reduction of capital spend and

funding needs” in this Earnings Press Release for additional details.

(2)Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy

expected upon completion of building and/or tenant improvements. The weighted-average expected

occupancy date is approximately June 2027, with expected annual rental revenue of approximately $52

million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. The RSF presented

excludes 686 thousand RSF of pre-leased space related to development and redevelopment projects under

construction with future delivery. Refer to “New Class A/A+ development and redevelopment properties: under

construction” in the Supplemental Information for additional details.

KEY OPERATING METRICS

Operating metrics

3Q26

YTD 3Q26

Same property performance:

Net operating income changes

(6.7)%

(1)

(9.2)%

(1)

Net operating income changes (cash basis)

(2.8)%

(1)

(8.4)%

(1)

Occupancy – current-period average

88.1%

88.6%

Occupancy – same-period prior-year average

91.7%

92.8%

Refer to “Same property comparisons” and “Net operating income” under “Definitions and reconciliations” in the

Supplemental Information for additional details and their respective reconciliations from the most directly comparable

financial measures presented in accordance with GAAP.

(1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key

lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26,

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

Resolution of certain construction projects under evaluation and reduction of capital

spend and funding needs

•We entered into a purchase and sale agreement with an institutional user for the sale of 421

Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus, aggregating

339,668 RSF, which represents substantially all of our development project at this location.

The disposition is expected to generate significant sales proceeds and to reduce future

potential construction spend by approximately $136 million, with closing anticipated in 4Q26.

Resolution of certain construction projects under evaluation and reduction of capital

spend and funding needs (continued)

•We have executed leases of 66,859 RSF and have additional leases under negotiation of

100,684 RSF for advanced technology use at our project at 311 Arsenal Street on The

Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment

project to a lower-cost advanced technology use, reducing future potential construction spend

by approximately $220 million. As a result of this leasing progress, the entire project

aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26.

•We continue to evaluate the business and financial strategy for three remaining projects

aggregating 667,002 RSF, including options that could further reduce future construction

funding requirements.

•Non-income-producing assets for 3Q26 are 12% of gross assets, a reduction of 800 bps

since 4Q24.

Alexandria’s development and redevelopment pipeline delivered incremental annual net

operating income of $40 million during 3Q26, with an additional $85 million expected from

projects to be delivered by 4Q28

•During 3Q26, we placed into service 529,061 RSF of development and redevelopment

projects across multiple submarkets. The projects were 84% occupied at delivery and

generated incremental annual net operating income aggregating $40 million. 3Q26 key

deliveries included:

•198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria

Center® for Life Science – Waltham Megacampus.

•174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown.

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

increase by $67 million upon the burn-off of initial free rent, which has a weighted-average

remaining period of approximately four months.

•80% of the RSF in our total development and redevelopment pipeline is within our

Megacampus ecosystems.

Development and Redevelopment

Projects

Incremental

Annual Net

Operating Income

RSF

Occupied/

Leased/

Negotiating

Percentage

(dollars in millions)

Placed into service:

1H26

$58

532,219

91%

3Q26

529,061

Placed into service in YTD 3Q26

$98

(1)

1,061,280

87%

Expected to be placed into service:(2)

2027

$24

905,582

77%

2028

$85

(1)Excludes future incremental annual net operating income from spaces placed into service that were vacant

and/or unleased at delivery.

(2)Excludes 667,002 RSF of redevelopment projects currently under evaluation.

Third Quarter Ended September 30, 2026 Financial and Operating Results (continued)

September 30, 2026

Continued successful management of general and administrative expenses

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

expenses represented 7.5% of net operating income, nearly half the average of other S&P

500 REITs for 2023–2025.

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

and administrative expense savings for the two-year period 2025 and 2026 (based on the

midpoint of our 2026 guidance range). Some of the cost savings in 2025 were temporary, and

approximately half of the cost reductions achieved in 2025 are expected to continue in 2026

(based on the midpoint of our 2026 guidance range).

Key capital events

•In August 2026, we completed a public offering of $1.00 billion aggregate principal amount

of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057. The notes

will initially bear interest at 7.250% per year through, but excluding, February 15, 2032.

Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate

plus 2.889%, subject to a minimum interest rate of 7.250%. We may elect to defer interest

payments for up to five consecutive years, subject to the terms of the notes, including

certain restrictions on paying dividends and repurchasing equity. We may also redeem at

100% of principal plus accrued and unpaid interest during the period beginning

November 17, 2031 and ending on February 15, 2032, and thereafter on any interest

payment date. This issuance supports our liquidity, capital structure, and deleveraging

objectives while receiving 50% equity treatment from key rating agencies for purposes of the

computations of leverage, fixed charges, and other credit metrics.

•In September 2026, we closed our amended and restated $5.0 billion unsecured senior line

of credit which, among other changes, extended the maturity date from January 22, 2030 to

January 22, 2032, including extension options that we control. The amendment also reduced

the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. In connection

with the amendment, we recognized a loss on early extinguishment of debt of approximately

$3.3 million related to the partial write-off of unamortized loan fees.

•Under our common stock repurchase program authorized in December 2025, we may

repurchase up to $500.0 million of our common stock through December 31, 2026. As of

September 30, 2026, no shares have been repurchased under this program and $500.0

million remains available for future share repurchases.

Dividend strategy to share net cash flows from operating activities with stockholders

while retaining a significant portion for reinvestment

•Common stock dividend declared of $0.72 per share for 3Q26, consistent with the preceding

quarter. The declared dividend per common share reflects our commitment to maintaining the

strength of our balance sheet, enhancing financial flexibility, supporting liquidity, and sharing

cash flows with our stockholders.

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

aggregating $2.55 billion for the years ended December 31, 2022 through 2025 and the

midpoint of our 2026 guidance range.

•Dividend yield of 6.1% as of September 30, 2026 and dividend payout ratio of 47% for the

three months ended September 30, 2026.

Investments

•As of September 30, 2026:

•Our non-real estate investments aggregated $1.74 billion.

•Unrealized gains presented in our consolidated balance sheet were $243.9 million,

comprising gross unrealized gains and losses aggregating $322.4 million and $78.5 million,

respectively.

•Investment income of $24.0 million for 3Q26, presented in our consolidated statement of

operations, consisted of $16.0 million of realized gains, $21.6 million of unrealized gains, and

$13.6 million of impairment charges.

2026 Guidance

September 30, 2026

(Dollars in millions, except per share amounts)

Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will

not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of “forward-looking statements” on page 9 of the

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

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

As of 10/26/26

As of 8/3/26

Key Changes

Funds from operations per share, as adjusted(1)

$6.38 to $6.42

$6.35 to $6.45

No change to the midpoint,

range narrowed by 6 cents

Midpoint

$6.40

Key Credit Metrics Targets

As of 10/26/26

As of 8/3/26

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

3.4x to 3.9x

3.6x to 4.1x

0.2x reduction(2)

As of 10/26/26

As of 8/3/26

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 and sales of partial interests

1,100

2,700

1,900

(3)

2,900

Total sources of capital

$1,575

$3,275

$2,425

$3,425

Uses of capital:

Construction(4)

$1,500

$2,000

$1,750

Reduction in unsecured debt

1,275

675

See below

1,675

Total uses of capital

$1,575

$3,275

$2,425

$3,425

Reduction in unsecured 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)

Issuance of junior subordinated notes payable(3)

(1,000)

$(1,000)

—

Unsecured senior line of credit, commercial paper, and other

223

1,423

823

Reduction in unsecured debt

$75

$1,275

$675

$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)Reduction primarily reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, as further discussed in footnote 3 below.

(3)In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, allowing us to reduce the midpoint of our 2026 dispositions and sales of partial interests guidance by $1.0 billion. The

proceeds from this issuance support our capital structure and deleveraging objectives, and the notes receive 50% equity treatment from key rating agencies for the computation of key credit metrics. Refer to the Earnings Press Release in

the Supplemental Information for additional details. We do not anticipate the issuance of any common equity during 2026. As of October 26, 2026, completed dispositions and sales of partial interests aggregated $716.8 million, our share of

pending dispositions and sales of partial interests subject to non-refundable deposits aggregated $355.4 million and signed letters of intent and/or purchase and sale agreement late-stage negotiations aggregated $1.55 billion. These

transactions aggregate approximately $2.62 billion, exceeding the $1.90 billion midpoint of our 2026 guidance and potentially providing advanced funding of our 2027 capital needs, whereby certain dispositions and sales of partial interests

may be completed in 2026 with proceeds deferred or available to be drawn in 2027, subject to timing and market conditions.

(4)We continue to apply a disciplined approach to reduce construction spending for 2027 and seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on: (i) revenue- and non-

revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is already leased or under lease negotiations, in order to support the leasing of

vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77%

leased/negotiating.

2026 Guidance (continued)

September 30, 2026

(Dollars in millions)

As of 10/26/26

As of 8/3/26

Key Changes

to Midpoint

Key Assumptions

Low

High

Low

High

Occupancy of operating properties as of December 31, 2026

86.2%

87.8%

86.2%

87.8%

No Change

Same property performance:

Net operating income changes

(10.5)%

(8.5)%

(10.5)%

(8.5)%

Net operating income changes (cash basis)

(10.5)%

(8.5)%

(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

$40

$70

$45

$75

$5 million reduction(1)

General and administrative expenses

$134

$154

$134

$154

No Change

Capitalization of interest

$220

$260

$220

$260

Interest expense

$260

$300

$260

$300

No Change(2)

Realized gains on non-real estate investments(3)

$50

$80

$60

$90

$10 million reduction(3)

(1)Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind-downs, of

which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26.

(2)We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026.

(3)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. The

midpoint of our revised guidance range for 2026 realized gains on non-real estate investments was reduced by $10 million, primarily due to certain transactions previously expected to close in 2026 that are now expected to close in 2027.

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

2026 Guidance (continued)

September 30, 2026

Summary of key items that may impact 2026 and 2027 results

1) Potential tenant wind-downs

•Our 2026 guidance includes a $30 million to $35 million reduction in funds from operations for potential tenant wind-downs, of which approximately $30 million was recognized during the nine months

ended September 30, 2026, including approximately $16 million recognized in 3Q26.

•Based upon current market conditions, we preliminarily estimate at least a similar level of reduction in funds from operations may be necessary in 2027.

•Depending on the timing and magnitude of the specific tenant wind-downs, we anticipate that 2027 occupancy may also be negatively impacted.

2) Development-related other income

•During the nine months ended September 30, 2026, we recognized development fees and other related revenues of approximately $8.0 million, or $11 million annualized, most of which are expected to

cease by the end of 2026 as we complete the respective projects.

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

•We have three redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction,

pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to “New Class A/A+ development and redevelopment properties: under

construction” in the Supplemental Information for additional details.

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

•If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), we expect these projects would have lower rental rates and stabilized yields compared

to our initial underwriting. The incremental capital required for alternative-use construction and corresponding rental rates earned are generally lower than those associated with laboratory

improvements.

•As of 3Q26, we have executed leases for 66,859 RSF and have additional leases under negotiation for 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in The Arsenal

on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting.

Therefore, we placed this project, aggregating 339,020 RSF, into operation during 3Q26 and included it in our operating occupancy as of September 30, 2026. Refer to the Earnings Press Release

and “Leasing Activity” in the Supplemental Information for additional details.

•In addition, we entered into a purchase and sale agreement with an institutional user for the sale of our development project at 421 Park Drive on the Alexandria Center® for Life Science – Fenway

Megacampus aggregating 339,668 RSF. The disposition is expected to close in 4Q26, resulting in significant sales proceeds and reducing future construction spending by approximately $136 million.

4) Capitalization of interest

•Our average real estate basis capitalized during 3Q26 was $5.87 billion. As of September 30, 2026, our real estate basis that continued to qualify for capitalization declined to $4.46 billion, primarily driven

by the cessation of capitalization on our projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were

classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus in September 2026. During 4Q26, we expect the

average real estate basis capitalized to range from $3.4 billion to $4.9 billion. Refer to “Capitalization of interest” in the Supplemental Information for additional detail.

•At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions,

(ii) pause future investments, or (iii) consider potential dispositions or sales of partial interests of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs

related to such project, including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. During

3Q26, annualized capitalized operating expenses represented approximately 2% of the total average real estate basis subject to capitalization.

5) 2027 Key lease expirations

2027 Key Lease Expirations

RSF

Annual Rental

Revenue

Weighted-Average

Expiration Date

Weighted-Average

Downtime

1,377,960

$100.5 million

March 2027

9 to 24 months

•We estimate that 1.4 million RSF of leases expiring in 2027, with approximately $100.5 million of annual rental revenue, will

have downtime after lease expiration. These 2027 expirations have a weighted-average contractual lease expiration date in

March 2027 and an expected weighted-average downtime ranging from 9 to 24 months. Refer to “Contractual lease

expirations” in the Supplemental Information for additional details.

We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.

2026 Guidance (continued)

September 30, 2026

Summary of key items that may impact 2027 and 2028 results

The following key considerations for 2027 and 2028 reflect our preliminary expectations based on current market conditions. These expectations could change materially and are subject to a variety of

factors, including industry, governmental, geopolitical, and macroeconomic conditions, including changes in interest rates, as well as other factors described in our SEC filings, including our most recent annual report

on Form 10-K and any subsequent quarterly reports on Form 10-Q.

1) Operating occupancy

•For the year ending December 31, 2027, we expect average operating occupancy to temporarily decline relative to our projected operating occupancy as of December 31, 2026, primarily due to expected

downtime associated with the 1.4 million RSF of 2027 key lease expirations disclosed in “Contractual lease expirations” in the Supplemental Information, as well as the potential for tenant wind-downs.

•For the year ending December 31, 2028, we expect average operating occupancy to improve relative to our projected average operating occupancy for the year ending December 31, 2027, driven by the

lease-up of temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key lease expirations with expected downtime as disclosed in “Contractual lease expirations” in the

Supplemental Information.

2) Same property performance

•For the year ending December 31, 2027, we expect same property net operating income performance to improve compared with the midpoint of our guidance range for 2026 but remain negative, primarily

due to the expected temporary year-over-year decline in average operating occupancy, including the impact of expected downtime associated with 1.4 million RSF of 2027 key lease expirations.

•For the year ending December 31, 2028, we expect same property net operating income performance to improve compared with 2027, primarily driven by operating occupancy growth and the lease-up of

vacant space, subject to leasing and market conditions.

3) Construction spending

•For 2027, we continue to apply a disciplined approach to reduce construction spending and we seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to

primarily focus on (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is leased

or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our

development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating as of October 26, 2026.

•For 2028, we expect a further decline in construction spending relative to 2027, primarily driven by lower development and redevelopment spending. Construction spending on revenue- and non-revenue-

enhancing capital expenditures related to our operating portfolio is expected to continue to support the lease-up of temporary vacancy, subject to leasing and market conditions.

