EX-99.1 2 a1q24ex991supp.htm EX-99.1

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

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

Table of Contents
March 31, 2024

COMPANY HIGHLIGHTS | Page |  |  | Page |  |
Our Mission and Cluster Model | iii |  | Corporate Responsibility | xxii |
EARNINGS PRESS RELEASE | Page |  |  | Page |
First Quarter Ended March 31, 2024 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 |  |  |
Occupancy | 19 |  | Recent Deliveries | 34 |
Internal Growth |  |  | Current Projects | 35 |
Key Operating Metrics | 20 |  | Summary of Pipeline | 39 |
Same Property Performance | 21 |  | Construction Spending and Capitalization of Interest | 44 |
Leasing Activity | 22 |  | Joint Venture Financial Information | 46 |
Contractual Lease Expirations | 23 |  | Balance Sheet Management |  |
Top 20 Tenants | 24 |  | Investments | 48 |
Summary of Properties and Occupancy | 25 |  | Key Credit Metrics | 49 |
Property Listing | 26 |  | Summary of Debt | 50 |
|  |  | Definitions and Reconciliations |  |
|  |  | Definitions and Reconciliations | 54 |

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

Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.
The FTSE Nareit Equity Health Care Index represents all its constituent companies, among which Alexandria is not included. Excluding Alexandria, the REITs presented individually in the chart above are only those constituents of the FTSE Nareit Equity Health Care Index as of March 31, 2024 for which TSR information since May 27, 1997 is available.
(1)Alexandria’s initial public offering (“IPO”) was priced at $20.00 per share on May 27, 1997.

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(1)As of March 31, 2024, our asset base in North America includes 42.2 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects.

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Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the midpoint of our 2024 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.

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

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(1)Dividend yield is calculated as the dividend declared for the three months ended March 31, 2024 of $1.27 per common share annualized divided by the closing price of our common stock on March 31, 2024 of $128.91.
(2)Represents the years ended December 31, 2020 through 2023 and the three months ended March 31, 2024 annualized.
(3)Represents the years ended December 31, 2020 through 2023 and the midpoint of our 2024 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.
(4)Represents common stock dividend declared for the three months ended March 31, 2024 annualized.

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(1)Represents the average of acquired vacancy percentages as of each years ended 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 the 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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As of March 31, 2024. Annual rental revenue represents amounts in effect as of March 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(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.
(2)Represents the percentage of our annual rental revenue generated from space that is currently targeted for a future change in use to laboratory space, including 1.0% of annual rental revenue that is generated from covered land play projects for future development opportunities. The weighted-average remaining term of these leases is 3.6 years.
(3)Represents the percentage of our annual rental revenue generated by “Other” tenants, which 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.

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As of March 31, 2024.
(1)Represents tenant rents and receivables collected for each quarter-end as of each respective earnings release date.

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Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.
(1)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2Q24 through 4Q27 is projected to be $380 million.
(2)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years, including partial deliveries of projects that stabilize in future years.
(3)Includes 1.2 million RSF that is expected to stabilize in 2024 and is 98% leased/negotiating. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(4)In addition to the projects represented, we are evaluating one priority anticipated development project that could commence active construction in 2024 and may have initial delivery in 2025.

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(1)Includes amounts related to real estate dispositions and sales of partial interests completed from January 1, 2019 through March 31, 2024.
(2)Represents aggregate gains on real estate sales and associated real estate impairments and consideration in excess of book value of partial interests sold that were accounted as equity transactions.

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As of March 31, 2024.
(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 and Nareit.
(2)Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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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 April 5, 2024.
(2)Source: Evaluate Pharma, March 2024. Represents consensus forecast for global biopharma R&D spend in 2023.
(3)Sources: PitchBook, BioCentury, and NASDAQ. Includes venture capital investments in U.S.-based life science companies and IPOs, follow-ons, and public equity financings raised by U.S. listed biopharma companies in 2023.
(4)Sources: National Institutes of Health (“NIH”) and National Science Foundation (“NSF”). Includes FY2023 NIH funding and FY2023 NSF research and related activities.
(5)Source: The Giving Institute, “Giving USA 2023: The Annual Report on Philanthropy for the Year 2022.” Represents the annual funding amount for 2022, the latest data available.
(6)Dollar amount represents aggregate funding from all sources presented, and percentage represents the aggregate increase in funding compared to the previous five-year period (2014–2018).

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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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Source: Evaluate Pharma, March 2024. Total corporate R&D spend by global biopharma companies. Includes analyst forecast values for companies that have not reported 2023 full-year results. Top 20 companies ranked by pharma R&D spend in 2023.
(1)Source: Evaluate Pharma, “World Preview 2022 Outlook to 2028: Patents and Pricing.”

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Source: BioCentury, April 2024. Represents public follow-on and private investment in public equity (“PIPE”) financings completed by U.S. listed biopharma companies.

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Source: PitchBook, April 2024.

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Alexandria Real Estate Equities, Inc. Reports:
1Q24 Net Income per Share – Diluted of $0.97; and
1Q24 FFO per Share – Diluted, as Adjusted, of $2.35
PASADENA, Calif. – April 22, 2024 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the first quarter ended March 31, 2024.

Key highlights |  |  |  |  |  |  |  |
Operating results | 1Q24 |  | 1Q23 |  |  |  |  |
Total revenues: |  |  |  |  |  |  |  |
In millions | $ | 769.1 |  |  | $ | 700.8 |  |  |  |  |  |
Growth | 9.7% |  |  |  |  |
Net income attributable to Alexandria’s common stockholders – diluted:
In millions | $ | 166.9 |  |  | $ | 75.3 |  |  |  |  |  |
Per share | $ | 0.97 |  |  | $ | 0.44 |  |  |  |  |  |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: |
In millions | $ | 403.9 |  |  | $ | 373.7 |  |  |  |  |  |
Per share | $ | 2.35 |  |  | $ | 2.19 |  |  |  |  |  |

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 annual rental revenue in effect from mega campuses as of March 31, 2024 |  | 74 | % |  |
Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants as of March 31, 2024 |  | 52 | % |  |
Sustained strength in tenant collections: |  |  |  |
Tenant receivables as of March 31, 2024 represent 1.0% of rental revenues |  | $ | 7.5 | million
April 2024 tenant rents and receivables collected as of April 22, 2024 |  | 99.7 | % |  |
1Q24 tenant rents and receivables collected as of April 22, 2024 |  | 99.9 | % |  |
Occupancy of operating properties in North America as of March 31, 2024 |  | 94.6 | % |  |
Operating margin |  | 72 | % |  |
Adjusted EBITDA margin |  | 72 | % |  |
Weighted-average remaining lease term as of March 31, 2024: |  |  |  |
Top 20 tenants |  | 9.7 | years
All tenants |  | 7.5 | years

Strong leasing volume and rental rate increases
•Strong rental rate increases of 33.0% and 19.0% (cash basis).
•Strong leasing volume aggregating 1.1 million RSF during 1Q24.
•77% of our leasing activity during the last twelve months was generated from our existing tenant base.

|  | 1Q24 |  |  |  |
Total leasing activity – RSF |  | 1,142,857 |  |  |  |  |
Leasing of development and redevelopment space – RSF |  | 100,232 |  |  |  |  |
Lease renewals and re-leasing of space: |  |  |  |  |  |
RSF (included in total leasing activity above) |  | 994,770 |  |  |  |  |
Rental rate increase |  | 33.0% |  |  |  |
Rental rate increase (cash basis) |  | 19.0% |  |  |  |

Continued solid net operating income and internal growth
•Net operating income (cash basis) of $1.9 billion for 1Q24 annualized, up $132.7 million, or 7.6%, compared to 1Q23 annualized.
•Same property net operating income growth of 1.0% and 4.2% (cash basis) for 1Q24 over 1Q23.
•96% of our leases contain contractual annual rent escalations approximating 3%.
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 5.2x and fixed-charge coverage ratio of 4.7x for 1Q24 annualized.
•Significant liquidity of $6.0 billion.
•32% of our total debt matures in 2049 and beyond.
•13.4 years weighted-average remaining term of debt.
•98.9% of our debt has a fixed rate.
•Total debt and preferred stock to gross assets of 28%.
•$1.3 billion of expected capital contribution commitments from existing consolidated real estate joint venture partners to fund construction from 2Q24 through 2027.
Consistent dividend strategy with a focus on retaining significant net cash flows from operating activities after dividends for reinvestment
•Common stock dividend declared for 1Q24 of $1.27 per common share, aggregating $5.02 per common share for the twelve months ended March 31, 2024, up 24 cents, or 5%, over the twelve months ended March 31, 2023.
•Dividend yield of 3.9% as of March 31, 2024.
•Dividend payout ratio of 54% for the three months ended March 31, 2024.
•Average annual dividend per-share growth of 5% from 2020 through 1Q24 annualized.
•Significant net cash flows from operating activities after dividends retained for reinvestment aggregating $2.1 billion for the years ended December 31, 2020 through 2023 and for the midpoint of our 2024 guidance range for net cash provided by operating activities after dividends.

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

First Quarter Ended March 31, 2024 Financial and Operating Results (continued)
March 31, 2024

Alexandria’s highly leased value-creation pipeline delivered incremental annual net operating income of $26 million commencing during 1Q24 and will drive future incremental annual net operating income aggregating $480 million
•During 1Q24, we placed into service development and redevelopment projects aggregating 343,445 RSF that are 100% leased across multiple submarkets and delivered incremental annual net operating income of $26 million. 1Q24 deliveries include:
•100,624 RSF at 500 North Beacon Street located on The Arsenal on the Charles mega campus in our Cambridge/Inner Suburbs submarket;
•115,598 RSF at the Alexandria Center® for Advanced Technologies – Monte Villa Parkway in our Bothell submarket; and
•72,846 RSF at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket.
•Annual net operating income (cash basis) is expected to increase by $101 million upon the burn-off of initial free rent from recently delivered projects. Initial free rent has a weighted-average burn-off period of approximately seven months.
•69% of the RSF in our total value-creation pipeline is within our mega campuses.

Development and Redevelopment Projects |  | Incremental Annual Net Operating Income |  | RSF |  | Leased/Negotiating Percentage
(dollars in millions) |  |  |  |  |  |  |  |
Placed into service in 1Q24 |  | $ | 26 |  |  | 343,445 |  |  |  | 100% |
Expected to be placed into service(1): |  |  |  |  |  |  |  |
2Q24 through 4Q24 |  | $ | 120 |  | (2) | 5,541,380 |  |  | 63 | % |
2025 |  | 109 |  | (3) |  |  | (4)
1Q26 through 4Q27 |  | 251 |  |  |  |  |
|  | $ | 480 |  |  |  |  |

(1)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years, including partial deliveries of projects that stabilize in future years.
(2)Includes 1.2 million RSF that is expected to stabilize in 2024 and is 98% leased/negotiating. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(3)In addition to the projects represented, we are evaluating one priority anticipated development project that could commence active construction in 2024 and may have initial delivery in 2025.
(4)72% of the leased RSF of our value-creation projects was generated from our existing tenant base.
Strong balance sheet management
Key metrics as of or for the three months ended March 31, 2024
•$34.4 billion in total market capitalization.
•$22.2 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.

|  | 1Q24 |  | Target
|  | Quarter |  | Trailing |  | 4Q24
|  | Annualized |  | 12 Months |  | Annualized
Net debt and preferred stock to Adjusted EBITDA |  | 5.2x |  | 5.6x |  | Less than or equal to 5.1x
Fixed-charge coverage ratio |  | 4.7x |  | 4.7x |  | Greater than or equal to 4.5x

Key capital events
•In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years. The unsecured senior notes include:
•$400.0 million of 5.25% unsecured senior notes due 2036; and
•$600.0 million of 5.625% unsecured senior notes due 2054.
•In January 2024, our ATM program became inactive upon expiration of the associated shelf registration. In February 2024, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.5 billion of our common stock. As of April 22, 2024, the full amount remained available for future sales of our common stock.
Investments
•As of March 31, 2024:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $220.2 million, comprising gross unrealized gains and losses aggregating $320.4 million and $100.2 million, respectively.
•Investment income of $43.3 million for 1Q24 presented in our consolidated statement of operations consisted of $28.8 million of realized gains, partially offset by impairment charges of $14.7 million, and $29.2 million of unrealized gains.
Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:
| 1Q24 |  | 1Q23 |  | 1Q24 |  | 1Q23 |  |  |  |  |  |  |  |
(in millions, except per share amounts) | Amount |  | Per Share – Diluted |  |  |  |
Unrealized gains (losses) on non-real estate investments | $ | 29.2 |  |  | $ | (65.9) |  |  | $ | 0.17 |  |  | $ | (0.39) |  |  |  |  |  |  |  |  |
Gain on sales of real estate | 0.4 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Impairment of non-real estate investments | (14.7) |  |  | — |  |  | (0.09) |  |  | — |  |  |  |  |  |  |  |  |
Total | $ | 14.9 |  |  | $ | (65.9) |  |  | $ | 0.08 |  |  | $ | (0.39) |  |  |  |  |  |  |  |  |
Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 2

First Quarter Ended March 31, 2024 Financial and Operating Results (continued)
March 31, 2024

Industry and corporate responsibility leadership: catalyzing and leading the way for positive change to benefit human health and society
•In March 2024, Alexandria was named one of Newsweek’s Most Trustworthy Companies in America for the second consecutive year based on three touchpoints of trust: customer trust, investor trust, and employee trust. On the 2024 list, Alexandria holds the top rank among the three S&P 500 REITs recognized in the real estate and housing category.
•In March 2024, Alexandria’s executive chairman and founder, Joel S. Marcus, was selected to receive the inaugural Bisnow Life Sciences Icon & Influencer Award. This prestigious award highlights Mr. Marcus and the company's significant contributions to and lasting impact on the life science real estate sector and broader life science industry. Mr. Marcus will accept the award on behalf of Alexandria at Bisnow's International Life Sciences & Biotech Conference in September 2024.
•During 1Q24, Alexandria earned several awards in recognition of operational excellence in asset management, leasing, real estate transactions, and sustainability across our regions:
•In our Greater Boston market, Alexandria won two 2023 Commercial Broker Association Achievement Awards: Life Science Deal of the Year for our lease with Novo Nordisk at 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham mega campus and Investment Sale of the Year – Urban for our strategic sale of partial interest in 15 Necco Street.
•In our San Francisco Bay Area market, the Alexandria Center® for Life Science – San Carlos mega campus won a TOBY (The Outstanding Building of the Year) Award from BOMA (Building Owners and Managers Association) in the region’s new Life Science category. Alexandria also received a San Francisco Business Times’ 2024 Real Estate Deal of the Year Award for our lease with CARGO Therapeutics, a clinical-stage biotechnology company, at 835 Industrial Road on this mega campus.
•In our Seattle market, Alexandria was an honoree in the Water Stewardship category of the Puget Sound Business Journal’s 2024 Environmental and Sustainability Awards in recognition of our implementation of an innovative energy district at the Alexandria Center® for Life Science – South Lake Union mega campus featuring one of the largest wastewater heat recovery systems in North America. This wastewater heat recovery system, which will provide an alternative energy source to heat our buildings and enhance building resilience and operating performance, demonstrates our continued focus on reducing greenhouse gas emissions in our laboratory facilities.
•In our Research Triangle market, we earned the Top Life Sciences/Laboratory Lease in the Triangle Business Journal’s 2024 SPACE Awards for our lease with Pairwise, a health-focused food and agriculture company, at 110 and 112 TW Alexander Drive on the Alexandria Center® for Sustainable Technologies mega campus. The annual SPACE Awards recognize the Research Triangle’s top commercial real estate developments and transactions.
•In February 2024, Alexandria, in partnership with former congressman Patrick J. Kennedy and The Kennedy Forum, held its second Alexandria Summit® on Mental Health in Washington, DC. Alexandria convened a diverse set of key decision makers, influential life science industry thought leaders, members of Congress, regulatory agency executives, and other key policymakers to advance the development of novel, effective psychiatric therapies to address vast unmet need.
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 mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science 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 companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit www.are.com.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 3

Guidance |
March 31, 2024
(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 January 29, 2024 include updates to earnings per share, funds from operations per share, and funds from operations per share, as adjusted, as shown in the table below. We updated our guidance range for 2024 earnings per share and funds from operations per share. In addition, we narrowed our guidance range for 2024 funds from operations per share, as adjusted, to 12 cents from 20 cents with the midpoint of $9.47 unchanged from our prior guidance on January 29, 2024.

Projected 2024 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted |
|  | As of 4/22/2024 |  | As of 1/29/2024 |
Earnings per share(2) |  | $3.60 to $3.72 |  | $3.49 to $3.69 |
Depreciation and amortization of real estate assets |  |  | 5.95 |  |  |  | 5.95 |  |
Allocation to unvested restricted stock awards |  |  | (0.06) |  |  |  | (0.07) |  |
Funds from operations per share(1) |  | $9.49 to $9.61 |  | $9.37 to $9.57 |
Unrealized gains on non-real estate investments |  |  | (0.17) |  |  |  | — |  |
Impairment of non-real estate investments |  |  | 0.09 |  |  |  | — |  |
Funds from operations per share, as adjusted(1) |  | $9.41 to $9.53 |  | $9.37 to $9.57 |
Midpoint |  | $9.47 |  | $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(5) |  | $ | 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, sales of partial interests, and common equity(3) (refer to page 6) |  | 900 |  |  | 1,900 |  |  | 1,400 |
Total sources of capital |  | $ | 2,200 |  |  | $ | 3,300 |  |  | $ | 2,750 |
Uses of capital: |  |  |  |  |  |
Construction |  | $ | 1,950 |  |  | $ | 2,550 |  |  | $ | 2,250 |
Acquisitions (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(4) |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | 1,000 |
Unsecured senior line of credit, commercial paper, and other |  | (100) |  |  | (100) |  |  | (100) |
Net incremental debt |  | $ | 900 |  |  | $ | 900 |  |  | $ | 900 |

(1)Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(2)Excludes unrealized gains or losses on non-real estate investments after March 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(3)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2024 with dispositions and sales of partial interests and are actively pursuing several dispositions and partial interest sale opportunities. In February 2024, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.5 billion of our common stock. As of April 22, 2024, the full amount remained available for future sales of our common stock.
(4)In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years. The unsecured senior notes consisted of $400.0 million of 5.25% unsecured senior notes due 2036 and $600.0 million of 5.625% unsecured senior notes due 2054. Our 2024 guidance for issuance of unsecured senior notes payable assumes we issue new unsecured senior notes payable in 2025 to fund the repayment of our $600.0 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 issuance of additional unsecured senior notes payable.
(5)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” in the Supplemental Information for additional details.

