EX-99.1 2 a4q24ex991supp.htm EX-99.1

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025

Table of Contents
December 31, 2024

COMPANY HIGHLIGHTS | Page |  |  | Page |
Mission and Cluster Model ..................................................................... | iii |  | Industry and Corporate Responsibility Leadership ......................... | xxv |
EARNINGS PRESS RELEASE | Page |  |  | Page |
Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results ................................................................................ | 1 |  | Earnings Call Information and About the Company ....................... | 8 |
Guidance ................................................................................................... | 4 |  | Consolidated Statements of Operations .......................................... | 9 |
Acquisitions ............................................................................................... | 5 |  | Consolidated Balance Sheets ............................................................ | 10 |
Dispositions ............................................................................................... | 6 |  | Funds From Operations and Funds From Operations per Share | 11 |
SUPPLEMENTAL INFORMATION | Page |  |  | Page |
Company Profile ....................................................................................... | 14 |  | External Growth / Investments in Real Estate |  |
Investor Information ................................................................................. | 15 |  | Investments in Real Estate ................................................................ | 33 |
Financial and Asset Base Highlights ..................................................... | 16 |  | New Class A/A+ Development and Redevelopment Properties: |
High-Quality and Diverse Client Base ................................................. | 18 |  | Recent deliveries ............................................................................ | 35 |
Occupancy ................................................................................................ | 20 |  | Current Projects .............................................................................. | 37 |
Internal Growth |  |  | Summary of Pipeline ...................................................................... | 41 |
Key Operating Metrics ............................................................................. | 21 |  | Construction Spending and Capitalization of Interest .................... | 46 |
Same Property Performance .................................................................. | 22 |  | Joint Venture Financial Information ................................................... | 48 |
Leasing Activity ......................................................................................... | 23 |  | Balance Sheet Management |  |
Contractual Lease Expirations ............................................................... | 24 |  | Investments .......................................................................................... | 50 |
Top 20 Tenants ......................................................................................... | 25 |  | Key Credit Metrics ............................................................................... | 51 |
Summary of Properties and Occupancy .............................................. | 26 |  | Summary of Debt ................................................................................. | 52 |
Property Listing ........................................................................................ | 27 |  | Definitions and Reconciliations |  |
|  |  | Definitions and Reconciliations .......................................................... | 56 |

| CONFERENCE CALL INFORMATION: |
| Tuesday, January 28, 2025 3:00 p.m. Eastern Time |
| 12:00 p.m. Pacific Time |
| (833) 366-1125 or (412) 902-6738 |
| Ask to join the conference call for Alexandria Real Estate Equities, Inc. |
| CONTACT INFORMATION: |
| Alexandria Real Estate Equities, Inc. corporateinformation@are.com |
| JOEL S. MARCUS Executive Chairman & Founder |
| PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer |
| DANIEL J. RYAN Co-President & Regional Market Director – San Diego |
| HUNTER L. KASS Co-President & Regional Market Director – Greater Boston |
| MARC E. BINDA Chief Financial Officer & Treasurer |
| PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790 |
| SARA M. KABAKOFF Senior Vice President – Chief Content Officer |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | iii

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | iv

(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | v

IRREPLACEABLE
LABSPACE® REAL ESTATE
PLATFORM THAT LEADS THE
ASSET CLASS WE PIONEERED

THE ALEXANDRIA MEGACAMPUS™ PLATFORM
77% | 71%
OF OUR ANNUAL RENTAL REVENUE | OF OUR OPERATING RSF

CLUSTERED IN THE BEST LOCATIONS
LARGEST, HIGHEST-QUALITY LABORATORY PLATFORM
SECTOR-LEADING CLIENT BASE OF ~800 TENANTS
HIGH-QUALITY CASH FLOWS
FORTRESS BALANCE SHEET
HIGHLY EXPERIENCED MANAGEMENT TEAM
PROVEN UNDERWRITING

ALEXANDRIA’S
COMPETITIVE ADVANTAGES
As of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | vi

ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES
SUPERIOR OPERATING RESULTS

77% | 71% | 68%
of Alexandria’s Annual Rental Revenue | of Alexandria’s Operating RSF | of Total Development and Redevelopment Pipeline RSF

MEGACAMPUS PLATFORM |  | MEGACAMPUS OCCUPANCY OUTPERFORMANCE
|  |  | Average Occupancy(1) Since 2020

96% |  | 92% |  | 4%
Alexandria’s Megacampus Properties |  | Alexandria’s Non-Megacampus Properties |  | Occupancy Outperformance

As of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2020 through 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | vii

ALEXANDRIA’S DEMONSTRATED STRONG FUNDS FROM OPERATIONS
PER-SHARE GROWTH
FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED, BY YEAR
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | viii

ALEXANDRIA’S STRONG FIVE-YEAR GROWTH IN FUNDS FROM OPERATIONS
PER SHARE COMPARED TO FTSE NAREIT EQUITY HEALTH CARE REITS
FIVE-YEAR GROWTH IN
FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED
(2019-2024)
Source: S&P Global Market Intelligence data for peers within the FTSE NAREIT Equity Health Care REITs, available as of January 23, 2025. ARE results represent the five-year period for the years ended December 31, 2019 thought 2024.
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | ix

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE
HEALTHCARE
REALTY TRUST

WELLTOWER |  | 2,801%
FTSE NAREIT EQUITY HEALTH CARE INDEX |  | 1,241%
NATIONAL HEALTH INVESTORS |  | 1,149%
LTC PROPERTIES |  | 1,086%
UNIVERSAL HEALTH REALTY INCOME TRUST |  | 1,068%
VENTAS |  | 1,031%
MSCI US REIT INDEX |  | 870%
OMEGA HEALTHCARE INVESTORS |  | 706%
HEALTHPEAK PROPERTIES |  | 632%

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to December 31, 2024
S ource: S&P Global Market Intelligence. Assumes reinvestment of dividends.
The REITs presented individually in the chart above are only those constituents of the FTSE NAREIT Equity Health Care Index as of December 31, 2024 for which total shareholder return information since May 27, 1997 is available.
(1)Alexandria’s initial public offering was priced at $20.00 per share on May 27, 1997.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | x

ALEXANDRIA’S
INTERNAL
GROWTH

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xi

ALEXANDRIA’S CONTINUED SOLID LEASING VOLUME IN 2024
UP 19% OVER 2014–2020 AVERAGE
4.3M RSF
Annual Average
(2014–2020)
RSF OF LEASES EXECUTED
5.1M
RSF

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xii

ALEXANDRIA’S 4Q24 LEASING VOLUME REPRESENTS FOURTH CONSECUTIVE QUARTER
ABOVE 1 MILLION RSF AND IS UP 19% OVER PRECEDING FIVE-QUARTER AVERAGE
1.3M RSF
1.1M RSF
Quarterly Average
(3Q23–3Q24)
RSF OF LEASES EXECUTED

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xiii

ALEXANDRIA’S OPERATIONAL EXCELLENCE DRIVES STEADY
AND CONSISTENTLY HIGH OCCUPANCY
OCCUPANCY PERCENTAGE(1)
(1)Rep resents occupancy percentage of operating properties in North America as of each year-end.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xiv

ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY
800 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS
Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public
Biotechnology –
Preclinical or
Clinical Stage
Private
Biotechnology
Other Investment-Grade
or Large Cap Tech
Other(1)
Biomedical and
Government
Institutions
92%
of Top 20 Tenant Annual Rental
Revenue as of 4Q24 Is From
Investment-Grade or Publicly
Traded Large Cap Tenants
84%
of Leasing Activity During the
Last Twelve Months Was
Generated From Alexandria’s
Existing Client Base
PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE
A nnual rental revenue repr esents amounts in effect as of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue fr om
unconsolidated real estate joint ventures.
(1)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than
1.0% of our annual rental revenue.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xv

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND
STRENGTH IN TENANT COLLECTIONS
99.8%
Average Tenant
Collections
1Q21–4Q24
Tenant Receivables
Represent
0.8%
of 4Q24
Rental Revenues
TENANT RENTS AND RECEIVABLES COLLECTED(1)
(1)Represents t enant rents and receivables collected for each quarter-end as of each respective earnings release date.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xvi

ALEXANDRIA’S FORTRESS
BALANCE SHEET AND
STRONG EXECUTION OF
CAPITAL RECYCLING
STRATEGY

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xvii

2024
ALEXANDRIA’S
IMPRESSIVE KEY
BALANCE SHEET
ACCOMPLISHMENTS

CAPITAL RECYCLING through $1.4B of dispositions |  |  | LOW LEVERAGE at 5.2 x(1)
|  |  | One of the LOWEST DEBT MATURITIES for 2025–2027 among all S&P REITs(3)
$1.0B BOND ISSUANCE at 5.48% with a 23-year term(2) |  |
|  |  | $0.7B of JV COMMITMENTS to fund future construction(4)
EXTENDED $5.0B line of credit |  |

As of December 31, 2024.
(1)Net Debt and Preferred Stock to Adjusted EBITDA Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(2)Debt rate and term are based on weighted averages.
(3)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of September 30, 2024” or company filings as of September 30 2024, except for ARE, which is as of December 31, 2024.
(4)Represents projected capital contributions from existing consolidated real estate joint venture partners to fund their share of construction from 1Q25 through 2028.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xviii

TOP 10%
CREDIT RATING RANKING
AMONG ALL PUBLICLY
TRADED U.S. REITS(4)
ALEXANDRIA’S STRONG AND FLEXIBLE BALANCE SHEET
WITH SIGNIFICANT LIQUIDITY
Baa1
Stable