4) Transactional and other capital sources

•For 2027, capital will be required to fund construction spending as we continue to prudently manage our key credit metrics, including net debt and preferred stock to Adjusted EBITDA ratio. In general, we

expect to rely on asset recycling transactions, and other sources of cost-effective capital to support the achievement of our 2027 key credit metric ratio targets, including net debt and preferred stock to

Adjusted EBITDA.

•For 2028, if we have growth in Adjusted EBITDA, we may use incremental long-term debt to fund a portion of our capital needs on a leverage neutral basis. In addition, we may use asset recycling and

other sources of cost-effective capital to support the achievement of our 2028 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.

Dispositions and Sales of Partial Interests

September 30, 2026

(Dollars in thousands)

Date of

Transaction

Interest

Sold

Square Footage

Price

(Our Share)

Property

Submarket/Market

Operating

Future

Development

Completed in 1H26

$7,350

Non-core and land dispositions completed in 3Q26:

3825 and 3875 Fabian Way(1)

Palo Alto/San Francisco Bay Area

7/14/26

100%

228,000

250,000

163,000

One Hampshire Street(2)

Cambridge/Greater Boston

8/21/26

100%

104,956

—

44,900

3911, 3931, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard(3)

Sorrento Valley/San Diego

9/23/26

100%

95,814

144,000

26,500

Dispositions completed in 3Q26

234,400

(4)

Total dispositions completed in YTD 3Q26

241,750

Completed in October 2026:

Sales of partial interests:

Campus Point by Alexandria(5)

University Town Center/San Diego

10/23/26

(5)

1,586,697

366,816

475,000

Total completed 2026 dispositions and sales of partial interests as of October 26, 2026

716,750

Our share of pending dispositions and sales of partial interests subject to:

Non-refundable deposits

355,400

Signed letters of intent and/or purchase and sale agreement late-stage negotiations

1,547,850

2,620,000

Proceeds from dispositions and sales of partial interests in excess of 2026 guidance

midpoint which may be deferred into 2027(6)

(720,000)

2026 guidance midpoint for dispositions and sales of partial interests

$1,900,000

2026 guidance range for dispositions and sales of partial interests

$1,100,000 – $2,700,000

Weighted-average projected completion date of 2026 dispositions and sales of partial interests

November 2026

(7)

(1)Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one fully leased operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in

2019 with the intent to develop them for life science use. However, due to the project’s macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer.

(2)Represents one vacant office property that was originally acquired with the intent to redevelop for life science use and expand our Megacampus ecosystem. The asset was sold due to the macroeconomic outlook for the project and the

significant capital required to redevelop and lease the property.

(3)Represents five operating properties, primarily comprising non-laboratory space, and one land parcel. As of 2Q26, these operating properties were 30% occupied with a weighted-average lease term of 2.4 years, and were sold due to the

significant capital that would have been required to convert these properties through redevelopment for laboratory use and their misalignment with our Megacampus strategy.

(4)Our share of dispositions completed during the three months ended September 30, 2026 had annual net operating income of $4.4 million (based on 2Q26 annualized results) with a weighted-average disposition date of July 29, 2026.

(5)In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million. We expect our new partner’s initial share of the annual distributions to

approximate 5.5% of its $475.0 million capital contribution. Upon completion of the sale, our ownership interest decreased from 59% as of September 30, 2026 to approximately 30%. We expect to fund the majority of future construction

costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20% and 30%, respectively, and increase our ownership interest to over

50%. We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we accounted for the $44.2 million difference between the consideration received and the book value of our

interest sold as an increase to additional paid-in capital, with no gain recognized in earnings.

(6)Refer to “Key Sources and Uses of Capital” under “2026 Guidance” in the Earnings Press Release for additional details.

(7)Including the impact of the $1.0 billion junior subordinated notes issued during 3Q26, the weighted-average projected completion date of these sources of capital is expected to be October 2026.

Earnings Call Information and About the Company

September 30, 2026

We will host a conference call on Tuesday, October 27, 2026, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating

results for the third quarter ended September 30, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for

Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on

Tuesday, October 27, 2026, through 4:00 p.m. ET on Tuesday, November 3, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 6457127.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2026 is available in the “For Investors” section of our website at www.are.com

or by following this link: https://www.are.com/fs/2026q3.pdf.

For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,

chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,

Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced

technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026, Alexandria has a

total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-

standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain

world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our

unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term

asset value. For more information on Alexandria, please visit www.are.com.

Forward-Looking Statements

This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Such forward-looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net

operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,”

“anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current

expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning

future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important

factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain

capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our

markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new

properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or

non-renewal of leases by tenants, our failure to complete planned dispositions and sales of partial interests on anticipated terms or timing, adverse general and local economic conditions, an unfavorable capital

market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the

Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this

Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-

looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated

in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a

prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria

Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names,

trademarks, and logos referenced herein are the property of their respective owners.

Consolidated Statements of Operations

September 30, 2026

(Dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

9/30/26

9/30/25

Revenues:

Income from rentals

$653,618

$643,210

$653,013

$728,872

$735,849

$1,949,841

$2,216,303

Other income

17,564

19,574

18,009

25,542

16,095

55,147

55,839

Total revenues

671,182

662,784

671,022

754,414

751,944

2,004,988

2,272,142

Expenses:

Rental operations

227,931

207,336

224,142

232,543

239,234

659,409

690,062

General and administrative

40,915

36,861

34,685

28,020

29,224

112,461

89,027

Interest

79,687

64,342

64,584

65,674

54,852

208,613

161,024

Depreciation and amortization

304,419

304,384

305,441

322,063

340,230

914,244

1,028,415

Impairment of real estate

637,904

(1)

222,470

5,499

1,717,188

323,870

865,873

485,630

Total expenses

1,290,856

835,393

634,351

2,365,488

987,410

2,760,600

2,454,158

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

413

(147)

(304)

201

341

(9,327)

Investment income (losses)

23,990

133,227

(4,582)

(3,890)

28,161

152,635

(52,453)

(Loss) gain on early extinguishment of debt

(3,323)

—

366,435

—

(107)

363,112

(107)

Gain on sales of real estate

—

619,914

9,366

—

22,531

Net (loss) income

(598,932)

(38,969)

398,377

(995,354)

(197,845)

(239,524)

(221,372)

Net income attributable to noncontrolling interests

(38,754)

(33,814)

(36,724)

(85,521)

(34,909)

(109,292)

(127,323)

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

stockholders

(637,686)

(72,783)

361,653

(1,080,875)

(232,754)

(348,816)

(348,695)

Net income attributable to unvested restricted stock awards

(766)

(908)

(2,779)

(965)

(2,183)

(2,603)

(7,452)

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

common stockholders

$(638,452)

$(73,691)

$358,874

$(1,081,840)

$(234,937)

$(351,419)

$(356,147)

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

Inc.’s common stockholders:

Basic

$(3.74)

$(0.43)

$2.10

$(6.35)

$(1.38)

$(2.06)

$(2.09)

Diluted

$(3.74)

$(0.43)

$2.10

$(6.35)

$(1.38)

$(2.06)

$(2.09)

Weighted-average shares of common stock outstanding:

Basic

170,751

170,718

170,598

170,394

170,181

170,689

170,278

Diluted

170,751

170,718

170,867

170,394

170,181

170,689

170,278

Dividends declared per share of common stock

$0.72

$1.32

$2.16

$3.96

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

Consolidated Balance Sheets

September 30, 2026

(In thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Assets

Investments in real estate

$28,426,999

$29,125,895

$28,830,116

$28,689,996

$31,743,917

Investments in unconsolidated real estate joint ventures

28,580

28,910

30,520

30,677

39,601

Cash and cash equivalents

508,855

470,449

418,720

549,062

579,474

Restricted cash

4,908

4,690

4,665

4,693

4,705

Tenant receivables

6,168

7,661

7,362

6,672

6,409

Deferred rent

1,210,911

1,209,722

1,200,047

1,179,403

1,257,378

Deferred leasing costs

452,164

453,761

456,405

458,311

505,241

Investments

1,735,673

1,685,695

1,536,419

1,501,249

1,537,638

Other assets

1,677,464

1,645,443

1,683,143

1,661,772

1,700,785

Total assets

$34,051,722

$34,632,226

$34,167,397

$34,081,835

$37,375,148

Liabilities, Noncontrolling Interests, and Equity

Unsecured senior notes payable

$10,820,687

$10,818,366

$11,166,009

$12,047,394

$12,044,999

Junior subordinated notes payable

985,143

—

Unsecured senior line of credit and commercial paper

1,091,166

1,994,508

1,353,986

353,161

1,548,542

Accounts payable, accrued expenses, and other liabilities

2,604,418

2,513,526

2,154,782

2,397,073

2,432,726

Dividends payable

131,999

130,468

128,880

127,771

230,603

Total liabilities

15,633,413

15,456,868

14,803,657

14,925,399

16,256,870

Commitments and contingencies

Redeemable noncontrolling interests

9,119

9,234

58,788

58,662

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

Common stock

1,708

1,707

1,705

1,703

Additional paid-in capital

14,839,182

15,585,296

15,763,321

15,497,760

16,669,802

Accumulated other comprehensive loss

(33,691)

(33,027)

(30,936)

(29,395)

(32,203)

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

14,807,199

15,553,976

15,734,092

15,470,070

16,639,302

Noncontrolling interests

3,601,991

3,612,263

3,620,414

3,627,578

4,420,314

Total equity

18,409,190

19,166,239

19,354,506

19,097,648

21,059,616

Total liabilities, noncontrolling interests, and equity

$34,051,722

$34,632,226

$34,167,397

$34,081,835

$37,375,148

Funds From Operations and Funds From Operations per Share

September 30, 2026

(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance

with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to

Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

Three Months Ended

Nine Months Ended

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

9/30/26

9/30/25

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

$(638,452)

$(73,691)

$358,874

$(1,081,840)

$(234,937)

$(351,419)

$(356,147)

Depreciation and amortization of real estate assets

302,240

302,238

303,296

319,865

338,182

907,774

1,021,292

Noncontrolling share of depreciation and amortization from consolidated real estate JVs

(32,458)

(31,518)

(29,473)

(39,942)

(45,327)

(93,449)

(114,785)

Our share of depreciation and amortization from unconsolidated real estate JVs

858

805

914

855

852

2,577

2,848

Gain on sales of real estate

—

(307,132)

(9,824)

—

(22,989)

Impairment of real estate – rental properties and land

637,904

(1)

222,470

5,499

1,439,303

323,870

865,873

454,960

Allocation to unvested restricted stock awards

(1,042)

(2,201)

(2,181)

(1,903)

(1,648)

(7,141)

(3,590)

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

269,050

418,103

636,929

329,206

371,168

1,324,215

981,589

Unrealized (gains) losses on non-real estate investments

(21,563)

(131,933)

10,332

(98,548)

(18,515)

(143,164)

71,568

Significant realized losses on non-real estate investments

—

103,329

—

Impairment of non-real estate investments

13,580

(3)

8,998

12,448

20,181

25,139

35,026

75,535

Impairment of real estate

—

12,619

—

39,343

Loss (gain) on early extinguishment of debt

3,323

—

(366,435)

—

107

(363,112)

107

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)

3,496

(2,156)

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

adjusted

$264,423

$296,077

$295,948

$368,538

$377,825

$856,461

$1,166,271

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

(1)Primarily reflects impairment charges to reduce the carrying amounts of real estate assets classified as held for sale as of 3Q26 to their respective estimated fair values less costs to sell, including (i) $343.3 million related to a development

project in our Fenway submarket that is expected to be sold to an institutional user which would have required significant capital to complete and lease, (ii) $135.3 million related to four non-Megacampus vacant office properties in our Palo

Alto submarket that would have required significant capital investment to convert to laboratory use, (iii) $79.2 million related to six non-Megacampus operating properties in our San Carlos submarket that would have required significant

capital investment to convert to laboratory use, (iv) $50.4 million related to a land parcel located outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v) $41.6 million related to one future development project in

our Palo Alto submarket that, due to the project’s financial outlook, would have required significant capital to complete the development and lease the properties.

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

(3)Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.

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

September 30, 2026

(In thousands, except per share amounts)

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in

accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common

stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to

rounding.

Three Months Ended

Nine Months Ended

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

9/30/26

9/30/25

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

$(3.74)

$(0.43)

$2.10

$(6.35)

$(1.38)

$(2.06)

$(2.09)

Depreciation and amortization of real estate assets

1.58

1.59

1.61

1.65

1.73

4.77

5.34

Gain on sales of real estate

—

(1.80)

(0.06)

—

(0.14)

Impairment of real estate – rental properties and land

3.74

1.30

0.03

8.45

1.90

5.07

2.67

Allocation to unvested restricted stock awards

(0.01)

(0.02)

(0.01)

(0.02)

(0.01)

(0.04)

(0.02)

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

diluted

1.57

2.44

3.73

1.93

2.18

7.74

5.76

Unrealized (gains) losses on non-real estate investments

(0.13)

(0.77)

0.06

(0.58)

(0.11)

(0.84)

0.42

Significant realized losses on non-real estate investments

—

0.61

—

Impairment of non-real estate investments

0.08

0.05

0.07

0.12

0.15

0.20

0.45

Impairment of real estate

—

0.07

—

0.23

Loss (gain) on early extinguishment of debt

0.02

—

(2.14)

—

(2.12)

—

Acceleration of stock compensation expense due to executive officer resignation

—

0.01

—

Allocation to unvested restricted stock awards

—

0.01

—

0.02

(0.01)

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

diluted, as adjusted

$1.54

$1.73

$2.16

$2.22

$5.00

$6.85

Weighted-average shares of common stock outstanding – diluted

Earnings per share – diluted

170,751

170,718

170,867

170,394

170,181

170,689

170,278

Funds from operations – diluted, per share

171,418

171,210

170,867

170,504

170,305

171,169

170,351

Funds from operations – diluted, as adjusted, per share

171,418

171,210

170,867

170,504

170,305

171,169

170,351

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

SUPPLEMENTAL

INFORMATION

Company Profile

September 30, 2026

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a

best-in-class, mission-driven life science REIT making a positive and lasting impact on the

world. With our founding in 1994, Alexandria pioneered the life science real estate niche.

Alexandria is the preeminent and longest-tenured owner, operator, and developer of

collaborative Megacampus ecosystems in AAA life science and advanced technology

innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay

Area, Seattle, Maryland, Research Triangle, and New York City.

As of September 30, 2026, Alexandria has a total market capitalization of

$21.01 billion and an asset base that includes 36.5 million RSF of operating properties and

1.9 million RSF of Class A/A+ properties undergoing construction.

Alexandria has a long-standing and proven track record of developing Class A/A+

properties clustered in highly dynamic and collaborative Megacampus environments that

enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire

productivity, efficiency, creativity, and success.