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

Acquisitions |
March 31, 2024
(Dollars in thousands)

Property |  | Submarket/Market |  | Date of Purchase |  |  |  | Operating Occupancy |  | Future Development RSF(1) |  |  |  |  |  |  |  |  |  |  |  | Purchase Price
Completed in 1Q24: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
285, 299, 307, and 345 Dorchester Avenue (60% interest in consolidated JV) |  | Seaport Innovation District/Greater Boston |  | 1/30/24 |  |  |  | N/A |  |  | 1,040,000 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 155,321 |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,490 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 194,811 |  |
Completed in April 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,000 |  |
Pending acquisitions subject to signed letters of intent or purchase and sale agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,350 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 277,161 |  |
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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 5

Dispositions and Sales of Partial Interests |
March 31, 2024
(Dollars in thousands)

Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | RSF |  |  |  |  |  | Sales Price |  |  |  |  |
Value harvesting dispositions of 100% interest in properties not integral to our mega campus strategy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completed in 1Q24: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 A Street(1) |  | Seaport Innovation District/Greater Boston |  | 3/8/24 |  | 100 | % |  |  | 235,000 |  |  |  |  |  |  |  |  | $ | 13,350 |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,863 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,213 |  |  |  |  |  |
Pending transactions subject to letters of intent or purchase and sale agreement negotiations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 258,095 |  |  |  |  |  |
Additional targeted dispositions and sales of partial interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | TBD |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 275,308 |  |  |  |  |  |

(1)We completed the sale during the three months ended March 31, 2024 and recognized no gain or loss.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 6

Earnings Call Information and About the Company
March 31, 2024

We will host a conference call on Tuesday, April 23, 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 first quarter ended March 31, 2024. 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, April 23, 2024. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1133562.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2024 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2024q1.pdf.
For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; 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 mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science 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 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.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our 2024 earnings per share, 2024 funds from operations per share, 2024 funds from operations per share, as adjusted, 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 |
March 31, 2024
(Dollars in thousands, except per share amounts)

|  | Three Months Ended |  |
|  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from rentals |  | $ | 755,551 |  |  | $ | 742,637 |  |  | $ | 707,531 |  |  | $ | 704,339 |  |  | $ | 687,949 |  |  |  |  |
Other income |  | 13,557 |  |  | 14,579 |  |  | 6,257 |  |  | 9,561 |  |  | 12,846 |  |  |  |  |
Total revenues |  | 769,108 |  |  | 757,216 |  |  | 713,788 |  |  | 713,900 |  |  | 700,795 |  |  |  |  |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operations |  | 218,314 |  |  | 222,726 |  |  | 217,687 |  |  | 211,834 |  |  | 206,933 |  |  |  |  |
General and administrative |  | 47,055 |  |  | 59,289 |  |  | 45,987 |  |  | 45,882 |  |  | 48,196 |  |  |  |  |
Interest |  | 40,840 |  |  | 31,967 |  |  | 11,411 |  |  | 17,072 |  |  | 13,754 |  |  |  |  |
Depreciation and amortization |  | 287,554 |  |  | 285,246 |  |  | 269,370 |  |  | 273,555 |  |  | 265,302 |  |  |  |  |
Impairment of real estate |  | — |  |  | 271,890 |  |  | 20,649 |  |  | 168,575 |  |  | — |  |  |  |  |
Total expenses |  | 593,763 |  |  | 871,118 |  |  | 565,104 |  |  | 716,918 |  |  | 534,185 |  |  |  |  |
Equity in earnings of unconsolidated real estate joint ventures |  | 155 |  |  | 363 |  |  | 242 |  |  | 181 |  |  | 194 |  |  |  |  |
Investment income (loss) |  | 43,284 |  |  | 8,654 |  |  | (80,672) |  |  | (78,268) |  |  | (45,111) |  |  |  |  |
Gain on sales of real estate |  | 392 |  |  | 62,227 |  |  | — |  |  | 214,810 |  |  | — |  |  |  |  |
Net income (loss) |  | 219,176 |  |  | (42,658) |  |  | 68,254 |  |  | 133,705 |  |  | 121,693 |  |  |  |  |
Net income attributable to noncontrolling interests |  | (48,631) |  |  | (45,771) |  |  | (43,985) |  |  | (43,768) |  |  | (43,831) |  |  |  |  |
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders |  | 170,545 |  |  | (88,429) |  |  | 24,269 |  |  | 89,937 |  |  | 77,862 |  |  |  |  |
Net income attributable to unvested restricted stock awards |  | (3,659) |  |  | (3,498) |  |  | (2,414) |  |  | (2,677) |  |  | (2,606) |  |  |  |  |
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders |  | $ | 166,886 |  |  | $ | (91,927) |  |  | $ | 21,855 |  |  | $ | 87,260 |  |  | $ | 75,256 |  |  |  |  |
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.97 |  |  | $ | (0.54) |  |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  |  |  |
Diluted |  | $ | 0.97 |  |  | $ | (0.54) |  |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  |  |  |
Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |
Diluted |  | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |
Dividends declared per share of common stock |  | $ | 1.27 |  |  | $ | 1.27 |  |  | $ | 1.24 |  |  | $ | 1.24 |  |  | $ | 1.21 |  |  |  |  |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 8

Consolidated Balance Sheets |
March 31, 2024
(In thousands)

|  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Assets |  |  |  |  |  |  |  |  |  |
Investments in real estate |  | $ | 32,323,138 |  |  | $ | 31,633,511 |  |  | $ | 31,712,731 |  |  | $ | 31,178,054 |  |  | $ | 30,889,395 |
Investments in unconsolidated real estate joint ventures |  | 40,636 |  |  | 37,780 |  |  | 37,695 |  |  | 37,801 |  |  | 38,355 |
Cash and cash equivalents |  | 722,176 |  |  | 618,190 |  |  | 532,390 |  |  | 924,370 |  |  | 1,263,452 |
Restricted cash |  | 9,519 |  |  | 42,581 |  |  | 35,321 |  |  | 35,920 |  |  | 34,932 |
Tenant receivables |  | 7,469 |  |  | 8,211 |  |  | 6,897 |  |  | 6,951 |  |  | 8,197 |
Deferred rent |  | 1,138,936 |  |  | 1,050,319 |  |  | 1,012,666 |  |  | 984,366 |  |  | 974,865 |
Deferred leasing costs |  | 520,616 |  |  | 509,398 |  |  | 512,216 |  |  | 520,610 |  |  | 527,848 |
Investments |  | 1,511,588 |  |  | 1,449,518 |  |  | 1,431,766 |  |  | 1,495,994 |  |  | 1,573,018 |
Other assets |  | 1,424,968 |  |  | 1,421,894 |  |  | 1,501,611 |  |  | 1,475,191 |  |  | 1,602,403 |
Total assets |  | $ | 37,699,046 |  |  | $ | 36,771,402 |  |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |
Liabilities, Noncontrolling Interests, and Equity |  |  |  |  |  |  |  |  |  |
Secured notes payable |  | $ | 130,050 |  |  | $ | 119,662 |  |  | $ | 109,110 |  |  | $ | 91,939 |  |  | $ | 73,645 |
Unsecured senior notes payable |  | 12,087,113 |  |  | 11,096,028 |  |  | 11,093,725 |  |  | 11,091,424 |  |  | 11,089,124 |
Unsecured senior line of credit and commercial paper |  | — |  |  | 99,952 |  |  | — |  |  | — |  |  | 374,536 |
Accounts payable, accrued expenses, and other liabilities |  | 2,503,831 |  |  | 2,610,943 |  |  | 2,653,126 |  |  | 2,494,087 |  |  | 2,479,047 |
Dividends payable |  | 222,134 |  |  | 221,824 |  |  | 214,450 |  |  | 214,555 |  |  | 209,346 |
Total liabilities |  | 14,943,128 |  |  | 14,148,409 |  |  | 14,070,411 |  |  | 13,892,005 |  |  | 14,225,698 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  | 16,620 |  |  | 16,480 |  |  | 51,658 |  |  | 52,628 |  |  | 44,862 |
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock |  | 1,720 |  |  | 1,719 |  |  | 1,710 |  |  | 1,709 |  |  | 1,709 |
Additional paid-in capital |  | 18,434,690 |  |  | 18,485,352 |  |  | 18,651,185 |  |  | 18,812,318 |  |  | 18,902,821 |
Accumulated other comprehensive loss |  | (23,815) |  |  | (15,896) |  |  | (24,984) |  |  | (16,589) |  |  | (20,536) |
Alexandria Real Estate Equities, Inc.’s stockholders’ equity |  | 18,412,595 |  |  | 18,471,175 |  |  | 18,627,911 |  |  | 18,797,438 |  |  | 18,883,994 |
Noncontrolling interests |  | 4,326,703 |  |  | 4,135,338 |  |  | 4,033,313 |  |  | 3,917,186 |  |  | 3,757,911 |
Total equity |  | 22,739,298 |  |  | 22,606,513 |  |  | 22,661,224 |  |  | 22,714,624 |  |  | 22,641,905 |
Total liabilities, noncontrolling interests, and equity |  | $ | 37,699,046 |  |  | $ | 36,771,402 |  |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |

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

Funds From Operations and Funds From Operations per Share |
March 31, 2024
(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 |  |
|  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  |  |  |
Net income (loss) attributable to Alexandria’s common stockholders |  | $ | 166,886 |  |  | $ | (91,927) |  |  | $ | 21,855 |  |  | $ | 87,260 |  |  | $ | 75,256 |  |  |  |  |
Depreciation and amortization of real estate assets |  | 284,950 |  |  | 281,939 |  |  | 266,440 |  |  | 270,026 |  |  | 262,124 |  |  |  |  |
Noncontrolling share of depreciation and amortization from consolidated real estate JVs |  | (30,904) |  |  | (30,137) |  |  | (28,814) |  |  | (28,220) |  |  | (28,178) |  |  |  |  |
Our share of depreciation and amortization from unconsolidated real estate JVs |  | 1,034 |  |  | 965 |  |  | 910 |  |  | 855 |  |  | 859 |  |  |  |  |
Gain on sales of real estate |  | (392) |  |  | (62,227) |  |  | — |  |  | (214,810) |  |  | — |  |  |  |  |
Impairment of real estate – rental properties |  | — |  |  | 263,982 |  |  | 19,844 |  |  | 166,602 |  |  | — |  |  |  |  |
Allocation to unvested restricted stock awards |  | (3,469) |  |  | (2,268) |  |  | (838) |  |  | (872) |  |  | (1,359) |  |  |  |  |
Funds from operations attributable to Alexandria’s common stockholders – diluted(1) |  | 418,105 |  |  | 360,327 |  |  | 279,397 |  |  | 280,841 |  |  | 308,702 |  |  |  |  |
Unrealized (gains) losses on non-real estate investments |  | (29,158) |  |  | (19,479) |  |  | 77,202 |  |  | 77,897 |  |  | 65,855 |  |  |  |  |
Impairment of non-real estate investments |  | 14,698 |  | (2) | 23,094 |  |  | 28,503 |  |  | 22,953 |  |  | — |  |  |  |  |
Impairment of real estate |  | — |  |  | 7,908 |  |  | 805 |  |  | 1,973 |  |  | — |  |  |  |  |
Acceleration of stock compensation expense due to executive officer resignations |  | — |  |  | 18,436 |  |  | 1,859 |  |  | — |  |  | — |  |  |  |  |
Allocation to unvested restricted stock awards |  | 247 |  |  | (472) |  |  | (1,330) |  |  | (1,285) |  |  | (867) |  |  |  |  |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $ | 403,892 |  |  | $ | 389,814 |  |  | $ | 386,436 |  |  | $ | 382,379 |  |  | $ | 373,690 |  |  |  |  |

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Calculated in accordance with standards established by the Nareit Board of Governors.
(2)Primarily related to one non-real estate investment in a privately held entity that does not report NAV.

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

Funds From Operations and Funds From Operations per Share (continued) |
March 31, 2024
(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 |  |
|  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  |  |  |
Net income (loss) per share attributable to Alexandria’s common stockholders – diluted |  | $ | 0.97 |  |  | $ | (0.54) |  |  | $ | 0.13 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  |  |  |
Depreciation and amortization of real estate assets |  | 1.48 |  |  | 1.48 |  |  | 1.40 |  |  | 1.42 |  |  | 1.38 |  |  |  |  |
Gain on sales of real estate |  | — |  |  | (0.36) |  |  | — |  |  | (1.26) |  |  | — |  |  |  |  |
Impairment of real estate – rental properties |  | — |  |  | 1.54 |  |  | 0.12 |  |  | 0.98 |  |  | — |  |  |  |  |
Allocation to unvested restricted stock awards |  | (0.02) |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  |  |  |
Funds from operations per share attributable to Alexandria’s common stockholders – diluted |  | 2.43 |  |  | 2.11 |  |  | 1.64 |  |  | 1.64 |  |  | 1.81 |  |  |  |  |
Unrealized (gains) losses on non-real estate investments |  | (0.17) |  |  | (0.11) |  |  | 0.45 |  |  | 0.46 |  |  | 0.39 |  |  |  |  |
Impairment of non-real estate investments |  | 0.09 |  |  | 0.13 |  |  | 0.17 |  |  | 0.13 |  |  | — |  |  |  |  |
Impairment of real estate |  | — |  |  | 0.05 |  |  | — |  |  | 0.02 |  |  | — |  |  |  |  |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Acceleration of stock compensation expense due to executive officer resignations |  | — |  |  | 0.11 |  |  | 0.01 |  |  | — |  |  | — |  |  |  |  |
Allocation to unvested restricted stock awards |  | — |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  | (0.01) |  |  |  |  |
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $ | 2.35 |  |  | $ | 2.28 |  |  | $ | 2.26 |  |  | $ | 2.24 |  |  | $ | 2.19 |  |  |  |  |
Weighted-average shares of common stock outstanding – diluted |  | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |

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

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

SUPPLEMENTAL
INFORMATION

Company Profile
March 31, 2024

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 mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science 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 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 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 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 life science real estate. Alexandria’s highly experienced management team includes regional market directors with leading reputations and longstanding relationships within the life science communities in their respective innovation clusters. We believe that our experience, expertise, reputation, and key relationships in the real estate and life science industries provide Alexandria significant competitive advantages in attracting new business opportunities.
Alexandria’s executive and senior management team consists of 64 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
March 31, 2024

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

Equity Research Coverage

Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company. Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions, estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.

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 |  | Alan Zigman
(212) 526-3521 / (212) 526-6961 |  | (646) 376-5303 |  |  |  | (416) 507-2556
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 |
March 31, 2024
(Dollars in thousands, except per share amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Selected financial data from consolidated financial statements and related information |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 581,400 |  |  | $ | 561,428 |  |  | $ | 526,352 |  |  | $ | 537,889 |  |  | $ | 518,302 |
Tenant recoveries |  | $ | 174,151 |  |  | $ | 181,209 |  |  | $ | 181,179 |  |  | $ | 166,450 |  |  | $ | 169,647 |
General and administrative expenses |  | $ | 47,055 |  |  | $ | 59,289 |  |  | $ | 45,987 |  |  | $ | 45,882 |  |  | $ | 48,196 |
General and administrative expenses as a percentage of net operating income – trailing 12 months |  | 9.5% |  | 9.8% |  | 9.3% |  | 9.7% |  | 9.9%
Operating margin |  | 72% |  | 71% |  | 70% |  | 70% |  | 70%
Adjusted EBITDA margin |  | 72% |  | 69% |  | 69% |  | 70% |  | 69%
Adjusted EBITDA – quarter annualized |  | $ | 2,206,428 |  |  | $ | 2,094,988 |  |  | $ | 1,971,440 |  |  | $ | 1,986,760 |  |  | $ | 1,936,884 |
Adjusted EBITDA – trailing 12 months |  | $ | 2,064,904 |  |  | $ | 1,997,518 |  |  | $ | 1,935,505 |  |  | $ | 1,895,336 |  |  | $ | 1,848,018 |
Net debt at end of period |  | $ | 11,569,666 |  |  | $ | 10,731,200 |  |  | $ | 10,713,620 |  |  | $ | 10,303,736 |  |  | $ | 10,321,752 |
Net debt and preferred stock to Adjusted EBITDA – quarter annualized |  | 5.2x |  | 5.1x |  | 5.4x |  | 5.2x |  | 5.3x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months |  | 5.6x |  | 5.4x |  | 5.5x |  | 5.4x |  | 5.6x
Total debt and preferred stock at end of period |  | $ | 12,217,163 |  |  | $ | 11,315,642 |  |  | $ | 11,202,835 |  |  | $ | 11,183,363 |  |  | $ | 11,537,305 |
Gross assets at end of period |  | $ | 42,915,903 |  |  | $ | 41,756,421 |  |  | $ | 41,639,729 |  |  | $ | 41,306,090 |  |  | $ | 41,474,319 |
Total debt and preferred stock to gross assets at end of period |  | 28% |  | 27% |  | 27% |  | 27% |  | 28%
Fixed-charge coverage ratio – quarter annualized |  | 4.7x |  | 4.5x |  | 4.8x |  | 4.7x |  | 5.0x
Fixed-charge coverage ratio – trailing 12 months |  | 4.7x |  | 4.7x |  | 4.9x |  | 4.9x |  | 5.0x
Unencumbered net operating income as a percentage of total net operating income |  | 99.3% |  | 99.8% |  | 99.8% |  | 99.8% |  | 99.8%
Closing stock price at end of period |  | $ | 128.91 |  |  | $ | 126.77 |  |  | $ | 100.10 |  |  | $ | 113.49 |  |  | $ | 125.59 |
Common shares outstanding (in thousands) at end of period |  | 172,008 |  |  | 171,911 |  |  | 170,997 |  |  | 170,870 |  |  | 170,860 |
Total equity capitalization at end of period |  | $ | 22,173,547 |  |  | $ | 21,793,107 |  |  | $ | 17,116,784 |  |  | $ | 19,392,011 |  |  | $ | 21,458,270 |
Total market capitalization at end of period |  | $ | 34,390,710 |  |  | $ | 33,108,749 |  |  | $ | 28,319,619 |  |  | $ | 30,575,374 |  |  | $ | 32,995,575 |
Dividend per share – quarter/annualized |  | $1.27/$5.08 |  | $1.27/$5.08 |  | $1.24/$4.96 |  | $1.24/$4.96 |  | $1.21/$4.84
Dividend payout ratio for the quarter |  | 54% |  | 56% |  | 55% |  | 55% |  | 55%
Dividend yield – annualized |  | 3.9% |  | 4.0% |  | 5.0% |  | 4.4% |  | 3.9%
Amounts related to operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities at end of period |  | $ | 381,578 |  |  | $ | 382,883 |  |  | $ | 384,958 |  |  | $ | 386,545 |  |  | $ | 405,190 |
Rent expense |  | $ | 8,683 |  |  | $ | 8,964 |  |  | $ | 8,317 |  |  | $ | 8,518 |  |  | $ | 8,536 |
Capitalized interest |  | $ | 81,840 |  |  | $ | 89,115 |  |  | $ | 96,119 |  |  | $ | 91,674 |  |  | $ | 87,070 |
Average real estate basis capitalized during the period |  | $ | 8,163,289 |  |  | $ | 9,116,700 |  |  | $ | 9,872,650 |  |  | $ | 9,580,655 |  |  | $ | 9,300,498 |
Weighted-average interest rate for capitalization of interest during the period |  | 3.92% |  | 3.92% |  | 3.77% |  | 3.77% |  | 3.69%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 15