PERCENTAGE OF DEBT MATURING IN NEXT 3 YEARS |  | REMAINING DEBT TERM |  | INTEREST RATE
14% |  | 12.7 |  | 3.86%

BBB+
Stable

SIGNIFICANT LIQUIDITY(1) |  | 4Q24 NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA(2) |  | PERCENTAGE OF FIXED-RATE DEBT SINCE 2020(3)
5.7B |  | 5.2x |  | 98.4%

YEARS
WEIGHTED AVERAGE
As of December 31, 2024.
(1)Refer to “Key credit metrics” in the Supplemental Information for additional details.
(2)Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(3)Represents the average percentage fixed-rate debt as of each December 31 from 2020 through 2024.
(4)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or with drawal at any time. Top 10% ranking represents credit rating levels from Moody’s Ratings and S&P Global Ratings for publicly
traded U.S. REITs, from Bloomberg Professional Services and Nareit.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xix

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND INCREASING
DIVIDENDS WITH A FOCUS ON RETAINING SIGNIFICANT CASH FLOWS FROM
OPERATING ACTIVITIES AFTER DIVIDENDS FOR REINVESTMENT
For 4Q24, we declared a cash dividend of $1.32 per common share
5.4%
Dividend Yield
5.4%
Average Annual Dividend
Per-Share Growth
$2.2B
Net Cash Provided by
Operating Activities
After Dividends
(1)
(2)
(2)
ANNUAL COMMON STOCK DIVIDEND PER SHARE
55%
4Q24 Payout Ratio
(1)Dividend y ield is calculated as the dividend declared for the three months ended December 31, 2024 of $1.32 per common share annualized divided by the closing price of our common stock on December 31, 2024 o f $97.55.
(2)Represents the aggregate sum for the years ended December 31, 2020 through 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xx

ALEXANDRIA’S
STRONG EXECUTION
OF CAPITAL
RECYCLING
STRATEGY
STRATEGIC DISPOSITIONS
AND SALES OF PARTIAL
INTERESTS 2019–2024
$9.6B
TOTAL SALES
$2.9B
NET GAIN
(1)
(3)
73
TOTAL TRANSACTIONS

5.4%
CAPITALIZATION RATE
5.1%
CAPITALIZATION RATE
(Cash Basis)(2)

(2)
(1)I ncludes amounts related to real estate dispositions and partial interest sales completed from January 1, 2019 through December 31, 2024.
(2)Represents the weighted-average capitalization rate and capitalization rate (cash basis) for dispositions and partial interest sales (excluding land) completed during the years ended December 31, 2019 through 2024.
(3)Represents the net gain and loss for outright sales as well as consideration in excess of book value for partial interest sales.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xxi

ALEXANDRIA: AT THE
VANGUARD AND HEART
OF THE $5.5 TRILLION
SECULARLY GROWING
LIFE SCIENCE INDUSTRY
(1)Source: Evaluate Pharma. Represents aggregate total market capitalization for the life science industry, including global major, regional major,
and specialty pharmaceutical companies and excluding specialty pharmaceutical consumer companies, as of November 22, 2024.
(1)

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xxii

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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xxiii

Source: U.S. Food and Drug Administration. Innovative medicine approvals by the FDA (Center for Biologics Evaluation and Research (“CBER”)) include novel v accines and next-generation modalities such as cell therapies, gene therapies,
mRNA products, live biotherapeutics, and oncolytic viruses.
(1)2024 represents the period f rom January 1, 2024 through December 18, 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xxiv

(1)Source: PhRMA, “Understanding Prescription Medicine Spending,” 202 2.
(2)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.
(3)Source: Centers for Medicare & Medicaid Services, “National Health Expenditures 2022 Highlights,” 2022.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xxv

ALEXANDRIA’S INDUSTRY
AND CORPORATE
RESPONSIBILITY
LEADERSHIP

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | xxvi

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 1

Alexandria Real Estate Equities, Inc. Reports:
4Q24 and 2024 Net (Loss) Income per Shar e – Diluted of $(0.38) and $1.80, respectively;
4Q24 and 2024 FFO per Share – Diluted, as Adjusted, of $2.39 and $9.47, respectively
PASADENA, Calif. – January 27, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the fourth quarter and year ended December 31,
2024.

Key highlights |  |  |  |  |  |  |  |
Operating results | 4Q24 |  | 4Q23 |  | 2024 |  | 2023 |
Total revenues: |  |  |  |  |  |  |  |
In millions | $788.9 |  | $757.2 |  | $3,116.4 |  | $2,885.7 |
Growth | 4.2% |  |  | 8.0% |  |
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions | $(64.9) |  | $(91.9) |  | $309.6 |  | $92.4 |
Per share | $(0.38) |  | $(0.54) |  | $1.80 |  | $0.54 |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: |
In millions | $411.8 |  | $389.8 |  | $1,629.1 |  | $1,532.3 |
Per share | $2.39 |  | $2.28 |  | $9.47 |  | $8.97 |

A sector-leading REIT with a high-quality, diverse tenant base and strong margins

(As of December 31, 2024, unless stated otherwise) |  |  |
Occupancy of operating properties in North America |  | 94.6% |
Percentage of annual rental revenue in effect from Megacampus™ platform |  | 77% |
Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants |  | 52% |
Operating margin |  | 70% |
Adjusted EBITDA margin |  | 72% |
Percentage of leases containing annual rent escalations |  | 97% |
Weighted-average remaining lease term: |  |  |
Top 20 tenants |  | 9.3 | years
All tenants |  | 7.5 | years
Sustained strength in tenant collections: |  |  |
January 2025 tenant rents and receivables collected as of January 27, 2025 |  | 99.5% |
4Q24 tenant rents and receivables collected as of January 27, 2025 |  | 99.9% |

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
4.3x for 4Q24 annualized.
•Significant liquidity o f $5.7 billion.
•32% of our total debt matures in 2049 and beyond.
•12.7 years weighted-average remaining term of debt.
•Since 2020, an average of 98.4% of our year-end debt balances have been fixed rate.
•T otal debt and preferred stock to gross assets of 28%.
•$684.1 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 1Q25 through 2028.
Continued solid leasing volume and rental rate increases
•Continued solid leasing volume:
•1.3 million RSF for 4Q24, u p 19% compared to our previous five-quarter average.
•Fourth consecutive quarter with leasing volume exceeding 1 million RSF.
•5.1 million RSF for 2024, up 19% compared to our 2014–2020 average of 4.3 million RSF.
•Rental rate increases on lease renewals and re-leasing of space were 18.1% and 3.3% (c ash
basis) for 4Q24 and 16.9% and 7.2% (c ash basis) for 2024.
•84% of our leasing activity during the last twelve months was generated from our existing
tenant base.
•Tenant improvements and leasing commissions on renewed and re-leased space executed
during the year ended December 31, 2024 represented only 8.4% of total lease term rents,
the second lowest percentage of total lease term rents in the past five years.

|  | 4Q24 |  |  | 2024 |
Total leasing activity – RSF |  | 1,310,999 |  |  | 5,053,954 |
Leasing of development and redevelopment space – RSF |  | 12,999 | (1) |  | 493,341 |
Lease renewals and re-leasing of space: |  |  |  |  |  |
RSF (included in total leasing activity above) |  | 1,024,862 |  |  | 3,888,139 |
Rental rate increase |  | 18.1% |  |  | 16.9% |
Rental rate increase (cash basis) |  | 3.3% |  |  | 7.2% |

(1)As of December 31, 2024, our projects expected to stabilize in 2025 were 89% leased/negotiating.
Attractive dividend strategy to share net cash flows from operating activities with stockholders
while retaining a significant portion for reinvestment
•Common stock dividend declared for 4Q24 of $1.32 per common share aggregating $5.19
per common share for the year ended December 31, 2024, up 23 cents, or 5%, over the year
ended December 31, 2023.
•Dividend yield of 5.4% as of December 31, 2024.
•Dividend payout ratio o f 55% for the three months ended December 31, 2024.
•Average annual dividend per-share growth of 5.4% from 2020 through 2024.
•Significant net cash flows from operating activities after dividends retained for reinvestment
aggregating $2.2 billion for the years ended December 31, 2020 through 2024.
Strong execution of Alexandria’s 2024 capital strategy
Our 2024 capital plan included $1.4 billion in funding from strategic dispositions that focused on
a portfolio of diversified assets, of which $1.1 billion was completed during 4Q24. Refer to
“Dispositions” in the Earnings Press Release for additional details.

(in millions) |  |
YTD 3Q24 |  | $239
4Q24 |  | 1,128
Total 2024 dispositions |  | $1,367

•As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated
$539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoin t
of our 2025 guidance range for dispositions and sales of partial interests.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 2

Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results (continued)
December 31, 2024

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $55 million commencing during 4Q24 and is expected to deliver incremental annual net
operating income aggregating $395 million by 2Q28
•During 4Q24, we placed into service Megacampus development and redevelopment projects
aggregating 602,593 RSF that are 98% occupied across multiple submarkets and delivered
incremental annual net operating income of $55 million. Key 4Q24 deliveries included:
•171,102 RSF at 4155 Campus Point Court located on the Campus Point by Alexandria
Megacampus in our University Town Center submarket;
•139,984 RSF at 840 Winter Street located on the Alexandria Center® for Life Science –
Waltham Megacampus in our Route 128 submarket; and
•93,492 RSF at 10935, 10945, and 10955 Alexandria Way located on the One Alexandria
Square Megacampus in our Torrey Pines submarket.
•Annual net operating income (cash basis) is expected to increase by $70 million upon the
burn-off of initial free rent, with a weighted-average burn-off period of approximately
three months, from recently delivered projects.
•68% of the RSF in our total development and redevelopment pipeline is within our
Megacampus ecosystems.