Alexandria also provides strategic capital to transformative life science

companies through our venture capital platform. We believe our unique business model

and diligent underwriting ensure a high-quality and diverse tenant base that results in

higher occupancy levels, longer lease terms, higher rental income, higher returns, and

greater long-term asset value. For more information on Alexandria, please visit

www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 57% of our

annual rental revenue generated from tenants that are investment-grade rated or publicly

traded large cap companies. The quality, diversity, breadth, and depth of our significant

relationships with our tenants provide Alexandria with high-quality and stable cash flows.

Alexandria’s underwriting team and long-term industry relationships positively distinguish

us from all other publicly traded REITs and real estate companies.

Executive and senior management team

Alexandria’s executive and senior management team has unique experience and

expertise in creating, owning, and operating highly dynamic and collaborative

Megacampus real estate in key life science cluster locations to catalyze innovation. From

design to development to the management of our high-quality, sustainable real estate, as

well as our ongoing cultivation of collaborative environments with unique amenities and

events, the Alexandria team has a best-in-class reputation of excellence in life science real

estate. Alexandria’s highly experienced management team includes regional market

directors with leading reputations and long-standing relationships within the life science

communities in their respective innovation clusters. We believe that our experience,

expertise, reputation, and key relationships in the real estate and life science industries

provide Alexandria significant competitive advantages in attracting new business

opportunities.

Alexandria’s executive and senior management team consists of 70

individuals averaging 23 years of real estate experience, including 13 years

with Alexandria. Our executive management team alone averages 16 years

with Alexandria.

EXECUTIVE MANAGEMENT TEAM

Joel S. Marcus

Peter M. Moglia

Executive Chairman &

Founder

Chief Executive Officer &

Chief Investment Officer

Marc E. Binda

Hunter L. Kass

Chief Financial Officer &

Treasurer

Co-President & Regional Market Director –

Greater Boston

Hart Cole

Joseph Hakman

Co-President & Co-Regional 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

September 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 / Natacha Jouonang

Michael Carroll / Henry Newell

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

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

(949) 640-8780 / (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 / Andrew Reale

Tayo Okusanya

Joe Dickstein / Andrew Hernandez

(646) 855-1351 / (646) 855-1272

(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

September 30, 2026

(Dollars in thousands, except per share amounts)

Three Months Ended (unless stated otherwise)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Operating Results & Margins

Rental revenues

$481,348

$486,589

(1)

$474,786

$538,330

$541,070

Tenant recoveries

$172,270

$156,621

$178,227

$190,542

$194,779

General and administrative expenses

$40,915

$36,861

$34,685

$28,020

$29,224

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

7.5%

6.6%

6.0%

5.6%

5.7%

Operating margin

66%

69%

67%

69%

68%

Adjusted EBITDA margin

65%

67%

66%

70%

71%

Adjusted EBITDA – quarter annualized

$1,731,920

$1,765,132

$1,778,012

$2,097,444

$2,130,008

Adjusted EBITDA – trailing 12 months

$1,843,127

$1,942,649

$2,044,906

$2,141,811

$2,185,820

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

Net debt

$11,963,187

(3)

$12,404,801

$12,165,681

$11,921,114

$13,085,745

Net debt and preferred stock to Adjusted EBITDA – quarter annualized

6.9x

(2)

7.0x

6.8x

5.7x

6.1x

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

6.5x

6.4x

5.9x

5.6x

6.0x

Total debt and preferred stock, as adjusted

$12,396,996

(3)

$12,812,874

$12,519,995

$12,400,555

$13,593,541

Gross assets

$40,931,103

$41,280,369

$40,561,055

$40,209,360

$43,791,893

Total debt and preferred stock, as adjusted, to gross assets

30%

(3)

31%

Fixed-charge coverage ratio – quarter annualized

3.2x

3.3x

3.4x

3.7x

3.9x

Fixed-charge coverage ratio – trailing 12 months

3.4x

3.6x

3.8x

4.0x

4.1x

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

100.0%

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

Closing stock price

$47.46

$52.85

$46.42

$48.94

$83.34

Common shares outstanding (in thousands)

170,849

170,729

170,712

170,538

170,339

Total equity capitalization

$8,108,475

$9,023,023

$7,924,465

$8,346,123

$14,196,059

Total market capitalization

$21,005,471

$21,835,897

$20,444,460

$20,746,678

$27,789,600

Dividend per share – quarter/annualized

$0.72/$2.88

$1.32/$5.28

Dividend payout ratio for the quarter

47%

42%

33%

60%

Dividend yield – annualized

6.1%

5.4%

6.2%

5.9%

6.3%

Operating Leases

Operating lease liabilities at end of period

$354,028

$354,905

$358,610

$360,543

$361,986

Rent expense

$6,979

$6,917

$7,658

$8,566

$10,645

Capitalized Interest

Capitalized interest

$62,922

$73,717

$69,973

$81,845

$86,091

Average real estate basis capitalized during the period

$5,866,853

$7,026,243

$6,860,098

$8,046,984

$8,407,332

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

4.29%

4.20%

4.08%

4.07%

4.10%

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

(1)Includes 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.

(2)On a pro forma basis, leverage was 6.6x, reflecting the October 23, 2026 sale of a partial interest in the Campus Point by Alexandria joint venture. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release

for additional details.

(3)Excludes 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable.

Financial and Asset Base Highlights (continued)

September 30, 2026

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

Three Months Ended (unless stated otherwise)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

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

Straight-line rent revenue

$2,466

(1)

$901

$17,862

$14,096

$18,821

Amortization of acquired below-market leases

$8,233

$8,381

$5,615

$5,889

$6,456

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

$11,992

$7,484

$5,405

$5,264

$5,455

Straight-line rent expense on ground leases

$123

$141

$155

$116

$114

Stock compensation expense

$11,953

$10,146

$11,032

$8,232

$10,293

Amortization of loan fees

$4,422

$4,417

$4,428

$4,481

$4,505

Amortization of debt discounts

$353

$352

$320

$327

$325

Non-revenue-enhancing capital expenditures:

Building improvements

$4,989

$4,600

$3,357

$4,372

$3,948

Tenant improvements and leasing commissions

$31,906

$28,042

$22,811

$26,494

$16,707

Funds from operations attributable to noncontrolling interests

$71,212

$65,332

$66,197

$77,922

$80,236

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

328

336

339

340

375

RSF – operating and development and redevelopment projects under construction

38,453,624

38,858,653

39,260,168

39,449,372

42,887,964

Total square footage

58,510,821

59,297,725

59,377,267

59,382,079

66,417,026

Annual rental revenue per occupied RSF

$60.93

$60.45

$59.91

$59.97

$58.94

Occupancy of operating properties (excluding assets held for sale)

87.1%

(2)

86.9%

87.7%

90.9%

90.6%

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

85.4%

83.6%

84.1%

86.9%

85.8%

Weighted-average remaining lease term (in years)

7.7

7.5

Leasing Statistics

Total leasing activity – RSF

1,236,030

1,038,917

647,356

1,220,944

1,171,344

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

Rental rate changes

(2.4)%

(0.7)%

(15.0)%

(9.9)%

15.2%

Rental rate changes (cash basis)

(3.3)%

(4.3)%

(15.8)%

(5.2)%

6.1%

RSF (included in total leasing activity above)

785,069

640,998

380,687

821,289

354,367

Previously vacant leasing activity – RSF

450,961

329,148

148,734

393,376

256,633

Developed/redeveloped leasing activity – RSF

—

68,771

117,935

6,279

560,344

Top 20 Tenants

Annual rental revenue

$803,625

$778,069

$725,681

$725,559

$768,528

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

84%

88%

87%

84%

90%

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

(6.7)%

(3)

(10.6)%

(11.9)%

(6.0)%

Net operating income changes (cash basis)

(2.8)%

(3)

(8.6)%

(11.7)%

(1.7)%

(3.1)%

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

(1)Includes $9.8 million reduction in rental revenues related to rents not expected to be collected in full through the lease term.

(2)Refer to page 1 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.

(3)Refer to “Same property performance” in the Supplemental Information for additional details.

High-Quality and Diverse Tenant Base

September 30, 2026

Stable Cash Flows From Our High-Quality and Diverse Tenants

Investment-Grade or

Publicly Traded Large Cap Tenants

57%

84%

of ARE’s Total

Annual Rental Revenue

of ARE’s Top 20 Tenant

Annual Rental Revenue

Weighted Average Remaining Term(3)

7.7 Years

10.0 Years

All Tenants

Top 20 Tenants

(1)

(2)

(4)

Percentage of Alexandria’s Annual Rental Revenue

As of September 30, 2026. Annual rental revenue represents amounts in effect as of September 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating

annual rental revenue from unconsolidated real estate joint ventures.

(1)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants.

(2)89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.

(3)Represents the weighted-average remaining term based on annual rental revenue in effect as of September 30, 2026.

(4)80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.

Key Operating Metrics

September 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)

September 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

66%

65%

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable

financial measures presented in accordance with GAAP.

(1)Percentages calculated based on our annual rental revenue in effect as of September 30, 2026.

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

Same Property Performance

September 30, 2026

(Dollars in thousands)

September 30, 2026

Same Property Financial Data

Three Months

Ended

Nine Months

Ended

Same Property Statistical Data

Three Months

Ended

Nine Months

Ended

Percentage change over comparable period from prior year:

Number of same properties

288

284

Net operating income changes

(6.7)%

(1)

(9.2)%

(1)

Rentable square feet

32,250,516

31,629,122

Net operating income changes (cash basis)

(2.8)%

(1)

(8.4)%

(1)

Occupancy – current-period average

88.1%

88.6%

Operating margin

66%

Occupancy – same-period prior-year average

91.7%

92.8%

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Income from rentals:

Same properties

$432,586

$454,624

$(22,038)

(4.8)%

$1,268,273

$1,361,022

$(92,749)

(6.8)%

Non-same properties

48,762

86,446

(37,684)

(43.6)

174,450

285,537

(111,087)

(38.9)

Rental revenues

481,348

541,070

(59,722)

(11.0)

1,442,723

1,646,559

(203,836)

(12.4)

Same properties

167,825

175,145

(7,320)

(4.2)

478,425

498,454

(20,029)

(4.0)

Non-same properties

4,445

19,634

(15,189)

(77.4)

28,693

71,290

(42,597)

(59.8)

Tenant recoveries

172,270

194,779

(22,509)

(11.6)

507,118

569,744

(62,626)

(11.0)

Income from rentals

653,618

735,849

(82,231)

(11.2)

1,949,841

2,216,303

(266,462)

(12.0)

Same properties

—

Non-same properties

17,564

16,095

1,469

9.1

55,147

55,839

(692)

(1.2)

Other income

17,564

16,095

1,469

9.1

55,147

55,839

(692)

(1.2)

Same properties

600,411

629,769

(29,358)

(4.7)

1,746,698

1,859,476

(112,778)

(6.1)

Non-same properties

70,771

122,175

(51,404)

(42.1)

258,290

412,666

(154,376)

(37.4)

Total revenues

671,182

751,944

(80,762)

(10.7)

2,004,988

2,272,142

(267,154)

(11.8)

Same properties

205,923

207,133

(1,210)

(0.6)

600,620

597,930

2,690

0.4

Non-same properties

22,008

32,101

(10,093)

(31.4)

58,789

92,132

(33,343)

(36.2)

Rental operations

227,931

239,234

(11,303)

(4.7)

659,409

690,062

(30,653)

(4.4)

Same properties

394,488

422,636

(28,148)

(6.7)

1,146,078

1,261,546

(115,468)

(9.2)

Non-same properties

48,763

90,074

(41,311)

(45.9)

199,501

320,534

(121,033)

(37.8)

Net operating income

$443,251

$512,710

$(69,459)

(13.5)%

$1,345,579

$1,582,080

$(236,501)

(14.9)%

Net operating income – same properties

$394,488

$422,636

$(28,148)

(6.7)%

$1,146,078

$1,261,546

$(115,468)

(9.2)%

Straight-line rent revenue

480

(19,711)

20,191

(102.4)

(16,915)

(35,696)

18,781

(52.6)

Amortization of acquired below-market leases and deferred

revenue related to tenant-funded and -built landlord

improvements

(13,938)

(10,945)

(2,993)

27.3

(36,925)

(32,826)

(4,099)

12.5

Net operating income – same properties (cash basis)

$381,030

$391,980

$(10,950)

(2.8)%

$1,092,238

$1,193,024

$(100,786)

(8.4)%

Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also

contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

(1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26,

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

Leasing Activity

September 30, 2026

(Dollars per RSF)

Three Months Ended

Nine Months Ended

Year Ended

September 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

(2.4)%

(3.3)%

(5.1)%

(6.9)%

7.0%

3.5%

New rates

$49.15

$47.59

$45.71

$46.71

$52.71

$53.66

Expiring rates

$50.34

$49.21

$48.18

$50.19

$49.27

$51.87

RSF

785,069

1,806,754

2,543,473

Tenant improvements/leasing commissions

$40.64

$46.45

$55.34

Weighted-average lease term

11.2 years

9.7 years

9.0 years

Previously vacant/developed/redeveloped space leased

New rates

$58.33

$58.60

$48.30

$48.32

$72.30

(2)

$67.56

(2)

Previously vacant RSF

450,961

(3)

928,843

944,362

Developed/redeveloped RSF(4)

—

(3)

186,706

704,821

(2)

Weighted-average lease term

11.9 years

12.2 years

13.8 years

Leasing activity summary (totals):

New rates

$52.50

$51.61

$46.70

$47.33

$60.42

$59.13

RSF

1,236,030

2,922,303

4,192,656

Weighted-average lease term

11.5 years

10.9 years

11.9 years

Lease expirations(1)

Expiring rates

$52.13

$54.53

$53.30

$57.21

$54.22

$55.56

RSF

1,102,282

(5)

3,612,133

4,460,081

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

(1)Excludes month-to-month leases aggregating 272,378 RSF and 58,516 RSF as of September 30, 2026 and December 31, 2025, respectively. During the trailing twelve months ended September 30, 2026, we granted free

rent concessions averaging 2.0 months per annum. This includes a lease concession for a 20-year lease with a non-life science tenant in the Research Triangle market executed in 3Q26. Excluding this lease, free rent

concessions were 1.1 months per annum.

(2)Includes the largest life science lease in company history, executed in July 2025 with Novartis AG. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located at the 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.

(3)During 3Q26, we executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in our Greater Boston market, all of which

will be reflected as leasing of previously vacant space. This activity enabled us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately

$220 million. As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26.

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

(5)Includes previously disclosed key lease expirations aggregating 282,878 RSF that became vacant during 3Q26, with a weighted-average lease expiration date of August 2026.