Financial and Asset Base Highlights (continued) |
March 31, 2024
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Amounts included in funds from operations and non-revenue-enhancing capital expenditures |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue |  | $ | 48,251 |  |  | $ | 41,586 |  |  | $ | 29,805 |  |  | $ | 29,335 |  |  | $ | 33,191 |
Amortization of acquired below-market leases |  | $ | 30,340 |  |  | $ | 23,684 |  |  | $ | 23,222 |  |  | $ | 24,789 |  |  | $ | 21,636 |
Straight-line rent expense on ground leases |  | $ | 358 |  |  | $ | 366 |  |  | $ | 372 |  |  | $ | 373 |  |  | $ | 369 |
Stock compensation expense |  | $ | 17,125 |  |  | $ | 34,592 |  |  | $ | 16,288 |  |  | $ | 15,492 |  |  | $ | 16,486 |
Amortization of loan fees |  | $ | 4,142 |  |  | $ | 4,059 |  |  | $ | 4,059 |  |  | $ | 3,729 |  |  | $ | 3,639 |
Amortization of debt discounts |  | $ | (318) |  |  | $ | (309) |  |  | $ | (306) |  |  | $ | (304) |  |  | $ | (288) |
Non-revenue-enhancing capital expenditures: |  |  |  |  |  |  |  |  |  |
Building improvements |  | $ | 4,293 |  |  | $ | 4,167 |  |  | $ | 4,510 |  |  | $ | 4,376 |  |  | $ | 4,334 |
Tenant improvements and leasing commissions |  | $ | 21,144 |  |  | $ | 12,155 |  |  | $ | 7,560 |  |  | $ | 38,587 |  |  | $ | 18,586 |
Funds from operations attributable to noncontrolling interests |  | $ | 79,535 |  |  | $ | 75,908 |  |  | $ | 72,799 |  |  | $ | 71,988 |  |  | $ | 72,009 |
Operating statistics and related information (at end of period) |  |  |  |  |  |  |  |  |  |
Number of properties – North America |  | 410 |  |  | 411 |  |  | 419 |  |  | 414 |  |  | 433 |
RSF – North America (including development and redevelopment projects under construction) |  | 47,206,639 |  |  | 47,228,485 |  |  | 47,089,826 |  |  | 46,408,793 |  |  | 47,443,194 |
Total square feet – North America |  | 74,069,321 |  |  | 73,532,305 |  |  | 75,057,289 |  |  | 74,854,150 |  |  | 75,607,592 |
Annual rental revenue per occupied RSF – North America |  | $ | 56.86 |  |  | $ | 56.08 |  |  | $ | 53.34 |  |  | $ | 53.09 |  |  | $ | 52.46 |
Occupancy of operating properties – North America |  | 94.6% |  | 94.6% |  | 93.7% |  | 93.6% |  | 93.6%
Occupancy of operating and redevelopment properties – North America |  | 90.2% |  | 90.2% |  | 89.4% |  | 89.2% |  | 88.5%
Weighted-average remaining lease term (in years) |  | 7.5 |  | 7.4 |  | 7.0 |  | 7.2 |  | 7.2
Total leasing activity – RSF |  | 1,142,857 |  |  | 889,737 |  |  | 867,582 |  |  | 1,325,326 |  |  | 1,223,427 |
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: |  |  |  |  |  |  |  |  |  |
Rental rate increases |  | 33.0% |  | 9.2% |  | 28.8% |  | 16.6% |  | 48.3%
Rental rate increases (cash basis) |  | 19.0% |  | 5.5% |  | 19.7% |  | 8.3% |  | 24.2%
RSF (included in total leasing activity above) |  | 994,770 |  |  | 477,142 |  |  | 396,334 |  |  | 1,052,872 |  |  | 1,120,038 |
Top 20 tenants: |  |  |  |  |  |  |  |  |  |
Annual rental revenue |  | $ | 802,605 |  |  | $ | 769,066 |  |  | $ | 655,990 |  |  | $ | 629,362 |  |  | $ | 634,461 |
Annual rental revenue from investment-grade or publicly traded large cap tenants |  | 92% |  | 92% |  | 91% |  | 90% |  | 90%
Weighted-average remaining lease term (in years) |  | 9.7 |  | 9.6 |  | 8.9 |  | 9.4 |  | 9.5
Same property – percentage change over comparable quarter from prior year: |  |  |  |  |  |  |  |  |  |
Net operating income increases |  | 1.0% |  | 0.7% |  | 3.1% |  | 3.0% |  | 3.7%
Net operating income increases (cash basis) |  | 4.2% |  | 0.8% |  | 4.6% |  | 4.9% |  | 9.0%

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

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

High-Quality and Diverse Client Base
March 31, 2024

Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants
|  | Investment-Grade or Publicly Traded Large Cap Tenants
| 92%
| of ARE’s Top 20 Tenant Annual Rental Revenue
| 52%
Percentage of ARE’s Annual Rental Revenue |  | of ARE’s Total Annual Rental Revenue

As of March 31, 2024. Annual rental revenue represents amounts in effect as of March 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures.
(1)Represents annual rental revenue generated from space that is currently targeted for a future change in use to laboratory space, including 1.0% of annual rental revenue that is generated from covered land play projects for future development opportunities. The weighted-average remaining term of these leases is 3.6 years.
(2)Represents the percentage of our annual rental revenue generated by “Other” tenants, which 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 | 17

High-Quality and Diverse Client Base (continued)
March 31, 2024

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

Sustained Strength in Tenant Collections(1)
99.9% |  | 99.7%
1Q24 |  | April 2024
Long-Duration Lease Terms
9.7 Years |  | 7.5 Years
Top 20 Tenants |  | All Tenants
Weighted-Average Remaining Term(2)

(1)Represents the portion of total receivables billed for each period collected as of April 22, 2024.
(2)Based on annual rental revenue in effect as of March 31, 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 18

Occupancy
March 31, 2024

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

Mega Campuses |  | Occupancy Across Key Locations
Percentage of ARE’s Annual Rental Revenue |

As of March 31, 2024. Annual rental revenue represents amounts in effect as of March 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents average occupancy of operating properties as of each December 31 from 2015 through 2023 and as of March 31, 2024.
(2)Refer to footnote 1 under “Summary of occupancy” in “Summary of properties and occupancy” in the Supplemental Information for additional details.

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

Key Operating Metrics
March 31, 2024

Historical Same Property Net Operating Income Growth |  |  | Historical Rental Rate Growth: Renewed/Re-Leased Space
Margins(1) |  | Favorable Lease Structure(2)
Operating |  | Adjusted EBITDA |  |  |  | Strategic Lease Structure by Owner and Operator of Collaborative Life Science Mega Campuses
72% |  | 72% |  |  |  | Increasing cash flows |  |
|  |  |  | Percentage of leases containing annual rent escalations | 96%
|  |  | Stable cash flows |  |
Weighted-Average Lease Term of Executed Leases(3) |  | Percentage of triple net leases | 94%
8.8 Years |  |  |  | Lower capex burden |  |
|  |  | Percentage of leases providing for the recapture of capital expenditures | 93%

Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.
(1)For the three months ended March 31, 2024.
(2)Percentages calculated based on our annual rental revenue in effect as of March 31, 2024.
(3)Represents the weighted-average lease term of executed leases for the 10-year period from December 31, 2015 through March 31, 2024.

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

Same Property Performance |
March 31, 2024
(Dollars in thousands)

Same Property Financial Data |  | Three Months Ended March 31, 2024 |  |  |  | Same Property Statistical Data |  | Three Months Ended March 31, 2024 |  |
Percentage change over comparable period from prior year: |  |  |  |  |  | Number of same properties |  | 347 |  |
Net operating income increase |  | 1.0% |  |  |  | Rentable square feet |  | 34,698,081 |  |
Net operating income increase (cash basis) |  | 4.2% |  |  |  | Occupancy – current-period average |  | 94.5% |  |
Operating margin |  | 70% |  |  |  | Occupancy – same-period prior-year average |  | 94.9% |  |

|  | Three Months Ended March 31, |  |  |
|  | 2024 |  | 2023 |  | $ Change |  | % Change |  |  |  |  |  |  |  |  |
Income from rentals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same properties |  | $ | 452,992 |  |  | $ | 445,043 |  |  | $ | 7,949 |  |  | 1.8 | % |  |  |  |  |  |  |  |  |
Non-same properties |  | 128,408 |  |  | 73,259 |  |  | 55,149 |  |  | 75.3 |  |  |  |  |  |  |  |  |  |
Rental revenues |  | 581,400 |  |  | 518,302 |  |  | 63,098 |  |  | 12.2 |  |  |  |  |  |  |  |  |  |
Same properties |  | 157,402 |  |  | 152,073 |  |  | 5,329 |  |  | 3.5 |  |  |  |  |  |  |  |  |  |
Non-same properties |  | 16,749 |  |  | 17,574 |  |  | (825) |  |  | (4.7) |  |  |  |  |  |  |  |  |  |
Tenant recoveries |  | 174,151 |  |  | 169,647 |  |  | 4,504 |  |  | 2.7 |  |  |  |  |  |  |  |  |  |
Income from rentals |  | 755,551 |  |  | 687,949 |  |  | 67,602 |  |  | 9.8 |  |  |  |  |  |  |  |  |  |
Same properties |  | 338 |  |  | 437 |  |  | (99) |  |  | (22.7) |  |  |  |  |  |  |  |  |  |
Non-same properties |  | 13,219 |  |  | 12,409 |  |  | 810 |  |  | 6.5 |  |  |  |  |  |  |  |  |  |
Other income |  | 13,557 |  |  | 12,846 |  |  | 711 |  |  | 5.5 |  |  |  |  |  |  |  |  |  |
Same properties |  | 610,732 |  |  | 597,553 |  |  | 13,179 |  |  | 2.2 |  |  |  |  |  |  |  |  |  |
Non-same properties |  | 158,376 |  |  | 103,242 |  |  | 55,134 |  |  | 53.4 |  |  |  |  |  |  |  |  |  |
Total revenues |  | 769,108 |  |  | 700,795 |  |  | 68,313 |  |  | 9.7 |  |  |  |  |  |  |  |  |  |
Same properties |  | 183,466 |  |  | 174,580 |  |  | 8,886 |  |  | 5.1 |  |  |  |  |  |  |  |  |  |
Non-same properties |  | 34,848 |  |  | 32,353 |  |  | 2,495 |  |  | 7.7 |  |  |  |  |  |  |  |  |  |
Rental operations |  | 218,314 |  |  | 206,933 |  |  | 11,381 |  |  | 5.5 |  |  |  |  |  |  |  |  |  |
Same properties |  | 427,266 |  |  | 422,973 |  |  | 4,293 |  |  | 1.0 |  |  |  |  |  |  |  |  |  |
Non-same properties |  | 123,528 |  |  | 70,889 |  |  | 52,639 |  |  | 74.3 |  |  |  |  |  |  |  |  |  |
Net operating income |  | $ | 550,794 |  |  | $ | 493,862 |  |  | $ | 56,932 |  |  | 11.5 | % |  |  |  |  |  |  |  |  |
Net operating income – same properties |  | $ | 427,266 |  |  | $ | 422,973 |  |  | $ | 4,293 |  |  | 1.0 | % |  |  |  |  |  |  |  |  |
Straight-line rent revenue |  | (14,954) |  |  | (26,489) |  |  | 11,535 |  |  | (43.5) |  |  |  |  |  |  |  |  |  |
Amortization of acquired below-market leases |  | (15,497) |  |  | (15,647) |  |  | 150 |  |  | (1.0) |  |  |  |  |  |  |  |  |  |
Net operating income – same properties (cash basis) |  | $ | 396,815 |  |  | $ | 380,837 |  |  | $ | 15,978 |  |  | 4.2 | % |  |  |  |  |  |  |  |  |

Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

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

Leasing Activity |
March 31, 2024
(Dollars per RSF)

|  |  | Three Months Ended |  |  |  |  |  |  |  | Year Ended |
|  |  | March 31, 2024 |  |  |  |  |  |  |  | December 31, 2023 |
|  | Including Straight-Line Rent |  | Cash Basis |  |  |  |  |  | Including Straight-Line Rent |  | Cash Basis
Leasing activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewed/re-leased space(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental rate changes |  |  | 33.0% | (2) |  |  | 19.0% | (2) |  |  |  |  |  |  |  |  |  |  | 29.4% |  |  |  | 15.8% |
New rates |  |  | $81.17 |  |  |  |  | $78.61 |  |  |  |  |  |  |  |  |  |  |  |  | $52.35 |  |  |  |  | $50.82 |  |
Expiring rates |  |  | $61.01 |  |  |  |  | $66.04 |  |  |  |  |  |  |  |  |  |  |  |  | $40.46 |  |  |  |  | $43.87 |  |
RSF |  |  | 994,770 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,046,386 |  |  |  |  |  |
Tenant improvements/leasing commissions |  |  | $21.97 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $26.09 |  |  |  |  |  |
Weighted-average lease term |  |  | 8.5 years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.7 years |  |  |  |  |
Developed/redeveloped/previously vacant space leased(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $76.63 |  |  |  |  | $76.79 |  |  |  |  |  |  |  |  |  |  |  |  | $65.66 |  |  |  |  | $59.74 |  |
RSF |  |  | 148,087 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,259,686 |  |  |  |  |  |
Weighted-average lease term |  |  | 5.6 years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.8 years |  |  |  |  |
Leasing activity summary (totals): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $80.90 |  |  |  |  | $78.50 |  |  |  |  |  |  |  |  |  |  |  |  | $56.09 |  |  |  |  | $53.33 |  |
RSF |  |  | 1,142,857 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,306,072 |  |  |  |  |  |
Weighted-average lease term |  |  | 8.4 years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.3 years |  |  |  |  |
Lease expirations(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiring rates |  |  | $55.76 |  |  |  |  | $59.39 |  |  |  |  |  |  |  |  |  |  |  |  | $43.84 |  |  |  |  | $45.20 |  |
RSF |  |  | 1,412,931 |  | (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,027,773 |  |  |  |  |  |

Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 142,020 RSF and 86,092 RSF as of March 31, 2024 and December 31, 2023, respectively. During the trailing twelve months ended March 31, 2024, we granted free rent concessions averaging 0.8 months per annum.
(2)Rental rate changes can experience volatility from quarter to quarter based on the mix of leases executed. Refer to “Guidance” in the Earnings Press Release for rental rate changes expected from leases executed during the year ending December 31, 2024.
(3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.
(4)Includes 160,053 RSF, which was an acquired in-place lease, at 311 Arsenal Street in our Cambridge/Inner Suburbs submarket that commenced redevelopment in 1Q24 with initial occupancy expected in 2027.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 22

Contractual Lease Expirations
March 31, 2024

Year |  | RSF |  | Percentage of Occupied RSF |  | Annual Rental Revenue (per RSF)(1) |  | Percentage of Annual Rental Revenue |
| 2024 | (2) |  |  | 2,454,461 |  |  |  |  | 6.2 | % |  |  |  | $ | 48.04 |  |  |  |  | 5.4 | % |  |
| 2025 |  |  |  | 4,204,286 |  |  |  |  | 10.6 | % |  |  |  | $ | 53.73 |  |  |  |  | 10.3 | % |  |
| 2026 |  |  |  | 2,308,196 |  |  |  |  | 5.8 | % |  |  |  | $ | 52.11 |  |  |  |  | 5.5 | % |  |
| 2027 |  |  |  | 3,106,423 |  |  |  |  | 7.8 | % |  |  |  | $ | 52.39 |  |  |  |  | 7.4 | % |  |
| 2028 |  |  |  | 4,657,935 |  |  |  |  | 11.8 | % |  |  |  | $ | 51.60 |  |  |  |  | 10.9 | % |  |
| 2029 |  |  |  | 2,649,318 |  |  |  |  | 6.7 | % |  |  |  | $ | 50.78 |  |  |  |  | 6.1 | % |  |
| 2030 |  |  |  | 2,447,767 |  |  |  |  | 6.2 | % |  |  |  | $ | 48.68 |  |  |  |  | 5.4 | % |  |
| 2031 |  |  |  | 3,670,568 |  |  |  |  | 9.3 | % |  |  |  | $ | 55.33 |  |  |  |  | 9.2 | % |  |
| 2032 |  |  |  | 1,157,219 |  |  |  |  | 2.9 | % |  |  |  | $ | 59.50 |  |  |  |  | 3.1 | % |  |
| 2033 |  |  |  | 2,803,731 |  |  |  |  | 7.1 | % |  |  |  | $ | 51.78 |  |  |  |  | 6.6 | % |  |
Thereafter |  |  | 10,114,906 |  |  |  |  | 25.6 | % |  |  |  | $ | 65.43 |  |  |  |  | 30.1 | % |  |

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 |
|  |  | Committed Near-Term/ Priority Anticipated |  | Future |  |  |  |  |  |  |  |  |  |
Greater Boston |  | 14,075 |  |  | 32,574 |  |  | 148,393 |  |  |  | 104,500 |  |  |  | 308,244 |  |  |  | 607,786 |  |  | $ | 64.26 |  |  | 44,332 |  |  | 140,684 |  |  | 25,312 |  |  |  | 1,076,112 |  | (5) |  | 1,286,440 |  |  | $ | 71.80 |
San Francisco Bay Area |  | 5,998 |  |  | — |  |  | 107,250 |  |  |  | 84,083 |  |  |  | 367,499 |  |  |  | 564,830 |  |  | 61.43 |  |  | 35,797 |  |  | 118,591 |  |  | — |  |  |  | 488,205 |  |  |  | 642,593 |  |  | 72.20 |
San Diego |  | 20,626 |  |  | — |  |  | 159,884 |  | (6) |  | 420,137 |  |  |  | 60,977 |  |  |  | 661,624 |  |  | 24.17 |  |  | 16,891 |  |  | — |  |  | — |  |  |  | 329,258 |  |  |  | 346,149 |  |  | 42.89 |
Seattle |  | — |  |  | 2,147 |  |  | — |  |  |  | — |  |  |  | 152,552 |  |  |  | 154,699 |  |  | 22.01 |  |  | — |  |  | — |  |  | 50,552 |  |  |  | 350,071 |  |  |  | 400,623 |  |  | 28.00 |
Maryland |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | 15,819 |  |  |  | 15,819 |  |  | 25.27 |  |  | 35,055 |  |  | — |  |  | — |  |  |  | 200,156 |  |  |  | 235,211 |  |  | 28.09 |
Research Triangle |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | 68,960 |  |  |  | 68,960 |  |  | 55.16 |  |  | — |  |  | — |  |  | — |  |  |  | 327,850 |  |  |  | 327,850 |  |  | 48.77 |
New York City |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | 360,636 |  | (7) |  | 360,636 |  |  | 55.50 |  |  | — |  |  | — |  |  | — |  |  |  | 62,224 |  |  |  | 62,224 |  |  | 105.76 |
Texas |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 198,972 |  |  |  | 604,382 |  |  |  | 803,354 |  |  | 36.27 |
Canada |  | 20,107 |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,107 |  |  | 26.26 |  |  | — |  |  | — |  |  | — |  |  |  | 88,412 |  |  |  | 88,412 |  |  | 20.46 |
Non-cluster/other markets |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 11,430 |  |  |  | 11,430 |  |  | 80.31 |
Total |  | 60,806 |  |  | 34,721 |  |  | 415,527 |  |  |  | 608,720 |  |  |  | 1,334,687 |  |  |  | 2,454,461 |  |  | $ | 48.04 |  |  | 132,075 |  |  | 259,275 |  |  | 274,836 |  |  |  | 3,538,100 |  |  |  | 4,204,286 |  |  | $ | 53.73 |
Percentage of expiring leases |  | 2% |  | 1% |  | 17% |  |  | 25% |  |  | 55% |  |  | 100% |  |  |  | 3% |  | 6% |  | 7% |  |  | 84% |  |  | 100% |  |

(1)Represents amounts in effect as of March 31, 2024.
(2)Excludes month-to-month leases aggregating 142,020 RSF as of March 31, 2024.
(3)Primarily represents assets that were recently acquired for future value-creation opportunities, for which we expect, 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. As of March 31, 2024, annual rental revenue from these leases expiring in 2024 and 2025 is $39.13 per RSF and $49.71 per RSF, respectively. The weighted-average expiration date of these leases expiring in 2024 and 2025 is July 25, 2024 and January 14, 2025, respectively. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including 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, where we are in early negotiations to renew with the existing tenant.
(5)Includes 966,964 RSF in our Cambridge/Inner Suburbs submarket, with the largest remaining contractual lease expiration aggregating 171,945 RSF at the Alexandria Technology Square® mega campus.
(6)Represents 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 leasing the project and overall market conditions.
(7)Includes 349,947 RSF at 219 East 42nd Street that is classified as held for sale as of March 31, 2024 and expected to be sold in 2024.

