EX-99.1 2 a4q23ex991supp.htm EX-99.1

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024

Table of Contents
December 31, 2023

COMPANY HIGHLIGHTS | Page |  |  | Page |  |
Our Mission and Cluster Model | iii |  | Corporate Responsibility | xxiii |
EARNINGS PRESS RELEASE | Page |  |  | Page |
Fourth Quarter and Year Ended December 31, 2023 Financial and Operating Results | 1 |  | Earnings Call Information and About the Company | 7 |
Guidance | 4 |  | Consolidated Statements of Operations | 8 |
Acquisitions | 5 |  | Consolidated Balance Sheets | 9 |
Dispositions and Sales of Partial Interests | 6 |  | Funds From Operations and Funds From Operations per Share | 10 |
SUPPLEMENTAL INFORMATION | Page |  |  | Page |
Company Profile | 13 |  | External Growth / Investments in Real Estate |  |
Investor Information | 14 |  | Investments in Real Estate | 32 |
Financial and Asset Base Highlights | 15 |  | New Class A/A+ Development and Redevelopment Properties: |  |
High-Quality and Diverse Client Base | 17 |  |  |
High-Quality and Diverse Client Base in AAA Locations | 18 |  | Recent Deliveries | 34 |
Occupancy | 19 |  | Current Projects | 37 |
Internal Growth |  |  | Summary of Pipeline | 41 |
Key Operating Metrics | 20 |  | Construction Spending and Capitalization of Interest | 46 |
Same Property Performance | 21 |  | Joint Venture Financial Information | 47 |
Leasing Activity | 22 |  | Balance Sheet Management |  |
Contractual Lease Expirations | 23 |  | Investments | 49 |
Top 20 Tenants | 24 |  | Key Credit Metrics | 50 |
Summary of Properties and Occupancy | 25 |  | Summary of Debt | 51 |
Property Listing | 26 |  | Definitions and Reconciliations |  |
|  |  | Definitions and Reconciliations | 55 |

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(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 November 10, 2023.

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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 shareholder return information since May 27, 1997 is available.

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(1)As of December 31, 2023, our asset base in North America includes 42.0 million RSF of operating properties and 5.5 million RSF of Class A/A+ properties undergoing construction and one near-term project expected to commence construction in the next two years, 2.1 million RSF of priority anticipated development and redevelopment projects, and 23.9 million SF of future development projects.

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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 incremental annual net operating income from development and redevelopment projects placed into service primarily commencing from 1Q24 through 4Q27 is $389 million.
(2)Represents expected incremental annual net operating income to be placed into service, including partial deliveries for projects that stabilize in future years.
(3)Includes 1.4 million RSF expected to be stabilized in 2024 and is 93% leased. Refer to the initial and stabilized occupancy years in the “New Class A/A+ development and redevelopment properties: current projects” of our Supplemental Information for additional information.

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(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 November 10, 2023.
(2)Source: Evaluate Pharma, October 2023.
(3)Sources: PitchBook, BioCentury, and NASDAQ. Public markets include IPOs, follow-ons, and public equity financings.
(4)Sources: 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.”

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

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As of December 31, 2023.
(1)Represents contributions from existing consolidated real estate joint ventures to fund their share of construction costs from 1Q24 through 2027. Refer to “Construction spending and capitalization of interest” of our Supplemental Information for additional details.
(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.

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As of December 31, 2023, unless noted otherwise.
(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.
(2)As of the date of this report.
(3)Quarter annualized. Refer to “Net debt and preferred stock to Adjusted EBITDA” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

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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.

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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.

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(1)Based on the closing price of our common stock on December 31, 2023 of $126.77 and the annualized dividend declared for the three months ended December 31, 2023 of $1.27 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 2023.

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As of December 31, 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 4.0 years.
(3)Our “Other” tenants, which represent an aggregate of 3.0% 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 December 31, 2023. Refer to “Annual rental revenue” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

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

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(1)Represents the average of acquired vacancy percentages as of December 31, 2020 through 2023.
(2)Represents the midpoint of our 2024 guidance range for occupancy percentage in North America as of December 31, 2024. Refer to “Guidance” in our Earnings Press Release for additional details.
(3)Represents occupancy percentage of operating properties in North America as of each period end.

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Represents rendering for future development and redevelopment properties. Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” of our Supplemental Information for additional details.

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Future phases are represented by renderings for future development properties. Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” of our Supplemental Information for additional details.

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Alexandria Real Estate Equities, Inc. Reports:
4Q23 Net Loss per Share – Diluted of $0.54;
2023 Net Income per Share – Diluted of $0.54; and
4Q23 and 2023 FFO per Share – Diluted, As Adjusted, of $2.28 and $8.97, respectively
PASADENA, Calif. – January 29, 2024 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the fourth quarter and year ended December 31, 2023.

Key highlights |  |  |  |  |  |  |  |
Operating results | 4Q23 |  | 4Q22 |  | 2023 |  | 2022 |
Total revenues: |  |  |  |  |  |  |  |
In millions | $ | 757.2 |  |  | $ | 670.3 |  |  | $ | 2,885.7 |  |  | $ | 2,589.0 |  |
Growth | 13.0% |  |  | 11.5% |  |
Net (loss) income attributable to Alexandria’s common stockholders – diluted
In millions | $ | (91.9) |  |  | $ | 51.8 |  |  | $ | 92.4 |  |  | $ | 513.3 |  |
Per share | $ | (0.54) |  |  | $ | 0.31 |  |  | $ | 0.54 |  |  | $ | 3.18 |  |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |
In millions | $ | 389.8 |  |  | $ | 353.6 |  |  | $ | 1,532.3 |  |  | $ | 1,361.7 |  |
Per share | $ | 2.28 |  |  | $ | 2.14 |  |  | $ | 8.97 |  |  | $ | 8.42 |  |

Celebrating 30 years at the vanguard and heart of the $5 trillion secularly growing life science industry
We celebrated the 30th anniversary of our one-of-a-kind, once-in-a-generation company on January 5, 2024. Alexandria pioneered the novel Labspace® niche and created the first-ever REIT uniquely focused on the critically important life science industry with our founding on January 5, 1994. Over the past three decades, we have transformed life science real estate from a specialty niche into a compelling mainstream asset class. From our IPO on May 27, 1997 through December 31, 2023, we generated an outstanding total shareholder return (“TSR”) of 1,512%, significantly outperforming major indices over the same period, including the FTSE Nareit Equity Health Care Index’s TSR of 980% and the MSCI US REIT Index’s TSR of 792% (assuming reinvestment of dividends).
An operationally excellent, industry-leading REIT with a high-quality, diverse client base to support growing revenues, stable cash flows, and strong margins

Percentage of total annual rental revenue in effect from mega campuses as of December 31, 2023 |  | 75 | % |  |
Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants as of December 31, 2023 |  | 52 | % |  |
Sustained strength in tenant collections: |  |  |  |
Low tenant receivables as of December 31, 2023 |  | $ | 8.2 | million
January 2024 tenant rents and receivables collected as of January 29, 2024 |  | 99.4 | % |  |
4Q23 tenant rents and receivables collected as of January 29, 2024 |  | 99.9 | % |  |
Occupancy of operating properties in North America as of December 31, 2023 |  | 94.6 | % |  |
Operating margin |  | 71 | % |  |
Adjusted EBITDA margin |  | 69 | % |  |
Weighted-average remaining lease term as of December 31, 2023: |  |  |  |
Top 20 tenants |  | 9.6 | years
All tenants |  | 7.4 | years

Solid annual leasing volume and rental rate increases with continued long lease terms
•Solid leasing volume aggregating 889,737 RSF during 4Q23 and 4.3 million RSF for 2023.
•Weighted-average lease term of 11.3 years for 2023, above our historically long weighted-average lease term of 8.8 years over the last 10 years.
•76% of our leasing activity during the last twelve months was generated from our existing tenant base.

|  | 4Q23 |  |  | 2023 |
Total leasing activity – RSF |  | 889,737 |  |  |  | 4,306,072 |  |
Leasing of development and redevelopment space – RSF |  | 233,516 |  |  |  | 596,533 |  |
Lease renewals and re-leasing of space: |  |  |  |  |  |
RSF (included in total leasing activity above) |  | 477,142 |  |  |  | 3,046,386 |  |
Rental rate increase |  | 9.2% | (1) |  | 29.4% | (1)
Rental rate increase (cash basis) |  | 5.5% | (1) |  | 15.8% | (1)

(1)Includes the re-lease of 99,557 RSF to Cargo Therapeutics at 835 Industrial at a 4.1% decline in the cash rental rate compared with the rate from the former tenant that was less than three years into a 10-year lease. Excluding this lease, the rental rate increase on renewals and re-leasing of space was 21.4% and 9.7% (cash basis) for 4Q23 and 32.4% and 17.0% (cash basis) for 2023.
Strong and flexible balance sheet with significant liquidity, top 10% credit rating ranking among all publicly traded U.S. REITs
•Net debt and preferred stock to Adjusted EBITDA of 5.1x, equaling the lowest leverage levels in Company history, and fixed-charge coverage ratio of 4.5x for 4Q23 annualized.
•Significant liquidity of $5.8 billion.
•No debt maturities prior to 2025.
•Only 20% of our total debt matures in the next five years.
•12.8 years weighted-average remaining term of debt.
•98.1% of our debt has a fixed rate.
•Total debt and preferred stock to gross assets of 27%.
•$1.2 billion of expected capital contribution commitments from existing consolidated real estate joint venture partners to fund construction from 1Q24 through 2027.
•During 4Q23, we settled our outstanding forward equity sales agreements by issuing 699 thousand shares of common stock, for which we received net proceeds of $104.3 million.
Alexandria’s highly leased value-creation pipeline delivered the highest incremental annual net operating income in Company history of $145 million and $265 million, commencing during 4Q23 and 2023, respectively, and drives future incremental annual net operating income aggregating $495 million
•During 4Q23, we placed into service development and redevelopment projects aggregating 1.2 million RSF that are 99% leased across multiple submarkets and delivered incremental annual net operating income of $145 million. 4Q23 deliveries include:
•Accelerated delivery of 462,100 RSF at 325 Binney Street in our Cambridge submarket, which is 100% leased to Moderna, Inc.;
•345,996 RSF at 15 Necco Street in our Seaport Innovation District submarket, which is 97% leased to Eli Lilly and Company;
•278,282 RSF at 1150 Eastlake Avenue East, a multi-tenant building, in our Lake Union submarket, which is 100% leased; and
•88,038 RSF at 6040 George Watts Hill Drive in our Research Triangle submarket, which is 100% leased to FUJIFILM Diosynth Biotechnologies.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 1

Fourth Quarter and Year Ended December 31, 2023 Financial and Operating Results (continued)
December 31, 2023

Alexandria’s highly leased value-creation pipeline delivered the highest incremental annual net operating income in Company history of $145 million and $265 million, commencing during 4Q23 and 2023, respectively, and drives future incremental annual net operating income aggregating $495 million (continued)
•Annual net operating income (cash basis) is expected to increase by $114 million upon the burn-off of initial free rent from recently delivered projects. Initial free rent has a weighted-average burn-off period of 10 months.
•66% of RSF in our value-creation pipeline is within our mega campuses.

(dollars in millions) |  | Incremental Annual Net Operating Income |  | RSF |  | Leased/Negotiating Percentage |
Placed into service: |  |  |  |  |  |  |
YTD 3Q23 |  | $ | 120 |  |  | 1,290,721 |  |  | 100% |
4Q23 |  | 145 |  |  | 1,228,604 |  |  | 99 |
Placed into service in 2023 |  | $ | 265 |  |  | 2,519,325 |  |  | 100% |
Expected to be placed into service(1): |  |  |  |  |  |  |
2024 |  | $ | 149 |  | (2) | 5,697,062 |  | 60%(3) |
2025 |  | 146 |  |  |  |
1Q26 through 4Q27 |  | 200 |  |  |  |
|  | $ | 495 |  |  |  |

(1)Represents expected incremental annual net operating income to be placed into service, including partial deliveries for projects that stabilize in future years.
(2)Includes 1.4 million RSF expected to be stabilized in 2024 and is 93% leased. Refer to the initial and stabilized occupancy years in the “New Class A/A+ development and redevelopment properties: current projects” of our Supplemental Information for additional information.
(3)70% of the leased RSF of our value-creation projects was generated from our existing tenant base.
Continued solid net operating income and internal growth
•Net operating income (cash basis) of $1.9 billion for 4Q23 annualized, up $190.4 million, or 11.3%, compared to 4Q22 annualized.
•Same property net operating income growth:
•3.4% and 4.6% (cash basis) for 2023 over 2022, in line with our previously provided 2023 guidance.
•0.7% and 0.8% (cash basis) for 4Q23 over 4Q22, including four properties in our Greater Boston, San Francisco Bay Area, and San Diego markets, with temporary vacancy aggregating 331,454 RSF. This RSF is currently 64% leased/negotiating, with leases expected to commence primarily during 2H24.
•96% of our leases contain contractual annual rent escalations approximating 3%.
Consistent dividend strategy focuses on retaining significant net cash flows from operating activities after dividends for reinvestment
•Common stock dividend declared for 4Q23 of $1.27 per common share, aggregating $4.96 per common share for the year ended December 31, 2023, up 24 cents, or 5%, over the year ended December 31, 2022.
•Dividend yield of 4.0% as of December 31, 2023.
•Dividend payout ratio of 56% for the three months ended December 31, 2023.
•Average annual dividend per-share growth of 6% from 2019 to 2023.
•Significant net cash flows from operating activities after dividends retained for reinvestment aggregating $1.9 million for the years ended December 31, 2019 through 2023.
Execution of our value harvesting and asset recycling 2023 self-funding strategy
Our 2023 capital plan included $1.4 billion in funding primarily from dispositions and partial interest sales, of which $439.0 million was completed during 4Q23, and focused on the enhancement of our asset base through the following:

(in millions) |  |  |  | Completed in 2023
Value harvesting dispositions of 100% interest in properties not integral to our mega campus strategy |  |  |  |  |  |  | $ | 1,042 |  |
Strategic dispositions and partial interest sales |  |  |  |  |  |  | 273 |  |
Proceeds of forward equity sales agreements entered into during 2022 and settled in 4Q23 |  |  |  |  |  |  | 104 |  |
Total |  |  |  |  |  |  | $ | 1,419 |  |

In January 2024, our existing ATM program became inactive upon expiration of the associated shelf registration. We expect to file a new shelf registration and ATM program in the near future.
Strong balance sheet management
Key metrics as of or for December 31, 2023
•$33.1 billion in total market capitalization.
•$21.8 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.

|  | 4Q23 |  | Target
|  | Quarter |  | Trailing |  | 4Q24
|  | Annualized |  | 12 Months |  | Annualized
Net debt and preferred stock to Adjusted EBITDA |  | 5.1x |  | 5.4x |  | Less than or equal to 5.1x
Fixed-charge coverage ratio |  | 4.5x |  | 4.7x |  | Greater than or equal to 4.5x

Investments
•As of December 31, 2023:
•Our non-real estate investments aggregated $1.4 billion.
•Unrealized gains presented in our consolidated balance sheet were $196.9 million, comprising gross unrealized gains and losses aggregating $320.4 million and $123.5 million, respectively.
•Investment income of $8.7 million for 4Q23 presented in our consolidated statement of operations consisted of $19.5 million of unrealized gains and $10.8 million of realized losses. Realized losses include $12.3 million of realized gains, offset by impairment charges of $23.1 million.

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Fourth Quarter and Year Ended December 31, 2023 Financial and Operating Results (continued)
December 31, 2023

Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:
|  |  |  |  |  |  |  |  | YTD
| 4Q23 |  | 4Q22 |  | 4Q23 |  | 4Q22 |  | 2023 |  | 2022 |  | 2023 |  | 2022
(in millions, except per share amounts) | Amount |  | Per Share – Diluted |  | Amount |  | Per Share – Diluted
Unrealized gains (losses) on non-real estate investments | $ | 19.5 |  |  | $ | (24.1) |  |  | $ | 0.11 |  |  | $ | (0.15) |  |  | $ | (201.5) |  |  | $ | (412.2) |  |  | $ | (1.18) |  |  | $ | (2.55) |
Gain on sales of real estate | 62.2 |  |  | — |  |  | 0.36 |  |  | — |  |  | 277.0 |  |  | 537.9 |  |  | 1.62 |  |  | 3.33 |
Impairment of non-real estate investments | (23.1) |  |  | (20.5) |  |  | (0.13) |  |  | (0.12) |  |  | (74.6) |  |  | (20.5) |  |  | (0.44) |  |  | (0.13) |
Impairment of real estate | (271.9) |  | (1) | (26.2) |  |  | (1.59) |  |  | (0.16) |  |  | (461.1) |  |  | (65.0) |  |  | (2.70) |  |  | (0.40) |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.3) |  |  | — |  |  | (0.02) |
Acceleration of stock compensation expense due to executive officer resignations | (18.4) |  |  | — |  |  | (0.11) |  |  | — |  |  | (20.3) |  |  | (7.2) |  |  | (0.12) |  |  | (0.04) |
Total | $ | (231.7) |  |  | $ | (70.8) |  |  | $ | (1.36) |  |  | $ | (0.43) |  |  | $ | (480.5) |  |  | $ | 29.7 |  |  | $ | (2.82) |  |  | $ | 0.19 |
(1)Represents impairment charges to reduce our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale, primarily consisting of non-laboratory assets that are not integral to our mega campus strategy, including (i) $94.8 million for two non-laboratory properties in our Seaport Innovation District submarket, (ii) $93.5 million for an office property in our New York City submarket, (iii) $36.1 million for a development land parcel in our Seaport Innovation District submarket, and (iv) $29.7 million for an office property in our Bothell submarket. We initially acquired these real estate assets with the intention to entitle or reposition each site as part of a life science campus, including the demolition of properties as necessary, upon expiration of the existing in-place leases, and ultimately develop or redevelop life science properties. Since acquiring these assets, the macroeconomic environment has changed and we decided not to proceed with them. Refer to “Funds from operations and funds from operations per share” of this Earnings Press Release for additional details.

Industry and corporate responsibility leadership: catalyzing and leading the way for positive change to benefit human health and society
•In November 2023, Alexandria earned several 2023 TOBY (The Outstanding Building of the Year) Awards from BOMA (Building Owners and Managers Association) in Boston, San Diego, and Seattle King County:
•In our Greater Boston market, 60 Binney Street on our Alexandria Center® at Kendall Square mega campus won in the Laboratory Building category, and Buildings 200 and 1400 on our Alexandria Center® at One Kendall Square mega campus won in the Historical Building and Renovated Building categories, respectively.
•In our San Diego market, 9880 Campus Point Drive on our Campus Point by Alexandria mega campus, which is home to Alexandria GradLabs®, won a TOBY in the region’s first-ever Life Science category.
•In our Seattle market, 1165 Eastlake Avenue East on The Eastlake Life Science Campus by Alexandria mega campus won a TOBY in the region’s first-ever Life Science category.
•Alexandria continues to address some of today’s most pressing societal challenges through our impactful social responsibility pillars, with a prioritized focus on mental health and addiction. OneFifteen, a data-driven comprehensive care model for treating people living with addiction, which we pioneered in partnership with Verily, celebrated the fourth anniversary of its campus in Dayton, Ohio in October 2023. Since it opened its doors in 2019, OneFifteen has treated over 7,500 patients at this patient-centered holistic learning health system.
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. Alexandria has a total market capitalization of $33.1 billion and an asset base in North America of 73.5 million SF as of December 31, 2023, which includes 42.0 million RSF of operating properties, 5.5 million RSF of Class A/A+ properties undergoing construction and one near-term project expected to commence construction in the next two years, 2.1 million RSF of priority anticipated development and redevelopment projects, and 23.9 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.