Contractual Lease Expirations

September 30, 2026

Year

RSF

Percentage of Occupied RSF

Annual Rental Revenue (per RSF)(1)

Percentage of Annual Rental Revenue

2026

(2)

481,770

1.6%

$39.19

1.0%

2027

3,054,723

9.9%

$57.27

9.4%

2028

3,701,167

(3)

12.0%

$50.94

10.1%

2029

2,150,332

7.0%

$41.53

4.8%

2030

2,653,670

8.6%

$43.44

6.2%

2031

3,510,598

11.4%

$53.88

10.1%

2032

1,067,200

3.5%

$56.34

3.2%

2033

2,400,457

7.8%

$46.43

6.0%

2034

2,627,230

8.6%

$65.93

9.3%

2035

1,158,790

3.8%

$55.45

3.4%

Thereafter

7,916,798

25.8%

$85.89

36.5%

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

Early Tenant

Discussions

Marketing/

Remaining

Total(2)

Leased

Negotiating

Early Tenant

Discussions

Marketing/

Remaining

Total

Greater Boston

93,181

—

37,384

130,565

$29.94

90,664

—

24,259

112,178

227,101

$44.93

San Diego

—

49,603

5,520

10,274

65,397

62.16

—

141,838

82,641

136,502

360,981

41.97

San Francisco Bay Area

12,719

—

2,927

—

15,646

22.45

32,944

40,996

24,694

68,536

167,170

78.12

Seattle

25,552

12,335

—

5,692

43,579

40.59

18,205

116,459

153,984

38,241

326,889

33.02

Maryland

—

2,796

14.95

—

35,465

25,766

103,250

164,481

30.28

Research Triangle

13,385

5,506

—

2,690

21,581

25.94

43,238

14,870

140,150

46,314

244,572

34.56

New York City

—

33,634

113.67

—

72,428

5,894

26,332

104,654

96.32

Texas

—

26,160

27.74

Non-cluster/other markets

—

54,755

15.21

Subtotal

144,837

67,444

8,447

92,470

313,198

46.37

185,051

422,056

457,388

612,268

1,676,763

44.36

Key lease expirations with

expected downtime

—

12,801

77,775

77,996

168,572

25.86

—

305,643

521,300

551,017

1,377,960

(3)

72.92

Total

144,837

80,245

86,222

170,466

481,770

$39.19

185,051

727,699

978,688

1,163,285

3,054,723

$57.27

Percentage of expiring leases

30%

17%

18%

35%

100%

24%

32%

38%

100%

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

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

(2)Excludes month-to-month leases aggregating 272,378 RSF.

(3)See tables below for additional details.

(4)Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across four properties, generating $24.0 million of annual rental revenue with a weighted-average expiration date of April 2027. Upon lease expiration, BMS will

relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was delivered in June 2026. We expect the vacated space to experience a period of downtime and we are currently under negotiation for 190,085 RSF.

(5)Refer to the footnote for Novartis AG under "Top 20 tenants" in the Supplemental Information for additional details.

2027 Key Lease Expirations with Expected Downtime

2028 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

1,377,960 RSF

$100.5M

March 2027

9 to 24 months

717,546 RSF

$60.4M

April 2028

9 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

Leases at Assets Originally

Acquired for Redevelopment

100 Technology Square(5)

Other

Current Leasing Status

(Based on RSF)

Current Leasing Status

(Based on RSF)

Negotiating

Early Tenant Discussions

Marketing/Remaining

Early Tenant

Discussions

Marketing/Remaining

Contractual Lease Expirations (continued)

September 30, 2026

(Dollars in thousands)

Summary of 2027 Key Lease Expirations with Expected Downtime

Expiration

Date

Annual

Rental

Revenue

RSF

Campus

Negotiating

Early Tenant

Discussions

Marketing/

Remaining

Total

Campus Point by Alexandria/San Diego – University Town Center

March 2027

$18,776

190,085

—

61,775

251,860

(1)

Alexandria Center® for Life Science – Waltham/Greater Boston – Route 128

January 2027

27,045

—

232,902

—

232,902

(2)

Alexandria Center® for Advanced Technologies – South San Francisco/San

Francisco Bay Area – South San Francisco

January 2027

8,805

—

129,501

199 East Blaine Street/Seattle – Lake Union

June 2027

7,177

—

66,464

43,505

109,969

Sequence District by Alexandria/San Diego – Sorrento Mesa

January 2027

3,282

90,000

—

90,000

(2)

Alexandria Center® for Advanced Technologies – South Lake Union/Seattle –

Lake Union

March 2027

4,089

—

50,946

32,144

83,090

(2)

3033 Science Park Road/San Diego – Torrey Pines

March 2027

5,258

—

65,525

(1)

Alexandria Technology Square®/Greater Boston – Cambridge/Inner Suburbs

January 2027

5,652

—

37,960

22,951

60,911

(1)

ARE Torrey Ridge/San Diego – Torrey Pines

March 2027

2,889

—

59,248

The Arsenal on the Charles/Greater Boston – Cambridge/Inner Suburbs

February 2027

4,732

—

54,109

—

54,109

(1)

Alexandria Center® for Advanced Technologies – Canyon Park/Seattle – Bothell

July 2027

1,725

—

50,297

(2)

Alexandria Center® for Life Science – Shady Grove/Maryland – Rockville

January 2027

1,599

—

48,500

(1)

10970 Alexandria Way/San Diego – Torrey Pines

November 2027

2,675

—

36,172

Other

Various

6,781

25,558

78,919

1,399

105,876

March 2027

(3)

$100,485

305,643

521,300

551,017

1,377,960

22%

38%

40%

(1)Relocation to other ARE properties.

(2)Leases at assets originally acquired for redevelopment or repositioning.

(3)Represents the weighted-average expiration date based on annual rental revenue as of September 30, 2026.

Top 20 Tenants

September 30, 2026

(Dollars in thousands, except average market cap amounts)

84% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

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

8.3

1,654,290

$162,062

8.6%

$115.74

Eli Lilly and Company

8.7

1,054,241

92,120

4.9

Aa3

AA-

$985.81

Moderna, Inc.

12.2

462,100

71,445

3.8

—

$23.15

AstraZeneca PLC

5.5

611,326

56,683

(2)

3.0

A+

$280.03

Takeda Pharmaceutical Company Limited

10.1

386,111

41,673

2.2

Baa1

BBB+

$52.65

Eikon Therapeutics, Inc.(3)

12.8

299,638

38,907

2.1

—

$0.59

Intellia Therapeutics, Inc.(4)

6.9

283,272

35,090

1.9

—

$1.64

Illumina, Inc.

5.1

792,687

29,977

1.6

Baa3

BBB

$23.02

United States Government

3.9

414,499

29,435

(5)

1.6

Aaa

AA+

$—

Novo Nordisk A/S

11.3

262,382

28,876

1.5

Aa3

$209.80

Uber Technologies, Inc.

56.0

(6)

1,009,188

27,879

1.5

Baa1

BBB+

$161.24

Boston Children's Hospital

14.0

309,231

26,294

1.4

Aa2

$—

Novartis AG

1.7

(7)

321,743

25,111

1.3

Aa3

AA-

$303.20

Sanofi

4.3

267,278

22,045

1.2

Aa3

$112.32

New York University

5.8

218,983

21,073

1.1

Aa2

AA-

$—

Massachusetts Institute of Technology

3.3

242,428

20,529

1.1

Aaa

AAA

$—

Merck & Co., Inc.

7.6

300,930

18,895

1.0

Aa3

A+

$287.66

Vaxcyte, Inc.

8.3

230,755

18,656

1.0

—

$7.45

Charles River Laboratories, Inc.

9.1

189,549

18,467

1.0

—

$9.85

Altos Labs, Inc.(8)

14.5

158,990

18,408

1.0

—

$—

Total/weighted-average

10.0

(6)

9,469,621

$803,625

42.8%

Annual rental revenue and RSF include 100% of each property managed by us. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information for

additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.

(1)Based on annual rental revenue in effect as of September 30, 2026.

(2)Of the $56.7 million of annual rental revenue generated by this tenant, $27.0 million relates to a 232,902 RSF lease at our Alexandria Center® for Life Science – Waltham Megacampus, which expires in 1Q27. This lease is included in the 1.4

million RSF of 2027 key lease expirations with expected downtime disclosed on page 24. We do not expect the tenant to renew its lease and are actively marketing the space.

(3)Eikon Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a biopharmaceutical executive who previously served as an executive vice president of Merck & Co., Inc. As of June 30, 2026, the company held $531 million

in cash and marketable securities.

(4)Intellia Therapeutics, Inc. is an established, publicly traded clinical-stage biotechnology company focused on CRISPR-based gene-editing therapies. The company reported positive Phase 3 clinical results in 2026 and reported cash, cash

equivalents and marketable securities of $628.4 million as of June 30, 2026. Additionally, on September 4, 2026, the company announced it secured a non-dilutive senior secured term loan facility for up to $400 million.

(5)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United States

Government is cancelable prior to the lease expiration date.

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

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

our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.4 years as of September 30, 2026.

(7)Includes one direct lease at 100 Technology Square at Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 255,441 RSF, which generates annualized rental revenue of $21.0 million and expires in March

2028. The tenant has leased the building since 2002 and has subsequently expanded and consolidated its operations in Cambridge into a larger footprint. As a result, we do not expect the tenant to renew its lease upon expiration. We are

actively marketing the space for re-leasing and expect significant downtime following lease expiration to upgrade and re-lease the space.

(8)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former GlaxoSmithKline Chief Scientific Officer and President, R&D. Altos Labs launched with $3.0 billion in private funding in 2022, and is backed by a group of

prominent investors.

Summary of Properties and Occupancy

September 30, 2026

(Dollars in thousands, except per RSF amounts)

Summary of properties

RSF

Number of

Properties

Annual Rental Revenue

Market

Operating

Development

Redevelopment

Total

% of Total

Total

% of Total

Per RSF

Greater Boston

10,338,586

—

600,652

10,939,238

28%

$740,938

39%

$88.46

San Diego

6,419,662

466,598

—

6,886,260

341,035

59.23

San Francisco Bay Area

5,469,953

212,657

50,377

5,732,987

300,013

70.79

Seattle

2,900,871

175,950

—

3,076,821

115,007

43.74

Maryland

3,676,755

—

3,676,755

151,322

45.77

Research Triangle

3,436,285

—

3,436,285

86,341

26.59

New York City

727,674

—

727,674

65,575

93.24

Texas

1,651,094

—

66,350

1,717,444

41,539

29.50

Non-cluster/other markets/Canada

954,935

(1)

—

954,935

21,981

29.49

Properties held for sale

965,557

339,668

—

1,305,225

21,775

40.90

36,541,372

1,194,873

717,379

38,453,624

100%

328

$1,885,526

100%

$60.93

1,912,252

Summary of occupancy

Operating Properties

Operating and Redevelopment Properties

Market

9/30/26

6/30/26

9/30/25

9/30/26

6/30/26

9/30/25

Greater Boston

81.0%

(2)

83.0%

86.8%

76.6%

73.7%

73.6%

San Diego

89.7

89.9

95.2

89.7

89.9

95.2

San Francisco Bay Area

87.1

83.1

90.4

86.3

81.9

86.4

Seattle

90.6

87.7

90.1

90.6

87.7

90.1

Maryland

91.5

93.9

91.5

93.9

Research Triangle

94.5

93.9

94.9

94.5

93.9

94.9

New York City

96.6

95.5

98.3

96.6

95.5

98.3

Texas

85.3

79.9

82.0

76.5

Subtotal

87.4

87.1

90.8

85.6

83.8

85.9

Non-cluster/other markets/Canada

78.0

54.1

85.2

78.0

54.1

81.7

87.1%

(3)

86.9%

90.6%

85.4%

83.6%

85.8%

(1)Includes 779,842 RSF and $14.9 million of annual rental revenue in Canada.

(2)Decline in occupancy was primarily due to 339,020 RSF at our 311 Arsenal Street redevelopment project in our Greater Boston market being placed back into operation following the execution of leases aggregating 66,859 RSF,

with additional leases aggregating 100,684 RSF under negotiation for advanced technology use as of 3Q26. This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future

construction spend by approximately $220 million.

(3)Excludes leases aggregating 1.3 million RSF, or 3.7% of total operating RSF, executed as of September 30, 2026 and expected to be occupied upon completion of building and/or tenant improvements. See the Occupancy and

Leasing Progress chart on the following page for additional information.

Summary of Properties and Occupancy (continued)

September 30, 2026

Occupancy and Leasing Progress

(Operating Properties)

(1)

(1)Represents executed leases aggregating 1.3 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately June 2027, with

expected annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. These executed leases relate solely to our operating portfolio, and therefore

exclude an additional 686 thousand RSF of executed leases with future delivery related to our development and redevelopment properties under construction. Refer to “New Class A/A+ development and redevelopment

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

Property Listing

September 30, 2026

(Dollars in thousands)

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

$208,716

91.8%

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

1,299,411

—

1,299,411

123,158

83.8

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

95,411

87.4

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

Megacampus: The Arsenal on the Charles

1,127,487

—

1,127,487

42,845

54.5

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

578,176

—

578,176

34,104

81.4

6,424,466

—

6,424,466

504,234

81.9

Fenway

Megacampus: Alexandria Center® for Life Science – Fenway

1,504,526

—

1,504,526

100,523

74.0

401 and 421 Park Drive and 201 Brookline Avenue

Seaport Innovation District

5 and 15(1) Necco Street

459,395

—

459,395

48,088

98.6

Route 128

Megacampus: Alexandria Center® for Life Science – Waltham

734,973

—

329,049

1,064,022

68,463

87.1

60.2

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

1,320,199

—

329,049

1,649,248

82,657

91.5

73.2

Other

Megacampus: 30, 200, and 3000 Minuteman Road

630,000

—

271,603

901,603

5,436

54.1

37.8

GREATER BOSTON TOTAL

10,338,586

—

600,652

10,939,238

$740,938

81.0%

76.6%

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)

September 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

1,094,258

—

1,094,258

$62,880

75.9%

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

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

Torreyana Road, and 3545 Cray Court

ARE Torrey Ridge

308,681

—

308,681

14,973

97.3

10578, 10618, and 10628 Science Center Drive

1,402,939

—

1,402,939

77,853

80.6

University Town Center

Megacampus: Campus Point by Alexandria(1)

1,684,979

466,598

—

2,151,577

130,615

96.8

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

5,340

46.5

2,648,667

466,598

—

3,115,265

165,933

94.5

Sorrento Mesa

Megacampus: SD Tech by Alexandria(1)

1,154,144

—

1,154,144

48,331

86.0

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

97,249

89.7

SAN DIEGO TOTAL

6,419,662

466,598

—

6,886,260

$341,035

89.7%

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.

(2)We own 100% of this property.