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

Top 20 Tenants |
March 31, 2024
(Dollars in thousands, except average market cap amounts)

92% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade
or Publicly Traded Large Cap Tenants(1)

|  | Tenant |  | Remaining Lease Term(1) (in years) |  | Aggregate RSF |  | Annual Rental Revenue(1) |  | Percentage of Annual Rental Revenue(1) |  | Investment-Grade Credit Ratings |  | Average Market Cap(1) (in billions) |
|  |  |  |  |  | Moody’s |  | S&P |  |
1 |  | Moderna, Inc. |  |  | 13.0 |  |  |  |  | 1,370,536 |  |  |  |  | $ | 124,504 |  |  |  | 5.6 | % |  | — |  | — |  | $ | 41.1 |  |
2 |  | Eli Lilly and Company |  |  | 8.9 |  |  |  |  | 1,134,349 |  |  |  |  | 92,595 |  |  |  | 4.2 |  |  | A2 |  | A+ |  | $ | 529.0 |  |
3 |  | Bristol-Myers Squibb Company |  |  | 6.9 |  |  |  |  | 999,379 |  |  |  |  | 75,757 |  |  |  | 3.4 |  |  | A2 |  | A+ |  | $ | 120.0 |  |
4 |  | Takeda Pharmaceutical Company Limited |  |  | 11.6 |  |  |  |  | 549,759 |  |  |  |  | 47,899 |  |  |  | 2.2 |  |  | Baa2 |  | BBB+ |  | $ | 47.9 |  |
5 |  | Roche |  |  | 6.1 |  |  |  |  | 770,279 |  |  |  |  | 45,933 |  |  |  | 2.1 |  |  | Aa2 |  | AA |  | $ | 235.7 |  |
6 |  | Illumina, Inc. |  |  | 6.8 |  |  |  |  | 955,669 |  |  |  |  | 41,588 |  |  |  | 1.9 |  |  | Baa3 |  | BBB |  | $ | 25.1 |  |
7 |  | Alphabet Inc. |  |  | 3.2 |  |  |  |  | 724,223 |  |  |  |  | 39,155 |  |  |  | 1.8 |  |  | Aa2 |  | AA+ |  | $ | 1,648.5 |  |
8 |  | 2seventy bio, Inc.(2) |  |  | 9.4 |  |  |  |  | 312,805 |  |  |  |  | 33,543 |  |  |  | 1.5 |  |  | — |  | — |  | $ | 0.3 |  |
9 |  | Novartis AG |  |  | 4.3 |  |  |  |  | 450,563 |  |  |  |  | 31,196 |  |  |  | 1.4 |  |  | A1 |  | AA- |  | $ | 228.0 |  |
10 |  | Harvard University |  |  | 6.4 |  |  |  |  | 343,858 |  |  |  |  | 29,280 |  |  |  | 1.3 |  |  | Aaa |  | AAA |  | $ | — |  |
11 |  | Cloud Software Group, Inc. |  |  | 2.9 |  | (3) |  |  | 292,013 |  |  |  |  | 28,537 |  |  |  | 1.3 |  |  | — |  | — |  | $ | — |  |
12 |  | United States Government |  |  | 6.3 |  |  |  |  | 425,166 |  |  |  |  | 27,965 |  |  |  | 1.3 |  |  | Aaa |  | AA+ |  | $ | — |  |
13 |  | Uber Technologies, Inc. |  |  | 58.5 |  | (4) |  |  | 1,009,188 |  |  |  |  | 27,754 |  |  |  | 1.3 |  |  | — |  | — |  | $ | 106.1 |  |
14 |  | AstraZeneca PLC |  |  | 5.6 |  |  |  |  | 450,848 |  |  |  |  | 27,156 |  |  |  | 1.2 |  |  | A3 |  | A |  | $ | 211.6 |  |
15 |  | Pfizer Inc. |  |  | 0.9 |  | (5) |  |  | 524,159 |  |  |  |  | 25,249 |  |  |  | 1.1 |  |  | A1 |  | A+ |  | $ | 186.8 |  |
16 |  | Sanofi |  |  | 6.8 |  |  |  |  | 267,278 |  |  |  |  | 21,444 |  |  |  | 1.0 |  |  | A1 |  | AA |  | $ | 129.4 |  |
17 |  | Merck & Co., Inc. |  |  | 9.3 |  |  |  |  | 337,703 |  |  |  |  | 21,401 |  |  |  | 1.0 |  |  | A1 |  | A+ |  | $ | 284.2 |  |
18 |  | New York University |  |  | 7.9 |  |  |  |  | 218,983 |  |  |  |  | 21,056 |  |  |  | 1.0 |  |  | Aa2 |  | AA- |  | $ | — |  |
19 |  | Massachusetts Institute of Technology |  |  | 5.2 |  |  |  |  | 246,725 |  |  |  |  | 20,527 |  |  |  | 0.9 |  |  | Aaa |  | AAA |  | $ | — |  |
20 |  | Boston Children’s Hospital |  |  | 12.6 |  |  |  |  | 266,857 |  |  |  |  | 20,066 |  |  |  | 0.9 |  |  | Aa2 |  | AA |  | $ | — |  |
|  | Total/weighted-average |  |  | 9.7 |  | (4) |  |  | 11,650,340 |  |  |  |  | $ | 802,605 |  |  |  | 36.4 | % |  |  |  |  |  |  |

Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of March 31, 2024.
(2)As of December 31, 2023, 2seventy bio, Inc. (“2seventy bio”) held $217.0 million of cash, cash equivalents, and marketable securities. In March 2024, Regeneron Pharmaceuticals, Inc., a publicly traded biotechnology company with investment-grade credit ratings of Baa1 and BBB+ assigned by Moody’s and S&P, respectively, entered into a sublease for approximately 195,000 RSF, or 62.7% of our annual rental revenue generated from 2seventy bio as of March 31, 2024. Additionally, 90.0% of the annual rental revenue generated by 2seventy bio is guaranteed by another related public biotechnology company.
(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 property.
(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 these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.8 years as of March 31, 2024.
(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 March 31, 2024 and is expected to be sold in 2024.

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

Summary of Properties and Occupancy |
March 31, 2024
(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 |  | 10,849,509 |  |  | 801,949 |  |  | 1,464,104 |  | (1) | 13,115,562 |  |  | 28 | % |  | 72 |  |  | $ | 844,713 |  |  | 38 | % |  | $ | 82.40 |  |
San Francisco Bay Area |  | 7,947,899 |  |  | 498,142 |  |  | 282,054 |  |  | 8,728,095 |  |  | 18 |  |  | 67 |  |  | 460,530 |  |  | 21 |  |  | 65.99 |  |
San Diego |  | 7,841,080 |  |  | 1,187,796 |  |  | — |  |  | 9,028,876 |  |  | 19 |  |  | 90 |  |  | 333,605 |  |  | 15 |  |  | 44.67 |  |
Seattle |  | 3,032,918 |  |  | 33,349 |  |  | 34,306 |  |  | 3,100,573 |  |  | 7 |  |  | 43 |  |  | 130,945 |  |  | 6 |  |  | 45.48 |  |
Maryland |  | 3,582,162 |  |  | 510,601 |  |  | — |  |  | 4,092,763 |  |  | 9 |  |  | 51 |  |  | 125,237 |  |  | 6 |  |  | 37.08 |  |
Research Triangle |  | 3,843,673 |  |  | — |  |  | — |  |  | 3,843,673 |  |  | 8 |  |  | 39 |  |  | 120,692 |  |  | 5 |  |  | 32.10 |  |
New York City |  | 922,477 |  |  | — |  |  | — |  |  | 922,477 |  |  | 2 |  |  | 4 |  |  | 72,325 |  |  | 3 |  |  | 92.89 |  |
Texas |  | 1,845,159 |  |  | — |  |  | 73,298 |  |  | 1,918,457 |  |  | 4 |  |  | 15 |  |  | 57,831 |  |  | 3 |  |  | 32.94 |  |
Canada |  | 909,760 |  |  | — |  |  | 163,211 |  |  | 1,072,971 |  |  | 2 |  |  | 12 |  |  | 18,895 |  |  | 1 |  |  | 22.63 |  |
Non-cluster/other markets |  | 347,806 |  |  | — |  |  | — |  |  | 347,806 |  |  | 1 |  |  | 10 |  |  | 15,446 |  |  | 1 |  |  | 58.90 |  |
Properties held for sale |  | 1,035,386 |  |  | — |  |  | — |  |  | 1,035,386 |  |  | 2 |  |  | 7 |  |  | 32,751 |  |  | 1 |  |  | N/A |
North America |  | 42,157,829 |  |  | 3,031,837 |  |  | 2,016,973 |  |  | 47,206,639 |  |  | 100 | % |  | 410 |  |  | $ | 2,212,970 |  |  | 100 | % |  | $ | 56.86 |  |
|  |  |  | 5,048,810 |  |  |  |  |  |  |  |  |  |  |  |  |

(1)Primarily includes our active redevelopment projects aggregating 716,604 RSF at 40, 50, and 60 Sylvan Road and 840 Winter Street located on the 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.
Summary of occupancy

|  | Operating Properties |  | Operating and Redevelopment Properties
Market |  | 3/31/24 |  | 12/31/23 |  | 3/31/23 |  | 3/31/24 |  | 12/31/23 |  | 3/31/23
Greater Boston |  | 94.5 | % |  | 94.9 | % |  | 92.8 | % |  | 83.3 | % |  | 84.7 | % |  | 81.8 | %
San Francisco Bay Area |  | 94.4 |  |  | 94.8 |  |  | 95.9 |  |  | 91.2 |  |  | 91.4 |  |  | 92.3 |
San Diego |  | 95.2 |  |  | 94.1 |  |  | 94.2 |  |  | 95.2 |  |  | 94.1 |  |  | 94.2 |
Seattle |  | 94.9 |  |  | 95.2 |  |  | 96.0 |  |  | 93.9 |  |  | 90.7 |  |  | 90.4 |
Maryland |  | 95.4 |  |  | 95.6 |  |  | 95.7 |  |  | 95.4 |  |  | 95.6 |  |  | 94.2 |
Research Triangle |  | 97.8 |  |  | 97.8 |  |  | 92.7 |  |  | 97.8 |  |  | 97.8 |  |  | 92.7 |
New York City |  | 84.4 |  | (1) | 85.3 |  |  | 89.2 |  |  | 84.4 |  |  | 85.3 |  |  | 89.2 |
Texas |  | 95.1 |  |  | 95.1 |  |  | 89.8 |  |  | 91.5 |  |  | 91.5 |  |  | 83.7 |
Subtotal |  | 94.9 |  |  | 94.9 |  |  | 93.9 |  |  | 90.6 |  |  | 90.7 |  |  | 89.1 |
Canada |  | 91.8 |  |  | 87.1 |  |  | 86.8 |  |  | 77.8 |  |  | 73.0 |  |  | 68.8 |
Non-cluster/other markets |  | 75.4 |  |  | 78.5 |  |  | 79.7 |  |  | 75.4 |  |  | 78.5 |  |  | 79.7 |
North America |  | 94.6 | % |  | 94.6 | % |  | 93.6 | % |  | 90.2 | % |  | 90.2 | % |  | 88.5 | %

(1)Alexandria Center® for Life Science – New York City mega campus is 94.7% occupied as of March 31, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life Science – Long Island City property, which was 41.7% occupied as of March 31, 2024.

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

Property Listing |
March 31, 2024
(Dollars in thousands)

Mega Campuses Encompass 74% of Our Annual Rental Revenue

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
Greater Boston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cambridge/Inner Suburbs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® at Kendall Square |  | 2,856,042 |  |  | — |  |  | — |  |  | 2,856,042 |  |  | 11 |  | $ | 277,452 |  |  |  | 99.6 | % |  |  | 99.6 | % |
|  | 50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 and 215 First Street, 150 Second Street, 300 Third Street(1), 11 Hurley Street, and 100 Edwin H. Land Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® at One Kendall Square |  | 1,371,066 |  |  | — |  |  | — |  |  | 1,371,066 |  |  | 12 |  | 141,023 |  |  |  | 86.7 |  |  |  | 86.7 |  |
|  | One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Technology Square® |  | 1,185,284 |  |  | — |  |  | — |  |  | 1,185,284 |  |  | 7 |  | 116,214 |  |  |  | 99.9 |  |  |  | 99.9 |  |
|  | 100, 200, 300, 400, 500, 600, and 700 Technology Square |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: The Arsenal on the Charles |  | 813,103 |  |  | 147,394 |  |  | 160,053 |  |  | 1,120,550 |  |  | 13 |  | 57,946 |  |  |  | 100.0 |  |  |  | 83.6 |  |
|  | 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 |  | 517,442 |  |  | — |  |  | — |  |  | 517,442 |  |  | 5 |  | 25,623 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 99 Coolidge Avenue(1) |  | 116,414 |  |  | 204,395 |  |  | — |  |  | 320,809 |  |  | 1 |  | 16,099 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Cambridge/Inner Suburbs |  | 6,859,351 |  |  | 351,789 |  |  | 160,053 |  |  | 7,371,193 |  |  | 49 |  | 634,357 |  |  |  | 97.1 |  |  |  | 94.9 |  |
| Fenway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Fenway |  | 1,238,805 |  |  | 450,160 |  |  | 133,578 |  |  | 1,822,543 |  |  | 3 |  | 93,239 |  |  |  | 87.8 |  |  |  | 79.3 |  |
|  | 401 and 421(1) Park Drive and 201 Brookline Avenue(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Seaport Innovation District |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 5 and 15(1) Necco Street |  | 441,396 |  |  | — |  |  | — |  |  | 441,396 |  |  | 2 |  | 39,742 |  |  |  | 75.7 |  |  |  | 75.7 |  |
|  | Seaport Innovation District |  | 441,396 |  |  | — |  |  | — |  |  | 441,396 |  |  | 2 |  | 39,742 |  |  |  | 75.7 |  |  |  | 75.7 |  |
| Route 128 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Waltham |  | 326,110 |  |  | — |  |  | 716,604 |  |  | 1,042,714 |  |  | 5 |  | 23,198 |  |  |  | 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 |  | 14,253 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Route 128 |  | 1,618,324 |  |  | — |  |  | 716,604 |  |  | 2,334,928 |  |  | 12 |  | 66,510 |  |  |  | 100.0 |  |  |  | 69.3 |  |
| Other |  | 691,633 |  |  | — |  |  | 453,869 |  |  | 1,145,502 |  |  | 6 |  | 10,865 |  |  |  | 79.3 |  |  |  | 47.9 |  |
|  | Greater Boston |  | 10,849,509 |  |  | 801,949 |  |  | 1,464,104 |  |  | 13,115,562 |  |  | 72 |  | $ | 844,713 |  |  |  | 94.5 | % |  |  | 83.3 | % |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 26

Property Listing (continued) |
March 31, 2024
(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) |  | 2,009,167 |  |  | 212,796 |  |  | — |  |  | 2,221,963 |  |  | 10 |  | $ | 91,498 |  |  |  | 94.7 | % |  |  | 94.7 | % |
|  | 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 |  | 2,009,167 |  |  | 212,796 |  |  | — |  |  | 2,221,963 |  |  | 10 |  | 91,498 |  |  |  | 94.7 |  |  |  | 94.7 |  |
| South San Francisco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Technology Center® – Gateway(1) |  | 1,386,963 |  |  | — |  |  | 282,054 |  |  | 1,669,017 |  |  | 12 |  | 76,062 |  |  |  | 84.8 |  |  |  | 70.5 |  |
|  | 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 |  | 919,703 |  |  | — |  |  | — |  |  | 919,703 |  |  | 5 |  | 57,789 |  |  |  | 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 |  | 32,059 |  |  |  | 92.2 |  |  |  | 92.2 |  |
|  | 201 Haskins Way and 400 and 450 East Jamie Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan |  | 445,232 |  |  | — |  |  | — |  |  | 445,232 |  |  | 2 |  | 4,020 |  |  |  | 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 |  | 3,410,971 |  |  | 285,346 |  |  | 282,054 |  |  | 3,978,371 |  |  | 24 |  | 180,610 |  |  |  | 92.7 |  |  |  | 85.6 |  |
| Greater Stanford |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – San Carlos |  | 739,157 |  |  | — |  |  | — |  |  | 739,157 |  |  | 9 |  | 50,557 |  |  |  | 99.0 |  |  |  | 99.0 |  |
|  | 825, 835, 960, and 1501-1599 Industrial Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Stanford Life Science District |  | 703,590 |  |  | — |  |  | — |  |  | 703,590 |  |  | 9 |  | 65,124 |  |  |  | 97.4 |  |  |  | 97.4 |  |
|  | 3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3412, 3420, 3440, 3450, and 3460 Hillview Avenue |  | 340,103 |  |  | — |  |  | — |  |  | 340,103 |  |  | 5 |  | 24,315 |  |  |  | 82.9 |  |  |  | 82.9 |  |
|  | 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 |  | 193,688 |  |  | — |  |  | — |  |  | 193,688 |  |  | 3 |  | 17,845 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 2100, 2200, 2300, and 2400 Geng Road |  | 162,584 |  |  | — |  |  | — |  |  | 162,584 |  |  | 4 |  | 12,152 |  |  |  | 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 |  | 2,527,761 |  |  | — |  |  | — |  |  | 2,527,761 |  |  | 33 |  | 188,422 |  |  |  | 96.7 |  |  |  | 96.7 |  |
|  | San Francisco Bay Area |  | 7,947,899 |  |  | 498,142 |  |  | 282,054 |  |  | 8,728,095 |  |  | 67 |  | $ | 460,530 |  |  |  | 94.4 | % |  |  | 91.2 | % |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2)We own 100% of this property.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 27

