Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation

Alexandria Real Estate Equities, Inc. and Subsidiaries

Schedule III

Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)


			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
Alexandria Center® at Kendall Square	Greater Boston	$—	$558,885	$783,224	$1,792,818	$558,885	$2,576,042	$3,134,927	$(465,409)	$2,669,518	1981 - 2023	2005 - 2022
Alexandria Center® at One Kendall Square	Greater Boston	—	405,164	576,213	1,200,230	405,164	1,776,443	2,181,607	(289,414)	1,892,193	1985 - 2023	2016 - 2022
Alexandria Technology Square®	Greater Boston	—	—	619,658	305,387	—	925,045	925,045	(394,582)	530,463	2001 - 2012	2006
The Arsenal on the Charles	Greater Boston	—	191,797	354,611	776,601	191,797	1,131,212	1,323,009	(116,965)	1,206,044	2000 - 2024	2019 - 2021
480 Arsenal Way 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue	Greater Boston	149,321	164,658	24,464	431,701	164,658	456,165	620,823	(85,681)	535,142	1962 - 2023	2000 - 2022
Alexandria Center® for Life Science – Fenway	Greater Boston	—	912,016	617,552	797,446	912,016	1,414,998	2,327,014	(91,870)	2,235,144	2019 - 2024	2021
285, 299, 307, and 345 Dorchester Avenue	Greater Boston	—	264,554	—	22,917	264,554	22,917	287,471	—	287,471	N/A	2024
5, 10, and 15 Necco Street	Greater Boston	—	277,554	55,897	411,062	277,554	466,959	744,513	(19,786)	724,727	2019 - 2023	2019
Alexandria Center® for Life Science – Waltham	Greater Boston	—	141,629	513,901	359,436	141,629	873,337	1,014,966	(30,015)	984,951	1999 - 2024	2020 - 2022
19, 215, 225, and 235 Presidential Way	Greater Boston	—	32,136	118,391	29,014	32,136	147,405	179,541	(36,009)	143,532	1999 - 2001	2005 - 2022
Other	Greater Boston	—	156,221	187,205	89,097	156,221	276,302	432,523	(5,331)	427,192	Various	Various
Alexandria Center® for Science and Technology – Mission Bay	San Francisco	—	213,014	218,556	703,020	213,014	921,576	1,134,590	(252,874)	881,716	2007 - 2014	2004 - 2017
Alexandria Technology Center® – Gateway	San Francisco	—	193,004	364,078	763,530	193,004	1,127,608	1,320,612	(209,196)	1,111,416	1984 - 2024	2002 - 2020
Alexandria Center® for Life Science – Millbrae	San Francisco	—	69,989	—	490,449	69,989	490,449	560,438	—	560,438	N/A	2021 - 2022
Alexandria Center® for Advanced Technologies – South San Francisco	San Francisco	—	59,199	—	565,673	59,199	565,673	624,872	(151,635)	473,237	2008 - 2019	2004 - 2005
Alexandria Center® for Advanced Technologies – Tanforan	San Francisco	—	330,154	51,145	80,707	330,154	131,852	462,006	(17,465)	444,541	1971 - 2007	2021 - 2022
Alexandria Center® for Life Science – South San Francisco	San Francisco	—	32,245	1,287	487,452	32,245	488,739	520,984	(167,608)	353,376	2012 - 2022	2002 - 2017
500 Forbes Boulevard	San Francisco	—	35,596	69,091	23,748	35,596	92,839	128,435	(38,068)	90,367	2001	2007
Alexandria Center® for Life Science – San Carlos	San Francisco	—	433,634	28,323	759,478	433,634	787,801	1,221,435	(121,222)	1,100,213	1970 - 2022	2017 - 2021
Alexandria Stanford Life Science District	San Francisco	—	—	599,401	113,748	—	713,149	713,149	(117,277)	595,872	2002 - 2022	2003 - 2022
3412, 3420, 3440, 3450, and 3460 Hillview Avenue	San Francisco	—	—	304,318	101,390	—	405,708	405,708	(28,201)	377,507	1978 - 2018	2020 - 2021


