EX-99.1 2 a3q23ex991supp.htm EX-99.1

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023

Table of Contents
September 30, 2023

COMPANY HIGHLIGHTS | Page |  |  | Page |  |
Our Mission and Cluster Model | iii |  | Environmental, Social, and Governance Matters | xxxii |
EARNINGS PRESS RELEASE | Page |  |  | Page |
Third Quarter Ended September 30, 2023 Financial and Operating Results | 1 |  | Earnings Call Information and About the Company | 8 |
Guidance | 4 |  | Consolidated Statements of Operations | 9 |
Acquisitions | 6 |  | Consolidated Balance Sheets | 10 |
Dispositions and Sales of Partial Interests | 7 |  | Funds From Operations and Funds From Operations per Share | 11 |
SUPPLEMENTAL INFORMATION | Page |  |  | Page |
Company Profile | 14 |  | External Growth / Investments in Real Estate |  |
Investor Information | 15 |  | Investments in Real Estate | 33 |
Financial and Asset Base Highlights | 16 |  | New Class A/A+ Development and Redevelopment Properties: |  |
High-Quality and Diverse Client Base | 18 |  |  |
High-Quality and Diverse Client Base in AAA Locations | 19 |  | Recent Deliveries | 35 |
Occupancy | 20 |  | Current Projects | 37 |
Internal Growth |  |  | Summary of Pipeline | 43 |
Key Operating Metrics | 21 |  | Construction Spending and Capitalization of Interest | 48 |
Same Property Performance | 22 |  | Joint Venture Financial Information | 49 |
Leasing Activity | 23 |  | Balance Sheet Management |  |
Contractual Lease Expirations | 24 |  | Investments | 51 |
Top 20 Tenants | 25 |  | Key Credit Metrics | 52 |
Summary of Properties and Occupancy | 26 |  | Summary of Debt | 53 |
Property Listing | 27 |  | Definitions and Reconciliations |  |
|  |  | Definitions and Reconciliations | 57 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | ii

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | iii

Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.
(1)Alexandria’s IPO priced at $20.00 per share on May 27, 1997.
(2)REITs included in the FTSE Nareit Equity Health Care Index for which total stockholder return information since May 1997 is not available are not presented.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | iv

(1)Source: YCharts. Based on aggregate market capitalization for the life science industry, encompassing biotechnology companies, drug manufacturers, and diagnostics and research companies as of June 16, 2023.
(2)Source: Evaluate Pharma, October 2023.
(3)Source: PitchBook, BioCentury, and NASDAQ. Public Markets includes IPOs, follow-ons, and public equity financings.
(4)Source: Congressional Research Service, “National Institutes of Health (NIH) Funding: FY1996-FY2024,” updated May 17, 2023. National Science Foundation (NSF).
(5)Source: The Giving Institute, “Giving USA 2023: The Annual Report on Philanthropy for the Year 2022.”

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | v

Refer to “Net operating income” in the “Definitions and reconciliations” of our Supplemental Information for additional details and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.
(1)Our share of annual incremental net operating income primarily commencing from 4Q23 through 3Q26 is $491 million.
(2)Represents projects under construction aggregating 5.6 million RSF and two near-term projects aggregating 0.8 million RSF expected to commence construction during the next three quarters after September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | vi

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | vii

Note: RSF amounts as of September 30, 2023. Refer to “Competitive supply” in the “Definitions and reconciliations” of our Supplemental Information for additional information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | viii

Note: RSF amounts as of September 30, 2023. Refer to “Competitive supply” in the “Definitions and reconciliations” of our Supplemental Information for additional information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | ix

Note: RSF amounts as of September 30, 2023. Refer to “Competitive supply” in the “Definitions and reconciliations” of our Supplemental Information for additional information.
(1)Includes active development, active redevelopment, and near-term projects expected to commence construction in the next three quarters.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | x

Note: RSF amounts as of September 30, 2023. Refer to “Competitive supply” in the “Definitions and reconciliations” of our Supplemental Information for additional information.
(1)Represents a single- or multi-tenant project expanding our existing mega campus, which will be 100% funded by our joint venture partner. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xi

Note: RSF amounts as of September 30, 2023. Refer to “Competitive supply” in the “Definitions and reconciliations” of our Supplemental Information for additional information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xii

Note: RSF amounts as of September 30, 2023. Refer to “Competitive supply” in the “Definitions and reconciliations” of our Supplemental Information for additional information.
(1)Includes active development projects and near-term projects expected to commence construction in the next three quarters.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xiii

As of September 30, 2023.
(1)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Investors Service for publicly traded U.S. REITs, from Bloomberg Professional Services as of September 30, 2023.
(2)Quarter annualized. Refer to “Net debt and preferred stock to Adjusted EBITDA” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xiv

Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xv

Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of our Supplemental Information for additional details.
(1)Represents the midpoint of our guidance range for 2023 funds from operations per share – diluted, as adjusted, as of October 23, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xvi

As of September 30, 2023, except for tenant collections, which is presented as of October 23, 2023.
(1)Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of our Supplemental Information for additional details.
(2)Represents annual rental revenue currently generated from space that is targeted for a future change in use, including 1.1% of total annual rental revenue that is generated from covered land play projects for future development opportunities. The weighted-average remaining term of these leases is 4.1 years.
(3)Our “Other” tenants, which represent an aggregate of 4.0% of our annual rental revenue, comprise technology, professional services, finance, telecommunications, and construction/real estate companies, and (by less than 1.0% of our annual rental revenue) retail-related tenants.
(4)Represents annual rental revenue in effect as of September 30, 2023. Refer to “Annual rental revenue” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xvii

(1)Represents tenant rents and receivables collected for each period end as of each quarter’s respective earnings release date.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xviii

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xix

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xx

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxi

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxii

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxiii

(1)Represents the midpoint of our guidance range for 2023 occupancy percentage in North America as of October 23, 2023. Refer to “Guidance” in our Earnings Press Release for additional details.
(2)Represents occupancy percentage of operating properties in North America as of each period end.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxiv

Note: Non-revenue-enhancing capital expenditures include all additions to real estate except for costs related to ground-up development or first-time conversion of non-laboratory space to laboratory space through redevelopment. Refer to “Development, redevelopment, and pre-construction” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxv

Dollars represent sales price per RSF, and percentages represent capitalization rates calculated based on net operating income (cash basis) annualized. Refer to “Capitalization rates” in the “Definitions and reconciliations” of our Supplemental Information for additional details.
(1)Represents sale of our entire interest in the properties.
(2)This asset is under construction and will not be delivered until the end of 2023, with cash flow commencing in mid-2024. Amount per RSF represents the estimated value per RSF upon completion of the asset.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxvi

(1)Based on a closing stock price on September 30, 2023 of $100.10 and the annualized dividend declared for the three months ended September 30, 2023 of $1.24 per common share. Refer to “Dividend yield” in the “Definitions and reconciliations” of our Supplemental Information for additional details.
(2)Represents the years ended December 31, 2019 through 2022 and the three months ended September 30, 2023 annualized.
(3)Represents common stock dividend declared for the three months ended September 30, 2023 annualized.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxvii

Note: RSF amounts as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxviii

Note: RSF amounts as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxix

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxx

As of September 30, 2023.
(1)Refer to “Key credit metrics” in our Supplemental Information for additional details.
(2)Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxxi

(1)Reflects current score for Alexandria and latest scores available for the FTSE Nareit All REITs Index companies from Bloomberg Professional Services as of September 30, 2023.
(2)Reflects current score for Alexandria and latest scores available for the FTSE Nareit All REITs Index companies on ISS’s website as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxxii

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxxiii

Environmental data for 2022 reflected in the chart above received independent limited assurance from DNV Business Assurance USA, Inc. The Independent Assurance Statement from DNV is available at www.are.com/esg.html.
(1)2025 environmental goals relative to a 2015 baseline on a like-for-like basis for buildings in operation that Alexandria directly manages. The carbon emissions reduction goal relates to our Scope 1 and Scope 2 emissions.
(2)2025 environmental goal for buildings in operation that Alexandria indirectly and directly manages.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxxiv

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxxv

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | xxxvi

Alexandria Real Estate Equities, Inc. Reports:
3Q23 and YTD 3Q23 Net Income per Share – Diluted of $0.13 and $1.08, respectively; and
3Q23 and YTD 3Q23 FFO per Share – Diluted, As Adjusted, of $2.26 and $6.69, respectively
PASADENA, Calif. – October 23, 2023 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the third quarter ended September 30, 2023.

Key highlights |  |  |  |  | YTD |
Operating results | 3Q23 |  | 3Q22 |  | 3Q23 |  | 3Q22 |
Total revenues: |  |  |  |  |  |  |  |
In millions | $ | 713.8 |  |  | $ | 659.9 |  |  | $ | 2,128.5 |  |  | $ | 1,918.7 |  |
Growth | 8.2% |  |  | 10.9% |  |
Net income attributable to Alexandria’s common stockholders – diluted
In millions | $ | 21.9 |  |  | $ | 341.4 |  |  | $ | 184.4 |  |  | $ | 461.5 |  |
Per share | $ | 0.13 |  |  | $ | 2.11 |  |  | $ | 1.08 |  |  | $ | 2.88 |  |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |
In millions | $ | 386.4 |  |  | $ | 344.7 |  |  | $ | 1,142.5 |  |  | $ | 1,008.1 |  |
Per share | $ | 2.26 |  |  | $ | 2.13 |  |  | $ | 6.69 |  |  | $ | 6.28 |  |

An operationally excellent, industry-leading REIT with a high-quality, diverse client base of over 800 tenants to support growing revenues, stable cash flows, and strong margins

Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants |  | 49 | % |  |
Sustained strength in tenant collections: |  |  |  |
Low tenant receivables as of September 30, 2023 |  | $ | 6.9 | million
October 2023 tenant rents and receivables collected as of October 23, 2023 |  | 99.7 | % |  |
3Q23 tenant rents and receivables collected as of October 23, 2023 |  | 99.9 | % |  |
Occupancy of operating properties in North America as of September 30, 2023 |  | 93.7 | % |  |
Adjusted EBITDA margin |  | 69 | % |  |
Weighted-average remaining lease term as of September 30, 2023: |  |  |  |
Top 20 tenants |  | 8.9 | years
All tenants |  | 7.0 | years

Solid leasing volume and rental rate increases and long lease terms
•Solid leasing volume during 3Q23 aggregating 867,582 RSF, despite minimal remaining contractual lease expirations for 2023 aggregating 622,654 RSF available for lease as of the beginning of 3Q23.
•Weighted-average lease terms of 13.0 years and 11.0 years for 3Q23 and YTD 3Q23, respectively, above our historically long weighted-average lease term of 8.7 years over the last 10 years.
•YTD 3Q23 annualized leasing volume of 4.6 million RSF is in line with 2013-2020 results.
•80% of our leasing activity during the last twelve months was generated from our client base of over 800 tenants.

|  | 3Q23 |  |  | YTD 3Q23 |
Total leasing activity – RSF |  | 867,582 |  |  |  | 3,416,335 |  |
Leasing of development and redevelopment space – RSF |  | 204,530 |  |  |  | 363,017 |  |
Lease renewals and re-leasing of space: |  |  |  |  |  |
RSF (included in total leasing activity above) |  | 396,334 |  |  |  | 2,569,244 |  |
Rental rate increase |  | 28.8% |  |  | 33.9% |
Rental rate increase (cash basis) |  | 19.7% |  |  | 18.1% |

Continued strong net operating income and internal growth
•Net operating income (cash basis) of $1.8 billion for 3Q23 annualized, up $129.6 million, or 7.9%, compared to 3Q22 annualized.
•Same property net operating income growth of 3.1% and 4.6% (cash basis) for 3Q23 over 3Q22 and 3.7% and 5.6% (cash basis) for YTD 3Q23 over YTD 3Q22.
•96% of our leases contain contractual annual rent escalations approximating 3%.
Strong and flexible balance sheet with significant liquidity, 13.1 years of remaining term of debt, and no debt maturities prior to 2025
•In September 2023, S&P Global Ratings affirmed Alexandria’s credit rating of BBB+ with a positive outlook, and in October 2023, Moody’s Investors Service affirmed Alexandria’s credit rating of Baa1 with a stable outlook. These ratings affirmations reflect several factors, including the scale and quality of our essential Labspace® assets and market leadership. Additionally, our investment-grade credit ratings continue to rank in the top 10% among all publicly traded U.S. REITs.
•Significant liquidity of $5.9 billion.
•No debt maturities prior to 2025.
•13.1 years weighted-average remaining term of debt.
•99.0% of our debt has a fixed rate.
•Net debt and preferred stock to Adjusted EBITDA of 5.4x and fixed-charge coverage ratio of 4.8x for 3Q23 annualized.
•Total debt and preferred stock to gross assets of 27%.
•$1.2 billion of expected capital contributions from existing real estate joint venture partners from 4Q23 through 2026 to fund construction.
Consistent dividend strategy focuses on retaining significant net cash flows from operating activities after dividends for reinvestment
•Common stock dividend declared for 3Q23 of $1.24 per common share, aggregating $4.90 per common share for the twelve months ended September 30, 2023, up 24 cents, or 5%, over the twelve months ended September 30, 2022.
•Dividend yield of 5.0% as of September 30, 2023.
•Dividend payout ratio of 55% for the three months ended September 30, 2023.
•Average annual dividend per-share growth of 6% from 2019 to 3Q23 annualized.
Ongoing execution of our value harvesting and asset recycling self-funding strategy
Our $1.65 billion value harvesting plan for 2023 is focused on the enhancement of our asset base through the following:

(in millions) |  | Completed During YTD 3Q23 |  | Expected Completion During 4Q23
Value harvesting dispositions of 100% interest in properties not integral to our mega campus strategy |  |  | $ | 603 |  |  |  |  | $ | — |  |
Strategic dispositions and partial interest sales |  |  | 273 |  |  |  |  | — |  |
Pending transactions subject to signed letters of intent or purchase and sale agreements |  |  | — |  |  |  |  | 699 |  |
Additional targeted non-core dispositions and partial interest sales in process |  |  | — |  |  |  |  | 75 |  |
Completed and pending transactions |  |  | $ | 876 |  |  |  |  | $ | 774 |  |
Total 2023 value harvesting plan |  |  | $1,650 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 1

Third Quarter Ended September 30, 2023 Financial and Operating Results (continued)
September 30, 2023

External growth and investments in real estate
Alexandria’s highly leased value-creation pipeline delivers annual incremental net operating income of $120 million commencing during YTD 3Q23, including $39 million from 3Q23, and drives future annual incremental net operating income aggregating $580 million

(dollars in millions) |  | Incremental Annual Net Operating Income |  | RSF |  | Leased/Negotiating Percentage |
Placed into service(1): |  |  |  |  |  |  |
1H23 |  | $ | 81 |  |  | 840,587 |  |  | 100 | % |
3Q23 |  | 39 |  |  | 450,134 |  |  | 100 |  |
YTD 3Q23 |  | $ | 120 |  |  | 1,290,721 |  |  | 100 | % |
Expected to be placed into service and stabilized(2): |  |  |  |  |  |  |
4Q23 |  | $ | 114 |  |  | 808,095 |  |  | 99 | % |
2024 |  | 127 |  |  | 1,786,735 |  |  | 92 |  |
4Q23 through 4Q24 |  | 241 |  |  | 2,594,830 |  |  | 94 |  |
1Q25 through 3Q26 |  | 339 |  |  | 3,776,614 |  |  | 41 |  |
|  | $ | 580 |  |  | 6,371,444 |  |  | 66 | % | (3)

(1) Annual net operating income (cash basis) is expected to increase by $42 million upon the burn-off of initial free rent from recently delivered projects, which has a weighted-average burn-off of seven months.
(2) Refer to “New Class A/A+ development and redevelopment properties: current projects” of our Supplemental Information for additional details.
(3) 76% of the leased RSF of our value-creation projects was generated from our client base.
Strong balance sheet management
Key metrics as of September 30, 2023
•$28.3 billion in total market capitalization.
•$17.1 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.

|  | 3Q23 |  | Goal
|  | Quarter |  | Trailing |  | 4Q23
|  | Annualized |  | 12 Months |  | Annualized
Net debt and preferred stock to Adjusted EBITDA |  | 5.4x |  | 5.5x |  | Less than or equal to 5.1x
Fixed-charge coverage ratio |  | 4.8x |  | 4.9x |  | 4.5x to 5.0x

Key capital events
•As of 3Q23, we have outstanding forward equity agreements from 2022 aggregating 699 thousand shares of common stock, with expected net proceeds of $103.1 million.
•As of September 30, 2023, the remaining aggregate amount available under our ATM program for future sales of common stock was $141.9 million. We plan to file a new program in the near future.
Investments
•As of September 30, 2023:
•Our non-real estate investments aggregated $1.4 billion.
•Unrealized gains presented in our consolidated balance sheet were $176.0 million, comprising gross unrealized gains and losses aggregating $311.4 million and $135.4 million, respectively.
•Investment loss of $80.7 million for 3Q23, presented in our consolidated statement of operations, consisted of $77.2 million of unrealized losses and $3.5 million of realized losses, including $28.5 million of impairments.
Other key highlights
Executive management change, effective September 15, 2023
Effective on September 15, 2023, Dean A. Shigenaga resigned from his positions as President and Chief Financial Officer and Marc E. Binda, who previously served the Company as Executive Vice President – Finance & Treasurer, was appointed as Chief Financial Officer and Treasurer. Mr. Shigenaga is expected to remain a full-time employee through December 31, 2023, and a part-time employee thereafter.

Key items included in net income attributable to Alexandria’s common stockholders:
|  |  |  |  |  |  |  |  | YTD
| 3Q23 |  | 3Q22 |  | 3Q23 |  | 3Q22 |  | 3Q23 |  | 3Q22 |  | 3Q23 |  | 3Q22
(In millions, except per share amounts) | Amount |  | Per Share – Diluted |  | Amount |  | Per Share – Diluted
Unrealized losses on non-real estate investments | $ | (77.2) |  |  | $ | (56.5) |  |  | $ | (0.45) |  |  | $ | (0.35) |  |  | $ | (221.0) |  |  | $ | (388.1) |  |  | $ | (1.29) |  |  | $ | (2.42) |
Gain on sales of real estate | — |  |  | 323.7 |  |  | — |  |  | 2.00 |  |  | 214.8 |  |  | 537.9 |  |  | 1.26 |  |  | 3.35 |
Impairment of non-real estate investments | (28.5) |  |  | — |  |  | (0.17) |  |  | — |  |  | (51.5) |  |  | — |  |  | (0.30) |  |  | — |
Impairment of real estate | (20.6) |  |  | (38.8) |  |  | (0.12) |  |  | (0.24) |  |  | (189.2) |  |  | (38.8) |  |  | (1.11) |  |  | (0.24) |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.3) |  |  | — |  |  | (0.02) |
Acceleration of share-based compensation expense due to executive officer resignation | (1.9) |  |  | (7.2) |  |  | (0.01) |  |  | (0.04) |  |  | (1.9) |  |  | (7.2) |  |  | (0.01) |  |  | (0.04) |
Total | $ | (128.2) |  |  | $ | 221.2 |  |  | $ | (0.75) |  |  | $ | 1.37 |  |  | $ | (248.8) |  |  | $ | 100.5 |  |  | $ | (1.45) |  |  | $ | 0.63 |
Refer to “Funds from operations and funds from operations per share” of this Earnings Press Release for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 2

Third Quarter Ended September 30, 2023 Financial and Operating Results (continued)
September 30, 2023

Subsequent event
•In October 2023, we recognized a real estate impairment charge of approximately $90.8 million to reduce the carrying amounts of two non-laboratory properties located in our Greater Boston market to their current fair values, less costs to sell. We initially acquired these industrial and self-storage properties with an intention to entitle the site as a life science campus, demolish the properties upon expiration of the existing in-place leases, and ultimately develop life science properties. Since our acquisition, the macroeconomic environment has changed. Upon our reevaluation of the project’s financial outlook and its alignment with our mega campus strategy, we decided not to proceed with this project. The impairment charge was recognized upon meeting the criteria for classification as held for sale. We expect to complete the sale of these properties in 4Q23.
Industry and ESG leadership: catalyzing and leading the way for positive change to benefit human health and society
•Alexandria has a longstanding, impactful partnership with the Galien Foundation, the premier global institution dedicated to honoring life science innovations that improve human health through a range of programs, including the annual Galien Forum USA and Prix Galien USA Awards, which will be held this week, on October 26, 2023, in New York City.
•Alexandria will present a mission-critical panel, titled “A National Imperative to Combat Mental Illness and Addiction,” featuring leading advocates of mental health and addiction recovery, congressmen and veterans Seth Moulton (MA-6) and Michael Waltz (FL-6) and Navy SEAL Foundation CEO Robin King, at the 2023 Galien Forum USA. The Galien Forum will take place at the Alexandria Center® for Life Science – New York City.
•Mr. Marcus, as a member of the Prix Galien USA Awards esteemed jury again this year, will honor transformational innovations in life science. He, alongside other influential life science leaders, will serve on the Prix Galien USA Awards committee responsible for evaluating and recognizing the Best Digital Health Solution; Best Medical Technology; Best Incubators, Accelerators and Equity; and Best Startup.
•In October 2023, Alexandria’s sustained ESG leadership and performance was reinforced by several achievements in the 2023 GRESB Real Estate Assessment: (i) 4 Star Ratings in the operating asset and development benchmarks, (ii) our seventh consecutive Green Star designation, and (iii) our sixth consecutive “A” disclosure score, with a perfect score of 100 and a #1 ranking for our best-in-class transparency around ESG practices and reporting in 2023. GRESB is one of the leading global ESG benchmarks for real estate and infrastructure investments.
•In September 2023, Alexandria received the Cambridge Chamber of Commerce’s 2023 Visionary Award for developing 325 Binney Street, designed to be the most sustainable laboratory building in Cambridge and selected by Moderna as its new global headquarters and R&D center. The Chamber’s annual awards recognize innovators from the business, institutional, and non-profit communities that are effecting change and making an extraordinary, positive impact on people’s lives in Cambridge and beyond.
•In August 2023, 685 Gateway Boulevard, an amenities hub designed at the forefront of sustainability in our South San Francisco submarket, was awarded a 2023 AIA California Design Award in the Climate Action category. The building, which is designated as Zero Energy Ready and is on track to achieve ILFI Zero Energy certification, was one of two projects recognized at the highest level in the awards program. The AIA California Design Award winners embody design excellence and address climate change.
About Alexandria Real Estate Equities, Inc.
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. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and advanced technology mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. The trusted partner to over 800 tenants, Alexandria has a total market capitalization of $28.3 billion and an asset base in North America of 75.1 million SF as of September 30, 2023, which includes 41.5 million RSF of operating properties and 5.6 million RSF of Class A/A+ properties undergoing construction, 8.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 19.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science, agtech, and advanced technology mega campuses that provide our 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation, and technology 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 additional information on Alexandria, please visit www.are.com.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 3

Guidance |
September 30, 2023
(Dollars in millions, except per share amounts)

Guidance for 2023 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2023. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 8 of this Earnings Press Release for additional details.
Key changes to our guidance include an increase to the midpoint of our guidance for funds from operations per share, as adjusted by two cents driven by the accelerated delivery of our under construction 462,100 RSF Class A+ property at 325 Binney Street that is now set to deliver to Moderna, Inc. in November 2023 and general and administrative savings after September 15, 2023, resulting from the resignation of Dean A. Shigenaga, our President and Chief Financial Officer. Additionally, changes to our key sources and uses of capital include a $100 million decrease to our guidance range for dispositions and sales of partial interests and a corresponding $100 million increase to our guidance range for incremental debt for the year ending December 31, 2023. These updates are primarily due to changes in the mix and timing of dispositions pending and under executed letters of intent or purchase and sales agreements that are expected to close in 4Q23.