Development and Redevelopment Projects |  | Incremental Annual Net Operating Income |  | RSF |  | Occupancy Percentage
(dollars in millions) |  |  |  |  |  |  |  |
Placed into service: |  |  |  |  |  |  |  |
YTD 3Q24 |  | $63 |  | 945,118 |  |  | 100% |
4Q24 |  | 55 |  | 602,593 |  |  | 98 |
Placed into service in 2024 |  | $118 |  | 1,547,711 |  |  | 98% |
Expected to be placed into service: |  |  |  |  |  |  |  |
2025 |  | $83 | (1) | 4,357,276 |  |  |  |
1Q26 through 2Q28 |  | 312 |  |  |  |  |
|  | $395 |  |  |  |  |

(1)Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and
(ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. 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.
Continued solid net operating income and internal growth
•Net operating income (cash basis) growth:
•$2.1 billion for 4Q24 annualized, up $177.9 million, or 9.5%, compared to 4Q23
annualized.
•$2.0 billion for 2024, up $176.9 million, or 9.8%, co mpared to 2023.
•Same property net operating income growth of 0.6% and 6.3% (cash basis) for 4Q24 over
4Q23 and 1.2% and 4.6% (cash basis) for 2024 over 2023.
•97% of our leases contain contractual annual rent escalations approximating 3%.
Continued rigorous focus on management of general and administrative costs
•General and administrative expenses as a percentage of net operating income of 7.6% for
2024, compared to 9.8% for 2023.
•We expect general and administrative cost savings of approximately $32 million in 2025,
based on the midpoint of our guidance, compared to 2024, from a variety of cost-control and
efficiency initiatives, including:
•Personnel-related matters: reduction in headcount over the last two years and restructuring
of compensation plans.
•Streamlining of business processes: systems upgrades, process improvements, and cost
reduction in legal, technology, and operational support services.
Strong balance sheet management
Key metrics as of or for the three months ended December 31, 2024
•$29.0 billion i n total market capitalizatio n.
•$16.8 billion in to tal equity capitalizatio n.

|  | 4Q24 |  | Target
|  | Quarter |  | Trailing |  | 4Q25
|  | Annualized |  | 12 Months |  | Annualized
Net debt and preferred stock to Adjusted EBITDA |  | 5.2x |  | 5.3x |  | Less than or equal to 5.2x
Fixed-charge coverage ratio |  | 4.3x |  | 4.5x |  | 4.0x to 4.5x

Key capital events
•On December 9, 2024, we announced that our board of directors authorized a common stock
repurchase program under which we may repurchase up to $500.0 million of our common
stock through December 31, 2025. Repurchases are expected to be funded on a leverage-
neutral basis.
•In December 2024, we repurchased $50.1 million of common stock.
•From January 1, 2025 through January 27, 2025, we repurchased $150.0 million of
additional common stock.
•As of January 27, 2025, cumulative repurchases under the program aggregated
$200.1 million and 2.0 million shares of common stock at an average price per share of
$98.16.
•As of January 27, 2025, the approximate value of shares authorized and remaining under
this program was $299.9 million.
•During 4Q24, we settled all outstanding forward equity sales agreements by issuing
230 thousand shares of common stock at an average price per share of $120.93 and
received net proceeds of $27.8 million. As of January 27, 2025, the remaining aggregate
amount available for future sales of common stock under our ATM program was $1.47 billion.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 3

Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results (continued)
December 31, 2024

Investments
•As of December 31, 2024:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $83.6 million,
comprising gross unrealized gains and losses aggregating $228.1 million and
$144.5 million, respectively.
•Investment loss of $68.0 million for 4Q24 presented in our consolidated statement of
operations consisted of $32.1 million of realized gains, $79.8 million of unrealized losses, and
$20.3 million of impairment charges.
•Investment loss of $53.1 million for 2024 presented in our consolidated statement of
operations consisted of $117.2 million of realized gains, $112.2 million of unrealized losses,
and $58.1 million of impairment charges.
Other key highlights
Executive management change, effective December 31, 2024
Effective on December 31, 2024, Vincent Ciruzzi retired from his position as Chief Development
Officer after nearly 30 years of exemplary service. His responsibilities will be assumed by multiple
members within our Real Estate Development Team, which Mr. Ciruzzi formed and led over his
tenure with Alexandria.

Key items included in net income attributable to Alexandria’s common stockholders:
| 4Q24 |  | 4Q23 |  | 4Q24 |  | 4Q23 |  | 2024 |  | 2023 |  | 2024 |  | 2023
(in millions, except per share amounts) | Amount |  | Per Share – Diluted |  | Amount |  | Per Share – Diluted
Unrealized (losses) gains on non-real estate investments | $(79.8) |  | $19.5 |  | $(0.46) |  | $0.11 |  | $(112.2) |  | $(201.5) |  | $(0.65) |  | $(1.18)
Gain on sales of real estate | 101.8 |  | 62.2 |  | 0.59 |  | 0.36 |  | 129.3 |  | 277.0 |  | 0.75 |  | 1.62
Impairment of non-real estate investments | (20.3) |  | (23.1) |  | (0.12) |  | (0.13) |  | (58.1) |  | (74.6) |  | (0.34) |  | (0.44)
Impairment of real estate(1) | (186.6) |  | (271.9) |  | (1.08) |  | (1.59) |  | (223.1) |  | (461.1) |  | (1.30) |  | (2.70)
Acceleration of stock compensation expense due to executive officer resignations | — |  | (18.4) |  | — |  | (0.11) |  | — |  | (20.3) |  | — |  | (0.12)
Provision for expected credit losses on financial instruments(1) | 0.4 |  | — |  | — |  | — |  | 0.4 |  | — |  | — |  | —
Total | $(184.5) |  | $(231.7) |  | $(1.07) |  | $(1.36) |  | $(263.7) |  | $(480.5) |  | $(1.54) |  | $(2.82)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.

Subsequent events
•In January 2025, pursuant to an amendment executed in July 2024 to our existing ground
lease agreement at the Alexandria Technology Square® Megacampus, we made the second
and final installment payment aggregating $135.0 million related to our rent obligation for the
extended ground lease term.
Industry and corporate responsibility leadership: catalyzing and leading the way for
positive change to benefit human health and societ y
•Alexandria’s longstanding sustainability leadership and performance was reinforced by our
achievements in the 2024 GRESB Real Estate Assessment. We received the GRESB Green
Star designation for the eighth consecutive year and an “A” disclosure score for the seventh
consecutive year, signifying best-in-class transparency regarding our sustainability practices
and reporting.
•325 Binney Street, a 462,100 RSF development on the Alexandria Center® at One Kendall
Square Megacampus in our Cambridge submarket, earned LEED Platinum certification, the
highest level of certification under the U.S. Green Building Council’s Core and Shell rating
system. Home to Moderna’s global headquarters and R&D center, the ultra-efficient building
is targeting LEED Zero Energy certification, reduced fossil fuel use through the
implementation of a geothermal system, and 100% renewable electricity, resulting in an
estimated 97% reduction of greenhouse gas emissions relative to the MA 2020 Stretch Code
baseline.
•8 Davis Drive on the Alexandria Center® for Advanced Technologies and AgTech – Research
Triangle Megacampus won a BOMA Raleigh-Durham TOBY (The Outstanding Building of the
Year) Award in the Life Science category. The TOBY Awards are the commercial real estate
industry’s highest recognition honoring excellence in commercial building management and
operations.
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. With our
founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the
preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™
ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San
Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of
December 31, 2024, Alexandria has a total market capitalization of $29.0 billion and an asset base
in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of
Class A/A+ properties undergoing construction. Alexandria has a longstanding and proven track
record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain
world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also
provides strategic capital to transformative life science companies through our venture capital
platform. We believe our unique business model and diligent underwriting ensure a high-quality
and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental
income, higher returns, and greater long-term asset value. For more information on Alexandria,
please visit www.are.com.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 4

Guidance |
December 31, 2024
(Dollars in millions, except per share amounts)

The following guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. 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 8 of the Earnings Press Release for additional details. Key updates to our
2025 guidance from December 4, 2024 are summarized in the tables below and include changes to the midpoints of our guidance ranges for key sources of capital as follows: (i) a $150 million increase in
dispositions and sales of partial interests representing pending transactions that were originally expected to close in 4Q24, and are now anticipated to be completed in 2025 and (ii) a corresponding $150 million
decrease in excess 2024 bond capital held as cash at December 31, 2024.

|  | 2025 Guidance Midpoint |  |  |  | 2025 Guidance Midpoint
Summary of Key Changes in Guidance |  | As of 1/27/25 |  | As of 12/4/24 |  | Summary of Key Changes in Sources and Uses of Capital |  | As of 1/27/25 |  | As of 12/4/24
EPS, FFO per share, and FFO per share, as adjusted |  | No Change |  | Excess 2024 bond capital expected to be held as cash at December 31, 2024 |  | $— |  | $150
|  |  |  |  |  | Dispositions and sales of partial interests |  | $1,700 |  | $1,550

Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
Earnings per share(2) |  | $2.57 to $2.77
Depreciation and amortization of real estate assets |  |  | 6.70 |
Allocation to unvested restricted stock awards |  |  | (0.04) |
Funds from operations per share and funds from operations per share, as adjusted(1) |  | $9.23 to $9.43
Midpoint |  | $9.33