Property Listing (continued)

September 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

$62,130

90.5%

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

861,136

—

50,377

911,513

40,481

73.8

69.8

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

Alexandria Center® for Life Science – South San Francisco

504,414

—

504,414

26,516

76.1

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

14,928

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

2,354,778

—

50,377

2,405,155

130,847

83.4

81.6

San Carlos

Megacampus: Alexandria Center® for Life Science – San Carlos

634,713

—

634,713

41,624

95.6

825, 835, and 960 Industrial Road

634,713

—

634,713

41,624

95.6

Palo Alto

Alexandria Stanford Life Science District

412,852

—

412,852

33,880

97.1

3160, 3165, 3170, and 3181 Porter Drive and 3330 Hillview Avenue

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

340,103

—

340,103

21,796

76.3

2475 Hanover Street and 1450 Page Mill Road

166,474

—

166,474

9,736

73.7

919,429

—

919,429

65,412

85.2

SAN FRANCISCO BAY AREA TOTAL

5,469,953

212,657

50,377

5,732,987

$300,013

87.1%

86.3%

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)

September 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

1,152,482

—

1,152,482

$54,583

84.8%

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

465,406

175,950

—

641,356

27,546

98.9

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

219 Terry Avenue North

1,617,888

175,950

—

1,793,838

82,129

88.9

Elliott Bay

410 Elliott Avenue West

2,896

—

2,896

—

Bothell

Megacampus: Alexandria Center® for Advanced Technologies – Canyon

Park

814,995

—

814,995

19,103

94.8

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

465,092

—

465,092

13,775

90.2

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

1,280,087

—

1,280,087

32,878

93.1

SEATTLE TOTAL

2,900,871

175,950

—

3,076,821

115,007

90.6

MARYLAND

Rockville

Megacampus: Alexandria Center® for Life Science – Shady Grove

1,691,960

—

1,691,960

91,252

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

$105,264

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)

September 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

$19,669

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

16,429

89.2

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

Road

401 Professional Drive

63,396

—

63,396

1,205

76.4

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

39,744

88.9

Beltsville

8000/9000/10000 Virginia Manor Road

191,884

—

191,884

3,500

100.0

101 West Dickman Street(1)

135,958

—

135,958

2,814

100.0

327,842

—

327,842

6,314

100.0

MARYLAND TOTAL

3,676,755

—

3,676,755

151,322

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

712,537

—

712,537

25,588

88.9

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

Megacampus: Alexandria Center® for Sustainable Technologies

259,962

—

259,962

7,289

85.7

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

4,438

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

3,436,285

—

3,436,285

$86,341

94.5%

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)

September 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

$65,575

96.6%

430 and 450 East 29th Street

NEW YORK CITY TOTAL

727,674

—

727,674

65,575

96.6

TEXAS

Austin

Megacampus: Intersection Campus

1,523,318

—

1,523,318

37,787

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

41,539

85.3

82.0

Non-cluster/other markets/Canada

954,935

—

954,935

21,981

78.0

Total, excluding properties held for sale

35,575,815

855,205

717,379

37,148,399

310

1,863,751

87.1%

85.4%

Properties held for sale

965,557

339,668

—

1,305,225

21,775

55.1%

Total

36,541,372

1,194,873

717,379

38,453,624

328

$1,885,526

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

Investments in Real Estate

September 30, 2026

(Dollars in thousands)

Development and Redevelopment

Under Construction

Operating

2027–2028

Stabilization

Evaluating

Strategy

Future

Subtotal

Total

Square footage

Operating

35,575,815

—

35,575,815

Future Class A/A+ development and redevelopment properties

—

905,582

667,002

18,912,303

20,484,887

Future development and redevelopment square feet currently included in rental properties(1)

—

(935,031)

Total square footage, excluding properties held for sale

35,575,815

905,582

667,002

17,977,272

19,549,856

55,125,671

Properties held for sale

965,557

—

339,668

2,079,925

2,419,593

3,385,150

Total square footage

36,541,372

905,582

1,006,670

20,057,197

21,969,449

58,510,821

Investments in real estate

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

$30,198,713

$670,176

$611,311

$3,826,180

$5,107,667

(3)

$35,306,380

Properties held for sale

459,477

—

238,232

241,902

480,134

939,611

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

$29,739,236

$670,176

$373,079

$3,584,278

$4,627,533

$34,366,769

20%

Development/

Redevelopment

Under Construction

Land/Future

Development

17%

11% to 16%

12%

Non-Income-Producing Assets(4) as a Percentage of Gross Assets

(1)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.

(2)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint

ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(3)Our share of investment in our development and redevelopment pipeline as of September 30, 2026 is $4.63 billion.

(4)Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026, compared with approximately 1% as of December 31, 2025

and 2024.

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

September 30, 2026

99 Coolidge Avenue

50 and 60 Sylvan Road(1)

4135 Campus Point Court

Megacampus: 480 Arsenal Way, 446, 458, and

500 Arsenal Street, and 99 Coolidge Avenue

Megacampus: Alexandria Center® for Life

Science – Waltham

Megacampus: Campus Point by Alexandria

320,809 RSF

268,992 RSF

426,927 RSF

84% Occupancy

88% Occupancy

100% Occupancy

10075 Barnes Canyon Road

269 East Grand Avenue

701 Dexter Avenue North

Megacampus: SD Tech by Alexandria

Megacampus: Alexandria Center® for Advanced

Technologies – South San Francisco

Megacampus: Alexandria Center® for Advanced

Technologies – South Lake Union

253,079 RSF

33,780 RSF

51,627 RSF

80% Occupancy

100% Occupancy

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

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

September 30, 2026

(Dollars in thousands)

Incremental Annual Net Operating Income Generated From YTD 3Q26 Deliveries

Aggregated $98 million(1), Including $40 million in 3Q26

Property/Market/Submarket

Our

Ownership

Interest

RSF Placed in Service

Occupancy

Percentage(4)

Total Project

Unlevered Yields(2)

3Q26

Delivery

Date(3)

Prior to

1/1/26

1Q26

2Q26

3Q26

Total

Initial

Stabilized

Initial

Stabilized

(Cash Basis)

RSF

Investment

Development projects

99 Coolidge Avenue/Greater Boston/Cambridge/

Inner Suburbs

8/11/26

100%

129,413

16,734

—

174,662

320,809

84%

320,809

$446,000

5.8%

6.8%

4135 Campus Point Court/San Diego/University

Town Center

N/A

59.3%

—

426,927

—

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

—

253,079

80%

253,079

$314,000

5.5%

5.7%

701 Dexter Avenue North/Seattle/Lake Union

7/9/26

100%

—

51,627

100%

227,577

TBD

Redevelopment projects

50 and 60 Sylvan Road/Greater Boston/Route 128

9/1/26

100%

—

268,992

88%

268,992

$432,000

6.3%

4.1%

(5)

269 East Grand Avenue/San Francisco Bay Area/

South San Francisco

8/21/26

100%

—

33,780

100%

84,157

TBD

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

8/20/26

350,976

105,292

426,927

529,061

1,412,256

1,704,933

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)Excludes future incremental annual net operating income from recently delivered spaces aggregating 134,767 RSF that were vacant and/or unleased at delivery.

(2)The delivered leases contain effective annual rent escalations of 3%, which are expected to contribute to growth in net operating income (cash basis) over the respective lease term.

(3)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.

(4)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected.

(5)The lease with Novo Nordisk, an investment-grade tenant, was executed in a highly competitive leasing environment and provides strong long-term value through a 15-year term and 3% annual rent escalations. The lower cash yield

relative to the original underwriting is primarily driven by higher development costs and lower rental assumptions than initially forecasted due to market changes.

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

September 30, 2026

10200 Campus Point Drive

1450 Owens Street

Megacampus: Campus Point by Alexandria

Megacampus: Alexandria Center® for Science and

Technology – Mission Bay

466,598 RSF

212,657 RSF

100% Leased

51% Leased/Negotiating

269 East Grand Avenue

701 Dexter Avenue North

Megacampus: Alexandria Center® for Advanced

Technologies – South San Francisco

Megacampus: Alexandria Center® for Advanced

Technologies – South Lake Union

50,377 RSF

175,950 RSF

40% Leased/Negotiating

69% Leased/Negotiating

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

September 30, 2026

(Dollars in thousands)

Property

Market/Submarket

Dev/

Redev

Square Footage

Percentage

Occupancy(1)

In Service

CIP

Total

Leased

Leased/

Negotiating

Initial

Stabilized

Under construction

2027–2028 stabilization

10200 Campus Point Drive(2)

San Diego/University Town Center

Dev

—

466,598

100%

4Q28

1450 Owens Street

San Francisco Bay Area/Mission Bay

Dev

—

212,657

2Q27

2028

269 East Grand Avenue

San Francisco Bay Area/South San Francisco

Redev

33,780

50,377

84,157

3Q26

2H27

701 Dexter Avenue North

Seattle/Lake Union

Dev

51,627

175,950

227,577

3Q26

2028

85,407

905,582

990,989

69%

77%

Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)(4)

40 Sylvan Road

Greater Boston/Route 128

Redev

—

329,049

—%

3000 Minuteman Road

Greater Boston/Other

Redev

—

271,603

—

8800 Technology Forest Place

Texas/Greater Houston

Redev

57,042

66,350

123,392

57,042

667,002

724,044

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

2027–2028 stabilization(5)

10200 Campus Point Drive(2)

San Diego/University Town Center

59.3%

$—

$106,862

$553,138

$660,000

7.3%

6.5%

1450 Owens Street

San Francisco Bay Area/Mission Bay

25.0%

—

263,855

TBD

269 East Grand Avenue

San Francisco Bay Area/South San Francisco

100%

49,793

53,299

701 Dexter Avenue North

Seattle/Lake Union

100%

96,398

246,160

$146,191

$670,176

$780,000

(6)

$1,590,000

(6)

Our share of investment(6)(7)

$150,000

$420,000

$500,000

(6)

$1,070,000

(6)

Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)(4)

40 Sylvan Road

Greater Boston/Route 128

100%

$—

$233,594

TBD

3000 Minuteman Road

Greater Boston/Other

100%

—

97,248

8800 Technology Forest Place

Texas/Greater Houston

100%

65,640

42,237

$65,640

$373,079

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

(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over time.

(2)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we have a 59.3% ownership interest as of September 30, 2026. The project is fully leased to Novartis AG with 3% rent

escalations. The tenant currently occupies a building within the Megacampus aggregating 52,853 RSF that generated annual rental revenue of $4.1 million as of 3Q26. The tenant is expected to vacate this building during 2028. We expect

to fund the majority of future construction costs at the Megacampus. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details.

(3)We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a

disposition, based upon future leasing interest. Under a lower-investment scenario, we would expect lower rent and tenant improvement requirements, and we would evaluate whether all or a portion of the property would be placed back

into operation. We would also expect stabilized yields under such alternatives to be lower than our initial underwriting assumptions. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest

deliveries of these projects are in 2028.

(4)As of June 30, 2026, 311 Arsenal Street and 421 Park Drive in our Greater Boston market were included in projects for which we were evaluating our business and financial strategy. During 3Q26, we reclassified the 339,020 RSF

redevelopment project at 311 Arsenal Street to operating following the execution of leases aggregating 66,859 RSF, with additional leases aggregating 100,684 RSF under negotiation for advanced technology use, which is expected to

reduce future potential construction spending by approximately $220 million. We also entered into a purchase and sale agreement with an institutional user for the sale of 339,668 RSF at 421 Park Drive, representing substantially all of our

development project at this location. This portion of the project was classified as held for sale as of 3Q26. The transaction is anticipated to close in 4Q26 and is expected to reduce future potential construction spending by approximately

$136 million.

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

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

(7)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects, and will be adjusted as our ownership percentage increases at the Campus Point project.

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

September 30, 2026

(Dollars in thousands)

80% of Our Total Development and Redevelopment Pipeline RSF

Is Within Our Megacampus Ecosystems

Market

Property

Submarket

Our

Ownership

Interest

Book Value

Development and Redevelopment

Square Footage

Under

Construction

Future

Total(1)

GREATER BOSTON

Megacampus: Alexandria Center® for Life Science – Waltham

Route 128

100%

$300,320

329,049

515,000

844,049

40 Sylvan Road and 35 Gatehouse Drive

Megacampus: 30, 200, and 3000 Minuteman Road

Other

100%

115,366

271,603

350,000

621,603

3000 Minuteman Road

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

Coolidge Avenue

Cambridge/Inner Suburbs

100%

25,123

—

560,000

446, 458, and 500 Arsenal Street

Megacampus: Alexandria Center® at Kendall Square

Cambridge

100%

49,415

—

174,500

100 Edwin H. Land Boulevard

Megacampus: Alexandria Technology Square®

Cambridge

100%

9,176

—

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%

182,944

—

774,157

GREATER BOSTON TOTAL

$796,385

600,652

2,760,657

3,361,309

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)

September 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

59.3%

(2)

$288,339

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%

168,945

—

215,000

Megacampus: One Alexandria Square

Torrey Pines

100%

71,391

—

125,280

10975 and 10995 Torreyana Road

Megacampus: 5200 Illumina Way

University Town Center

51.0%

17,939

—

451,832

9625 Towne Centre Drive

University Town Center

30.0%

859

—

100,000

Megacampus: Sequence District by Alexandria

Sorrento Mesa

100%

51,110

—

1,661,915

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

Megacampus: SD Tech by Alexandria

Sorrento Mesa

50.0%

144,675

—

493,845

9805 Scranton Road and 10065 Barnes Canyon Road

Other development and redevelopment projects

(4)

—

50,000

SAN DIEGO TOTAL

743,258

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%

263,855

212,657

—

212,657

1450 Owens Street

Megacampus: Alexandria Center® for Advanced Technologies – South San

Francisco

South San Francisco

100%

59,954

50,377

90,000

140,377

211(4) and 269 East Grand Avenue

Megacampus: Alexandria Center® for Advanced Technologies – Tanforan

South San Francisco

100%

471,396

—

1,930,000

1122, 1150, and 1178 El Camino Real

Alexandria Center® for Life Science – Millbrae

South San Francisco

48.6%

164,771

—

348,401

201 and 231 Adrian Road and 30 Rollins Road

Megacampus: Alexandria Center® for Life Science – San Carlos

San Carlos

100%

510,128

—

1,497,830

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

SAN FRANCISCO BAY AREA TOTAL

$1,470,104

263,034

3,866,231

4,129,265

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)In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million, which reduced our interest to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is

expected to increase our ownership interest over time to over 50%. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details.

(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)

September 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)

$548,166

175,950

1,057,400

1,233,350

601 and 701 Dexter Avenue North and 800 Mercer Street

1010 4th Avenue South

SoDo

100%

64,353

—

544,825

410 West Harrison Street

Elliott Bay

100%

27,147

—

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%

161,663

—

706,087

SEATTLE TOTAL

822,152

175,950

2,629,312

2,805,262

MARYLAND

Megacampus: Alexandria Center® for Life Science – Shady Grove

Rockville

100%

25,968

—

296,000

9830 Darnestown Road

MARYLAND TOTAL

25,968

—

296,000

RESEARCH TRIANGLE

Megacampus: Alexandria Center® for Life Science – Durham

Research Triangle

100%

170,969

—

2,060,000

Megacampus: Alexandria Center® for Advanced Technologies and AgTech –

Research Triangle

100%

118,275

—

1,170,000

4 and 12 Davis Drive

Megacampus: Alexandria Center® for Sustainable Technologies

Research Triangle

100%

57,656

—

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

348,547

—

4,005,000

NEW YORK CITY

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

New York City

100%

185,936

—

550,000

(3)

550,000

NEW YORK CITY TOTAL

$185,936

—

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 364,350 RSF and a 60.0% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF.