Projected 2023 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
|  | As of 10/23/23 |  | As of 7/24/23 |  | Key Changes
Earnings per share(1) |  | $1.36 to $1.38 |  | $2.72 to $2.78 |  |
Depreciation and amortization of real estate assets |  |  | 5.60 |  |  |  | 5.55 |  |  |
Gain on sales of real estate |  |  | (1.26) |  |  |  | (1.26) |  |  |
Impairment of real estate – rental properties |  |  | 1.62 |  |  |  | 0.98 |  |  | (2)
Allocation to unvested restricted stock awards |  |  | (0.03) |  |  |  | (0.04) |  |  |
Funds from operations per share(3) |  | $7.29 to $7.31 |  | $7.95 to $8.01 |  |
Unrealized losses on non-real estate investments |  |  | 1.29 |  |  |  | 0.84 |  |  |
Impairment of non-real estate investments |  |  | 0.30 |  |  |  | 0.13 |  |  | (4)
Impairment of real estate |  |  | 0.02 |  |  |  | 0.02 |  |  |
Acceleration of stock compensation due to executive officer resignation |  |  | 0.09 |  |  |  | — |  |  | (5)
Allocation to unvested restricted stock awards |  |  | (0.02) |  |  |  | (0.01) |  |  |
Funds from operations per share, as adjusted(3) |  | $8.97 to $8.99 |  | $8.93 to $8.99 |  | 2-cent increase to midpoint; narrowed range by 4 cents
Midpoint |  | $8.98 |  | $8.96 |

|  | As of 10/23/23 |  | As of 7/24/23 |  |  |
Key Assumptions |  | Low |  | High |  | Low |  | High |  | Key Changes
Occupancy percentage in North America as of December 31, 2023 |  | 94.6% |  | 95.6% |  | 94.6% |  | 95.6% |  | No Change
Lease renewals and re-leasing of space: |  |  |  |  |  |  |  |  |
Rental rate increases |  | 28.0% |  | 33.0% |  | 28.0% |  | 33.0% |
Rental rate increases (cash basis) |  | 12.0% |  | 17.0% |  | 12.0% |  | 17.0% |
Same property performance: |  |  |  |  |  |  |  |  |
Net operating income increases |  | 2.0% |  | 4.0% |  | 2.0% |  | 4.0% |
Net operating income increases (cash basis) |  | 4.0% |  | 6.0% |  | 4.0% |  | 6.0% |
Straight-line rent revenue |  | $ | 130 |  |  | $ | 145 |  |  | $ | 130 |  |  | $ | 145 |  |
General and administrative expenses |  | $ | 197 |  |  | $ | 207 |  |  | $ | 183 |  |  | $ | 193 |  |  | $14 million increase | (5)
Capitalization of interest |  | $ | 346 |  |  | $ | 366 |  |  | $ | 342 |  |  | $ | 362 |  |  | $4 million increase | (6)
Interest expense |  | $ | 70 |  |  | $ | 90 |  |  | $ | 74 |  |  | $ | 94 |  |  | $4 million decrease | (6)

(1)Excludes unrealized gains or losses after September 30, 2023 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(2)Includes a real estate impairment charge of approximately $90.8 million recognized in October 2023 to reduce the carrying amounts of two non-laboratory properties located in our Greater Boston market to their current fair values, less costs to sell upon meeting the criteria for classification as held for sale. Refer to “Subsequent event” and “Funds from operations and funds from operations per share” in this Earnings Press Release for additional information.
(3)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of our Supplemental Information for additional details.
(4)Refer to “Funds from operations and funds from operations per share” in this Earnings Press Release for additional information.
(5)Effective on September 15, 2023, Dean A. Shigenaga resigned from his positions as President and Chief Financial Officer and is expected to remain a full-time employee through December 31, 2023, and a part-time employee thereafter. In connection with Mr. Shigenaga’s resignation, stock-based compensation expense aggregating $15.6 million was accelerated through December 31, 2023, of which $1.9 million was recognized during the three months ended September 30, 2023. The increase in general and administrative expenses for the year ending December 31, 2023 was partially offset by a reduction to his compensation after September 15, 2023.
(6)The changes to our guidance ranges for capitalization of interest and interest expense for the year ending December 31, 2023 are primarily due to a five-week change in the delivery of our 140 First Street redevelopment project in our Cambridge submarket and a two-and-a-half-month change in the timing of our disposition of 268,023 RSF in a 660,034 RSF near-term development project at 421 Park Drive in our Fenway submarket. Both the delivery and the partial disposition were completed during 3Q23.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 4

Guidance (continued) |
September 30, 2023
(Dollars in millions)

Key Credit Metrics |  | As of 10/23/23 |  | As of 7/24/23 |  | Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q23 annualized |  | Less than or equal to 5.1x |  | Less than or equal to 5.1x |  | No change
Fixed-charge coverage ratio – 4Q23 annualized |  | 4.5x to 5.0x |  | 4.5x to 5.0x |

|  |  |  | As of 10/23/23 |  | As of 7/24/23 Midpoint |  | Key Changes
Key Sources and Uses of Capital |  |  |  |  |  |  |  | Range |  | Midpoint |  | Certain Completed Items |  |
Sources of capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incremental debt |  |  |  |  |  |  |  | $ | 660 |  |  | $ | 810 |  |  | $ | 735 |  |  | See below |  | $ | 635 |  |  | $100 million increase(1)
Excess 2022 bond capital held as cash at December 31, 2022 |  |  |  |  |  |  |  | 300 |  |  | 300 |  |  | 300 |  |  | $ | 300 |  | (2) | 300 |  |  | No change
Net cash provided by operating activities after dividends |  |  |  |  |  |  |  | 350 |  |  | 400 |  |  | 375 |  |  |  |  | 375 |  |
Dispositions and sales of partial interests (refer to page 7) |  |  |  |  |  |  |  | 1,550 |  |  | 1,750 |  |  | 1,650 |  |  | $ | 875 |  | (3) | 1,750 |  |  | $100 million decrease(1)
Future settlement of forward equity sales agreements outstanding as of December 31, 2022 |  |  |  |  |  |  |  | 100 |  |  | 100 |  |  | 100 |  |  | $ | 100 |  | (4) | 100 |  |  | No change
Total sources of capital before excess cash expected to be held at December 31, 2023 |  |  |  |  |  |  |  | 2,960 |  |  | 3,360 |  |  | 3,160 |  |  |  |  | $ | 3,160 |  |
Cash expected to be held at December 31, 2023(5) |  |  |  |  |  |  |  | 125 |  |  | 425 |  |  | 275 |  |  |  |  | $ | 275 |  |
Total sources of capital |  |  |  |  |  |  |  | $ | 3,085 |  |  | $ | 3,785 |  |  | $ | 3,435 |  |  |  |  |  |  |
Uses of capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction (refer to page 48) |  |  |  |  |  |  |  | $ | 2,785 |  |  | $ | 3,085 |  |  | $ | 2,935 |  |  |  |  | $ | 2,935 |  |  | No change
Acquisitions (refer to page 6) |  |  |  |  |  |  |  | 175 |  |  | 275 |  |  | 225 |  |  | $ | 259 |  |  | 225 |  |
Total uses of capital |  |  |  |  |  |  |  | $ | 2,960 |  |  | $ | 3,360 |  |  | $ | 3,160 |  |  |  |  | $ | 3,160 |  |
Incremental debt (included above): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of unsecured senior notes payable |  |  |  |  |  |  |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | 1,000 |  | (6) |  |  |
Unsecured senior line of credit, commercial paper, and other |  |  |  |  |  |  |  | (340) |  |  | (190) |  |  | (265) |  |  |  |  |  |  |
Net incremental debt |  |  |  |  |  |  |  | $ | 660 |  |  | $ | 810 |  |  | $ | 735 |  |  |  |  |  |  |

(1)The changes to our guidance ranges for incremental debt and dispositions and sales of partial interests for the year ending December 31, 2023 is primarily due to changes in the mix and timing of dispositions pending and under executed letters of intent or purchase and sale agreements that are expected to close in 4Q23.
(2)Represents $300.0 million of excess 2022 bond capital proceeds held as cash at December 31, 2022, which we used to reduce our 2023 debt capital needs.
(3)In addition to completed transactions, we have pending transactions subject to signed letters of intent or purchase and sale agreements aggregating $699.3 million as of October 23, 2023.
(4)Represents outstanding forward equity sales agreements to sell 699 thousand shares of common stock under our ATM program entered into during 2022 and expected to be settled during 4Q23.
(5)Represents estimated excess 2023 bond capital proceeds expected to be held as cash at December 31, 2023, which reduces our 2024 debt capital needs.
(6)Represents $1.0 billion of unsecured senior notes payable issued in February 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 5

Acquisitions |
September 30, 2023
(Dollars in thousands)

Property |  | Submarket/Market |  | Date of Purchase |  | Number of Properties |  | Operating Occupancy |  | Square Footage |  | Purchase Price
|  |  |  | Acquisitions With Development/Redevelopment Opportunities(1) |  |  |  |  |
|  |  |  | Future Development |  | Active Development/Redevelopment |  | Operating With Future Development/ Redevelopment |  |  |  |  |  | Total(2) |
Completed in YTD 3Q23: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | Canada |  | 1/30/23 |  | 1 |  | 100 | % |  |  | — |  |  | — |  |  | 247,743 |  |  |  |  |  |  | 247,743 |  |  | $ | 100,837 |  |
Other |  | Various |  |  |  | 4 |  | 100 |  |  |  | 1,089,349 |  |  | 110,717 |  |  | 185,676 |  |  |  |  |  |  | 1,385,742 |  |  |  | 150,139 |  |
|  |  |  |  |  | 5 |  | 100 | % |  |  | 1,089,349 |  |  | 110,717 |  |  | 433,419 |  |  |  |  |  |  | 1,633,485 |  |  |  | 250,976 |  |
Completed in October 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,000 |  |
2023 acquisitions completed as of October 23, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 258,976 |  |
2023 guidance range |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $175,000 – $275,000 |

(1)We expect to provide total estimated costs and related yields for development and redevelopment projects in the future, subsequent to the commencement of construction.
(2)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes RSF of buildings currently in operation with future development or redevelopment opportunities. Refer to “Investments in real estate” in the “Definitions and reconciliations” of our Supplemental Information for additional details on value-creation square feet currently included in rental properties.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 6

Dispositions and Sales of Partial Interests |
September 30, 2023
(Dollars in thousands, except per RSF amounts)

Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | RSF |  | Capitalization Rate |  | Capitalization Rate (Cash Basis) |  | Sales Price |  | Sales Price per RSF |  |  |
Value harvesting of dispositions and recycling of assets not integral to our mega campus strategy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
225, 266, and 275 Second Avenue and 780 and 790 Memorial Drive |  | Route 128 and Cambridge/Inner Suburbs/Greater Boston |  | 6/13/23 |  | 100 | % |  |  | 428,663 |  |  | 5.0 | % |  |  | 5.2 | % |  |  | $ | 365,226 |  |  | $ | 852 |  |  |  |
11119 North Torrey Pines Road |  | Torrey Pines/San Diego |  | 5/4/23 |  | 100 | % |  |  | 72,506 |  |  | 4.4 | % |  |  | 4.6 | % |  |  | 86,000 |  |  | $ | 1,186 |  |  |  |
275 Grove Street |  | Route 128/Greater Boston |  | 6/27/23 |  | 100 | % |  |  | 509,702 |  |  | N/A |  |  | N/A |  |  | 109,349 |  |  | N/A |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,092 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 602,667 |  |  |  |  |  |
Strategic dispositions and partial interest sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
421 Park Drive(1) |  | Fenway/Greater Boston |  | 9/19/23 |  | (1) |  |  | (1) |  | N/A |  |  | N/A |  |  | 174,412 |  |  | N/A |  |  |
15 Necco Street |  | Seaport Innovation District/ Greater Boston |  | 4/11/23 |  | 18 | % |  |  | 345,995 |  |  | 6.6 | % |  |  | 5.4 | % |  |  | 66,108 |  |  | $ | 1,626 |  |  |  |
9625 Towne Centre Drive |  | University Town Center/San Diego |  | 6/21/23 |  | 20.1 | % |  |  | 163,648 |  |  | 4.2 | % |  |  | 4.5 | % |  |  | 32,261 |  |  | $ | 981 |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 272,781 |  |  |  |  |  |
Dispositions and sales of partial interests completed in YTD 3Q23 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 875,448 |  |  |  |  |  |
Pending and under executed letters of intent or purchase and sale agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 699,274 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,574,722 |  |  |  |  |  |
Additional targeted non-core dispositions in process |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,278 |  |  |  |  |  |
2023 dispositions and sales of partial interests (midpoint) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,650,000 |  |  |  |  |  |
2023 guidance range |  |  |  |  |  |  |  |  | $1,550,000 – $1,750,000 |  |  |  |  |

(1)Represents the disposition of 268,023 RSF in a 660,034 RSF near-term development at 421 Park Drive. The proceeds from this transaction will help fund the construction of our remaining 392,011 RSF of the project. The project is expected to commence vertical construction in 4Q23 and be substantially complete in 2026. The buyer will fund the remaining costs to construct its 268,023 RSF, and these costs are not included in our projected construction spending. We will develop and operate the completed project and will earn development fees over the next three years.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 7

Earnings Call Information and About the Company
September 30, 2023

We will host a conference call on Tuesday, October 24, 2023, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for the third quarter ended September 30, 2023. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon 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 5:00 p.m. ET/2:00 p.m. PT on Tuesday, October 24, 2023. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 4808355.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2023 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2023q3.pdf.
For any questions, please contact 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; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.
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. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and advanced technology mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. The trusted partner to over 800 tenants, Alexandria has a total market capitalization of $28.3 billion and an asset base in North America of 75.1 million SF as of September 30, 2023, which includes 41.5 million RSF of operating properties and 5.6 million RSF of Class A/A+ properties undergoing construction, 8.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 19.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science, agtech, and advanced technology mega campuses that provide our 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation, and technology 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 additional information on Alexandria, please visit www.are.com.
***********
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 2023 earnings per share attributable to Alexandria’s common stockholders – diluted, 2023 funds from operations per share attributable to Alexandria’s common stockholders – diluted, net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 8

Consolidated Statements of Operations |
September 30, 2023
(Dollars in thousands, except per share amounts)

|  | Three Months Ended |  | Nine Months Ended
|  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22 |  | 9/30/23 |  | 9/30/22
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from rentals |  | $ | 707,531 |  |  | $ | 704,339 |  |  | $ | 687,949 |  |  | $ | 665,674 |  |  | $ | 656,853 |  |  | $ | 2,099,819 |  |  | $ | 1,910,366 |
Other income |  | 6,257 |  |  | 9,561 |  |  | 12,846 |  |  | 4,607 |  |  | 2,999 |  |  | 28,664 |  |  | 8,315 |
Total revenues |  | 713,788 |  |  | 713,900 |  |  | 700,795 |  |  | 670,281 |  |  | 659,852 |  |  | 2,128,483 |  |  | 1,918,681 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operations |  | 217,687 |  |  | 211,834 |  |  | 206,933 |  |  | 204,352 |  |  | 201,189 |  |  | 636,454 |  |  | 578,801 |
General and administrative |  | 45,987 |  |  | 45,882 |  |  | 48,196 |  |  | 42,992 |  |  | 49,958 |  |  | 140,065 |  |  | 134,286 |
Interest |  | 11,411 |  |  | 17,072 |  |  | 13,754 |  |  | 17,522 |  |  | 22,984 |  |  | 42,237 |  |  | 76,681 |
Depreciation and amortization |  | 269,370 |  |  | 273,555 |  |  | 265,302 |  |  | 264,480 |  |  | 254,929 |  |  | 808,227 |  |  | 737,666 |
Impairment of real estate |  | 20,649 |  |  | 168,575 |  |  | — |  |  | 26,186 |  |  | 38,783 |  |  | 189,224 |  |  | 38,783 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,317 |
Total expenses |  | 565,104 |  |  | 716,918 |  |  | 534,185 |  |  | 555,532 |  |  | 567,843 |  |  | 1,816,207 |  |  | 1,569,534 |
Equity in earnings of unconsolidated real estate joint ventures |  | 242 |  |  | 181 |  |  | 194 |  |  | 172 |  |  | 40 |  |  | 617 |  |  | 473 |
Investment loss |  | (80,672) |  |  | (78,268) |  |  | (45,111) |  |  | (19,653) |  |  | (32,305) |  |  | (204,051) |  |  | (312,105) |
Gain on sales of real estate |  | — |  |  | 214,810 |  |  | — |  |  | — |  |  | 323,699 |  |  | 214,810 |  |  | 537,918 |
Net income |  | 68,254 |  |  | 133,705 |  |  | 121,693 |  |  | 95,268 |  |  | 383,443 |  |  | 323,652 |  |  | 575,433 |
Net income attributable to noncontrolling interests |  | (43,985) |  |  | (43,768) |  |  | (43,831) |  |  | (40,949) |  |  | (38,747) |  |  | (131,584) |  |  | (108,092) |
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders |  | 24,269 |  |  | 89,937 |  |  | 77,862 |  |  | 54,319 |  |  | 344,696 |  |  | 192,068 |  |  | 467,341 |
Net income attributable to unvested restricted stock awards |  | (2,414) |  |  | (2,677) |  |  | (2,606) |  |  | (2,526) |  |  | (3,257) |  |  | (7,697) |  |  | (5,866) |
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders |  | $ | 21,855 |  |  | $ | 87,260 |  |  | $ | 75,256 |  |  | $ | 51,793 |  |  | $ | 341,439 |  |  | $ | 184,371 |  |  | $ | 461,475 |
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.31 |  |  | $ | 2.11 |  |  | $ | 1.08 |  |  | $ | 2.88 |
Diluted |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.31 |  |  | $ | 2.11 |  |  | $ | 1.08 |  |  | $ | 2.88 |
Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Diluted |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Dividends declared per share of common stock |  | $ | 1.24 |  |  | $ | 1.24 |  |  | $ | 1.21 |  |  | $ | 1.21 |  |  | $ | 1.18 |  |  | $ | 3.69 |  |  | $ | 3.51 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 9

Consolidated Balance Sheets |
September 30, 2023
(In thousands)

|  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Assets |  |  |  |  |  |  |  |  |  |
Investments in real estate |  | $ | 31,712,731 |  |  | $ | 31,178,054 |  |  | $ | 30,889,395 |  |  | $ | 29,945,440 |  |  | $ | 28,771,745 |
Investments in unconsolidated real estate joint ventures |  | 37,695 |  |  | 37,801 |  |  | 38,355 |  |  | 38,435 |  |  | 38,285 |
Cash and cash equivalents |  | 532,390 |  |  | 924,370 |  |  | 1,263,452 |  |  | 825,193 |  |  | 533,824 |
Restricted cash |  | 35,321 |  |  | 35,920 |  |  | 34,932 |  |  | 32,782 |  |  | 332,344 |
Tenant receivables |  | 6,897 |  |  | 6,951 |  |  | 8,197 |  |  | 7,614 |  |  | 7,759 |
Deferred rent |  | 1,012,666 |  |  | 984,366 |  |  | 974,865 |  |  | 942,646 |  |  | 918,995 |
Deferred leasing costs |  | 512,216 |  |  | 520,610 |  |  | 527,848 |  |  | 516,275 |  |  | 506,864 |
Investments |  | 1,431,766 |  |  | 1,495,994 |  |  | 1,573,018 |  |  | 1,615,074 |  |  | 1,624,921 |
Other assets |  | 1,501,611 |  |  | 1,475,191 |  |  | 1,602,403 |  |  | 1,599,940 |  |  | 1,633,877 |
Total assets |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |  |  | $ | 35,523,399 |  |  | $ | 34,368,614 |
Liabilities, Noncontrolling Interests, and Equity |  |  |  |  |  |  |  |  |  |
Secured notes payable |  | $ | 109,110 |  |  | $ | 91,939 |  |  | $ | 73,645 |  |  | $ | 59,045 |  |  | $ | 40,594 |
Unsecured senior notes payable |  | 11,093,725 |  |  | 11,091,424 |  |  | 11,089,124 |  |  | 10,100,717 |  |  | 10,098,588 |
Unsecured senior line of credit and commercial paper |  | — |  |  | — |  |  | 374,536 |  |  | — |  |  | 386,666 |
Accounts payable, accrued expenses, and other liabilities |  | 2,653,126 |  |  | 2,494,087 |  |  | 2,479,047 |  |  | 2,471,259 |  |  | 2,393,764 |
Dividends payable |  | 214,450 |  |  | 214,555 |  |  | 209,346 |  |  | 209,131 |  |  | 193,623 |
Total liabilities |  | 14,070,411 |  |  | 13,892,005 |  |  | 14,225,698 |  |  | 12,840,152 |  |  | 13,113,235 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  | 51,658 |  |  | 52,628 |  |  | 44,862 |  |  | 9,612 |  |  | 9,612 |
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock |  | 1,710 |  |  | 1,709 |  |  | 1,709 |  |  | 1,707 |  |  | 1,626 |
Additional paid-in capital |  | 18,651,185 |  |  | 18,812,318 |  |  | 18,902,821 |  |  | 18,991,492 |  |  | 17,639,434 |
Accumulated other comprehensive loss |  | (24,984) |  |  | (16,589) |  |  | (20,536) |  |  | (20,812) |  |  | (24,725) |
Alexandria Real Estate Equities, Inc.’s stockholders’ equity |  | 18,627,911 |  |  | 18,797,438 |  |  | 18,883,994 |  |  | 18,972,387 |  |  | 17,616,335 |
Noncontrolling interests |  | 4,033,313 |  |  | 3,917,186 |  |  | 3,757,911 |  |  | 3,701,248 |  |  | 3,629,432 |
Total equity |  | 22,661,224 |  |  | 22,714,624 |  |  | 22,641,905 |  |  | 22,673,635 |  |  | 21,245,767 |
Total liabilities, noncontrolling interests, and equity |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |  |  | $ | 35,523,399 |  |  | $ | 34,368,614 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 10

Funds From Operations and Funds From Operations per Share |
September 30, 2023
(In thousands)

The following table presents a reconciliation of net income 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
|  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22 |  | 9/30/23 |  | 9/30/22
Net income attributable to Alexandria’s common stockholders |  | $ | 21,855 |  |  | $ | 87,260 |  |  | $ | 75,256 |  |  | $ | 51,793 |  |  | $ | 341,439 |  |  | $ | 184,371 |  |  | $ | 461,475 |
Depreciation and amortization of real estate assets |  | 266,440 |  |  | 270,026 |  |  | 262,124 |  |  | 261,185 |  |  | 251,453 |  |  | 798,590 |  |  | 727,178 |
Noncontrolling share of depreciation and amortization from consolidated real estate JVs |  | (28,814) |  |  | (28,220) |  |  | (28,178) |  |  | (29,702) |  |  | (27,790) |  |  | (85,212) |  |  | (77,889) |
Our share of depreciation and amortization from unconsolidated real estate JVs |  | 910 |  |  | 855 |  |  | 859 |  |  | 982 |  |  | 795 |  |  | 2,624 |  |  | 2,684 |
Gain on sales of real estate |  | — |  |  | (214,810) |  |  | — |  |  | — |  |  | (323,699) |  |  | (214,810) |  |  | (537,918) |
Impairment of real estate – rental properties |  | 19,844 |  | (1) | 166,602 |  |  | — |  |  | 20,899 |  |  | — |  |  | 186,446 |  |  | — |
Allocation to unvested restricted stock awards |  | (838) |  |  | (872) |  |  | (1,359) |  |  | (953) |  |  | 1,002 |  |  | (3,050) |  |  | (81) |
Funds from operations attributable to Alexandria’s common stockholders – diluted(2) |  | 279,397 |  |  | 280,841 |  |  | 308,702 |  |  | 304,204 |  |  | 243,200 |  |  | 868,959 |  |  | 575,449 |
Unrealized losses on non-real estate investments |  | 77,202 |  |  | 77,897 |  |  | 65,855 |  |  | 24,117 |  |  | 56,515 |  |  | 220,954 |  |  | 388,076 |
Impairment of non-real estate investments |  | 28,503 |  | (3) | 22,953 |  |  | — |  |  | 20,512 |  |  | — |  |  | 51,456 |  |  | — |
Impairment of real estate |  | 805 |  |  | 1,973 |  |  | — |  |  | 5,287 |  |  | 38,783 |  |  | 2,778 |  |  | 38,783 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,317 |
Acceleration of stock compensation expense due to executive officer resignation |  | 1,859 |  | (4) | — |  |  | — |  |  | — |  |  | 7,185 |  |  | 1,859 |  |  | 7,185 |
Allocation to unvested restricted stock awards |  | (1,330) |  |  | (1,285) |  |  | (867) |  |  | (482) |  |  | (1,033) |  |  | (3,503) |  |  | (4,743) |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $ | 386,436 |  |  | $ | 382,379 |  |  | $ | 373,690 |  |  | $ | 353,638 |  |  | $ | 344,650 |  |  | $ | 1,142,503 |  |  | $ | 1,008,067 |

(1)Primarily to reduce the carrying amounts of three non-laboratory properties classified as held for sale aggregating 230,704 RSF, located in our Greater Boston and Texas markets, to their respective estimated fair values less costs to sell. These assets represent non-core properties that are not integral to our mega campus strategy.
(2)Calculated in accordance with standards established by the Nareit Board of Governors.
(3)Primarily related to three non-real estate investments in privately held entities that do not report NAV.
(4)Refer to footnote 4 on page 4 in “Guidance” in this Earnings Press Release for additional information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 11

Funds From Operations and Funds From Operations per Share (continued) |
September 30, 2023
(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
|  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22 |  | 9/30/23 |  | 9/30/22
Net income per share attributable to Alexandria’s common stockholders – diluted |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.31 |  |  | $ | 2.11 |  |  | $ | 1.08 |  |  | $ | 2.88 |
Depreciation and amortization of real estate assets |  | 1.40 |  |  | 1.42 |  |  | 1.38 |  |  | 1.41 |  |  | 1.39 |  |  | 4.19 |  |  | 4.06 |
Gain on sales of real estate |  | — |  |  | (1.26) |  |  | — |  |  | — |  |  | (2.00) |  |  | (1.26) |  |  | (3.35) |
Impairment of real estate – rental properties |  | 0.12 |  |  | 0.98 |  |  | — |  |  | 0.13 |  |  | — |  |  | 1.09 |  |  | — |
Allocation to unvested restricted stock awards |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | 0.01 |  |  | (0.01) |  |  | — |
Funds from operations per share attributable to Alexandria’s common stockholders – diluted |  | 1.64 |  |  | 1.64 |  |  | 1.81 |  |  | 1.84 |  |  | 1.51 |  |  | 5.09 |  |  | 3.59 |
Unrealized losses on non-real estate investments |  | 0.45 |  |  | 0.46 |  |  | 0.39 |  |  | 0.15 |  |  | 0.35 |  |  | 1.29 |  |  | 2.42 |
Impairment of non-real estate investments |  | 0.17 |  |  | 0.13 |  |  | — |  |  | 0.12 |  |  | — |  |  | 0.30 |  |  | — |
Impairment of real estate |  | — |  |  | 0.02 |  |  | — |  |  | 0.03 |  |  | 0.24 |  |  | 0.02 |  |  | 0.24 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.02 |
Acceleration of stock compensation expense due to executive officer resignation |  | 0.01 |  |  | — |  |  | — |  |  | — |  |  | 0.04 |  |  | 0.01 |  |  | 0.04 |
Allocation to unvested restricted stock awards |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | — |  |  | (0.01) |  |  | (0.02) |  |  | (0.03) |
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $ | 2.26 |  |  | $ | 2.24 |  |  | $ | 2.19 |  |  | $ | 2.14 |  |  | $ | 2.13 |  |  | $ | 6.69 |  |  | $ | 6.28 |
Weighted-average shares of common stock outstanding – diluted |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 12

SUPPLEMENTAL
INFORMATION

Company Profile
September 30, 2023

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. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and advanced technology mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. The trusted partner to over 800 tenants, Alexandria has a total market capitalization of $28.3 billion and an asset base in North America of 75.1 million SF as of September 30, 2023, which includes 41.5 million RSF of operating properties and 5.6 million RSF of Class A/A+ properties undergoing construction, 8.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 19.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science, agtech, and advanced technology mega campuses that provide our 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation, and technology 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 additional information on Alexandria, please visit www.are.com.
Tenant base
Alexandria is known for our high-quality and diverse tenant base, with 49% of our total annual rental revenue being 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 life science, agtech, and advanced technology campuses in key 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 our niche. Alexandria’s highly experienced management team also includes regional market directors with leading reputations and longstanding relationships within the life science, agtech, and technology communities in their respective innovation clusters. We believe that our experience, expertise, reputation, and key relationships in the real estate, life science, agtech, and technology industries provide Alexandria significant competitive advantages in attracting new business opportunities.
Alexandria’s executive and senior management team consists of 63 individuals, averaging 24 years of real estate experience, including 13 years with Alexandria. Our executive management team alone averages 19 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus |  | Peter M. Moglia
Executive Chairman & Founder |  | Chief Executive Officer & Chief Investment Officer
Daniel J. Ryan |  | Hunter L. Kass
Co-President & Regional Market Director – San Diego |  | Co-President & Regional Market Director – Greater Boston
Marc E. Binda |  | Vincent R. Ciruzzi
Chief Financial Officer & Treasurer |  | Chief Development Officer
Lawrence J. Diamond |  | Joseph Hakman
Co-Chief Operating Officer & Regional Market Director – Maryland |  | Co-Chief Operating Officer & Chief Strategic Transactions Officer
John H. Cunningham |  | Jackie B. Clem
Executive Vice President – Regional Market Director – New York City |  | General Counsel & Secretary
Andres R. Gavinet |  | Gary D. Dean
Chief Accounting Officer |  | Executive Vice President – Real Estate Legal Affairs
Onn C. Lee |  | Kristina A. Fukuzaki-Carlson
Executive Vice President – Accounting |  | Executive Vice President – Business Operations
Madeleine T. Alsbrook |  |
Executive Vice President – Talent Management |  |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 14

Investor Information
September 30, 2023

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
|  |  |  | Website: | www.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.