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Guidance |
December 31, 2023
(Dollars in millions, except per share amounts)

The following guidance for 2024 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2024. There can be no assurance that actual results will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 7 of this Earnings Press Release for additional details. Key updates to our 2024 guidance from November 29, 2023 are summarized below which includes a $125 million reduction in excess 2023 bond capital held as cash at December 31, 2023 and a corresponding increase in incremental debt.

|  |  |  |  |  | 2024 Guidance Midpoint
Summary of Change in Key Credit Metric Targets |  | As of 1/29/24 |  | As of 11/29/23 |  | Summary of Key Changes in Sources and Uses of Capital |  | As of 1/29/24 |  | As of 11/29/23
Fixed-charge coverage ratio – 4Q24 annualized |  | Greater than or equal to 4.5x |  | 4.5x to 5.0x |  | Incremental debt |  | $900 |  | $775
|  |  | Excess 2023 bond capital held as cash at December 31, 2023 |  | $— |  | $125

Projected 2024 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted |
Earnings per share(2) |  | $3.49 to $3.69 |  |  |
Depreciation and amortization of real estate assets |  |  | 5.95 |  |  |  |  |  |
Allocation to unvested restricted stock awards |  |  | (0.07) |  |  |  |  |  |
Funds from operations per share(3) |  | $9.37 to $9.57 |  |  |
Midpoint |  | $9.47 |  |  |

Key Assumptions |  | Low |  | High |  |  |  |  |
Occupancy percentage in North America as of December 31, 2024 |  | 94.6% |  | 95.6% |  |  |  |  |
Lease renewals and re-leasing of space: |  |  |  |  |  |  |  |  |
Rental rate increases |  | 11.0% |  | 19.0% |  |  |  |  |
Rental rate increases (cash basis) |  | 5.0% |  | 13.0% |  |  |  |  |
Same property performance: |  |  |  |  |  |  |  |  |
Net operating income increases |  | 0.5% |  | 2.5% |  |  |  |  |
Net operating income increases (cash basis) |  | 3.0% |  | 5.0% |  |  |  |  |
Straight-line rent revenue |  | $ | 169 |  |  | $ | 184 |  |  |  |  |  |
General and administrative expenses |  | $ | 181 |  |  | $ | 191 |  |  |  |  |  |
Capitalization of interest |  | $ | 325 |  |  | $ | 355 |  |  |  |  |  |
Interest expense |  | $ | 154 |  |  | $ | 184 |  |  |  |  |  |
Realized gains on non-real estate investments(8) |  | $ | 95 |  |  | $ | 125 |  |  |  |  |  |

Key Credit Metric Targets(1) |  |  |  |
Net debt and preferred stock to Adjusted EBITDA – 4Q24 annualized |  | Less than or equal to 5.1x |  |
Fixed-charge coverage ratio – 4Q24 annualized |  | Greater than or equal to 4.5x |  |

Key Sources and Uses of Capital |  | Range |  | Midpoint |  |
Sources of capital: |  |  |  |  |  |  |  |  |
Incremental debt |  | $ | 900 |  |  | $ | 900 |  |  | $ | 900 |  |  |  |
Net cash provided by operating activities after dividends |  | 400 |  |  | 500 |  |  | 450 |  |  |  |
Dispositions and sales of partial interests(4)(5) |  | 900 |  |  | 1,900 |  |  | 1,400 |  |  |  |
Total sources of capital |  | $ | 2,200 |  |  | $ | 3,300 |  |  | $ | 2,750 |  |  |  |
Uses of capital: |  |  |  |  |  |  |  |  |
Construction (refer to page 46) |  | $ | 1,950 |  |  | $ | 2,550 |  |  | $ | 2,250 |  |  |  |
Acquisitions(6) (refer to page 5) |  | 250 |  |  | 750 |  |  | 500 |  |  |  |
Total uses of capital |  | $ | 2,200 |  |  | $ | 3,300 |  |  | $ | 2,750 |  |  |  |
Incremental debt (included above): |  |  |  |  |  |  |  |  |
Issuance of unsecured senior notes payable(7) |  | $ | 600 |  |  | $ | 1,400 |  |  | $ | 1,000 |  |  |  |
Unsecured senior line of credit, commercial paper, and other |  | 300 |  |  | (500) |  |  | (100) |  |  |  |
Net incremental debt |  | $ | 900 |  |  | $ | 900 |  |  | $ | 900 |  |  |  |

(1)Refer to each metric’s corresponding definition within the “Definitions and reconciliations” of our Supplemental Information.
(2)Excludes unrealized gains or losses on non-real estate investments after December 31, 2023 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(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 information.
(4)As of January 29, 2024, we have pending real estate dispositions subject to signed letters of intent or purchase and sale agreements aggregating $142.4 million.
(5)In January 2024, our existing ATM program became inactive upon expiration of the associated shelf registration. We expect to file a new shelf registration and ATM program in the near future.
(6)Primarily represents strategic acquisitions that expand existing mega campuses or are associated with a new mega campus. We have completed acquisitions aggregating $103.3 million as of January 29, 2024.
(7)Our guidance assumes we issue new unsecured senior notes payable in 2025 to fund the repayment of our $600 million unsecured senior notes payable due on April 30, 2025. Subject to market conditions, we may seek opportunities in 2024 to fund the repayment of our 2025 debt maturity through the issuance of additional unsecured senior notes payable.
(8)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to “Investments” of our Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 4

Acquisitions |
December 31, 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) |
2023 Acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | Canada |  | 1/30/23 |  | 1 |  | 100 | % |  |  | — |  |  | — |  |  | 247,743 |  |  |  |  |  |  | 247,743 |  |  | $ | 100,837 |  |
Other |  | Various |  | Various |  | 4 |  | 100 |  |  |  | 1,089,349 |  |  | 110,717 |  |  | 185,676 |  |  |  |  |  |  | 1,385,742 |  |  |  | 158,139 |  |
Total 2023 acquisitions |  |  |  |  |  | 5 |  | 100 | % |  |  | 1,089,349 |  |  | 110,717 |  |  | 433,419 |  |  |  |  |  |  | 1,633,485 |  |  | $ | 258,976 |  |
2024 Acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed through January 29, 2024 |  | Various |  | Various |  | — |  | N/A |  |  | 300,000 |  |  | — |  |  | — |  |  |  |  |  |  | 300,000 |  |  | $ | 103,250 |  |
Pending acquisitions subject to signed letters of intent or purchase and sale agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 358,746 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 461,996 |  |
2024 guidance range |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $250,000 – $750,000 |

(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. © 2024 | 5

Dispositions and Sales of Partial Interests |
December 31, 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 dispositions of 100% interest in properties not integral to our mega campus strategy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed in YTD 3Q23: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
11119 North Torrey Pines Road |  | Torrey Pines/San Diego |  | 5/4/23 |  | 100 | % |  |  | 72,506 |  |  | 4.4 | % |  |  | 4.6 | % |  |  | $ | 86,000 |  |  | $ | 1,186 |  |  |  |
225, 266, and 275 Second Avenue and 780 and 790 Memorial Drive(1) |  | Route 128 and Cambridge/Inner Suburbs/Greater Boston |  | 6/13/23 |  | 100 | % |  |  | 428,663 |  |  | N/A |  |  | N/A |  |  | 365,226 |  |  | $ | 852 |  |  |  |
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 |  |  |  |  |  |
Completed in 4Q23: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Memorial Drive, 100 Beaver Street, and 11025 and 11035 Roselle Street(2) |  | Cambridge and Inner Suburbs and Route 128/Greater Boston and Sorrento Valley/San Diego |  | 12/20/23 |  | 100 | % |  |  | 361,102 |  |  | N/A |  |  | N/A |  |  | 312,244 |  |  | $ | 865 |  |  |  |
380 and 420 E Street(3) |  | Seaport Innovation District/ Greater Boston |  | 12/20/23 |  | 100 | % |  |  | 195,506 |  |  | N/A |  |  | N/A |  |  | 86,969 |  |  | $ | 445 |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,753 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 438,966 |  | (4) |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,041,633 |  |  |  |  |  |
Strategic dispositions and partial interest sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
15 Necco Street |  | Seaport Innovation District/ Greater Boston |  | 4/11/23 |  | 18 | % |  |  | 345,996 |  |  | 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 |  |  |  |
421 Park Drive(5) |  | Fenway/Greater Boston |  | 9/19/23 |  | (5) |  |  | (5) |  | N/A |  |  | N/A |  |  | 174,412 |  |  | N/A |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 272,781 |  |  |  |  |  |
Total 2023 dispositions and sales of partial interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,314,414 |  |  |  |  |  |

(1)Represents five laboratory properties at 225, 266, and 275 Second Avenue aggregating 329,005 RSF and 780 and 790 Memorial Drive aggregating 99,658 RSF. We calculated capitalization rates of 5.0% and 5.2% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for 2Q23 annualized that includes vacancy available for redevelopment. Upon completion of the sale, we recognized a gain on sales of real estate aggregating $187.2 million.
(2)Represents four operating properties that were 46% occupied as of 3Q23 consisting of two laboratory properties at 640 Memorial Drive aggregating 242,477 RSF in Cambridgeport, MA and 100 Beaver Street aggregating 82,330 RSF in Waltham, MA, and two non-laboratory properties at 11025 and 11035 Roselle Street aggregating 36,295 RSF in our Sorrento Valley su bmarket. These non-core assets were not integral to our mega campus strategy and would have required significant capital to stabilize. Upon completion of the sale, we recognized a gain on sales of real estate aggregating $59.7 million.
(3)Represents two non-laboratory properties initially acquired as industrial and self-storage space with the intention to demolish the properties upon expiration of the existing in-place leases to entitle and develop a life science campus. During 4Q23, we decided to not proceed with this project due to the change in macroeconomic environment and a lack of transit options near the properties and recognized an impairment charge of $94.8 million to reduce our investment to its current fair value less costs to sell.
(4)Dispositions completed during the three months ended December 31, 2023 had annual net operating income of $22.7 million with a weighted-average disposition date of December 19, 2023 (weighted by net operating income for 4Q23 annualized).
(5)Represents the disposition of 268,023 RSF in a 660,034 RSF active development project at 421 Park Drive in our Fenway submarket. The proceeds from this transaction will help fund the construction of our remaining 392,011 RSF. The project commenced vertical construction in 4Q23 and is expected to be substantially completed in 2026. The buyer will fund the remaining costs to construct its 268,023 RSF, and as such, 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. © 2024 | 6

Earnings Call Information and About the Company
December 31, 2023

We will host a conference call on Tuesday, January 30, 2024, 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 fourth quarter and year ended December 31, 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, January 30, 2024. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 3134066.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 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/2023q4.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. Alexandria has a total market capitalization of $33.1 billion and an asset base in North America of 73.5 million SF as of December 31, 2023, which includes 42.0 million RSF of operating properties, 5.5 million RSF of Class A/A+ properties undergoing construction and one near-term project expected to commence construction in the next two years, 2.1 million RSF of priority anticipated development and redevelopment projects, and 23.9 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 2024 earnings per share attributable to Alexandria’s common stockholders – diluted, 2024 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. © 2024 | 7

Consolidated Statements of Operations |
December 31, 2023
(Dollars in thousands, except per share amounts)

|  | Three Months Ended |  | Year Ended
|  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 12/31/23 |  | 12/31/22
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from rentals |  | $ | 742,637 |  |  | $ | 707,531 |  |  | $ | 704,339 |  |  | $ | 687,949 |  |  | $ | 665,674 |  |  | $ | 2,842,456 |  |  | $ | 2,576,040 |
Other income |  | 14,579 |  |  | 6,257 |  |  | 9,561 |  |  | 12,846 |  |  | 4,607 |  |  | 43,243 |  |  | 12,922 |
Total revenues |  | 757,216 |  |  | 713,788 |  |  | 713,900 |  |  | 700,795 |  |  | 670,281 |  |  | 2,885,699 |  |  | 2,588,962 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operations |  | 222,726 |  |  | 217,687 |  |  | 211,834 |  |  | 206,933 |  |  | 204,352 |  |  | 859,180 |  |  | 783,153 |
General and administrative |  | 59,289 |  | (1) | 45,987 |  |  | 45,882 |  |  | 48,196 |  |  | 42,992 |  |  | 199,354 |  |  | 177,278 |
Interest |  | 31,967 |  |  | 11,411 |  |  | 17,072 |  |  | 13,754 |  |  | 17,522 |  |  | 74,204 |  |  | 94,203 |
Depreciation and amortization |  | 285,246 |  |  | 269,370 |  |  | 273,555 |  |  | 265,302 |  |  | 264,480 |  |  | 1,093,473 |  |  | 1,002,146 |
Impairment of real estate |  | 271,890 |  | (2) | 20,649 |  |  | 168,575 |  |  | — |  |  | 26,186 |  |  | 461,114 |  |  | 64,969 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,317 |
Total expenses |  | 871,118 |  |  | 565,104 |  |  | 716,918 |  |  | 534,185 |  |  | 555,532 |  |  | 2,687,325 |  |  | 2,125,066 |
Equity in earnings of unconsolidated real estate joint ventures |  | 363 |  |  | 242 |  |  | 181 |  |  | 194 |  |  | 172 |  |  | 980 |  |  | 645 |
Investment income (loss) |  | 8,654 |  |  | (80,672) |  |  | (78,268) |  |  | (45,111) |  |  | (19,653) |  |  | (195,397) |  |  | (331,758) |
Gain on sales of real estate |  | 62,227 |  |  | — |  |  | 214,810 |  |  | — |  |  | — |  |  | 277,037 |  |  | 537,918 |
Net (loss) income |  | (42,658) |  |  | 68,254 |  |  | 133,705 |  |  | 121,693 |  |  | 95,268 |  |  | 280,994 |  |  | 670,701 |
Net income attributable to noncontrolling interests |  | (45,771) |  |  | (43,985) |  |  | (43,768) |  |  | (43,831) |  |  | (40,949) |  |  | (177,355) |  |  | (149,041) |
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders |  | (88,429) |  |  | 24,269 |  |  | 89,937 |  |  | 77,862 |  |  | 54,319 |  |  | 103,639 |  |  | 521,660 |
Net income attributable to unvested restricted stock awards |  | (3,498) |  |  | (2,414) |  |  | (2,677) |  |  | (2,606) |  |  | (2,526) |  |  | (11,195) |  |  | (8,392) |
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders |  | $ | (91,927) |  |  | $ | 21,855 |  |  | $ | 87,260 |  |  | $ | 75,256 |  |  | $ | 51,793 |  |  | $ | 92,444 |  |  | $ | 513,268 |
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.54) |  |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.31 |  |  | $ | 0.54 |  |  | $ | 3.18 |
Diluted |  | $ | (0.54) |  |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.31 |  |  | $ | 0.54 |  |  | $ | 3.18 |
Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |
Diluted |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |
Dividends declared per share of common stock |  | $ | 1.27 |  |  | $ | 1.24 |  |  | $ | 1.24 |  |  | $ | 1.21 |  |  | $ | 1.21 |  |  | $ | 4.96 |  |  | $ | 4.72 |

(1)Includes $18.4 million of accelerated stock compensation expense primarily related to the resignations of two executive officers, Dean A. Shigenaga from his position as President and Chief Financial Officer and John H. Cunningham from his position as Executive Vice President – Regional Market Director – New York City. Excluding this accelerated stock compensation expense, general and administrative expenses would have been $40.9 million.
(2)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. © 2024 | 8

Consolidated Balance Sheets |
December 31, 2023
(In thousands)

|  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Assets |  |  |  |  |  |  |  |  |  |
Investments in real estate |  | $ | 31,633,511 |  |  | $ | 31,712,731 |  |  | $ | 31,178,054 |  |  | $ | 30,889,395 |  |  | $ | 29,945,440 |
Investments in unconsolidated real estate joint ventures |  | 37,780 |  |  | 37,695 |  |  | 37,801 |  |  | 38,355 |  |  | 38,435 |
Cash and cash equivalents |  | 618,190 |  |  | 532,390 |  |  | 924,370 |  |  | 1,263,452 |  |  | 825,193 |
Restricted cash |  | 42,581 |  |  | 35,321 |  |  | 35,920 |  |  | 34,932 |  |  | 32,782 |
Tenant receivables |  | 8,211 |  |  | 6,897 |  |  | 6,951 |  |  | 8,197 |  |  | 7,614 |
Deferred rent |  | 1,050,319 |  |  | 1,012,666 |  |  | 984,366 |  |  | 974,865 |  |  | 942,646 |
Deferred leasing costs |  | 509,398 |  |  | 512,216 |  |  | 520,610 |  |  | 527,848 |  |  | 516,275 |
Investments |  | 1,449,518 |  |  | 1,431,766 |  |  | 1,495,994 |  |  | 1,573,018 |  |  | 1,615,074 |
Other assets |  | 1,421,894 |  |  | 1,501,611 |  |  | 1,475,191 |  |  | 1,602,403 |  |  | 1,599,940 |
Total assets |  | $ | 36,771,402 |  |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |  |  | $ | 35,523,399 |
Liabilities, Noncontrolling Interests, and Equity |  |  |  |  |  |  |  |  |  |
Secured notes payable |  | $ | 119,662 |  |  | $ | 109,110 |  |  | $ | 91,939 |  |  | $ | 73,645 |  |  | $ | 59,045 |
Unsecured senior notes payable |  | 11,096,028 |  |  | 11,093,725 |  |  | 11,091,424 |  |  | 11,089,124 |  |  | 10,100,717 |
Unsecured senior line of credit and commercial paper |  | 99,952 |  |  | — |  |  | — |  |  | 374,536 |  |  | — |
Accounts payable, accrued expenses, and other liabilities |  | 2,610,943 |  |  | 2,653,126 |  |  | 2,494,087 |  |  | 2,479,047 |  |  | 2,471,259 |
Dividends payable |  | 221,824 |  |  | 214,450 |  |  | 214,555 |  |  | 209,346 |  |  | 209,131 |
Total liabilities |  | 14,148,409 |  |  | 14,070,411 |  |  | 13,892,005 |  |  | 14,225,698 |  |  | 12,840,152 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  | 16,480 |  |  | 51,658 |  |  | 52,628 |  |  | 44,862 |  |  | 9,612 |
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock |  | 1,719 |  |  | 1,710 |  |  | 1,709 |  |  | 1,709 |  |  | 1,707 |
Additional paid-in capital |  | 18,485,352 |  |  | 18,651,185 |  |  | 18,812,318 |  |  | 18,902,821 |  |  | 18,991,492 |
Accumulated other comprehensive loss |  | (15,896) |  |  | (24,984) |  |  | (16,589) |  |  | (20,536) |  |  | (20,812) |
Alexandria Real Estate Equities, Inc.’s stockholders’ equity |  | 18,471,175 |  |  | 18,627,911 |  |  | 18,797,438 |  |  | 18,883,994 |  |  | 18,972,387 |
Noncontrolling interests |  | 4,135,338 |  |  | 4,033,313 |  |  | 3,917,186 |  |  | 3,757,911 |  |  | 3,701,248 |
Total equity |  | 22,606,513 |  |  | 22,661,224 |  |  | 22,714,624 |  |  | 22,641,905 |  |  | 22,673,635 |
Total liabilities, noncontrolling interests, and equity |  | $ | 36,771,402 |  |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |  |  | $ | 35,523,399 |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 9

Funds From Operations and Funds From Operations per Share |
December 31, 2023
(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

|  | Three Months Ended |  | Year Ended
|  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 12/31/23 |  | 12/31/22
Net (loss) income attributable to Alexandria’s common stockholders |  | $ | (91,927) |  |  | $ | 21,855 |  |  | $ | 87,260 |  |  | $ | 75,256 |  |  | $ | 51,793 |  |  | $ | 92,444 |  |  | $ | 513,268 |
Depreciation and amortization of real estate assets |  | 281,939 |  |  | 266,440 |  |  | 270,026 |  |  | 262,124 |  |  | 261,185 |  |  | 1,080,529 |  |  | 988,363 |
Noncontrolling share of depreciation and amortization from consolidated real estate JVs |  | (30,137) |  |  | (28,814) |  |  | (28,220) |  |  | (28,178) |  |  | (29,702) |  |  | (115,349) |  |  | (107,591) |
Our share of depreciation and amortization from unconsolidated real estate JVs |  | 965 |  |  | 910 |  |  | 855 |  |  | 859 |  |  | 982 |  |  | 3,589 |  |  | 3,666 |
Gain on sales of real estate |  | (62,227) |  |  | — |  |  | (214,810) |  |  | — |  |  | — |  |  | (277,037) |  |  | (537,918) |
Impairment of real estate – rental properties |  | 263,982 |  | (1) | 19,844 |  |  | 166,602 |  |  | — |  |  | 20,899 |  |  | 450,428 |  |  | 20,899 |
Allocation to unvested restricted stock awards |  | (2,268) |  |  | (838) |  |  | (872) |  |  | (1,359) |  |  | (953) |  |  | (5,175) |  |  | (1,118) |
Funds from operations attributable to Alexandria’s common stockholders – diluted(2) |  | 360,327 |  |  | 279,397 |  |  | 280,841 |  |  | 308,702 |  |  | 304,204 |  |  | 1,229,429 |  |  | 879,569 |
Unrealized (gains) losses on non-real estate investments |  | (19,479) |  |  | 77,202 |  |  | 77,897 |  |  | 65,855 |  |  | 24,117 |  |  | 201,475 |  |  | 412,193 |
Impairment of non-real estate investments |  | 23,094 |  | (3) | 28,503 |  |  | 22,953 |  |  | — |  |  | 20,512 |  |  | 74,550 |  |  | 20,512 |
Impairment of real estate |  | 7,908 |  |  | 805 |  |  | 1,973 |  |  | — |  |  | 5,287 |  |  | 10,686 |  |  | 44,070 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,317 |
Acceleration of stock compensation expense due to executive officer resignations |  | 18,436 |  | (4) | 1,859 |  |  | — |  |  | — |  |  | — |  |  | 20,295 |  | (4) | 7,185 |
Allocation to unvested restricted stock awards |  | (472) |  |  | (1,330) |  |  | (1,285) |  |  | (867) |  |  | (482) |  |  | (4,121) |  |  | (5,137) |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $ | 389,814 |  |  | $ | 386,436 |  |  | $ | 382,379 |  |  | $ | 373,690 |  |  | $ | 353,638 |  |  | $ | 1,532,314 |  |  | $ | 1,361,709 |

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 information.
(1)Represents impairment charges to reduce our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale, primarily consisting of non-laboratory assets that are not integral to our mega campus strategy, including (i) $94.8 million for two non-laboratory properties in our Seaport Innovation District submarket, (ii) $93.5 million for an office property in our New York City submarket, (iii) $36.1 million for a development land parcel in our Seaport Innovation District submarket, and (iv) $29.7 million for an office property in our Bothell submarket. We initially acquired these real estate assets with the intention to entitle or reposition each site as part of a life science campus, including the demolition of properties as necessary, upon expiration of the existing in-place leases, and ultimately develop or redevelop life science properties. Since acquiring these assets, the macroeconomic environment has changed and we decided not to proceed with them.
(2)Calculated in accordance with standards established by the Nareit Board of Governors.
(3)Primarily related to four non-real estate investments in privately held entities that do not report NAV.
(4)Related to the resignations of two executive officers, Dean A. Shigenaga from his position as President and Chief Financial Officer and John H. Cunningham from his position as Executive Vice President – Regional Market Director – New York City.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 10

Funds From Operations and Funds From Operations per Share (continued) |
December 31, 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 |  | Year Ended
|  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 12/31/23 |  | 12/31/22
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted |  | $ | (0.54) |  |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.31 |  |  | $ | 0.54 |  |  | $ | 3.18 |
Depreciation and amortization of real estate assets |  | 1.48 |  |  | 1.40 |  |  | 1.42 |  |  | 1.38 |  |  | 1.41 |  |  | 5.67 |  |  | 5.47 |
Gain on sales of real estate |  | (0.36) |  |  | — |  |  | (1.26) |  |  | — |  |  | — |  |  | (1.62) |  |  | (3.33) |
Impairment of real estate – rental properties |  | 1.54 |  |  | 0.12 |  |  | 0.98 |  |  | — |  |  | 0.13 |  |  | 2.64 |  |  | 0.13 |
Allocation to unvested restricted stock awards |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | (0.04) |  |  | (0.01) |
Funds from operations per share attributable to Alexandria’s common stockholders – diluted |  | 2.11 |  |  | 1.64 |  |  | 1.64 |  |  | 1.81 |  |  | 1.84 |  |  | 7.19 |  |  | 5.44 |
Unrealized (gains) losses on non-real estate investments |  | (0.11) |  |  | 0.45 |  |  | 0.46 |  |  | 0.39 |  |  | 0.15 |  |  | 1.18 |  |  | 2.55 |
Impairment of non-real estate investments |  | 0.13 |  |  | 0.17 |  |  | 0.13 |  |  | — |  |  | 0.12 |  |  | 0.44 |  |  | 0.13 |
Impairment of real estate |  | 0.05 |  |  | — |  |  | 0.02 |  |  | — |  |  | 0.03 |  |  | 0.06 |  |  | 0.27 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.02 |
Acceleration of stock compensation expense due to executive officer resignations |  | 0.11 |  |  | 0.01 |  |  | — |  |  | — |  |  | — |  |  | 0.12 |  |  | 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 |  | $ | 2.28 |  |  | $ | 2.26 |  |  | $ | 2.24 |  |  | $ | 2.19 |  |  | $ | 2.14 |  |  | $ | 8.97 |  |  | $ | 8.42 |
Weighted-average shares of common stock outstanding – diluted |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |

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 information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 11

SUPPLEMENTAL
INFORMATION

Company Profile
December 31, 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. Alexandria has a total market capitalization of $33.1 billion and an asset base in North America of 73.5 million SF as of December 31, 2023, which includes 42.0 million RSF of operating properties, 5.5 million RSF of Class A/A+ properties undergoing construction and one near-term project expected to commence construction in the next two years, 2.1 million RSF of priority anticipated development and redevelopment projects, and 23.9 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 52% 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 mega 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 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 60 individuals, averaging 23 years of real estate experience, including 13 years with Alexandria. Our executive management team alone averages 18 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
Hart Cole |  | Jackie B. Clem
Executive Vice President – Capital Markets/Strategic Operations & Co-Regional Market Director – Seattle |  | General Counsel & Secretary
Gary D. Dean |  | Andres R. Gavinet
Executive Vice President – Real Estate Legal Affairs |  | Chief Accounting Officer
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. © 2024 | 13

Investor Information
December 31, 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 / James Kammert |  | Anthony Paolone / Ray Zhong |  | Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1681 |  | (212) 446-9462 / (312) 705-4233 |  | (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 / Japheth 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. © 2024 | 14

Financial and Asset Base Highlights |
December 31, 2023
(Dollars in thousands, except per share amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Selected financial data from consolidated financial statements and related information |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 561,428 |  |  | $ | 526,352 |  |  | $ | 537,889 |  |  | $ | 518,302 |  |  | $ | 499,348 |
Tenant recoveries |  | $ | 181,209 |  |  | $ | 181,179 |  |  | $ | 166,450 |  |  | $ | 169,647 |  |  | $ | 166,326 |
General and administrative expenses |  | $ | 59,289 |  | (1) | $ | 45,987 |  |  | $ | 45,882 |  |  | $ | 48,196 |  |  | $ | 42,992 |
General and administrative expenses as a percentage of net operating income – trailing 12 months |  | 9.8% |  | 9.3% |  | 9.7% |  | 9.9% |  | 9.8%
Operating margin |  | 71% |  | 70% |  | 70% |  | 70% |  | 70%
Adjusted EBITDA margin |  | 69% |  | 69% |  | 70% |  | 69% |  | 69%
Adjusted EBITDA – quarter annualized |  | $ | 2,094,988 |  |  | $ | 1,971,440 |  |  | $ | 1,986,760 |  |  | $ | 1,936,884 |  |  | $ | 1,846,936 |
Adjusted EBITDA – trailing 12 months |  | $ | 1,997,518 |  |  | $ | 1,935,505 |  |  | $ | 1,895,336 |  |  | $ | 1,848,018 |  |  | $ | 1,797,536 |
Net debt at end of period |  | $ | 10,731,200 |  |  | $ | 10,713,620 |  |  | $ | 10,303,736 |  |  | $ | 10,321,752 |  |  | $ | 9,376,705 |
Net debt and preferred stock to Adjusted EBITDA – quarter annualized |  | 5.1x |  | 5.4x |  | 5.2x |  | 5.3x |  | 5.1x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months |  | 5.4x |  | 5.5x |  | 5.4x |  | 5.6x |  | 5.2x
Total debt and preferred stock at end of period |  | $ | 11,315,642 |  |  | $ | 11,202,835 |  |  | $ | 11,183,363 |  |  | $ | 11,537,305 |  |  | $ | 10,159,762 |
Gross assets at end of period |  | $ | 41,756,421 |  |  | $ | 41,639,729 |  |  | $ | 41,306,090 |  |  | $ | 41,474,319 |  |  | $ | 39,877,462 |
Total debt and preferred stock to gross assets at end of period |  | 27% |  | 27% |  | 27% |  | 28% |  | 25%
Fixed-charge coverage ratio – quarter annualized |  | 4.5x |  | 4.8x |  | 4.7x |  | 5.0x |  | 5.0x
Fixed-charge coverage ratio – trailing 12 months |  | 4.7x |  | 4.9x |  | 4.9x |  | 5.0x |  | 5.0x
Unencumbered net operating income as a percentage of total net operating income |  | 100% |  | 100% |  | 100% |  | 100% |  | 100%
Closing stock price at end of period |  | $ | 126.77 |  |  | $ | 100.10 |  |  | $ | 113.49 |  |  | $ | 125.59 |  |  | $ | 145.67 |
Common shares outstanding (in thousands) at end of period |  | 171,911 |  |  | 170,997 |  |  | 170,870 |  |  | 170,860 |  |  | 170,748 |
Total equity capitalization at end of period |  | $ | 21,793,107 |  |  | $ | 17,116,784 |  |  | $ | 19,392,011 |  |  | $ | 21,458,270 |  |  | $ | 24,872,919 |
Total market capitalization at end of period |  | $ | 33,108,749 |  |  | $ | 28,319,619 |  |  | $ | 30,575,374 |  |  | $ | 32,995,575 |  |  | $ | 35,032,681 |
Dividend per share – quarter/annualized |  | $1.27/$5.08 |  | $1.24/$4.96 |  | $1.24/$4.96 |  | $1.21/$4.84 |  | $1.21/$4.84
Dividend payout ratio for the quarter |  | 56% |  | 55% |  | 55% |  | 55% |  | 58%
Dividend yield – annualized |  | 4.0% |  | 5.0% |  | 4.4% |  | 3.9% |  | 3.3%
Amounts related to operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities at end of period |  | $ | 382,883 |  |  | $ | 384,958 |  |  | $ | 386,545 |  |  | $ | 405,190 |  |  | $ | 406,700 |
Rent expense |  | $ | 8,964 |  |  | $ | 8,317 |  |  | $ | 8,518 |  |  | $ | 8,536 |  |  | $ | 8,722 |
Capitalized interest |  | $ | 89,115 |  |  | $ | 96,119 |  |  | $ | 91,674 |  |  | $ | 87,070 |  |  | $ | 79,491 |
Weighted-average interest rate for capitalization of interest during the period |  | 3.92% |  | 3.77% |  | 3.77% |  | 3.69% |  | 3.65%
(1)Increase from 3Q23 is primarily due to the acceleration of stock compensation expense from two executive officer resignations. 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. © 2024 | 15

Financial and Asset Base Highlights (continued) |
December 31, 2023
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Amounts included in funds from operations and non-revenue-enhancing capital expenditures |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue |  | $ | 41,586 |  |  | $ | 29,805 |  |  | $ | 29,335 |  |  | $ | 33,191 |  |  | $ | 24,185 |
Amortization of acquired below-market leases |  | $ | 23,684 |  |  | $ | 23,222 |  |  | $ | 24,789 |  |  | $ | 21,636 |  |  | $ | 20,125 |
Straight-line rent expense on ground leases |  | $ | 366 |  |  | $ | 372 |  |  | $ | 373 |  |  | $ | 369 |  |  | $ | 487 |
Stock compensation expense |  | $ | 34,592 |  | (1) | $ | 16,288 |  |  | $ | 15,492 |  |  | $ | 16,486 |  |  | $ | 11,586 |
Amortization of loan fees |  | $ | 4,059 |  |  | $ | 4,059 |  |  | $ | 3,729 |  |  | $ | 3,639 |  |  | $ | 3,975 |
Amortization of debt discounts |  | $ | (309) |  |  | $ | (306) |  |  | $ | (304) |  |  | $ | (288) |  |  | $ | (272) |
Non-revenue-enhancing capital expenditures: |  |  |  |  |  |  |  |  |  |
Building improvements |  | $ | 4,167 |  |  | $ | 4,510 |  |  | $ | 4,376 |  |  | $ | 4,334 |  |  | $ | 4,128 |
Tenant improvements and leasing commissions |  | $ | 12,155 |  |  | $ | 7,560 |  |  | $ | 38,587 |  |  | $ | 18,586 |  |  | $ | 25,049 |
Funds from operations attributable to noncontrolling interests |  | $ | 75,908 |  |  | $ | 72,799 |  |  | $ | 71,988 |  |  | $ | 72,009 |  |  | $ | 70,651 |
Operating statistics and related information (at end of period) |  |  |  |  |  |  |  |  |  |
Number of properties – North America |  | 411 |  |  | 419 |  |  | 414 |  |  | 433 |  |  | 432 |
RSF – North America (including development and redevelopment projects under construction) |  | 47,228,485 |  |  | 47,089,826 |  |  | 46,408,793 |  |  | 47,443,194 |  |  | 47,371,259 |
Total square feet – North America |  | 73,532,305 |  |  | 75,057,289 |  |  | 74,854,150 |  |  | 75,607,592 |  |  | 74,566,128 |
Annual rental revenue per occupied RSF – North America |  | $ | 56.08 |  |  | $ | 53.34 |  |  | $ | 53.09 |  |  | $ | 52.46 |  |  | $ | 51.75 |
Occupancy of operating properties – North America |  | 94.6% |  | 93.7% |  | 93.6% |  | 93.6% |  | 94.8%
Occupancy of operating and redevelopment properties – North America |  | 90.2% |  | 89.4% |  | 89.2% |  | 88.5% |  | 89.4%
Weighted-average remaining lease term (in years) |  | 7.4 |  | 7.0 |  | 7.2 |  | 7.2 |  | 7.1
Total leasing activity – RSF |  | 889,737 |  |  | 867,582 |  |  | 1,325,326 |  |  | 1,223,427 |  |  | 2,000,322 |
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: |  |  |  |  |  |  |  |  |  |
Rental rate increases |  | 9.2% |  | 28.8% |  | 16.6% |  | 48.3% |  | 26.0%
Rental rate increases (cash basis) |  | 5.5% |  | 19.7% |  | 8.3% |  | 24.2% |  | 19.6%
RSF (included in total leasing activity above) |  | 477,142 |  |  | 396,334 |  |  | 1,052,872 |  |  | 1,120,038 |  |  | 1,494,345 |
Top 20 tenants: |  |  |  |  |  |  |  |  |  |
Annual rental revenue |  | $ | 769,066 |  |  | $ | 655,990 |  |  | $ | 629,362 |  |  | $ | 634,461 |  |  | $ | 612,289 |
Weighted-average remaining lease term (in years) |  | 9.6 |  | 8.9 |  | 9.4 |  | 9.5 |  | 9.4
Same property – percentage change over comparable quarter from prior year: |  |  |  |  |  |  |  |  |  |
Net operating income increases |  | 0.7% | (2) | 3.1% |  | 3.0% |  | 3.7% |  | 4.7%
Net operating income increases (cash basis) |  | 0.8% | (2) | 4.6% |  | 4.9% |  | 9.0% |  | 10.9%

(1)Refer to “Funds from operations and funds from operations per share” in our Earnings Press Release for additional details.
(2)Refer to “Same property performance” of this Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 16

High-Quality and Diverse Client Base
December 31, 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
92% |  | 52%
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(2)
9.6 Years | 7.4 Years |  | 99.9% | 99.4%
Top 20 Tenants | All Tenants |
Weighted-Average Remaining Term(3) |  | 4Q23 | January 2024

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 December 31, 2023.
(2)Represents the portion of total receivables billed for each indicated period collected as of January 29, 2024.
(3)Based on total annual rental revenue in effect as of December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 17

High-Quality and Diverse Client Base in AAA Locations
December 31, 2023

Solid and Well-Diversified Tenant Base
|  | Industry |  | Annual Rental Revenue(1) per RSF
| Multinational Pharmaceutical |  | $ | 64.22 |
| Public Biotechnology – Approved or Marketed Product |  | $ | 68.98 |
| Institutional (Academic/Medical, Non-Profit, and U.S. Government) |  | $ | 59.95 |
| Public Biotechnology – Preclinical or Clinical Stage |  | $ | 70.25 |
| Private Biotechnology |  | $ | 82.51 |
| Life Science Product, Service, and Device |  | $ | 43.45 |
| Future Change in Use(2) |  | $ | 44.38 |
| Investment-Grade or Large Cap Tech |  | $ | 31.93 |
| Other(3) |  | $ | 32.61 |
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 December 31, 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 4.0 years.
(3)Our “Other” tenants, which represent an aggregate of 3.0% 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. © 2024 | 18

Occupancy
December 31, 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.
(2)Refer to footnote 1 in the “Summary of occupancy” subsection of “Summary of properties and occupancy” of this Supplemental Information for additional details.
(3)Acquired vacancy of 1.7% from properties recently acquired in 2021 and 2022 primarily represents lease-up opportunities. Excluding acquired vacancy, occupancy of operating properties in North America was 96.3% as of December 31, 2023.
(4)Represents annual rental revenue in effect as of December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 19

Key Operating Metrics
December 31, 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
71% |  | 69% |  |  |  | Increasing cash flows |  |
|  |  |  | Percentage of leases containing annual rent escalations | 96%
|  |  | Stable cash flows |  |
Weighted-Average Lease Term of Executed Leases |  | Percentage of triple net leases | 94%
8.8 | Years |  |  |  | Lower capex burden |  |
|  |  | Percentage of leases providing for the recapture of capital expenditures | 93%
10 Years (2014–2023) |  |  |  |  |

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, 2014 through 2023.
(2)Represents percentages for the three months ended December 31, 2023.
(3)Percentages calculated based on annual rental revenue in effect as of December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 20

Same Property Performance |
December 31, 2023
(Dollars in thousands)

|  | December 31, 2023 |  |  |  | December 31, 2023
Same Property Financial Data |  | Three Months Ended |  | Year Ended |  | Same Property Statistical Data |  | Three Months Ended |  | Year Ended
Percentage change over comparable period from prior year: |  |  |  |  |  | Number of same properties |  | 330 |  | 288
Net operating income increase |  | 0.7% | (1) | 3.4% |  | Rentable square feet |  | 32,894,921 |  | 28,691,105
Net operating income increase (cash basis) |  | 0.8% | (1) | 4.6% |  | Occupancy – current-period average |  | 94.2% |  | 94.6%
Operating margin |  | 69% |  | 69% |  | Occupancy – same-period prior-year average |  | 95.2% |  | 95.4%

|  | Three Months Ended December 31, |  | Year Ended December 31, |
|  | 2023 |  | 2022 |  | $ Change |  | % Change |  | 2023 |  | 2022 |  | $ Change |  | % Change |
Income from rentals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same properties |  | $ | 416,801 |  |  | $ | 414,080 |  |  | $ | 2,721 |  |  | 0.7 | % |  | $ | 1,495,031 |  |  | $ | 1,444,782 |  |  | $ | 50,249 |  |  | 3.5 | % |
Non-same properties |  | 144,627 |  |  | 85,268 |  |  | 59,359 |  |  | 69.6 |  |  | 648,940 |  |  | 505,316 |  |  | 143,624 |  |  | 28.4 |  |
Rental revenues |  | 561,428 |  |  | 499,348 |  |  | 62,080 |  |  | 12.4 |  |  | 2,143,971 |  |  | 1,950,098 |  |  | 193,873 |  |  | 9.9 |  |
Same properties |  | 152,240 |  |  | 145,147 |  |  | 7,093 |  |  | 4.9 |  |  | 537,698 |  |  | 504,299 |  |  | 33,399 |  |  | 6.6 |  |
Non-same properties |  | 28,969 |  |  | 21,179 |  |  | 7,790 |  |  | 36.8 |  |  | 160,787 |  |  | 121,643 |  |  | 39,144 |  |  | 32.2 |  |
Tenant recoveries |  | 181,209 |  |  | 166,326 |  |  | 14,883 |  |  | 8.9 |  |  | 698,485 |  |  | 625,942 |  |  | 72,543 |  |  | 11.6 |  |
Income from rentals |  | 742,637 |  |  | 665,674 |  |  | 76,963 |  |  | 11.6 |  |  | 2,842,456 |  |  | 2,576,040 |  |  | 266,416 |  |  | 10.3 |  |
Same properties |  | 263 |  |  | 259 |  |  | 4 |  |  | 1.5 |  |  | 813 |  |  | 827 |  |  | (14) |  |  | (1.7) |  |
Non-same properties |  | 14,316 |  |  | 4,348 |  |  | 9,968 |  |  | 229.3 |  |  | 42,430 |  |  | 12,095 |  |  | 30,335 |  |  | 250.8 |  |
Other income |  | 14,579 |  |  | 4,607 |  |  | 9,972 |  |  | 216.5 |  |  | 43,243 |  |  | 12,922 |  |  | 30,321 |  |  | 234.6 |  |
Same properties |  | 569,304 |  |  | 559,486 |  |  | 9,818 |  |  | 1.8 |  |  | 2,033,542 |  |  | 1,949,908 |  |  | 83,634 |  |  | 4.3 |  |
Non-same properties |  | 187,912 |  |  | 110,795 |  |  | 77,117 |  |  | 69.6 |  |  | 852,157 |  |  | 639,054 |  |  | 213,103 |  |  | 33.3 |  |
Total revenues |  | 757,216 |  |  | 670,281 |  |  | 86,935 |  |  | 13.0 |  |  | 2,885,699 |  |  | 2,588,962 |  |  | 296,737 |  |  | 11.5 |  |
Same properties |  | 178,114 |  |  | 171,066 |  |  | 7,048 |  |  | 4.1 |  |  | 623,484 |  |  | 586,323 |  |  | 37,161 |  |  | 6.3 |  |
Non-same properties |  | 44,612 |  |  | 33,286 |  |  | 11,326 |  |  | 34.0 |  |  | 235,696 |  |  | 196,830 |  |  | 38,866 |  |  | 19.7 |  |
Rental operations |  | 222,726 |  |  | 204,352 |  |  | 18,374 |  |  | 9.0 |  |  | 859,180 |  |  | 783,153 |  |  | 76,027 |  |  | 9.7 |  |
Same properties |  | 391,190 |  |  | 388,420 |  |  | 2,770 |  |  | 0.7 |  |  | 1,410,058 |  |  | 1,363,585 |  |  | 46,473 |  |  | 3.4 |  |
Non-same properties |  | 143,300 |  |  | 77,509 |  |  | 65,791 |  |  | 84.9 |  |  | 616,461 |  |  | 442,224 |  |  | 174,237 |  |  | 39.4 |  |
Net operating income |  | $ | 534,490 |  |  | $ | 465,929 |  |  | $ | 68,561 |  |  | 14.7 | % |  | $ | 2,026,519 |  |  | $ | 1,805,809 |  |  | $ | 220,710 |  |  | 12.2 | % |
Net operating income – same properties |  | $ | 391,190 |  |  | $ | 388,420 |  |  | $ | 2,770 |  |  | 0.7 | % |  | $ | 1,410,058 |  |  | $ | 1,363,585 |  |  | $ | 46,473 |  |  | 3.4 | % |
Straight-line rent revenue |  | (14,948) |  |  | (12,181) |  |  | (2,767) |  |  | 22.7 |  |  | (65,988) |  |  | (67,233) |  |  | 1,245 |  |  | (1.9) |  |
Amortization of acquired below-market leases |  | (9,941) |  |  | (12,800) |  |  | 2,859 |  |  | (22.3) |  |  | (21,945) |  |  | (32,552) |  |  | 10,607 |  |  | (32.6) |  |
Net operating income – same properties (cash basis) |  | $ | 366,301 |  |  | $ | 363,439 |  |  | $ | 2,862 |  |  | 0.8 | % |  | $ | 1,322,125 |  |  | $ | 1,263,800 |  |  | $ | 58,325 |  |  | 4.6 | % |

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.
(1)Includes the impact of four properties in our Greater Boston, San Francisco Bay Area, and San Diego markets, with temporary vacancy aggregating 331,454 RSF. This RSF is currently 64% leased/negotiating, with leases expected to commence primarily during 2H24.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 21

Leasing Activity |
December 31, 2023
(Dollars per RSF)

|  |  | Three Months Ended |  |  |  | Year Ended |  |  |  | Year Ended |
|  |  | December 31, 2023 |  |  |  | December 31, 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 |  |  | 9.2% | (2) |  |  | 5.5% | (2) |  |  | 29.4% | (2) |  |  | 15.8% | (2) |  |  | 31.0% |  |  |  | 22.1% |
New rates |  |  | $55.16 |  |  |  |  | $56.52 |  |  |  |  | $52.35 |  |  |  |  | $50.82 |  |  |  |  | $50.37 |  |  |  |  | $48.48 |  |
Expiring rates |  |  | $50.52 |  |  |  |  | $53.56 |  |  |  |  | $40.46 |  |  |  |  | $43.87 |  |  |  |  | $38.44 |  |  |  |  | $39.69 |  |
RSF |  |  | 477,142 |  |  |  |  |  |  |  |  | 3,046,386 |  |  |  |  |  |  |  |  | 4,540,325 |  |  |  |  |  |
Tenant improvements/leasing commissions |  |  | $23.21 |  |  |  |  |  |  |  |  | $26.09 |  |  |  |  |  |  |  |  | $27.83 |  |  |  |  |  |
Weighted-average lease term |  |  | 5.8 years |  |  |  |  |  |  |  | 8.7 years |  |  |  |  |  |  |  | 5.0 years |  |  |  |  |
Developed/redeveloped/previously vacant space leased(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $71.13 |  |  |  |  | $64.47 |  |  |  |  | $65.66 |  |  |  |  | $59.74 |  |  |  |  | $73.46 |  |  |  |  | $64.04 |  |
RSF |  |  | 412,595 |  |  |  |  |  |  |  |  | 1,259,686 |  |  |  |  |  |  |  |  | 3,865,262 |  |  |  |  |  |
Weighted-average lease term |  |  | 15.0 years |  |  |  |  |  |  |  | 13.8 years |  |  |  |  |  |  |  | 11.8 years |  |  |  |  |
Leasing activity summary (totals): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $61.69 |  |  |  |  | $59.77 |  |  |  |  | $56.09 |  |  |  |  | $53.33 |  |  |  |  | $60.98 |  |  |  |  | $55.64 |  |
RSF |  |  | 889,737 |  |  |  |  |  |  |  |  | 4,306,072 |  |  |  |  |  |  |  |  | 8,405,587 |  |  |  |  |  |
Weighted-average lease term |  |  | 12.3 years |  |  |  |  |  |  |  | 11.3 years |  |  |  |  |  |  |  | 8.1 years |  |  |  |  |
Lease expirations(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiring rates |  |  | $47.91 |  |  |  |  | $51.98 |  |  |  |  | $43.84 |  |  |  |  | $45.20 |  |  |  |  | $37.41 |  |  |  |  | $38.06 |  |
RSF |  |  | 707,822 |  |  |  |  |  |  |  |  | 5,027,773 |  |  |  |  |  |  |  |  | 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 86,092 RSF and 266,292 RSF as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, we granted free rent concessions averaging 0.6 months per annum.
(2)Includes the re-lease of 99,557 RSF to Cargo Therapeutics at 835 Industrial at a 4.1% decline in the cash rental rate compared with the rate from the former tenant that was less than three years into a 10-year lease. Excluding this lease, the rental rate increase on renewals and re-leasing of space was 21.4% and 9.7% (cash basis) for 4Q23 and 32.4% and 17.0% (cash basis) for 2023.
(3)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. © 2024 | 22