Property Listing (continued) |
March 31, 2024
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: One Alexandria Square |  | 833,402 |  |  | 334,996 |  |  | — |  |  | 1,168,398 |  |  | 12 |  | $ | 49,828 |  |  |  | 99.9 | % |  |  | 99.9 | % |
|  | 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 |  | 14,001 |  |  |  | 85.8 |  |  |  | 85.8 |  |
|  | 10578, 10618, and 10628 Science Center Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Nautilus |  | 218,459 |  |  | — |  |  | — |  |  | 218,459 |  |  | 4 |  | 12,964 |  |  |  | 86.3 |  |  |  | 86.3 |  |
|  | 3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Torrey Pines |  | 1,348,151 |  |  | 334,996 |  |  | — |  |  | 1,683,147 |  |  | 19 |  | 76,793 |  |  |  | 94.6 |  |  |  | 94.6 |  |
| University Town Center |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Campus Point by Alexandria(1) |  | 1,666,590 |  |  | 598,029 |  |  | — |  |  | 2,264,619 |  |  | 13 |  | 78,146 |  |  |  | 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 |  | 29,977 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | ARE Esplanade |  | 243,084 |  |  | — |  |  | — |  |  | 243,084 |  |  | 4 |  | 10,407 |  |  |  | 74.6 |  |  |  | 74.6 |  |
|  | 4755, 4757, and 4767 Nexus Center Drive and 4796 Executive Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 9625 Towne Centre Drive(1) |  | 163,648 |  |  | — |  |  | — |  |  | 163,648 |  |  | 1 |  | 6,520 |  |  |  | 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 |  | 125,929 |  |  |  | 97.3 |  |  |  | 97.3 |  |
| Sorrento Mesa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: SD Tech by Alexandria(1) |  | 1,066,603 |  |  | 254,771 |  |  | — |  |  | 1,321,374 |  |  | 15 |  | 41,072 |  |  |  | 86.3 |  |  |  | 86.3 |  |
|  | 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 |  | 801,575 |  |  | — |  |  | — |  |  | 801,575 |  |  | 7 |  | 28,767 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Scripps Science Park by Alexandria |  | 144,113 |  |  | — |  |  | — |  |  | 144,113 |  |  | 1 |  | 11,379 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 10102 Hoyt Park Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Portola |  | 101,857 |  |  | — |  |  | — |  |  | 101,857 |  |  | 3 |  | 4,022 |  |  |  | 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 |  | 1,909 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Sorrento Mesa |  | 3,156,001 |  |  | 254,771 |  |  | — |  |  | 3,410,772 |  |  | 38 |  | $ | 115,012 |  |  |  | 93.5 | % |  |  | 93.5 | % |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2)We own 100% of this property.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 28

Property Listing (continued) |
March 31, 2024
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
San Diego (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sorrento Valley |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3911, 3931, and 3985 Sorrento Valley Boulevard |  | 108,812 |  |  | — |  |  | — |  |  | 108,812 |  |  | 3 |  | $ | 4,936 |  |  |  | 85.0 | % |  |  | 85.0 | % |
|  | 11045 and 11055 Roselle Street |  | 43,233 |  |  | — |  |  | — |  |  | 43,233 |  |  | 2 |  | 2,273 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Sorrento Valley |  | 152,045 |  |  | — |  |  | — |  |  | 152,045 |  |  | 5 |  | 7,209 |  |  |  | 89.3 |  |  |  | 89.3 |  |
| Other |  | 310,144 |  |  | — |  |  | — |  |  | 310,144 |  |  | 2 |  | 8,662 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | San Diego |  | 7,841,080 |  |  | 1,187,796 |  |  | — |  |  | 9,028,876 |  |  | 90 |  | 333,605 |  |  |  | 95.2 |  |  |  | 95.2 |  |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Union |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Eastlake |  | 1,216,520 |  |  | 33,349 |  |  | — |  |  | 1,249,869 |  |  | 9 |  | 78,770 |  |  |  | 94.6 |  |  |  | 94.6 |  |
|  | 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 |  | 17,795 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 400 Dexter Avenue North(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 219 Terry Avenue North |  | 25,966 |  |  | — |  |  | — |  |  | 25,966 |  |  | 1 |  | 432 |  |  |  | 90.7 |  |  |  | 90.7 |  |
|  | Lake Union |  | 1,533,240 |  |  | 33,349 |  |  | — |  |  | 1,566,589 |  |  | 11 |  | 96,997 |  |  |  | 95.6 |  |  |  | 95.6 |  |
| SoDo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 830 4th Avenue South |  | 42,380 |  |  | — |  |  | — |  |  | 42,380 |  |  | 1 |  | 1,010 |  |  |  | 70.5 |  |  |  | 70.5 |  |
| Elliott Bay |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 410 West Harrison Street and 410 Elliott Avenue West |  | 36,848 |  |  | — |  |  | — |  |  | 36,848 |  |  | 2 |  | 962 |  |  |  | 68.0 |  |  |  | 68.0 |  |
|  | Elliott Bay |  | 36,848 |  |  | — |  |  | — |  |  | 36,848 |  |  | 2 |  | 962 |  |  |  | 68.0 |  |  |  | 68.0 |  |
| Bothell |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park |  | 916,446 |  |  | — |  |  | — |  |  | 916,446 |  |  | 21 |  | 19,827 |  |  |  | 94.3 |  |  |  | 94.3 |  |
|  | 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 |  | 426,628 |  |  | — |  |  | 34,306 |  |  | 460,934 |  |  | 6 |  | 11,270 |  |  |  | 97.6 |  |  |  | 90.4 |  |
|  | 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Bothell |  | 1,343,074 |  |  | — |  |  | 34,306 |  |  | 1,377,380 |  |  | 27 |  | 31,097 |  |  |  | 95.4 |  |  |  | 93.1 |  |
| Other |  | 77,376 |  |  | — |  |  | — |  |  | 77,376 |  |  | 2 |  | 879 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Seattle |  | 3,032,918 |  |  | 33,349 |  |  | 34,306 |  |  | 3,100,573 |  |  | 43 |  | $ | 130,945 |  |  |  | 94.9 | % |  |  | 93.9 | % |
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 29

Property Listing (continued) |
March 31, 2024
(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 |  | $ | 53,643 |  |  |  | 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 |  | 4,210 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 1405 and 1450(1) Research Boulevard |  | 114,849 |  |  | — |  |  | — |  |  | 114,849 |  |  | 2 |  | 3,018 |  |  |  | 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 |  | 1,779 |  |  |  | 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 |  | 69,165 |  |  |  | 95.8 |  |  |  | 95.8 |  |
| Gaithersburg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg I |  | 619,241 |  |  | — |  |  | — |  |  | 619,241 |  |  | 9 |  | 19,477 |  |  |  | 92.6 |  |  |  | 92.6 |  |
|  | 9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg II |  | 486,301 |  |  | — |  |  | — |  |  | 486,301 |  |  | 7 |  | 18,679 |  |  |  | 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 |  | 2,897 |  |  |  | 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 |  | 1,327,652 |  |  | — |  |  | — |  |  | 1,327,652 |  |  | 20 |  | 45,629 |  |  |  | 96.5 |  |  |  | 96.5 |  |
| 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 |  | 1,295 |  |  |  | 64.4 |  |  |  | 64.4 |  |
|  | Beltsville |  | 327,307 |  |  | — |  |  | — |  |  | 327,307 |  |  | 2 |  | 4,316 |  |  |  | 85.3 |  |  |  | 85.3 |  |
| Northern Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 14225 Newbrook Drive |  | 248,186 |  |  | — |  |  | — |  |  | 248,186 |  |  | 1 |  | 6,127 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | Maryland |  | 3,582,162 |  |  | 510,601 |  |  | — |  |  | 4,092,763 |  |  | 51 |  | 125,237 |  |  |  | 95.4 |  |  |  | 95.4 |  |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – Durham |  | 2,155,252 |  |  | — |  |  | — |  |  | 2,155,252 |  |  | 15 |  | 52,248 |  |  |  | 97.4 |  |  |  | 97.4 |  |
|  | 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 |  | 13,388 |  |  |  | 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 |  | $ | 16,561 |  |  |  | 97.2 | % |  |  | 97.2 | % |
|  | 5 and 9 Laboratory Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 30

Property Listing (continued) |
March 31, 2024
(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 (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Research Triangle (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle |  | 344,460 |  |  | — |  |  | — |  |  | 344,460 |  |  | 4 |  | $ | 16,379 |  |  |  | 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 |  | 136,692 |  |  | — |  |  | — |  |  | 136,692 |  |  | 3 |  | 4,255 |  |  |  | 100.0 |  |  |  | 100.0 |  |
|  | 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 |  | 3,843,673 |  |  | — |  |  | — |  |  | 3,843,673 |  |  | 39 |  | 120,692 |  |  |  | 97.8 |  |  |  | 97.8 |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Alexandria Center® for Life Science – New York City |  | 743,377 |  |  | — |  |  | — |  |  | 743,377 |  |  | 3 |  | 67,046 |  |  |  | 94.7 |  |  |  | 94.7 |  |
|  | 430 and 450 East 29th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – Long Island City |  | 179,100 |  |  | — |  |  | — |  |  | 179,100 |  |  | 1 |  | 5,279 |  |  |  | 41.7 |  |  |  | 41.7 |  |
|  | 30-02 48th Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | New York City |  | 922,477 |  |  | — |  |  | — |  |  | 922,477 |  |  | 4 |  | 72,325 |  |  |  | 84.4 |  |  |  | 84.4 |  |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mega Campus: Intersection Campus |  | 1,525,359 |  |  | — |  |  | — |  |  | 1,525,359 |  |  | 12 |  | 43,029 |  |  |  | 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 |  | 54,659 |  |  |  | 98.9 |  |  |  | 98.9 |  |
| Greater Houston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Advanced Technologies at The Woodlands |  | 120,828 |  |  | — |  |  | 73,298 |  |  | 194,126 |  |  | 1 |  | 3,172 |  |  |  | 41.5 |  |  | 25.8 |  |
|  | 8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Texas |  | 1,845,159 |  |  | — |  |  | 73,298 |  |  | 1,918,457 |  |  | 15 |  | 57,831 |  |  |  | 95.1 |  |  |  | 91.5 |  |
Canada |  | 909,760 |  |  | — |  |  | 163,211 |  |  | 1,072,971 |  |  | 12 |  | 18,895 |  |  |  | 91.8 |  |  |  | 77.8 |  |
Non-cluster/other markets |  | 347,806 |  |  | — |  |  | — |  |  | 347,806 |  |  | 10 |  | 15,446 |  |  |  | 75.4 |  |  |  | 75.4 |  |
North America, excluding properties held for sale |  | 41,122,443 |  |  | 3,031,837 |  |  | 2,016,973 |  |  | 46,171,253 |  |  | 403 |  | 2,180,219 |  |  |  | 94.6 | % |  |  | 90.2 | % |
Properties held for sale |  | 1,035,386 |  |  | — |  |  | — |  |  | 1,035,386 |  |  | 7 |  | 32,751 |  |  |  | 77.5 | % |  |  | 77.5 | % |
Total – North America |  | 42,157,829 |  |  | 3,031,837 |  |  | 2,016,973 |  |  | 47,206,639 |  |  | 410 |  | $ | 2,212,970 |  |  |  |  |  |  |  |

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 31

Investments in Real Estate |
March 31, 2024

Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.
(1)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2Q24 through 4Q27 is projected to be $380 million.
(2)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years, including partial deliveries of projects that stabilize in future years.
(3)Includes 1.2 million RSF that is expected to stabilize in 2024 and is 98% leased/negotiating. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(4)In addition to the projects represented, we are evaluating one priority anticipated development project that could commence active construction in 2024 which may have initial delivery in 2025.

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

Investments in Real Estate |
March 31, 2024
(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 64% Leased/Negotiating |  | Committed Near Term 51% Leased/Negotiating(1) |  | Priority Anticipated |  | Future |  | Subtotal |  | Total
Square footage |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | 41,122,443 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41,122,443 |
New Class A/A+ development and redevelopment properties |  | — |  |  | 5,048,810 |  |  | 492,570 |  |  | 2,919,315 |  |  | 27,176,766 |  |  | 35,637,461 |  |  | 35,637,461 |
Value-creation square feet currently included in rental properties(2) |  | — |  |  | — |  |  | (159,884) |  |  | (457,541) |  |  | (3,108,544) |  |  | (3,725,969) |  |  | (3,725,969) |
Total square footage, excluding properties held for sale |  | 41,122,443 |  |  | 5,048,810 |  |  | 332,686 |  |  | 2,461,774 |  |  | 24,068,222 |  |  | 31,911,492 |  |  | 73,033,935 |
Properties held for sale |  | 1,035,386 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,035,386 |
Total square footage |  | 42,157,829 |  |  | 5,048,810 |  |  | 332,686 |  |  | 2,461,774 |  |  | 24,068,222 |  |  | 31,911,492 |  |  | 74,069,321 |
Investments in real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross book value as of March 31, 2024(3) |  | $ | 28,871,315 |  |  | $ | 3,713,483 |  |  | $ | 50,734 |  |  | $ | 765,486 |  |  | $ | 4,138,977 |  |  | $ | 8,668,680 |  |  | $ | 37,539,995 |

(1)Represents one committed near-term project expected to commence construction during the next two years after March 31, 2024.
(2)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including 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” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 33

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries |
March 31, 2024
(Dollars in thousands)

Incremental Annual Net Operating Income Generated
From 1Q24 Deliveries Aggregated $26 Million

99 Coolidge Avenue |  | 500 North Beacon Street and 4 Kingsbury Avenue(1) |  |  |  | 651 Gateway Boulevard |  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway(2) |  |  |  |
Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  |  |  | San Francisco Bay Area/ South San Francisco |  | Seattle/Bothell |  |  |  |
116,414 RSF |  | 100,624 RSF |  |  |  | 44,652 RSF |  | 180,684 RSF |  |  |  |
100% Occupancy |  | 100% Occupancy |  |  |  | 100% Occupancy |  | 100% Occupancy |  |  |  |

Property/Market/Submarket |  |  |  | Our Ownership Interest |  | RSF Placed in Service |  | Occupancy Percentage(4) |  | Total Project |  | Unlevered Yields
| 1Q24 Delivery Date(3) |  |  | Prior to 1/1/24 |  | 1Q24 |  |  |  |  |  |  |  | Total |  |  |  | Initial Stabilized |  | Initial Stabilized (Cash Basis)
|  |  |  |  |  |  |  |  |  | RSF |  | Investment |  |
Development projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 1/29/24 |  | 75.0% |  | 43,568 |  |  | 72,846 |  |  |  |  |  |  |  |  | 116,414 |  |  |  | 100% |  |  | 320,809 |  |  | $ | 468,000 |  |  |  | 7.1 | % |  |  |  | 7.0 | % |
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 1/23/24 |  | 100% |  | — |  |  | 100,624 |  |  |  |  |  |  |  |  | 100,624 |  |  |  | 100% |  |  | 248,018 |  |  | 427,000 |  |  |  | 6.2 |  |  |  |  | 5.5 |  |
Redevelopment projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 1/16/24 |  | 50.0% |  | — |  |  | 44,652 |  |  |  |  |  |  |  |  | 44,652 |  |  |  | 100% |  |  | 326,706 |  |  | 487,000 |  |  |  | 5.0 |  |  |  |  | 5.1 |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | 1/27/24 |  | 100% |  | 65,086 |  |  | 115,598 |  |  |  |  |  |  |  |  | 180,684 |  |  |  | 100% |  |  | 460,934 |  |  | 229,000 |  |  |  | 6.3 |  |  |  |  | 6.2 |  |
Canada |  | 2/28/24 |  | 100% |  | 44,862 |  | — |  | 9,725 |  |  |  |  |  |  |  |  | 54,587 |  |  |  | 100% |  |  | 250,790 |  |  | 113,000 |  |  |  | 6.4 |  |  |  |  | 6.3 |  |
Weighted average/total |  | 1/26/24 |  |  |  | 153,516 |  |  | 343,445 |  |  |  |  |  |  |  |  | 496,961 |  |  |  |  |  |  | 1,607,257 |  |  | $ | 1,724,000 |  |  |  | 6.1 | % |  |  |  | 5.9 | % |

Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for details on the square footage in service and under construction, if applicable.
(1)Image represents 500 North Beacon Street on the Arsenal on the Charles mega campus.
(2)Image represents 3755 Monte Villa Parkway.
(3)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(4)Occupancy relates to total operating RSF placed in service as of the most recent delivery.