BNP Paribas Exane |  | Citigroup Global Markets Inc. |  | JMP Securities |  | RBC Capital Markets
Nate Crossett / Monir Koummal |  | Nicholas Joseph / Michael Griffin |  | Aaron Hecht |  | Michael Carroll / Aditi Balachandran
(646) 342-1588 / (646) 342-1554 |  | (212) 816-1909 / (212) 816-5871 |  | (415) 835-3963 |  | (440) 715-2649 / (212) 428-6200
BofA Securities |  | Evercore ISI |  | J.P. Morgan Securities LLC |  | Robert W. Baird & Co. Incorporated
Jeff Spector / Joshua Dennerlein |  | Steve Sakwa / Jay Poskitt |  | Anthony Paolone / Ray Zhong |  | Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1681 |  | (212) 446-9462 / (212) 752-0886 |  | (212) 622-6682 / (212) 622-5411 |  | (216) 737-7510 / (414) 298-5053
BTIG, LLC |  | Green Street |  | Mizuho Securities USA LLC |  | Wedbush Securities
Tom Catherwood / John Nickodemus |  | Dylan Burzinski |  | Vikram Malhotra / Georgi Dinkov |  | Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 738-6050 |  | (949) 640-8780 |  | (212) 282-3827 / (617) 352-1721 |  | (212) 931-7001 / (212) 938-9942
CFRA |  | Jefferies Research Services, LLC |  |  |  |
Michael Elliott |  | Peter Abramowitz / Ahmed Mehri |  |  |  |
(646) 517-5742 |  | (212) 336-7241 / (212) 778-8456 |  |  |  |
Fixed Income Research Coverage |  | Rating Agencies
Barclays Capital Inc. |  | Stifel Financial Corp. |  | Moody’s Investors Service |  | S&P Global Ratings
Srinjoy Banerjee / Jeff Otieno |  | Thierry Perrein |  | (212) 553-0376 |  | Michael Souers
(212) 526-3521 / (212) 526-6961 |  | (646) 376-5303 |  |  |  | (212) 438-2508
J.P. Morgan Securities LLC |  |  |  |  |  |
Mark Streeter |  |  |  |  |  |
(212) 834-5086 |  |  |  |  |  |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 15

Financial and Asset Base Highlights |
September 30, 2023
(Dollars in thousands, except per share amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Selected financial data from consolidated financial statements and related information |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 526,352 |  | (1) | $ | 537,889 |  |  | $ | 518,302 |  |  | $ | 499,348 |  |  | $ | 496,146 |
Tenant recoveries |  | $ | 181,179 |  |  | $ | 166,450 |  |  | $ | 169,647 |  |  | $ | 166,326 |  |  | $ | 160,707 |
General and administrative expenses |  | $ | 45,987 |  |  | $ | 45,882 |  |  | $ | 48,196 |  |  | $ | 42,992 |  |  | $ | 49,958 |
General and administrative expenses as a percentage of net operating income – trailing 12 months |  | 9.3% |  | 9.7% |  | 9.9% |  | 9.8% |  | 10.1%
Operating margin |  | 70% |  | 70% |  | 70% |  | 70% |  | 70%
Adjusted EBITDA margin |  | 69% |  | 70% |  | 69% |  | 69% |  | 69%
Adjusted EBITDA – quarter annualized |  | $ | 1,971,440 |  |  | $ | 1,986,760 |  |  | $ | 1,936,884 |  |  | $ | 1,846,936 |  |  | $ | 1,810,764 |
Adjusted EBITDA – trailing 12 months |  | $ | 1,935,505 |  |  | $ | 1,895,336 |  |  | $ | 1,848,018 |  |  | $ | 1,797,536 |  |  | $ | 1,743,613 |
Net debt at end of period |  | $ | 10,713,620 |  |  | $ | 10,303,736 |  |  | $ | 10,321,752 |  |  | $ | 9,376,705 |  |  | $ | 9,736,627 |
Net debt and preferred stock to Adjusted EBITDA – quarter annualized |  | 5.4x |  | 5.2x |  | 5.3x |  | 5.1x |  | 5.4x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months |  | 5.5x |  | 5.4x |  | 5.6x |  | 5.2x |  | 5.6x
Total debt and preferred stock at end of period |  | $ | 11,202,835 |  |  | $ | 11,183,363 |  |  | $ | 11,537,305 |  |  | $ | 10,159,762 |  |  | $ | 10,525,848 |
Gross assets at end of period |  | $ | 41,639,729 |  |  | $ | 41,306,090 |  |  | $ | 41,474,319 |  |  | $ | 39,877,462 |  |  | $ | 38,516,844 |
Total debt and preferred stock to gross assets at end of period |  | 27% |  | 27% |  | 28% |  | 25% |  | 27%
Fixed-charge coverage ratio – quarter annualized |  | 4.8x |  | 4.7x |  | 5.0x |  | 5.0x |  | 4.9x
Fixed-charge coverage ratio – trailing 12 months |  | 4.9x |  | 4.9x |  | 5.0x |  | 5.0x |  | 5.1x
Unencumbered net operating income as a percentage of total net operating income |  | 100% |  | 100% |  | 100% |  | 100% |  | 100%
Closing stock price at end of period |  | $ | 100.10 |  |  | $ | 113.49 |  |  | $ | 125.59 |  |  | $ | 145.67 |  |  | $ | 140.19 |
Common shares outstanding (in thousands) at end of period |  | 170,997 |  |  | 170,870 |  |  | 170,860 |  |  | 170,748 |  |  | 162,620 |
Total equity capitalization at end of period |  | $ | 17,116,784 |  |  | $ | 19,392,011 |  |  | $ | 21,458,270 |  |  | $ | 24,872,919 |  |  | $ | 22,797,633 |
Total market capitalization at end of period |  | $ | 28,319,619 |  |  | $ | 30,575,374 |  |  | $ | 32,995,575 |  |  | $ | 35,032,681 |  |  | $ | 33,323,481 |
Dividend per share – quarter/annualized |  | $1.24/$4.96 |  | $1.24/$4.96 |  | $1.21/$4.84 |  | $1.21/$4.84 |  | $1.18/$4.72
Dividend payout ratio for the quarter |  | 55% |  | 55% |  | 55% |  | 58% |  | 56%
Dividend yield – annualized |  | 5.0% |  | 4.4% |  | 3.9% |  | 3.3% |  | 3.4%
Amounts related to operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities at end of period |  | $ | 384,958 |  |  | $ | 386,545 |  |  | $ | 405,190 |  |  | $ | 406,700 |  |  | $ | 409,030 |
Rent expense |  | $ | 8,317 |  |  | $ | 8,518 |  |  | $ | 8,536 |  |  | $ | 8,722 |  |  | $ | 8,502 |
Capitalized interest |  | $ | 96,119 |  |  | $ | 91,674 |  |  | $ | 87,070 |  |  | $ | 79,491 |  |  | $ | 73,189 |
Weighted-average interest rate for capitalization of interest during the period |  | 3.77% |  | 3.77% |  | 3.69% |  | 3.65% |  | 3.55%
(1)Rental revenues decreased temporarily in 3Q23 primarily due to dispositions of assets not integral to our mega campus strategy and the impact of temporary vacancy of certain spaces, which were partially offset by rents from recent development and redevelopment projects placed into service in 3Q23.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 16

Financial and Asset Base Highlights (continued) |
September 30, 2023
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Amounts included in funds from operations and non-revenue-enhancing capital expenditures |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue |  | $ | 29,805 |  |  | $ | 29,335 |  |  | $ | 33,191 |  |  | $ | 24,185 |  |  | $ | 24,431 |
Amortization of acquired below-market leases |  | $ | 23,222 |  |  | $ | 24,789 |  |  | $ | 21,636 |  |  | $ | 20,125 |  |  | $ | 23,546 |
Straight-line rent expense on ground leases |  | $ | 372 |  |  | $ | 373 |  |  | $ | 369 |  |  | $ | 487 |  |  | $ | 583 |
Stock compensation expense |  | $ | 16,288 |  |  | $ | 15,492 |  |  | $ | 16,486 |  |  | $ | 11,586 |  |  | $ | 17,786 |
Amortization of loan fees |  | $ | 4,059 |  |  | $ | 3,729 |  |  | $ | 3,639 |  |  | $ | 3,975 |  |  | $ | 3,235 |
Amortization of debt discounts |  | $ | (306) |  |  | $ | (304) |  |  | $ | (288) |  |  | $ | (272) |  |  | $ | (269) |
Non-revenue-enhancing capital expenditures: |  |  |  |  |  |  |  |  |  |
Building improvements |  | $ | 4,510 |  |  | $ | 4,376 |  |  | $ | 4,334 |  |  | $ | 4,128 |  |  | $ | 3,963 |
Tenant improvements and leasing commissions |  | $ | 7,560 |  |  | $ | 38,587 |  |  | $ | 18,586 |  |  | $ | 25,049 |  |  | $ | 48,960 |
Funds from operations attributable to noncontrolling interests |  | $ | 72,799 |  |  | $ | 71,988 |  |  | $ | 72,009 |  |  | $ | 70,651 |  |  | $ | 66,537 |
Operating statistics and related information (at end of period) |  |  |  |  |  |  |  |  |  |
Number of properties – North America |  | 419 |  |  | 414 |  |  | 433 |  |  | 432 |  |  | 431 |
RSF – North America (including development and redevelopment projects under construction) |  | 47,089,826 |  |  | 46,408,793 |  |  | 47,443,194 |  |  | 47,371,259 |  |  | 46,690,943 |
Total square feet – North America |  | 75,057,289 |  |  | 74,854,150 |  |  | 75,607,592 |  |  | 74,566,128 |  |  | 74,450,918 |
Annual rental revenue per occupied RSF – North America |  | $ | 53.34 |  |  | $ | 53.09 |  |  | $ | 52.46 |  |  | $ | 51.75 |  |  | $ | 50.99 |
Occupancy of operating properties – North America |  | 93.7% |  | 93.6% |  | 93.6% |  | 94.8% |  | 94.3%
Occupancy of operating and redevelopment properties – North America |  | 89.4% |  | 89.2% |  | 88.5% |  | 89.4% |  | 88.6%
Weighted-average remaining lease term (in years) |  | 7.0 |  | 7.2 |  | 7.2 |  | 7.1 |  | 7.2
Total leasing activity – RSF |  | 867,582 |  |  | 1,325,326 |  |  | 1,223,427 |  |  | 2,000,322 |  |  | 1,662,069 |
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: |  |  |  |  |  |  |  |  |  |
Rental rate increases |  | 28.8% |  | 16.6% |  | 48.3% |  | 26.0% |  | 27.1%
Rental rate increases (cash basis) |  | 19.7% |  | 8.3% |  | 24.2% |  | 19.6% |  | 22.6%
RSF (included in total leasing activity above) |  | 396,334 |  |  | 1,052,872 |  |  | 1,120,038 |  |  | 1,494,345 |  |  | 1,094,821 |
Top 20 tenants: |  |  |  |  |  |  |  |  |  |
Annual rental revenue |  | $ | 655,990 |  |  | $ | 629,362 |  |  | $ | 634,461 |  |  | $ | 612,289 |  |  | $ | 604,443 |
Weighted-average remaining lease term (in years) |  | 8.9 |  | 9.4 |  | 9.5 |  | 9.4 |  | 9.7
Same property – percentage change over comparable quarter from prior year: |  |  |  |  |  |  |  |  |  |
Net operating income increases |  | 3.1% |  | 3.0% |  | 3.7% |  | 4.7% |  | 5.1%
Net operating income increases (cash basis) |  | 4.6% |  | 4.9% |  | 9.0% |  | 10.9% |  | 10.6%

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 17

High-Quality and Diverse Client Base
September 30, 2023

Long-Duration and Stable Cash Flows From
High-Quality and Diverse Tenants

REIT Industry-Leading Client Base
Investment-Grade or Publicly Traded Large Cap Tenants
91% |  | 49%
of ARE’s Top 20 Tenants Annual Rental Revenue(1) |  | of ARE’s Total Annual Rental Revenue(1)
Long-Duration Lease Terms |  | Sustained Strength in Tenant Collections(3)
8.9 Years | 7.0 Years |  | 99.9% | 99.7%
Top 20 Tenants | All Tenants |
Weighted-Average Remaining Term(2) |  | 3Q23 | October 2023

Refer to “Annual rental revenue” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures.
(1)Represents annual rental revenue in effect as of September 30, 2023.
(2)Based on total annual rental revenue in effect as of September 30, 2023.
(3)Represents the portion of total receivables billed for each indicated period collected as of October 23, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 18

High-Quality and Diverse Client Base in AAA Locations
September 30, 2023

Industry Mix of Over 800 Tenants
|  | Industry |  | Annual Rental Revenue(1) per RSF
| Life Science Product, Service, and Device |  | $ | 43.34 |
| Multinational Pharmaceutical |  | $ | 60.99 |
| Public Biotechnology – Approved or Marketed Product |  | $ | 59.97 |
| Institutional (Academic/Medical, Non-Profit, and U.S. Government) |  | $ | 58.28 |
| Public Biotechnology – Preclinical or Clinical Stage |  | $ | 67.33 |
| Private Biotechnology |  | $ | 81.36 |
| Future Change in Use(2) |  | $ | 41.52 |
| Investment-Grade or Large Cap Tech |  | $ | 32.06 |
| Other(3) |  | $ | 34.02 |
Percentage of ARE’s Annual Rental Revenue(1) |  |  |  |

Refer to “Annual rental revenue” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures.
(1)Represents annual rental revenue in effect as of September 30, 2023.
(2)Represents annual rental revenue currently generated from space that is targeted for a future change in use, including 1.1% of total annual rental revenue that is generated from covered land play projects for future development opportunities. The weighted-average remaining term of these leases is 4.1 years.
(3)Our “Other” tenants, which represent an aggregate of 4.0% of our annual rental revenue, comprise technology, professional services, finance, telecommunications, and construction/real estate companies, and (by less than 1.0% of our annual rental revenue) retail-related tenants.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 19

Occupancy
September 30, 2023

Solid Historical Occupancy of 96% Over Past 10 Years(1) From Historically Strong Demand for Our Class A/A+ Properties in AAA Locations

AAA Locations |  | Occupancy Across Key Locations
Percentage of ARE’s Annual Rental Revenue(4) |

(1)Represents average occupancy of operating properties in North America as of each December 31 for the last 10 years and as of September 30, 2023.
(2)Refer to footnotes 1 and 2 in the “Summary of occupancy” subsection of “Summary of properties and occupancy” of our Supplemental Information for additional details.
(3)Acquired vacancy of 2.1% from properties recently acquired in 2021 and 2022 primarily representing lease-up opportunities. Excluding acquired vacancies, occupancy of operating properties in North America was 95.8% as of September 30, 2023.
(4)Represents annual rental revenue in effect as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 20

Key Operating Metrics
September 30, 2023

Historical Same Property Net Operating Income Growth |  |  | Historical Rental Rate Growth: Renewed/Re-Leased Space
Margins(2) |  | Favorable Lease Structure(3)
Operating |  | Adjusted EBITDA |  |  |  | Strategic Lease Structure by Owner and Operator of Collaborative Life Science, Agtech, and Advanced Technology Mega Campuses
70% |  | 69% |  |  |  | Increasing cash flows |  |
|  |  |  | Percentage of leases containing annual rent escalations | 96%
|  |  | Stable cash flows |  |
Weighted-Average Lease Terms of Executed Leases |  | Percentage of triple net leases | 92%
8.6 | years |  | 8.7 | years |  |  |  | Lower capex burden |  |
|  |  |  | Percentage of leases providing for the recapture of capital expenditures | 93%
5 Years (2019–3Q23) |  | 10 Years (2014–3Q23) |  |  |  |  |  |  |

Refer to “Same property performance” and “Definitions and reconciliations” of this Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.
(1)The 10-year average represents the average for the years ended December 31, 2013 through 2022.
(2)Represents percentages for the three months ended September 30, 2023.
(3)Percentages calculated based on annual rental revenue in effect as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 21

Same Property Performance |
September 30, 2023
(Dollars in thousands)

|  | September 30, 2023 |  |  |  | September 30, 2023
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 |  | 336 |  | 301
Net operating income increase |  | 3.1% |  | 3.7% |  | Rentable square feet |  | 33,934,050 |  | 30,168,779
Net operating income increase (cash basis) |  | 4.6% |  | 5.6% |  | Occupancy – current-period average |  | 93.9% |  | 94.4%
Operating margin |  | 69% |  | 70% |  | Occupancy – same-period prior-year average |  | 95.3% |  | 95.5%

|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2023 |  | 2022 |  | $ Change |  | % Change |  | 2023 |  | 2022 |  | $ Change |  | % Change |
Income from rentals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same properties |  | $ | 424,462 |  |  | $ | 412,354 |  |  | $ | 12,108 |  |  | 2.9 | % |  | $ | 1,160,700 |  |  | $ | 1,116,410 |  |  | $ | 44,290 |  |  | 4.0 | % |
Non-same properties |  | 101,890 |  |  | 83,792 |  |  | 18,098 |  |  | 21.6 |  |  | 421,843 |  |  | 334,340 |  |  | 87,503 |  |  | 26.2 |  |
Rental revenues |  | 526,352 |  |  | 496,146 |  |  | 30,206 |  |  | 6.1 |  |  | 1,582,543 |  |  | 1,450,750 |  |  | 131,793 |  |  | 9.1 |  |
Same properties |  | 158,102 |  |  | 146,032 |  |  | 12,070 |  |  | 8.3 |  |  | 408,733 |  |  | 382,197 |  |  | 26,536 |  |  | 6.9 |  |
Non-same properties |  | 23,077 |  |  | 14,675 |  |  | 8,402 |  |  | 57.3 |  |  | 108,543 |  |  | 77,419 |  |  | 31,124 |  |  | 40.2 |  |
Tenant recoveries |  | 181,179 |  |  | 160,707 |  |  | 20,472 |  |  | 12.7 |  |  | 517,276 |  |  | 459,616 |  |  | 57,660 |  |  | 12.5 |  |
Income from rentals |  | 707,531 |  |  | 656,853 |  |  | 50,678 |  |  | 7.7 |  |  | 2,099,819 |  |  | 1,910,366 |  |  | 189,453 |  |  | 9.9 |  |
Same properties |  | 355 |  |  | 274 |  |  | 81 |  |  | 29.6 |  |  | 619 |  |  | 643 |  |  | (24) |  |  | (3.7) |  |
Non-same properties |  | 5,902 |  |  | 2,725 |  |  | 3,177 |  |  | 116.6 |  |  | 28,045 |  |  | 7,672 |  |  | 20,373 |  |  | 265.6 |  |
Other income |  | 6,257 |  |  | 2,999 |  |  | 3,258 |  |  | 108.6 |  |  | 28,664 |  |  | 8,315 |  |  | 20,349 |  |  | 244.7 |  |
Same properties |  | 582,919 |  |  | 558,660 |  |  | 24,259 |  |  | 4.3 |  |  | 1,570,052 |  |  | 1,499,250 |  |  | 70,802 |  |  | 4.7 |  |
Non-same properties |  | 130,869 |  |  | 101,192 |  |  | 29,677 |  |  | 29.3 |  |  | 558,431 |  |  | 419,431 |  |  | 139,000 |  |  | 33.1 |  |
Total revenues |  | 713,788 |  |  | 659,852 |  |  | 53,936 |  |  | 8.2 |  |  | 2,128,483 |  |  | 1,918,681 |  |  | 209,802 |  |  | 10.9 |  |
Same properties |  | 181,885 |  |  | 169,671 |  |  | 12,214 |  |  | 7.2 |  |  | 473,060 |  |  | 441,457 |  |  | 31,603 |  |  | 7.2 |  |
Non-same properties |  | 35,802 |  |  | 31,518 |  |  | 4,284 |  |  | 13.6 |  |  | 163,394 |  |  | 137,344 |  |  | 26,050 |  |  | 19.0 |  |
Rental operations |  | 217,687 |  |  | 201,189 |  |  | 16,498 |  |  | 8.2 |  |  | 636,454 |  |  | 578,801 |  |  | 57,653 |  |  | 10.0 |  |
Same properties |  | 401,034 |  |  | 388,989 |  |  | 12,045 |  |  | 3.1 |  |  | 1,096,992 |  |  | 1,057,793 |  |  | 39,199 |  |  | 3.7 |  |
Non-same properties |  | 95,067 |  |  | 69,674 |  |  | 25,393 |  |  | 36.4 |  |  | 395,037 |  |  | 282,087 |  |  | 112,950 |  |  | 40.0 |  |
Net operating income |  | $ | 496,101 |  |  | $ | 458,663 |  |  | $ | 37,438 |  |  | 8.2 | % |  | $ | 1,492,029 |  |  | $ | 1,339,880 |  |  | $ | 152,149 |  |  | 11.4 | % |
Net operating income – same properties |  | $ | 401,034 |  |  | $ | 388,989 |  |  | $ | 12,045 |  |  | 3.1 | % |  | $ | 1,096,992 |  |  | $ | 1,057,793 |  |  | $ | 39,199 |  |  | 3.7 | % |
Straight-line rent revenue |  | (18,488) |  |  | (17,194) |  |  | (1,294) |  |  | 7.5 |  |  | (56,099) |  |  | (59,102) |  |  | 3,003 |  |  | (5.1) |  |
Amortization of acquired below-market leases |  | (6,742) |  |  | (12,567) |  |  | 5,825 |  |  | (46.4) |  |  | (17,987) |  |  | (29,888) |  |  | 11,901 |  |  | (39.8) |  |
Net operating income – same properties (cash basis) |  | $ | 375,804 |  |  | $ | 359,228 |  |  | $ | 16,576 |  |  | 4.6 | % |  | $ | 1,022,906 |  |  | $ | 968,803 |  |  | $ | 54,103 |  |  | 5.6 | % |

Refer to “Same property comparisons” in the “Definitions and reconciliations” of this Supplemental Information for 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 22

Leasing Activity |
September 30, 2023
(Dollars per RSF)

|  |  | Three Months Ended |  |  |  | Nine Months Ended |  |  |  | Year Ended |
|  |  | September 30, 2023 |  |  |  | September 30, 2023 |  |  |  | December 31, 2022 |
|  | 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 |  |  | 28.8% |  |  |  | 19.7% |  |  |  | 33.9% |  |  |  | 18.1% |  |  |  | 31.0% |  |  |  | 22.1% |
New rates |  |  | $59.80 |  |  |  |  | $58.09 |  |  |  |  | $51.86 |  |  |  |  | $49.83 |  |  |  |  | $50.37 |  |  |  |  | $48.48 |  |
Expiring rates |  |  | $46.43 |  |  |  |  | $48.53 |  |  |  |  | $38.73 |  |  |  |  | $42.21 |  |  |  |  | $38.44 |  |  |  |  | $39.69 |  |
RSF |  |  | 396,334 |  |  |  |  |  |  |  |  | 2,569,244 |  |  |  |  |  |  |  |  | 4,540,325 |  |  |  |  |  |
Tenant improvements/leasing commissions |  |  | $18.55 |  |  |  |  |  |  |  |  | $25.20 |  |  |  |  |  |  |  |  | $27.83 |  |  |  |  |  |
Weighted-average lease term |  |  | 7.6 years |  |  |  |  |  |  |  | 9.2 years |  |  |  |  |  |  |  | 5.0 years |  |  |  |  |
Developed/redeveloped/previously vacant space leased(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $68.85 |  |  |  |  | $60.80 |  |  |  |  | $63.78 |  |  |  |  | $58.13 |  |  |  |  | $73.46 |  |  |  |  | $64.04 |  |
RSF |  |  | 471,248 |  |  |  |  |  |  |  |  | 847,091 |  |  |  |  |  |  |  |  | 3,865,262 |  |  |  |  |  |
Weighted-average lease term |  |  | 14.4 years |  |  |  |  |  |  |  | 13.2 years |  |  |  |  |  |  |  | 11.8 years |  |  |  |  |
Leasing activity summary (totals): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $65.08 |  |  |  |  | $59.67 |  |  |  |  | $54.91 |  |  |  |  | $51.96 |  |  |  |  | $60.98 |  |  |  |  | $55.64 |  |
RSF |  |  | 867,582 |  |  |  |  |  |  |  |  | 3,416,335 |  |  |  |  |  |  |  |  | 8,405,587 |  |  |  |  |  |
Weighted-average lease term |  |  | 13.0 years |  |  |  |  |  |  |  | 11.0 years |  |  |  |  |  |  |  | 8.1 years |  |  |  |  |
Lease expirations(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiring rates |  |  | $54.50 |  |  |  |  | $55.43 |  |  |  |  | $43.59 |  |  |  |  | $44.53 |  |  |  |  | $37.41 |  |  |  |  | $38.06 |  |
RSF |  |  | 786,656 |  |  |  |  |  |  |  |  | 4,319,951 |  |  |  |  |  |  |  |  | 6,572,286 |  |  |  |  |  |

Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 73,009 RSF and 266,292 RSF as of September 30, 2023 and December 31, 2022, respectively. During the trailing twelve months ended September 30, 2023, we granted free rent concessions averaging 0.6 months per annum.
(2)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” of this Supplemental Information for additional details on total project costs.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 23

Contractual Lease Expirations
September 30, 2023

Year |  | RSF |  | Percentage of Occupied RSF |  | Annual Rental Revenue (per RSF)(1) |  | Percentage of Total Annual Rental Revenue |
| 2023 | (2) |  |  | 617,560 |  |  |  |  | 1.6 | % |  |  |  | $ | 36.30 |  |  |  |  | 1.1 | % |  |
| 2024 |  |  |  | 3,632,359 |  |  |  |  | 9.4 | % |  |  |  | $ | 53.26 |  |  |  |  | 9.6 | % |  |
| 2025 |  |  |  | 3,589,722 |  |  |  |  | 9.3 | % |  |  |  | $ | 48.10 |  |  |  |  | 8.5 | % |  |
| 2026 |  |  |  | 2,764,167 |  |  |  |  | 7.2 | % |  |  |  | $ | 51.18 |  |  |  |  | 7.0 | % |  |
| 2027 |  |  |  | 2,808,450 |  |  |  |  | 7.3 | % |  |  |  | $ | 54.85 |  |  |  |  | 7.6 | % |  |
| 2028 |  |  |  | 4,702,594 |  |  |  |  | 12.2 | % |  |  |  | $ | 51.41 |  |  |  |  | 12.0 | % |  |
| 2029 |  |  |  | 2,515,073 |  |  |  |  | 6.5 | % |  |  |  | $ | 51.57 |  |  |  |  | 6.4 | % |  |
| 2030 |  |  |  | 2,516,747 |  |  |  |  | 6.5 | % |  |  |  | $ | 51.16 |  |  |  |  | 6.4 | % |  |
| 2031 |  |  |  | 3,512,917 |  |  |  |  | 9.1 | % |  |  |  | $ | 55.71 |  |  |  |  | 9.7 | % |  |
| 2032 |  |  |  | 1,180,541 |  |  |  |  | 3.1 | % |  |  |  | $ | 57.22 |  |  |  |  | 3.3 | % |  |
Thereafter |  |  | 10,739,517 |  |  |  |  | 27.8 | % |  |  |  | $ | 53.46 |  |  |  |  | 28.4 | % |  |

Market |  | 2023 Contractual Lease Expirations (in RSF) |  | Annual Rental Revenue (per RSF)(1) |  | 2024 Contractual Lease Expirations (in RSF) |  | Annual Rental Revenue (per RSF)(1)
| Leased |  | Negotiating/ Anticipating |  | Targeted for Future Development/ Redevelopment |  | Remaining Expiring Leases(3) |  | Total(2) |  |  | Leased |  | Negotiating/ Anticipating |  | Targeted for Future Development/ Redevelopment(4) |  | Remaining Expiring Leases(3) |  | Total |
Greater Boston |  | 8,033 |  |  | — |  |  | — |  |  |  | 31,190 |  |  |  | 39,223 |  |  | $ | 89.15 |  |  | 86,532 |  |  | 15,049 |  |  | 412,946 |  |  |  | 660,668 |  |  |  | 1,175,195 |  |  | $ | 74.50 |
San Francisco Bay Area |  | 11,000 |  |  | 104,804 |  |  | — |  |  |  | 136,447 |  |  |  | 252,251 |  |  | 36.58 |  |  | 43,496 |  |  | 15,478 |  |  | 107,250 |  |  |  | 571,880 |  |  |  | 738,104 |  |  | 61.10 |
New York City |  | — |  |  | — |  |  | — |  |  |  | 200 |  |  |  | 200 |  |  | N/A |  | — |  |  | — |  |  | — |  |  |  | 363,018 |  |  |  | 363,018 |  |  | N/A
San Diego |  | 10,368 |  |  | — |  |  | — |  |  |  | 3,325 |  |  |  | 13,693 |  |  | 15.44 |  |  | — |  |  | 14,938 |  |  | 580,021 |  | (5) |  | 187,497 |  |  |  | 782,456 |  |  | 25.25 |
Seattle |  | 113,073 |  |  | — |  |  | — |  |  |  | 73,519 |  |  |  | 186,592 |  |  | 31.55 |  |  | 6,748 |  |  | — |  |  | 50,552 |  |  |  | 186,140 |  |  |  | 243,440 |  |  | 24.81 |
Maryland |  | — |  |  | — |  |  | — |  |  |  | 56,287 |  |  |  | 56,287 |  |  | 26.27 |  |  | 89,831 |  |  | — |  |  | — |  |  |  | 42,301 |  |  |  | 132,132 |  |  | 32.40 |
Research Triangle |  | 34,790 |  |  | — |  |  | — |  |  |  | 21,203 |  |  |  | 55,993 |  |  | 29.67 |  |  | 72,078 |  |  | — |  |  | — |  |  |  | 97,941 |  |  |  | 170,019 |  |  | 51.02 |
Texas |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Canada |  | 13,321 |  |  | — |  |  | — |  |  |  | — |  |  |  | 13,321 |  |  | 28.11 |  |  | — |  |  | 6,786 |  |  | — |  |  |  | — |  |  |  | 6,786 |  |  | 23.42 |
Non-cluster/other markets |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | 19,867 |  |  | — |  |  |  | 1,342 |  |  |  | 21,209 |  |  | 55.11 |
Total |  | 190,585 |  |  | 104,804 |  |  | — |  |  |  | 322,171 |  |  |  | 617,560 |  |  | $ | 36.30 |  |  | 298,685 |  |  | 72,118 |  |  | 1,150,769 |  |  |  | 2,110,787 |  |  |  | 3,632,359 |  |  | $ | 53.26 |
Percentage of expiring leases |  | 31 | % |  | 17 | % |  | — | % |  |  | 52 | % |  |  | 100 | % |  |  |  | 8 | % |  | 2 | % |  | 32 | % |  |  | 58 | % |  |  | 100 | % |  |

(1)Represents amounts in effect as of September 30, 2023.
(2)Excludes month-to-month leases aggregating 73,009 RSF as of September 30, 2023.
(3)The largest remaining contractual lease expirations for 2023 and 2024 are 55,751 RSF in our Mission Bay submarket and 349,947 RSF in our New York City submarket, respectively. Refer to footnote 5 on the next page for additional information related to the contractual lease expiration in our New York City submarket.
(4)Includes lease expirations primarily related to recently acquired properties, including (i) 466,248 RSF expiring in 2024, which is targeted for future redevelopment and expected to commence construction in the near-term, and (ii) 684,521 RSF expiring in 2024, which is targeted for future development and not expected to commence vertical construction in the near term. We expect to demolish these buildings, aggregating 684,521 RSF, which are related to land targeted for future development following lease expiration and commence pre-construction activities, including entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. Commencement of future development projects is subject to market conditions and leasing. The 2024 weighted-average contractual lease expiration date for all spaces targeted for redevelopment and development (weighted by annual rental revenue) is July 23, 2024. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.
(5)Includes 495,192 RSF at the Campus Point by Alexandria mega campus in our University Town Center submarket, which is targeted for future development, pending market conditions and leasing.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 24

Top 20 Tenants |
September 30, 2023
(Dollars in thousands, except average market cap amounts)

91% of Top 20 Tenants 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 Aggregate Annual Rental Revenue(1) |  | Investment-Grade Credit Ratings |  | Average Market Cap(1) (in billions) |
|  |  |  |  |  | Moody’s |  | S&P |  |
1 |  | Bristol-Myers Squibb Company |  |  | 6.5 |  |  |  |  | 908,581 |  |  |  |  | $ | 67,089 |  |  |  | 3.3 | % |  | A2 |  | A+ |  | $ | 145.0 |  |
2 |  | Eli Lilly and Company |  |  | 5.2 |  |  |  |  | 820,987 |  |  |  |  | 56,771 |  |  |  | 2.8 |  |  | A2 |  | A+ |  | $ | 386.0 |  |
3 |  | Moderna, Inc. |  |  | 10.9 |  |  |  |  | 908,436 |  |  |  |  | 51,934 |  |  |  | 2.6 |  |  | — |  | — |  | $ | 55.2 |  |
4 |  | Roche |  |  | 6.6 |  |  |  |  | 770,279 |  |  |  |  | 45,811 |  |  |  | 2.3 |  |  | Aa2 |  | AA |  | $ | 254.0 |  |
5 |  | Takeda Pharmaceutical Company Limited |  |  | 6.3 |  |  |  |  | 549,760 |  |  |  |  | 37,399 |  |  |  | 1.8 |  |  | Baa2 |  | BBB+ |  | $ | 48.9 |  |
6 |  | Alphabet Inc. |  |  | 3.2 |  |  |  |  | 654,423 |  |  |  |  | 36,809 |  |  |  | 1.8 |  |  | Aa2 |  | AA+ |  | $ | 1,394.3 |  |
7 |  | Illumina, Inc. |  |  | 6.9 |  |  |  |  | 890,389 |  |  |  |  | 36,204 |  |  |  | 1.8 |  |  | Baa3 |  | BBB |  | $ | 31.6 |  |
8 |  | 2seventy bio, Inc.(2) |  |  | 9.9 |  |  |  |  | 312,805 |  |  |  |  | 33,617 |  |  |  | 1.7 |  |  | — |  | — |  | $ | 0.5 |  |
9 |  | Harvard University |  |  | 6.3 |  |  |  |  | 389,233 |  |  |  |  | 31,865 |  |  |  | 1.6 |  |  | Aaa |  | AAA |  | $ | — |  |
10 |  | Novartis AG |  |  | 4.9 |  |  |  |  | 447,831 |  |  |  |  | 30,976 |  |  |  | 1.5 |  |  | A1 |  | AA- |  | $ | 217.5 |  |
11 |  | Cloud Software Group, Inc. |  |  | 3.4 |  | (3) |  |  | 292,013 |  |  |  |  | 28,537 |  |  |  | 1.4 |  |  | — |  | — |  | $ | — |  |
12 |  | Uber Technologies, Inc. |  |  | 59.0 |  | (4) |  |  | 1,009,188 |  |  |  |  | 27,738 |  |  |  | 1.4 |  |  | — |  | — |  | $ | 71.5 |  |
13 |  | AstraZeneca PLC |  |  | 5.5 |  |  |  |  | 456,266 |  |  |  |  | 25,132 |  |  |  | 1.2 |  |  | A3 |  | A |  | $ | 210.8 |  |
14 |  | United States Government |  |  | 7.0 |  |  |  |  | 340,238 |  |  |  |  | 22,704 |  |  |  | 1.1 |  |  | Aaa |  | AA+ |  | $ | — |  |
15 |  | Sanofi |  |  | 7.3 |  |  |  |  | 267,278 |  |  |  |  | 21,444 |  |  |  | 1.1 |  |  | A1 |  | AA |  | $ | 126.0 |  |
16 |  | Pfizer Inc. |  |  | 1.0 |  | (5) |  |  | 405,066 |  |  |  |  | 21,421 |  |  |  | 1.1 |  |  | A1 |  | A+ |  | $ | 233.3 |  |
17 |  | New York University |  |  | 8.4 |  |  |  |  | 218,983 |  |  |  |  | 21,056 |  |  |  | 1.0 |  |  | Aa2 |  | AA- |  | $ | — |  |
18 |  | Massachusetts Institute of Technology |  |  | 5.6 |  |  |  |  | 246,725 |  |  |  |  | 20,504 |  |  |  | 1.0 |  |  | Aaa |  | AAA |  | $ | — |  |
19 |  | Boston Children’s Hospital |  |  | 13.1 |  |  |  |  | 266,857 |  |  |  |  | 20,066 |  |  |  | 1.0 |  |  | Aa2 |  | AA |  | $ | — |  |
20 |  | Merck & Co., Inc. |  |  | 10.6 |  |  |  |  | 300,930 |  |  |  |  | 18,913 |  |  |  | 0.9 |  |  | A1 |  | A+ |  | $ | 273.9 |  |
|  | Total/weighted-average |  |  | 8.9 |  | (4) |  |  | 10,456,268 |  |  |  |  | $ | 655,990 |  |  |  | 32.4 | % |  |  |  |  |  |  |

(1)Based on total annual rental revenue in effect as of September 30, 2023. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(2)As of June 30, 2023, 2seventy bio, Inc. held $282.8 million of cash, cash equivalents, and marketable securities. Additionally, 90.0% of the annual rental revenue generated by 2seventy bio, Inc. is guaranteed by another public biotechnology company (a party related to 2seventybio, Inc.).
(3)Includes one lease at a recently acquired property with future development and redevelopment opportunities. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we acquired the properties.
(4)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. Refer to footnote 1 for additional details. Excluding the ground leases, the weighted-average remaining lease term for our top 20 tenants was 6.8 years as of September 30, 2023.
(5)Primarily relates to one office building in our New York City submarket aggregating 349,947 RSF with a contractual lease expiration in 3Q24, which is under consideration to be marketed for lease in its current condition or may be developed or redeveloped into laboratory space, subject to market conditions and leasing.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 25

Summary of Properties and Occupancy |
September 30, 2023
(Dollars in thousands, except per RSF amounts)

Summary of properties

Market |  | RSF |  | Number of Properties |  | Annual Rental Revenue |
| Operating |  | Development |  | Redevelopment |  | Total |  | % of Total |  |  | Total |  | % of Total |  | Per RSF |
Greater Boston |  | 10,510,001 |  |  | 1,435,071 |  |  | 1,242,400 |  | (1) | 13,187,472 |  |  | 28 | % |  | 75 |  |  | $ | 728,668 |  |  | 36 | % |  | $ | 74.41 |  |
San Francisco Bay Area |  | 8,043,183 |  |  | 498,142 |  |  | 300,010 |  |  | 8,841,335 |  |  | 19 |  |  | 68 |  |  | 462,086 |  |  | 23 |  |  | 64.74 |  |
New York City |  | 1,271,665 |  |  | — |  |  | — |  |  | 1,271,665 |  |  | 3 |  |  | 5 |  |  | 91,355 |  |  | 4 |  |  | 80.35 |  |
San Diego |  | 7,905,785 |  |  | 760,869 |  |  | — |  |  | 8,666,654 |  |  | 17 |  |  | 93 |  |  | 312,855 |  |  | 15 |  |  | 43.53 |  |
Seattle |  | 2,838,555 |  |  | 311,631 |  |  | 148,890 |  |  | 3,299,076 |  |  | 7 |  |  | 45 |  |  | 110,788 |  |  | 5 |  |  | 41.06 |  |
Maryland |  | 3,586,532 |  |  | 510,601 |  |  | — |  |  | 4,097,133 |  |  | 9 |  |  | 51 |  |  | 123,652 |  |  | 6 |  |  | 36.08 |  |
Research Triangle |  | 3,788,662 |  |  | 88,038 |  |  | — |  |  | 3,876,700 |  |  | 8 |  |  | 39 |  |  | 115,104 |  |  | 6 |  |  | 31.35 |  |
Texas |  | 1,845,159 |  |  | — |  |  | 73,298 |  |  | 1,918,457 |  |  | 4 |  |  | 15 |  |  | 52,707 |  |  | 3 |  |  | 30.02 |  |
Canada |  | 1,052,157 |  |  | — |  |  | 183,556 |  |  | 1,235,713 |  |  | 3 |  |  | 13 |  |  | 16,097 |  |  | 1 |  |  | 17.20 |  |
Non-cluster/other markets |  | 382,961 |  |  | — |  |  | — |  |  | 382,961 |  |  | 1 |  |  | 11 |  |  | 16,291 |  |  | 1 |  |  | 52.85 |  |
Properties held for sale |  | 312,660 |  |  | — |  |  | — |  |  | 312,660 |  |  | 1 |  |  | 4 |  |  | 845 |  |  | — |  |  | N/A |
North America |  | 41,537,320 |  |  | 3,604,352 |  |  | 1,948,154 |  |  | 47,089,826 |  |  | 100 | % |  | 419 |  |  | $ | 2,030,448 |  |  | 100 | % |  | $ | 53.34 |  |
|  |  |  | 5,552,506 |  |  |  |  |  |  |  |  |  |  |  |  |

(1)Primarily relates to our active redevelopment projects at 840 Winter Street and 40, 50, and 60 Sylvan Road, aggregating 654,953 RSF, which are 50% leased/negotiating on a combined basis. This mega campus project is expected to capture demand in our Route 128 submarket of Greater Boston.
Summary of occupancy

|  | Operating Properties |  | Operating and Redevelopment Properties
Market |  | 9/30/23 |  | 6/30/23 |  | 9/30/22 |  | 9/30/23 |  | 6/30/23 |  | 9/30/22
Greater Boston |  | 93.2 | % |  | 92.5 | % |  | 94.4 | % |  | 83.3 | % |  | 83.2 | % |  | 84.7 | %
San Francisco Bay Area |  | 95.3 |  |  | 95.5 |  |  | 96.2 |  |  | 91.9 |  |  | 91.9 |  |  | 92.8 |
New York City |  | 89.4 |  | (1) | 88.9 |  |  | 96.5 |  |  | 89.4 |  |  | 88.9 |  |  | 92.3 |
San Diego |  | 90.9 |  | (2) | 92.8 |  |  | 95.2 |  |  | 90.9 |  |  | 92.8 |  |  | 95.2 |
Seattle |  | 95.1 |  |  | 95.1 |  |  | 97.1 |  |  | 90.3 |  |  | 89.5 |  |  | 90.2 |
Maryland |  | 96.6 |  |  | 96.2 |  |  | 95.4 |  |  | 96.6 |  |  | 94.9 |  |  | 92.3 |
Research Triangle |  | 96.9 |  |  | 94.3 |  |  | 93.5 |  |  | 96.9 |  |  | 94.3 |  |  | 84.5 |
Texas |  | 95.1 |  |  | 95.1 |  |  | 78.4 |  |  | 91.5 |  |  | 91.0 |  |  | 69.9 |
Subtotal |  | 93.9 |  |  | 93.8 |  |  | 94.5 |  |  | 89.9 |  |  | 89.8 |  |  | 88.9 |
Canada |  | 88.9 |  |  | 87.3 |  |  | 93.0 |  |  | 75.7 |  |  | 69.2 |  |  | 78.5 |
Non-cluster/other markets |  | 80.5 |  |  | 81.3 |  |  | 75.0 |  |  | 80.5 |  |  | 81.3 |  |  | 75.0 |
North America |  | 93.7 | % |  | 93.6 | % |  | 94.3 | % |  | 89.4 | % |  | 89.2 | % |  | 88.6 | %

(1)Vacancy primarily relates to our Alexandria Center® for Life Science – Long Island City property that is currently 41.7% occupied. In addition, our mega campus at Alexandria Center® for Life Science – New York City is currently 95.9% occupied.
(2)Includes temporary vacancy of 105,598 RSF at 6450 Sequence Drive and 65,280 RSF at 4767 Nexus Center Drive. These spaces are each fully leased with occupancy expected to commence over the next one to three quarters.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 26

Property Listing |
September 30, 2023
(Dollars in thousands)

Mega Campuses Encompass 75% of Our Annual Rental Revenue(1)

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® at Kendall Square |  | 2,853,222 |  |  | — |  |  | — |  |  | 2,853,222 |  |  | 11 |  | $ | 262,099 |  |  |  | 99.7 | % |  |  | 99.7 | % |
|  | 50(2), 60(2), 75/125(2), 100(2), and 225(2) Binney Street, 140 and 215 First Street, 150 Second Street, 300 Third Street(2), 11 Hurley Street, and 100 Edwin H. Land Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® at One Kendall Square |  | 904,572 |  |  | 462,100 |  |  | — |  |  | 1,366,672 |  |  | 12 |  | 72,661 |  |  |  | 82.3 |  |  |  | 82.3 |  |
|  | One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Technology Square® |  | 1,185,284 |  |  | — |  |  | — |  |  | 1,185,284 |  |  | 7 |  | 116,257 |  |  |  | 99.9 |  |  |  | 99.9 |  |
|  | 100, 200, 300, 400, 500, 600, and 700 Technology Square |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: The Arsenal on the Charles |  | 873,038 |  |  | 248,018 |  |  | — |  |  | 1,121,056 |  |  | 13 |  | 51,813 |  |  |  | 96.3 |  |  |  | 96.3 |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street |  | 533,327 |  |  | — |  |  | — |  |  | 533,327 |  |  | 5 |  | 27,114 |  |  |  | 97.0 |  |  |  | 97.0 |  |
|  | 99 Coolidge Avenue(2) |  | — |  |  | 320,809 |  |  | — |  |  | 320,809 |  |  | 1 |  | — |  |  |  | N/A |  |  | N/A |
|  | 640 Memorial Drive |  | 242,477 |  |  | — |  |  | — |  |  | 242,477 |  |  | 1 |  | 11,816 |  |  |  | 38.4 |  |  |  | 38.4 |  |
|  | Cambridge/Inner Suburbs |  | 6,591,920 |  |  | 1,030,927 |  |  | — |  |  | 7,622,847 |  |  | 50 |  | 541,760 |  |  |  | 94.4 |  |  |  | 94.4 |  |
| Fenway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Fenway |  | 1,234,888 |  |  | 58,149 |  |  | 133,578 |  |  | 1,426,615 |  |  | 2 |  | 97,727 |  |  |  | 92.0 |  |  |  | 83.0 |  |
|  | 401 Park Drive and 201 Brookline Avenue(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Seaport Innovation District |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 5 and 15(2) Necco Street |  | 95,400 |  |  | 345,995 |  |  | — |  |  | 441,395 |  |  | 2 |  | 2,790 |  |  |  | — |  |  |  | — |  |
|  | Mega Campus: 380 and 420 E Street |  | 195,506 |  |  | — |  |  | — |  |  | 195,506 |  |  | 2 |  | 4,948 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Seaport Innovation District |  | 290,906 |  |  | 345,995 |  |  | — |  |  | 636,901 |  |  | 4 |  | 7,738 |  |  |  | 67.2 |  |  |  | 67.2 |  |
| Route 128 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street |  | 326,110 |  |  | — |  |  | 654,953 |  |  | 981,063 |  |  | 5 |  | 22,741 |  |  |  | 100.0 |  |  |  | 33.2 |  |
|  | Mega Campus: One Moderna Way |  | 706,988 |  |  | — |  |  | — |  |  | 706,988 |  |  | 4 |  | 29,059 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 19, 225, and 235 Presidential Way |  | 585,226 |  |  | — |  |  | — |  |  | 585,226 |  |  | 3 |  | 14,150 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 100 Beaver Street |  | 82,330 |  |  | — |  |  | — |  |  | 82,330 |  |  | 1 |  | 4,631 |  |  |  | 87.0 |  |  |  | 87.0 |  |
|  | Route 128 |  | 1,700,654 |  |  | — |  |  | 654,953 |  |  | 2,355,607 |  |  | 13 |  | 70,581 |  |  |  | 99.4 |  |  |  | 71.7 |  |
| Other |  | 691,633 |  |  | — |  |  | 453,869 |  |  | 1,145,502 |  |  | 6 |  | 10,862 |  |  |  | 79.2 |  |  |  | 47.8 |  |
|  | Greater Boston |  | 10,510,001 |  |  | 1,435,071 |  |  | 1,242,400 |  |  | 13,187,472 |  |  | 75 |  | $ | 728,668 |  |  |  | 93.2 | % |  |  | 83.3 | % |
| (1)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (2)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 27

Property Listing (continued) |
September 30, 2023
(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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Science and Technology – Mission Bay(1) |  | 2,014,424 |  |  | 212,796 |  |  | — |  |  | 2,227,220 |  |  | 10 |  | $ | 96,630 |  |  |  | 98.0 | % |  |  | 98.0 | % |
|  | 1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mission Bay |  | 2,014,424 |  |  | 212,796 |  |  | — |  |  | 2,227,220 |  |  | 10 |  | 96,630 |  |  |  | 98.0 |  |  |  | 98.0 |  |
| South San Francisco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Technology Center® – Gateway(1) |  | 1,341,359 |  |  | — |  |  | 300,010 |  |  | 1,641,369 |  |  | 12 |  | 74,417 |  |  |  | 88.2 |  |  |  | 72.1 |  |
|  | 600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: 213(1), 249, 259, 269, and 279 East Grand Avenue |  | 919,704 |  |  | — |  |  | — |  |  | 919,704 |  |  | 5 |  | 57,055 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Mega Campus: 1122 and 1150 El Camino Real |  | 445,232 |  |  | — |  |  | — |  |  | 445,232 |  |  | 2 |  | 4,011 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Alexandria Center® for Life Science – South San Francisco |  | 504,551 |  |  | — |  |  | — |  |  | 504,551 |  |  | 3 |  | 33,590 |  |  |  | 89.9 |  |  |  | 89.9 |  |
|  | 201 Haskins Way and 400 and 450 East Jamie Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – Millbrae(1) |  | — |  |  | 285,346 |  |  | — |  |  | 285,346 |  |  | 1 |  | — |  |  |  | N/A |  |  | N/A |
|  | 230 Harriet Tubman Way |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 500 Forbes Boulevard(1) |  | 155,685 |  |  | — |  |  | — |  |  | 155,685 |  |  | 1 |  | 10,680 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 849/863 Mitten Road/866 Malcolm Road |  | 103,857 |  |  | — |  |  | — |  |  | 103,857 |  |  | 1 |  | 4,646 |  |  |  | 92.7 |  |  |  | 92.7 |  |
|  | South San Francisco |  | 3,470,388 |  |  | 285,346 |  |  | 300,010 |  |  | 4,055,744 |  |  | 25 |  | 184,399 |  |  |  | 93.7 |  |  |  | 86.3 |  |
| Greater Stanford |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – San Carlos |  | 736,632 |  |  | — |  |  | — |  |  | 736,632 |  |  | 9 |  | 44,464 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 825, 835, 960, and 1501-1599 Industrial Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Stanford Life Science District |  | 703,570 |  |  | — |  |  | — |  |  | 703,570 |  |  | 9 |  | 66,009 |  |  |  | 99.4 |  |  |  | 99.4 |  |
|  | 3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3875 Fabian Way |  | 228,000 |  |  | — |  |  | — |  |  | 228,000 |  |  | 1 |  | 9,402 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 3412, 3420, 3440, 3450, and 3460 Hillview Avenue |  | 338,751 |  |  | — |  |  | — |  |  | 338,751 |  |  | 5 |  | 21,838 |  |  |  | 75.9 |  |  |  | 75.9 |  |
|  | 2100, 2200, 2300, and 2400 Geng Road |  | 196,276 |  |  | — |  |  | — |  |  | 196,276 |  |  | 4 |  | 11,878 |  |  |  | 82.8 |  |  |  | 82.8 |  |
|  | 2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road |  | 194,503 |  |  | — |  |  | — |  |  | 194,503 |  |  | 3 |  | 18,439 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 2425 Garcia Avenue/2400/2450 Bayshore Parkway |  | 99,208 |  |  | — |  |  | — |  |  | 99,208 |  |  | 1 |  | 4,257 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 3350 West Bayshore Road |  | 61,431 |  |  | — |  |  | — |  |  | 61,431 |  |  | 1 |  | 4,770 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Greater Stanford |  | 2,558,371 |  |  | — |  |  | — |  |  | 2,558,371 |  |  | 33 |  | 181,057 |  |  |  | 95.3 |  |  |  | 95.3 |  |
|  | San Francisco Bay Area |  | 8,043,183 |  |  | 498,142 |  |  | 300,010 |  |  | 8,841,335 |  |  | 68 |  | 462,086 |  |  |  | 95.3 |  |  |  | 91.9 |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – New York City |  | 742,618 |  |  | — |  |  | — |  |  | 742,618 |  |  | 3 |  | 67,430 |  |  |  | 95.9 |  |  |  | 95.9 |  |
|  | 430 and 450 East 29th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 219 East 42nd Street |  | 349,947 |  |  | — |  |  | — |  |  | 349,947 |  |  | 1 |  | 18,638 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Alexandria Center® for Life Science – Long Island City |  | 179,100 |  |  | — |  |  | — |  |  | 179,100 |  |  | 1 |  | 5,287 |  |  |  | 41.7 |  |  |  | 41.7 |  |
|  | 30-02 48th Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | New York City |  | 1,271,665 |  |  | — |  |  | — |  |  | 1,271,665 |  |  | 5 |  | $ | 91,355 |  |  |  | 89.4 | % |  |  | 89.4 | % |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this 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” of this Supplemental Information for additional details. (2)We own 100% of this property.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 28