Key Assumptions |  | Low |  | High |
Occupancy percentage in North America as of December 31, 2025 |  | 91.6% |  | 93.2% |
Lease renewals and re-leasing of space: |  |  |  |  |
Rental rate changes |  | 9.0% |  | 17.0% |
Rental rate changes (cash basis) |  | 0.5% |  | 8.5% |
Same property performance: |  |  |  |  |
Net operating income |  | (3.0)% |  | (1.0)% |
Net operating income (cash basis) |  | (1.0)% |  | 1.0% |
Straight-line rent revenue |  | $111 |  | $131 |
General and administrative expenses |  | $129 |  | $144 |
Capitalization of interest |  | $340 |  | $370 |
Interest expense |  | $165 |  | $195 |
Realized gains on non-real estate investments(6) |  | $100 |  | $130 |

Key Credit Metric Targets(1) |  |
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized |  | Less than or equal to 5.2x
Fixed-charge coverage ratio – 4Q25 annualized |  | 4.0x to 4.5x

Key Sources and Uses of Capital |  | Range |  | Midpoint
Sources of capital: |  |  |  |  |  |
Reduction in debt |  | $(40) |  | $(340) |  | $(190)
Net cash provided by operating activities after dividends |  | 425 |  | 525 |  | 475
Dispositions and sales of partial interests(3) (refer to page 6) |  | 1,200 |  | 2,200 |  | 1,700
Total sources of capital |  | $1,585 |  | $2,385 |  | $1,985
Uses of capital: |  |  |  |  |  |
Construction |  | $1,450 |  | $2,050 |  | $1,750
Acquisitions and other opportunistic uses of capital(4) |  | — |  | 200 |  | 100
Ground lease prepayment(5) |  | 135 |  | 135 |  | 135
Total uses of capital |  | $1,585 |  | $2,385 |  | $1,985
Reduction in debt (included above): |  |  |  |  |  |
Issuance of unsecured senior notes payable |  | $300 |  | $900 |  | $600
Repayment of secured notes payable |  | (600) |  | (600) |  | (600)
Unsecured senior line of credit, commercial paper, and other |  | 260 |  | (640) |  | (190)
Net reduction in debt |  | $(40) |  | $(340) |  | $(190)

(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 December 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(3)As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated $539.5 million. These transactions represent approximately 32% of t he $1.7 billion midpoint of our 2025 guidance range for dispositions and
sales of partial interests.
(4)On December 9, 2024, we announced that our board of directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock in the open market or in privately negotiated
transactions through December 31, 2025. In January 2025, we repurchased common stock aggregating $150.0 million at an average price per share of $97.26. As of January 27, 2025, the approximate value of shares authorized and
remaining under this program was $299.9 million.
(5)Refer to “Subsequent event” in the Earnings Press Release for additional information.
(6)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. © 2025 | 5

Acquisitions |
December 31, 2024
(Dollars in thousands)

Property |  | Submarket/Market |  | Date of Purchase |  | Number of Properties |  | Operating Occupancy |  | Square Footage |  | Purchase Price
|  |  |  | Future Development(1) |  | Operating With Future Development/ Redevelopment(1) |
Completed in 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
428 Westlake Avenue North |  | Lake Union/Seattle |  | 10/1/24 |  | 1 |  | 100% |  |  | — |  | 90,626 |  |  | 47,600 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,490 |
Total 2024 acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 249,411 |

(1)We expect to provide total estimated costs and related yields for development and significant redevelopment projects in the future, subsequent to the commencement of construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 6

2024 Dispositions |
December 31, 2024
(Dollars in thousands)

Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | RSF |  | Capitalization Rate |  | Capitalization Rate (Cash Basis) |  | Sales Price |  | Seller Financing |  | Sales Price per RSF |  | Gain on Sale of Real Estate |
Completed in YTD 3Q24 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $238,709 |  |  |  |  |  | $27,506 |
Completed in 4Q24: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stabilized Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Moderna Way |  | Route 128/Greater Boston |  | 12/17/24 |  | 100% |  |  | 722,130 |  | 8.5% |  |  | 6.3% |  |  | 369,439 |  |  |  | $512 |  | — |
14225 Newbrook Drive |  | Northern Virginia/Maryland |  | 10/15/24 |  | 100% |  |  | 248,186 |  | 7.6% |  |  | 7.4% |  |  | 80,500 |  |  |  | $324 |  | 37,074 |
6040 George Watts Hill Drive |  | Research Triangle/ Research Triangle |  | 12/10/24 |  | 100% |  |  | 149,585 |  | 8.0% |  |  | 7.1% |  |  | 93,500 |  |  |  | $625 |  | 5,004 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,610 |  |  |  |  |  | 4,042 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 622,049 |  |  |  |  |  |  |
Properties with vacancy or significant near-term capital requirements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
215 First Street |  | Cambridge/Greater Boston |  | 12/20/24 |  | 100% |  |  | 369,520 |  | (1) |  | (1) |  | 245,539 | (1) |  |  | (1) |  | — |
150 Second Street and 11 Hurley Street |  | Cambridge/Greater Boston |  |  |  |  | 182,993 |  |  |  |  |  |
4755 and 4757 Nexus Center Drive and 4796 Executive Drive(2) |  | University Town Center/ San Diego |  | 12/30/24 |  | 100% |  |  | 177,804 |  | (2) |  | (2) |  | 120,000 | (2) | $79,166 |  | $675 |  | 47,511 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,243 |  |  |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 412,782 |  |  |  |  |  |  |
Land and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard |  | Sorrento Mesa/San Diego |  | 12/20/24 |  | 100% |  |  | 444,041 |  | (3) |  | (3) |  | 55,000 |  | 25,000 |  |  |  | — |
9444 Waples Street (50% consolidated JV) |  | Sorrento Mesa/San Diego |  | 12/23/24 |  | (4) |  |  | 149,000 |  | (4) |  | (4) |  | 31,000 | (4) |  |  |  |  | 8,175 | (4)
Other(5) |  |  |  |  |  | (5) |  |  |  |  |  |  |  |  |  |  | 22,913 | (5) |  |  |  |  | (5) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 108,913 |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,143,744 | (6) |  |  |  |  |  |
Total 2024 dispositions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $1,382,453 |  | $104,166 |  |  |  | $129,312 |
Our share of 2024 dispositions, including amounts recognized within equity in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $1,366,953 |  |  |  |  |  | $127,615 | (7)

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents properties that were 87% occupied as of 3Q24, with 61% of the aggregate RSF, primarily located at 215 First Street, scheduled to expire by 4Q25. These properties were not core to our Megacampus strategy due to their size,
location, or existing use. They are also expected to require significant re-leasing capital over the next few years, including at 215 First Street, a historical building with infrastructure limitations and challenging floor plates. Acquired in 2007,
215 First Street came with significant entitlements which were later used to develop new adjacent projects at Alexandria Center® at Kendall Square. Since then, this property has served as a reliable asset, providing primarily office space to
our tenants. However, given the low occupancy and the significant reinvestment required for upgrades, we plan to recycle the capital generated by the disposition into our development and redevelopment pipeline.
(2)Represents properties that w ere 65% occupied as of 3Q24, with 26% of the aggregate RSF scheduled to expire by 2Q25.
(3)Represents the sale of land parcels.
(4)Represents 100% of the contractual sales price. We held a 50% interest in this property through a consolidated real estate joint venture, and our share of the sales price and gain on real estate is $15.5 million and $3.2 million, respectivel y.
(5)Represents the disposition of an unconsolidated real estate joint venture for which we recognized a gain on sale of real estate of $3.3 million, which is classified as equity in earnings of unconsolidated real estate joint ventures in our
consolidated statement of operations.
(6)Dispositions completed during 4Q24 had annual net operating income of $97.9 million (based on 3Q24 annualized) with a weighted-average disposition date of December 10, 2024 (weighted by net operating income for 3Q24 annualized).
(7)Refer to footnotes 4 and 5.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 7

2025 Dispositions and Sales of Partial Interests |
December 31, 2024
(Dollars in thousands)

Property |  | Submarket/Market |  | Date of Expected Sale |  | Interest Expected to Be Sold |  | Sales Price |
Pending 2025 dispositions and sales of partial interests expected to close subsequent to January 27, 2025: |  |  |  |  |  |  |  |  |  |
Subject to non-refundable deposits: |  |  |  |  |  |  |  |  |  |
Pending |  | San Diego |  | 1Q25 |  | 100% |  |  | $124,000 |
Pending |  | Texas |  | 1Q25 |  | 100% |  |  | 33,000 |
Pending |  | San Diego |  | 2H25 |  | 100% |  |  | 50,000 |
Other |  |  |  |  |  |  |  |  | 20,850 |
|  |  |  |  |  |  |  |  | 227,850 |
Subject to executed letters of intent and/or purchase and sale agreement negotiations: |  |  |  |  |  |  |  |  |  |
1450 Owens Street (25.1% consolidated JV) |  | Mission Bay/San Francisco Bay Area |  | 2H25 |  | (1) |  |  | 144,705 | (1)
Other |  | Various |  |  |  |  |  |  | 276,612 |
|  |  |  |  |  |  |  |  | 421,317 |
|  |  |  |  |  |  |  |  | $649,167 |
Our share of 2025 dispositions |  |  |  |  |  |  |  |  | $539,462 |
2025 guidance range for dispositions and sales of partial interests |  |  |  | $1,200,000 – $2,200,000 |

(1)Represents 100% of the contractual sales price. In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximatel y 49% of the development
project. We own a 25% interest i n this property through a consolidated real estate joint venture, and our share of the sales price i s $36 million. We expect to complete the transaction in 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 8