Contractual Lease Expirations
December 31, 2023

Year |  | RSF |  | Percentage of Occupied RSF |  | Annual Rental Revenue (per RSF)(1) |  | Percentage of Total Annual Rental Revenue |
| 2024 | (2) |  |  | 3,443,219 |  |  |  |  | 8.8 | % |  |  |  | $ | 49.36 |  |  |  |  | 7.9 | % |  |
| 2025 |  |  |  | 3,876,007 |  |  |  |  | 9.9 | % |  |  |  | $ | 52.08 |  |  |  |  | 9.3 | % |  |
| 2026 |  |  |  | 2,576,109 |  |  |  |  | 6.6 | % |  |  |  | $ | 52.02 |  |  |  |  | 6.2 | % |  |
| 2027 |  |  |  | 2,720,041 |  |  |  |  | 6.9 | % |  |  |  | $ | 52.75 |  |  |  |  | 6.6 | % |  |
| 2028 |  |  |  | 4,685,961 |  |  |  |  | 11.9 | % |  |  |  | $ | 51.92 |  |  |  |  | 11.2 | % |  |
| 2029 |  |  |  | 2,517,755 |  |  |  |  | 6.4 | % |  |  |  | $ | 52.73 |  |  |  |  | 6.1 | % |  |
| 2030 |  |  |  | 2,549,798 |  |  |  |  | 6.5 | % |  |  |  | $ | 50.18 |  |  |  |  | 5.9 | % |  |
| 2031 |  |  |  | 3,711,668 |  |  |  |  | 9.4 | % |  |  |  | $ | 56.14 |  |  |  |  | 9.6 | % |  |
| 2032 |  |  |  | 1,157,219 |  |  |  |  | 2.9 | % |  |  |  | $ | 59.66 |  |  |  |  | 3.2 | % |  |
| 2033 |  |  |  | 2,780,801 |  |  |  |  | 7.1 | % |  |  |  | $ | 51.97 |  |  |  |  | 6.7 | % |  |
Thereafter |  |  | 9,310,793 |  |  |  |  | 23.6 | % |  |  |  | $ | 63.13 |  |  |  |  | 27.3 | % |  |

Market |  | 2024 Contractual Lease Expirations (in RSF) |  | Annual Rental Revenue (per RSF)(1) |  | 2025 Contractual Lease Expirations (in RSF) |  | Annual Rental Revenue (per RSF)(1)
| Leased |  | Negotiating/ Anticipating |  | Targeted for Future Development/ Redevelopment(3) |  | Remaining Expiring Leases(4) |  | Total(2) |  |  | Leased |  | Negotiating/ Anticipating |  | Targeted for Future Development/ Redevelopment(3) |  | Remaining Expiring Leases(4) |  | Total |
Greater Boston |  | 76,696 |  |  | 12,962 |  |  | 412,946 |  | (5) |  | 471,370 |  |  |  | 973,974 |  |  | $ | 65.16 |  |  | 15,798 |  |  | 8,500 |  |  | 25,312 |  | (5) |  | 1,203,988 |  | (6) |  | 1,253,598 |  |  | $ | 69.79 |
San Francisco Bay Area |  | 48,238 |  |  | 3,038 |  |  | 191,333 |  |  |  | 491,345 |  |  |  | 733,954 |  |  | 62.13 |  |  | 35,797 |  |  | — |  |  | — |  |  |  | 476,712 |  |  |  | 512,509 |  |  | 66.85 |
New York City |  | — |  |  | — |  |  | — |  |  |  | 363,218 |  | (7) |  | 363,218 |  |  | 57.25 |  |  | — |  |  | — |  |  | — |  |  |  | 65,538 |  |  |  | 65,538 |  |  | 88.23 |
San Diego |  | — |  |  | 17,105 |  |  | 580,021 |  | (8) |  | 184,459 |  |  |  | 781,585 |  |  | 25.18 |  |  | — |  |  | 32,767 |  |  | — |  |  |  | 355,302 |  |  |  | 388,069 |  |  | 40.52 |
Seattle |  | 6,748 |  |  | 18,724 |  |  | 50,552 |  |  |  | 197,588 |  |  |  | 273,612 |  |  | 26.33 |  |  | 11,220 |  |  | — |  |  | — |  |  |  | 323,344 |  |  |  | 334,564 |  |  | 30.29 |
Maryland |  | 89,831 |  |  | — |  |  | — |  |  |  | 41,378 |  |  |  | 131,209 |  |  | 32.55 |  |  | — |  |  | — |  |  | — |  |  |  | 198,094 |  |  |  | 198,094 |  |  | 27.23 |
Research Triangle |  | 72,078 |  |  | 17,000 |  |  | — |  |  |  | 75,140 |  |  |  | 164,218 |  |  | 50.44 |  |  | — |  |  | — |  |  | — |  |  |  | 220,439 |  |  |  | 220,439 |  |  | 50.92 |
Texas |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 198,972 |  |  |  | 604,382 |  |  |  | 803,354 |  |  | 36.27 |
Canada |  | 20,107 |  |  | — |  |  | — |  |  |  | — |  |  |  | 20,107 |  |  | 26.57 |  |  | — |  |  | — |  |  | — |  |  |  | 88,412 |  |  |  | 88,412 |  |  | 20.44 |
Non-cluster/other markets |  | — |  |  | — |  |  | — |  |  |  | 1,342 |  |  |  | 1,342 |  |  | 106.21 |  |  | — |  |  | — |  |  | — |  |  |  | 11,430 |  |  |  | 11,430 |  |  | 80.31 |
Total |  | 313,698 |  |  | 68,829 |  |  | 1,234,852 |  |  |  | 1,825,840 |  |  |  | 3,443,219 |  |  | $ | 49.36 |  |  | 62,815 |  |  | 41,267 |  |  | 224,284 |  |  |  | 3,547,641 |  |  |  | 3,876,007 |  |  | $ | 52.08 |
Percentage of expiring leases |  | 9 | % |  | 2 | % |  | 36 | % |  |  | 53 | % |  |  | 100 | % |  |  |  | 2 | % |  | 1 | % |  | 6 | % |  |  | 91 | % |  |  | 100 | % |  |

(1)Represents amounts in effect as of December 31, 2023.
(2)Excludes month-to-month leases aggregating 86,092 RSF as of December 31, 2023.
(3)Represents lease expirations, primarily related to acquired properties, targeted for:

|  | 2024 |  | 2025
Future redevelopment expected to commence construction in the near term |  | 466,248 |  |  | 151,346 |
Future development expected to be demolished following the lease expiration and the commencement of which is subject to tenant demand and overall market conditions |  | 768,604 |  |  | 72,938 |
Average expiration date (weighted by expiring annual rental revenue) |  | July 22, 2024 |  | January 12, 2025

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.
(4)Excluding the expiration described in footnote 7, the largest remaining contractual lease expiration in 2024 is 97,702 RSF in our Mission Bay submarket where we are working to retain the current tenant and in 2025 is 357,136 RSF in our Austin submarket which we are in early negotiations to renew the existing tenant.
(5)Includes 308,446 RSF and 25,312 RSF in 2024 and 2025, respectively, at 311 Arsenal Street in our Cambridge/Inner Suburbs submarket which is targeted for redevelopment upon expiration of the existing leases.
(6)Includes 905,127 RSF in our Cambridge/Inner Suburbs submarket with the largest remaining contractual lease expiration aggregating 171,945 RSF at our Alexandria Technology Square® mega campus.
(7)Includes 349,947 RSF at 219 East 42nd Street that was previously classified as targeted for future development/redevelopment and is now classified as held for sale as of December 31, 2023 and expected to be sold in 2024.
(8)Includes 159,884 RSF at 4161 Campus Point Court in our University Town Center submarket that is targeted for future development into a 492,570 RSF building at 4165 Campus Point Court, which is 51% leased/negotiating and expected to commence construction in the next two years subject to tenant demand and overall market conditions.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 23

Top 20 Tenants |
December 31, 2023
(Dollars in thousands, except average market cap amounts)

92% 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 |  | Moderna, Inc. |  |  | 13.2 |  |  |  |  | 1,370,536 |  |  |  |  | $ | 122,763 |  |  |  | 5.7 | % |  | — |  | — |  | $ | 47.4 |  |
2 |  | Eli Lilly and Company |  |  | 9.1 |  |  |  |  | 1,154,917 |  |  |  |  | 93,815 |  |  |  | 4.3 |  |  | A2 |  | A+ |  | $ | 440.5 |  |
3 |  | Bristol-Myers Squibb Company |  |  | 6.7 |  |  |  |  | 852,830 |  |  |  |  | 66,339 |  |  |  | 3.1 |  |  | A2 |  | A+ |  | $ | 131.5 |  |
4 |  | Roche |  |  | 6.4 |  |  |  |  | 770,279 |  |  |  |  | 46,192 |  |  |  | 2.1 |  |  | Aa2 |  | AA |  | $ | 242.1 |  |
5 |  | Takeda Pharmaceutical Company Limited |  |  | 6.0 |  |  |  |  | 549,760 |  |  |  |  | 37,399 |  |  |  | 1.7 |  |  | Baa2 |  | BBB+ |  | $ | 49.0 |  |
6 |  | Alphabet Inc. |  |  | 2.9 |  |  |  |  | 654,423 |  |  |  |  | 36,809 |  |  |  | 1.7 |  |  | Aa2 |  | AA+ |  | $ | 1,509.5 |  |
7 |  | Illumina, Inc. |  |  | 6.6 |  |  |  |  | 890,389 |  |  |  |  | 36,204 |  |  |  | 1.7 |  |  | Baa3 |  | BBB |  | $ | 27.9 |  |
8 |  | 2seventy bio, Inc.(2) |  |  | 9.7 |  |  |  |  | 312,805 |  |  |  |  | 33,617 |  |  |  | 1.6 |  |  | — |  | — |  | $ | 0.4 |  |
9 |  | Harvard University |  |  | 6.0 |  |  |  |  | 389,233 |  |  |  |  | 32,494 |  |  |  | 1.5 |  |  | Aaa |  | AAA |  | $ | — |  |
10 |  | Novartis AG |  |  | 4.6 |  |  |  |  | 450,563 |  |  |  |  | 31,196 |  |  |  | 1.4 |  |  | A1 |  | AA- |  | $ | 221.7 |  |
11 |  | Cloud Software Group, Inc. |  |  | 3.2 |  | (3) |  |  | 292,013 |  |  |  |  | 28,537 |  |  |  | 1.3 |  |  | — |  | — |  | $ | — |  |
12 |  | Uber Technologies, Inc. |  |  | 58.7 |  | (4) |  |  | 1,009,188 |  |  |  |  | 27,750 |  |  |  | 1.3 |  |  | — |  | — |  | $ | 84.8 |  |
13 |  | Pfizer Inc. |  |  | 1.2 |  | (5) |  |  | 524,159 |  |  |  |  | 25,242 |  |  |  | 1.2 |  |  | A1 |  | A+ |  | $ | 208.5 |  |
14 |  | AstraZeneca PLC |  |  | 6.0 |  |  |  |  | 416,761 |  |  |  |  | 24,583 |  |  |  | 1.1 |  |  | A3 |  | A |  | $ | 212.5 |  |
15 |  | United States Government |  |  | 6.8 |  |  |  |  | 340,238 |  |  |  |  | 23,023 |  |  |  | 1.1 |  |  | Aaa |  | AA+ |  | $ | — |  |
16 |  | Sanofi |  |  | 7.0 |  |  |  |  | 267,278 |  |  |  |  | 21,444 |  |  |  | 1.0 |  |  | A1 |  | AA |  | $ | 129.2 |  |
17 |  | New York University |  |  | 8.1 |  |  |  |  | 218,983 |  |  |  |  | 21,056 |  |  |  | 1.0 |  |  | Aa2 |  | AA- |  | $ | — |  |
18 |  | Massachusetts Institute of Technology |  |  | 5.4 |  |  |  |  | 246,725 |  |  |  |  | 20,504 |  |  |  | 0.9 |  |  | Aaa |  | AAA |  | $ | — |  |
19 |  | Boston Children’s Hospital |  |  | 12.8 |  |  |  |  | 266,857 |  |  |  |  | 20,066 |  |  |  | 0.9 |  |  | Aa2 |  | AA |  | $ | — |  |
20 |  | Merck & Co., Inc. |  |  | 9.9 |  |  |  |  | 312,935 |  |  |  |  | 20,033 |  |  |  | 0.9 |  |  | A1 |  | A+ |  | $ | 274.8 |  |
|  | Total/weighted-average |  |  | 9.6 |  | (4) |  |  | 11,290,872 |  |  |  |  | $ | 769,066 |  |  |  | 35.5 | % |  |  |  |  |  |  |

(1)Based on total annual rental revenue in effect as of December 31, 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 September 30, 2023, 2seventy bio, Inc. held $250.6 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 7.8 years as of December 31, 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 was classified as held for sale as of December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 24

Summary of Properties and Occupancy |
December 31, 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 |  | 10,836,743 |  |  | 975,419 |  |  | 1,304,051 |  | (1) | 13,116,213 |  |  | 28 | % |  | 72 |  |  | $ | 820,759 |  |  | 38 | % |  | $ | 79.82 |  |
San Francisco Bay Area |  | 7,906,198 |  |  | 498,142 |  |  | 300,010 |  |  | 8,704,350 |  |  | 18 |  |  | 67 |  |  | 460,272 |  |  | 21 |  |  | 66.04 |  |
New York City |  | 922,477 |  |  | — |  |  | — |  |  | 922,477 |  |  | 2 |  |  | 4 |  |  | 72,993 |  |  | 3 |  |  | 92.75 |  |
San Diego |  | 7,831,370 |  |  | 1,187,796 |  |  | — |  |  | 9,019,166 |  |  | 19 |  |  | 90 |  |  | 320,460 |  |  | 14 |  |  | 43.48 |  |
Seattle |  | 2,962,995 |  |  | 33,349 |  |  | 148,890 |  |  | 3,145,234 |  |  | 7 |  |  | 44 |  |  | 131,377 |  |  | 6 |  |  | 46.57 |  |
Maryland |  | 3,582,494 |  |  | 510,601 |  |  | — |  |  | 4,093,095 |  |  | 9 |  |  | 51 |  |  | 123,780 |  |  | 6 |  |  | 36.57 |  |
Research Triangle |  | 3,840,876 |  |  | — |  |  | — |  |  | 3,840,876 |  |  | 8 |  |  | 39 |  |  | 120,982 |  |  | 6 |  |  | 32.20 |  |
Texas |  | 1,845,159 |  |  | — |  |  | 73,298 |  |  | 1,918,457 |  |  | 4 |  |  | 15 |  |  | 57,591 |  |  | 3 |  |  | 32.80 |  |
Canada |  | 898,740 |  |  | — |  |  | 172,936 |  |  | 1,071,676 |  |  | 2 |  |  | 12 |  |  | 17,222 |  |  | 1 |  |  | 22.01 |  |
Non-cluster/other markets |  | 347,806 |  |  | — |  |  | — |  |  | 347,806 |  |  | 1 |  |  | 10 |  |  | 15,827 |  |  | 1 |  |  | 57.96 |  |
Properties held for sale |  | 1,049,135 |  |  | — |  |  | — |  |  | 1,049,135 |  |  | 2 |  |  | 7 |  |  | 26,907 |  |  | 1 |  |  | N/A |
North America |  | 42,023,993 |  |  | 3,205,307 |  |  | 1,999,185 |  |  | 47,228,485 |  |  | 100 | % |  | 411 |  |  | $ | 2,168,170 |  |  | 100 | % |  | $ | 56.08 |  |
|  |  |  | 5,204,492 |  |  |  |  |  |  |  |  |  |  |  |  |

(1)Primarily relates to our active redevelopment projects at 840 Winter Street and 40, 50, and 60 Sylvan Road, aggregating 716,604 RSF located in our Alexandria Center® for Life Science – Waltham mega campus, which are 43% 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 |  | 12/31/23 |  | 9/30/23 |  | 12/31/22 |  | 12/31/23 |  | 9/30/23 |  | 12/31/22
Greater Boston |  | 94.9 | % |  | 93.2 | % |  | 94.5 | % |  | 84.7 | % |  | 83.3 | % |  | 85.5 | %
San Francisco Bay Area |  | 94.8 |  |  | 95.3 |  |  | 96.7 |  |  | 91.4 |  |  | 91.9 |  |  | 93.3 |
New York City |  | 85.3 |  | (1) | 89.4 |  |  | 92.3 |  |  | 85.3 |  |  | 89.4 |  |  | 92.3 |
San Diego |  | 94.1 |  |  | 90.9 |  |  | 95.4 |  |  | 94.1 |  |  | 90.9 |  |  | 95.4 |
Seattle |  | 95.2 |  |  | 95.1 |  |  | 97.0 |  |  | 90.7 |  |  | 90.3 |  |  | 90.1 |
Maryland |  | 95.6 |  |  | 96.6 |  |  | 95.8 |  |  | 95.6 |  |  | 96.6 |  |  | 93.3 |
Research Triangle |  | 97.8 |  |  | 96.9 |  |  | 94.0 |  |  | 97.8 |  |  | 96.9 |  |  | 85.0 |
Texas |  | 95.1 |  |  | 95.1 |  |  | 91.2 |  |  | 91.5 |  |  | 91.5 |  |  | 81.6 |
Subtotal |  | 94.9 |  |  | 93.9 |  |  | 95.1 |  |  | 90.7 |  |  | 89.9 |  |  | 89.9 |
Canada |  | 87.1 |  |  | 88.9 |  |  | 80.8 |  |  | 73.0 |  |  | 75.7 |  |  | 68.2 |
Non-cluster/other markets |  | 78.5 |  |  | 80.5 |  |  | 75.0 |  |  | 78.5 |  |  | 80.5 |  |  | 75.0 |
North America |  | 94.6 | % |  | 93.7 | % |  | 94.8 | % |  | 90.2 | % |  | 89.4 | % |  | 89.4 | %

(1)Occupancy in our New York City market includes vacancy at our Alexandria Center® for Life Science – Long Island City property that is 41.7% occupied as of December 31, 2023. In addition, our mega campus at Alexandria Center® for Life Science – New York City is 95.8% occupied as of December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 25

Property Listing |
December 31, 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 |  | 2,856,043 |  |  | — |  |  | — |  |  | 2,856,043 |  |  | 11 |  | $ | 266,549 |  |  |  | 99.6 | % |  |  | 99.6 | % |
|  | 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 |  | 1,370,989 |  |  | — |  |  | — |  |  | 1,370,989 |  |  | 12 |  | 140,216 |  |  |  | 88.0 |  |  |  | 88.0 |  |
|  | 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 |  | 115,886 |  |  |  | 99.9 |  |  |  | 99.9 |  |
|  | 100, 200, 300, 400, 500, 600, and 700 Technology Square |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: The Arsenal on the Charles |  | 872,883 |  |  | 248,018 |  |  | — |  |  | 1,120,901 |  |  | 13 |  | 51,957 |  |  |  | 97.6 |  |  |  | 97.6 |  |
|  | 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 |  | 521,735 |  |  | — |  |  | — |  |  | 521,735 |  |  | 5 |  | 27,136 |  |  |  | 99.2 |  |  |  | 99.2 |  |
|  | 99 Coolidge Avenue(2) |  | 43,568 |  |  | 277,241 |  |  | — |  |  | 320,809 |  |  | 1 |  | 5,221 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Cambridge/Inner Suburbs |  | 6,850,502 |  |  | 525,259 |  |  | — |  |  | 7,375,761 |  |  | 49 |  | 606,965 |  |  |  | 97.0 |  |  |  | 97.0 |  |
| Fenway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Fenway |  | 1,234,888 |  |  | 450,160 |  |  | 133,578 |  |  | 1,818,626 |  |  | 3 |  | 98,035 |  |  |  | 92.0 |  |  |  | 83.0 |  |
|  | 401 and 421(2) Park Drive and 201 Brookline Avenue(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Seaport Innovation District |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 5 and 15(2) Necco Street |  | 441,396 |  |  | — |  |  | — |  |  | 441,396 |  |  | 2 |  | 39,724 |  |  |  | 75.7 |  |  |  | 75.7 |  |
|  | Seaport Innovation District |  | 441,396 |  |  | — |  |  | — |  |  | 441,396 |  |  | 2 |  | 39,724 |  |  |  | 75.7 |  |  |  | 75.7 |  |
| Route 128 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Waltham |  | 326,110 |  |  | — |  |  | 716,604 |  |  | 1,042,714 |  |  | 5 |  | 22,738 |  |  |  | 100.0 |  |  |  | 31.3 |  |
|  | 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 13,374 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Route 128 |  | 1,618,324 |  |  | — |  |  | 716,604 |  |  | 2,334,928 |  |  | 12 |  | 65,171 |  |  |  | 100.0 |  |  |  | 69.3 |  |
| Other |  | 691,633 |  |  | — |  |  | 453,869 |  |  | 1,145,502 |  |  | 6 |  | 10,864 |  |  |  | 79.2 |  |  |  | 47.8 |  |
|  | Greater Boston |  | 10,836,743 |  |  | 975,419 |  |  | 1,304,051 |  |  | 13,116,213 |  |  | 72 |  | $ | 820,759 |  |  |  | 94.9 | % |  |  | 84.7 | % |
| (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. © 2024 | 26