Property Listing (continued) |
September 30, 2023
(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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: One Alexandria Square and One Alexandria North |  | 833,589 |  |  | 334,996 |  |  | — |  |  | 1,168,585 |  |  | 12 |  | $ | 49,825 |  |  |  | 100.0 | % |  |  | 100.0 | % |
|  | 3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10935, 10945, and 10955 Alexandria Way, 10975 North Torrey Pines Road, 10975, 10995, and 10996 Torreyana Road, and 3545 Cray Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Torrey Ridge |  | 296,290 |  |  | — |  |  | — |  |  | 296,290 |  |  | 3 |  | 13,706 |  |  |  | 85.8 |  |  |  | 85.8 |  |
|  | 10578, 10618, and 10628 Science Center Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Nautilus |  | 213,900 |  |  | — |  |  | — |  |  | 213,900 |  |  | 4 |  | 8,411 |  |  |  | 82.3 |  |  |  | 82.3 |  |
|  | 3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Torrey Pines |  | 1,343,779 |  |  | 334,996 |  |  | — |  |  | 1,678,775 |  |  | 19 |  | 71,942 |  |  |  | 94.1 |  |  |  | 94.1 |  |
| University Town Center |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Campus Point by Alexandria(1) |  | 1,662,342 |  |  | 171,102 |  |  | — |  |  | 1,833,444 |  |  | 12 |  | 76,608 |  |  |  | 97.9 |  |  |  | 97.9 |  |
|  | 9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4155, 4161, 4224, 4242, and 4275(2) Campus Point Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: 5200 Illumina Way(1) |  | 792,687 |  |  | — |  |  | — |  |  | 792,687 |  |  | 6 |  | 29,978 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Mega Campus: University District |  | 415,462 |  |  | — |  |  | — |  |  | 415,462 |  |  | 7 |  | 12,431 |  |  |  | 58.3 |  |  |  | 58.3 |  |
|  | 9625 Towne Centre Drive(1), 4755, 4757, and 4767 Nexus Center Drive, 4796 Executive Drive, 8505 Costa Verde Boulevard, and 4260 Nobel Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | University Town Center |  | 2,870,491 |  |  | 171,102 |  |  | — |  |  | 3,041,593 |  |  | 25 |  | 119,017 |  |  |  | 92.8 |  |  |  | 92.8 |  |
| Sorrento Mesa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: SD Tech by Alexandria(1) |  | 1,064,329 |  |  | 254,771 |  |  | — |  |  | 1,319,100 |  |  | 15 |  | 43,869 |  |  |  | 94.0 |  |  |  | 94.0 |  |
|  | 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Sequence District by Alexandria |  | 800,151 |  |  | — |  |  | — |  |  | 800,151 |  |  | 7 |  | 23,930 |  |  |  | 89.0 |  |  |  | 89.0 |  |
|  | 6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pacific Technology Park(1) |  | 544,352 |  |  | — |  |  | — |  |  | 544,352 |  |  | 5 |  | 8,898 |  |  |  | 89.1 |  |  |  | 89.1 |  |
|  | 9389, 9393, 9401, 9455, and 9477 Waples Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Summers Ridge Science Park(1) |  | 316,531 |  |  | — |  |  | — |  |  | 316,531 |  |  | 4 |  | 11,521 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 9965, 9975, 9985, and 9995 Summers Ridge Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Scripps Science Park by Alexandria |  | 144,113 |  |  | — |  |  | — |  |  | 144,113 |  |  | 1 |  | 8,202 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 10102 Hoyt Park Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Portola |  | 101,857 |  |  | — |  |  | — |  |  | 101,857 |  |  | 3 |  | 4,034 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 6175, 6225, and 6275 Nancy Ridge Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 5810/5820 Nancy Ridge Drive |  | 83,354 |  |  | — |  |  | — |  |  | 83,354 |  |  | 1 |  | 4,693 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 9877 Waples Street |  | 63,774 |  |  | — |  |  | — |  |  | 63,774 |  |  | 1 |  | 2,680 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 5871 Oberlin Drive |  | 33,842 |  |  | — |  |  | — |  |  | 33,842 |  |  | 1 |  | 1,799 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Sorrento Mesa |  | 3,152,303 |  |  | 254,771 |  |  | — |  |  | 3,407,074 |  |  | 38 |  | $ | 109,626 |  |  |  | 93.3 | % |  |  | 93.3 | % |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this 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” of this Supplemental Information for additional details. (2)We own 100% of this property.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 29

Property Listing (continued) |
September 30, 2023
(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 (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sorrento Valley |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3911, 3931, and 3985 Sorrento Valley Boulevard |  | 108,812 |  |  | — |  |  | — |  |  | 108,812 |  |  | 3 |  | $ | 4,112 |  |  |  | 85.0 | % |  |  | 85.0 | % |
|  | 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street |  | 121,880 |  |  | — |  |  | — |  |  | 121,880 |  |  | 6 |  | 3,236 |  |  |  | 70.2 |  |  |  | 70.2 |  |
|  | Sorrento Valley |  | 230,692 |  |  | — |  |  | — |  |  | 230,692 |  |  | 9 |  | 7,348 |  |  |  | 77.2 |  |  |  | 77.2 |  |
| Other |  | 308,520 |  |  | — |  |  | — |  |  | 308,520 |  |  | 2 |  | 4,922 |  |  |  | 45.7 |  |  |  | 45.7 |  |
|  | San Diego |  | 7,905,785 |  |  | 760,869 |  |  | — |  |  | 8,666,654 |  |  | 93 |  | 312,855 |  |  |  | 90.9 |  |  |  | 90.9 |  |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Union |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: The Eastlake Life Science Campus by Alexandria |  | 937,187 |  |  | 311,631 |  |  | — |  |  | 1,248,818 |  |  | 9 |  | 57,456 |  |  |  | 97.5 |  |  |  | 97.5 |  |
|  | 1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – South Lake Union |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 400 Dexter Avenue North(1) |  | 290,754 |  |  | — |  |  | — |  |  | 290,754 |  |  | 1 |  | 17,193 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 219 Terry Avenue North |  | 30,705 |  |  | — |  |  | — |  |  | 30,705 |  |  | 1 |  | 961 |  |  |  | 48.4 |  |  |  | 48.4 |  |
|  | Lake Union |  | 1,258,646 |  |  | 311,631 |  |  | — |  |  | 1,570,277 |  |  | 11 |  | 75,610 |  |  |  | 96.9 |  |  |  | 96.9 |  |
| SoDo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 830 4th Avenue South |  | 42,380 |  |  | — |  |  | — |  |  | 42,380 |  |  | 1 |  | 1,229 |  |  |  | 70.5 |  |  |  | 70.5 |  |
| Elliott Bay |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3000/3018 Western Avenue |  | 47,746 |  |  | — |  |  | — |  |  | 47,746 |  |  | 1 |  | 3,147 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 410 West Harrison Street and 410 Elliott Avenue West |  | 36,849 |  |  | — |  |  | — |  |  | 36,849 |  |  | 2 |  | 1,570 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Elliott Bay |  | 84,595 |  |  | — |  |  | — |  |  | 84,595 |  |  | 3 |  | 4,717 |  |  |  | 100.0 |  |  |  | 100.0 |  |
| Bothell |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park |  | 1,060,720 |  |  | — |  |  | — |  |  | 1,060,720 |  |  | 22 |  | 22,308 |  |  |  | 92.6 |  |  |  | 92.6 |  |
|  | 22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522, 22722, and 22745 29th Drive Southeast, 21540, 22213, and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 311,030 |  |  | — |  |  | 148,890 |  |  | 459,920 |  |  | 6 |  | 5,981 |  |  |  | 96.8 |  |  |  | 65.4 |  |
|  | 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Bothell |  | 1,371,750 |  |  | — |  |  | 148,890 |  |  | 1,520,640 |  |  | 28 |  | 28,289 |  |  |  | 93.5 |  |  |  | 84.4 |  |
| Other |  | 81,184 |  |  | — |  |  | — |  |  | 81,184 |  |  | 2 |  | 943 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Seattle |  | 2,838,555 |  |  | 311,631 |  |  | 148,890 |  |  | 3,299,076 |  |  | 45 |  | $ | 110,788 |  |  |  | 95.1 | % |  |  | 90.3 | % |
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this 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” of this Supplemental Information for additional details. |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 30

Property Listing (continued) |
September 30, 2023
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Rockville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Shady Grove |  | 1,176,744 |  |  | 510,601 |  |  | — |  |  | 1,687,345 |  |  | 20 |  | $ | 53,669 |  |  |  | 97.7 | % |  |  | 97.7 | % |
|  | 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 |  | 131,511 |  |  | — |  |  | — |  |  | 131,511 |  |  | 1 |  | 4,189 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 1405 and 1450(1) Research Boulevard |  | 114,849 |  |  | — |  |  | — |  |  | 114,849 |  |  | 2 |  | 3,019 |  |  |  | 73.3 |  |  |  | 73.3 |  |
|  | 1500 and 1550 East Gude Drive |  | 91,359 |  |  | — |  |  | — |  |  | 91,359 |  |  | 2 |  | 1,844 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 5 Research Place |  | 63,852 |  |  | — |  |  | — |  |  | 63,852 |  |  | 1 |  | 3,037 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 5 Research Court |  | 51,520 |  |  | — |  |  | — |  |  | 51,520 |  |  | 1 |  | 1,788 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 12301 Parklawn Drive |  | 49,185 |  |  | — |  |  | — |  |  | 49,185 |  |  | 1 |  | 1,598 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Rockville |  | 1,679,020 |  |  | 510,601 |  |  | — |  |  | 2,189,621 |  |  | 28 |  | 69,144 |  |  |  | 96.5 |  |  |  | 96.5 |  |
| Gaithersburg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg I |  | 619,241 |  |  | — |  |  | — |  |  | 619,241 |  |  | 9 |  | 18,048 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg II |  | 490,668 |  |  | — |  |  | — |  |  | 490,668 |  |  | 7 |  | 18,265 |  |  |  | 97.8 |  |  |  | 97.8 |  |
|  | 700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 20400 Century Boulevard |  | 81,006 |  |  | — |  |  | — |  |  | 81,006 |  |  | 1 |  | 3,298 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 401 Professional Drive |  | 63,154 |  |  | — |  |  | — |  |  | 63,154 |  |  | 1 |  | 2,123 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 950 Wind River Lane |  | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 1 |  | 1,234 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 620 Professional Drive |  | 27,950 |  |  | — |  |  | — |  |  | 27,950 |  |  | 1 |  | 1,207 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Gaithersburg |  | 1,332,019 |  |  | — |  |  | — |  |  | 1,332,019 |  |  | 20 |  | 44,175 |  |  |  | 99.2 |  |  |  | 99.2 |  |
| Beltsville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 8000/9000/10000 Virginia Manor Road |  | 191,884 |  |  | — |  |  | — |  |  | 191,884 |  |  | 1 |  | 3,021 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 101 West Dickman Street(1) |  | 135,423 |  |  | — |  |  | — |  |  | 135,423 |  |  | 1 |  | 1,185 |  |  |  | 61.1 |  |  |  | 61.1 |  |
|  | Beltsville |  | 327,307 |  |  | — |  |  | — |  |  | 327,307 |  |  | 2 |  | 4,206 |  |  |  | 83.9 |  |  |  | 83.9 |  |
| Northern Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 14225 Newbrook Drive |  | 248,186 |  |  | — |  |  | — |  |  | 248,186 |  |  | 1 |  | 6,127 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Maryland |  | 3,586,532 |  |  | 510,601 |  |  | — |  |  | 4,097,133 |  |  | 51 |  | $ | 123,652 |  |  |  | 96.6 | % |  |  | 96.6 | % |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this 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” of this Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 31

Property Listing (continued) |
September 30, 2023
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Durham |  | 2,155,252 |  |  | — |  |  | — |  |  | 2,155,252 |  |  | 15 |  | $ | 51,799 |  |  |  | 97.5 | % |  |  | 97.5 | % |
|  | 6, 8, 10, 12, 14, 40, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle |  | 345,731 |  |  | — |  |  | — |  |  | 345,731 |  |  | 4 |  | 16,208 |  |  |  | 95.6 |  |  |  | 95.6 |  |
|  | 6, 8, 10, and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for AgTech |  | 345,467 |  |  | — |  |  | — |  |  | 345,467 |  |  | 2 |  | 16,528 |  |  |  | 97.2 |  |  |  | 97.2 |  |
|  | 5 and 9 Laboratory Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 104, 108, 110, 112, and 114 TW Alexander Drive |  | 228,123 |  |  | — |  |  | — |  |  | 228,123 |  |  | 5 |  | 8,419 |  |  |  | 99.7 |  |  |  | 99.7 |  |
|  | Alexandria Technology Center® – Alston |  | 186,971 |  |  | — |  |  | — |  |  | 186,971 |  |  | 3 |  | 4,019 |  |  |  | 82.0 |  |  |  | 82.0 |  |
|  | 100, 800, and 801 Capitola Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 6040 George Watts Hill Drive |  | 61,547 |  |  | 88,038 |  |  | — |  |  | 149,585 |  |  | 2 |  | 2,148 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Alexandria Innovation Center® – Research Triangle |  | 136,729 |  |  | — |  |  | — |  |  | 136,729 |  |  | 3 |  | 4,093 |  |  |  | 97.2 |  |  |  | 97.2 |  |
|  | 7010, 7020, and 7030 Kit Creek Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 7 Triangle Drive |  | 104,531 |  |  | — |  |  | — |  |  | 104,531 |  |  | 1 |  | 4,422 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 2525 East NC Highway 54 |  | 82,996 |  |  | — |  |  | — |  |  | 82,996 |  |  | 1 |  | 3,651 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 601 Keystone Park Drive |  | 77,595 |  |  | — |  |  | — |  |  | 77,595 |  |  | 1 |  | 2,128 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 5 Triangle Drive |  | 32,120 |  |  | — |  |  | — |  |  | 32,120 |  |  | 1 |  | 930 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 6101 Quadrangle Drive |  | 31,600 |  |  | — |  |  | — |  |  | 31,600 |  |  | 1 |  | 759 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Research Triangle |  | 3,788,662 |  |  | 88,038 |  |  | — |  |  | 3,876,700 |  |  | 39 |  | 115,104 |  |  |  | 96.9 |  |  |  | 96.9 |  |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Intersection Campus |  | 1,525,359 |  |  | — |  |  | — |  |  | 1,525,359 |  |  | 12 |  | 43,031 |  |  |  | 98.8 |  |  |  | 98.8 |  |
|  | 1001 Trinity Street and 1020 Red River Street |  | 198,972 |  |  | — |  |  | — |  |  | 198,972 |  |  | 2 |  | 6,746 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Austin |  | 1,724,331 |  |  | — |  |  | — |  |  | 1,724,331 |  |  | 14 |  | 49,777 |  |  |  | 98.9 |  |  |  | 98.9 |  |
| Greater Houston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Advanced Technologies at The Woodlands |  | 120,828 |  |  | — |  |  | 73,298 |  |  | 194,126 |  |  | 1 |  | 2,930 |  |  |  | 41.5 |  |  | 25.8 |  |
|  | 8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Texas |  | 1,845,159 |  |  | — |  |  | 73,298 |  |  | 1,918,457 |  |  | 15 |  | 52,707 |  |  |  | 95.1 |  |  |  | 91.5 |  |
Canada |  | 1,052,157 |  |  | — |  |  | 183,556 |  |  | 1,235,713 |  |  | 13 |  | 16,097 |  |  |  | 88.9 |  |  |  | 75.7 |  |
Non-cluster/other markets |  | 382,961 |  |  | — |  |  | — |  |  | 382,961 |  |  | 11 |  | 16,291 |  |  |  | 80.5 |  |  |  | 80.5 |  |
North America, excluding properties held for sale |  | 41,224,660 |  |  | 3,604,352 |  |  | 1,948,154 |  |  | 46,777,166 |  |  | 415 |  | 2,029,603 |  |  |  | 93.7 | % |  |  | 89.4 | % |
Properties held for sale |  | 312,660 |  |  | — |  |  | — |  |  | 312,660 |  |  | 4 |  | 845 |  |  |  | 11.6 | % |  |  | 11.6 | % |
Total – North America |  | 41,537,320 |  |  | 3,604,352 |  |  | 1,948,154 |  |  | 47,089,826 |  |  | 419 |  | $ | 2,030,448 |  |  |  |  |  |  |  |

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 32

Investments in Real Estate |
September 30, 2023

Refer to “Net operating income” in the “Definitions and reconciliations” of this Supplemental Information for additional details and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.
(1)Our share of annual incremental net operating income primarily commencing from 4Q23 through 3Q26 is $491 million.
(2)Represents projects under construction aggregating 5.6 million RSF and two near-term projects aggregating 0.8 million RSF expected to commence construction during the next three quarters after September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 33

Investments in Real Estate |
September 30, 2023
(Dollars in thousands)

Investments in real estate

|  |  |  | Development and Redevelopment |  |
|  |  |  | Active and Near-Term Construction |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |  |
|  | Operating |  | Under Construction 67% Leased/Negotiating |  | Committed Near Term 59% Leased(1) |  | Near Term |  | Intermediate Term |  | Future |  | Subtotal |  | Total
Square footage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | 41,537,320 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41,537,320 |
New Class A/A+ development and redevelopment properties |  | — |  |  | 5,552,506 |  |  | 818,938 |  |  | 3,007,032 |  |  | 6,038,906 |  |  | 22,254,380 |  |  | 37,671,762 |  |  | 37,671,762 |
Value-creation square feet currently included in rental properties(2) |  | — |  |  | — |  |  | — |  |  | (466,248) |  |  | (539,276) |  |  | (3,146,269) |  |  | (4,151,793) |  |  | (4,151,793) |
Total square footage |  | 41,537,320 |  |  | 5,552,506 |  |  | 818,938 |  |  | 2,540,784 |  |  | 5,499,630 |  |  | 19,108,111 |  |  | 33,519,969 |  |  | 75,057,289 |
Investments in real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross book value as of September 30, 2023(3) |  | $ | 27,048,083 |  |  | $ | 4,498,324 |  |  | $ | 386,728 |  |  | $ | 749,507 |  |  | $ | 1,365,116 |  |  | $ | 2,517,253 |  |  | $ | 9,516,928 |  |  | $ | 36,565,011 |

(1)Represents near-term projects expected to commence construction during the next three quarters after September 30, 2023.
(2)Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.
(3)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 sheets. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for reconciliation detail of investments in real estate.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 34

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries |
September 30, 2023

201 Brookline Avenue |  | 140 First Street |  | 751 Gateway Boulevard |  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway(1) |  |  |  |  |  |
Greater Boston/Fenway |  | Greater Boston/Cambridge |  | San Francisco Bay Area/ South San Francisco |  | Seattle/Bothell |  |  |  |  |  |
451,967 RSF |  | 403,892 RSF |  | 230,592 RSF |  | 65,086 RSF |  |  |  |  |  |
100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  |  |  |  |  |

9808 Medical Center Drive |  | 9601 and 9603 Medical Center Drive(2) |  | 20400 Century Boulevard |  | 2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive(3) |  | 8800 Technology Forest Place
Maryland/Rockville |  | Maryland/Rockville |  | Maryland/Gaithersburg |  | Research Triangle/Research Triangle |  | Texas/Greater Houston
26,460 RSF |  | 95,911 RSF |  | 81,006 RSF |  | 603,316 RSF |  | 50,094 RSF
100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  | 100% Occupancy

(1)Image represents 3755 Monte Villa Parkway.
(2)Image represents 9601 Medical Center Drive.
(3)Image represents 2400 Ellis Road on the Alexandria Center® for Life Science – Durham mega campus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 35

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued) |
September 30, 2023
(Dollars in thousands)

Annual Incremental Net Operating Income Generated From Deliveries Totals $120 Million
During YTD 3Q23, Including $39 Million From 3Q23

Property/Market/Submarket |  |  |  | Our Ownership Interest |  | RSF Placed in Service |  | Occupancy Percentage(2) |  | Total Project |  | Unlevered Yields
| 3Q23 Delivery Date(1) |  |  | Prior to 1/1/23 |  | 1Q23 |  | 2Q23 |  | 3Q23 |  |  |  | Total |  |  |  | Initial Stabilized |  | Initial Stabilized (Cash Basis)
|  |  |  |  |  |  |  |  |  | RSF |  | Investment |  |
Development projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
201 Brookline Avenue/Greater Boston/Fenway |  | N/A |  | 99.0% |  | 340,073 |  |  | 107,174 |  |  | 4,720 |  |  | — |  |  |  |  | 451,967 |  |  |  | 100% |  |  | 510,116 |  |  | $ | 775,000 |  |  |  | 7.2 | % |  |  |  | 6.5 | % |
751 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 9/1/23 |  | 51.0% |  | — |  |  | — |  |  | — |  |  | 230,592 |  |  |  |  | 230,592 |  |  |  | 100% |  |  | 230,592 |  |  | 246,000 |  |  |  | 7.0 |  |  |  |  | 7.5 |  |
9808 Medical Center Drive/Maryland/Rockville |  | 9/13/23 |  | 100% |  | — |  |  | — |  |  | — |  |  | 26,460 |  |  |  |  | 26,460 |  |  |  | 100% |  |  | 95,061 |  |  | 113,000 |  |  |  | 5.5 |  |  |  |  | 5.5 |  |
Redevelopment projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
140 First Street/Greater Boston/Cambridge |  | 8/6/23 |  | 100% |  | — |  |  | — |  |  | 325,346 |  |  | 78,546 |  |  |  |  | 403,892 |  |  |  | 100% |  |  | 408,259 |  |  | 1,248,000 |  |  |  | 5.6 |  |  |  |  | 4.7 |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | 9/1/23 |  | 100% |  | — |  |  | 35,847 |  |  | — |  |  | 29,239 |  |  |  |  | 65,086 |  |  |  | 100% |  |  | 460,623 |  |  | 229,000 |  |  |  | 6.3 |  |  |  |  | 6.2 |  |
9601 and 9603 Medical Center Drive/Maryland/Rockville |  | 9/30/23 |  | 100% |  | 34,589 |  |  | 13,927 |  |  | — |  |  | 47,395 |  |  |  |  | 95,911 |  |  |  | 100% |  |  | 95,911 |  |  | 63,000 |  |  |  | 8.0 |  |  |  |  | 6.8 |  |
20400 Century Boulevard/Maryland/Gaithersburg |  | N/A |  | 100% |  | 50,738 |  |  | 19,692 |  |  | 10,576 |  |  | — |  |  |  |  | 81,006 |  |  |  | 100% |  |  | 81,006 |  |  | 35,000 |  |  |  | 9.5 |  |  |  |  | 9.3 |  |
2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle |  | N/A |  | 100% |  | 326,445 |  |  | 276,871 |  |  | — |  |  | — |  |  |  |  | 603,316 |  |  |  | 100% |  |  | 603,316 |  |  | 241,000 |  |  |  | 8.1 |  |  |  |  | 6.8 |  |
8800 Technology Forest Place/Texas/Greater Houston |  | 8/25/23 |  | 100% |  | — |  |  | — |  |  | 46,434 |  |  | 3,660 |  |  |  |  | 50,094 |  |  |  | 100% |  |  | 123,392 |  |  | 112,000 |  |  |  | 6.3 |  |  |  |  | 6.0 |  |
Canada |  | 9/29/23 |  | 100% |  | — |  |  | — |  |  | — |  |  | 34,242 |  |  |  |  | 34,242 |  |  |  | 100% |  |  | 250,790 |  |  | 104,000 |  |  |  | 7.0 |  |  |  |  | 7.0 |  |
Weighted average/total |  | 8/24/23 |  |  |  | 751,845 |  |  | 453,511 |  |  | 387,076 |  |  | 450,134 |  |  |  |  | 2,042,566 |  |  |  |  |  |  | 2,859,066 |  |  | $ | 3,166,000 |  |  |  | 6.5 | % |  |  |  | 5.9 | % |

Refer to “New Class A/A+ development and redevelopment properties: current projects” of this Supplemental Information for details on the RSF in service and under construction, if applicable.
(1)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(2)Relates to total operating RSF placed in service as of the most recent delivery.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 36