(3)In 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to

develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended September 30, 2026 filed with the SEC

on October 26, 2026 for additional details.

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

September 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%

$45,351

66,350

116,405

182,755

8800 Technology Forest Place

1001 Trinity Street and 1020 Red River Street

Austin

100%

142,328

—

250,010

Other development and redevelopment projects

100%

—

TEXAS TOTAL

187,679

66,350

366,415

432,765

Other development and redevelopment projects

100%

47,504

—

474,000

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

4,627,533

1,572,584

18,912,303

20,484,887

Properties held for sale

480,134

339,668

2,079,925

2,419,593

Total pipeline as of September 30, 2026

$5,107,667

(2)

1,912,252

20,992,228

22,904,480

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

(1)Total square footage includes 935,031 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate” under

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

(2)Includes $1.04 billion of projects that are currently under construction.

Construction Spending

September 30, 2026

(Dollars in thousands)

Construction spending

Projected Guidance

Midpoint for Year Ending

December 31, 2026

Nine Months Ended

September 30, 2026

Year Ended

December 31, 2025

Construction of Class A/A+ properties:

Active construction projects

Development and redevelopment under construction(1)

1,555,000

1,039,228

1,216,572

Future pipeline pre-construction

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

210,000

(2)

140,645

275,971

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

510,000

(4)

430,365

324,293

Construction spending (before contributions from noncontrolling interests or tenants)

2,275,000

1,610,238

1,816,836

Contributions from noncontrolling interests (consolidated real estate joint ventures)

(100,000)

(5)

(50,727)

(193,936)

Tenant-funded and -built landlord improvements

(425,000)

(405,733)

(178,651)

Total construction spending

1,750,000

1,153,778

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)

4Q26

$49,000

2027 and beyond

56,000

Total

$105,000

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

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

(2)Approximately 74% represents capitalized costs.

(3)Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements.

(4)The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 53% of the total spending within this category. The first project relates to a property located at the Alexandria Center® for

Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket, which is leased to a new tenant and is undergoing its first major renovation in 12 years. The second project relates to two properties at

the Alexandria Technology Square® Megacampus in our Cambridge submarket, which are undergoing their first major renovation in 16 years.

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

Capitalization of Interest

September 30, 2026

(Dollars in thousands)

Key Categories of Average Real Estate Basis Qualifying for Capitalization

Three Months Ended

September 30, 2026

Total(1)

$5,866,853

Projects delivered in 3Q26 or other projects no longer requiring capitalization of interest as of the end of 3Q26(2)

(1,402,235)

Projects continuing to qualify for capitalization of interest as of the end of 3Q26

$4,464,618

Components of average real estate basis of projects continuing to qualify for capitalization of interest as of the end of 3Q26

Class A/A+ development and redevelopment projects under construction and repositioning projects:

2027–2028 stabilization

$384,632

Repositioning and smaller redevelopment projects(3)

1,735,127

2,119,759

Land/future development projects with pre-construction milestones through 2028(4)

2,344,859

Average real estate basis of projects continuing to qualify for capitalization as of the end of 3Q26

$4,464,618

4Q26 projected range for average real estate capitalization basis

$3,400,000 – $4,900,000

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

$8.1B

Development/Redevelopment

Under Construction and

Repositioning Projects

Land/Future Development

$7.0B

$6.9B

$5.9B

$3.4B – $4.9B

Average Real Estate Basis Capitalized

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

(2)Primarily includes projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well

as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus during 3Q26.

(3)Primarily consists of projects related to our operating assets that generally have shorter periods for which capitalization of interest is required, including executed leases aggregating 1.3 million RSF as of September 30, 2026, with future

occupancy expected after completion of building and/or tenant improvements by June 2027 on a weighted-average basis. The balance also includes redevelopment projects for which we are evaluating business and financial strategy.

(4)Includes future pipeline projects expected to reach pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction, with a weighted-average

key construction milestone by 1H28. As projects progress, we will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, pause future investments, or

consider potential disposition. These projects include, among others, future Megacampus development projects at (i) Alexandria Center® for Advanced Technologies – Tanforan, (ii) Alexandria Center® for Life Science – San Carlos, where

we have a letter of intent for approximately 235,600 RSF related to existing industrial buildings that were originally expected to be demolished to allow for future development, (iii) Alexandria Center® for Life Science – New York City, and (iv)

Campus Point by Alexandria, which represent approximately 52% of the total real estate basis that continues to qualify for capitalization in this category as of September 30, 2026.

Joint Venture Financial Information

September 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

40.7%

(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%

291,355

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)In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million which reduced our interest to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus,

which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20.0% and 30.0%, respectively, and increase our ownership interest to over 50.0%. Refer to

“Dispositions and sales of partial interests” in the Earnings Press Release and “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details.

(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(6)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South.

(7)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.

Joint Venture Financial Information (continued)

September 30, 2026

(In thousands)

As of September 30, 2026

Noncontrolling Interest

Share of Consolidated

Real Estate JVs

Our Share of

Unconsolidated

Real Estate JVs

Investments in real estate

3,363,861

85,927

Cash, cash equivalents, and restricted cash

136,379

2,514

Other assets

403,837

10,486

Secured notes payable

—

(61,016)

Other liabilities

(292,967)

(9,331)

Redeemable noncontrolling interests

(9,119)

—

3,601,991

28,580

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

September 30, 2026

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

Total revenues

105,561

301,634

2,885

8,895

Rental operations

(33,927)

(97,557)

(940)

(3,092)

71,634

204,077

1,945

5,803

General and administrative

(593)

(1,876)

(23)

(47)

Interest

(20)

(190)

(989)

(2,990)

Depreciation and amortization of real estate assets

(32,458)

(93,449)

(858)

(2,577)

Gain on sale of interest of unconsolidated JV

—

152

Fixed returns allocated to redeemable noncontrolling interest(1)

191

730

—

38,754

109,292

341

Straight-line rent and below-market lease revenue

4,909

9,034

216

550

Funds from operations(2)

71,212

202,741

933

2,918

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

September 30, 2026

(Dollars in thousands)

We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income

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

September 30, 2026

Year Ended

December 31, 2025

Three Months Ended

Nine Months Ended

Realized gains (losses):

Realized gains

$16,007

$44,497

$115,722

Impairment of non-real estate investments

(13,580)

(1)

(35,026)

(95,716)

Significant realized losses

—

(103,329)

2,427

9,471

(83,323)

Unrealized gains

21,563

(2)

143,164

(2)

26,980

(3)

Investment income (losses)

$23,990

$152,635

$(56,343)

September 30, 2026

December 31, 2025

Investments

Cost

Unrealized Gains

Unrealized Losses

Carrying Amount

Publicly traded companies

$105,921

$56,294

$(24,638)

$137,577

$94,928

Entities that report NAV

507,978

215,565

(43,100)

680,443

512,376

Entities that do not report NAV:

Entities with observable price changes

77,062

50,568

(10,785)

116,845

123,238

Entities without observable price changes

406,415

—

406,415

413,324

Investments accounted for under the equity method

N/A

394,393

357,383

September 30, 2026

$1,097,376

(4)

$322,427

$(78,523)

$1,735,673

$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)

18%

Tenant

Public

82%

Non-Tenant

93%

Private

(1)Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.

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

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

(4)Represents 2.7% of gross assets as of September 30, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

Balance Sheet

September 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)

$4.6B

95.5%

REMAINING DEBT TERM

(IN YEARS)(3)

DEBT INTEREST

RATE

11.6

4.33%

Longest Among S&P 500 REITs(4)

4Q26 ANNUALIZED GUIDANCE

5.6x to 6.2x

3.4x to 3.9x

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

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

(3)Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years.

(4)Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026, except for ARE, which is as of September 30, 2026.

Key Credit Metrics

September 30, 2026

Liquidity

Limited Outstanding Borrowings and Significant Availability

on Unsecured Senior Line of Credit

(in millions)

$4.6B

(in millions)

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

outstanding under our commercial paper program

$3,908

Cash, cash equivalents, and restricted cash

514

Investments in publicly traded companies

138

Liquidity as of September 30, 2026

$4,560

Net Debt and Preferred Stock to Adjusted EBITDA(1)

Fixed-Charge Coverage Ratio(1)

$5,000

$1,091

$353

<$350

Remaining amounts available for borrowing

under our unsecured senior line of credit

Outstanding balance under our

unsecured senior line of credit and/or

commercial paper program

6.9x

6.6x(2)

5.6x to 6.2x

3.4x to 3.9x

3.7x

5.7x

Mid-5x Range

3.2x

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

(1)Quarter annualized.

(2)The pro forma amount reflects the October 23, 2026 sale of our partial interest in the Campus Point by Alexandria joint venture for $475.0 million. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press

Release for additional details.

Summary of Debt

September 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

$10,820,687

$—

$10,820,687

83.9%

4.04%

10.60

Junior subordinated notes payable

985,143

—

985,143

7.6%

7.37

(4)

30.40

(4)

Unsecured senior line of credit(2) and commercial

paper program(3)

—

1,091,166

8.5

4.40

5.30

(5)

Total/weighted average

$11,805,830

$1,091,166

$12,896,996

100.0%

4.33%

11.6

(5)

Percentage of total debt

91.5%

8.5%

100.0%

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

(2)As of September 30, 2026, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.50 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with

a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are back-stopped by our unsecured senior line of credit. In the event we are unable to

issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at

SOFR+0.725%. As of September 30, 2026, we had $1.09 billion of commercial paper notes outstanding.

(4)Our junior subordinated notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject

to a minimum interest rate of 7.250%. In addition, we may redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and

thereafter on any interest payment date.

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

consolidated weighted-average maturity of our debt is 11.2 years. The commercial paper notes sold during the nine months ended September 30, 2026 were issued at a weighted-average yield to maturity of 4.19% and had a

weighted-average maturity term of 14 days. Our total weighted-average remaining term also assumes the full maturity of our junior subordinated notes payable due in 2057. Pro forma for the potential early redemption of our

junior subordinated notes on February 15, 2032, our total weighted-average remaining debt term would have been 9.7 years.

Average Debt Outstanding

Weighted-Average Interest Rate

September 30, 2026

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

Long-term fixed-rate debt

$11,341,163

$11,239,142

4.15%

4.04%

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

program debt

1,915,075

1,945,860

4.21

4.18

Blended-average interest rate

13,256,238

13,185,002

4.16

4.06

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

credit

N/A

0.13

Total/weighted average

$13,256,238

$13,185,002

4.29%

4.19%

Summary of Debt (continued)

September 30, 2026

(Dollars in thousands)

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

September 30, 2026

Requirement

September 30, 2026

Total Debt to Total Assets

≤ 60%

33%

≤ 60.0%

35.5%

Secured Debt to Total Assets

≤ 40%

—%

≤ 45.0%

—%

Consolidated EBITDA to Interest Expense

≥ 1.5x

5.6x

≥ 1.50x

2.91x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

295%

N/A

Unsecured Interest Coverage Ratio

N/A

≥ 1.75x

5.84x

(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

As of September 30, 2026

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)

5.91%

$26,750

$19,354

58.4%

1655 and 1725 Third Street

2/10/35

6.37%

6.44%

500,000

497,138

10.0%

$526,750

$516,492

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

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

(3)In October 2026, the unconsolidated real estate joint venture refinanced this debt with a new $22.5 million secured note payable bearing interest at SOFR+1.85% and maturing in October 2030. As of September 30, 2026, our

investment in this unconsolidated real estate joint venture was $9.9 million.

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

Summary of Debt (continued)

September 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 notes payable

3.95%

4.13%

1/15/27

$—

$350,000

$—

$350,000

$(167)

$349,833

Unsecured senior notes payable

3.95%

4.07

1/15/28

—

425,000

—

425,000

(569)

424,431

Unsecured senior notes payable

4.50%

4.60

7/30/29

—

300,000

—

300,000

(637)

299,363

Unsecured senior notes payable

2.75%

2.87

12/15/29

—

400,000

—

400,000

(1,346)

398,654

Unsecured senior notes payable

4.70%

4.81

7/1/30

—

450,000

—

450,000

(1,408)

448,592

Unsecured senior notes payable

4.90%

5.05

12/15/30

—

700,000

—

700,000

(3,359)

696,641

Unsecured senior notes payable

3.375%

3.48

8/15/31

—

750,000

(3,219)

746,781

Unsecured senior notes payable

2.00%

2.12

5/18/32

—

900,000

(5,347)

894,653

Unsecured senior notes payable

1.875%

1.97

2/1/33

—

1,000,000

(5,586)

994,414

Unsecured senior notes payable

2.95%

3.07

3/15/34

—

800,000

(5,905)

794,095

Unsecured senior notes payable

4.75%

4.88

4/15/35

—

500,000

(4,155)

495,845

Unsecured senior notes payable

5.50%

5.66

10/1/35

—

550,000

(5,852)

544,148

Unsecured senior notes payable

5.25%

5.41

3/15/36

—

750,000

(10,601)

739,399

Unsecured senior notes payable

5.25%

5.38

5/15/36

—

400,000

(3,508)

396,492

Unsecured senior notes payable

4.85%

4.93

4/15/49

—

300,000

(2,670)

297,330

Unsecured senior notes payable

4.00%

3.95

2/1/50

—

390,801

5,419

396,220

Unsecured senior notes payable

3.00%

3.16

5/18/51

—

352,398

(4,373)

348,025

Unsecured senior notes payable

3.55%

3.70

3/15/52

—

475,406

(6,127)

469,279

Unsecured senior notes payable

5.15%

5.26

4/15/53

—

500,000

(7,204)

492,796

Unsecured senior notes payable

5.625%

5.71

5/15/54

—

600,000

(6,304)

593,696

Unsecured senior notes payable weighted-

average interest rate/subtotal

4.04

—

350,000

425,000

700,000

1,150,000

8,268,605

10,893,605

(72,918)

10,820,687

Junior subordinated notes payable

7.25%

(3)

7.37

(3)

2/15/57

(3)

—

1,000,000

(14,857)

985,143

Unsecured senior line of credit and commercial

paper program(4)

(4)

4.40%

(4)

1/22/32

(4)

—

1,092,450

(1,284)

1,091,166

Weighted-average interest rate/total

4.33%

$—

$350,000

$425,000

$700,000

$1,150,000

$10,361,055

$12,986,055

$(89,059)

$12,896,996

Fixed-rate debt

$—

$350,000

$425,000

$700,000

$1,150,000

$9,268,605

$11,893,605

$(87,775)

$11,805,830

Variable-rate debt

—

1,092,450

(1,284)

1,091,166

Total debt

$—

$350,000

$425,000

$700,000

$1,150,000

$10,361,055

$12,986,055

$(89,059)

$12,896,996

Weighted-average stated rate on maturing debt

N/A

3.95%

3.50%

4.82%

4.22%

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

(2)Reflects any extension options that we control.