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

New Class A/A+ Development and Redevelopment Properties: Current Projects |
March 31, 2024

|  | 99 Coolidge Avenue |  | 500 North Beacon Street and 4 Kingsbury Avenue(1) |  | 311 Arsenal Street |  | 201 Brookline Avenue |  | 401 Park Drive
|  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway |  | Greater Boston/Fenway
|  | 204,395 RSF |  | 147,394 RSF |  | 160,053 RSF |  | 58,149 RSF |  | 133,578 RSF
|  | 36% Leased |  | 85% Leased |  | 59% Leased |  | 98% Leased |  | 17% Leased

421 Park Drive |  | 40, 50, and 60 Sylvan Road(2) |  | 840 Winter Street |  | 1450 Owens Street(3) |  | 651 Gateway Boulevard |  |  |  |
Greater Boston/Fenway |  | Greater Boston/Route 128 |  | Greater Boston/Route 128 |  | San Francisco Bay Area/ Mission Bay |  | San Francisco Bay Area/ South San Francisco |  |  |  |
392,011 RSF |  | 576,924 RSF |  | 139,680 RSF |  | 212,796 RSF |  | 282,054 RSF |  |  |  |
13% Leased |  | 29% Leased |  | 100% Leased |  | —% Leased/Negotiating |  | 21% Leased |  |  |  |

(1)Image represents 500 North Beacon Street on the Arsenal on the Charles mega campus.
(2)Image represents 60 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, where our joint venture partner will fund 100% of the construction cost until they attain an ownership interest of 75%, after which they will contribute their respective share of additional capital. 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 | 35

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
March 31, 2024

230 Harriet Tubman Way |  | 10935, 10945, and 10955 Alexandria Way(1) |  | 4135 Campus Point Court |  | 4155 Campus Point Court |  | 10075 Barnes Canyon Road |  |  |  |  |
San Francisco Bay Area/ South San Francisco |  | San Diego/Torrey Pines |  | San Diego/ University Town Center |  | San Diego/ University Town Center |  | San Diego/Sorrento Mesa |  |  |  |  |
285,346 RSF |  | 334,996 RSF |  | 426,927 RSF |  | 171,102 RSF |  | 254,771 RSF |  |  |  |  |
100% Leased |  | 100% Leased |  | 100% Leased |  | 100% Leased |  | 69% Leased/Negotiating |  |  |  |  |

1150 Eastlake Avenue East |  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway(2) |  | 9810 and 9820 Darnestown Road(3) |  | 9808 Medical Center Drive |  |  |  |  |  | 8800 Technology Forest Place
Seattle/Lake Union |  | Seattle/Bothell |  | Maryland/Rockville |  | Maryland/Rockville |  |  |  |  |  | Texas/Greater Houston
33,349 RSF |  | 34,306 RSF |  | 442,000 RSF |  | 68,601 RSF |  |  |  |  |  | 73,298 RSF
100% Leased |  | 98% Leased/Negotiating |  | 100% Leased |  | 60% Leased |  |  |  |  |  | 41% Leased

(1)Image represents 10955 Alexandria Way.
(2)Image represents 3755 Monte Villa Parkway.
(3)Image represents 9810 Darnestown Road.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 36

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
March 31, 2024

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 |  |  | 4Q24
840 Winter Street/Greater Boston/Route 128 |  | Redev |  | 28,534 |  |  | 139,680 |  |  | 168,214 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q24 |  |  | 4Q24
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | Dev |  | — |  |  | 285,346 |  |  | 285,346 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q24 |  |  | 4Q24
4155 Campus Point Court/San Diego/University Town Center |  | Dev |  | — |  |  | 171,102 |  |  | 171,102 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q24 |  |  | 4Q24
1150 Eastlake Avenue East/Seattle/Lake Union |  | Dev |  | 278,282 |  |  | 33,349 |  |  | 311,631 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q23 |  |  | 3Q24
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | Redev |  | 426,628 |  |  | 34,306 |  |  | 460,934 |  |  | 90 |  |  |  | 98 |  |  |  |  | 1Q23 |  |  | 4Q24
9820 Darnestown Road/Maryland/Rockville |  | Dev |  | — |  |  | 250,000 |  |  | 250,000 |  |  | 100 |  |  |  | 100 |  |  |  |  | 4Q24 |  |  | 4Q24
9810 Darnestown Road/Maryland/Rockville |  | Dev |  | — |  |  | 192,000 |  |  | 192,000 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2Q24 |  |  | 2Q24
9808 Medical Center Drive/Maryland/Rockville |  | Dev |  | 26,460 |  |  | 68,601 |  |  | 95,061 |  |  | 60 |  |  |  | 60 |  |  |  |  | 3Q23 |  |  | 4Q24
|  |  |  | 1,211,871 |  |  | 1,232,533 |  |  | 2,444,404 |  |  | 96 |  |  |  | 98 |  |  |  |  |  |  |  |
2025 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | Dev |  | 116,414 |  |  | 204,395 |  |  | 320,809 |  |  | 36 |  |  |  | 36 |  |  |  |  | 4Q23 |  |  | 2025
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | Dev |  | 100,624 |  |  | 147,394 |  |  | 248,018 |  |  | 85 |  |  |  | 85 |  |  |  |  | 1Q24 |  |  | 2025
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | Redev |  | 44,652 |  |  | 282,054 |  |  | 326,706 |  |  | 21 |  |  |  | 21 |  |  |  |  | 1Q24 |  |  | 2025
8800 Technology Forest Place/Texas/Greater Houston |  | Redev |  | 50,094 |  |  | 73,298 |  |  | 123,392 |  |  | 41 |  |  |  | 41 |  |  |  |  | 2Q23 |  |  | 2025
Canada |  | Redev |  | 87,579 |  |  | 163,211 |  |  | 250,790 |  |  | 73 |  |  |  | 73 |  |  |  |  | 3Q23 |  |  | 2025
|  |  |  | 399,363 |  |  | 870,352 |  |  | 1,269,715 |  |  | 49 |  |  |  | 49 |  | (2) |  |  |  |  |  |
|  |  |  | 1,611,234 |  |  | 2,102,885 |  |  | 3,714,119 |  |  | 80 |  |  |  | 81 |  |  |  |  |  |  |  |
2026 and beyond stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs |  | Redev |  | 230,609 |  | (3) | 160,053 |  |  | 390,662 |  |  | 59 |  |  |  | 59 |  |  |  |  | 2027 |  |  | 2027
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 |  |  | — |  |  |  | — |  |  |  |  | 2026 |  |  | 2027
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | Dev |  | — |  |  | 212,796 |  |  | 212,796 |  |  | — |  |  |  | — |  | (4) |  |  | 2025 |  |  | 2026
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | Dev |  | — |  |  | 334,996 |  |  | 334,996 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2025 |  |  | 2026
4135 Campus Point Court/San Diego/University Town Center |  | Dev |  | — |  |  | 426,927 |  |  | 426,927 |  |  | 100 |  |  |  | 100 |  |  |  |  | 2026 |  |  | 2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | Dev |  | — |  |  | 254,771 |  |  | 254,771 |  |  | 19 |  |  |  | 69 |  |  |  |  | 2025 |  |  | 2026
|  |  |  | 230,609 |  |  | 2,945,925 |  |  | 3,176,534 |  |  | 40 |  |  |  | 44 |  | (2) |  |  |  |  |  |
|  |  |  | 1,841,843 |  |  | 5,048,810 |  |  | 6,890,653 |  |  | 62 |  |  |  | 64 |  |  |  |  |  |  |  |
Committed 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 |  |  |  | 1,841,843 |  |  | 5,541,380 |  |  | 7,383,223 |  |  | 58 | % |  |  | 63 | % |  |  |  |  |  |  |
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)Represents projects focused on demand from our existing tenants in our adjacent properties/campuses and that will also address demand from other non-Alexandria properties/campuses. (3)We expect to redevelop an additional 173,705 RSF of occupied space into laboratory space upon expiration of the existing leases through 1H25. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. (4)Represents a single- or multi-tenant project expanding our existing mega campus, where our joint venture partner will fund 100% of the construction cost until they attain an ownership interest of 75%, after which they will contribute their respective share of additional capital. 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) |
March 31, 2024
(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 | % |  |  | $ | 662,979 |  |  | $ | 86,657 |  |  | $ | 25,364 |  |  | $ | 775,000 |  |  |  | 7.2 | % |  |  |  | 6.5 | % |
840 Winter Street/Greater Boston/Route 128 |  | 100 | % |  |  | 13,649 |  |  | 170,501 |  |  | 23,850 |  |  | 208,000 |  |  |  | 7.5 | % |  |  |  | 6.5 | % |
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | 47.4 | % |  |  | — |  |  | 273,434 |  |  | 236,566 |  |  | 510,000 |  |  |  | 7.4 | % |  |  |  | 6.4 | % |
4155 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 109,061 |  |  | 63,939 |  |  | 173,000 |  |  |  | 7.4 | % |  |  |  | 6.5 | % |
1150 Eastlake Avenue East/Seattle/Lake Union |  | 100 | % |  |  | 371,166 |  |  | 40,332 |  |  | 31,502 |  |  | 443,000 |  |  |  | 6.6 | % |  |  |  | 6.7 | % |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | 100 | % |  |  | 192,995 |  |  | 10,956 |  |  | 25,049 |  |  | 229,000 |  |  |  | 6.3 | % |  |  |  | 6.2 | % |
9820 Darnestown Road/Maryland/Rockville |  | 100 | % |  |  | — |  |  | 156,118 |  |  | 20,882 |  |  | 177,000 |  |  |  | 6.3 | % |  |  |  | 5.6 | % |
9810 Darnestown Road/Maryland/Rockville |  | 100 | % |  |  | — |  |  | 112,603 |  |  | 20,397 |  |  | 133,000 |  |  |  | 6.9 | % |  |  |  | 6.2 | % |
9808 Medical Center Drive/Maryland/Rockville |  | 100 | % |  |  | 35,208 |  |  | 68,984 |  |  | 8,808 |  |  | 113,000 |  |  |  | 5.5 | % |  |  |  | 5.5 | % |
|  |  |  |  | 1,275,997 |  |  | 1,028,646 |  |  |  |  |  |  |  |  |  |  |  |  |
2025 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 75.0 | % |  |  | 135,536 |  |  | 173,314 |  |  | 159,150 |  |  | 468,000 |  |  |  | 7.1 | % |  |  |  | 7.0 | % |
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | 100 | % |  |  | 159,702 |  |  | 201,424 |  |  | 65,874 |  |  | 427,000 |  |  |  | 6.2 | % |  |  |  | 5.5 | % |
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 50.0 | % |  |  | 58,391 |  |  | 265,563 |  |  | 163,046 |  |  | 487,000 |  |  |  | 5.0 | % |  |  |  | 5.1 | % |
8800 Technology Forest Place/Texas/Greater Houston |  | 100 | % |  |  | 44,797 |  |  | 58,761 |  |  | 8,442 |  |  | 112,000 |  |  |  | 6.3 | % |  |  |  | 6.0 | % |
Canada |  | 100 | % |  |  | 34,952 |  |  | 52,446 |  |  | 25,602 |  |  | 113,000 |  |  |  | 6.4 | % |  |  |  | 6.3 | % |
|  |  |  |  | 433,378 |  |  | 751,508 |  |  |  |  |  |  |  |  |  |  |  |  |
2026 and beyond stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs |  | 100 | % |  |  | 163,136 |  |  | 121,406 |  |  | TBD
401 Park Drive/Greater Boston/Fenway |  | 100 | % |  |  | — |  |  | 148,439 |  |
421 Park Drive/Greater Boston/Fenway |  | 99.7 | % |  |  | — |  |  | 327,424 |  |
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | 100 | % |  |  | — |  |  | 411,537 |  |
Other/Greater Boston |  | 100 | % |  |  | — |  |  | 139,663 |  |
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | 27.2 | % |  |  | — |  |  | 220,899 |  |
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | 100 | % |  |  | — |  |  | 230,484 |  |  | 272,516 |  |  | 503,000 |  |  |  | 6.2 | % |  |  |  | 5.8 | % |
4135 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 184,659 |  |  | TBD
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | 50.0 | % |  |  | — |  |  | 148,818 |  |
|  |  |  |  | 163,136 |  |  | 1,933,329 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | 1,872,511 |  |  | 3,713,483 |  |  |  |  |  |  |  |  |  |  |  |  |
Committed near-term project expected to commence construction in the next two years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4165 Campus Point Court/San Diego/University Town Center |  | 55.0 | % |  |  | — |  |  | 50,734 |  |  | TBD
Total |  |  |  |  | $ | 1,872,511 |  |  | $ | 3,764,217 |  |  | $ | 4,090,000 |  | (2) | $ | 9,730,000 |  | (2) |  |  |  |  |  |  |
Our share of investment(2)(3) |  |  |  |  | $ | 1,800,000 |  |  | $ | 3,060,000 |  |  | $ | 3,230,000 |  |  | $ | 8,090,000 |  |  |  |  |  |  |  |  |
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2026 and beyond over the next several quarters. (2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. (3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline |
March 31, 2024
(Dollars in thousands)

69% of Our Total Value-Creation Pipeline RSF Is Within Our Mega Campuses

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs |  | 100 | % |  |  | $ | 334,152 |  |  | 307,447 |  |  | — |  |  | 173,705 |  |  | 34,157 |  |  | 515,309 |  |
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Cambridge/Inner Suburbs |  | 75.0 | % |  |  | 173,314 |  |  | 204,395 |  |  | — |  |  | — |  |  | — |  |  | 204,395 |  |
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway |  | (2) |  |  | 562,520 |  |  | 583,738 |  |  | — |  |  | — |  |  | — |  |  | 583,738 |  |
201 Brookline Avenue and 401 and 421 Park Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Waltham/Route 128 |  | 100 | % |  |  | 643,372 |  |  | 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 | % |  |  | 119,609 |  |  | — |  |  | — |  |  | — |  |  | 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 | % |  |  | 84,444 |  |  | — |  |  | — |  |  | — |  |  | 902,000 |  |  | 902,000 |  |
446, 458, 500, and 550 Arsenal Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District |  | 60.0 | % |  |  | 280,390 |  |  | — |  |  | — |  |  | — |  |  | 1,040,000 |  |  | 1,040,000 |  |
10 Necco Street/Seaport Innovation District |  | 100 | % |  |  | 104,649 |  |  | — |  |  | — |  |  | — |  |  | 175,000 |  |  | 175,000 |  |
Mega Campus: One Moderna Way/Route 128 |  | 100 | % |  |  | 26,469 |  |  | — |  |  | — |  |  | — |  |  | 1,100,000 |  |  | 1,100,000 |  |
215 Presidential Way/Route 128 |  | 100 | % |  |  | 6,816 |  |  | — |  |  | — |  |  | — |  |  | 112,000 |  |  | 112,000 |  |
Other value-creation projects |  | (3) |  |  | 290,775 |  |  | 453,869 |  |  | — |  |  | — |  |  | 1,323,541 |  |  | 1,777,410 |  |
|  |  |  |  | $ | 2,634,391 |  |  | 2,266,053 |  |  | — |  |  | 173,705 |  |  | 5,518,153 |  |  | 7,957,911 |  |
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including 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 99.7% 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” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 39

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2024
(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 |  | 27.2 | % |  |  | $ | 220,899 |  |  | 212,796 |  |  | — |  |  | — |  |  | — |  |  | 212,796 |  |
1450 Owens Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Life Science – Millbrae/South San Francisco |  | 47.4 | % |  |  | 427,652 |  |  | 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 Technology Center® – Gateway/ South San Francisco |  | 50.0 | % |  |  | 292,111 |  |  | 282,054 |  |  | — |  |  | — |  |  | 291,000 |  |  | 573,054 |  |
651 Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco |  | 100 | % |  |  | 383,068 |  |  | — |  |  | — |  |  | 150,000 |  |  | 1,780,000 |  |  | 1,930,000 |  |
1122, 1150, and 1178 El Camino Real |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 | % |  |  | 429,330 |  |  | — |  |  | — |  |  | 105,000 |  |  | 1,392,830 |  |  | 1,497,830 |  |
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3825 and 3875 Fabian Way/Greater Stanford |  | 100 | % |  |  | 149,526 |  |  | — |  |  | — |  |  | — |  |  | 478,000 |  |  | 478,000 |  |
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 240,000 |  |  | 240,000 |  |
901 California Avenue/Greater Stanford |  | 100 | % |  |  | 17,563 |  |  | — |  |  | — |  |  | — |  |  | 56,924 |  |  | 56,924 |  |
Mega Campus: 88 Bluxome Street/SoMa |  | 100 | % |  |  | 383,393 |  |  | — |  |  | — |  |  | — |  |  | 1,070,925 |  |  | 1,070,925 |  |
Other value-creation projects |  | 100 | % |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,000 |  |  | 25,000 |  |
|  |  |  |  | $ | 2,310,197 |  |  | 780,196 |  |  | — |  |  | 560,438 |  |  | 5,574,892 |  |  | 6,915,526 |  |
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including 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” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 40

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2024
(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 | % |  |  | $ | 286,291 |  |  | 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 | % |  |  | 495,923 |  |  | 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 | % |  |  | 264,936 |  |  | 254,771 |  |  | — |  |  | 250,000 |  |  | 243,845 |  |  | 748,616 |  |
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
11255 and 11355 North Torrey Pines Road/Torrey Pines |  | 100 | % |  |  | 145,328 |  |  | — |  |  | — |  |  | 153,000 |  |  | 62,000 |  |  | 215,000 |  |
ARE Towne Centre/University Town Center |  | 100 | % |  |  | 27,153 |  |  | — |  |  | — |  |  | 230,000 |  |  | — |  |  | 230,000 |  |
9363, 9373, and 9393 Towne Centre Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costa Verde by Alexandria/University Town Center |  | 100 | % |  |  | 133,383 |  |  | — |  |  | — |  |  | — |  |  | 537,000 |  |  | 537,000 |  |
8410-8750 Genesee Avenue and 4282 Esplanade Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: 5200 Illumina Way/University Town Center |  | 51.0 | % |  |  | 17,456 |  |  | — |  |  | — |  |  | — |  |  | 451,832 |  |  | 451,832 |  |
9625 Towne Centre Drive/University Town Center |  | 30.0 | % |  |  | 837 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |
Mega Campus: Sequence District by Alexandria/Sorrento Mesa |  | 100 | % |  |  | 46,300 |  |  | — |  |  | — |  |  | — |  |  | 1,798,915 |  |  | 1,798,915 |  |
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Scripps Science Park by Alexandria/Sorrento Mesa |  | 100 | % |  |  | 116,869 |  |  | — |  |  | — |  |  | — |  |  | 598,349 |  |  | 598,349 |  |
10048, 10219, 10256, and 10260 Meanley Drive and 10277 Scripps Ranch Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacific Technology Park/Sorrento Mesa |  | 50.0 | % |  |  | 23,807 |  |  | — |  |  | — |  |  | — |  |  | 149,000 |  |  | 149,000 |  |
9444 Waples Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley |  | 100 | % |  |  | 41,194 |  |  | — |  |  | — |  |  | — |  |  | 247,000 |  |  | 247,000 |  |
Other value-creation projects |  | 100 | % |  |  | 73,515 |  |  | — |  |  | — |  |  | — |  |  | 475,000 |  |  | 475,000 |  |
|  |  |  |  | $ | 1,672,992 |  |  | 1,187,796 |  |  | 492,570 |  |  | 633,000 |  |  | 5,438,221 |  |  | 7,751,587 |  |
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including 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 | 41

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2024
(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: Alexandria Center® for Life Science – Eastlake/Lake Union |  | 100 | % |  |  | $ | 40,332 |  |  | 33,349 |  |  | — |  |  | — |  |  | — |  |  | 33,349 |  |
1150 Eastlake Avenue East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell |  | 100 | % |  |  | 10,956 |  |  | 34,306 |  |  | — |  |  | 50,552 |  |  | — |  |  | 84,858 |  |
3301 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – South Lake Union/Lake Union |  | (2) |  |  | 443,273 |  |  | — |  |  | — |  |  | 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 | % |  |  | 57,849 |  |  | — |  |  | — |  |  | — |  |  | 597,313 |  |  | 597,313 |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell |  | 100 | % |  |  | 16,270 |  |  | — |  |  | — |  |  | — |  |  | 230,000 |  |  | 230,000 |  |
21660 20th Avenue Southeast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other value-creation projects |  | 100 | % |  |  | 138,062 |  |  | — |  |  | — |  |  | — |  |  | 706,087 |  |  | 706,087 |  |
|  |  |  |  | 706,742 |  |  | 67,655 |  |  | — |  |  | 1,146,138 |  |  | 1,721,800 |  |  | 2,935,593 |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville |  | 100 | % |  |  | 358,634 |  |  | 510,601 |  |  | — |  |  | — |  |  | 296,000 |  |  | 806,601 |  |
9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | 358,634 |  |  | 510,601 |  |  | — |  |  | — |  |  | 296,000 |  |  | 806,601 |  |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Advanced Technologies – Research Triangle/Research Triangle |  | 100 | % |  |  | 98,895 |  |  | — |  |  | — |  |  | 180,000 |  |  | 990,000 |  |  | 1,170,000 |  |
4 and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle |  | 100 | % |  |  | 105,675 |  |  | — |  |  | — |  |  | 100,000 |  |  | 955,000 |  |  | 1,055,000 |  |
3029 East Cornwallis Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – Durham/Research Triangle |  | 100 | % |  |  | $ | 173,877 |  |  | — |  |  | — |  |  | — |  |  | 2,210,000 |  |  | 2,210,000 |  |
41 Moore Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including 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 RSF and a 60% interest in the priority anticipated development project at 800 Mercer Street aggregating 869,000 RSF.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2024
(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 (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |
|  |  |  |  | 435,233 |  |  | — |  |  | — |  |  | 280,000 |  |  | 5,047,227 |  |  | 5,327,227 |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mega Campus: Alexandria Center® for Life Science – New York City/New York City |  | 100 | % |  |  | 158,579 |  |  | — |  |  | — |  |  | — |  |  | 550,000 |  | (2) | 550,000 |  |
|  |  |  |  | 158,579 |  |  | — |  |  | — |  |  | — |  |  | 550,000 |  |  | 550,000 |  |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston |  | 100 | % |  |  | 78,484 |  |  | 73,298 |  |  | — |  |  | — |  |  | 116,405 |  |  | 189,703 |  |
8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1001 Trinity Street and 1020 Red River Street/Austin |  | 100 | % |  |  | 9,569 |  |  | — |  |  | — |  |  | 126,034 |  |  | 123,976 |  |  | 250,010 |  |
Other value-creation projects |  | 100 | % |  |  | 134,557 |  |  | — |  |  | — |  |  | — |  |  | 1,694,000 |  |  | 1,694,000 |  |
|  |  |  |  | 222,610 |  |  | 73,298 |  |  | — |  |  | 126,034 |  |  | 1,934,381 |  |  | 2,133,713 |  |
Canada |  | 100 | % |  |  | 52,446 |  |  | 163,211 |  |  | — |  |  | — |  |  | 371,743 |  |  | 534,954 |  |
Other value-creation projects |  | 100 | % |  |  | 116,856 |  |  | — |  |  | — |  |  | — |  |  | 724,349 |  |  | 724,349 |  |
Total pipeline as of March 31, 2024 |  |  |  |  | $ | 8,668,680 |  | (3) | 5,048,810 |  |  | 492,570 |  |  | 2,919,315 |  |  | 27,176,766 |  |  | 35,637,461 |  |

Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 3,725,969 RSF of buildings currently in operation where we expect to demolish or redevelop and commence future construction. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.
(2)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.
(3)Includes $3.7 billion of projects that are currently under construction and are 64% leased/negotiating. We also expect to commence construction on one committed near-term project aggregating $50.7 million, which is 51% leased/negotiating, in the next two years after March 31, 2024.