Property Listing (continued) |
December 31, 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) |  | 2,012,791 |  |  | 212,796 |  |  | — |  |  | 2,225,587 |  |  | 10 |  | $ | 91,856 |  |  |  | 94.9 | % |  |  | 94.9 | % |
|  | 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 |  | 2,012,791 |  |  | 212,796 |  |  | — |  |  | 2,225,587 |  |  | 10 |  | 91,856 |  |  |  | 94.9 |  |  |  | 94.9 |  |
| South San Francisco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Technology Center® – Gateway(1) |  | 1,342,194 |  |  | — |  |  | 300,010 |  |  | 1,642,204 |  |  | 12 |  | 75,299 |  |  |  | 86.6 |  |  |  | 70.8 |  |
|  | 600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – South San Francisco |  | 919,704 |  |  | — |  |  | — |  |  | 919,704 |  |  | 5 |  | 57,055 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 213(1), 249, 259, 269, and 279 East Grand Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – South San Francisco |  | 503,388 |  |  | — |  |  | — |  |  | 503,388 |  |  | 3 |  | 32,372 |  |  |  | 89.8 |  |  |  | 89.8 |  |
|  | 201 Haskins Way and 400 and 450 East Jamie Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan |  | 445,232 |  |  | — |  |  | — |  |  | 445,232 |  |  | 2 |  | 4,011 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 1122 and 1150 El Camino Real |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |
|  | South San Francisco |  | 3,366,203 |  |  | 285,346 |  |  | 300,010 |  |  | 3,951,559 |  |  | 24 |  | 179,417 |  |  |  | 93.1 |  |  |  | 85.5 |  |
| Greater Stanford |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – San Carlos |  | 739,157 |  |  | — |  |  | — |  |  | 739,157 |  |  | 9 |  | 50,755 |  |  |  | 99.0 |  |  |  | 99.0 |  |
|  | 825, 835, 960, and 1501-1599 Industrial Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Stanford Life Science District |  | 703,570 |  |  | — |  |  | — |  |  | 703,570 |  |  | 9 |  | 65,005 |  |  |  | 98.3 |  |  |  | 98.3 |  |
|  | 3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3412, 3420, 3440, 3450, and 3460 Hillview Avenue |  | 338,751 |  |  | — |  |  | — |  |  | 338,751 |  |  | 5 |  | 24,275 |  |  |  | 83.2 |  |  |  | 83.2 |  |
|  | 3875 Fabian Way |  | 228,000 |  |  | — |  |  | — |  |  | 228,000 |  |  | 1 |  | 9,402 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road |  | 194,503 |  |  | — |  |  | — |  |  | 194,503 |  |  | 3 |  | 18,294 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 2100, 2200, 2300, and 2400 Geng Road |  | 162,584 |  |  | — |  |  | — |  |  | 162,584 |  |  | 4 |  | 12,241 |  |  |  | 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 |  | 2,527,204 |  |  | — |  |  | — |  |  | 2,527,204 |  |  | 33 |  | 188,999 |  |  |  | 97.0 |  |  |  | 97.0 |  |
|  | San Francisco Bay Area |  | 7,906,198 |  |  | 498,142 |  |  | 300,010 |  |  | 8,704,350 |  |  | 67 |  | $ | 460,272 |  |  |  | 94.8 | % |  |  | 91.4 | % |
| 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. © 2024 | 27

Property Listing (continued) |
December 31, 2023
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – New York City |  | 743,377 |  |  | — |  |  | — |  |  | 743,377 |  |  | 3 |  | $ | 67,706 |  |  |  | 95.8 | % |  |  | 95.8 | % |
|  | 430 and 450 East 29th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 922,477 |  |  | — |  |  | — |  |  | 922,477 |  |  | 4 |  | 72,993 |  |  |  | 85.3 |  |  |  | 85.3 |  |
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: One Alexandria Square |  | 833,589 |  |  | 334,996 |  |  | — |  |  | 1,168,585 |  |  | 12 |  | 49,861 |  |  |  | 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 |  | 13,969 |  |  |  | 85.8 |  |  |  | 85.8 |  |
|  | 10578, 10618, and 10628 Science Center Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Nautilus |  | 213,900 |  |  | — |  |  | — |  |  | 213,900 |  |  | 4 |  | 8,729 |  |  |  | 88.2 |  |  |  | 88.2 |  |
|  | 3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Torrey Pines |  | 1,343,779 |  |  | 334,996 |  |  | — |  |  | 1,678,775 |  |  | 19 |  | 72,559 |  |  |  | 95.0 |  |  |  | 95.0 |  |
| University Town Center |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Campus Point by Alexandria(1) |  | 1,666,590 |  |  | 598,029 |  |  | — |  |  | 2,264,619 |  |  | 13 |  | 77,574 |  |  |  | 99.0 |  |  |  | 99.0 |  |
|  | 9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135, 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 |  |
|  | ARE Esplanade |  | 243,084 |  |  | — |  |  | — |  |  | 243,084 |  |  | 4 |  | 5,022 |  |  |  | 47.7 |  |  |  | 47.7 |  |
|  | 4755, 4757, and 4767 Nexus Center Drive and 4796 Executive Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 9625 Towne Centre Drive(1) |  | 163,648 |  |  | — |  |  | — |  |  | 163,648 |  |  | 1 |  | 6,528 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Costa Verde by Alexandria |  | 8,730 |  |  | — |  |  | — |  |  | 8,730 |  |  | 2 |  | 879 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 8505 Costa Verde Boulevard and 4260 Nobel Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | University Town Center |  | 2,874,739 |  |  | 598,029 |  |  | — |  |  | 3,472,768 |  |  | 26 |  | 119,981 |  |  |  | 95.0 |  |  |  | 95.0 |  |
| Sorrento Mesa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: SD Tech by Alexandria(1) |  | 1,064,267 |  |  | 254,771 |  |  | — |  |  | 1,319,038 |  |  | 15 |  | 44,628 |  |  |  | 95.6 |  |  |  | 95.6 |  |
|  | 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 |  | 8,969 |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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. © 2024 | 28

Property Listing (continued) |
December 31, 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 Mesa (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Scripps Science Park by Alexandria |  | 144,113 |  |  | — |  |  | — |  |  | 144,113 |  |  | 1 |  | $ | 11,069 |  |  |  | 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 |  | 3,152,241 |  |  | 254,771 |  |  | — |  |  | 3,407,012 |  |  | 38 |  | 113,323 |  |  |  | 93.8 |  |  |  | 93.8 |  |
| Sorrento Valley |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3911, 3931, and 3985 Sorrento Valley Boulevard |  | 108,812 |  |  | — |  |  | — |  |  | 108,812 |  |  | 3 |  | 4,112 |  |  |  | 85.0 |  |  |  | 85.0 |  |
|  | 11045 and 11055 Roselle Street |  | 42,055 |  |  | — |  |  | — |  |  | 42,055 |  |  | 2 |  | 2,156 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Sorrento Valley |  | 150,867 |  |  | — |  |  | — |  |  | 150,867 |  |  | 5 |  | 6,268 |  |  |  | 89.2 |  |  |  | 89.2 |  |
| Other |  | 309,744 |  |  | — |  |  | — |  |  | 309,744 |  |  | 2 |  | 8,329 |  |  |  | 87.6 |  |  |  | 87.6 |  |
|  | San Diego |  | 7,831,370 |  |  | 1,187,796 |  |  | — |  |  | 9,019,166 |  |  | 90 |  | 320,460 |  |  |  | 94.1 |  |  |  | 94.1 |  |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Union |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: The Eastlake Life Science Campus by Alexandria |  | 1,214,448 |  |  | 33,349 |  |  | — |  |  | 1,247,797 |  |  | 9 |  | 80,053 |  |  |  | 95.9 |  |  |  | 95.9 |  |
|  | 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 |  | 290,754 |  |  | — |  |  | — |  |  | 290,754 |  |  | 1 |  | 17,969 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 400 Dexter Avenue North(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 219 Terry Avenue North |  | 25,966 |  |  | — |  |  | — |  |  | 25,966 |  |  | 1 |  | 1,372 |  |  |  | 90.7 |  |  |  | 90.7 |  |
|  | Lake Union |  | 1,531,168 |  |  | 33,349 |  |  | — |  |  | 1,564,517 |  |  | 11 |  | 99,394 |  |  |  | 96.6 |  |  |  | 96.6 |  |
| SoDo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 830 4th Avenue South |  | 42,380 |  |  | — |  |  | — |  |  | 42,380 |  |  | 1 |  | 1,052 |  |  |  | 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 |  | 1,586 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Elliott Bay |  | 84,595 |  |  | — |  |  | — |  |  | 84,595 |  |  | 3 |  | 4,733 |  |  |  | 100.0 |  |  |  | 100.0 |  |
| Bothell |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park |  | 916,446 |  |  | — |  |  | — |  |  | 916,446 |  |  | 21 |  | 19,348 |  |  |  | 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, 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 |  | 5,972 |  |  |  | 96.8 |  |  |  | 65.4 |  |
|  | 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Bothell |  | 1,227,476 |  |  | — |  |  | 148,890 |  |  | 1,376,366 |  |  | 27 |  | 25,320 |  |  |  | 93.7 |  |  |  | 83.6 |  |
| Other |  | 77,376 |  |  | — |  |  | — |  |  | 77,376 |  |  | 2 |  | 878 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Seattle |  | 2,962,995 |  |  | 33,349 |  |  | 148,890 |  |  | 3,145,234 |  |  | 44 |  | $ | 131,377 |  |  |  | 95.2 | % |  |  | 90.7 | % |
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. © 2024 | 29

Property Listing (continued) |
December 31, 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 |  | $ | 53,655 |  |  |  | 96.6 | % |  |  | 96.6 | % |
|  | 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 |  | 131,508 |  |  | — |  |  | — |  |  | 131,508 |  |  | 1 |  | 4,197 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 1405 and 1450(1) Research Boulevard |  | 114,849 |  |  | — |  |  | — |  |  | 114,849 |  |  | 2 |  | 3,025 |  |  |  | 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 |  | 3,073 |  |  |  | 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 |  | 1,679,017 |  |  | 510,601 |  |  | — |  |  | 2,189,618 |  |  | 28 |  | 69,180 |  |  |  | 95.8 |  |  |  | 95.8 |  |
| Gaithersburg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg I |  | 619,241 |  |  | — |  |  | — |  |  | 619,241 |  |  | 9 |  | 17,532 |  |  |  | 93.6 |  |  |  | 93.6 |  |
|  | 9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg II |  | 486,633 |  |  | — |  |  | — |  |  | 486,633 |  |  | 7 |  | 18,543 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 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 |  | 2,135 |  |  |  | 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 |  | 1,327,984 |  |  | — |  |  | — |  |  | 1,327,984 |  |  | 20 |  | 43,949 |  |  |  | 97.0 |  |  |  | 97.0 |  |
| 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 |  | 1,503 |  |  |  | 64.4 |  |  |  | 64.4 |  |
|  | Beltsville |  | 327,307 |  |  | — |  |  | — |  |  | 327,307 |  |  | 2 |  | 4,524 |  |  |  | 85.3 |  |  |  | 85.3 |  |
| Northern Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 14225 Newbrook Drive |  | 248,186 |  |  | — |  |  | — |  |  | 248,186 |  |  | 1 |  | 6,127 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Maryland |  | 3,582,494 |  |  | 510,601 |  |  | — |  |  | 4,093,095 |  |  | 51 |  | $ | 123,780 |  |  |  | 95.6 | % |  |  | 95.6 | % |
| 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. © 2024 | 30

Property Listing (continued) |
December 31, 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 |  | $ | 52,175 |  |  |  | 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 Sustainable Technologies |  | 364,493 |  |  | — |  |  | — |  |  | 364,493 |  |  | 7 |  | 14,233 |  |  |  | 99.9 |  |  |  | 99.9 |  |
|  | 104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for AgTech |  | 345,467 |  |  | — |  |  | — |  |  | 345,467 |  |  | 2 |  | 16,541 |  |  |  | 97.2 |  |  |  | 97.2 |  |
|  | 5 and 9 Laboratory Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle |  | 341,626 |  |  | — |  |  | — |  |  | 341,626 |  |  | 4 |  | 16,079 |  |  |  | 99.4 |  |  |  | 99.4 |  |
|  | 6, 8, 10, and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Alston |  | 155,533 |  |  | — |  |  | — |  |  | 155,533 |  |  | 3 |  | 3,837 |  |  |  | 90.9 |  |  |  | 90.9 |  |
|  | 100, 800, and 801 Capitola Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 6040 George Watts Hill Drive |  | 149,585 |  |  | — |  |  | — |  |  | 149,585 |  |  | 2 |  | 7,375 |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 2,137 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 6101 Quadrangle Drive |  | 31,600 |  |  | — |  |  | — |  |  | 31,600 |  |  | 1 |  | 861 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Research Triangle |  | 3,840,876 |  |  | — |  |  | — |  |  | 3,840,876 |  |  | 39 |  | 120,982 |  |  |  | 97.8 |  |  |  | 97.8 |  |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Intersection Campus |  | 1,525,359 |  |  | — |  |  | — |  |  | 1,525,359 |  |  | 12 |  | 43,031 |  |  |  | 98.8 |  |  |  | 98.8 |  |
|  | 507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 1001 Trinity Street and 1020 Red River Street |  | 198,972 |  |  | — |  |  | — |  |  | 198,972 |  |  | 2 |  | 11,630 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Austin |  | 1,724,331 |  |  | — |  |  | — |  |  | 1,724,331 |  |  | 14 |  | 54,661 |  |  |  | 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 |  | 57,591 |  |  |  | 95.1 |  |  |  | 91.5 |  |
Canada |  | 898,740 |  |  | — |  |  | 172,936 |  |  | 1,071,676 |  |  | 12 |  | 17,222 |  |  |  | 87.1 |  |  |  | 73.0 |  |
Non-cluster/other markets |  | 347,806 |  |  | — |  |  | — |  |  | 347,806 |  |  | 10 |  | 15,827 |  |  |  | 78.5 |  |  |  | 78.5 |  |
North America, excluding properties held for sale |  | 40,974,858 |  |  | 3,205,307 |  |  | 1,999,185 |  |  | 46,179,350 |  |  | 404 |  | 2,141,263 |  |  |  | 94.6 | % |  |  | 90.2 | % |
Properties held for sale |  | 1,049,135 |  |  | — |  |  | — |  |  | 1,049,135 |  |  | 7 |  | 26,907 |  |  |  | 63.3 | % |  |  | 63.3 | % |
Total – North America |  | 42,023,993 |  |  | 3,205,307 |  |  | 1,999,185 |  |  | 47,228,485 |  |  | 411 |  | $ | 2,168,170 |  |  |  |  |  |  |  |

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. © 2024 | 31

Investments in Real Estate |
December 31, 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 incremental annual net operating income from development and redevelopment projects placed into service primarily commencing from 1Q24 through 4Q27 is $389 million.
(2)Represents expected incremental annual net operating income to be placed into service, including partial deliveries for projects that stabilize in future years.
(3)Includes 1.4 million RSF expected to be stabilized in 2024 and is 93% leased. Refer to the initial and stabilized occupancy years in the “New Class A/A+ development and redevelopment properties: current projects” of our Supplemental Information for additional information.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 32

Investments in Real Estate |
December 31, 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 61% Leased |  | Committed Near Term 51% Leased/Negotiating(1) |  | Priority Anticipated |  | Future |  | Subtotal |  | Total
Square footage |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | 40,974,858 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,974,858 |
New Class A/A+ development and redevelopment properties |  | — |  |  | 5,204,492 |  |  | 492,570 |  |  | 2,710,462 |  |  | 26,754,679 |  |  | 35,162,203 |  |  | 35,162,203 |
Value-creation square feet currently included in rental properties(2) |  | — |  |  | — |  |  | (159,884) |  |  | (617,594) |  |  | (3,111,413) |  |  | (3,888,891) |  |  | (3,888,891) |
Total square footage, excluding properties held for sale |  | 40,974,858 |  |  | 5,204,492 |  |  | 332,686 |  |  | 2,092,868 |  |  | 23,643,266 |  |  | 31,273,312 |  |  | 72,248,170 |
Properties held for sale |  | 1,049,135 |  |  | — |  |  | — |  |  | — |  |  | 235,000 |  |  | 235,000 |  |  | 1,284,135 |
Total square footage |  | 42,023,993 |  |  | 5,204,492 |  |  | 332,686 |  |  | 2,092,868 |  |  | 23,878,266 |  |  | 31,508,312 |  |  | 73,532,305 |
Investments in real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross book value as of December 31, 2023(3) |  | $ | 28,388,009 |  |  | $ | 3,661,679 |  |  | $ | 46,257 |  |  | $ | 702,248 |  |  | $ | 3,816,125 |  |  | $ | 8,226,309 |  |  | $ | 36,614,318 |

(1)Represents one near-term project expected to commence construction during the next two years after December 31, 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. © 2024 | 33

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries |
December 31, 2023

325 Binney Street |  | 140 First Street |  | 99 Coolidge Avenue |  |  |  |  |  |  |  |
Greater Boston/Cambridge |  | Greater Boston/Cambridge |  | Greater Boston/ Cambridge/Inner Suburbs |  |  |  |  |  |  |  |
462,100 RSF |  | 403,892 RSF |  | 43,568 RSF |  |  |  |  |  |  |  |
100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  |  |  |  |  |  |  |

201 Brookline Avenue |  | 15 Necco Street |  | 751 Gateway Boulevard |  | 1150 Eastlake Avenue East |  |  |  |  |  |
Greater Boston/Fenway |  | Greater Boston/ Seaport Innovation District |  | San Francisco Bay Area/ South San Francisco |  | Seattle/Lake Union |  |  |  |  |  |
451,967 RSF |  | 345,996 RSF |  | 230,592 RSF |  | 278,282 RSF |  |  |  |  |  |
100% Occupancy |  | 97% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  |  |  |  |  |

-

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 34

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued) |
December 31, 2023

Alexandria Center® for Advanced Technologies – Monte Villa Parkway(1) |  | 9808 Medical Center Drive |  | 9601 and 9603 Medical Center Drive(2) |  | 20400 Century Boulevard |  |  |  |  |  |
Seattle/Bothell |  | Maryland/Rockville |  | Maryland/Rockville |  | Maryland/Gaithersburg |  |  |  |  |  |
65,086 RSF |  | 26,460 RSF |  | 95,911 RSF |  | 81,006 RSF |  |  |  |  |  |
100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  | 100% Occupancy |  |  |  |  |  |

2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive(3) |  | 6040 George Watts Hill Drive, Phase II |  | 8800 Technology Forest Place |  |  |  |  |  |  |  |
Research Triangle/Research Triangle |  | Research Triangle/Research Triangle |  | Texas/Greater Houston |  |  |  |  |  |  |  |
603,316 RSF |  | 88,038 RSF |  | 50,094 RSF |  |  |  |  |  |  |  |
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. © 2024 | 35

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued) |
December 31, 2023
(Dollars in thousands)

Highest Incremental Annual Net Operating Income in Company History Generated
From 2023 Deliveries Totaled $265 Million, Including $145 Million in 4Q23

Property/Market/Submarket |  |  |  | Our Ownership Interest |  | RSF Placed in Service |  | Occupancy Percentage(2) |  | Total Project |  | Unlevered Yields
| 4Q23 Delivery Date(1) |  |  | Prior to 1/1/23 |  | 1Q23 |  | 2Q23 |  | 3Q23 |  | 4Q23 |  | Total |  |  |  | Initial Stabilized |  | Initial Stabilized (Cash Basis)
|  |  |  |  |  |  |  |  |  | RSF |  | Investment |  |
Development projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
325 Binney Street/Greater Boston/Cambridge |  | 11/17/23 |  | 100% |  | — |  |  | — |  |  | — |  |  | — |  |  | 462,100 |  |  | 462,100 |  |  |  | 100% |  |  | 462,100 |  |  | $ | 823,000 |  |  |  | 8.9 | % |  |  |  | 7.6 | % |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 12/13/23 |  | 75.0% |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,568 |  |  | 43,568 |  |  |  | 100% |  |  | 320,809 |  |  | 468,000 |  |  |  | 7.1 |  |  |  |  | 7.0 |  |
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 |  |
15 Necco Street/Greater Boston/Seaport Innovation District |  | 11/17/23 |  | 56.7% |  | — |  |  | — |  |  | — |  |  | — |  |  | 345,996 |  |  | 345,996 |  |  |  | 97% |  |  | 345,996 |  |  | 540,000 |  |  |  | 6.7 |  |  |  |  | 5.6 |  |
751 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | N/A |  | 51.0% |  | — |  |  | — |  |  | — |  |  | 230,592 |  |  | — |  |  | 230,592 |  |  |  | 100% |  |  | 230,592 |  |  | 246,000 |  |  |  | 7.0 |  |  |  |  | 7.5 |  |
1150 Eastlake Avenue East/Seattle/Lake Union |  | 10/28/23 |  | 100% |  | — |  |  | — |  |  | — |  |  | — |  |  | 278,282 |  |  | 278,282 |  |  |  | 100% |  |  | 311,631 |  |  | 443,000 |  |  |  | 6.6 |  |  |  |  | 6.7 |  |
9808 Medical Center Drive/Maryland/Rockville |  | N/A |  | 100% |  | — |  |  | — |  |  | — |  |  | 26,460 |  |  | — |  |  | 26,460 |  |  |  | 100% |  |  | 95,061 |  |  | 113,000 |  |  |  | 5.5 |  |  |  |  | 5.5 |  |
6040 George Watts Hill Drive, Phase II/Research Triangle/Research Triangle |  | 11/1/23 |  | 100% |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,038 |  |  | 88,038 |  |  |  | 100% |  |  | 88,038 |  |  | 66,000 |  |  |  | 8.1 |  |  |  |  | 7.1 |  |
Redevelopment projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
140 First Street/Greater Boston/Cambridge |  | N/A |  | 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 |  | N/A |  | 100% |  | — |  |  | 35,847 |  |  | — |  |  | 29,239 |  |  | — |  |  | 65,086 |  |  |  | 100% |  |  | 460,623 |  |  | 229,000 |  |  |  | 6.3 |  |  |  |  | 6.2 |  |
9601 and 9603 Medical Center Drive/Maryland/Rockville |  | N/A |  | 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 |  | N/A |  | 100% |  | — |  | — |  | — |  |  | 46,434 |  |  | 3,660 |  |  | — |  |  | 50,094 |  |  |  | 100% |  |  | 123,392 |  |  | 112,000 |  |  |  | 6.3 |  |  |  |  | 6.0 |  |
Canada |  | 10/31/23 |  | 100% |  | — |  | — |  | — |  |  | — |  |  | 34,242 |  |  | 10,620 |  |  | 44,862 |  |  |  | 100% |  |  | 250,790 |  |  | 104,000 |  |  |  | 7.0 |  |  |  |  | 7.0 |  |
Weighted average/total |  | 11/12/23 |  |  |  | 751,845 |  |  | 453,511 |  |  | 387,076 |  |  | 450,134 |  |  | 1,228,604 |  |  | 3,271,170 |  |  |  |  |  |  | 4,387,640 |  |  | $ | 5,506,000 |  |  |  | 7.0 | % |  |  |  | 6.3 | % |