Earnings Call Information and About the Company
December 31, 2024

We will host a conference call on Tuesday, January 28, 2025, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results
for the fourth quarter and year ended December 31, 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, January 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1012884.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 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/2024q4.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 office r.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,
Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation
cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2024, Alexandria has a total market capitalization
o f $29.0 billion and an asset base in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction. Alexandria has a longstanding and
proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent
and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business
model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For
more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per
share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,”
“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking
statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a
number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties,
assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without
limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real
estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or
redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace
expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to
obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned
not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated,
we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For
more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our
SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a
prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.
Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, Labspace®, Alexandria Summit®, 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. © 2025 | 9

Consolidated Statements of Operations |
December 31, 2024
(Dollars in thousands, except per share amounts)

|  | Three Months Ended |  | Year Ended
|  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23 |  | 12/31/24 |  | 12/31/23
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from rentals |  | $763,249 |  | $775,744 |  | $755,162 |  | $755,551 |  | $742,637 |  | $3,049,706 |  | $2,842,456
Other income |  | 25,696 |  | 15,863 |  | 11,572 |  | 13,557 |  | 14,579 |  | 66,688 |  | 43,243
Total revenues |  | 788,945 |  | 791,607 |  | 766,734 |  | 769,108 |  | 757,216 |  | 3,116,394 |  | 2,885,699
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operations |  | 240,432 |  | 233,265 |  | 217,254 |  | 218,314 |  | 222,726 |  | 909,265 |  | 859,180
General and administrative |  | 32,730 |  | 43,945 |  | 44,629 |  | 47,055 |  | 59,289 |  | 168,359 |  | 199,354
Interest |  | 55,659 |  | 43,550 |  | 45,789 |  | 40,840 |  | 31,967 |  | 185,838 |  | 74,204
Depreciation and amortization |  | 330,108 |  | 293,998 |  | 290,720 |  | 287,554 |  | 285,246 |  | 1,202,380 |  | 1,093,473
Impairment of real estate |  | 186,564 | (1) | 5,741 |  | 30,763 |  | — |  | 271,890 |  | 223,068 |  | 461,114
Total expenses |  | 845,493 |  | 620,499 |  | 629,155 |  | 593,763 |  | 871,118 |  | 2,688,910 |  | 2,687,325
Equity in earnings of unconsolidated real estate joint ventures |  | 6,635 | (2) | 139 |  | 130 |  | 155 |  | 363 |  | 7,059 |  | 980
Investment (loss) income |  | (67,988) |  | 15,242 |  | (43,660) |  | 43,284 |  | 8,654 |  | (53,122) |  | (195,397)
Gain on sales of real estate |  | 101,806 |  | 27,114 |  | — |  | 392 |  | 62,227 |  | 129,312 |  | 277,037
Net (loss) income |  | (16,095) |  | 213,603 |  | 94,049 |  | 219,176 |  | (42,658) |  | 510,733 |  | 280,994
Net income attributable to noncontrolling interests |  | (46,150) |  | (45,656) |  | (47,347) |  | (48,631) |  | (45,771) |  | (187,784) |  | (177,355)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders |  | (62,245) |  | 167,947 |  | 46,702 |  | 170,545 |  | (88,429) |  | 322,949 |  | 103,639
Net income attributable to unvested restricted stock awards |  | (2,677) |  | (3,273) |  | (3,785) |  | (3,659) |  | (3,498) |  | (13,394) |  | (11,195)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders |  | $(64,922) |  | $164,674 |  | $42,917 |  | $166,886 |  | $(91,927) |  | $309,555 |  | $92,444
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $(0.38) |  | $0.96 |  | $0.25 |  | $0.97 |  | $(0.54) |  | $1.80 |  | $0.54
Diluted |  | $(0.38) |  | $0.96 |  | $0.25 |  | $0.97 |  | $(0.54) |  | $1.80 |  | $0.54
Weighted-average shares of common stock outstanding – basic and diluted |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949 |  | 171,096 |  | 172,071 |  | 170,909
Dividends declared per share of common stock |  | $1.32 |  | $1.30 |  | $1.30 |  | $1.27 |  | $1.27 |  | $5.19 |  | $4.96

(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
(2)Refer to “2024 Dispositions” in the Earnings Press Release for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 10

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

|  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Assets |  |  |  |  |  |  |  |  |  |
Investments in real estate |  | $32,110,039 |  | $32,951,777 |  | $32,673,839 |  | $32,323,138 |  | $31,633,511
Investments in unconsolidated real estate joint ventures |  | 39,873 |  | 40,170 |  | 40,535 |  | 40,636 |  | 37,780
Cash and cash equivalents |  | 552,146 |  | 562,606 |  | 561,021 |  | 722,176 |  | 618,190
Restricted cash |  | 7,701 |  | 17,031 |  | 4,832 |  | 9,519 |  | 42,581
Tenant receivables |  | 6,409 |  | 6,980 |  | 6,822 |  | 7,469 |  | 8,211
Deferred rent |  | 1,187,031 |  | 1,216,176 |  | 1,190,336 |  | 1,138,936 |  | 1,050,319
Deferred leasing costs |  | 485,959 |  | 516,872 |  | 519,629 |  | 520,616 |  | 509,398
Investments |  | 1,476,985 |  | 1,519,327 |  | 1,494,348 |  | 1,511,588 |  | 1,449,518
Other assets |  | 1,661,306 |  | 1,657,189 |  | 1,356,503 |  | 1,424,968 |  | 1,421,894
Total assets |  | $37,527,449 |  | $38,488,128 |  | $37,847,865 |  | $37,699,046 |  | $36,771,402
Liabilities, Noncontrolling Interests, and Equity |  |  |  |  |  |  |  |  |  |
Secured notes payable |  | $149,909 |  | $145,000 |  | $134,942 |  | $130,050 |  | $119,662
Unsecured senior notes payable |  | 12,094,465 |  | 12,092,012 |  | 12,089,561 |  | 12,087,113 |  | 11,096,028
Unsecured senior line of credit and commercial paper |  | — |  | 454,589 |  | 199,552 |  | — |  | 99,952
Accounts payable, accrued expenses, and other liabilities |  | 2,654,351 |  | 2,865,886 |  | 2,529,535 |  | 2,503,831 |  | 2,610,943
Dividends payable |  | 230,263 |  | 227,191 |  | 227,408 |  | 222,134 |  | 221,824
Total liabilities |  | 15,128,988 |  | 15,784,678 |  | 15,180,998 |  | 14,943,128 |  | 14,148,409
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  | 19,972 |  | 16,510 |  | 16,440 |  | 16,620 |  | 16,480
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock |  | 1,722 |  | 1,722 |  | 1,720 |  | 1,720 |  | 1,719
Additional paid-in capital |  | 17,933,572 |  | 18,238,438 |  | 18,284,611 |  | 18,434,690 |  | 18,485,352
Accumulated other comprehensive loss |  | (46,252) |  | (22,529) |  | (27,710) |  | (23,815) |  | (15,896)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity |  | 17,889,042 |  | 18,217,631 |  | 18,258,621 |  | 18,412,595 |  | 18,471,175
Noncontrolling interests |  | 4,489,447 |  | 4,469,309 |  | 4,391,806 |  | 4,326,703 |  | 4,135,338
Total equity |  | 22,378,489 |  | 22,686,940 |  | 22,650,427 |  | 22,739,298 |  | 22,606,513
Total liabilities, noncontrolling interests, and equity |  | $37,527,449 |  | $38,488,128 |  | $37,847,865 |  | $37,699,046 |  | $36,771,402

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 11

Funds From Operations and Funds From Operations per Share |
December 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 |  | Year Ended
|  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23 |  | 12/31/24 |  | 12/31/23
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted |  | $(64,922) |  | $164,674 |  | $42,917 |  | $166,886 |  | $(91,927) |  | $309,555 |  | $92,444
Depreciation and amortization of real estate assets |  | 327,198 |  | 291,258 |  | 288,118 |  | 284,950 |  | 281,939 |  | 1,191,524 |  | 1,080,529
Noncontrolling share of depreciation and amortization from consolidated real estate JVs |  | (34,986) |  | (32,457) |  | (31,364) |  | (30,904) |  | (30,137) |  | (129,711) |  | (115,349)
Our share of depreciation and amortization from unconsolidated real estate JVs |  | 1,061 |  | 1,075 |  | 1,068 |  | 1,034 |  | 965 |  | 4,238 |  | 3,589
Gain on sales of real estate |  | (100,109) | (1) | (27,114) |  | — |  | (392) |  | (62,227) |  | (127,615) |  | (277,037)
Impairment of real estate – rental properties and land |  | 184,532 | (2) | 5,741 |  | 2,182 |  | — |  | 263,982 |  | 192,455 |  | 450,428
Allocation to unvested restricted stock awards |  | (1,182) |  | (2,908) |  | (1,305) |  | (3,469) |  | (2,268) |  | (8,696) |  | (5,175)
Funds from operations attributable to Alexandria’s common stockholders – diluted(3) |  | 311,592 |  | 400,269 |  | 301,616 |  | 418,105 |  | 360,327 |  | 1,431,750 |  | 1,229,429
Unrealized losses (gains) on non-real estate investments |  | 79,776 |  | (2,610) |  | 64,238 |  | (29,158) |  | (19,479) |  | 112,246 |  | 201,475
Impairment of non-real estate investments |  | 20,266 | (4) | 10,338 |  | 12,788 |  | 14,698 |  | 23,094 |  | 58,090 |  | 74,550
Impairment of real estate |  | 2,032 |  | — |  | 28,581 |  | — |  | 7,908 |  | 30,613 |  | 10,686
Acceleration of stock compensation expense due to executive officer resignations |  | — |  | — |  | — |  | — |  | 18,436 |  | — |  | 20,295
Provision for expected credit losses on financial instruments |  | (434) | (5) | — |  | — |  | — |  | — |  | (434) |  | —
Allocation to unvested restricted stock awards |  | (1,407) |  | (125) |  | (1,738) |  | 247 |  | (472) |  | (3,188) |  | (4,121)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $411,825 |  | $407,872 |  | $405,485 |  | $403,892 |  | $389,814 |  | $1,629,077 |  | $1,532,314