New Class A/A+ Development and Redevelopment Properties: Current Projects |
September 30, 2023

325 Binney Street |  |  |  | 99 Coolidge Avenue |  | 500 North Beacon Street and 4 Kingsbury Avenue(1) |  | 201 Brookline Avenue |  | 401 Park Drive
Greater Boston/Cambridge |  |  |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway |  | Greater Boston/Fenway
462,100 RSF |  |  |  | 320,809 RSF |  | 248,018 RSF |  | 58,149 RSF |  | 133,578 RSF
100% Leased |  |  |  | 36% Leased |  | 85% Leased |  | 98% Leased |  | 17% Leased

|  | 15 Necco Street |  | 40, 50, and 60 Sylvan Road(2) |  | 1450 Owens Street(3) |  | 651 Gateway Boulevard |  | 230 Harriet Tubman Way
|  | Greater Boston/ Seaport Innovation District |  | Greater Boston/Route 128 |  | San Francisco Bay Area/ Mission Bay |  | San Francisco Bay Area/ South San Francisco |  | San Francisco Bay Area/ South San Francisco
|  | 345,995 RSF |  | 515,273 RSF |  | 212,796 RSF |  | 300,010 RSF |  | 285,346 RSF
|  | 97% Leased |  | 36% Leased/Negotiating |  | —% Leased/Negotiating |  | 22% Leased |  | 100% Leased

(1)Image represents 500 North Beacon Street on the Arsenal on the Charles mega campus.
(2)Image represents 50 Sylvan Road. This mega campus project is expected to capture demand in our Route 128 submarket. We have executed a letter of intent with a multinational pharmaceutical company for 36% of the entire project.
(3)Image represents a single- or multi-tenant project expanding our existing mega campus, which will be 100% funded by our joint venture partner. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 37

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
September 30, 2023

10935, 10945, and 10955 Alexandria Way(1) |  | 4155 Campus Point Court |  | 10075 Barnes Canyon Road |  | 1150 Eastlake Avenue East |  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway(2) |  |  |
San Diego/Torrey Pines |  | San Diego/ University Town Center |  | San Diego/Sorrento Mesa |  | Seattle/Lake Union |  | Seattle/Bothell |  |  |
334,996 RSF |  | 171,102 RSF |  | 254,771 RSF |  | 311,631 RSF |  | 148,890 RSF |  |  |
75% Leased |  | 100% Leased |  | 17% Leased/Negotiating |  | 100% Leased |  | 82% Leased |  |  |

9810 and 9820 Darnestown Road |  |  |  | 9808 Medical Center Drive |  |  |  |  |  | 6040 George Watts Hill Drive, Phase II |  | 8800 Technology Forest Place
Maryland/Rockville |  |  |  | Maryland/Rockville |  |  |  |  |  | Research Triangle/Research Triangle |  | Texas/Greater Houston
442,000 RSF |  |  |  | 68,601 RSF |  |  |  |  |  | 88,038 RSF |  | 73,298 RSF
100% Leased |  |  |  | 60% Leased |  |  |  |  |  | 100% Leased |  | 41% Leased

(1)Formerly known as 10931 and 10933 North Torrey Pines Road.
(2)Image represents 3755 Monte Villa Parkway.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 38

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
September 30, 2023

Property/Market/Submarket |  |  |  | Square Footage |  | Percentage |  | Occupancy(1)
| Dev/Redev |  | In Service |  | CIP |  | Total |  | Leased |  | Leased/Negotiating |  | Initial |  | Stabilized
Under construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
325 Binney Street/Greater Boston/Cambridge |  | Dev |  | — |  |  | 462,100 |  |  | 462,100 |  |  | 100 | % |  |  | 100 | % |  |  |  | 4Q23 |  |  | 4Q23
15 Necco Street/Greater Boston/Seaport Innovation District |  | Dev |  | — |  |  | 345,995 |  |  | 345,995 |  |  | 97 |  |  |  | 97 |  |  |  |  | 4Q23 |  |  | 4Q23
|  |  |  | — |  |  | 808,095 |  |  | 808,095 |  |  | 99 |  |  |  | 99 |  |  |  |  |  |  |  |
2024 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
201 Brookline Avenue/Greater Boston/Fenway |  | Dev |  | 451,967 |  |  | 58,149 |  |  | 510,116 |  |  | 98 |  |  |  | 98 |  |  |  |  | 3Q22 |  |  | 2024
840 Winter Street/Greater Boston/Route 128 |  | Redev |  | 28,534 |  |  | 139,680 |  |  | 168,214 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2024 |  |  | 2024
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | Dev |  | — |  |  | 285,346 |  |  | 285,346 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2024 |  |  | 2024
4155 Campus Point Court/San Diego/University Town Center |  | Dev |  | — |  |  | 171,102 |  |  | 171,102 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2024 |  |  | 2024
1150 Eastlake Avenue East/Seattle/Lake Union |  | Dev |  | — |  |  | 311,631 |  |  | 311,631 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q23 |  |  | 2024
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | Redev |  | 311,733 |  |  | 148,890 |  |  | 460,623 |  |  | 82 |  |  |  | 82 |  |  |  |  | 1Q23 |  |  | 2024
9820 Darnestown Road/Maryland/Rockville |  | Dev |  | — |  |  | 250,000 |  |  | 250,000 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2024 |  |  | 2024
9810 Darnestown Road/Maryland/Rockville |  | Dev |  | — |  |  | 192,000 |  |  | 192,000 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2024 |  |  | 2024
9808 Medical Center Drive/Maryland/Rockville |  | Dev |  | 26,460 |  |  | 68,601 |  |  | 95,061 |  |  | 60 |  |  |  | 60 |  |  |  |  | 3Q23 |  |  | 2024
6040 George Watts Hill Drive, Phase II/Research Triangle/Research Triangle |  | Dev |  | — |  |  | 88,038 |  |  | 88,038 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2024 |  |  | 2024
8800 Technology Forest Place/Texas/Greater Houston |  | Redev |  | 50,094 |  |  | 73,298 |  |  | 123,392 |  |  | 41 |  |  |  | 41 |  |  |  |  | 2Q23 |  |  | 2024
|  |  |  | 868,788 |  |  | 1,786,735 |  |  | 2,655,523 |  |  | 92 |  |  |  | 92 |  |  |  |  |  |  |  |
|  |  |  | 868,788 |  |  | 2,594,830 |  |  | 3,463,618 |  |  | 94 |  |  |  | 94 |  |  |  |  |  |  |  |
2025 and beyond stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | Dev |  | — |  |  | 320,809 |  |  | 320,809 |  |  | 36 |  |  |  | 36 |  |  |  |  | 2024 |  |  | 2025
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | Dev |  | — |  |  | 248,018 |  |  | 248,018 |  |  | 85 |  |  |  | 85 |  |  |  |  | 2024 |  |  | 2025
401 Park Drive/Greater Boston/Fenway |  | Redev |  | — |  |  | 133,578 |  |  | 133,578 |  |  | 17 |  |  |  | 17 |  |  |  |  | 2024 |  |  | 2026
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | Redev |  | — |  |  | 515,273 |  |  | 515,273 |  |  | — |  |  |  | 36 |  |  |  |  | 2024 |  |  | 2026
Other/Greater Boston |  | Redev |  | — |  |  | 453,869 |  |  | 453,869 |  |  | — |  |  |  | — |  |  |  |  | 2025 |  |  | 2026
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | Dev |  | — |  |  | 212,796 |  |  | 212,796 |  |  | — |  |  |  | — |  | (2) |  |  | 2024 |  |  | 2025
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | Redev |  | — |  |  | 300,010 |  |  | 300,010 |  |  | 22 |  |  |  | 22 |  |  |  |  | 2024 |  |  | 2025
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | Dev |  | — |  |  | 334,996 |  |  | 334,996 |  |  | 75 |  |  |  | 75 |  | (3) |  |  | 2025 |  |  | 2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | Dev |  | — |  |  | 254,771 |  |  | 254,771 |  |  | — |  |  |  | 17 |  |  |  |  | 2024 |  |  | 2025
Canada |  | Redev |  | 67,234 |  |  | 183,556 |  |  | 250,790 |  |  | 73 |  |  |  | 73 |  |  |  |  | 3Q23 |  |  | 2025
|  |  |  | 67,234 |  |  | 2,957,676 |  |  | 3,024,910 |  |  | 28 |  |  |  | 36 |  | (4) |  |  |  |  |  |
|  |  |  | 936,022 |  |  | 5,552,506 |  |  | 6,488,528 |  |  | 63 | % |  |  | 67 | % |  |  |  |  |  |  |
(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 a period of time. (2)Represents a single- or multi-tenant project expanding our existing mega campus, which will be 100% funded by our joint venture partner. We are currently marketing the space for lease and have initial interest from publicly traded biotechnology and institutional tenants. (3)We terminated a lease at our development project located at 10935 and 10945 Alexandria Way (formerly known as 10931 and 10933 North Torrey Pines Road) to allow this tenant to remain and extend the lease term in its existing space at one of our operating properties. In addition, we re-leased a majority of this development project by relocating a high-credit tenant for higher rents and a longer lease term from our near-term project at 11255 and 11355 North Torrey Pines Road. (4)These projects are focused on demand from our existing tenants in our adjacent properties/campuses and will also address demand from other non-Alexandria properties/campuses.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 39

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
September 30, 2023

Property/Market/Submarket |  |  |  | Square Footage |  | Percentage |  |  |  |  |  |
| Dev/Redev |  | In Service |  | CIP |  | Total |  | Leased |  | Leased/Negotiating |  |  |  |  |  |
Near-term projects expected to commence construction in the next three quarters |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 and beyond stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
421 Park Drive/Greater Boston/Fenway |  | Dev |  | — |  |  | 392,011 |  |  | 392,011 |  |  | 13 | % |  |  | 13 | % |  |  |  |  |  |  |
4135 Campus Point Court/San Diego/University Town Center |  | Dev |  | — |  |  | 426,927 |  |  | 426,927 |  |  | 100 |  |  |  | 100 |  |  |  |  |  |  |  |
|  |  |  | — |  |  | 818,938 |  |  | 818,938 |  |  | 59 |  |  |  | 59 |  |  |  |  |  |  |  |
Total |  |  |  | 936,022 |  |  | 6,371,444 |  |  | 7,307,466 |  |  | 63 | % |  |  | 66 | % |  |  |  |  |  |  |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 40

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
September 30, 2023
(Dollars in thousands)

|  | Our Ownership Interest |  | At 100% |  | Unlevered Yields
Property/Market/Submarket |  |  | In Service |  | CIP |  | Cost to Complete |  | Total at Completion |  | Initial Stabilized |  | Initial Stabilized (Cash Basis)
Under construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
325 Binney Street/Greater Boston/Cambridge |  | 100 | % |  |  | $ | — |  |  | $ | 700,331 |  |  | $ | 190,669 |  |  | $ | 891,000 |  |  |  | 8.5 | % |  |  |  | 7.2 | % |
15 Necco Street/Greater Boston/Seaport Innovation District |  | 60.3 | % |  |  | — |  |  | 477,880 |  |  | 89,120 |  |  | 567,000 |  |  |  | 6.7 | % |  |  |  | 5.5 | % |
|  |  |  |  | — |  |  | 1,178,211 |  |  |  |  |  |  |  |  |  |  |  |  |
2024 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
201 Brookline Avenue/Greater Boston/Fenway |  | 99.0 | % |  |  | 659,954 |  |  | 74,331 |  |  | 40,715 |  |  | 775,000 |  |  |  | 7.2 | % |  |  |  | 6.5 | % |
840 Winter Street/Greater Boston/Route 128 |  | 100 | % |  |  | 13,648 |  |  | 125,004 |  |  | 69,348 |  |  | 208,000 |  |  |  | 7.5 | % |  |  |  | 6.5 | % |
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | 46.7 | % |  |  | — |  |  | 205,164 |  |  | 207,836 |  |  | 413,000 |  |  |  | 7.4 | % |  |  |  | 6.2 | % |
4155 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 74,816 |  |  | 98,184 |  |  | 173,000 |  |  |  | 7.4 | % |  |  |  | 6.5 | % |
1150 Eastlake Avenue East/Seattle/Lake Union |  | 100 | % |  |  | — |  |  | 361,659 |  |  | 43,341 |  |  | 405,000 |  |  |  | 6.4 | % |  |  |  | 6.2 | % |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | 100 | % |  |  | 92,509 |  |  | 88,709 |  |  | 47,782 |  |  | 229,000 |  |  |  | 6.3 | % |  |  |  | 6.2 | % |
9820 Darnestown Road/Maryland/Rockville |  | 100 | % |  |  | — |  |  | 120,933 |  |  | 56,067 |  |  | 177,000 |  |  |  | 6.3 | % |  |  |  | 5.6 | % |
9810 Darnestown Road/Maryland/Rockville |  | 100 | % |  |  | — |  |  | 102,125 |  |  | 30,875 |  |  | 133,000 |  |  |  | 6.9 | % |  |  |  | 6.2 | % |
9808 Medical Center Drive/Maryland/Rockville |  | 100 | % |  |  | 34,551 |  |  | 50,805 |  |  | 27,644 |  |  | 113,000 |  |  |  | 5.5 | % |  |  |  | 5.5 | % |
6040 George Watts Hill Drive, Phase II/Research Triangle/Research Triangle |  | 100 | % |  |  | — |  |  | 58,730 |  |  | 5,270 |  |  | 64,000 |  |  |  | 8.0 | % |  |  |  | 7.0 | % |
8800 Technology Forest Place/Texas/Greater Houston |  | 100 | % |  |  | 43,009 |  |  | 54,185 |  |  | 14,806 |  |  | 112,000 |  |  |  | 6.3 | % |  |  |  | 6.0 | % |
|  |  |  |  | 843,671 |  |  | 1,316,461 |  |  |  |  |  |  |  |  |  |  |  |  |
2025 and beyond stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 75.0 | % |  |  | — |  |  | 273,700 |  |  | TBD
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | 100 | % |  |  | — |  |  | 302,560 |  |  | 124,440 |  |  | 427,000 |  |  |  | 6.2 | % |  |  |  | 5.5 | % |
401 Park Drive/Greater Boston/Fenway |  | 100 | % |  |  | — |  |  | 138,130 |  |  | TBD
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | 100 | % |  |  | — |  |  | 384,730 |  |
Other/Greater Boston |  | 100 | % |  |  | — |  |  | 138,361 |  |
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | 42.8 | % |  |  | — |  |  | 197,406 |  |
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 50.0 | % |  |  | — |  |  | 280,604 |  |
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | 100 | % |  |  | — |  |  | 142,404 |  |  | 360,596 |  |  | 503,000 |  |  |  | 6.2 | % |  |  |  | 5.8 | % |
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | 50.0 | % |  |  | — |  |  | 103,700 |  |  | TBD
Canada |  | 100 | % |  |  | 21,729 |  |  | 42,057 |  |  | 40,214 |  |  | 104,000 |  |  |  | 7.0 | % |  |  |  | 7.0 | % |
|  |  |  |  | 21,729 |  |  | 2,003,652 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | $ | 865,400 |  |  | $ | 4,498,324 |  |  | $ | 2,850,000 |  | (2) | $ | 8,210,000 |  | (2) |  |  |  |  |  |  |
(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2025 and beyond over the next several quarters. (2)Amounts are rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 41

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
September 30, 2023
(Dollars in thousands)

|  | Our Ownership Interest |  | At 100% |  |  |  |  |  |  |  |
Property/Market/Submarket |  |  | In Service |  | CIP |  | Cost to Complete |  | Total at Completion |  |  |  |  |  |  |  |
Near-term projects expected to commence construction in the next three quarters |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 and beyond stabilization |  |  |  |  |  |  |  |  | TBD |  |  |  |  |  |  |  |
421 Park Drive/Greater Boston/Fenway |  | 99.6 | % |  |  | $ | — |  |  | $ | 276,096 |  |  |  |  |  |  |  |  |  |
4135 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 110,632 |  |  |  |  |  |  |  |  |  |
|  |  |  |  | — |  |  | 386,728 |  |  | $ | 890,000 |  | (1) | $ | 1,280,000 |  | (1) |  |  |  |  |  |  |
Total |  |  |  |  | $ | 865,400 |  |  | $ | 4,885,052 |  |  | $ | 3,740,000 |  | (1) | $ | 9,490,000 |  | (1) |  |  |  |  |  |  |
Our share of investment(2) |  |  |  |  |  |  | $ | 4,160,000 |  | (1) | $ | 3,130,000 |  | (1) | $ | 8,150,000 |  | (1) |  |  |  |  |  |  |

(1)Amounts are rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD.
(2)Represents our share of investment based on our ownership percentages at the completion of development or redevelopment projects.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 42

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline |
September 30, 2023
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Active and Near-Term Construction |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Committed Near Term |  | Near Term |  | Intermediate Term |  | Future |  | Total(1) |
Greater Boston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® at One Kendall Square/Cambridge |  | 100 | % |  |  | $ | 700,331 |  |  | 462,100 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 462,100 |  |
325 Binney Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Cambridge/Inner Suburbs |  | 75.0 | % |  |  | 273,700 |  |  | 320,809 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 320,809 |  |
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs |  | 100 | % |  |  | 313,688 |  |  | 248,018 |  |  | — |  |  | 308,446 |  |  | — |  |  | 34,157 |  |  | 590,621 |  |
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway |  | (2) |  |  | 488,557 |  |  | 191,727 |  |  | 392,011 |  |  | — |  |  | — |  |  | — |  |  | 583,738 |  |
201 Brookline Avenue and 401 and 421 Park Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
15 Necco Street/Seaport Innovation District |  | 60.3 | % |  |  | 477,880 |  |  | 345,995 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 345,995 |  |
Mega Campus: 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street/Route 128 |  | 100 | % |  |  | 568,893 |  |  | 654,953 |  |  | — |  |  | — |  |  | — |  |  | 515,000 |  |  | 1,169,953 |  |
Mega Campus: Alexandria Center® at Kendall Square/Cambridge |  | 100 | % |  |  | 107,045 |  |  | — |  |  | — |  |  | — |  |  | 174,500 |  |  | 41,955 |  |  | 216,455 |  |
100 Edwin H. Land Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs |  | 100 | % |  |  | 82,056 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 902,000 |  |  | 902,000 |  |
446, 458, 500, and 550 Arsenal Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Technology Square®/Cambridge |  | 100 | % |  |  | 7,881 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |
Mega Campus: 380 and 420 E Street/Seaport Innovation District |  | 100 | % |  |  | 129,485 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |
99 A Street/Seaport Innovation District |  | 100 | % |  |  | 51,705 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 235,000 |  |  | 235,000 |  |
10 Necco Street/Seaport Innovation District |  | 100 | % |  |  | 102,024 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 175,000 |  |  | 175,000 |  |
Mega Campus: One Moderna Way/Route 128 |  | 100 | % |  |  | 25,747 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,100,000 |  |  | 1,100,000 |  |
215 Presidential Way/Route 128 |  | 100 | % |  |  | 6,813 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112,000 |  |  | 112,000 |  |
Other value-creation projects |  | (3) |  |  | 286,788 |  |  | 453,869 |  |  | — |  |  | 190,992 |  |  | — |  |  | 1,132,549 |  |  | 1,777,410 |  |
|  |  |  |  | $ | 3,622,593 |  |  | 2,677,471 |  |  | 392,011 |  |  | 499,438 |  |  | 174,500 |  |  | 5,347,661 |  |  | 9,091,081 |  |
Refer to “Mega campus” in the “Definitions and reconciliations” of this 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 RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)We have a 99.0% interest in 201 Brookline Avenue aggregating 58,149 RSF and a 100% interest in 401 Park Drive aggregating 133,578 RSF, which are currently under construction, and a 99.6% interest in the near-term development project at 421 Park Drive aggregating 392,011 RSF. Refer to “Dispositions and sales of partial interests” in our Earnings Press Release for additional details on our sale of 268,023 RSF at 421 Park Drive. (3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 43

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
September 30, 2023
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Active and Near-Term Construction |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Committed Near Term |  | Near Term |  | Intermediate Term |  | Future |  | Total(1) |
San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay |  | 42.8 | % |  |  | $ | 197,406 |  |  | 212,796 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 212,796 |  |
1450 Owens Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Technology Center® – Gateway/ South San Francisco |  | 50.0 | % |  |  | 306,472 |  |  | 300,010 |  |  | — |  |  | — |  |  | — |  |  | 291,000 |  |  | 591,010 |  |
651 Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Life Science – Millbrae/South San Francisco |  | 46.7 | % |  |  | 352,963 |  |  | 285,346 |  |  | — |  |  | 198,188 |  |  | 150,213 |  |  | — |  |  | 633,747 |  |
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: 211(2), 213(2), 249, 259, 269, and 279 East Grand Avenue/South San Francisco |  | 100 | % |  |  | 6,655 |  |  | — |  |  | — |  |  | 107,250 |  |  | — |  |  | 90,000 |  |  | 197,250 |  |
211 and 269 East Grand Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford |  | 100 | % |  |  | 416,234 |  |  | — |  |  | — |  |  | 105,000 |  |  | 700,000 |  |  | 692,830 |  |  | 1,497,830 |  |
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
901 California Avenue/Greater Stanford |  | 100 | % |  |  | 15,159 |  |  | — |  |  | — |  |  | 56,924 |  |  | — |  |  | — |  |  | 56,924 |  |
3825 and 3875 Fabian Way/Greater Stanford |  | 100 | % |  |  | 144,308 |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | 228,000 |  |  | 478,000 |  |
Mega Campus: 88 Bluxome Street/SoMa |  | 100 | % |  |  | 373,527 |  |  | — |  |  | — |  |  | — |  |  | 1,070,925 |  |  | — |  |  | 1,070,925 |  |
Mega Campus: 1122, 1150, and 1178 El Camino Real/South San Francisco |  | 100 | % |  |  | 371,668 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,930,000 |  |  | 1,930,000 |  |
Other value-creation projects |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,000 |  |  | 25,000 |  |
|  |  |  |  | 2,184,392 |  |  | 798,152 |  |  | — |  |  | 467,362 |  |  | 2,171,138 |  |  | 3,256,830 |  |  | 6,693,482 |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – New York City/New York City |  | 100 | % |  |  | 147,370 |  |  | — |  |  | — |  |  | — |  |  | 550,000 |  | (3) | — |  |  | 550,000 |  |
219 East 42nd Street/New York City |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 579,947 |  |  | — |  |  | 579,947 |  |
|  |  |  |  | $ | 147,370 |  |  | — |  |  | — |  |  | — |  |  | 1,129,947 |  |  | — |  |  | 1,129,947 |  |
Refer to “Mega campus” in the “Definitions and reconciliations” of this 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 RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details. (3)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new building of approximately 550,000 SF.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 44

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
September 30, 2023
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Active and Near-Term Construction |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Committed Near Term |  | Near Term |  | Intermediate Term |  | Future |  | Total(1) |
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: One Alexandria Square and One Alexandria North/Torrey Pines |  | 100 | % |  |  | $ | 338,173 |  |  | 334,996 |  |  | — |  |  | 309,094 |  | (2) | 125,280 |  |  | — |  |  | 769,370 |  |
10935, 10945, and 10955 Alexandria Way(3), 11255 and 11355 North Torrey Pines Road, and 10975 and 10995 Torreyana Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Campus Point by Alexandria/University Town Center |  | 55.0 | % |  |  | 369,692 |  |  | 171,102 |  |  | 426,927 |  |  | — |  |  | — |  |  | 1,074,445 |  |  | 1,672,474 |  |
10010(4), 10140(4), and 10260 Campus Point Drive and 4110, 4135, 4155, 4161, and 4275(4) Campus Point Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: SD Tech by Alexandria/Sorrento Mesa |  | 50.0 | % |  |  | 204,829 |  |  | 254,771 |  |  | — |  |  | — |  |  | 160,000 |  |  | 333,845 |  |  | 748,616 |  |
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Sequence District by Alexandria/Sorrento Mesa |  | 100 | % |  |  | 44,780 |  |  | — |  |  | — |  |  | 200,000 |  |  | 509,000 |  |  | 1,089,915 |  |  | 1,798,915 |  |
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Scripps Science Park by Alexandria/Sorrento Mesa |  | 100 | % |  |  | 112,826 |  |  | — |  |  | — |  |  | 105,000 |  |  | 175,041 |  |  | 318,308 |  |  | 598,349 |  |
10048, 10219, 10256, and 10260 Meanley Drive, and 10277 Scripps Ranch Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: University District/University Town Center |  | 100 | % |  |  | 156,097 |  |  | — |  |  | — |  |  | — |  |  | 937,000 |  |  | 100,000 |  |  | 1,037,000 |  |
9363, 9373, 9393, and 9625(5) Towne Centre Drive, 8410-8750 Genesee Avenue, and 4282 Esplanade Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacific Technology Park/Sorrento Mesa |  | 50.0 | % |  |  | 23,210 |  |  | — |  |  | — |  |  | — |  |  | 149,000 |  |  | — |  |  | 149,000 |  |
9444 Waples Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: 5200 Illumina Way/University Town Center |  | 51.0 | % |  |  | 17,418 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 451,832 |  |  | 451,832 |  |
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley |  | 100 | % |  |  | 38,510 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 247,000 |  |  | 247,000 |  |
Other value-creation projects |  | 100 | % |  |  | 71,545 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 475,000 |  |  | 475,000 |  |
|  |  |  |  | $ | 1,377,080 |  |  | 760,869 |  |  | 426,927 |  |  | 614,094 |  |  | 2,055,321 |  |  | 4,090,345 |  |  | 7,947,556 |  |
Refer to “Mega campus” in the “Definitions and reconciliations” of this 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 RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)Represents our near-term project at 11255 and 11355 North Torrey Pines Road, which vertical construction is subject to future market conditions and leasing. (3)Formerly known as 10931 and 10933 North Torrey Pines Road. Refer to “New Class A/A+ development and redevelopment properties: current projects” of this Supplemental Information for additional details. (4)We have a 100% interest in this property. (5)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 45