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

Construction Spending and Capitalization of Interest |
March 31, 2024
(Dollars in thousands)

Construction spending |  | Three Months Ended March 31, 2024 |  | Projected Midpoint for the Year Ending December 31, 2024 |  |  |  |
Construction of Class A/A+ properties: |  |  |  |  |  |  |  |  |  |  |  |
Active construction projects |  |  |  |  |  |  |  |  |  |  |  |
Under construction and committed near-term projects(1) and projects expected to commence active construction in 2024(2) |  | $ | 487,891 |  |  |  | $ | 1,778,000 |  |  |  |  |
Future pipeline pre-construction |  |  |  |  |  |  |  |  |  |  |  |
Primarily mega campus expansion pre-construction work (entitlement, design, and site work) |  |  | 131,456 |  |  |  |  | 652,000 |  |  |  |  |  |
Revenue- and non-revenue-enhancing capital expenditures |  |  | 37,068 |  |  |  |  | 250,000 |  |  |  |  |  |
Construction spend (before contributions from noncontrolling interests) |  |  | 656,415 |  |  |  |  | 2,680,000 |  |  |  |  |  |
Contributions from noncontrolling interests (consolidated real estate joint ventures) |  |  | (92,863) |  |  |  |  | (430,000) |  | (3) |  |  |
Total construction spending |  | $ | 563,552 |  |  |  | $ | 2,250,000 |  |  |  |  |
2024 guidance range |  |  |  |  | $1,950,000 – $2,550,000 |  |

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction |
Projected Timing |  | Amount(4) |
2Q24 through 4Q24 |  |  | $ | 337,137 |  |  |
2025 through 2027 |  |  | 913,146 |  |  |
Total |  |  | $ | 1,250,283 |  |  |

Capitalization of interest |  |  |  |  |  |  |  |  |  |  |
Key Categories of Interest Capitalized During 1Q24 |  | Average Real Estate Basis Capitalized During 1Q24 |  | Percentage of Total Capitalized Interest |  | RSF Upon Completion of Construction |  |  |
Construction of Class A/A+ properties: |  |  |  |  |  |  |  |  |  | 78% Potential Growth in Operating RSF |
Active construction projects |  |  |  |  |  |  |  |  |  |
Under construction and committed near-term projects(1) |  | $ | 2,779,559 |  |  |  | 34 | % |  |  | 5,541,380 |  |  |
Future pipeline pre-construction |  |  |  |  |  |  |  |  |  |
Priority anticipated projects |  | 623,098 |  | (5) |  | 8 |  |  |  | 2,919,315 |  |  |
Primarily mega campus expansion pre-construction work (entitlement, design, and site work) |  | 3,578,177 |  | (5) |  | 44 |  |  |  | 27,176,766 |  |  |
Smaller redevelopments and repositioning capital projects |  | 1,182,455 |  |  |  | 14 |  |  |  | N/A |  |
|  | $ | 8,163,289 |  |  |  | 100 | % |  |  | 35,637,461 |  |  |

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes projects under construction aggregating 5.0 million RSF and one committed near-term project aggregating 492,570 RSF expected to commence construction during the next two years after March 31, 2024, which are 63% leased/negotiating and expected to generate $480 million in annual incremental net operating income primarily commencing from 2Q24 through 4Q27.
(2)Includes three priority anticipated development and redevelopment projects expected to commence active construction in 2024, subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including value-creation square feet currently included in rental properties.
(3)Represents contractual capital commitments expected from existing consolidated real estate joint ventures to fund construction.
(4)Represents reduction to our consolidated construction spending.
(5)Average real estate basis capitalized related to our future pipeline pre-construction includes 32% from four key active and future value-creation projects on mega campuses. See next page for additional details.

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

Construction Spending and Capitalization of Interest (continued)
March 31, 2024

Key Active and Future Value-Creation Projects on Mega Campuses
Alexandria Center® for Advanced Technologies – Tanforan |  | Alexandria Center® for Life Science – San Carlos
San Francisco Bay Area/South San Francisco |  | San Francisco Bay Area/Greater Stanford
1.9 million future SF |  | 1.5 million future SF
Campus Point by Alexandria |  | Alexandria Center® for Life Science – South Lake Union
San Diego/University Town Center |  | Seattle/Lake Union
1.7 million active and future SF |  | 1.3 million future SF

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

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

Joint Venture Financial Information
March 31, 2024

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% |  |  |  | 388,269 |
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% |  |  |  | 116,414 | (2)
15 Necco Street |  | Greater Boston |  | Seaport Innovation District |  |  | 43.3% |  |  |  | 345,996 |
285, 299, 307, and 345 Dorchester Avenue |  | Greater Boston |  | Seaport Innovation District |  |  | 40.0% |  |  |  | — | (2)
Alexandria Center® for Science and Technology – Mission Bay(3) |  | San Francisco Bay Area |  | Mission Bay |  |  | 75.0% |  |  |  | 999,979 |
1450 Owens Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 72.8% | (4) |  |  | — | (2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 50.0% |  |  |  | 831,318 |
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 |  |  | 52.6% |  |  |  | — | (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% |  |  |  | 884,266 |
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 |

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)In addition to the consolidated real estate joint ventures listed, various joint venture partners hold insignificant noncontrolling interests in four 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” in the Supplemental Information 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 equity to fund the construction of 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 | 46

Joint Venture Financial Information (continued) |
March 31, 2024
(In thousands)

|  | As of March 31, 2024 |  |
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs |
Investments in real estate | $ | 4,098,889 |  |  |  | $ | 124,102 |  |  |
Cash, cash equivalents, and restricted cash |  | 117,844 |  |  |  |  | 6,397 |  |  |
Other assets |  | 427,374 |  |  |  |  | 12,491 |  |  |
Secured notes payable |  | (32,358) |  |  |  |  | (94,920) |  |  |
Other liabilities |  | (268,426) |  |  |  |  | (7,434) |  |  |
Redeemable noncontrolling interests |  | (16,620) |  |  |  |  | — |  |  |
| $ | 4,326,703 |  |  |  | $ | 40,636 |  |  |

| Three Months Ended March 31, 2024
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
Total revenues | $ | 111,097 |  |  |  |  |  |  |  | $ | 3,175 |  |  |  |  |  |
Rental operations |  | (30,869) |  |  |  |  |  |  |  |  | (1,024) |  |  |  |  |  |
|  | 80,228 |  |  |  |  |  |  |  |  | 2,151 |  |  |  |  |  |
General and administrative |  | (678) |  |  |  |  |  |  |  |  | (40) |  |  |  |  |  |
Interest |  | (216) |  |  |  |  |  |  |  |  | (922) |  |  |  |  |  |
Depreciation and amortization of real estate assets |  | (30,904) |  |  |  |  |  |  |  |  | (1,034) |  |  |  |  |  |
Fixed returns allocated to redeemable noncontrolling interests(1) |  | 201 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |
| $ | 48,631 |  |  |  |  |  |  |  | $ | 155 |  |  |  |  |  |
Straight-line rent and below-market lease revenue | $ | 9,309 |  |  |  |  |  |  |  | $ | 282 |  |  |  |  |  |
Funds from operations(2) | $ | 79,535 |  |  |  |  |  |  |  | $ | 1,189 |  |  |  |  |  |

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their investment rather than participate in the operating results of the property.
(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 47

Investments |
March 31, 2024
(Dollars in thousands)

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

|  | Three Months Ended March 31, 2024 |  | Year Ended December 31, 2023
Realized gains |  | $ | 14,126 |  | (1) |  |  |  |  | $ | 6,078 |  | (2)
Unrealized gains (losses) |  | 29,158 |  | (3) |  |  |  |  | (201,475) |  | (4)
Investment income (loss) |  | $ | 43,284 |  |  |  |  |  |  | $ | (195,397) |  |

|  | March 31, 2024 |  | December 31, 2023
Investments |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount |  | Carrying Amount
Publicly traded companies |  | $ | 187,775 |  |  | $ | 57,761 |  |  | $ | (71,015) |  |  | $ | 174,521 |  |  | $ | 159,566 |
Entities that report NAV |  | 511,039 |  |  | 189,044 |  |  | (27,954) |  |  | 672,129 |  |  | 671,532 |
Entities that do not report NAV: |  |  |  |  |  |  |  |  |  |
Entities with observable price changes |  | 94,283 |  |  | 73,629 |  |  | (1,224) |  |  | 166,688 |  |  | 174,268 |
Entities without observable price changes |  | 382,408 |  |  | — |  |  | — |  |  | 382,408 |  |  | 368,654 |
Investments accounted for under the equity method |  | N/A |  | N/A |  | N/A |  | 115,842 |  |  | 75,498 |
March 31, 2024 |  | $ | 1,175,505 |  | (5) | $ | 320,434 |  |  | $ | (100,193) |  |  | $ | 1,511,588 |  |  | $ | 1,449,518 |
December 31, 2023 |  | $ | 1,177,072 |  |  | $ | 320,445 |  |  | $ | (123,497) |  |  | $ | 1,449,518 |  |  |

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

(1)Consists of realized gains of $28.8 million, partially offset by impairment charges of $14.7 million during the three months ended March 31, 2024.
(2)Consists of realized gains of $80.6 million, offset by impairment charges of $74.6 million during the year ended December 31, 2023.
(3)Consists of unrealized gains of $57.1 million primarily resulting from the increase in valuation in publicly traded entities and $27.9 million resulting from accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended March 31, 2024.
(4)Consists of 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 and $89.9 million resulting from accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our sales of investments during the year ended December 31, 2023.
(5)Represents 2.7% of gross assets as of March 31, 2024. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 48

Key Credit Metrics
March 31, 2024

Liquidity |  |  | Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
|  |  |  |  | (in millions) |
$6.0B |  |  |
(in millions) |  |  |  |
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program |  | $ | 5,000 |  |  |
Cash, cash equivalents, and restricted cash |  | 732 |  |  |
Availability under our secured construction loan |  | 65 |  |  |
Investments in publicly traded companies |  | 175 |  |  |
Liquidity as of March 31, 2024 |  | $ | 5,972 |  |  |
Net Debt and Preferred Stock to Adjusted EBITDA(1) |  |  | Fixed-Charge Coverage Ratio(1)

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.

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

Summary of Debt |
March 31, 2024
(In millions)

Weighted-Average Remaining Term of 13.4 Years

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 50

Summary of Debt (continued) |
March 31, 2024
(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 |  |  | $ | 129,431 |  |  | $ | 130,050 |  |  | 1.1 | % |  | 8.36 | % |  | 2.7 |
Unsecured senior notes payable | 12,087,113 |  |  | — |  |  | 12,087,113 |  |  | 98.9 |  |  | 3.81 |  |  | 13.5 |
Unsecured senior line of credit(2) and commercial paper program(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.8 | (4)
Total/weighted average | $ | 12,087,732 |  |  | $ | 129,431 |  |  | $ | 12,217,163 |  |  | 100.0 | % |  | 3.86 | % |  | 13.4 | (4)
Percentage of total debt | 98.9 | % |  | 1.1 | % |  | 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)Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit agreement, the borrowing rate was reduced for a one-year period by two basis points to SOFR plus 0.855%, from SOFR plus 0.875%. As of March 31, 2024, 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+0.855%. As of March 31, 2024, we had no commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 13.4 years. The commercial paper notes sold during the three months ended March 31, 2024 were issued at a weighted-average yield to maturity of 5.60% and had a weighted-average maturity term of 15 days.

Average debt outstanding and weighted-average interest rate |  | Three Months Ended March 31, 2024 |  |  |
|  | Average Debt Outstanding |  | Weighted-Average Interest Rate |
Long-term fixed-rate debt |  | $ | 11,683,004 |  |  |  |  | 3.71 | % |  |  |
Short-term variable-rate unsecured senior line of credit and commercial paper program debt |  | 531,445 |  |  |  |  | 5.76 |  |  |  |
Blended average interest rate |  | 12,214,449 |  |  |  |  | 3.80 |  |  |  |
Loan fee amortization and annual facility fee related to unsecured senior line of credit |  | N/A |  |  |  | 0.12 |  |  |  |
Total/weighted average |  | $ | 12,214,449 |  |  |  |  | 3.92 | % |  |  |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 51

Summary of Debt (continued) |
March 31, 2024
(Dollars in thousands)

Debt covenants |  | Unsecured Senior Notes Payable |  | Unsecured Senior Line of Credit
Debt Covenant Ratios(1) |  | Requirement |  | March 31, 2024 |  | Requirement |  | March 31, 2024
Total Debt to Total Assets |  | ≤ 60% |  | 29% |  | ≤ 60.0% |  | 28.5% |
Secured Debt to Total Assets |  | ≤ 40% |  | 0.3% |  | ≤ 45.0% |  | 0.2% |
Consolidated EBITDA to Interest Expense |  | ≥ 1.5x |  | 14.1x |  | ≥ 1.50x |  | 4.06x |
Unencumbered Total Asset Value to Unsecured Debt |  | ≥ 150% |  | 330% |  | N/A |  | N/A |
Unsecured Interest Coverage Ratio |  | N/A |  | N/A |  | ≥ 1.75x |  | 20.57x |

(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 |  |  | $ | 28,374 |  |  | 65.0%
1655 and 1725 Third Street |  | 3/10/25 |  | 4.50% |  |  | 4.57% |  |  | 600,000 |  |  | 599,612 |  |  | 10.0%
101 West Dickman Street |  | 11/10/26 |  | SOFR+1.95% | (3) |  | 7.37% |  |  | 26,750 |  |  | 17,749 |  |  | 57.9%
1450 Research Boulevard |  | 12/10/26 |  | SOFR+1.95% | (3) |  | 7.43% |  |  | 13,000 |  |  | 8,509 |  |  | 73.2%
|  |  |  |  |  |  |  |  |  | $ | 668,250 |  |  | $ | 654,244 |  |  |

(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2024.
(3)This loan is subject to a fixed SOFR floor of 0.75%.