			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
3825 and 3875 Fabian Way	San Francisco	$—	$194,424	$54,519	$24,262	$194,424	$78,781	$273,205	$(13,885)	$259,320	1969 - 2014	2019
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	San Francisco	—	—	187,472	13,683	—	201,155	201,155	(38,735)	162,420	2000 - 2017	1999 - 2021
2100, 2200, 2300, and 2400 Geng Road	San Francisco	—	72,859	53,309	42,129	72,859	95,438	168,297	(23,335)	144,962	1984 - 2019	2018
3350 West Bayshore Road	San Francisco	—	4,800	6,693	45,196	4,800	51,889	56,689	(16,948)	39,741	1982	2005
88 Bluxome Street	San Francisco	—	148,551	21,514	227,887	148,551	249,401	397,952	(23,098)	374,854	N/A	2017
One Alexandria Square	San Diego	—	140,318	161,293	948,146	140,318	1,109,439	1,249,757	(274,785)	974,972	1995 - 2024	1994 - 2021
ARE Torrey Ridge	San Diego	—	22,124	152,840	109,164	22,124	262,004	284,128	(80,763)	203,365	2004 - 2021	2016
ARE Nautilus	San Diego	—	6,684	27,600	142,569	6,684	170,169	176,853	(77,155)	99,698	2009 - 2012	1994 - 1997
One Alexandria North	San Diego	—	103,937	1,354	49,172	103,937	50,526	154,463	(1,359)	153,104	1980 - 1990	2020
Campus Point by Alexandria	San Diego	—	119,760	395,527	996,383	119,760	1,391,910	1,511,670	(245,906)	1,265,764	1989 - 2024	2010 - 2022
5200 Illumina Way	San Diego	—	39,051	96,606	200,123	39,051	296,729	335,780	(90,245)	245,535	2004 - 2017	2010
9625 Towne Centre Drive	San Diego	—	7,686	13,748	66,703	7,686	80,451	88,137	(31,002)	57,135	2018	2014
SD Tech by Alexandria	San Diego	—	76,820	248,969	532,373	76,820	781,342	858,162	(57,256)	800,906	2014 - 2022	2019 - 2020
Sequence District by Alexandria	San Diego	—	163,610	281,389	34,644	163,610	316,033	479,643	(27,741)	451,902	1997 - 2000	2020 - 2021
Pacific Technology Park	San Diego	—	96,796	66,660	5,033	96,796	71,693	168,489	(5,889)	162,600	1989 - 1991	2021
Summers Ridge Science Park	San Diego	—	21,154	102,046	4,816	21,154	106,862	128,016	(19,699)	108,317	2005	2018
Scripps Science Park by Alexandria	San Diego	—	35,420	43,767	85,252	35,420	129,019	164,439	(9,419)	155,020	2001 - 2022	2021 - 2022
ARE Portola	San Diego	—	6,991	25,153	41,671	6,991	66,824	73,815	(27,649)	46,166	2005 - 2012	2007
5810/5820 Nancy Ridge Drive	San Diego	—	3,492	18,285	33,648	3,492	51,933	55,425	(22,090)	33,335	2021	2004
9877 Waples Street	San Diego	—	5,092	11,908	13,289	5,092	25,197	30,289	(10,990)	19,299	2020	2020
5871 Oberlin Drive	San Diego	—	1,349	8,016	20,610	1,349	28,626	29,975	(6,058)	23,917	2021	2010
3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard	San Diego	—	18,177	42,723	44,918	18,177	87,641	105,818	(44,128)	61,690	2007 - 2015	2010 - 2019
11045 and 11055 Roselle Street	San Diego	—	1,386	4,288	34,110	1,386	38,398	39,784	(12,572)	27,212	2008 - 2014	2000 - 2013
Other	San Diego	—	104,027	70,212	66,352	104,027	136,564	240,591	(17,047)	223,544	Various	Various
Alexandria Center® for Life Science – Eastlake	Seattle	—	46,300	83,012	933,691	46,300	1,016,703	1,063,003	(267,005)	795,998	1997 - 2024	2002 - 2024
Alexandria Center® for Life Science – South Lake Union	Seattle	—	243,959	28,950	511,473	243,959	540,423	784,382	(58,962)	725,420	1984 - 2017	2007 - 2024
219 Terry Avenue North	Seattle	—	1,819	2,302	23,127	1,819	25,429	27,248	(11,598)	15,650	2012	2007
1010 4th Avenue South	Seattle	—	46,200	—	13,796	46,200	13,796	59,996	—	59,996	N/A	2020
410 West Harrison Street and 410 Elliott Avenue West	Seattle	—	3,857	1,989	20,788	3,857	22,777	26,634	(11,367)	15,267	2006 - 2008	2004
Alexandria Center® for Advanced Technologies – Canyon Park	Seattle	—	133,558	206,374	22,001	133,558	228,375	361,933	(22,391)	339,542	1985 - 2007	2021 - 2022
Alexandria Center® for Advanced Technologies – Monte Villa Parkway	Seattle	—	52,464	64,753	89,543	52,464	154,296	206,760	(8,280)	198,480	1994 - 2024	2020