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. © 2024 | 36

New Class A/A+ Development and Redevelopment Properties: Current Projects |
December 31, 2023

|  | 99 Coolidge Avenue |  | 500 North Beacon Street and 4 Kingsbury Avenue(1) |  | 201 Brookline Avenue |  | 401 Park Drive |  | 421 Park Drive
|  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway |  | Greater Boston/Fenway |  | Greater Boston/Fenway
|  | 277,241 RSF |  | 248,018 RSF |  | 58,149 RSF |  | 133,578 RSF |  | 392,011 RSF
|  | 36% Leased |  | 85% Leased |  | 98% Leased |  | 17% Leased |  | 13% Leased

40, 50, and 60 Sylvan Road(2) |  | 840 Winter Street |  | 1450 Owens Street(3) |  | 651 Gateway Boulevard |  | 230 Harriet Tubman Way |  |
Greater Boston/Route 128 |  | Greater Boston/Route 128 |  | San Francisco Bay Area/ Mission Bay |  | San Francisco Bay Area/ South San Francisco |  | San Francisco Bay Area/ South San Francisco |  |
576,924 RSF |  | 139,680 RSF |  | 212,796 RSF |  | 300,010 RSF |  | 285,346 RSF |  |
29% Leased |  | 100% Leased |  | —% 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. The Alexandria Center® for Life Science – Waltham mega campus project is expected to capture demand in our Route 128 submarket.
(3)Image represents a single- or multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay 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. © 2024 | 37

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
December 31, 2023

10935, 10945, and 10955 Alexandria Way |  | 4135 Campus Point Court |  | 4155 Campus Point Court |  | 10075 Barnes Canyon Road |  | 1150 Eastlake Avenue East |  |  |  |  |
San Diego/Torrey Pines |  | San Diego/ University Town Center |  | San Diego/ University Town Center |  | San Diego/Sorrento Mesa |  | Seattle/Lake Union |  |  |  |  |
334,996 RSF |  | 426,927 RSF |  | 171,102 RSF |  | 254,771 RSF |  | 33,349 RSF |  |  |  |  |
75% Leased |  | 100% Leased |  | 100% Leased |  | 24% Leased/Negotiating |  | 100% Leased |  |  |  |  |

Alexandria Center® for Advanced Technologies – Monte Villa Parkway(1) |  | 9810 and 9820 Darnestown Road |  | 9808 Medical Center Drive |  |  |  |  |  | 8800 Technology Forest Place
Seattle/Bothell |  | Maryland/Rockville |  | Maryland/Rockville |  |  |  |  |  | Texas/Greater Houston
148,890 RSF |  | 442,000 RSF |  | 68,601 RSF |  |  |  |  |  | 73,298 RSF
90% Leased |  | 100% Leased |  | 60% Leased |  |  |  |  |  | 41% Leased

(1)Image represents 3755 Monte Villa Parkway.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 38

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
December 31, 2023

Property/Market/Submarket |  |  |  | Square Footage |  | Percentage |  | Occupancy(1)
| Dev/Redev |  | In Service |  | CIP |  | Total |  | Leased |  | Leased/Negotiating |  | Initial |  | Stabilized
Under construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  | 278,282 |  |  | 33,349 |  |  | 311,631 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q23 |  |  | 2024
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | Redev |  | 311,733 |  |  | 148,890 |  |  | 460,623 |  |  | 90 |  |  |  | 90 |  |  |  |  | 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
8800 Technology Forest Place/Texas/Greater Houston |  | Redev |  | 50,094 |  |  | 73,298 |  |  | 123,392 |  |  | 41 |  |  |  | 41 |  |  |  |  | 2Q23 |  |  | 2024
|  |  |  | 1,147,070 |  |  | 1,420,415 |  |  | 2,567,485 |  |  | 93 |  |  |  | 93 |  |  |  |  |  |  |  |
2025 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | Dev |  | 43,568 |  |  | 277,241 |  |  | 320,809 |  |  | 36 |  |  |  | 36 |  |  |  |  | 4Q23 |  |  | 2025
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | Dev |  | — |  |  | 248,018 |  |  | 248,018 |  |  | 85 |  |  |  | 85 |  |  |  |  | 2024 |  |  | 2025
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | Redev |  | — |  |  | 300,010 |  |  | 300,010 |  |  | 22 |  |  |  | 22 |  |  |  |  | 2024 |  |  | 2025
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | Dev |  | — |  |  | 254,771 |  |  | 254,771 |  |  | 12 |  |  |  | 24 |  |  |  |  | 2024 |  |  | 2025
Canada |  | Redev |  | 77,854 |  |  | 172,936 |  |  | 250,790 |  |  | 73 |  |  |  | 73 |  |  |  |  | 3Q23 |  |  | 2025
|  |  |  | 121,422 |  |  | 1,252,976 |  |  | 1,374,398 |  |  | 44 |  |  |  | 46 |  | (2) |  |  |  |  |  |
|  |  |  | 1,268,492 |  |  | 2,673,391 |  |  | 3,941,883 |  |  | 76 |  |  |  | 77 |  |  |  |  |  |  |  |
2026 and beyond stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
401 Park Drive/Greater Boston/Fenway |  | Redev |  | — |  |  | 133,578 |  |  | 133,578 |  |  | 17 |  |  |  | 17 |  |  |  |  | 2024 |  |  | 2026
421 Park Drive/Greater Boston/Fenway |  | Dev |  | — |  |  | 392,011 |  |  | 392,011 |  |  | 13 |  |  |  | 13 |  |  |  |  | 2026 |  |  | 2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | Redev |  | — |  |  | 576,924 |  |  | 576,924 |  |  | 29 |  |  |  | 29 |  |  |  |  | 2025 |  |  | 2027
Other/Greater Boston |  | Redev |  | — |  |  | 453,869 |  |  | 453,869 |  |  | — |  |  |  | — |  |  |  |  | 2025 |  |  | 2026
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | Dev |  | — |  |  | 212,796 |  |  | 212,796 |  |  | — |  |  |  | — |  | (3) |  |  | 2025 |  |  | 2026
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | Dev |  | — |  |  | 334,996 |  |  | 334,996 |  |  | 75 |  |  |  | 75 |  |  |  |  | 2025 |  |  | 2026
4135 Campus Point Court/San Diego/University Town Center |  | Dev |  | — |  |  | 426,927 |  |  | 426,927 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2026 |  |  | 2026
|  |  |  | — |  |  | 2,531,101 |  |  | 2,531,101 |  |  | 36 |  |  |  | 36 |  | (2) |  |  |  |  |  |
|  |  |  | 1,268,492 |  |  | 5,204,492 |  |  | 6,472,984 |  |  | 61 |  |  |  | 61 |  |  |  |  |  |  |  |
Near-term project expected to commence construction in the next two years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4165 Campus Point Court/San Diego/University Town Center |  | Dev |  | — |  |  | 492,570 |  |  | 492,570 |  |  | — |  |  |  | 51 |  |  |  |  |  |  |  |
Total |  |  |  | 1,268,492 |  |  | 5,697,062 |  |  | 6,965,554 |  |  | 56 | % |  |  | 60 | % |  |  |  |  |  |  |
(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)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. (3)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. © 2024 | 39

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
December 31, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
201 Brookline Avenue/Greater Boston/Fenway |  | 99.0 | % |  |  | $ | 661,831 |  |  | $ | 80,604 |  |  | $ | 32,565 |  |  | $ | 775,000 |  |  |  | 7.2 | % |  |  |  | 6.5 | % |
840 Winter Street/Greater Boston/Route 128 |  | 100 | % |  |  | 13,648 |  |  | 130,274 |  |  | 64,078 |  |  | 208,000 |  |  |  | 7.5 | % |  |  |  | 6.5 | % |
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | 47.1 | % |  |  | — |  |  | 237,118 |  |  | 272,882 |  |  | 510,000 |  |  |  | 7.4 | % |  |  |  | 6.4 | % |
4155 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 89,704 |  |  | 83,296 |  |  | 173,000 |  |  |  | 7.4 | % |  |  |  | 6.5 | % |
1150 Eastlake Avenue East/Seattle/Lake Union |  | 100 | % |  |  | 363,824 |  |  | 33,827 |  |  | 45,349 |  |  | 443,000 |  |  |  | 6.6 | % |  |  |  | 6.7 | % |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | 100 | % |  |  | 93,238 |  |  | 104,608 |  |  | 31,154 |  |  | 229,000 |  |  |  | 6.3 | % |  |  |  | 6.2 | % |
9820 Darnestown Road/Maryland/Rockville |  | 100 | % |  |  | — |  |  | 144,388 |  |  | 32,612 |  |  | 177,000 |  |  |  | 6.3 | % |  |  |  | 5.6 | % |
9810 Darnestown Road/Maryland/Rockville |  | 100 | % |  |  | — |  |  | 108,644 |  |  | 24,356 |  |  | 133,000 |  |  |  | 6.9 | % |  |  |  | 6.2 | % |
9808 Medical Center Drive/Maryland/Rockville |  | 100 | % |  |  | 34,825 |  |  | 54,312 |  |  | 23,863 |  |  | 113,000 |  |  |  | 5.5 | % |  |  |  | 5.5 | % |
8800 Technology Forest Place/Texas/Greater Houston |  | 100 | % |  |  | 43,529 |  |  | 56,245 |  |  | 12,226 |  |  | 112,000 |  |  |  | 6.3 | % |  |  |  | 6.0 | % |
|  |  |  |  | 1,210,895 |  |  | 1,039,724 |  |  |  |  |  |  |  |  |  |  |  |  |
2025 stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 75.0 | % |  |  | 48,183 |  |  | 245,314 |  |  | 174,503 |  |  | 468,000 |  |  |  | 7.1 | % |  |  |  | 7.0 | % |
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | 100 | % |  |  | — |  |  | 337,677 |  |  | 89,323 |  |  | 427,000 |  |  |  | 6.2 | % |  |  |  | 5.5 | % |
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 50.0 | % |  |  | — |  |  | 306,273 |  |  | TBD
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | 50.0 | % |  |  | — |  |  | 124,450 |  |
Canada |  | 100 | % |  |  | 29,400 |  |  | 47,974 |  |  | 26,626 |  |  | 104,000 |  |  |  | 7.0 | % |  |  |  | 7.0 | % |
|  |  |  |  | 77,583 |  |  | 1,061,688 |  |  |  |  |  |  |  |  |  |  |  |  |
2026 and beyond stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
401 Park Drive/Greater Boston/Fenway |  | 100 | % |  |  | — |  |  | 140,156 |  |  | TBD
421 Park Drive/Greater Boston/Fenway |  | 99.6 | % |  |  | — |  |  | 301,730 |  |
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | 100 | % |  |  | — |  |  | 397,582 |  |
Other/Greater Boston |  | 100 | % |  |  | — |  |  | 136,992 |  |
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | 40.6 | % |  |  | — |  |  | 268,290 |  |
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | 100 | % |  |  | — |  |  | 177,828 |  |  | 325,172 |  |  | 503,000 |  |  |  | 6.2 | % |  |  |  | 5.8 | % |
4135 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 137,689 |  |  | TBD
|  |  |  |  | — |  |  | 1,560,267 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | 1,288,478 |  |  | 3,661,679 |  |  |  |  |  |  |  |  |  |  |  |  |
Near-term project expected to commence construction in the next two years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4165 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 46,257 |  |  | TBD
Total |  |  |  |  | $ | 1,288,478 |  |  | $ | 3,707,936 |  |  | $ | 3,970,000 |  | (2) | $ | 8,960,000 |  | (2) |  |  |  |  |  |  |
Our share of investment(3) |  |  |  |  |  |  | $ | 2,990,000 |  | (2) | $ | 3,090,000 |  | (2) | $ | 7,350,000 |  | (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. (3)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. © 2024 | 40

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline |
December 31, 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 |  | Priority Anticipated |  | Future |  | Total(1) |
Greater Boston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Cambridge/Inner Suburbs |  | 75.0 | % |  |  | $ | 245,314 |  |  | 277,241 |  |  | — |  |  | — |  |  | — |  |  | 277,241 |  |
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs |  | 100 | % |  |  | 348,919 |  |  | 248,018 |  |  | — |  |  | 333,758 |  |  | 34,157 |  |  | 615,933 |  |
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway |  | (2) |  |  | 522,490 |  |  | 583,738 |  |  | — |  |  | — |  |  | — |  |  | 583,738 |  |
201 Brookline Avenue and 401 and 421 Park Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Waltham/Route 128 |  | 100 | % |  |  | 588,757 |  |  | 716,604 |  |  | — |  |  | — |  |  | 515,000 |  |  | 1,231,604 |  |
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® at Kendall Square/Cambridge |  | 100 | % |  |  | 115,187 |  |  | — |  |  | — |  |  | — |  |  | 216,455 |  |  | 216,455 |  |
100 Edwin H. Land Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Technology Square®/Cambridge |  | 100 | % |  |  | 7,881 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs |  | 100 | % |  |  | 83,175 |  |  | — |  |  | — |  |  | — |  |  | 902,000 |  |  | 902,000 |  |
446, 458, 500, and 550 Arsenal Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10 Necco Street/Seaport Innovation District |  | 100 | % |  |  | 103,531 |  |  | — |  |  | — |  |  | — |  |  | 175,000 |  |  | 175,000 |  |
Mega Campus: One Moderna Way/Route 128 |  | 100 | % |  |  | 26,182 |  |  | — |  |  | — |  |  | — |  |  | 1,100,000 |  |  | 1,100,000 |  |
215 Presidential Way/Route 128 |  | 100 | % |  |  | 6,816 |  |  | — |  |  | — |  |  | — |  |  | 112,000 |  |  | 112,000 |  |
Other value-creation projects |  | (3) |  |  | 286,099 |  |  | 453,869 |  |  | — |  |  | — |  |  | 1,323,541 |  |  | 1,777,410 |  |
|  |  |  |  | $ | 2,334,351 |  |  | 2,279,470 |  |  | — |  |  | 333,758 |  |  | 4,478,153 |  |  | 7,091,381 |  |
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, a 100% interest in 401 Park Drive aggregating 133,578 RSF, and a 99.6% interest in 421 Park Drive aggregating 392,011 RSF. (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. © 2024 | 41

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
December 31, 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 |  | Priority Anticipated |  | Future |  | Total(1) |
San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay |  | 40.6 | % |  |  | $ | 268,290 |  |  | 212,796 |  |  | — |  |  | — |  |  | — |  |  | 212,796 |  |
1450 Owens Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Technology Center® – Gateway/ South San Francisco |  | 50.0 | % |  |  | 332,447 |  |  | 300,010 |  |  | — |  |  | — |  |  | 291,000 |  |  | 591,010 |  |
651 Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Life Science – Millbrae/South San Francisco |  | 47.1 | % |  |  | 388,202 |  |  | 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: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco |  | 100 | % |  |  | 6,655 |  |  | — |  |  | — |  |  | 107,250 |  |  | 90,000 |  |  | 197,250 |  |
211(2) and 269 East Grand Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford |  | 100 | % |  |  | 423,593 |  |  | — |  |  | — |  |  | 105,000 |  |  | 1,392,830 |  |  | 1,497,830 |  |
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco |  | 100 | % |  |  | 377,159 |  |  | — |  |  | — |  |  | — |  |  | 1,930,000 |  |  | 1,930,000 |  |
1122, 1150, and 1178 El Camino Real |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3825 and 3875 Fabian Way/Greater Stanford |  | 100 | % |  |  | 147,079 |  |  | — |  |  | — |  |  | — |  |  | 478,000 |  |  | 478,000 |  |
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 240,000 |  |  | 240,000 |  |
901 California Avenue/Greater Stanford |  | 100 | % |  |  | 16,419 |  |  | — |  |  | — |  |  | — |  |  | 56,924 |  |  | 56,924 |  |
Mega Campus: 88 Bluxome Street/SoMa |  | 100 | % |  |  | 378,835 |  |  | — |  |  | — |  |  | — |  |  | 1,070,925 |  |  | 1,070,925 |  |
Other value-creation projects |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,000 |  |  | 25,000 |  |
|  |  |  |  | 2,338,679 |  |  | 798,152 |  |  | — |  |  | 410,438 |  |  | 5,724,892 |  |  | 6,933,482 |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – New York City/New York City |  | 100 | % |  |  | 151,846 |  |  | — |  |  | — |  |  | — |  |  | 550,000 |  | (3) | 550,000 |  |
|  |  |  |  | $ | 151,846 |  |  | — |  |  | — |  |  | — |  |  | 550,000 |  |  | 550,000 |  |
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)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. (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 aggregating approximately 550,000 SF.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 42

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
December 31, 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 |  | Priority Anticipated |  | Future |  | Total(1) |
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: One Alexandria Square/Torrey Pines |  | 100 | % |  |  | $ | 232,897 |  |  | 334,996 |  |  | — |  |  | — |  |  | 125,280 |  |  | 460,276 |  |
10935, 10945, and 10955 Alexandria Way and 10975 and 10995 Torreyana Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Campus Point by Alexandria/University Town Center |  | 55.0 | % |  |  | 419,857 |  |  | 598,029 |  |  | 492,570 |  |  | — |  |  | 650,000 |  |  | 1,740,599 |  |
10010(2), 10140(2), and 10260 Campus Point Drive and 4135, 4155, 4161, 4165, and 4275(2) Campus Point Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: SD Tech by Alexandria/Sorrento Mesa |  | 50.0 | % |  |  | 241,448 |  |  | 254,771 |  |  | — |  |  | — |  |  | 493,845 |  |  | 748,616 |  |
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
11255 and 11355 North Torrey Pines Road/Torrey Pines |  | 100 | % |  |  | 143,262 |  |  | — |  |  | — |  |  | 309,094 |  |  | — |  |  | 309,094 |  |
Scripps Science Park by Alexandria/Sorrento Mesa |  | 100 | % |  |  | 114,859 |  |  | — |  |  | — |  |  | 105,000 |  |  | 493,349 |  |  | 598,349 |  |
10048, 10219, 10256, and 10260 Meanley Drive and 10277 Scripps Ranch Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costa Verde by Alexandria/University Town Center |  | 100 | % |  |  | 131,264 |  |  | — |  |  | — |  |  | — |  |  | 537,000 |  |  | 537,000 |  |
8410-8750 Genesee Avenue and 4282 Esplanade Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: 5200 Illumina Way/University Town Center |  | 51.0 | % |  |  | 17,461 |  |  | — |  |  | — |  |  | — |  |  | 451,832 |  |  | 451,832 |  |
ARE Towne Centre/University Town Center |  | 100 | % |  |  | 26,503 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |
9363, 9373, and 9393 Towne Centre Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
9625 Towne Centre Drive/University Town Center |  | 30.0 | % |  |  | 837 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |
Mega Campus: Sequence District by Alexandria/Sorrento Mesa |  | 100 | % |  |  | 45,889 |  |  | — |  |  | — |  |  | — |  |  | 1,798,915 |  |  | 1,798,915 |  |
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacific Technology Park/Sorrento Mesa |  | 50.0 | % |  |  | 23,514 |  |  | — |  |  | — |  |  | — |  |  | 149,000 |  |  | 149,000 |  |
9444 Waples Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley |  | 100 | % |  |  | 39,707 |  |  | — |  |  | — |  |  | — |  |  | 247,000 |  |  | 247,000 |  |
Other value-creation projects |  | 100 | % |  |  | 72,465 |  |  | — |  |  | — |  |  | — |  |  | 475,000 |  |  | 475,000 |  |
|  |  |  |  | $ | 1,509,963 |  |  | 1,187,796 |  |  | 492,570 |  |  | 414,094 |  |  | 5,921,221 |  |  | 8,015,681 |  |
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 this property.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 43

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
December 31, 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 |  | Priority Anticipated |  | Future |  | Total(1) |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: The Eastlake Life Science Campus by Alexandria/Lake Union |  | 100 | % |  |  | $ | 33,827 |  |  | 33,349 |  |  | — |  |  | — |  |  | — |  |  | 33,349 |  |
1150 Eastlake Avenue East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell |  | 100 | % |  |  | 104,608 |  |  | 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) |  |  | 432,644 |  |  | — |  |  | — |  |  | 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 | % |  |  | 57,159 |  |  | — |  |  | — |  |  | — |  |  | 597,313 |  |  | 597,313 |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell |  | 100 | % |  |  | 15,975 |  |  | — |  |  | — |  |  | — |  |  | 230,000 |  |  | 230,000 |  |
21660 20th Avenue Southeast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other value-creation projects |  | 100 | % |  |  | 99,744 |  |  | — |  |  | — |  |  | — |  |  | 691,000 |  |  | 691,000 |  |
|  |  |  |  | 743,957 |  |  | 182,239 |  |  | — |  |  | 1,146,138 |  |  | 1,706,713 |  |  | 3,035,090 |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville |  | 100 | % |  |  | 327,940 |  |  | 510,601 |  |  | — |  |  | — |  |  | 296,000 |  |  | 806,601 |  |
9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | $ | 327,940 |  |  | 510,601 |  |  | — |  |  | — |  |  | 296,000 |  |  | 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 priority anticipated development project at 800 Mercer Street aggregating 869,000 SF.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 44