(3)Refer to footnote 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.

(4)Refer to footnotes 2, 3, and 5 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In September 2026, we amended and restated our $5.0 billion unsecured senior line of credit which, among other changes,

extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%.

Definitions and Reconciliations

September 30, 2026

This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-

GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent

annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Adjusted EBITDA and Adjusted EBITDA margin

The following table reconciles net income (loss), the most directly comparable financial

measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the

Adjusted EBITDA margin:

Three Months Ended

(Dollars in thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Net (loss) income

$(598,932)

$(38,969)

$398,377

$(995,354)

$(197,845)

Interest expense

79,687

64,342

64,584

65,674

54,852

Income taxes

2,609

1,845

3,225

1,851

3,737

Depreciation and amortization

304,419

304,384

305,441

322,063

340,230

Stock compensation expense

11,953

10,146

11,032

8,232

10,293

Loss (gain) on early extinguishment of debt

3,323

—

(366,435)

—

107

Gain on sales of real estate

—

(619,914)

(9,366)

Unrealized (gains) losses on non-real estate

investments

(21,563)

(131,933)

10,332

(98,548)

(18,515)

Significant realized losses on non-real

estate investments

—

103,329

—

Impairment of non-real estate investments

13,580

8,998

12,448

20,181

25,139

Impairment of real estate

637,904

222,470

5,499

1,717,188

323,870

Decrease in provision for expected credit

losses on financial instruments

—

(341)

—

Adjusted EBITDA

$432,980

$441,283

$444,503

$524,361

$532,502

Total revenues

$671,182

$662,784

$671,022

$754,414

$751,944

Adjusted EBITDA margin

65%

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)

September 30, 2026

Advanced technology

Advanced technology space serves tech office and non-life-science users whose operations

require building characteristics, infrastructure, or systems beyond those typically found in traditional

office space. Similar to laboratory space, advanced technology space may require enhanced floor-

loading capacity; increased electrical capacity, redundancy, and resilience; greater floor-to-floor heights

or clear heights; enhanced freight and loading access; enhanced security features; and specialized

HVAC, exhaust, or other critical building systems.

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in

accordance with GAAP. It includes the amortization of deferred revenue related to tenant-funded and

tenant-built landlord improvements for leases in effect as of the end of the period, related to our

operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our

consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint

ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of

100% of the RSF of our consolidated properties and our share of the RSF of properties held in

unconsolidated real estate joint ventures. As of September 30, 2026, approximately 91% of our leases

(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all

real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other

operating expenses (including increases thereto) in addition to base rent. Annual rental revenue

excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants

related to these operating expenses, along with base rent, are classified in income from rentals in our

consolidated statements of operations.

Capitalization rates

Capitalization rates are calculated based on net operating income and net operating income

(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter

preceding the date on which the property is sold, or near-term prospective net operating income.

Capitalized interest

We capitalize interest cost as a cost of a project during periods for which activities necessary

to develop, redevelop, or reposition a project for its intended use are ongoing, provided that

expenditures for the asset have been made and interest cost has been incurred. Activities necessary to

develop, redevelop, or reposition a project include pre-construction activities such as entitlements,

permitting, design, site work, and other activities preceding commencement of construction of

aboveground building improvements. The advancement of pre-construction efforts is focused on

reducing the time required to deliver projects to prospective tenants. These critical activities add

significant value for future ground-up development and are required for the vertical construction of

buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related

to such project are expensed as incurred.

Cash interest

Cash interest is equal to interest expense calculated in accordance with GAAP plus

capitalized interest, less amortization of loan fees, debt premiums (discounts) and interest expense

associated with the equity treatment of junior subordinated notes payable. Refer to the definition of

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

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

Class A/A+ properties and AAA locations

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

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

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

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

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

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

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

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

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

equity REITs.

Credit ratings

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

September 30, 2026. A credit rating is not a recommendation to buy, sell, or hold securities and may be

subject to revision or withdrawal at any time.

Development, redevelopment, and pre-construction

A key component of our business model is our disciplined allocation of capital to the

development and redevelopment of new Class A/A+ properties, as well as property enhancements

identified during the underwriting of certain acquired properties. These efforts are primarily concentrated

in collaborative Megacampus ecosystems within AAA life science and advanced technology innovation

clusters, as well as other strategic locations that support innovation and growth. These projects are

generally focused on providing high-quality, generic, and reusable spaces that meet the real estate

requirements of a wide range of tenants. Upon completion, each development or redevelopment project

is expected to generate increases in rental income, net operating income, and cash flows. Our

development and redevelopment projects are generally in locations that are highly desirable to high-

quality entities, which we believe results in higher occupancy levels, longer lease terms, higher rental

income, higher returns, and greater long-term asset value.

Development projects generally consist of the ground-up development of generic and

reusable laboratory facilities. Redevelopment projects generally consist of the permanent change in use

of acquired office, warehouse, or shell space into facilities designed for life science innovation or

advanced technology. We generally will not commence new development projects for aboveground

construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such

space, except when there is solid market demand for high-quality Class A/A+ properties.

Pre-construction activities include entitlements, permitting, design, site work, and other

activities preceding commencement of construction of aboveground building improvements. The

advancement of pre-construction efforts is focused on reducing the time required to deliver projects to

prospective tenants. These critical activities add significant value for future ground-up development and

are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality

facilities and are expected to generate significant revenue and cash flows.

Definitions and Reconciliations (continued)

September 30, 2026

Development, redevelopment, and pre-construction (continued)

Development, redevelopment, and pre-construction spending also includes the following

costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified

during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion

of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and

growth-stage life science companies.

Revenue-enhancing and repositioning capital expenditures represent spending to reposition

or significantly change the use of a property, including through improvement in the asset quality from

Class B to Class A/A+.

Non-revenue-enhancing capital expenditures represent costs required to maintain the current

revenues of a stabilized property, including the associated costs for renewed and re-leased space.

Dividend payout ratio (common stock)

Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends

on our common stock (shares of common stock outstanding on the respective record dates multiplied by

the related dividend per share) to funds from operations attributable to Alexandria’s common

stockholders – diluted, as adjusted.

Dividend yield

Dividend yield for the quarter represents the annualized quarterly dividend per share divided

by the closing common stock price at the end of the quarter.

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of

Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a

supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.

Fixed charges equal interest expense calculated in accordance with GAAP plus capitalized interest, plus

preferred stock dividends, less amortization of loan fees and debt premiums (discounts), and less any

portion of interest expense or preferred stock dividends incurred from any corresponding portion of any

hybrid instrument that is treated as equity, generally consistent with the treatment by key rating

agencies, as excluding such amounts provides investors with useful supplemental information regarding

the effect of that equity-credit treatment on our credit profile and fixed-charge coverage.

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

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

charge coverage ratio:

Three Months Ended

(Dollars in thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Adjusted EBITDA

$432,980

$441,283

$444,503

$524,361

$532,502

Interest expense

$79,687

$64,342

$64,584

$65,674

$54,852

Capitalized interest

62,922

73,717

69,973

81,845

86,091

Amortization of loan fees

(4,422)

(4,417)

(4,428)

(4,481)

(4,505)

Amortization of debt discounts

(353)

(352)

(320)

(327)

(325)

Interest expense associated with the equity

treatment of junior subordinated notes

payable(1)

(4,028)

—

Cash interest and fixed charges

$133,806

$133,290

$129,809

$142,711

$136,113

Fixed-charge coverage ratio:

– quarter annualized

3.2x

3.3x

3.4x

3.7x

3.9x

– trailing 12 months

3.4x

3.6x

3.8x

4.0x

4.1x

(1)Represents 50% of the interest expense associated with our junior subordinated notes payable, corresponding to

the portion of the related amount that key rating agencies treat as equivalent to a common dividend for credit-

analysis purposes.

We are not able to forecast the net income of future periods without unreasonable effort, and

therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This

is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market

conditions outside of our control, including the timing of dispositions, capital events, and financing

decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or

losses on non-real estate investments, impairments of real estate, impairments of non-real estate

investments, and changes in provision for expected credit losses on financial instruments. Our attempt

to predict these amounts may produce significant but inaccurate estimates, which would potentially be

misleading for our investors.

Definitions and Reconciliations (continued)

September 30, 2026

Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real

Estate Equities, Inc.’s common stockholders

GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes

that real estate values diminish over time. In an effort to overcome the difference between real estate

values and historical cost accounting for real estate assets, the Nareit Board of Governors established

funds from operations as an improved measurement tool. Since its introduction, funds from operations

has become a widely used non-GAAP financial measure among equity REITs. We believe that funds

from operations is helpful to investors as an additional measure of the performance of an equity

REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our

performance to the performance of other real estate companies on a consistent basis, without having to

account for differences recognized because of real estate acquisition and disposition decisions,

financing decisions, capital structure, capital market transactions, variances resulting from the volatility

of market conditions outside of our control, or other corporate activities that may not be representative of

the operating performance of our properties.

The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)

defines funds from operations as net income (computed in accordance with GAAP), excluding gains or

losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of

operating real estate assets, and after adjustments for our share of consolidated and unconsolidated

partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair

value over the recoverability period is less than the carrying value due to changes in general market

conditions and do not necessarily reflect the operating performance of the properties during the

corresponding period.

We compute funds from operations, as adjusted, as funds from operations calculated in

accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized

on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments

of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that

we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the

provision for expected credit losses on financial instruments, significant termination fees, acceleration of

stock compensation expense due to the resignations of executive officers, deal costs, the income tax

effect related to such items, and the amount of such items that is allocable to our unvested restricted

stock awards. We compute the amount that is allocable to our unvested restricted stock awards with

nonforfeitable dividends using the two-class method. Under the two-class method, we allocate net

income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested

restricted stock awards with nonforfeitable dividends by applying the respective weighted-average

shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference

of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor

funds from operations, as adjusted, should be considered as alternatives to net income (determined in

accordance with GAAP) as indications of financial performance, or to cash flows from operating

activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the

availability of funds for our cash needs, including our ability to make distributions.

We are not able to forecast the net income of future periods without unreasonable effort, and

therefore do not provide a reconciliation for funds from operations on a forward-looking basis. This is

due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market

conditions outside of our control, including the timing of dispositions, capital events, and financing

decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on

non-real estate investments, impairments of real estate, impairments of non-real estate investments,

and changes in provision for expected credit losses on financial instruments. Our attempt to predict

these amounts may produce significant but inaccurate estimates, which would potentially be misleading

for our investors.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real

Estate Equities, Inc.’s common stockholders (continued)

The following table reconciles net income (loss) to funds from operations for the share of

consolidated real estate joint ventures attributable to noncontrolling interests and our share of

unconsolidated real estate joint ventures:

Noncontrolling Interest Share of

Consolidated Real Estate JVs

Our Share of Unconsolidated

Real Estate JVs

September 30, 2026

(In thousands)

Three Months

Ended

Nine Months

Ended

Three Months

Ended

Nine Months

Ended

Net income

$38,754

$109,292

$75

$341

Depreciation and amortization of real

estate assets

32,458

93,449

858

2,577

Funds from operations

$71,212

$202,741

$933

$2,918

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Total assets

$34,051,722

$34,632,226

$34,167,397

$34,081,835

$37,375,148

Accumulated depreciation

6,879,381

6,648,143

6,393,658

6,127,525

6,416,745

Gross assets

$40,931,103

$41,280,369

$40,561,055

$40,209,360

$43,791,893

Incremental annual net operating income on development and redevelopment projects

Incremental annual net operating income represents the annualized net operating income

expected to be realized upon a project being placed into service and achieving stabilized occupancy. For

projects placed into service during the period, the incremental annual net operating income disclosed

excludes future incremental annual net operating income from space that was vacant or unleased at

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

the project’s total cost at completion.

Initial stabilized yield (unlevered)

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

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

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

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

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

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

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

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

or costs.

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

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

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

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

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

Definitions and Reconciliations (continued)

September 30, 2026

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-

grade rated or publicly traded companies with an average daily market capitalization greater than $10

billion for the twelve months ended September 30, 2026, as reported by Bloomberg Professional

Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the

tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s

lease obligation upon such tenant’s default. We monitor the credit quality and related material changes

of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10

billion, which are not immediately reflected in the twelve-month average, may result in their exclusion

from this measure.

Investments

We hold investments in publicly traded companies and privately held entities primarily

involved in the life science industry. We recognize, measure, present, and disclose these investments as

follows:

Statements of Operations

Balance Sheet

Gains and Losses

Carrying Amount

Unrealized

Realized

Difference 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 September 30, 2026:

(In thousands)

Investments in

Real Estate

Gross investments in real estate

$35,306,380

Less: accumulated depreciation

(6,879,381)

Investments in real estate

$28,426,999

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

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

revenue as of September 30, 2026:

(Dollars in thousands)

Book Value

Percentage of

Gross Assets

Projects under active construction

$1,043,255

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

Megacampuses

3,584,278

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

properties held for sale

4,627,533

Properties held for sale – land and development parcels

480,134

Total Class A/A+ development and redevelopment pipeline

$5,107,667

13%

(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes

development rights associated with existing operating campuses.

The square footage presented in the table below is classified as operating as of

September 30, 2026 and excludes properties classified as held for sale. These lease expirations or

vacant space at recently acquired properties represent future opportunities for which we intend, subject

to market conditions and leasing, to commence first-time conversion from non-laboratory space to

laboratory space, or to commence future ground-up development:

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

960 Industrial Road/San Carlos

Dev

—

112,590

Total

—

935,031

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

Definitions and Reconciliations (continued)

September 30, 2026

Joint venture financial information

We present components of balance sheet and operating results information related to our real

estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.

We present the proportionate share of certain financial line items as follows: (i) for each real estate joint

venture that we consolidate in our financial statements, which are controlled by us through contractual

rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest

economic ownership percentage to each financial item to arrive at the amount of such cumulative

noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that

we do not control and do not consolidate, which are instead controlled jointly or by our joint venture

partners through contractual rights or majority voting rights, we apply our economic ownership

percentage to each financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate

joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,

the joint venture agreement generally determines what equity holders can receive upon capital events,

such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their

respective legal ownership of any residual cash from a joint venture only after all liabilities, priority

distributions, and claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating

results information related to our partially owned entities. Presenting this information provides a

perspective not immediately available from consolidated financial statements and one that can

supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in

our consolidated results.