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes our share of gain on sale of real estate from one consolidated real estate joint venture and one unconsolidated real estate joint venture. Refer to “2024 Dispositions” in the Earnings Press Release for additional details.
(2)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 4Q24, including
(i) $102.8 million primarily related to land parcels in our Sorrento Mesa and University Town Center submarkets, including land parcels sold during 4Q24 for a sales price aggregating $55.0 million and additional land parcels expected
to be sold in 2025 with an approximate sales price aggregating approximately $243.0 million, and (ii) $40.9 million for four properties at One Moderna Wa y in our Route 128 submarket, which was sold during 4Q24.
(3)Calculated in accordance with standards established by the Nareit Board of Governors.
(4)P rimarily related to three non-real estate investments in privately held entities that do not report NAV.
(5)Represents an adjustment to the provision for expected credit losses for a direct financing lease, as well as the initial recognition of a provision for expected credit losses for two notes receivable issued in connection with dispositions
completed during 4Q24.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 12

Funds From Operations and Funds From Operations per Share (continued) |
December 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 |  | Year Ended
|  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23 |  | 12/31/24 |  | 12/31/23
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted |  | $(0.38) |  | $0.96 |  | $0.25 |  | $0.97 |  | $(0.54) |  | $1.80 |  | $0.54
Depreciation and amortization of real estate assets |  | 1.70 |  | 1.51 |  | 1.50 |  | 1.48 |  | 1.48 |  | 6.20 |  | 5.67
Gain on sales of real estate |  | (0.58) |  | (0.16) |  | — |  | — |  | (0.36) |  | (0.74) |  | (1.62)
Impairment of real estate – rental properties and land |  | 1.07 |  | 0.03 |  | 0.01 |  | — |  | 1.54 |  | 1.12 |  | 2.64
Allocation to unvested restricted stock awards |  | — |  | (0.01) |  | (0.01) |  | (0.02) |  | (0.01) |  | (0.06) |  | (0.04)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted |  | 1.81 |  | 2.33 |  | 1.75 |  | 2.43 |  | 2.11 |  | 8.32 |  | 7.19
Unrealized losses (gains) on non-real estate investments |  | 0.46 |  | (0.02) |  | 0.37 |  | (0.17) |  | (0.11) |  | 0.65 |  | 1.18
Impairment of non-real estate investments |  | 0.12 |  | 0.06 |  | 0.08 |  | 0.09 |  | 0.13 |  | 0.34 |  | 0.44
Impairment of real estate |  | 0.01 |  | — |  | 0.17 |  | — |  | 0.05 |  | 0.18 |  | 0.06
Acceleration of stock compensation expense due to executive officer resignations |  | — |  | — |  | — |  | — |  | 0.11 |  | — |  | 0.12
Provision for expected credit losses on financial instruments |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Allocation to unvested restricted stock awards |  | (0.01) |  | — |  | (0.01) |  | — |  | (0.01) |  | (0.02) |  | (0.02)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $2.39 |  | $2.37 |  | $2.36 |  | $2.35 |  | $2.28 |  | $9.47 |  | $8.97
Weighted-average shares of common stock outstanding – diluted |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949 |  | 171,096 |  | 172,071 |  | 170,909

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 14

Company Profile
December 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. With our founding in 1994, Alexandria pioneered the life science real estate niche.
Alexandria is the preeminent and longest-tenured owner, operator, and developer of
collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations,
including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,
Research Triangle, and New York City. As of December 31, 2024, Alexandria has a total
market capitalization of $29.0 billion and an asset base in North America that includes
39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties
undergoing construction. Alexandria has a longstanding and proven track record of
developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and
retain world-class talent and inspire productivity, efficiency, creativity, and success.
Alexandria also provides strategic capital to transformative life science companies through
our venture capital platform. We believe our unique business model and diligent
underwriting ensure a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value. For more information on Alexandria, please visit www.are.com.
Tenant base
Alexandria is known for our high-quality and diverse tenant base, wi th 52% o f 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
Megacampus real estate in key life science cluster locations to catalyze innovation. From
design to development to the management of our high-quality, sustainable real estate, as
well as our ongoing cultivation of collaborative environments with unique amenities and
events, the Alexandria team has a best-in-class reputation of excellence in life science real
estate. Alexandria’s highly experienced management team includes regional market
directors with leading reputations and 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.
Al exandria’s executive and senior management team consists of
62 individuals, averaging 24 ye ars of real estate experience,
including 13 years with Alexandria. Our executive management
team alone averages 19 years with Alexandria.

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 15

Investor Information
December 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. |  | Green Street |  | Robert W. Baird & Co. Incorporated
Nate Crossett / Monir Koummal |  | Nicholas Joseph / Michael Griffin |  | Dylan Burzinski |  | Wesley Golladay / Nicholas Thillman
(646) 342-1588 / (646) 342-1554 |  | (212) 816-1909 / (212) 816-5871 |  | (949) 640-8780 |  | (216) 737-7510 / (414) 298-5053
BofA Securities |  | Citizens JMP Securities, LLC |  | J.P. Morgan Securities LLC |  | Wedbush Securities
Jeff Spector / Joshua Dennerlein |  | Aaron Hecht / Linda Fu |  | Anthony Paolone / Ray Zhong |  | Richard Anderson / Jay Kornreich
(646) 855-1363 / (646) 855-1681 |  | (415) 835-3963 / (415) 869-4411 |  | (212) 622-6682 / (212) 622-5411 |  | (212) 931-7001 / (212) 938-9942
BTIG, LLC |  | Deutsche Bank AG |  | Mizuho Securities USA LLC |  |
Tom Catherwood / Michael Tompkins |  | Tayo Okusanya / Ohad Bregman |  | Vikram Malhotra / Georgi Dinkov |  |
(212) 738-6140 / (212) 527-3566 |  | (212) 250-9284 / (212) 250-1743 |  | (212) 282-3827 / (617) 352-1721 |  |
CFRA |  | Evercore ISI |  | RBC Capital Markets |  |
Nathan Schmidt |  | Steve Sakwa / James Kammert |  | Michael Carroll / Aditi Balachandran |  |
(646) 517-1144 |  | (212) 446-9462 / (312) 705-4233 |  | (440) 715-2649 / (212) 428-6200 |  |
Fixed Income Research Coverage |  | Rating Agencies
Barclays Capital Inc. |  | J.P. Morgan Securities LLC |  | Moody’s Ratings |  | S&P Global Ratings
Srinjoy Banerjee / Japheth Otieno |  | Mark Streeter |  | (212) 553-0376 |  | Alan Zigman
(212) 526-3521 / (212) 526-6961 |  | (212) 834-5086 |  |  |  | (416) 507-2556

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 16

Financial and Asset Base Highlights |
December 31, 2024
(Dollars in thousands, except per share amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Selected financial data from consolidated financial statements and related information |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $566,535 |  | $579,569 |  | $576,835 |  | $581,400 |  | $561,428
Tenant recoveries |  | $196,714 |  | $196,175 |  | $178,327 |  | $174,151 |  | $181,209
General and administrative expenses |  | $32,730 |  | $43,945 |  | $44,629 |  | $47,055 |  | $59,289
General and administrative expenses as a percentage of net operating income – trailing 12 months |  | 7.6% |  | 8.9% |  | 9.2% |  | 9.5% |  | 9.8%
Operating margin |  | 70% |  | 71% |  | 72% |  | 72% |  | 71%
Adjusted EBITDA margin |  | 72% |  | 70% |  | 72% |  | 72% |  | 69%
Adjusted EBITDA – quarter annualized |  | $2,273,480 |  | $2,219,632 |  | $2,216,144 |  | $2,206,428 |  | $2,094,988
Adjusted EBITDA – trailing 12 months |  | $2,228,921 |  | $2,184,298 |  | $2,122,250 |  | $2,064,904 |  | $1,997,518
Net debt at end of period |  | $11,762,176 |  | $12,191,574 |  | $11,940,144 |  | $11,569,666 |  | $10,731,200
Net debt and preferred stock to Adjusted EBITDA – quarter annualized |  | 5.2x |  | 5.5x |  | 5.4x |  | 5.2x |  | 5.1x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months |  | 5.3x |  | 5.6x |  | 5.6x |  | 5.6x |  | 5.4x
Total debt and preferred stock at end of period |  | $12,244,374 |  | $12,691,601 |  | $12,424,055 |  | $12,217,163 |  | $11,315,642
Gross assets at end of period |  | $43,152,628 |  | $44,112,770 |  | $43,305,279 |  | $42,915,903 |  | $41,756,421
Total debt and preferred stock to gross assets at end of period |  | 28% |  | 29% |  | 29% |  | 28% |  | 27%
Fixed-charge coverage ratio – quarter annualized |  | 4.3x |  | 4.4x |  | 4.5x |  | 4.7x |  | 4.5x
Fixed-charge coverage ratio – trailing 12 months |  | 4.5x |  | 4.5x |  | 4.6x |  | 4.7x |  | 4.7x
Unencumbered net operating income as a percentage of total net operating income |  | 99.9% |  | 99.1% |  | 99.1% |  | 99.3% |  | 99.8%
Closing stock price at end of period |  | $97.55 |  | $118.75 |  | $116.97 |  | $128.91 |  | $126.77
Common shares outstanding (in thousands) at end of period |  | 172,203 |  | 172,244 |  | 172,018 |  | 172,008 |  | 171,911
Total equity capitalization at end of period |  | $16,798,446 |  | $20,454,023 |  | $20,120,907 |  | $22,173,547 |  | $21,793,107
Total market capitalization at end of period |  | $29,042,820 |  | $33,145,624 |  | $32,544,962 |  | $34,390,710 |  | $33,108,749
Dividend per share – quarter/annualized |  | $1.32/$5.28 |  | $1.30/$5.20 |  | $1.30/$5.20 |  | $1.27/$5.08 |  | $1.27/$5.08
Dividend payout ratio for the quarter |  | 55% |  | 55% |  | 55% |  | 54% |  | 56%
Dividend yield – annualized |  | 5.4% |  | 4.4% |  | 4.4% |  | 3.9% |  | 4.0%
Amounts related to operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities at end of period |  | $507,127 |  | $648,338 |  | $379,223 |  | $381,578 |  | $382,883
Rent expense |  | $10,685 |  | $10,180 |  | $9,412 |  | $8,683 |  | $8,964
Capitalized interest |  | $81,586 |  | $86,496 |  | $81,039 |  | $81,840 |  | $89,115
Average real estate basis capitalized during the period |  | $8,118,010 |  | $8,281,318 |  | $7,936,612 |  | $8,163,289 |  | $9,116,700
Weighted-average interest rate for capitalization of interest during the period |  | 4.02% |  | 3.98% |  | 3.96% |  | 3.92% |  | 3.92%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 17