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
December 31, 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 |  | Priority Anticipated |  | Future |  | Total(1) |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle/Research Triangle |  | 100 | % |  |  | $ | 96,835 |  |  | — |  |  | — |  |  | 180,000 |  |  | 990,000 |  |  | 1,170,000 |  |
4 and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle |  | 100 | % |  |  | 104,542 |  |  | — |  |  | — |  |  | 100,000 |  |  | 955,000 |  |  | 1,055,000 |  |
3029 East Cornwallis Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Durham/Research Triangle |  | 100 | % |  |  | 173,864 |  |  | — |  |  | — |  |  | — |  |  | 2,210,000 |  |  | 2,210,000 |  |
41 Moore Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Sustainable Technologies/Research Triangle |  | 100 | % |  |  | 52,601 |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
100 Capitola Drive/Research Triangle |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,965 |  |  | 65,965 |  |
Other value-creation projects |  | 100 | % |  |  | 4,185 |  |  | — |  |  | — |  |  | — |  |  | 76,262 |  |  | 76,262 |  |
|  |  |  |  | 432,027 |  |  | — |  |  | — |  |  | 280,000 |  |  | 5,047,227 |  |  | 5,327,227 |  |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston |  | 100 | % |  |  | 75,748 |  |  | 73,298 |  |  | — |  |  | — |  |  | 116,405 |  |  | 189,703 |  |
8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1001 Trinity Street and 1020 Red River Street/Austin |  | 100 | % |  |  | 9,327 |  |  | — |  |  | — |  |  | 126,034 |  |  | 123,976 |  |  | 250,010 |  |
Other value-creation projects |  | 100 | % |  |  | 133,865 |  |  | — |  |  | — |  |  | — |  |  | 1,694,000 |  |  | 1,694,000 |  |
|  |  |  |  | 218,940 |  |  | 73,298 |  |  | — |  |  | 126,034 |  |  | 1,934,381 |  |  | 2,133,713 |  |
Canada |  | 100 | % |  |  | 47,974 |  |  | 172,936 |  |  | — |  |  | — |  |  | 371,743 |  |  | 544,679 |  |
Other value-creation projects |  | 100 | % |  |  | 114,995 |  |  | — |  |  | — |  |  | — |  |  | 724,349 |  |  | 724,349 |  |
Total pipeline as of December 31, 2023, excluding properties held for sale |  |  |  |  | 8,220,672 |  | (2) | 5,204,492 |  |  | 492,570 |  |  | 2,710,462 |  |  | 26,754,679 |  |  | 35,162,203 |  |
Properties held for sale |  |  |  |  | 5,637 |  |  | — |  |  | — |  |  | — |  |  | 235,000 |  |  | 235,000 |  |
Total pipeline as of December 31, 2023 |  |  |  |  | $ | 8,226,309 |  |  | 5,204,492 |  |  | 492,570 |  |  | 2,710,462 |  |  | 26,989,679 |  |  | 35,397,203 |  |

Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details.
(1)Total square footage includes 3,888,891 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 $3.7 billion of projects currently under construction that are 61% leased. We also expect to commence construction on one near-term project aggregating $46.3 million, which is 51% leased/negotiating, in the next two years after December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 45

Construction Spending and Capitalization of Interest |
December 31, 2023
(Dollars in thousands)

66% of Our Value-Creation Pipeline RSF Is Within Our Mega Campuses

|  | Upon Completion of Construction |
|  | RSF |  | Potential Growth in Operating RSF |
Under construction and committed near-term projects(1) |  | 5,697,062 |  |  | 76% |
Future opportunities subject to market conditions and leasing |  | 29,465,141 |  |  |
Value-creation pipeline: developments and redevelopments |  | 35,162,203 |  |  |

Key Categories of Interest Capitalized During 2023 |  | Percentage of Total Capitalized Interest |
Construction of Class A/A+ properties: |  |  |  |  |
Active construction projects |  |  |  |  |
Under construction and committed near-term projects(1) |  |  | 41 | % |  |
Future pipeline pre-construction |  |  |  |  |
Primarily mega campus expansion pre-construction work (entitlement, design, and site work) |  |  | 46 |  |  |
Smaller redevelopments and repositioning capital projects |  |  | 13 |  |  |
|  |  | 100 | % |  |

|  | Year Ended December 31, 2023 |  | Projected Midpoint for the Year Ending December 31, 2024 |  |  |  |
Construction Spending |  |  |  |
Construction of Class A/A+ properties: |  |  |  |  |  |  |  |  |  |  |  |
Active construction projects |  |  |  |  |  |  |  |  |  |  |  |
Under construction and committed near-term projects(1) and four projects expected to commence active construction in 2024 |  | $ | 2,672,376 |  |  | $ | 1,710,000 |  |  |  |
Future pipeline pre-construction |  |  |  |  |  |  |  |  |  |  |  |
Primarily mega campus expansion pre-construction work (entitlement, design, and site work) |  |  | 581,535 |  |  |  | 720,000 |  |  |  |  |
Revenue- and non-revenue-enhancing capital expenditures |  |  | 260,392 |  |  |  | 250,000 |  |  |  |  |
Construction spend (before contributions from noncontrolling interests)(2) |  |  | 3,514,303 |  |  |  | 2,680,000 |  |  |  |  |
Contributions from noncontrolling interests (consolidated real estate joint ventures) |  |  | (479,698) |  |  |  | (430,000) |  | (3) |  |
Total construction spending |  | $ | 3,034,605 |  |  | $ | 2,250,000 |  |  |  |
2024 Guidance range |  |  |  |  | $1,950,000 – $2,550,000 |  |

Contributions From Partners in Our Existing Consolidated Real Estate Joint Ventures |
Projected Timing |  | Amount(4) |
2024 |  | $ | 430,000 |  |
2025–2027 |  | 816,000 |  |
Total |  | $ | 1,246,000 |  |

(1)Includes projects under construction aggregating 5.2 million RSF and one near-term project aggregating 493 thousand RSF expected to commence construction during the next two years after December 31, 2023, which are 60% leased/negotiating and are expected to generate $495 million in annual incremental net operating income primarily commencing from 1Q24 through 4Q27.
(2)Includes our contributions in unconsolidated real estate joint ventures related to construction.
(3)Amount represents the portion of contractual funding commitments expected to be received from our existing consolidated real estate joint ventures during the next 12 months.
(4)Amounts represent reductions to our consolidated construction spending.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 46

Joint Venture Financial Information
December 31, 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% |  |  |  | 43,568 | (2)
15 Necco Street |  | Greater Boston |  | Seaport Innovation District |  |  | 43.3% |  |  |  | 345,996 |
Other joint venture |  | Greater Boston |  | – |  |  | 38.8% |  |  |  | — | (2)
Alexandria Center® for Science and Technology – Mission Bay(3) |  | San Francisco Bay Area |  | Mission Bay |  |  | 75.0% |  |  |  | 1,003,603 |
1450 Owens Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 59.4% | (4) |  |  | — | (2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 50.0% |  |  |  | 786,549 |
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 |  |  | 52.9% |  |  |  | — | (2)
3215 Merryfield Row |  | San Diego |  | Torrey Pines |  |  | 70.0% |  |  |  | 170,523 |
Campus Point by Alexandria(5) |  | San Diego |  | University Town Center |  |  | 45.0% |  |  |  | 1,342,164 |
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(6) |  | San Diego |  | Sorrento Mesa |  |  | 50.0% |  |  |  | 881,930 |
Pacific Technology Park |  | San Diego |  | Sorrento Mesa |  |  | 50.0% |  |  |  | 544,352 |
Summers Ridge Science Park(7) |  | 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(8) |  | 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% | (9) |  |  | (10) |
1450 Research Boulevard |  | Maryland |  | Rockville |  |  | 73.2% | (9) |  |  | 42,679 |
101 West Dickman Street |  | Maryland |  | Beltsville |  |  | 57.9% | (9) |  |  | 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)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.
(4)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes construction funding to the project over time.
(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.
(6)Includes 9605, 9645, 9675, 9685, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(8)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.
(9)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.
(10)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. © 2024 | 47

Joint Venture Financial Information (continued) |
December 31, 2023
(In thousands)

|  | As of December 31, 2023 |  |
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs |
Investments in real estate | $ | 3,937,012 |  |  |  | $ | 123,220 |  |  |
Cash, cash equivalents, and restricted cash |  | 149,715 |  |  |  |  | 3,552 |  |  |
Other assets |  | 405,012 |  |  |  |  | 12,285 |  |  |
Secured notes payable (refer to page 53) |  | (29,761) |  |  |  |  | (92,982) |  |  |
Other liabilities |  | (274,910) |  |  |  |  | (8,295) |  |  |
Mandatorily redeemable noncontrolling interest(1) |  | (35,250) |  |  |  |  | — |  |  |
Redeemable noncontrolling interests |  | (16,480) |  |  |  |  | — |  |  |
| $ | 4,135,338 |  |  |  | $ | 37,780 |  |  |

| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
| December 31, 2023 |  | December 31, 2023
| Three Months Ended |  | Year Ended |  | Three Months Ended |  | Year Ended
Total revenues | $ | 110,156 |  |  |  | $ | 419,078 |  |  |  | $ | 3,129 |  |  |  | $ | 11,365 |  |
Rental operations |  | (32,622) |  |  |  |  | (123,896) |  |  |  |  | (887) |  |  |  |  | (3,259) |  |
|  | 77,534 |  |  |  |  | 295,182 |  |  |  |  | 2,242 |  |  |  |  | 8,106 |  |
General and administrative |  | (1,803) |  |  |  |  | (3,244) |  |  |  |  | (15) |  |  |  |  | (86) |  |
Interest |  | (24) |  |  |  |  | (39) |  |  |  |  | (899) |  |  |  |  | (3,451) |  |
Depreciation and amortization of real estate assets |  | (30,137) |  |  |  |  | (115,349) |  |  |  |  | (965) |  |  |  |  | (3,589) |  |
Fixed returns allocated to redeemable noncontrolling interests(2) |  | 201 |  |  |  |  | 805 |  |  |  |  | — |  |  |  |  | — |  |
| $ | 45,771 |  |  |  | $ | 177,355 |  |  |  | $ | 363 |  |  |  | $ | 980 |  |
Straight-line rent and below-market lease revenue | $ | 7,414 |  |  |  | $ | 20,402 |  |  |  | $ | 427 |  |  |  | $ | 1,339 |  |
Funds from operations(3) | $ | 75,908 |  |  |  | $ | 292,704 |  |  |  | $ | 1,328 |  |  |  | $ | 4,569 |  |

(1)Related to the acquisition of our partner’s partial noncontrolling interest in one of our real estate joint ventures, which was paid in full in January 2024.
(2)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.
(3)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. © 2024 | 48

Investments |
December 31, 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.

|  | December 31, 2023 |  | Year Ended December 31, 2022
|  | Three Months Ended |  | Year Ended |
Realized (losses) gains |  | $ | (10,825) |  | (1) |  | $ | 6,078 |  | (1) |  | $ | 80,435 |  |
Unrealized gains (losses) |  | 19,479 |  | (2) |  | (201,475) |  | (2) |  | (412,193) |  | (3)
Investment income (loss) |  | $ | 8,654 |  |  |  | $ | (195,397) |  |  |  | $ | (331,758) |  |

|  | December 31, 2023 |  | December 31, 2022
Investments |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount |  | Carrying Amount
Publicly traded companies |  | $ | 203,467 |  |  | $ | 50,377 |  |  | $ | (94,278) |  |  | $ | 159,566 |  |  | $ | 207,139 |
Entities that report NAV |  | 507,059 |  |  | 192,468 |  |  | (27,995) |  |  | 671,532 |  |  | 759,752 |
Entities that do not report NAV: |  |  |  |  |  |  |  |  |  |
Entities with observable price changes |  | 97,892 |  |  | 77,600 |  |  | (1,224) |  |  | 174,268 |  |  | 193,784 |
Entities without observable price changes |  | 368,654 |  |  | — |  |  | — |  |  | 368,654 |  |  | 388,940 |
Investments accounted for under the equity method |  | N/A |  | N/A |  | N/A |  | 75,498 |  |  | 65,459 |
December 31, 2023 |  | $ | 1,177,072 |  | (4) | $ | 320,445 |  |  | $ | (123,497) |  |  | $ | 1,449,518 |  |  | $ | 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 $12.3 million and $80.6 million, offset by impairment charges of $23.1 million and $74.6 million during the three months and year ended December 31, 2023, respectively.
(2)Consists of unrealized gains of $34.3 million primarily resulting from the increase in valuation in publicly traded entities during the three months ended December 31, 2023 and unrealized losses of $111.6 million primarily resulting from the decrease in the fair value of our investments in privately held entities that report NAV during the year ended December 31, 2023 and $14.8 million and $89.9 million of accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our sales of investments during the three months and year ended December 31, 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 December 31, 2023.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 49

Key Credit Metrics
December 31, 2023

Liquidity |  |  | Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
|  |  |  |  | (in millions) |
$5.8B |  |  |
(in millions) |  |  |  |
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program |  | $ | 4,900 |  |  |
Cash, cash equivalents, and restricted cash |  | 661 |  |  |
Remaining construction loan commitments |  | 76 |  |  |
Investments in publicly traded companies |  | 160 |  |  |
Liquidity as of December 31, 2023 |  | $ | 5,797 |  |  |
Net Debt and Preferred Stock to Adjusted EBITDA(1) |  |  | Fixed-Charge Coverage Ratio(1)

(1)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. © 2024 | 50

Summary of Debt |
December 31, 2023
(In millions)

Weighted-Average Remaining Term of 12.8 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. © 2024 | 51

Summary of Debt (continued) |
December 31, 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 |  |  | $ | 119,043 |  |  | $ | 119,662 |  |  | 1.1 | % |  | 8.37 | % |  | 2.9 |
Unsecured senior notes payable | 11,096,028 |  |  | — |  |  | 11,096,028 |  |  | 98.0 |  |  | 3.65 |  |  | 13.0 |
Unsecured senior line of credit(2) and commercial paper program(3) | — |  |  | 99,952 |  |  | 99,952 |  |  | 0.9 |  |  | 5.76 |  |  | 4.1 | (4)
Total/weighted average | $ | 11,096,647 |  |  | $ | 218,995 |  |  | $ | 11,315,642 |  |  | 100.0 | % |  | 3.72 | % |  | 12.8 | (4)
Percentage of total debt | 98.1 | % |  | 1.9 | % |  | 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 December 31, 2023, we had no outstanding balance on our unsecured senior line of credit.
(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are 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 December 31, 2023, we had $100.0 million of commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 12.7 years. The commercial paper notes sold during the year ended December 31, 2023 were issued at a weighted-average yield to maturity of 5.55% and had a weighted-average maturity term of 11 days.

Average debt outstanding and weighted-average interest rate |  | Average Debt Outstanding |  | Weighted-Average Interest Rate |
|  | December 31, 2023 |  | December 31, 2023 |
|  | Three Months Ended |  | Year Ended |  | Three Months Ended |  | Year Ended |
Long-term fixed-rate debt |  | $ | 11,159,811 |  |  | $ | 11,044,128 |  |  | 3.64 | % |  | 3.62 | % |
Short-term variable-rate unsecured senior line of credit and commercial paper program debt |  | 909,703 |  |  | 293,690 |  |  | 5.84 |  |  | 5.77 |  |
Blended average interest rate |  | 12,069,514 |  |  | 11,337,818 |  |  | 3.81 |  |  | 3.68 |  |
Loan fee amortization and annual facility fee related to unsecured senior line of credit |  | N/A |  | N/A |  | 0.11 |  |  | 0.11 |  |
Total/weighted average |  | $ | 12,069,514 |  |  | $ | 11,337,818 |  |  | 3.92 | % |  | 3.79 | % |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 52

Summary of Debt (continued) |
December 31, 2023
(Dollars in thousands)

Debt covenants |  | Unsecured Senior Notes Payable |  | Unsecured Senior Line of Credit
Debt Covenant Ratios(1) |  | Requirement |  | December 31, 2023 |  | Requirement |  | December 31, 2023
Total Debt to Total Assets |  | ≤ 60% |  | 28% |  | ≤ 60.0% |  | 27.0% |
Secured Debt to Total Assets |  | ≤ 40% |  | 0.3% |  | ≤ 45.0% |  | 0.2% |
Consolidated EBITDA to Interest Expense |  | ≥ 1.5x |  | 15.3x |  | ≥ 1.50x |  | 4.13x |
Unencumbered Total Asset Value to Unsecured Debt |  | ≥ 150% |  | 346% |  | N/A |  | N/A |
Unsecured Interest Coverage Ratio |  | N/A |  | N/A |  | ≥ 1.75x |  | 28.55x |

(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 |  |  | $ | 28,331 |  |  | 65.0%
1655 and 1725 Third Street |  | 3/10/25 |  | 4.50% |  |  | 4.57% |  |  | 600,000 |  |  | 599,505 |  |  | 10.0%
101 West Dickman Street |  | 11/10/26 |  | SOFR+1.95% | (3) |  | 7.38% |  |  | 26,750 |  |  | 14,762 |  |  | 57.9%
1450 Research Boulevard |  | 12/10/26 |  | SOFR+1.95% | (3) |  | 7.44% |  |  | 13,000 |  |  | 8,280 |  |  | 73.2%
|  |  |  |  |  |  |  |  |  | $ | 668,250 |  |  | $ | 650,878 |  |  |

(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2023.
(3)This loan is subject to a fixed SOFR floor of 0.75%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 53

Summary of Debt (continued) |
December 31, 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 |
|  |  |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  |  |  |
Secured notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater Boston(3) |  | SOFR+2.70 | % |  | 8.38 | % |  |  | 11/19/26 |  | $ | — |  |  | $ | — |  |  | $ | 119,674 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 119,674 |  |  | $ | (631) |  |  | $ | 119,043 |  |
San Francisco Bay Area |  | 6.50 | % |  | 6.50 |  |  |  | 7/1/36 |  | 32 |  |  | 34 |  |  | 36 |  |  | 38 |  |  | 41 |  |  | 438 |  |  | 619 |  |  | — |  |  | 619 |  |
Secured debt weighted-average interest rate/subtotal |  |  |  | 8.37 |  |  |  |  |  | 32 |  |  | 34 |  |  | 119,710 |  |  | 38 |  |  | 41 |  |  | 438 |  |  | 120,293 |  |  | (631) |  |  | 119,662 |  |
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | 5.76 |  | (4) |  | 1/22/28 | (4) | (4) |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | — |  | (4) | 100,000 |  |  | (48) |  |  | 99,952 |  |
Unsecured senior notes payable |  | 3.45 | % |  | 3.62 |  |  |  | 4/30/25 |  | — |  |  | 600,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 600,000 |  |  | (1,181) |  |  | 598,819 |  |
Unsecured senior notes payable |  | 4.30 | % |  | 4.50 |  |  |  | 1/15/26 |  | — |  |  | — |  |  | 300,000 |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | (1,022) |  |  | 298,978 |  |
Unsecured senior notes payable |  | 3.80 | % |  | 3.96 |  |  |  | 4/15/26 |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | (1,143) |  |  | 348,857 |  |
Unsecured senior notes payable |  | 3.95 | % |  | 4.13 |  |  |  | 1/15/27 |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | 350,000 |  |  | (1,574) |  |  | 348,426 |  |
Unsecured senior notes payable |  | 3.95 | % |  | 4.07 |  |  |  | 1/15/28 |  | — |  |  | — |  |  | — |  |  | — |  |  | 425,000 |  |  | — |  |  | 425,000 |  |  | (1,733) |  |  | 423,267 |  |
Unsecured senior notes payable |  | 4.50 | % |  | 4.60 |  |  |  | 7/30/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (1,248) |  |  | 298,752 |  |
Unsecured senior notes payable |  | 2.75 | % |  | 2.87 |  |  |  | 12/15/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (2,473) |  |  | 397,527 |  |
Unsecured senior notes payable |  | 4.70 | % |  | 4.81 |  |  |  | 7/1/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | (2,425) |  |  | 447,575 |  |
Unsecured senior notes payable |  | 4.90 | % |  | 5.05 |  |  |  | 12/15/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | (5,511) |  |  | 694,489 |  |
Unsecured senior notes payable |  | 3.375 | % |  | 3.48 |  |  |  | 8/15/31 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | (4,990) |  |  | 745,010 |  |
Unsecured senior notes payable |  | 2.00 | % |  | 2.12 |  |  |  | 5/18/32 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 900,000 |  |  | 900,000 |  |  | (7,887) |  |  | 892,113 |  |
Unsecured senior notes payable |  | 1.875 | % |  | 1.97 |  |  |  | 2/1/33 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (7,976) |  |  | 992,024 |  |
Unsecured senior notes payable |  | 2.95 | % |  | 3.07 |  |  |  | 3/15/34 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 800,000 |  |  | 800,000 |  |  | (7,989) |  |  | 792,011 |  |
Unsecured senior notes payable |  | 4.75 | % |  | 4.88 |  |  |  | 4/15/35 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (5,411) |  |  | 494,589 |  |
Unsecured senior notes payable |  | 4.85 | % |  | 4.93 |  |  |  | 4/15/49 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (2,987) |  |  | 297,013 |  |
Unsecured senior notes payable |  | 4.00 | % |  | 3.91 |  |  |  | 2/1/50 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | 10,111 |  |  | 710,111 |  |
Unsecured senior notes payable |  | 3.00 | % |  | 3.08 |  |  |  | 5/18/51 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | 850,000 |  |  | (11,608) |  |  | 838,392 |  |
Unsecured senior notes payable |  | 3.55 | % |  | 3.63 |  |  |  | 3/15/52 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (14,112) |  |  | 985,888 |  |
Unsecured senior notes payable |  | 5.15 | % |  | 5.26 |  |  |  | 4/15/53 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (7,813) |  |  | 492,187 |  |
Unsecured debt weighted-average interest rate/subtotal |  |  |  | 3.67 |  |  |  |  |  | — |  |  | 600,000 |  |  | 650,000 |  |  | 350,000 |  |  | 525,000 |  |  | 9,150,000 |  |  | 11,275,000 |  |  | (79,020) |  |  | 11,195,980 |  |
Weighted-average interest rate/total |  |  |  | 3.72 | % |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 769,710 |  |  | $ | 350,038 |  |  | $ | 525,041 |  |  | $ | 9,150,438 |  |  | $ | 11,395,293 |  |  | $ | (79,651) |  |  | $ | 11,315,642 |  |
Balloon payments |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 600,000 |  |  | $ | 769,674 |  |  | $ | 350,000 |  |  | $ | 525,000 |  |  | $ | 9,150,068 |  |  | $ | 11,394,742 |  |  | $ | — |  |  | $ | 11,394,742 |  |
Principal amortization |  |  |  |  |  |  |  |  | 32 |  |  | 34 |  |  | 36 |  |  | 38 |  |  | 41 |  |  | 370 |  |  | 551 |  |  | (79,651) |  |  | (79,100) |  |
Total debt |  |  |  |  |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 769,710 |  |  | $ | 350,038 |  |  | $ | 525,041 |  |  | $ | 9,150,438 |  |  | $ | 11,395,293 |  |  | $ | (79,651) |  |  | $ | 11,315,642 |  |
Fixed-rate debt |  |  |  |  |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 650,036 |  |  | $ | 350,038 |  |  | $ | 425,041 |  |  | $ | 9,150,438 |  |  | $ | 11,175,619 |  |  | $ | (78,972) |  |  | $ | 11,096,647 |  |
Variable-rate debt |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 119,674 |  |  | — |  |  | 100,000 |  |  | — |  |  | 219,674 |  |  | (679) |  |  | 218,995 |  |
Total debt |  |  |  |  |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 769,710 |  |  | $ | 350,038 |  |  | $ | 525,041 |  |  | $ | 9,150,438 |  |  | $ | 11,395,293 |  |  | $ | (79,651) |  |  | $ | 11,315,642 |  |
Weighted-average stated rate on maturing debt |  |  |  |  |  |  |  |  | N/A |  | 3.45% |  | 3.82% |  | 3.95% |  | 4.29% |  | 3.48% |  |  |  |  |  |  |