The components of balance sheet and operating results information related to our real estate

joint ventures are limited as an analytical tool as the overall economic ownership interest does not

represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In

addition, joint venture financial information may include financial information related to the

unconsolidated real estate joint ventures that we do not control. We believe that, to facilitate investors’

clear understanding of our operating results and our total assets and liabilities, joint venture financial

information should be examined in conjunction with our consolidated statements of operations and

balance sheets. Joint venture financial information should not be considered an alternative to our

consolidated financial statements, which are presented and prepared in accordance with GAAP.

Megacampus™

A Megacampus ecosystem is a cluster campus that consists of approximately 1 million RSF or

greater, including operating, active development/redevelopment, and land RSF less operating RSF

expected to be demolished. The following table reconciles our annual rental revenue and development

and redevelopment pipeline RSF, excluding properties classified as held for sale, as of September 30,

2026:

(Dollars in thousands)

Annual Rental

Revenue

Development and

Redevelopment

Pipeline RSF

Megacampus

$1,485,494

15,575,865

Core and non-core

378,257

3,973,991

Total

$1,863,751

19,549,856

Megacampus as a percentage of annual rental revenue and

of total development and redevelopment pipeline RSF

80%

Net cash provided by operating activities, as adjusted

We use net cash provided by operating activities, as adjusted, as a supplemental measure for

financial and operational decision-making, and as a supplemental means of evaluating period-to-period

comparisons on a consistent basis. Net cash provided by operating activities, as adjusted, is calculated

as net cash provided by operating activities as shown in our consolidated statements of cash flows,

adjusted for changes in operating assets and liabilities (as they represent timing differences), and

reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from

asset sales).

We believe net cash provided by operating activities, as adjusted, provides investors with

relevant and useful information as it allows investors to evaluate our operating cash flows on a more

consistent basis that excludes period-to-period timing differences in operating assets and liabilities

(working capital) and reflects cash dividends and distributions paid quarterly.

The following table reconciles net cash flows from operating activities, the most directly

comparable financial measure presented in accordance with GAAP, to net cash provided by operating

activities, as adjusted:

Nine Months Ended

(in thousands)

9/30/26

9/30/25

Net cash provided by operating activities

$875,410

$1,101,668

Changes in operating assets and liabilities

154,064

188,563

Common stock dividends paid

(371,427)

(684,419)

Distributions to noncontrolling interests

(171,248)

(186,725)

Net cash provided by operating activities, as adjusted

$486,799

$419,087

Definitions and Reconciliations (continued)

September 30, 2026

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we

believe is useful to investors as a supplemental measure for evaluating our balance sheet leverage. Net

debt and preferred stock is calculated at the end of the applicable period and equals total consolidated

debt (including secured debt, unsecured senior debt, and junior subordinated debt) plus preferred stock,

less cash, cash equivalents, restricted cash, and the portion of any hybrid instrument included in debt or

preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies,

as excluding such amounts provides investors with useful supplemental information regarding the effect

of that equity-credit treatment on our leverage. Refer to the definition of Adjusted EBITDA and Adjusted

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

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

Adjusted EBITDA:

(Dollars in thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Secured notes payable

$—

Unsecured senior notes payable

10,820,687

10,818,366

11,166,009

12,047,394

12,044,999

Junior subordinated notes payable

985,143

—

Unsecured senior line of credit and

commercial paper

1,091,166

1,994,508

1,353,986

353,161

1,548,542

Unamortized deferred financing costs

79,954

67,066

69,071

74,314

76,383

Cash and cash equivalents

(508,855)

(470,449)

(418,720)

(549,062)

(579,474)

Restricted cash

(4,908)

(4,690)

(4,665)

(4,693)

(4,705)

Equity treatment of junior subordinated

notes payable(1)

(500,000)

—

Preferred stock

—

Net debt and preferred stock

$11,963,187

$12,404,801

$12,165,681

$11,921,114

$13,085,745

Adjusted EBITDA:

– quarter annualized

$1,731,920

$1,765,132

$1,778,012

$2,097,444

$2,130,008

– trailing 12 months

$1,843,127

$1,942,649

$2,044,906

$2,141,811

$2,185,820

Net debt and preferred stock to Adjusted EBITDA:

– quarter annualized

6.9x

7.0x

6.8x

5.7x

6.1x

– trailing 12 months

6.5x

6.4x

5.9x

5.6x

6.0x

(1)Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our

junior subordinated notes payable.

Net debt and preferred stock to Adjusted EBITDA (continued)

We are not able to forecast the net income of future periods without unreasonable effort, and

therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a

forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of

items that depend on market conditions outside of our control, including the timing of dispositions,

capital events, and financing decisions, as well as quarterly components such as gain on sales of real

estate, unrealized gains or losses on non-real estate investments, impairments of real estate,

impairments of non-real estate investments, and changes in provision for expected credit losses on

financial instruments. Our attempt to predict these amounts may produce significant but inaccurate

estimates, which would potentially be misleading for our investors.

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

The following table reconciles net income (loss) to net operating income and net operating

income (cash basis) and computes operating margin:

Three Months Ended

Nine Months Ended

(Dollars in thousands)

9/30/26

9/30/25

9/30/26

9/30/25

Net loss

$(598,932)

$(197,845)

$(239,524)

$(221,372)

Equity in (earnings) losses of unconsolidated real

estate joint ventures

(75)

(201)

(341)

9,327

General and administrative expenses

40,915

29,224

112,461

89,027

Interest expense

79,687

54,852

208,613

161,024

Depreciation and amortization

304,419

340,230

914,244

1,028,415

Impairment of real estate

637,904

323,870

865,873

485,630

Loss (gain) on early extinguishment of debt

3,323

107

(363,112)

107

Gain on sales of real estate

—

(9,366)

—

(22,531)

Investment (income) losses

(23,990)

(28,161)

(152,635)

52,453

Net operating income

443,251

512,710

1,345,579

1,582,080

Straight-line rent revenue

(2,466)

(18,821)

(21,229)

(59,380)

Amortization of deferred revenue related to tenant-

funded and -built landlord improvements

(11,992)

(5,455)

(24,881)

(9,507)

Amortization of acquired below-market leases

(8,233)

(6,456)

(22,229)

(31,874)

Provision for expected credit losses on financial

instruments

—

285

Net operating income (cash basis)

$420,560

$481,978

$1,277,240

$1,481,604

Net operating income (cash basis) – annualized

$1,682,240

$1,927,912

$1,702,987

$1,975,472

Net operating income (from above)

$443,251

$512,710

$1,345,579

$1,582,080

Total revenues

$671,182

$751,944

$2,004,988

$2,272,142

Operating margin

66%

68%

67%

70%

Definitions and Reconciliations (continued)

September 30, 2026

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

Net operating income is a non-GAAP financial measure calculated as net income (loss), the

most directly comparable financial measure calculated and presented in accordance with GAAP,

excluding equity in the earnings of our unconsolidated real estate joint ventures, general and

administrative expenses, interest expense, depreciation and amortization, impairments of real estate,

gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment

income or loss. We believe net operating income provides useful information to investors regarding our

financial condition and results of operations because it primarily reflects those income and expense

items that are incurred at the property level. Therefore, we believe net operating income is a useful

measure for investors to evaluate the operating performance of our consolidated real estate assets. Net

operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line

rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue

related to tenant-funded and tenant-built landlord improvements, and changes in the provision for

expected credit losses on financial instruments required by GAAP. We believe that net operating income

on a cash basis is helpful to investors as an additional measure of operating performance because it

eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases

and tenant-funded and tenant-built landlord improvements.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

less cost to sell for assets held for sale or to their estimated fair value for assets held and used. These

impairments result from investing decisions or a deterioration in market conditions or changes in the

intended use of a property. We also exclude realized and unrealized investment gain or loss, which

results from investment decisions that occur at the corporate level related to non-real estate investments

in publicly traded companies and certain privately held entities. Therefore, we do not consider these

activities to be an indication of operating performance of our real estate assets at the property level. Our

calculation of net operating income also excludes charges incurred from changes in certain financing

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

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

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

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

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

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

accounting and corporate compensation, corporate insurance, professional fees, rent, and supplies that

are incurred as part of corporate office management. We calculate operating margin as net operating

income divided by total revenues.

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

We believe that, to facilitate investors’ clear understanding of our operating results, net

operating income should be examined in conjunction with net income or loss as presented in our

consolidated statements of operations. Net operating income should not be considered as an alternative

to net income or loss as an indication of our performance, nor as an alternative to cash flows as a

measure of our liquidity or our ability to make distributions.

We are not able to forecast the net income of future periods without unreasonable effort, and

therefore do not provide a reconciliation for net operating income on a forward-looking basis. This is due

to the inherent difficulty of forecasting the timing and/or amount of items that depend on market

conditions outside of our control, including the timing of dispositions, capital events, and financing

decisions, as well as components such as gain on sales of real estate, unrealized gains or losses on

non-real estate investments, impairments of real estate, impairments of non-real estate investments,

and changes in provision for expected credit losses on financial instruments. Our attempt to predict

these amounts may produce significant but inaccurate estimates, which would potentially be misleading

for our investors.

Operating statistics

We present certain operating statistics related to our properties, including number of

properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end

of the period. We believe these measures are useful to investors because they facilitate an

understanding of certain trends for our properties. We compute the number of properties, RSF,

occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at

properties classified as held for sale, for all properties in which we have an investment, including

properties owned by our consolidated and unconsolidated real estate joint ventures. For operating

metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods

presented, including changes from assets acquired or sold, properties placed into development or

redevelopment, and development or redevelopment properties recently placed into service, the

consolidated total income from rentals, as well as rental operating expenses in our operating results, can

show significant changes from period to period. In order to supplement an evaluation of our results of

operations over a given quarterly or annual period, we analyze the operating performance for all

consolidated properties that were fully operating for the entirety of the comparative periods presented,

referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and

analysis of our financial condition and results of operations. These same properties are analyzed

separately from properties acquired subsequent to the first day in the earliest comparable quarterly or

year-to-date period presented, properties that underwent development or redevelopment at any time

during the comparative periods, unconsolidated real estate joint ventures, properties classified as held

for sale, and corporate entities (legal entities performing general and administrative functions), which are

excluded from same property results. Additionally, termination fees, if any, are excluded from the results

of same properties.

Definitions and Reconciliations (continued)

September 30, 2026

Same property comparisons (continued)

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

months ended September 30, 2026:

Development and redevelopment – under construction

Properties

1450 Owens Street

701 Dexter Avenue North

10200 Campus Point Drive

40 Sylvan Road

269 East Grand Avenue

8800 Technology Forest Place

3000 Minuteman Road Building 4

Development and redevelopment – placed into service or reclassified into

operating 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

99 Coolidge Avenue

50 and 60 Sylvan Road

311 Arsenal Street

3000 Minuteman Road Building 3

421 Park Drive

Acquisitions after January 1, 2025

Other

Unconsolidated real estate JVs

Properties held for sale

Total properties excluded from same properties

Same properties

284

Total properties as of September 30, 2026

328

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which a development or

redevelopment project is expected to reach occupancy of 95% or greater.

Tenant collections

Tenant collections represent the percentage of recognized rental income billed during the

respective quarter that has been collected as of the date of this report. Rental income from tenants for

whom collection is considered not probable is recognized only upon receipt of cash and, accordingly, is

included in this calculation only to the extent recognized and collected.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes,

insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses

and are earned in the period during which the applicable expenses are incurred and the tenant’s

obligation to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real

estate assets within revenues in income from rentals in our consolidated statements of operations. We

provide investors with a separate presentation of rental revenues and tenant recoveries in “Same

property performance” in this Supplemental Information because we believe it promotes investors’

understanding of our operating results. We believe that the presentation of tenant recoveries is useful to

investors as a supplemental measure of our ability to recover operating expenses under our triple net

leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common

area expenses, and other operating expenses, and of our ability to mitigate the effect on net income of

any significant variability in components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

Three Months Ended

Nine Months Ended

(In thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

9/30/26

9/30/25

Income from rentals

$653,618

$643,210

$653,013

$728,872

$735,849

$1,949,841

$2,216,303

Rental revenues

(481,348)

(486,589)

(474,786)

(538,330)

(541,070)

(1,442,723)

(1,646,559)

Tenant recoveries

$172,270

$156,621

$178,227

$190,542

$194,779

$507,118

$569,744

Definitions and Reconciliations (continued)

September 30, 2026

Total debt and preferred stock, as adjusted

Total debt and preferred stock, as adjusted, is calculated at the end of the applicable period

and equals total consolidated debt (including secured debt, unsecured senior, and junior subordinated

debt) plus preferred stock, less the portion of any hybrid instrument included in debt or preferred stock

that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding

such amounts provides investors with useful supplemental information regarding the effect of that

equity-credit treatment on our leverage.

The following table reconciles total debt and preferred stock, as adjusted:

(Dollars in thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Secured notes payable

$—

Unsecured senior notes payable

10,820,687

10,818,366

11,166,009

12,047,394

12,044,999

Junior subordinated notes payable

985,143

—

Unsecured senior line of credit and

commercial paper

1,091,166

1,994,508

1,353,986

353,161

1,548,542

Equity treatment of junior

subordinated notes payable(1)

(500,000)

—

Preferred stock

—

Total debt and preferred stock, as

adjusted

$12,396,996

$12,812,874

$12,519,995

$12,400,555

$13,593,541

(1)Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our

junior subordinated notes payable.

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the

closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

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

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

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

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

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

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

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

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

net operating income:

Three Months Ended

(Dollars in thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Unencumbered net operating income

$443,251

$455,448

$446,880

$521,871

$512,710

Encumbered net operating income

—

Total net operating income

$443,251

$455,448

$446,880

$521,871

$512,710

Unencumbered net operating income as a

percentage of total net operating income

100.0%

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.

Definitions and Reconciliations (continued)

September 30, 2026

The weighted-average shares of common stock outstanding used in calculating EPS – diluted,

FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as

follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with

nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class

method for each of the respective periods presented below.

Three Months Ended

Nine Months Ended

(In thousands)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

9/30/26

9/30/25

Basic shares for earnings per

170,751

170,718

170,598

170,394

170,181

170,689

170,278

Unvested RSAs with

forfeitable dividends

—

269

—

Diluted shares for earnings

per share

170,751

170,718

170,867

170,394

170,181

170,689

170,278

Basic shares for funds from

operations per share and

funds from operations per

share, as adjusted

170,751

170,718

170,598

170,394

170,181

170,689

170,278

Unvested RSAs with

forfeitable dividends

667

492

269

110

124

480

Diluted shares for funds from

operations per share and

funds from operations per

share, as adjusted

171,418

171,210

170,867

170,504

170,305

171,169

170,351

Weighted-average unvested

RSAs with nonforfeitable

dividends used in

calculating the allocations

of net income, funds from

operations, and funds from

operations, as adjusted

1,224

1,276

1,340

1,570

1,917

1,280

1,989

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