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

|  | Three Months Ended (unless stated otherwise)
|  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Amounts included in funds from operations and non-revenue-enhancing capital expenditures |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue |  | $17,653 |  | $29,087 |  | $48,338 |  | $48,251 |  | $41,586
Amortization of acquired below-market leases |  | $15,512 |  | $17,312 |  | $22,515 |  | $30,340 |  | $23,684
Amortization of deferred revenue related to tenant-funded and -built landlord improvements |  | $1,214 |  | $329 |  | $— |  | $— |  | $—
Straight-line rent expense on ground leases |  | $1,021 |  | $789 |  | $341 |  | $358 |  | $366
Cash payment for ground lease extension |  | $(135,000) | (1) | $— |  | $— |  | $— |  | $—
Stock compensation expense |  | $12,477 |  | $15,525 |  | $14,507 |  | $17,125 |  | $34,592
Amortization of loan fees |  | $4,620 |  | $4,222 |  | $4,146 |  | $4,142 |  | $4,059
Amortization of debt discounts |  | $333 |  | $330 |  | $328 |  | $318 |  | $309
Non-revenue-enhancing capital expenditures: |  |  |  |  |  |  |  |  |  |
Building improvements |  | $4,313 |  | $4,270 |  | $4,210 |  | $4,293 |  | $4,167
Tenant improvements and leasing commissions |  | $81,918 | (2) | $55,920 |  | $15,724 |  | $21,144 |  | $12,155
Funds from operations attributable to noncontrolling interests |  | $76,111 |  | $78,113 |  | $78,711 |  | $79,535 |  | $75,908
Operating statistics and related information (at end of period) |  |  |  |  |  |  |  |  |  |
Number of properties – North America |  | 391 |  | 406 |  | 408 |  | 410 |  | 411
RSF – North America (including development and redevelopment projects under construction) |  | 44,124,001 |  | 46,748,734 |  | 47,085,993 |  | 47,206,639 |  | 47,228,485
Total square feet – North America |  | 69,289,411 |  | 73,611,815 |  | 74,103,404 |  | 74,069,321 |  | 73,532,305
Annual rental revenue per occupied RSF – North America |  | $56.98 |  | $57.09 |  | $56.87 |  | $56.86 |  | $56.08
Occupancy of operating properties – North America |  | 94.6% |  | 94.7% |  | 94.6% |  | 94.6% |  | 94.6%
Occupancy of operating and redevelopment properties – North America |  | 89.7% |  | 89.7% |  | 89.9% |  | 90.2% |  | 90.2%
Weighted-average remaining lease term (in years) |  | 7.5 |  | 7.5 |  | 7.4 |  | 7.5 |  | 7.4
Total leasing activity – RSF |  | 1,310,999 |  | 1,486,097 |  | 1,114,001 |  | 1,142,857 |  | 889,737
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: |  |  |  |  |  |  |  |  |  |
Rental rate changes |  | 18.1% |  | 5.1% |  | 7.4% |  | 33.0% |  | 9.2%
Rental rate changes (cash basis) |  | 3.3% |  | 1.5% |  | 3.7% |  | 19.0% |  | 5.5%
RSF (included in total leasing activity above) |  | 1,024,862 |  | 1,278,857 |  | 589,650 |  | 994,770 |  | 477,142
Top 20 tenants: |  |  |  |  |  |  |  |  |  |
Annual rental revenue |  | $741,965 |  | $796,898 |  | $805,751 |  | $802,605 |  | $769,066
Annual rental revenue from investment-grade or publicly traded large cap tenants |  | 92% |  | 92% |  | 92% |  | 92% |  | 92%
Weighted-average remaining lease term (in years) |  | 9.3 |  | 9.5 |  | 9.4 |  | 9.7 |  | 9.6
Same property – percentage change over comparable quarter from prior year: |  |  |  |  |  |  |  |  |  |
Net operating income changes |  | 0.6% |  | 1.5% |  | 1.5% |  | 1.0% |  | 0.7%
Net operating income changes (cash basis) |  | 6.3% |  | 6.5% |  | 3.9% |  | 4.2% |  | 0.8%

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents a ground lease payment related to an amendment to our existing ground lease agreement at the Alexandria Technology Square® Megacampus in our Cambridge submarket completed in July 2024, which required that
we prepay our entire rent obligation for a 24-year lease term extension aggregating $270.0 million, including $135.0 million in 4Q24.
(2)Includes tenant improvements and leasing commissions for leases aggregating 319,708 RSF related to (i) a 10-year lease with an anchor tenant expanding into its flagship building in our Greater Stanford submarket and (ii) a 10-
year lease, with rental rate increases of 83.3% and 42.3% (cash basis), in our Torrey Pines submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing commissions per RSF for
the three months and year ended December 31, 2024 were $28.40 and $32.83, respectively, which are consistent with the five-year quarterly average of $29.98 per RSF. Tenant improvements and leasing commissions on renewed
and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the past five years.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 18

High-Quality and Diverse Client Base
December 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 Annual Rental Revenue

Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public Biotechnology –
Preclinical or Clinical
Stage
Private
Biotechnology
Other(1)
Other Investment-Grade
or Large Cap Tech
Biomedical and
Government
Institutions
As of December 31, 2024. Annual rental revenue represents amounts in effect as of December 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 the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than
1.0% of our annual rental revenue.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 19

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

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

Sustained Strength in Tenant Collections(1)
99.9% |  | 99.5%
4Q24 |  | January 2025
Long-Duration Lease Terms
9.3 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 January 27, 2025.
(2)Based on annual rental revenue in effect as of December 31, 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 20

Occupancy
December 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

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

(2)
Megacampus™
Core and
Non-Core
As of December 31, 2024. Annual rental revenue represents amounts in effect as of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2015 through 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. © 2025 | 21

Key Operating Metrics
December 31, 2024

Same Property Net Operating Income Growth |  |  | 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 Megacampus Ecosystems
70% |  | 72% |  |  |  | Increasing cash flows |  |
|  |  |  | Percentage of leases containing annual rent escalations | 97%
|  |  | Stable cash flows |  |
Weighted-Average Lease Term of Executed Leases(3) |  | Percentage of triple net leases | 92%
8.9 Years |  |  |  | Lower capex burden |  |
|  |  | Percentage of leases providing for the recapture of capital expenditures | 92%

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 December 31, 2024.
(2)Percentages calculated based on our annual rental revenue in effect as of December 31, 2024.
(3)Represents the weighted-average lease term of executed leases based on annual rental revenue for the 10-year period for the years ended December 31, 2015 through 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 22