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
September 30, 2023
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Active and Near-Term Construction |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Committed Near Term |  | Near Term |  | Intermediate Term |  | Future |  | Total(1) |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: The Eastlake Life Science Campus by Alexandria/Lake Union |  | 100 | % |  |  | $ | 361,659 |  |  | 311,631 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 311,631 |  |
1150 Eastlake Avenue East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell |  | 100 | % |  |  | 88,709 |  |  | 148,890 |  |  | — |  |  | 50,552 |  |  | — |  |  | — |  |  | 199,442 |  |
3301, 3555, and 3755 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – South Lake Union/Lake Union |  | (2) |  |  | 423,069 |  |  | — |  |  | — |  |  | 1,095,586 |  |  | — |  |  | 188,400 |  |  | 1,283,986 |  |
601 and 701 Dexter Avenue North and 800 Mercer Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
830 and 1010 4th Avenue South/SoDo |  | 100 | % |  |  | 56,587 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 597,313 |  |  | 597,313 |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell |  | 100 | % |  |  | 15,452 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 230,000 |  |  | 230,000 |  |
21660 20th Avenue Southeast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other value-creation projects |  | 100 | % |  |  | 97,620 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 691,000 |  |  | 691,000 |  |
|  |  |  |  | 1,043,096 |  |  | 460,521 |  |  | — |  |  | 1,146,138 |  |  | — |  |  | 1,706,713 |  |  | 3,313,372 |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville |  | 100 | % |  |  | 293,837 |  |  | 510,601 |  |  | — |  |  | — |  |  | 258,000 |  |  | 38,000 |  |  | 806,601 |  |
9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | $ | 293,837 |  |  | 510,601 |  |  | — |  |  | — |  |  | 258,000 |  |  | 38,000 |  |  | 806,601 |  |
Refer to “Mega campus” in the “Definitions and reconciliations” of this 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 RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 414,986 SF and a 60% interest in the near-term development project at 800 Mercer Street aggregating 869,000 SF.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 46

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
September 30, 2023
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Active and Near-Term Construction |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Committed Near Term |  | Near Term |  | Intermediate Term |  | Future |  | Total(1) |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
6040 George Watts Hill Drive, Phase II/Research Triangle |  | 100 | % |  |  | $ | 58,730 |  |  | 88,038 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,038 |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle/Research Triangle |  | 100 | % |  |  | 95,789 |  |  | — |  |  | — |  |  | 180,000 |  |  | — |  |  | 990,000 |  |  | 1,170,000 |  |
4 and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle |  | 100 | % |  |  | 103,482 |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |  | 855,000 |  |  | 1,055,000 |  |
3029 East Cornwallis Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Durham/Research Triangle |  | 100 | % |  |  | 173,454 |  |  | — |  |  | — |  |  | — |  |  | 150,000 |  |  | 2,060,000 |  |  | 2,210,000 |  |
41 Moore Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle |  | 100 | % |  |  | 52,598 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |
Other value-creation projects |  | 100 | % |  |  | 4,185 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 76,262 |  |  | 76,262 |  |
|  |  |  |  | 488,238 |  |  | 88,038 |  |  | — |  |  | 280,000 |  |  | 250,000 |  |  | 4,731,262 |  |  | 5,349,300 |  |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston |  | 100 | % |  |  | 72,443 |  |  | 73,298 |  |  | — |  |  | — |  |  | — |  |  | 116,405 |  |  | 189,703 |  |
8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1020 Red River Street/Austin |  | 100 | % |  |  | 9,327 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 177,072 |  |  | 177,072 |  |
Other value-creation projects |  | 100 | % |  |  | 133,084 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,694,000 |  |  | 1,694,000 |  |
|  |  |  |  | 214,854 |  |  | 73,298 |  |  | — |  |  | — |  |  | — |  |  | 1,987,477 |  |  | 2,060,775 |  |
Canada |  | 100 | % |  |  | 42,057 |  |  | 183,556 |  |  | — |  |  | — |  |  | — |  |  | 371,743 |  |  | 555,299 |  |
Other value-creation projects |  | 100 | % |  |  | 103,411 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 724,349 |  |  | 724,349 |  |
Total pipeline as of September 30, 2023 |  |  |  |  | $ | 9,516,928 |  | (2) | 5,552,506 |  |  | 818,938 |  |  | 3,007,032 |  |  | 6,038,906 |  |  | 22,254,380 |  |  | 37,671,762 |  |

Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details.
(1)Total square footage includes 4,151,793 RSF of buildings currently in operation that we intend to demolish or redevelop and commence future construction. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.
(2)Total book value includes $4.5 billion of projects currently under construction that are 67% leased/negotiating. We also expect to commence construction on two near-term projects aggregating $386.7 million, which are 59% leased, in the next three quarters after September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 47

Construction Spending and Capitalization of Interest |
September 30, 2023
(Dollars In thousands)

68% of RSF in Our Value-Creation Pipeline Is Within Our Existing Mega Campuses

|  | Upon Completion of Construction |
|  | Additional Operating RSF |  | Growth in Operating RSF |
Under construction and committed near-term projects(1) |  | 6,371,444 |  |  | 81% |
Value-add pre-construction: primarily mega campus entitlement, permitting, design, and site work |  | 27,148,525 |  |  |
Value-creation pipeline: developments and redevelopments |  | 33,519,969 |  |  |

Key Categories of Interest Capitalized During YTD 3Q23 |  | Percentage of Total Capitalized Interest |
Value-creation pipeline: developments and redevelopments |  |  | 88 | % |  |
Smaller redevelopments and repositioning capital projects |  |  | 12 |  |  |
|  |  | 100 | % |  |

|  | Nine Months Ended September 30, 2023 |  | Projected Midpoint for the Year Ending December 31, 2023 |  |  |  |
Construction Spending |  |  |  |
Construction spending(2) |  | $ | 2,775,816 |  |  | $ | 3,471,000 |  | (3) |  |
Contributions from partners in our existing consolidated real estate joint ventures |  |  | (358,808) |  |  |  | (536,000) |  |  |  |
Total construction spending |  | $ | 2,417,008 |  |  | $ | 2,935,000 |  |  |  |
Guidance range |  |  |  |  | $2,785,000 – $3,085,000 |  |

Contributions From Partners in Our Existing Consolidated Real Estate Joint Ventures |
Projected Timing |  | Amount(4) |
4Q23 |  | $ | 177,000 |  |
2024 through 2026 |  | 1,054,000 |  |
Total |  | $ | 1,231,000 |  |

(1)Represents projects under construction aggregating 5.6 million RSF and two near-term projects aggregating 0.8 million RSF expected to commence construction during the next three quarters after September 30, 2023, which are 66% leased/negotiating and are expected to generate $580 million in annual incremental net operating income from 4Q23 through 3Q26.
(2)Includes our contributions in unconsolidated real estate joint ventures related to construction.
(3)Includes projected revenue-enhancing/repositioning capital expenditures and non-revenue-enhancing capital expenditures of $147 million and $60 million, respectively.
(4)Amounts represent reductions to our consolidated construction spending.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 48

Joint Venture Financial Information
September 30, 2023

Consolidated Real Estate Joint Ventures
Property |  | Market |  | Submarket |  | Noncontrolling Interest Share(1) |  | 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% |  |  |  | 870,106 |
99 Coolidge Avenue |  | Greater Boston |  | Cambridge/Inner Suburbs |  |  | 25.0% |  |  |  | — | (2)
15 Necco Street |  | Greater Boston |  | Seaport Innovation District |  |  | 39.7% | (3) |  |  | — | (2)
Other joint venture |  | Greater Boston |  | – |  |  | 39.0% |  |  |  | — | (2)
Alexandria Center® for Science and Technology – Mission Bay(4) |  | San Francisco Bay Area |  | Mission Bay |  |  | 75.0% |  |  |  | 1,005,236 |
1450 Owens Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 57.2% | (5) |  |  | — | (2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 50.0% |  |  |  | 785,444 |
751 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 49.0% |  |  |  | 230,592 |
211(2) 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 |  |  | 53.3% |  |  |  | — | (2)
3215 Merryfield Row |  | San Diego |  | Torrey Pines |  |  | 70.0% |  |  |  | 170,523 |
Campus Point by Alexandria(6) |  | San Diego |  | University Town Center |  |  | 45.0% |  |  |  | 1,337,916 |
5200 Illumina Way |  | San Diego |  | University Town Center |  |  | 49.0% |  |  |  | 792,687 |
9625 Towne Centre Drive |  | San Diego |  | University Town Center |  |  | 70.0% |  |  |  | 163,648 |
SD Tech by Alexandria(7) |  | San Diego |  | Sorrento Mesa |  |  | 50.0% |  |  |  | 881,992 |
Pacific Technology Park |  | San Diego |  | Sorrento Mesa |  |  | 50.0% |  |  |  | 544,352 |
Summers Ridge Science Park(8) |  | San Diego |  | Sorrento Mesa |  |  | 70.0% |  |  |  | 316,531 |
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street |  | Seattle |  | Lake Union |  |  | 70.0% |  |  |  | 321,115 |
400 Dexter Avenue North |  | Seattle |  | Lake Union |  |  | 70.0% |  |  |  | 290,754 |
800 Mercer Street |  | Seattle |  | Lake Union |  |  | 40.0% |  |  |  | — | (2)
Unconsolidated Real Estate Joint Ventures
Property |  | Market |  | Submarket |  | Our Ownership Share(9) |  | Operating RSF at 100%
1655 and 1725 Third Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 10.0% |  |  |  | 586,208 |
1401/1413 Research Boulevard |  | Maryland |  | Rockville |  |  | 65.0% | (10) |  |  | (11) |
1450 Research Boulevard |  | Maryland |  | Rockville |  |  | 73.2% | (10) |  |  | 42,679 |
101 West Dickman Street |  | Maryland |  | Beltsville |  |  | 57.9% | (10) |  |  | 135,423 |

(1)In addition to the consolidated real estate joint ventures listed, various joint venture partners hold insignificant noncontrolling interests in three other real estate joint ventures in North America.
(2)Represents a property currently under construction or in our value-creation pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” for additional details.
(3)The noncontrolling interest share is expected to increase to 43% as one of our joint venture partners contributes the remaining costs to complete the project over time.
(4)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.
(5)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes the remaining cost to complete the project over time.
(6)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4224, and 4242 Campus Point Court.
(7)Includes 9605, 9645, 9675, 9685, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(8)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(9)In addition to the unconsolidated real estate joint ventures listed, we hold an interest in one other insignificant unconsolidated real estate joint venture in North America.
(10)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.
(11)Represents a joint venture with a distinguished retail real estate developer for a retail shopping center aggregating 84,837 RSF.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 49

Joint Venture Financial Information (continued) |
September 30, 2023
(In thousands)

|  | As of September 30, 2023 |  |
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs |
Investments in real estate | $ | 3,829,663 |  |  |  | $ | 119,693 |  |  |
Cash, cash equivalents, and restricted cash |  | 147,573 |  |  |  |  | 5,438 |  |  |
Other assets |  | 403,541 |  |  |  |  | 11,886 |  |  |
Secured notes payable (refer to page 54) |  | (27,123) |  |  |  |  | (92,096) |  |  |
Other liabilities |  | (268,683) |  |  |  |  | (7,226) |  |  |
Redeemable noncontrolling interests |  | (51,658) |  |  |  |  | — |  |  |
| $ | 4,033,313 |  |  |  | $ | 37,695 |  |  |

| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
| September 30, 2023 |  | September 30, 2023
| Three Months Ended |  | Nine Months Ended |  | Three Months Ended |  | Nine Months Ended
Total revenues | $ | 105,610 |  |  |  | $ | 308,922 |  |  |  | $ | 2,837 |  |  |  | $ | 8,236 |  |
Rental operations |  | (32,384) |  |  |  |  | (91,274) |  |  |  |  | (822) |  |  |  |  | (2,372) |  |
|  | 73,226 |  |  |  |  | 217,648 |  |  |  |  | 2,015 |  |  |  |  | 5,864 |  |
General and administrative |  | (624) |  |  |  |  | (1,441) |  |  |  |  | (5) |  |  |  |  | (71) |  |
Interest |  | (5) |  |  |  |  | (15) |  |  |  |  | (858) |  |  |  |  | (2,552) |  |
Depreciation and amortization of real estate assets |  | (28,814) |  |  |  |  | (85,212) |  |  |  |  | (910) |  |  |  |  | (2,624) |  |
Fixed returns allocated to redeemable noncontrolling interests(1) |  | 202 |  |  |  |  | 604 |  |  |  |  | — |  |  |  |  | — |  |
| $ | 43,985 |  |  |  | $ | 131,584 |  |  |  | $ | 242 |  |  |  | $ | 617 |  |
Straight-line rent and below-market lease revenue | $ | 4,154 |  |  |  | $ | 12,988 |  |  |  | $ | 329 |  |  |  | $ | 912 |  |
Funds from operations(2) | $ | 72,799 |  |  |  | $ | 216,796 |  |  |  | $ | 1,152 |  |  |  | $ | 3,241 |  |

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their investment rather than participate in the operating results of the property.
(2)Refer to “Funds from operations and funds from operations per share” in our Earnings Press Release and “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of this Supplemental Information for the definition and its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 50

Investments |
September 30, 2023
(Dollars in thousands)

We hold investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries. The tables below summarize components of our investment income (loss) and non-real estate investments (in thousands). For additional details, refer to “Investments” in the “Definitions and reconciliations” of this Supplemental Information.

|  | September 30, 2023 |  | Year Ended December 31, 2022
|  | Three Months Ended |  | Nine Months Ended |
Realized (losses) gains |  | $ | (3,470) |  | (1) |  | $ | 16,903 |  | (1) |  | $ | 80,435 |  |
Unrealized losses |  | (77,202) |  | (2) |  | (220,954) |  | (2) |  | (412,193) |  | (3)
Investment loss |  | $ | (80,672) |  |  |  | $ | (204,051) |  |  |  | $ | (331,758) |  |

|  | September 30, 2023 |  | December 31, 2022
Investments |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount |  | Carrying Amount
Publicly traded companies |  | $ | 197,822 |  |  | $ | 41,225 |  |  | $ | (109,461) |  |  | $ | 129,586 |  |  | $ | 207,139 |
Entities that report NAV |  | 492,151 |  |  | 191,378 |  |  | (24,740) |  |  | 658,789 |  |  | 759,752 |
Entities that do not report NAV: |  |  |  |  |  |  |  |  |  |
Entities with observable price changes |  | 104,105 |  |  | 78,845 |  |  | (1,224) |  |  | 181,726 |  |  | 193,784 |
Entities without observable price changes |  | 387,755 |  |  | — |  |  | — |  |  | 387,755 |  |  | 388,940 |
Investments accounted for under the equity method |  | N/A |  | N/A |  | N/A |  | 73,910 |  |  | 65,459 |
September 30, 2023 |  | $ | 1,181,833 |  | (4) | $ | 311,448 |  |  | $ | (135,425) |  |  | $ | 1,431,766 |  |  | $ | 1,615,074 |
December 31, 2022 |  | $ | 1,152,613 |  |  | $ | 506,404 |  |  | $ | (109,402) |  |  | $ | 1,615,074 |  |  |

Public/Private Mix (Cost) |  | Tenant/Non-Tenant Mix (Cost)

(1)Consists of realized gains of $25.0 million and $68.4 million, offset by impairment charges of $28.5 million and $51.5 million during the three and nine months ended September 30, 2023, respectively.
(2)Consists of unrealized losses of $58.1 million and $145.9 million primarily resulting from the decrease in the fair value of our investments in privately held entities that report NAV, and $19.1 million and $75.1 million of accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our sales of investments during the three and nine months ended September 30, 2023, respectively.
(3)Consists of unrealized losses of $274.2 million primarily resulting from the decrease in the fair value of our investments in publicly traded companies, and $138.0 million of accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our sales of investments, during the year ended December 31, 2022.
(4)Represents 2.8% of gross assets as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 51

Key Credit Metrics
September 30, 2023

Liquidity |  |  | Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
|  |  |  |  | (in millions) |
$5.9B |  |  |
(in millions) |  |  |  |
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program |  | $ | 5,000 |  |  |
Outstanding forward equity sales agreements(1) |  | 103 |  |  |
Cash, cash equivalents, and restricted cash |  | 568 |  |  |
Remaining construction loan commitments |  | 86 |  |  |
Investments in publicly traded companies |  | 130 |  |  |
Liquidity as of September 30, 2023 |  | $ | 5,887 |  |  |
Net Debt and Preferred Stock to Adjusted EBITDA(2) |  |  | Fixed-Charge Coverage Ratio(2)

(1)Represents expected net proceeds from the future settlement of 699 thousand shares of common stock under forward equity sales agreements after underwriter discounts.
(2)Quarter annualized. Refer to “Fixed-charge coverage ratio” and “Net debt and preferred stock to Adjusted EBITDA” in the “Definitions and reconciliations” of this Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 52

Summary of Debt |
September 30, 2023
(In millions)

Weighted-Average Remaining Term of 13.1 Years

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 53

Summary of Debt (continued) |
September 30, 2023
(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) |
Secured notes payable | $ | 619 |  |  | $ | 108,491 |  |  | $ | 109,110 |  |  | 1.0 | % |  | 8.35 | % |  | 3.2 |
Unsecured senior notes payable | 11,093,725 |  |  | — |  |  | 11,093,725 |  |  | 99.0 |  |  | 3.65 |  |  | 13.2 |
Unsecured senior line of credit(2) and commercial paper program(3) | — |  |  | — |  |  | — |  |  | — |  |  | N/A |  | 4.3 | (4)
Total/weighted average | $ | 11,094,344 |  |  | $ | 108,491 |  |  | $ | 11,202,835 |  |  | 100.0 | % |  | 3.70 | % |  | 13.1 | (4)
Percentage of total debt | 99.0 | % |  | 1.0 | % |  | 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, 2023, we had no outstanding balance on our unsecured senior line of credit.
(3)In July 2023, we increased the aggregate amount we may issue from time to time under our commercial paper program to $2.5 billion from $2.0 billion. The commercial paper program provides us with the ability to issue 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 backed by our unsecured senior line of credit. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at SOFR+0.835%. As of September 30, 2023, we had no commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 13.1 years. The commercial paper notes sold during the nine months ended September 30, 2023 were issued at a weighted-average yield to maturity of 5.15% and had a weighted-average maturity term of 13 days.

Average debt outstanding and weighted-average interest rate |  | Average Debt Outstanding |  | Weighted-Average Interest Rate |
|  | September 30, 2023 |  | September 30, 2023 |
|  | Three Months Ended |  | Nine Months Ended |  | Three Months Ended |  | Nine Months Ended |
Long-term fixed-rate debt |  | $ | 11,171,888 |  |  | $ | 11,005,567 |  |  | 3.64 | % |  | 3.61 | % |
Short-term variable-rate unsecured senior line of credit and commercial paper program debt |  | — |  |  | 88,353 |  |  | N/A |  | 5.53 |  |
Blended average interest rate |  | 11,171,888 |  |  | 11,093,920 |  |  | 3.64 |  |  | 3.63 |  |
Loan fee amortization and annual facility fee related to unsecured senior line of credit |  | N/A |  | N/A |  | 0.13 |  |  | 0.12 |  |
Total/weighted average |  | $ | 11,171,888 |  |  | $ | 11,093,920 |  |  | 3.77 | % |  | 3.75 | % |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 54

Summary of Debt (continued) |
September 30, 2023
(Dollars in thousands)

Debt covenants |  | Unsecured Senior Notes Payable |  | Unsecured Senior Line of Credit
Debt Covenant Ratios(1) |  | Requirement |  | September 30, 2023 |  | Requirement |  | September 30, 2023
Total Debt to Total Assets |  | ≤ 60% |  | 28% |  | ≤ 60.0% |  | 27.3% |
Secured Debt to Total Assets |  | ≤ 40% |  | 0.3% |  | ≤ 45.0% |  | 0.2% |
Consolidated EBITDA to Interest Expense |  | ≥ 1.5x |  | 22.4x |  | ≥ 1.50x |  | 4.22x |
Unencumbered Total Asset Value to Unsecured Debt |  | ≥ 150% |  | 348% |  | N/A |  | N/A |
Unsecured Interest Coverage Ratio |  | N/A |  | N/A |  | ≥ 1.75x |  | 36.96x |

(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to the computation of EBITDA as described in Exchange Act Release No. 47226.

Unconsolidated real estate joint ventures’ debt |  |  |  |  |  |  |  |  | At 100% |  |
Unconsolidated Joint Venture |  | Maturity Date |  | Stated Rate |  | Interest Rate(1) |  | Aggregate Commitment |  | Debt Balance(2) |  | Our Share
1401/1413 Research Boulevard |  | 12/23/24 |  | 2.70% |  |  | 3.31% |  |  | $ | 28,500 |  |  | $ | 28,288 |  |  | 65.0%
1655 and 1725 Third Street |  | 3/10/25 |  | 4.50% |  |  | 4.57% |  |  | 600,000 |  |  | 599,399 |  |  | 10.0%
101 West Dickman Street |  | 11/10/26 |  | SOFR+1.95% | (3) |  | 7.37% |  |  | 26,750 |  |  | 13,949 |  |  | 57.9%
1450 Research Boulevard |  | 12/10/26 |  | SOFR+1.95% | (3) |  | 7.43% |  |  | 13,000 |  |  | 7,765 |  |  | 73.2%
|  |  |  |  |  |  |  |  |  | $ | 668,250 |  |  | $ | 649,401 |  |  |

(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2023.
(3)This loan is subject to a fixed SOFR floor rate of 0.75%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 55

Summary of Debt (continued) |
September 30, 2023
(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 |
|  |  |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  |  |  |
Secured notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater Boston(3) |  | SOFR+2.70 | % |  | 8.36 | % |  |  | 11/19/26 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 109,295 |  |  | $ | — |  |  | $ | — |  |  | $ | 109,295 |  |  | $ | (804) |  |  | $ | 108,491 |  |
San Francisco Bay Area |  | 6.50 | % |  | 6.50 |  |  |  | 7/1/36 |  | — |  |  | 32 |  |  | 34 |  |  | 36 |  |  | 38 |  |  | 479 |  |  | 619 |  |  | — |  |  | 619 |  |
Secured debt weighted-average interest rate/subtotal |  |  |  | 8.35 |  |  |  |  |  | — |  |  | 32 |  |  | 34 |  |  | 109,331 |  |  | 38 |  |  | 479 |  |  | 109,914 |  |  | (804) |  |  | 109,110 |  |
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | N/A | (4) |  | 1/22/28 | (4) | (4) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | (4) | — |  |  | — |  |  | — |  |
Unsecured senior notes payable |  | 3.45 | % |  | 3.62 |  |  |  | 4/30/25 |  | — |  |  | — |  |  | 600,000 |  |  | — |  |  | — |  |  | — |  |  | 600,000 |  |  | (1,402) |  |  | 598,598 |  |
Unsecured senior notes payable |  | 4.30 | % |  | 4.50 |  |  |  | 1/15/26 |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | — |  |  | — |  |  | 300,000 |  |  | (1,144) |  |  | 298,856 |  |
Unsecured senior notes payable – green bond |  | 3.80 | % |  | 3.96 |  |  |  | 4/15/26 |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | 350,000 |  |  | (1,265) |  |  | 348,735 |  |
Unsecured senior notes payable |  | 3.95 | % |  | 4.13 |  |  |  | 1/15/27 |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | 350,000 |  |  | (1,699) |  |  | 348,301 |  |
Unsecured senior notes payable |  | 3.95 | % |  | 4.07 |  |  |  | 1/15/28 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 425,000 |  |  | 425,000 |  |  | (1,838) |  |  | 423,162 |  |
Unsecured senior notes payable |  | 4.50 | % |  | 4.60 |  |  |  | 7/30/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (1,304) |  |  | 298,696 |  |
Unsecured senior notes payable |  | 2.75 | % |  | 2.87 |  |  |  | 12/15/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (2,574) |  |  | 397,426 |  |
Unsecured senior notes payable |  | 4.70 | % |  | 4.81 |  |  |  | 7/1/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | (2,518) |  |  | 447,482 |  |
Unsecured senior notes payable |  | 4.90 | % |  | 5.05 |  |  |  | 12/15/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | (5,706) |  |  | 694,294 |  |
Unsecured senior notes payable |  | 3.375 | % |  | 3.48 |  |  |  | 8/15/31 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | (5,149) |  |  | 744,851 |  |
Unsecured senior notes payable – green bond |  | 2.00 | % |  | 2.12 |  |  |  | 5/18/32 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 900,000 |  |  | 900,000 |  |  | (8,116) |  |  | 891,884 |  |
Unsecured senior notes payable |  | 1.875 | % |  | 1.97 |  |  |  | 2/1/33 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (8,192) |  |  | 991,808 |  |
Unsecured senior notes payable – green bond |  | 2.95 | % |  | 3.07 |  |  |  | 3/15/34 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 800,000 |  |  | 800,000 |  |  | (8,177) |  |  | 791,823 |  |
Unsecured senior notes payable – green bond |  | 4.75 | % |  | 4.88 |  |  |  | 4/15/35 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (5,524) |  |  | 494,476 |  |
Unsecured senior notes payable |  | 4.85 | % |  | 4.93 |  |  |  | 4/15/49 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (3,016) |  |  | 296,984 |  |
Unsecured senior notes payable |  | 4.00 | % |  | 3.91 |  |  |  | 2/1/50 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | 10,140 |  |  | 710,140 |  |
Unsecured senior notes payable |  | 3.00 | % |  | 3.08 |  |  |  | 5/18/51 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | 850,000 |  |  | (11,703) |  |  | 838,297 |  |
Unsecured senior notes payable |  | 3.55 | % |  | 3.63 |  |  |  | 3/15/52 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (14,221) |  |  | 985,779 |  |
Unsecured senior notes payable |  | 5.15 | % |  | 5.26 |  |  |  | 4/15/53 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (7,867) |  |  | 492,133 |  |
Unsecured debt weighted average/subtotal |  |  |  | 3.65 |  |  |  |  |  | — |  |  | — |  |  | 600,000 |  |  | 650,000 |  |  | 350,000 |  |  | 9,575,000 |  |  | 11,175,000 |  |  | (81,275) |  |  | 11,093,725 |  |
Weighted-average interest rate/total |  |  |  | 3.70 | % |  |  |  |  | $ | — |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 759,331 |  |  | $ | 350,038 |  |  | $ | 9,575,479 |  |  | $ | 11,284,914 |  |  | $ | (82,079) |  |  | $ | 11,202,835 |  |
Balloon payments |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 600,000 |  |  | $ | 759,295 |  |  | $ | 350,000 |  |  | $ | 9,575,068 |  |  | $ | 11,284,363 |  |  | $ | — |  |  | $ | 11,284,363 |  |
Principal amortization |  |  |  |  |  |  |  |  | — |  |  | 32 |  |  | 34 |  |  | 36 |  |  | 38 |  |  | 411 |  |  | 551 |  |  | (82,079) |  |  | (81,528) |  |
Total debt |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 759,331 |  |  | $ | 350,038 |  |  | $ | 9,575,479 |  |  | $ | 11,284,914 |  |  | $ | (82,079) |  |  | $ | 11,202,835 |  |
Fixed-rate debt |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 650,036 |  |  | $ | 350,038 |  |  | $ | 9,575,479 |  |  | $ | 11,175,619 |  |  | $ | (81,275) |  |  | $ | 11,094,344 |  |
Variable-rate debt |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 109,295 |  |  | — |  |  | — |  |  | 109,295 |  |  | (804) |  |  | 108,491 |  |
Total debt |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 759,331 |  |  | $ | 350,038 |  |  | $ | 9,575,479 |  |  | $ | 11,284,914 |  |  | $ | (82,079) |  |  | $ | 11,202,835 |  |
Weighted-average stated rate on maturing debt |  |  |  |  |  |  |  |  | N/A |  | N/A |  | 3.45% |  | 3.84% |  | 3.95% |  | 3.50% |  |  |  |  |  |  |

(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)Represents a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue, of which we have a 75.0% interest. As of September 30, 2023, this joint venture h as $86.0 million available under existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones.
(4)Refer to footnotes 2 through 4 under the “Fixed-rate and variable-rate debt” subsection of this “Summary of Debt.”