			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
Other	Seattle	$—	$108,900	$931	$34,311	$108,900	$35,242	$144,142	$(1,070)	$143,072	Various	Various
Alexandria Center® for Life Science – Shady Grove	Maryland	—	85,365	253,567	770,709	85,365	1,024,276	1,109,641	(177,208)	932,433	1998 - 2024	2004 - 2021
1330 Piccard Drive	Maryland	—	2,800	11,533	38,404	2,800	49,937	52,737	(26,693)	26,044	2005	1997
1405 Research Boulevard	Maryland	—	899	21,946	16,056	899	38,002	38,901	(20,386)	18,515	2006	1997
1500 and 1550 East Gude Drive	Maryland	—	1,523	7,731	10,713	1,523	18,444	19,967	(12,754)	7,213	1995 - 2003	1997
5 Research Place	Maryland	—	1,466	5,708	31,457	1,466	37,165	38,631	(20,626)	18,005	2010	2001
5 Research Court	Maryland	—	1,647	13,258	24,152	1,647	37,410	39,057	(19,916)	19,141	2007	2004
12301 Parklawn Drive	Maryland	—	1,476	7,267	1,741	1,476	9,008	10,484	(4,767)	5,717	2007	2004
Alexandria Technology Center® – Gaithersburg I	Maryland	—	20,980	121,952	63,723	20,980	185,675	206,655	(65,594)	141,061	1992 - 2019	1997 - 2019
Alexandria Technology Center® – Gaithersburg II	Maryland	—	17,134	67,825	110,446	17,134	178,271	195,405	(54,029)	141,376	2000 - 2021	1997 - 2020
20400 Century Boulevard	Maryland	—	3,641	4,759	26,600	3,641	31,359	35,000	(6,400)	28,600	2023	2021
401 Professional Drive	Maryland	—	1,129	6,941	12,234	1,129	19,175	20,304	(10,506)	9,798	2007	1996
950 Wind River Lane	Maryland	—	2,400	10,620	1,602	2,400	12,222	14,622	(4,746)	9,876	2009	2010
620 Professional Drive	Maryland	—	784	4,705	8,271	784	12,976	13,760	(8,847)	4,913	2012	2005
8000/9000/10000 Virginia Manor Road	Maryland	—	—	13,679	12,054	—	25,733	25,733	(14,302)	11,431	2003	1998
Alexandria Center® for Life Science – Durham	Research Triangle	—	190,236	471,263	290,512	190,236	761,775	952,011	(77,489)	874,522	1985 - 2023	2020 - 2022
Alexandria Center® for Advanced Technologies and AgTech– Research Triangle	Research Triangle	—	30,584	23,714	480,461	30,584	504,175	534,759	(66,898)	467,861	2007 - 2022	2012 - 2021
Alexandria Center® for Sustainable Technologies	Research Triangle	—	54,908	18,849	140,271	54,908	159,120	214,028	(66,435)	147,593	1966 - 2022	1998 - 2022
Alexandria Technology Center® – Alston	Research Triangle	—	1,430	17,482	35,264	1,430	52,746	54,176	(30,051)	24,125	1985 - 2009	1998
Alexandria Innovation Center® – Research Triangle	Research Triangle	—	1,065	21,218	32,335	1,065	53,553	54,618	(26,865)	27,753	2005 - 2008	2000
2525 East NC Highway 54	Research Triangle	—	713	12,827	21,217	713	34,044	34,757	(18,986)	15,771	1995	2004
407 Davis Drive	Research Triangle	—	1,229	17,733	13,746	1,229	31,479	32,708	(6,323)	26,385	1998	2013
601 Keystone Park Drive	Research Triangle	—	785	11,546	16,517	785	28,063	28,848	(10,183)	18,665	2009	2006
Alexandria Center® for NextGen Medicines	Research Triangle	—	94,184	—	15,184	94,184	15,184	109,368	—	109,368	N/A	2021
Alexandria Center® for Life Science – New York City	New York City	—	—	—	1,145,948	—	1,145,948	1,145,948	(328,535)	817,413	2010 - 2016	2006
Alexandria Center® for Life Science – Long Island City	New York City	—	22,746	53,093	165,179	22,746	218,272	241,018	(11,817)	229,201	2022	2018
Intersection Campus	Texas	—	159,310	440,295	45,603	159,310	485,898	645,208	(38,942)	606,266	2000 - 2019	2021 - 2022
1001 Trinity Street and 1020 Red River Street	Texas	—	66,451	61,732	2,964	66,451	64,696	131,147	(20,008)	111,139	1987 - 1990	2022