(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 own a 75.0% interest. As of December 31, 2023, this joint venture h as $75.6 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. © 2024 | 54

Definitions and Reconciliations
December 31, 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) | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Net (loss) income | $ | (42,658) |  |  | $ | 68,254 |  |  | $ | 133,705 |  |  | $ | 121,693 |  |  | $ | 95,268 |
Interest expense | 31,967 |  |  | 11,411 |  |  | 17,072 |  |  | 13,754 |  |  | 17,522 |
Income taxes | 1,322 |  |  | 1,183 |  |  | 2,251 |  |  | 1,131 |  |  | 2,063 |
Depreciation and amortization | 285,246 |  |  | 269,370 |  |  | 273,555 |  |  | 265,302 |  |  | 264,480 |
Stock compensation expense | 34,592 |  |  | 16,288 |  |  | 15,492 |  |  | 16,486 |  |  | 11,586 |
Gain on sales of real estate | (62,227) |  |  | — |  |  | (214,810) |  |  | — |  |  | — |
Unrealized (gains) losses on non-real estate investments | (19,479) |  |  | 77,202 |  |  | 77,897 |  |  | 65,855 |  |  | 24,117 |
Impairment of real estate | 271,890 |  |  | 20,649 |  |  | 168,575 |  |  | — |  |  | 26,186 |
Impairment of non-real estate investments | 23,094 |  |  | 28,503 |  |  | 22,953 |  |  | — |  |  | 20,512 |
Adjusted EBITDA | $ | 523,747 |  |  | $ | 492,860 |  |  | $ | 496,690 |  |  | $ | 484,221 |  |  | $ | 461,734 |
Total revenues | $ | 757,216 |  |  | $ | 713,788 |  |  | $ | 713,900 |  |  | $ | 700,795 |  |  | $ | 670,281 |
Adjusted EBITDA margin | 69% |  | 69% |  | 70% |  | 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.
We are not able to forecast fourth quarter net income without unreasonable effort and therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairment of real estate, and impairment of non-real estate investments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 55

Definitions and Reconciliations (continued)
December 31, 2023

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 December 31, 2023, approximately 94% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants related to these operating expenses, along with base rent, are classified in income from rentals in our consolidated statements of operations.
Capitalization rates
Capitalization rates are calculated based on net operating income and net operating income (cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter preceding the date on which the property is sold, or near-term prospective net operating income.
Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary to develop 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 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 laboratory facilities. Redevelopment projects consist of the permanent change in use of acquired office, warehouse, or shell space into laboratory, agtech, or advanced technology space. We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory, agtech, and advanced technology space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.
Priority anticipated projects are those most likely to commence future ground-up development or first-time conversion from non-laboratory space to laboratory space prior to our other future projects, pending market conditions and leasing negotiations.
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.

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Definitions and Reconciliations (continued)
December 31, 2023

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.
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends. 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) | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Adjusted EBITDA | $ | 523,747 |  |  | $ | 492,860 |  |  | $ | 496,690 |  |  | $ | 484,221 |  |  | $ | 461,734 |
Interest expense | $ | 31,967 |  |  | $ | 11,411 |  |  | $ | 17,072 |  |  | $ | 13,754 |  |  | $ | 17,522 |
Capitalized interest | 89,115 |  |  | 96,119 |  |  | 91,674 |  |  | 87,070 |  |  | 79,491 |
Amortization of loan fees | (4,059) |  |  | (4,059) |  |  | (3,729) |  |  | (3,639) |  |  | (3,975) |
Amortization of debt discounts | (309) |  |  | (306) |  |  | (304) |  |  | (288) |  |  | (272) |
Cash interest and fixed charges | $ | 116,714 |  |  | $ | 103,165 |  |  | $ | 104,713 |  |  | $ | 96,897 |  |  | $ | 92,766 |
Fixed-charge coverage ratio: |  |  |  |  |  |  |  |  |
– quarter annualized | 4.5x |  | 4.8x |  | 4.7x |  | 5.0x |  | 5.0x
– trailing 12 months | 4.7x |  | 4.9x |  | 4.9x |  | 5.0x |  | 5.0x

We are not able to forecast fourth quarter net income without unreasonable effort and therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairment of real estate, and impairment of non-real estate investments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors.
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 resignations of executive officers, deal costs, the income tax effect related to such items, and the amount of such items that is allocable to our unvested restricted stock awards. We compute the amount that is allocable to our unvested restricted stock awards 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.

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Definitions and Reconciliations (continued)
December 31, 2023

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders (continued)
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
| December 31, 2023 |  | December 31, 2023
(In thousands) | Three Months Ended |  | Year Ended |  | Three Months Ended |  | Year Ended
Net income | $ | 45,771 |  |  | $ | 177,355 |  |  | $ | 363 |  |  | $ | 980 |
Depreciation and amortization of real estate assets | 30,137 |  |  | 115,349 |  |  | 965 |  |  | 3,589 |
Funds from operations | $ | 75,908 |  |  | $ | 292,704 |  |  | $ | 1,328 |  |  | $ | 4,569 |

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

(In thousands) | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Total assets | $ | 36,771,402 |  |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |  |  | $ | 35,523,399 |
Accumulated depreciation | 4,985,019 |  |  | 4,856,436 |  |  | 4,646,833 |  |  | 4,561,854 |  |  | 4,354,063 |
Gross assets | $ | 41,756,421 |  |  | $ | 41,639,729 |  |  | $ | 41,306,090 |  |  | $ | 41,474,319 |  |  | $ | 39,877,462 |

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 December 31, 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.
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.

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Definitions and Reconciliations (continued)
December 31, 2023

Investments in real estate
The following table reconciles our investments in real estate as of December 31, 2023:

(In thousands) |  | Investments in Real Estate |
Gross investments in real estate – North America |  | $ | 36,614,318 |  |
Less: accumulated depreciation – North America |  | (4,980,807) |  |
Net investments in real estate – North America |  | 31,633,511 |  |
Net investments in real estate – Asia |  | — |  |
Investments in real estate |  | $ | 31,633,511 |  |

The following table presents our value-creation pipeline of new Class A/A+ development and redevelopment projects, excluding properties held for sale, as a percentage of gross assets as of December 31, 2023:

|  | Percentage of Gross Assets
Under construction projects and near-term project expected to commence construction in the next two years (60% leased/negotiating) |  | 9%
Income-producing/potential cash flows/covered land play(1) |  | 7%
Land |  | 4%

(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 December 31, 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 December 31, 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 |  |  | 2024 |  | 2025 |  | Thereafter(1) |  | Total
Committed near-term project: |  |  |  |  |  |  |  |  |  |
4161 Campus Point Court/University Town Center |  | Dev |  | 159,884 |  |  | — |  |  | — |  |  | 159,884 |
Priority anticipated projects: |  |  |  |  |  |  |  |  |  |
311 Arsenal Street/Cambridge/Inner Suburbs |  | Redev |  | 308,446 |  |  | 25,312 |  |  | — |  |  | 333,758 |
269 East Grand Avenue/South San Francisco |  | Redev |  | 107,250 |  |  | — |  |  | — |  |  | 107,250 |
3301 Monte Villa Parkway/Bothell |  | Redev |  | 50,552 |  |  | — |  |  | — |  |  | 50,552 |
1020 Red River Street/Austin |  | Redev |  | — |  |  | 126,034 |  |  | — |  |  | 126,034 |
|  |  |  | 466,248 |  |  | 151,346 |  |  | — |  |  | 617,594 |
Future projects: |  |  |  |  |  |  |  |  |  |
100 Edwin H. Land Boulevard/Cambridge |  | Dev |  | 104,500 |  |  | — |  |  | — |  |  | 104,500 |
446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs |  | Dev |  | — |  |  | — |  |  | 380,991 |  |  | 380,991 |
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 |
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford |  | Dev |  | 84,083 |  |  | — |  |  | 78,501 |  |  | 162,584 |
960 Industrial Road/Greater Stanford |  | Dev |  | — |  |  | — |  |  | 112,590 |  |  | 112,590 |
10975 and 10995 Torreyana Road/Torrey Pines |  | Dev |  | 84,829 |  |  | — |  |  | — |  |  | 84,829 |
Campus Point by Alexandria/University Town Center |  | Dev |  | 335,308 |  |  | — |  |  | — |  |  | 335,308 |
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 |  | — |  |  | — |  |  | 77,376 |  |  | 77,376 |
100 Capitola Drive/Research Triangle |  | Dev |  | — |  |  | — |  |  | 34,527 |  |  | 34,527 |
1001 Trinity Street/Austin |  | Dev |  | — |  |  | 72,938 |  |  | — |  |  | 72,938 |
Canada |  | Redev |  | — |  |  | — |  |  | 247,743 |  |  | 247,743 |
|  |  |  | 608,720 |  |  | 72,938 |  |  | 2,429,755 |  |  | 3,111,413 |
|  |  |  | 1,234,852 |  |  | 224,284 |  |  | 2,429,755 |  |  | 3,888,891 |

(1)Includes vacant square footage as of December 31, 2023.

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Definitions and Reconciliations (continued)
December 31, 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 assets classified as held for sale 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 December 31, 2023 (dollars in thousands):

|  | Annual Rental Revenue |  | Value-Creation Pipeline RSF
Mega campus |  | $ | 1,621,074 |  |  | 20,859,507 |
Non-mega campus |  | 547,096 |  |  | 10,648,805 |
Total |  | $ | 2,168,170 |  |  | 31,508,312 |
Mega campus as a percentage of total annual rental revenue and of total value-creation pipeline RSF |  | 75 | % |  | 66 | %

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.

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Definitions and Reconciliations (continued)
December 31, 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) |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Secured notes payable |  | $ | 119,662 |  |  | $ | 109,110 |  |  | $ | 91,939 |  |  | $ | 73,645 |  |  | $ | 59,045 |
Unsecured senior notes payable |  | 11,096,028 |  |  | 11,093,725 |  |  | 11,091,424 |  |  | 11,089,124 |  |  | 10,100,717 |
Unsecured senior line of credit and commercial paper |  | 99,952 |  |  | — |  |  | — |  |  | 374,536 |  |  | — |
Unamortized deferred financing costs |  | 76,329 |  |  | 78,496 |  |  | 80,663 |  |  | 82,831 |  |  | 74,918 |
Cash and cash equivalents |  | (618,190) |  |  | (532,390) |  |  | (924,370) |  |  | (1,263,452) |  |  | (825,193) |
Restricted cash |  | (42,581) |  |  | (35,321) |  |  | (35,920) |  |  | (34,932) |  |  | (32,782) |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net debt and preferred stock |  | $ | 10,731,200 |  |  | $ | 10,713,620 |  |  | $ | 10,303,736 |  |  | $ | 10,321,752 |  |  | $ | 9,376,705 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
– quarter annualized |  | $ | 2,094,988 |  |  | $ | 1,971,440 |  |  | $ | 1,986,760 |  |  | $ | 1,936,884 |  |  | $ | 1,846,936 |
– trailing 12 months |  | $ | 1,997,518 |  |  | $ | 1,935,505 |  |  | $ | 1,895,336 |  |  | $ | 1,848,018 |  |  | $ | 1,797,536 |
Net debt and preferred stock to Adjusted EBITDA: |  |  |  |  |  |
– quarter annualized |  | 5.1 | x |  | 5.4 | x |  | 5.2 | x |  | 5.3 | x |  | 5.1 | x
– trailing 12 months |  | 5.4 | x |  | 5.5 | x |  | 5.4 | x |  | 5.6 | x |  | 5.2 | x

We are not able to forecast fourth quarter net income without unreasonable effort and therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairment of real estate, and impairment of non-real estate investments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors.
Net operating income, net operating income (cash basis), and operating margin
The following table reconciles net income (loss) to net operating income and net operating income (cash basis) and computes operating margin:

|  | Three Months Ended |  | Year Ended
(Dollars in thousands) |  | 12/31/23 |  | 12/31/22 |  | 12/31/23 |  | 12/31/22
Net (loss) income |  | $ | (42,658) |  |  | $ | 95,268 |  |  | $ | 280,994 |  |  | $ | 670,701 |
Equity in earnings of unconsolidated real estate joint ventures |  | (363) |  |  | (172) |  |  | (980) |  |  | (645) |
General and administrative expenses |  | 59,289 |  |  | 42,992 |  |  | 199,354 |  |  | 177,278 |
Interest expense |  | 31,967 |  |  | 17,522 |  |  | 74,204 |  |  | 94,203 |
Depreciation and amortization |  | 285,246 |  |  | 264,480 |  |  | 1,093,473 |  |  | 1,002,146 |
Impairment of real estate |  | 271,890 |  |  | 26,186 |  |  | 461,114 |  |  | 64,969 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | 3,317 |
Gain on sales of real estate |  | (62,227) |  |  | — |  |  | (277,037) |  |  | (537,918) |
Investment (income) loss |  | (8,654) |  |  | 19,653 |  |  | 195,397 |  |  | 331,758 |
Net operating income |  | 534,490 |  |  | 465,929 |  |  | 2,026,519 |  |  | 1,805,809 |
Straight-line rent revenue |  | (41,586) |  |  | (24,185) |  |  | (133,917) |  |  | (118,003) |
Amortization of acquired below-market leases |  | (23,684) |  |  | (20,125) |  |  | (93,331) |  |  | (74,346) |
Net operating income (cash basis) |  | $ | 469,220 |  |  | $ | 421,619 |  |  | $ | 1,799,271 |  |  | $ | 1,613,460 |
Net operating income (cash basis) – annualized |  | $ | 1,876,880 |  |  | $ | 1,686,476 |  |  | $ | 1,799,271 |  |  | $ | 1,613,460 |
Net operating income (from above) |  | $ | 534,490 |  |  | $ | 465,929 |  |  | $ | 2,026,519 |  |  | $ | 1,805,809 |
Total revenues |  | $ | 757,216 |  |  | $ | 670,281 |  |  | $ | 2,885,699 |  |  | $ | 2,588,962 |
Operating margin |  | 71% |  | 70% |  | 70% |  | 70%

Net operating income is a non-GAAP financial measure calculated as net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated real estate joint ventures, general and administrative expenses, interest expense, depreciation and amortization, impairments of real estate, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment income or loss. We believe net operating income provides useful information to investors regarding our financial condition and results of operations because it primarily reflects those income and expense items that are incurred at the property level. Therefore, we believe net operating income is a useful measure for investors to evaluate the operating performance of our consolidated real estate assets. Net operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line rent 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.

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Definitions and Reconciliations (continued)
December 31, 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, rent, and supplies that are incurred as part of corporate office management. We calculate operating margin as net operating income divided by total revenues.
We believe that 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

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Definitions and Reconciliations (continued)
December 31, 2023

Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the year ended December 31, 2023:

|  |  |  | Redevelopment – placed into |  |  |
Development – under construction |  | Properties |  | service after January 1, 2022 |  | Properties |
201 Brookline Avenue |  | 1 |  |  | 3160 Porter Drive |  | 1 |  |
1150 Eastlake Avenue East |  | 1 |  |  | 5505 Morehouse Drive |  | 1 |  |
9810 and 9820 Darnestown Road |  | 2 |  |  | The Arsenal on the Charles |  | 11 |  |
99 Coolidge Avenue |  | 1 |  |  | 30-02 48th Avenue |  | 1 |  |
500 North Beacon Street and 4 Kingsbury Avenue |  | 2 |  |  | 2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive |  | 3 |  |
9808 Medical Center Drive |  | 1 |  |  | 20400 Century Boulevard |  | 1 |  |
1450 Owens Street |  | 1 |  |  | 140 First Street |  | 1 |  |
230 Harriet Tubman Way |  | 1 |  |  | 9601 and 9603 Medical Center Drive |  | 2 |  |
4155 Campus Point Court |  | 1 |  |  |  |  | 21 |  |
10935, 10945, and 10955 Alexandria Way |  | 3 |  |  | Acquisitions after January 1, 2022 |  | Properties |
|  | 3301, 3303, 3305, and 3307 Hillview Avenue |  | 4 |  |
10075 Barnes Canyon Road |  | 1 |  |  |  |
421 Park Drive |  | 1 |  |  | 8505 Costa Verde Boulevard and 4260 Nobel Drive |  | 2 |  |
4135 Campus Point Court |  | 1 |  |  |  |
|  | 17 |  |  | 225 and 235 Presidential Way |  | 2 |  |
Development – placed into |  |  |  | 104 TW Alexander Drive |  | 4 |  |
service after January 1, 2022 |  | Properties |  | One Hampshire Street |  | 1 |  |
825 and 835 Industrial Road |  | 2 |  | Intersection Campus |  | 9 |  |
9950 Medical Center Drive |  | 1 |  | 100 Edwin H. Land Boulevard |  | 1 |  |
3115 Merryfield Row |  | 1 |  | 10010 and 10140 Campus Point Drive and 4275 Campus Point Court |  | 3 |  |
8 and 10 Davis Drive |  | 2 |  |  |  |
5 and 9 Laboratory Drive |  | 2 |  |  | 446 and 458 Arsenal Street |  | 2 |  |
10055 Barnes Canyon Road |  | 1 |  |  | 35 Gatehouse Drive |  | 1 |  |
10102 Hoyt Park Drive |  | 1 |  |  | 1001 Trinity Street and 1020 Red River Street |  | 2 |  |
751 Gateway Boulevard |  | 1 |  |  |  |
15 Necco Street |  | 1 |  |  | Other |  | 10 |  |
325 Binney Street |  | 1 |  |  |  |  | 41 |  |
6040 George Watts Hill Drive |  | 1 |  |  | Unconsolidated real estate JVs |  | 4 |  |
|  | 14 |  |  | Properties held for sale |  | 7 |  |
Redevelopment – under construction |  | Properties |  | Total properties excluded from same properties |  | 123 |  |
840 Winter Street |  | 1 |  |  |  |
40, 50, and 60 Sylvan Road |  | 3 |  |  | Same properties |  | 288 |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 6 |  |  | Total properties in North America as of December 31, 2023 |  | 411 |  |
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 |  | Year Ended
(In thousands) | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 12/31/23 |  | 12/31/22
Income from rentals | $ | 742,637 |  |  | $ | 707,531 |  |  | $ | 704,339 |  |  | $ | 687,949 |  |  | $ | 665,674 |  |  | $ | 2,842,456 |  |  | $ | 2,576,040 |
Rental revenues | (561,428) |  |  | (526,352) |  |  | (537,889) |  |  | (518,302) |  |  | (499,348) |  |  | (2,143,971) |  |  | (1,950,098) |
Tenant recoveries | $ | 181,209 |  |  | $ | 181,179 |  |  | $ | 166,450 |  |  | $ | 169,647 |  |  | $ | 166,326 |  |  | $ | 698,485 |  |  | $ | 625,942 |

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.

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Definitions and Reconciliations (continued)
December 31, 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) | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22
Unencumbered net operating income | $ | 533,382 |  |  | $ | 495,012 |  |  | $ | 500,923 |  |  | $ | 492,860 |  |  | $ | 464,944 |
Encumbered net operating income | 1,108 |  |  | 1,089 |  |  | 1,143 |  |  | 1,002 |  |  | 985 |
Total net operating income | $ | 534,490 |  |  | $ | 496,101 |  |  | $ | 502,066 |  |  | $ | 493,862 |  |  | $ | 465,929 |
Unencumbered net operating income as a percentage of total net operating income | 99.8% |  | 99.8% |  | 99.8% |  | 99.8% |  | 99.8%

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 December 31, 2023, we had no Forward Agreements outstanding.
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 |  | Year Ended
(In thousands) | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  | 12/31/22 |  | 12/31/23 |  | 12/31/22
Basic shares for earnings per share | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |
Forward Agreements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Diluted shares for earnings per share | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |
Forward Agreements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  | 165,393 |  |  | 170,909 |  |  | 161,659 |
Weighted-average unvested restricted shares used in the allocations of net income, funds from operations, and funds from operations, as adjusted | 2,734 |  |  | 2,124 |  |  | 2,163 |  |  | 2,277 |  |  | 1,614 |  |  | 2,325 |  |  | 1,723 |

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