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 56

Definitions and Reconciliations
September 30, 2023

This section contains additional details for sections throughout this 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) | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Net income | $ | 68,254 |  |  | $ | 133,705 |  |  | $ | 121,693 |  |  | $ | 95,268 |  |  | $ | 383,443 |
Interest expense | 11,411 |  |  | 17,072 |  |  | 13,754 |  |  | 17,522 |  |  | 22,984 |
Income taxes | 1,183 |  |  | 2,251 |  |  | 1,131 |  |  | 2,063 |  |  | 1,950 |
Depreciation and amortization | 269,370 |  |  | 273,555 |  |  | 265,302 |  |  | 264,480 |  |  | 254,929 |
Stock compensation expense | 16,288 |  |  | 15,492 |  |  | 16,486 |  |  | 11,586 |  |  | 17,786 |
Gain on sales of real estate | — |  |  | (214,810) |  |  | — |  |  | — |  |  | (323,699) |
Unrealized losses on non-real estate investments | 77,202 |  |  | 77,897 |  |  | 65,855 |  |  | 24,117 |  |  | 56,515 |
Impairment of real estate | 20,649 |  |  | 168,575 |  |  | — |  |  | 26,186 |  |  | 38,783 |
Impairment of non-real estate investments | 28,503 |  |  | 22,953 |  |  | — |  |  | 20,512 |  |  | — |
Adjusted EBITDA | $ | 492,860 |  |  | $ | 496,690 |  |  | $ | 484,221 |  |  | $ | 461,734 |  |  | $ | 452,691 |
Total revenues | $ | 713,788 |  |  | $ | 713,900 |  |  | $ | 700,795 |  |  | $ | 670,281 |  |  | $ | 659,852 |
Adjusted EBITDA margin | 69% |  | 70% |  | 69% |  | 69% |  | 69%

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, 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.
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, 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 for investors a 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.
Annual rental revenue
Annual rental revenue represents the annualized fixed base rental obligations, calculated in accordance with GAAP, 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, 2023, approximately 92% 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, for the quarter preceding the date on which the property is sold, or near-term prospective net operating income.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 57

Definitions and Reconciliations (continued)
September 30, 2023

Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary to develop or redevelop 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 or redevelop a project include pre-construction activities such as entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Class A/A+ properties generally command higher annual rental rates than other classes of similar properties.
AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space.
Competitive supply
Represents the total rentable square footage of laboratory space under development or redevelopment that is both: (i) available for direct lease, and (ii) we believe is competitive with our laboratory space within a given submarket. Total competitive supply excludes owner user space.
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, and property enhancements identified during the underwriting of certain acquired properties, located in collaborative life science, agtech, and advanced technology mega campuses in AAA innovation clusters. These projects are generally focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of, and are reusable by, a wide range of tenants. Upon completion, each value-creation 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 facilities. Redevelopment projects consist of the permanent change in use of office, warehouse, and shell space into laboratory, agtech, or tech space. We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory, agtech, and tech space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.
Pre-construction activities include entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality facilities and are expected to generate significant revenue and cash flows.
Development, redevelopment, and pre-construction 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 quarter dividend divided by the closing common stock price at the end of the quarter.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 58

Definitions and Reconciliations (continued)
September 30, 2023

Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to 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. Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts).
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) | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Adjusted EBITDA | $ | 492,860 |  |  | $ | 496,690 |  |  | $ | 484,221 |  |  | $ | 461,734 |  |  | $ | 452,691 |
Interest expense | $ | 11,411 |  |  | $ | 17,072 |  |  | $ | 13,754 |  |  | $ | 17,522 |  |  | $ | 22,984 |
Capitalized interest | 96,119 |  |  | 91,674 |  |  | 87,070 |  |  | 79,491 |  |  | 73,189 |
Amortization of loan fees | (4,059) |  |  | (3,729) |  |  | (3,639) |  |  | (3,975) |  |  | (3,235) |
Amortization of debt discounts | (306) |  |  | (304) |  |  | (288) |  |  | (272) |  |  | (269) |
Cash interest and fixed charges | $ | 103,165 |  |  | $ | 104,713 |  |  | $ | 96,897 |  |  | $ | 92,766 |  |  | $ | 92,669 |
Fixed-charge coverage ratio: |  |  |  |  |  |  |  |  |
– quarter annualized | 4.8x |  | 4.7x |  | 5.0x |  | 5.0x |  | 4.9x
– trailing 12 months | 4.9x |  | 4.9x |  | 5.0x |  | 5.0x |  | 5.1x

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’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, gains or losses on early extinguishment of debt, significant termination fees, acceleration of stock compensation expense due to the resignation of an executive officer, 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 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 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.
The following table reconciles net income 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, 2023 |  | September 30, 2023
(In thousands) | Three Months Ended |  | Nine Months Ended |  | Three Months Ended |  | Nine Months Ended
Net income | $ | 43,985 |  |  | $ | 131,584 |  |  | $ | 242 |  |  | $ | 617 |
Depreciation and amortization of real estate assets | 28,814 |  |  | 85,212 |  |  | 910 |  |  | 2,624 |
Funds from operations | $ | 72,799 |  |  | $ | 216,796 |  |  | $ | 1,152 |  |  | $ | 3,241 |

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

(In thousands) | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Total assets | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |  |  | $ | 35,523,399 |  |  | $ | 34,368,614 |
Accumulated depreciation | 4,856,436 |  |  | 4,646,833 |  |  | 4,561,854 |  |  | 4,354,063 |  |  | 4,148,230 |
Gross assets | $ | 41,639,729 |  |  | $ | 41,306,090 |  |  | $ | 41,474,319 |  |  | $ | 39,877,462 |  |  | $ | 38,516,844 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 59

Definitions and Reconciliations (continued)
September 30, 2023

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. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our value-creation 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.
•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property.
Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-grade rated or publicly traded companies with an average daily market capitalization greater than $10 billion for the twelve months ended September 30, 2023, as reported by Bloomberg Professional Services. Credit ratings from Moody’s Investors Service 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.

Space Intentionally Blank

Investments
We hold investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries. 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 60

Definitions and Reconciliations (continued)
September 30, 2023

Investments in real estate
The following table reconciles our investments in real estate as of September 30, 2023:

(In thousands) |  | Investments in Real Estate |
Gross investments in real estate – North America |  | $ | 36,565,011 |  |
Less: accumulated depreciation – North America |  | (4,852,280) |  |
Net investments in real estate – North America |  | 31,712,731 |  |
Net investments in real estate – Asia |  | — |  |
Investments in real estate |  | $ | 31,712,731 |  |

The following table presents our value-creation pipeline of new Class A/A+ development and redevelopment projects as a percentage of gross assets as of September 30, 2023:

|  | Percentage of Gross Assets
Under construction projects 67% leased/negotiating |  | 11%
Near-term projects expected to commence construction in the next three quarters 59% leased |  | 1%
Income-producing/potential cash flows/covered land play(1) |  | 8%
Land |  | 3%

(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes development rights associated with existing operating campuses. These projects aggregated 1.1% of total annual rental revenue as of September 30, 2023 and are included in our industry mix chart as targeted for a future change in use. Refer to “High-quality and diverse client base in AAA locations” of this Supplemental Information.

Space Intentionally Blank

The square footage presented in the table below is classified as operating as of September 30, 2023. These lease expirations or vacant space at recently acquired properties represent future opportunities for which we have the intent, 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 |  |  | 2023 |  | 2024 |  | Thereafter(1) |  | Total
Near-term projects: |  |  |  |  |  |  |  |  |  |
311 Arsenal Street/Cambridge/Inner Suburbs |  | Redev |  | — |  |  | 308,446 |  |  | — |  |  | 308,446 |
269 East Grand Avenue/South San Francisco |  | Redev |  | — |  |  | 107,250 |  |  | — |  |  | 107,250 |
3301 Monte Villa Parkway/Bothell |  | Redev |  | — |  |  | 50,552 |  |  | — |  |  | 50,552 |
|  |  |  | — |  |  | 466,248 |  |  | — |  |  | 466,248 |
Intermediate-term projects: |  |  |  |  |  |  |  |  |  |
100 Edwin H. Land Boulevard/Cambridge |  | Dev |  | — |  |  | 104,500 |  |  | — |  |  | 104,500 |
219 East 42nd Street/New York City |  | Dev |  | — |  |  | — |  |  | 349,947 |  |  | 349,947 |
10975 and 10995 Torreyana Road/Torrey Pines |  | Dev |  | — |  |  | 84,829 |  |  | — |  |  | 84,829 |
|  |  |  | — |  |  | 189,329 |  |  | 349,947 |  |  | 539,276 |
Future projects: |  |  |  |  |  |  |  |  |  |
446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs |  | Dev |  | — |  |  | — |  |  | 392,583 |  |  | 392,583 |
380 and 420 E Street/Seaport Innovation District |  | Dev |  | — |  |  | — |  |  | 195,506 |  |  | 195,506 |
Other/Greater Boston |  | Redev |  | — |  |  | — |  |  | 167,549 |  |  | 167,549 |
1122 and 1150 El Camino Real/South San Francisco |  | Dev |  | — |  |  | — |  |  | 375,232 |  |  | 375,232 |
3875 Fabian Way/Greater Stanford |  | Dev |  | — |  |  | — |  |  | 228,000 |  |  | 228,000 |
960 Industrial Road/Greater Stanford |  | Dev |  | — |  |  | — |  |  | 110,000 |  |  | 110,000 |
Campus Point by Alexandria/University Town Center |  | Dev |  | — |  |  | 495,192 |  |  | — |  |  | 495,192 |
Sequence District by Alexandria/Sorrento Mesa |  | Dev/Redev |  | — |  |  | — |  |  | 684,866 |  |  | 684,866 |
830 4th Avenue South/SoDo |  | Dev |  | — |  |  | — |  |  | 42,380 |  |  | 42,380 |
Other/Seattle |  | Dev |  | — |  |  | — |  |  | 81,184 |  |  | 81,184 |
1020 Red River Street/Austin |  | Redev |  | — |  |  | — |  |  | 126,034 |  |  | 126,034 |
Canada |  | Redev |  | — |  |  | — |  |  | 247,743 |  |  | 247,743 |
|  |  |  | — |  |  | 495,192 |  |  | 2,651,077 |  |  | 3,146,269 |
|  |  |  | — |  |  | 1,150,769 |  |  | 3,001,024 |  |  | 4,151,793 |

(1)Includes vacant square footage as of September 30, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 61

Definitions and Reconciliations (continued)
September 30, 2023

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, and 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 in order to facilitate for investors a 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.
Key items included in net income attributable to Alexandria’s common stockholders
We present a tabular comparison of items, whether gain or loss, that may facilitate a high-level understanding of our results and provide context for the disclosures included in this Supplemental Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form 10-Q. We believe that such tabular presentation promotes a better understanding for investors of the corporate-level decisions made and activities performed that significantly affect comparison of our operating results from period to period. We also believe that this tabular presentation will supplement for investors an understanding of our disclosures and real estate operating results. Gains or losses on sales of real estate and impairments of held for sale assets are related to corporate-level decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to corporate-level financing decisions focused on our capital structure strategy. Significant realized and unrealized gains or losses on non-real estate investments, impairments of real estate and non-real estate investments, and acceleration of stock compensation expense due to the resignation of an executive officer are not related to the operating performance of our real estate assets as they result from strategic, corporate-level non-real estate investment decisions and external market conditions. Impairments of non-real estate investments are not related to the operating performance of our real estate as they represent the write-down of non-real estate investments when their fair values decrease below their respective carrying values due to changes in general market or other conditions outside of our control. Significant items, whether a gain or loss, included in the tabular disclosure for current periods are described in further detail in this Supplemental Information and accompanying Earnings Press Release.
Mega campus
Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. The following table reconciles our annual rental revenue and value-creation pipeline RSF as of September 30, 2023 (dollars in thousands):

|  | Annual Rental Revenue |  | Value-Creation Pipeline RSF
Mega campus |  | $ | 1,526,731 |  |  | 25,720,103 |
Non-mega campus |  | 503,717 |  |  | 11,951,659 |
Total |  | $ | 2,030,448 |  |  | 37,671,762 |
Mega campus as a percentage of total annual rental revenue/total value-creation pipeline RSF |  | 75 | % |  | 68 | %

Net cash provided by operating activities after dividends
Net cash provided by operating activities after dividends includes the deduction for distributions to noncontrolling interests. For purposes of this calculation, changes in operating assets and liabilities are excluded as they represent timing differences.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 62

Definitions and Reconciliations (continued)
September 30, 2023

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 of evaluating our balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and restricted cash, plus preferred stock outstanding as of the end of the period. 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) |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Secured notes payable |  | $ | 109,110 |  |  | $ | 91,939 |  |  | $ | 73,645 |  |  | $ | 59,045 |  |  | $ | 40,594 |
Unsecured senior notes payable |  | 11,093,725 |  |  | 11,091,424 |  |  | 11,089,124 |  |  | 10,100,717 |  |  | 10,098,588 |
Unsecured senior line of credit and commercial paper |  | — |  |  | — |  |  | 374,536 |  |  | — |  |  | 386,666 |
Unamortized deferred financing costs |  | 78,496 |  |  | 80,663 |  |  | 82,831 |  |  | 74,918 |  |  | 76,947 |
Cash and cash equivalents |  | (532,390) |  |  | (924,370) |  |  | (1,263,452) |  |  | (825,193) |  |  | (533,824) |
Restricted cash |  | (35,321) |  |  | (35,920) |  |  | (34,932) |  |  | (32,782) |  |  | (332,344) |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net debt and preferred stock |  | $ | 10,713,620 |  |  | $ | 10,303,736 |  |  | $ | 10,321,752 |  |  | $ | 9,376,705 |  |  | $ | 9,736,627 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
– quarter annualized |  | $ | 1,971,440 |  |  | $ | 1,986,760 |  |  | $ | 1,936,884 |  |  | $ | 1,846,936 |  |  | $ | 1,810,764 |
– trailing 12 months |  | $ | 1,935,505 |  |  | $ | 1,895,336 |  |  | $ | 1,848,018 |  |  | $ | 1,797,536 |  |  | $ | 1,743,613 |
Net debt and preferred stock to Adjusted EBITDA: |  |  |  |  |  |
– quarter annualized |  | 5.4 | x |  | 5.2 | x |  | 5.3 | x |  | 5.1 | x |  | 5.4 | x
– trailing 12 months |  | 5.5 | x |  | 5.4 | x |  | 5.6 | x |  | 5.2 | x |  | 5.6 | x

Net operating income, net operating income (cash basis), and operating margin
The following table reconciles net income to net operating income and net operating income (cash basis) and computes operating margin:

|  | Three Months Ended |  | Nine Months Ended
(Dollars in thousands) |  | 9/30/23 |  | 9/30/22 |  | 9/30/23 |  | 9/30/22
Net income |  | $ | 68,254 |  |  | $ | 383,443 |  |  | $ | 323,652 |  |  | $ | 575,433 |
Equity in earnings of unconsolidated real estate joint ventures |  | (242) |  |  | (40) |  |  | (617) |  |  | (473) |
General and administrative expenses |  | 45,987 |  |  | 49,958 |  |  | 140,065 |  |  | 134,286 |
Interest expense |  | 11,411 |  |  | 22,984 |  |  | 42,237 |  |  | 76,681 |
Depreciation and amortization |  | 269,370 |  |  | 254,929 |  |  | 808,227 |  |  | 737,666 |
Impairment of real estate |  | 20,649 |  |  | 38,783 |  |  | 189,224 |  |  | 38,783 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | 3,317 |
Gain on sales of real estate |  | — |  |  | (323,699) |  |  | (214,810) |  |  | (537,918) |
Investment loss |  | 80,672 |  |  | 32,305 |  |  | 204,051 |  |  | 312,105 |
Net operating income |  | 496,101 |  |  | 458,663 |  |  | 1,492,029 |  |  | 1,339,880 |
Straight-line rent revenue |  | (29,805) |  |  | (24,431) |  |  | (92,331) |  |  | (93,818) |
Amortization of acquired below-market leases |  | (23,222) |  |  | (23,546) |  |  | (69,647) |  |  | (54,221) |
Net operating income (cash basis) |  | $ | 443,074 |  |  | $ | 410,686 |  |  | $ | 1,330,051 |  |  | $ | 1,191,841 |
Net operating income (cash basis) – annualized |  | $ | 1,772,296 |  |  | $ | 1,642,744 |  |  | $ | 1,773,401 |  |  | $ | 1,589,121 |
Net operating income (from above) |  | $ | 496,101 |  |  | $ | 458,663 |  |  | $ | 1,492,029 |  |  | $ | 1,339,880 |
Total revenues |  | $ | 713,788 |  |  | $ | 659,852 |  |  | $ | 2,128,483 |  |  | $ | 1,918,681 |
Operating margin |  | 70% |  | 70% |  | 70% |  | 70%

Net operating income is a non-GAAP financial measure calculated as net income, 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 and amortization of acquired above- and below-market lease revenue adjustments 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 63

Definitions and Reconciliations (continued)
September 30, 2023

Furthermore, we believe net operating income is useful to investors as a performance measure of our consolidated properties because, when compared across periods, net operating income reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not immediately apparent from net income or loss. Net operating income can be used to measure the initial stabilized yields of our properties by calculating net operating income generated by a property divided by our investment in the property. Net operating income excludes certain components from net income in order to provide results that are more closely related to the results of operations of our properties. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level rather than at the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort comparability of operating performance at the property level. Impairments of real estate have been excluded in deriving net operating income because we do not consider impairments of real estate to be property-level operating expenses. Impairments of real estate relate to changes in the values of our assets and do not reflect the current operating performance with respect to related revenues or expenses. Our impairments of real estate represent the write-down in the value of the assets to the estimated fair value less cost to sell. These impairments result from investing decisions or a deterioration in market conditions. We also exclude realized and unrealized investment gain or loss, which results from investment decisions that occur at the corporate level related to non-real estate investments in publicly traded companies and certain privately held entities. Therefore, we do not consider these activities to be an indication of operating performance of our real estate assets at the property level. Our calculation of net operating income also excludes charges incurred from changes in certain financing decisions, such as losses on early extinguishment of debt, 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, office rent, and office supplies that are incurred as part of corporate office management. We calculate operating margin as net operating income divided by total revenues.
We believe that in order to facilitate for investors a 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.
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% 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.

Space Intentionally Blank

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 64

Definitions and Reconciliations (continued)
September 30, 2023

The following table reconciles the number of same properties to total properties for the nine months ended September 30, 2023:

|  |  |  | Redevelopment – placed into |  |  |
Development – under construction |  | Properties |  | service after January 1, 2022 |  | Properties |
201 Brookline Avenue |  | 1 |  |  | 3160 Porter Drive |  | 1 |  |
15 Necco Street |  | 1 |  |  | 5505 Morehouse Drive |  | 1 |  |
325 Binney Street |  | 1 |  |  | The Arsenal on the Charles |  | 11 |  |
1150 Eastlake Avenue East |  | 1 |  |  | 30-02 48th Avenue |  | 1 |  |
9810 and 9820 Darnestown Road |  | 2 |  |  | 2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive |  | 3 |  |
99 Coolidge Avenue |  | 1 |  |  |  |
500 North Beacon Street and 4 Kingsbury Avenue |  | 2 |  |  | 20400 Century Boulevard |  | 1 |  |
|  | 140 First Street |  | 1 |  |
|  |  |  | 9601 and 9603 Medical Center Drive |  | 2 |  |
9808 Medical Center Drive |  | 1 |  |  |  |  | 21 |  |
6040 George Watts Hill Drive |  | 1 |  |  | Acquisitions after January 1, 2022 |  | Properties |
1450 Owens Street |  | 1 |  |  | 3301, 3303, 3305, and 3307 Hillview Avenue |  | 4 |  |
230 Harriet Tubman Way |  | 1 |  |  |  |
4155 Campus Point Court |  | 1 |  |  | 8505 Costa Verde Boulevard and 4260 Nobel Drive |  | 2 |  |
10935, 10945, and 10955 Alexandria Way |  | 3 |  |  |  |
|  | 225 and 235 Presidential Way |  | 2 |  |
10075 Barnes Canyon Road |  | 1 |  |  | 104 TW Alexander Drive |  | 4 |  |
|  | 18 |  |  | One Hampshire Street |  | 1 |  |
Development – placed into |  |  |  | Intersection Campus |  | 9 |  |
service after January 1, 2022 |  | Properties |  | 100 Edwin H. Land Boulevard |  | 1 |  |
825 and 835 Industrial Road |  | 2 |  | 10010 and 10140 Campus Point Drive and 4275 Campus Point Court |  | 3 |  |
9950 Medical Center Drive |  | 1 |  |  |
3115 Merryfield Row |  | 1 |  | 446 and 458 Arsenal Street |  | 2 |  |
8 and 10 Davis Drive |  | 2 |  |  | 35 Gatehouse Drive |  | 1 |  |
5 and 9 Laboratory Drive |  | 2 |  |  | 1001 Trinity Street and 1020 Red River Street |  | 2 |  |
10055 Barnes Canyon Road |  | 1 |  |  |  |
10102 Hoyt Park Drive |  | 1 |  |  | Other |  | 10 |  |
751 Gateway Boulevard |  | 1 |  |  |  |  | 41 |  |
|  | 11 |  |  | Unconsolidated real estate JVs |  | 4 |  |
Redevelopment – under construction |  | Properties |  | Properties held for sale |  | 4 |  |
840 Winter Street |  | 1 |  |  | Total properties excluded from same properties |  | 118 |  |
40, 50, and 60 Sylvan Road |  | 3 |  |  |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 6 |  |  | Same properties |  | 301 |  |
|  | Total properties in North America as of September 30, 2023 |  | 419 |  |
651 Gateway Boulevard |  | 1 |  |  |  |
401 Park Drive |  | 1 |  |  |  |  |  |
8800 Technology Forest Place |  | 1 |  |  |  |  |  |
Canada |  | 4 |  |  |  |  |  |
Other |  | 2 |  |  |  |  |  |
|  | 19 |  |  |  |  |  |

Stabilized occupancy date
The stabilized occupancy date represents the estimated date on which the project is expected to reach occupancy of 95% or greater.
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 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” of 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 to net income for any significant variability to components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:

| Three Months Ended |  | Nine Months Ended
(In thousands) | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22 |  | 9/30/23 |  | 9/30/22
Income from rentals | $ | 707,531 |  |  | $ | 704,339 |  |  | $ | 687,949 |  |  | $ | 665,674 |  |  | $ | 656,853 |  |  | $ | 2,099,819 |  |  | $ | 1,910,366 |
Rental revenues | (526,352) |  |  | (537,889) |  |  | (518,302) |  |  | (499,348) |  |  | (496,146) |  |  | (1,582,543) |  |  | (1,450,750) |
Tenant recoveries | $ | 181,179 |  |  | $ | 166,450 |  |  | $ | 169,647 |  |  | $ | 166,326 |  |  | $ | 160,707 |  |  | $ | 517,276 |  |  | $ | 459,616 |

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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 65

Definitions and Reconciliations (continued)
September 30, 2023

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) | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22
Unencumbered net operating income | $ | 495,012 |  |  | $ | 500,923 |  |  | $ | 492,860 |  |  | $ | 464,944 |  |  | $ | 457,656 |
Encumbered net operating income | 1,089 |  |  | 1,143 |  |  | 1,002 |  |  | 985 |  |  | 1,007 |
Total net operating income | $ | 496,101 |  |  | $ | 502,066 |  |  | $ | 493,862 |  |  | $ | 465,929 |  |  | $ | 458,663 |
Unencumbered net operating income as a percentage of total net operating income | 100% |  | 100% |  | 100% |  | 100% |  | 100%

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.

Space Intentionally Blank

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 highly leased development and redevelopment projects, and for general working capital purposes. We are required to consider the potential dilutive effect of our Forward Agreements under the treasury stock method while the Forward Agreements are outstanding. As of September 30, 2023, we had Forward Agreements outstanding to sell an aggregate of 699 thousand shares of common stock.
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 restricted stock awards used in calculating amounts allocable to unvested stock award holders for each of the respective periods presented below:

| Three Months Ended |  | Nine Months Ended
(In thousands) | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 9/30/22 |  | 9/30/23 |  | 9/30/22
Basic shares for earnings per share | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Forward Agreements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Diluted shares for earnings per share | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Forward Agreements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Weighted-average unvested restricted shares used in the allocations of net income, funds from operations, and funds from operations, as adjusted | 2,124 |  |  | 2,163 |  |  | 2,277 |  |  | 1,614 |  |  | 1,648 |  |  | 2,187 |  |  | 1,759 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 | 66