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

Summary of Debt (continued) |
March 31, 2024
(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 | % |  | 8.37 | % |  |  | 11/19/26 |  | $ | — |  |  | $ | — |  |  | $ | 129,890 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 129,890 |  |  | $ | (459) |  |  | $ | 129,431 |  |
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 |  |  |  | 8.36 |  |  |  |  |  | 32 |  |  | 34 |  |  | 129,926 |  |  | 38 |  |  | 41 |  |  | 438 |  |  | 130,509 |  |  | (459) |  |  | 130,050 |  |
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | — |  | (4) |  | 1/22/28 | (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Unsecured senior notes payable |  | 3.45 | % |  | 3.62 |  |  |  | 4/30/25 |  | — |  |  | 600,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 600,000 |  |  | (960) |  |  | 599,040 |  |
Unsecured senior notes payable |  | 4.30 | % |  | 4.50 |  |  |  | 1/15/26 |  | — |  |  | — |  |  | 300,000 |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | (900) |  |  | 299,100 |  |
Unsecured senior notes payable |  | 3.80 | % |  | 3.96 |  |  |  | 4/15/26 |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | (1,021) |  |  | 348,979 |  |
Unsecured senior notes payable |  | 3.95 | % |  | 4.13 |  |  |  | 1/15/27 |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | 350,000 |  |  | (1,448) |  |  | 348,552 |  |
Unsecured senior notes payable |  | 3.95 | % |  | 4.07 |  |  |  | 1/15/28 |  | — |  |  | — |  |  | — |  |  | — |  |  | 425,000 |  |  | — |  |  | 425,000 |  |  | (1,628) |  |  | 423,372 |  |
Unsecured senior notes payable |  | 4.50 | % |  | 4.60 |  |  |  | 7/30/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (1,193) |  |  | 298,807 |  |
Unsecured senior notes payable |  | 2.75 | % |  | 2.87 |  |  |  | 12/15/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (2,371) |  |  | 397,629 |  |
Unsecured senior notes payable |  | 4.70 | % |  | 4.81 |  |  |  | 7/1/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | (2,333) |  |  | 447,667 |  |
Unsecured senior notes payable |  | 4.90 | % |  | 5.05 |  |  |  | 12/15/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | (5,316) |  |  | 694,684 |  |
Unsecured senior notes payable |  | 3.375 | % |  | 3.48 |  |  |  | 8/15/31 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | (4,830) |  |  | 745,170 |  |
Unsecured senior notes payable |  | 2.00 | % |  | 2.12 |  |  |  | 5/18/32 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 900,000 |  |  | 900,000 |  |  | (7,657) |  |  | 892,343 |  |
Unsecured senior notes payable |  | 1.875 | % |  | 1.97 |  |  |  | 2/1/33 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (7,760) |  |  | 992,240 |  |
Unsecured senior notes payable |  | 2.95 | % |  | 3.07 |  |  |  | 3/15/34 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 800,000 |  |  | 800,000 |  |  | (7,801) |  |  | 792,199 |  |
Unsecured senior notes payable |  | 4.75 | % |  | 4.88 |  |  |  | 4/15/35 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (5,298) |  |  | 494,702 |  |
Unsecured senior notes payable |  | 5.25 | % |  | 5.38 |  |  |  | 5/15/36 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (4,364) |  |  | 395,636 |  |
Unsecured senior notes payable |  | 4.85 | % |  | 4.93 |  |  |  | 4/15/49 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (2,958) |  |  | 297,042 |  |
Unsecured senior notes payable |  | 4.00 | % |  | 3.91 |  |  |  | 2/1/50 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | 10,080 |  |  | 710,080 |  |
Unsecured senior notes payable |  | 3.00 | % |  | 3.08 |  |  |  | 5/18/51 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | 850,000 |  |  | (11,513) |  |  | 838,487 |  |
Unsecured senior notes payable |  | 3.55 | % |  | 3.63 |  |  |  | 3/15/52 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (14,002) |  |  | 985,998 |  |
Unsecured senior notes payable |  | 5.15 | % |  | 5.26 |  |  |  | 4/15/53 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (7,757) |  |  | 492,243 |  |
Unsecured senior notes payable |  | 5.625 | % |  | 5.71 |  |  |  | 5/15/54 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 600,000 |  |  | 600,000 |  |  | (6,857) |  |  | 593,143 |  |
Unsecured debt weighted-average interest rate/subtotal |  |  |  | 3.81 |  |  |  |  |  | — |  |  | 600,000 |  |  | 650,000 |  |  | 350,000 |  |  | 425,000 |  |  | 10,150,000 |  |  | 12,175,000 |  |  | (87,887) |  |  | 12,087,113 |  |
Weighted-average interest rate/total |  |  |  | 3.86 | % |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 779,926 |  |  | $ | 350,038 |  |  | $ | 425,041 |  |  | $ | 10,150,438 |  |  | $ | 12,305,509 |  |  | $ | (88,346) |  |  | $ | 12,217,163 |  |
Balloon payments |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 600,000 |  |  | $ | 779,890 |  |  | $ | 350,000 |  |  | $ | 425,000 |  |  | $ | 10,150,068 |  |  | $ | 12,304,958 |  |  | $ | — |  |  | $ | 12,304,958 |  |
Principal amortization |  |  |  |  |  |  |  |  | 32 |  |  | 34 |  |  | 36 |  |  | 38 |  |  | 41 |  |  | 370 |  |  | 551 |  |  | (88,346) |  |  | (87,795) |  |
Total debt |  |  |  |  |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 779,926 |  |  | $ | 350,038 |  |  | $ | 425,041 |  |  | $ | 10,150,438 |  |  | $ | 12,305,509 |  |  | $ | (88,346) |  |  | $ | 12,217,163 |  |
Fixed-rate debt |  |  |  |  |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 650,036 |  |  | $ | 350,038 |  |  | $ | 425,041 |  |  | $ | 10,150,438 |  |  | $ | 12,175,619 |  |  | $ | (87,887) |  |  | $ | 12,087,732 |  |
Variable-rate debt |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 129,890 |  |  | — |  |  | — |  |  | — |  |  | 129,890 |  |  | (459) |  |  | 129,431 |  |
Total debt |  |  |  |  |  |  |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 779,926 |  |  | $ | 350,038 |  |  | $ | 425,041 |  |  | $ | 10,150,438 |  |  | $ | 12,305,509 |  |  | $ | (88,346) |  |  | $ | 12,217,163 |  |
Weighted-average stated rate on maturing debt |  |  |  |  |  |  | N/A |  | 3.45% |  | 3.81% |  | 3.95% |  | 3.95% |  | 3.68% |  |  |  |  |  |  |

(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 for 99 Coolidge Avenue, of which we own a 75.0% interest. As of March 31, 2024, this joint venture h as $65.4 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 “Fixed-rate and variable-rate debt” in “Summary of Debt” for additional details.

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

Definitions and Reconciliations
March 31, 2024

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) | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Net income (loss) | $ | 219,176 |  |  | $ | (42,658) |  |  | $ | 68,254 |  |  | $ | 133,705 |  |  | $ | 121,693 |
Interest expense | 40,840 |  |  | 31,967 |  |  | 11,411 |  |  | 17,072 |  |  | 13,754 |
Income taxes | 1,764 |  |  | 1,322 |  |  | 1,183 |  |  | 2,251 |  |  | 1,131 |
Depreciation and amortization | 287,554 |  |  | 285,246 |  |  | 269,370 |  |  | 273,555 |  |  | 265,302 |
Stock compensation expense | 17,125 |  |  | 34,592 |  |  | 16,288 |  |  | 15,492 |  |  | 16,486 |
Gain on sales of real estate | (392) |  |  | (62,227) |  |  | — |  |  | (214,810) |  |  | — |
Unrealized (gains) losses on non-real estate investments | (29,158) |  |  | (19,479) |  |  | 77,202 |  |  | 77,897 |  |  | 65,855 |
Impairment of real estate | — |  |  | 271,890 |  |  | 20,649 |  |  | 168,575 |  |  | — |
Impairment of non-real estate investments | 14,698 |  |  | 23,094 |  |  | 28,503 |  |  | 22,953 |  |  | — |
Adjusted EBITDA | $ | 551,607 |  |  | $ | 523,747 |  |  | $ | 492,860 |  |  | $ | 496,690 |  |  | $ | 484,221 |
Total revenues | $ | 769,108 |  |  | $ | 757,216 |  |  | $ | 713,788 |  |  | $ | 713,900 |  |  | $ | 700,795 |
Adjusted EBITDA margin | 72% |  | 69% |  | 69% |  | 70% |  | 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 | 54

Definitions and Reconciliations (continued)
March 31, 2024

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 March 31, 2024, 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, redevelop, or reposition a project for its intended use are ongoing, provided that expenditures for the asset have been made and interest cost has been incurred. Activities necessary to develop, redevelop, or reposition a project include pre-construction activities such as entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. 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.
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 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 space. We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.
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.
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.

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

Definitions and Reconciliations (continued)
March 31, 2024

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) | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Adjusted EBITDA | $ | 551,607 |  |  | $ | 523,747 |  |  | $ | 492,860 |  |  | $ | 496,690 |  |  | $ | 484,221 |
Interest expense | $ | 40,840 |  |  | $ | 31,967 |  |  | $ | 11,411 |  |  | $ | 17,072 |  |  | $ | 13,754 |
Capitalized interest | 81,840 |  |  | 89,115 |  |  | 96,119 |  |  | 91,674 |  |  | 87,070 |
Amortization of loan fees | (4,142) |  |  | (4,059) |  |  | (4,059) |  |  | (3,729) |  |  | (3,639) |
Amortization of debt discounts | (318) |  |  | (309) |  |  | (306) |  |  | (304) |  |  | (288) |
Cash interest and fixed charges | $ | 118,220 |  |  | $ | 116,714 |  |  | $ | 103,165 |  |  | $ | 104,713 |  |  | $ | 96,897 |
Fixed-charge coverage ratio: |  |  |  |  |  |  |  |  |
– quarter annualized | 4.7x |  | 4.5x |  | 4.8x |  | 4.7x |  | 5.0x
– trailing 12 months | 4.7x |  | 4.7x |  | 4.9x |  | 4.9x |  | 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 56

Definitions and Reconciliations (continued)
March 31, 2024

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:

| Three Months Ended March 31, 2024
(In thousands) | Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
Net income | $ | 48,631 |  |  |  |  | $ | 155 |  |  |
Depreciation and amortization of real estate assets | 30,904 |  |  |  |  | 1,034 |  |  |
Funds from operations | $ | 79,535 |  |  |  |  | $ | 1,189 |  |  |

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

(In thousands) | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Total assets | $ | 37,699,046 |  |  | $ | 36,771,402 |  |  | $ | 36,783,293 |  |  | $ | 36,659,257 |  |  | $ | 36,912,465 |
Accumulated depreciation | 5,216,857 |  |  | 4,985,019 |  |  | 4,856,436 |  |  | 4,646,833 |  |  | 4,561,854 |
Gross assets | $ | 42,915,903 |  |  | $ | 41,756,421 |  |  | $ | 41,639,729 |  |  | $ | 41,306,090 |  |  | $ | 41,474,319 |

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 March 31, 2024, 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 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)
March 31, 2024

Investments in real estate
The following table reconciles our investments in real estate as of March 31, 2024:

(In thousands) |  | Investments in Real Estate |
Gross investments in real estate |  | $ | 37,539,995 |  |
Less: accumulated depreciation |  | (5,216,857) |  |
Investments in real estate |  | $ | 32,323,138 |  |

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 March 31, 2024:

|  | Percentage of Gross Assets
Under construction projects and one committed near-term project expected to commence construction in the next two years (63% 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 1.0% of annual rental revenue as of March 31, 2024 and are included in our industry mix chart as targeted for a future change in use to laboratory space. Refer to “High-quality and diverse client base” in this Supplemental Information.

Space Intentionally Blank

The square footage presented in the table below is classified as operating as of March 31, 2024. 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 |  | 148,393 |  |  | 25,312 |  |  | — |  |  | 173,705 |
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 |
|  |  |  | 255,643 |  |  | 201,898 |  |  | — |  |  | 457,541 |
Future projects: |  |  |  |  |  |  |  |  |  |
100 Edwin H. Land Boulevard/Cambridge |  | Dev |  | 104,500 |  |  | — |  |  | — |  |  | 104,500 |
446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs |  | Dev |  | — |  |  | — |  |  | 376,698 |  |  | 376,698 |
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 |  | — |  |  | — |  |  | 686,290 |  |  | 686,290 |
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 |  |  | 2,426,886 |  |  | 3,108,544 |
|  |  |  | 1,024,247 |  |  | 274,836 |  |  | 2,426,886 |  |  | 3,725,969 |

(1)Includes vacant square footage as of March 31, 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024 | 58

Definitions and Reconciliations (continued)
March 31, 2024

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 March 31, 2024 (dollars in thousands):

|  | Annual Rental Revenue |  | Value-Creation Pipeline RSF
Mega campus |  | $ | 1,637,733 |  |  | 21,958,936 |
Non-mega campus |  | 575,237 |  |  | 9,952,556 |
Total |  | $ | 2,212,970 |  |  | 31,911,492 |
Mega campus as a percentage of annual rental revenue and of total value-creation pipeline RSF |  | 74 | % |  | 69 | %

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)
March 31, 2024

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) |  | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Secured notes payable |  | $ | 130,050 |  |  | $ | 119,662 |  |  | $ | 109,110 |  |  | $ | 91,939 |  |  | $ | 73,645 |
Unsecured senior notes payable |  | 12,087,113 |  |  | 11,096,028 |  |  | 11,093,725 |  |  | 11,091,424 |  |  | 11,089,124 |
Unsecured senior line of credit and commercial paper |  | — |  |  | 99,952 |  |  | — |  |  | — |  |  | 374,536 |
Unamortized deferred financing costs |  | 84,198 |  |  | 76,329 |  |  | 78,496 |  |  | 80,663 |  |  | 82,831 |
Cash and cash equivalents |  | (722,176) |  |  | (618,190) |  |  | (532,390) |  |  | (924,370) |  |  | (1,263,452) |
Restricted cash |  | (9,519) |  |  | (42,581) |  |  | (35,321) |  |  | (35,920) |  |  | (34,932) |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net debt and preferred stock |  | $ | 11,569,666 |  |  | $ | 10,731,200 |  |  | $ | 10,713,620 |  |  | $ | 10,303,736 |  |  | $ | 10,321,752 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
– quarter annualized |  | $ | 2,206,428 |  |  | $ | 2,094,988 |  |  | $ | 1,971,440 |  |  | $ | 1,986,760 |  |  | $ | 1,936,884 |
– trailing 12 months |  | $ | 2,064,904 |  |  | $ | 1,997,518 |  |  | $ | 1,935,505 |  |  | $ | 1,895,336 |  |  | $ | 1,848,018 |
Net debt and preferred stock to Adjusted EBITDA: |  |  |  |  |  |
– quarter annualized |  | 5.2 | x |  | 5.1 | x |  | 5.4 | x |  | 5.2 | x |  | 5.3 | x
– trailing 12 months |  | 5.6 | x |  | 5.4 | x |  | 5.5 | x |  | 5.4 | x |  | 5.6 | 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 |  |
(Dollars in thousands) |  | 3/31/24 |  | 3/31/23 |  |  |  |
Net income |  | $ | 219,176 |  |  | $ | 121,693 |  |  |  |  |
Equity in earnings of unconsolidated real estate joint ventures |  | (155) |  |  | (194) |  |  |  |  |
General and administrative expenses |  | 47,055 |  |  | 48,196 |  |  |  |  |
Interest expense |  | 40,840 |  |  | 13,754 |  |  |  |  |
Depreciation and amortization |  | 287,554 |  |  | 265,302 |  |  |  |  |
Gain on sales of real estate |  | (392) |  |  | — |  |  |  |  |
Investment (income) loss |  | (43,284) |  |  | 45,111 |  |  |  |  |
Net operating income |  | 550,794 |  |  | 493,862 |  |  |  |  |
Straight-line rent revenue |  | (48,251) |  |  | (33,191) |  |  |  |  |
Amortization of acquired below-market leases |  | (30,340) |  |  | (21,636) |  |  |  |  |
Net operating income (cash basis) |  | $ | 472,203 |  |  | $ | 439,035 |  |  |  |  |
Net operating income (cash basis) – annualized |  | $ | 1,888,812 |  |  | $ | 1,756,140 |  |  |  |  |
Net operating income (from above) |  | $ | 550,794 |  |  | $ | 493,862 |  |  |  |  |
Total revenues |  | $ | 769,108 |  |  | $ | 700,795 |  |  |  |  |
Operating margin |  | 72% |  | 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)
March 31, 2024

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)
March 31, 2024

Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the three months ended March 31, 2024:

|  |  |  | Redevelopment – placed into |  |  |
Development – under construction |  | Properties |  | service after January 1, 2023 |  | Properties |
201 Brookline Avenue |  | 1 |  |  | 20400 Century Boulevard |  | 1 |  |
1150 Eastlake Avenue East |  | 1 |  |  | 140 First Street |  | 1 |  |
9810 and 9820 Darnestown Road |  | 2 |  |  | 2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive |  | 3 |
99 Coolidge Avenue |  | 1 |  |  |  |
500 North Beacon Street and 4 Kingsbury Avenue |  | 2 |  |  | 9601 and 9603 Medical Center Drive |  | 2 |  |
|  |  |  | 7 |  |
9808 Medical Center Drive |  | 1 |  |  | Acquisitions after January 1, 2023 |  | Properties |
1450 Owens Street |  | 1 |  |  | Other |  | 4 |  |
230 Harriet Tubman Way |  | 1 |  |  |  |  | 4 |  |
4155 Campus Point Court |  | 1 |  |  | Unconsolidated real estate JVs |  | 4 |  |
10935, 10945, and 10955 Alexandria Way |  | 3 |  |  | Properties held for sale |  | 7 |  |
|  | Total properties excluded from same properties |  | 63 |  |
10075 Barnes Canyon Road |  | 1 |  |  |  |
421 Park Drive |  | 1 |  |  | Same properties |  | 347 |  |
4135 Campus Point Court |  | 1 |  |  | Total properties in North America as of March 31, 2024 |  | 410 |  |
|  | 17 |  |  |  |
Development – placed into |  |  |  |  |  |  |
service after January 1, 2023 |  | Properties |  |  |  |  |
751 Gateway Boulevard |  | 1 |  |  |  |  |  |
15 Necco Street |  | 1 |  |  |  |  |  |
325 Binney Street |  | 1 |  |  |  |  |  |
6040 George Watts Hill Drive |  | 1 |  |  |  |  |  |
|  | 4 |  |  |  |  |  |
Redevelopment – under construction |  | Properties |  |  |  |  |
840 Winter Street |  | 1 |  |  |  |  |  |
40, 50, and 60 Sylvan Road |  | 3 |  |  |  |  |  |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 6 |  |  |  |  |  |
651 Gateway Boulevard |  | 1 |  |  |  |  |  |
401 Park Drive |  | 1 |  |  |  |  |  |
8800 Technology Forest Place |  | 1 |  |  |  |  |  |
311 Arsenal Street |  | 1 |  |  |  |  |  |
Canada |  | 4 |  |  |  |  |  |
Other |  | 2 |  |  |  |  |  |
|  | 20 |  |  |  |  |  |

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” in this Supplemental Information because we believe it promotes investors’ understanding of our operating results. We believe that the presentation of tenant recoveries is useful to investors as a supplemental measure of our ability to recover operating expenses under our triple net leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common area expenses, and other operating expenses, and of our ability to mitigate the effect 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 |  |
(In thousands) | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  |  |  |
Income from rentals | $ | 755,551 |  |  | $ | 742,637 |  |  | $ | 707,531 |  |  | $ | 704,339 |  |  | $ | 687,949 |  |  |  |  |
Rental revenues | (581,400) |  |  | (561,428) |  |  | (526,352) |  |  | (537,889) |  |  | (518,302) |  |  |  |  |
Tenant recoveries | $ | 174,151 |  |  | $ | 181,209 |  |  | $ | 181,179 |  |  | $ | 166,450 |  |  | $ | 169,647 |  |  |  |  |

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)
March 31, 2024

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) | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23
Unencumbered net operating income | $ | 546,830 |  |  | $ | 533,382 |  |  | $ | 495,012 |  |  | $ | 500,923 |  |  | $ | 492,860 |
Encumbered net operating income | 3,964 |  |  | 1,108 |  |  | 1,089 |  |  | 1,143 |  |  | 1,002 |
Total net operating income | $ | 550,794 |  |  | $ | 534,490 |  |  | $ | 496,101 |  |  | $ | 502,066 |  |  | $ | 493,862 |
Unencumbered net operating income as a percentage of total net operating income | 99.3% |  | 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 March 31, 2024, 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 |  |
(In thousands) | 3/31/24 |  | 12/31/23 |  | 9/30/23 |  | 6/30/23 |  | 3/31/23 |  |  |  |
Basic shares for earnings per share | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |
Forward Agreements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Diluted shares for earnings per share | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |
Forward Agreements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 171,949 |  |  | 171,096 |  |  | 170,890 |  |  | 170,864 |  |  | 170,784 |  |  |  |  |
Weighted-average unvested restricted shares used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted | 2,987 |  |  | 2,734 |  |  | 2,124 |  |  | 2,163 |  |  | 2,277 |  |  |  |  |

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