			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
Alexandria Center® for Advanced Technologies at The Woodlands	Texas	$—	$2,116	$9,784	$133,579	$2,116	$143,363	$145,479	$(3,199)	$142,280	2002 - 2023	2020
Other	Texas	—	44,217	—	12,580	44,217	12,580	56,797	—	56,797	Various	Various
Canada	Canada	—	75,225	163,161	114,376	75,225	277,537	352,762	(31,304)	321,458	1989 - 2023	2005 - 2023
Various	Various	587	426,017	136,472	403,747	426,017	540,219	966,236	(240,180)	726,056	Various	Various
North America		149,908	7,815,474	9,982,177	19,933,412	7,815,474	29,915,589	37,731,063	(5,621,024)	32,110,039
Asia		—	—	—	4,155	—	4,155	4,155	(4,155)	—	2015	2008
		$149,908	$7,815,474	$9,982,177	$19,937,567	$7,815,474	$29,919,744	$37,735,218	$(5,625,179)	$32,110,039

Alexandria Real Estate Equities, Inc.

Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)

A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows:


	December 31,
Real Estate	2024	2023	2022
Balance at beginning of period	$36,618,530	$34,299,503	$28,751,910
Acquisitions (including real estate, land, and joint venture consolidation)	248,378	296,694	2,722,214
Additions to real estate	2,368,086	3,107,612	3,388,478
Deductions (including dispositions and direct financing leases)	(1,499,776)	(1,085,279)	(563,099)
Balance at end of period	$37,735,218	$36,618,530	$34,299,503

	December 31,
Accumulated Depreciation	2024	2023	2022
Balance at beginning of period	$4,985,019	$4,354,063	$3,771,241
Depreciation expense on properties	996,550	841,893	751,584
Sale of properties	(356,390)	(210,937)	(168,762)
Balance at end of period	$5,625,179	$4,985,019	$4,354,063