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

|  | December 31, 2024 |  |  |  | December 31, 2024
Same Property Financial Data |  | Three Months Ended |  | Year Ended |  | Same Property Statistical Data |  | Three Months Ended |  | Year Ended
Percentage change over comparable period from prior year: |  |  |  |  |  | Number of same properties |  | 332 |  | 321
Net operating income changes |  | 0.6% |  | 1.2% |  | Rentable square feet |  | 33,512,862 |  | 31,670,359
Net operating income changes (cash basis) |  | 6.3% |  | 4.6% |  | Occupancy – current-period average |  | 94.8% |  | 94.2%
Operating margin |  | 67% |  | 68% |  | Occupancy – same-period prior-year average |  | 94.0% |  | 93.9%

|  | Three Months Ended December 31, |  | Year Ended December 31, |
|  | 2024 |  | 2023 |  | $ Change |  | % Change |  | 2024 |  | 2023 |  | $ Change |  | % Change |
Income from rentals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same properties |  | $452,037 |  | $437,539 |  | $14,498 |  | 3.3% |  | $1,685,654 |  | $1,640,232 |  | $45,422 |  | 2.8% |
Non-same properties |  | 114,498 |  | 123,889 |  | (9,391) |  | (7.6) |  | 618,685 |  | 503,739 |  | 114,946 |  | 22.8 |
Rental revenues |  | 566,535 |  | 561,428 |  | 5,107 |  | 0.9 |  | 2,304,339 |  | 2,143,971 |  | 160,368 |  | 7.5 |
Same properties |  | 167,376 |  | 160,270 |  | 7,106 |  | 4.4 |  | 612,600 |  | 598,442 |  | 14,158 |  | 2.4 |
Non-same properties |  | 29,338 |  | 20,939 |  | 8,399 |  | 40.1 |  | 132,767 |  | 100,043 |  | 32,724 |  | 32.7 |
Tenant recoveries |  | 196,714 |  | 181,209 |  | 15,505 |  | 8.6 |  | 745,367 |  | 698,485 |  | 46,882 |  | 6.7 |
Income from rentals |  | 763,249 |  | 742,637 |  | 20,612 |  | 2.8 |  | 3,049,706 |  | 2,842,456 |  | 207,250 |  | 7.3 |
Same properties |  | 683 |  | 317 |  | 366 |  | 115.5 |  | 1,740 |  | 1,675 |  | 65 |  | 3.9 |
Non-same properties |  | 25,013 |  | 14,262 |  | 10,751 |  | 75.4 |  | 64,948 |  | 41,568 |  | 23,380 |  | 56.2 |
Other income |  | 25,696 |  | 14,579 |  | 11,117 |  | 76.3 |  | 66,688 |  | 43,243 |  | 23,445 |  | 54.2 |
Same properties |  | 620,096 |  | 598,126 |  | 21,970 |  | 3.7 |  | 2,299,994 |  | 2,240,349 |  | 59,645 |  | 2.7 |
Non-same properties |  | 168,849 |  | 159,090 |  | 9,759 |  | 6.1 |  | 816,400 |  | 645,350 |  | 171,050 |  | 26.5 |
Total revenues |  | 788,945 |  | 757,216 |  | 31,729 |  | 4.2 |  | 3,116,394 |  | 2,885,699 |  | 230,695 |  | 8.0 |
Same properties |  | 204,812 |  | 185,148 |  | 19,664 |  | 10.6 |  | 734,965 |  | 693,574 |  | 41,391 |  | 6.0 |
Non-same properties |  | 35,620 |  | 37,578 |  | (1,958) |  | (5.2) |  | 174,300 |  | 165,606 |  | 8,694 |  | 5.2 |
Rental operations |  | 240,432 |  | 222,726 |  | 17,706 |  | 7.9 |  | 909,265 |  | 859,180 |  | 50,085 |  | 5.8 |
Same properties |  | 415,284 |  | 412,978 |  | 2,306 |  | 0.6 |  | 1,565,029 |  | 1,546,775 |  | 18,254 |  | 1.2 |
Non-same properties |  | 133,229 |  | 121,512 |  | 11,717 |  | 9.6 |  | 642,100 |  | 479,744 |  | 162,356 |  | 33.8 |
Net operating income |  | $548,513 |  | $534,490 |  | $14,023 |  | 2.6% |  | $2,207,129 |  | $2,026,519 |  | $180,610 |  | 8.9% |
Net operating income – same properties |  | $415,284 |  | $412,978 |  | $2,306 |  | 0.6% |  | $1,565,029 |  | $1,546,775 |  | $18,254 |  | 1.2% |
Straight-line rent revenue |  | 72 |  | (24,271) |  | 24,343 |  | (100.3) |  | (31,326) |  | (85,412) |  | 54,086 |  | (63.3) |
Amortization of acquired below-market leases |  | (12,717) |  | (9,969) |  | (2,748) |  | 27.6 |  | (44,683) |  | (37,985) |  | (6,698) |  | 17.6 |
Net operating income – same properties (cash basis) |  | $402,639 |  | $378,738 |  | $23,901 |  | 6.3% |  | $1,489,020 |  | $1,423,378 |  | $65,642 |  | 4.6% |

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. © 2025 | 23

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

|  |  | Three Months Ended |  |  |  | Year Ended |  |  |  | Year Ended |
|  |  | December 31, 2024 |  |  |  | December 31, 2024 |  |  |  | December 31, 2023 |
|  | Including Straight-Line Rent |  | Cash Basis |  | Including Straight-Line Rent |  | Cash Basis |  | Including Straight-Line Rent |  | Cash Basis
Leasing activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewed/re-leased space(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental rate changes |  |  | 18.1% |  |  |  | 3.3% |  |  |  | 16.9% |  |  |  | 7.2% |  |  |  | 29.4% |  |  |  | 15.8% |
New rates |  |  | $71.14 |  |  |  | $69.14 |  |  |  | $65.48 |  |  |  | $64.18 |  |  |  | $52.35 |  |  |  | $50.82 |
Expiring rates |  |  | $60.24 |  |  |  | $66.96 |  |  |  | $56.01 |  |  |  | $59.85 |  |  |  | $40.46 |  |  |  | $43.87 |
RSF |  |  | 1,024,862 |  |  |  |  |  |  |  | 3,888,139 |  |  |  |  |  |  |  | 3,046,386 |  |  |  |  |
Tenant improvements/leasing commissions |  |  | $82.64 | (2) |  |  |  |  |  |  | $46.89 | (2) |  |  |  |  |  |  | $26.09 |  |  |  |  |
Weighted-average lease term |  |  | 8.0 years |  |  |  |  |  |  |  | 8.5 years |  |  |  |  |  |  |  | 8.7 years |  |  |  |  |
Developed/redeveloped/previously vacant space leased(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $44.06 |  |  |  | $40.69 |  |  |  | $59.44 |  |  |  | $57.34 |  |  |  | $65.66 |  |  |  | $59.74 |
RSF |  |  | 286,137 |  |  |  |  |  |  |  | 1,165,815 |  |  |  |  |  |  |  | 1,259,686 |  |  |  |  |
Weighted-average lease term |  |  | 14.8 years |  |  |  |  |  |  |  | 10.0 years |  |  |  |  |  |  |  | 13.8 years |  |  |  |  |
Leasing activity summary (totals): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $65.46 |  |  |  | $63.17 |  |  |  | $64.16 |  |  |  | $62.68 |  |  |  | $56.09 |  |  |  | $53.33 |
RSF |  |  | 1,310,999 |  |  |  |  |  |  |  | 5,053,954 |  |  |  |  |  |  |  | 4,306,072 |  |  |  |  |
Weighted-average lease term |  |  | 9.5 years |  |  |  |  |  |  |  | 8.9 years |  |  |  |  |  |  |  | 11.3 years |  |  |  |  |
Lease expirations(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiring rates |  |  | $59.52 |  |  |  | $66.14 |  |  |  | $53.82 |  |  |  | $57.24 |  |  |  | $43.84 |  |  |  | $45.20 |
RSF |  |  | 1,204,079 |  |  |  |  |  |  |  | 5,005,638 |  |  |  |  |  |  |  | 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 aggregatin g 136,131 R SF and 86,092 R SF as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, we granted free rent concessions averaging 0.7
months per annum.
(2)Includes tenant improvements and leasing commissions for leases aggregating 319,708 RSF related to (i) a 10-year lease with an anchor tenant expanding into its flagship building in our Greater Stanford submarket and
(ii) a 10-year lease, with rental rate increase s of 83.3% and 42.3% (cash basis), in our Torrey Pines submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing
commissions per RSF for the three months and year ended December 31, 2024 we r e $28.40 an d $32.83, respectively, which are consistent with the five-year quarterly average of $29.98 per R S F. T enant improvements
and leasing commissions on renewed and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the
past five years.
(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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 24

Contractual Lease Expirations
December 31, 2024

Year |  | RSF |  | Percentage of Occupied RSF |  | Annual Rental Revenue (per RSF)(1) |  | Percentage of Annual Rental Revenue |
| 2025 | (2) |  |  | 3,708,195 |  |  |  | 10.0% |  |  |  | $45.91 |  |  |  | 8.2% |  |
| 2026 |  |  |  | 2,826,993 |  |  |  | 7.7% |  |  |  | $50.73 |  |  |  | 6.9% |  |
| 2027 |  |  |  | 3,302,598 |  |  |  | 8.9% |  |  |  | $53.80 |  |  |  | 8.6% |  |
| 2028 |  |  |  | 3,944,440 |  |  |  | 10.7% |  |  |  | $49.78 |  |  |  | 9.5% |  |
| 2029 |  |  |  | 2,385,914 |  |  |  | 6.5% |  |  |  | $51.30 |  |  |  | 5.9% |  |
| 2030 |  |  |  | 3,144,561 |  |  |  | 8.5% |  |  |  | $43.11 |  |  |  | 6.5% |  |
| 2031 |  |  |  | 3,433,958 |  |  |  | 9.3% |  |  |  | $54.76 |  |  |  | 9.1% |  |
| 2032 |  |  |  | 1,005,689 |  |  |  | 2.7% |  |  |  | $58.96 |  |  |  | 2.9% |  |
| 2033 |  |  |  | 2,585,813 |  |  |  | 7.0% |  |  |  | $47.77 |  |  |  | 5.9% |  |
| 2034 |  |  |  | 3,304,105 |  |  |  | 8.9% |  |  |  | $66.90 |  |  |  | 10.6% |  |
Thereafter |  |  | 7,291,855 |  |  |  | 19.8% |  |  |  | $73.85 |  |  |  | 25.9% |  |

Market |  | 2025 Contractual Lease Expirations (in RSF) |  | Annual Rental Revenue (per RSF)(1) |  | 2026 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 |  | Remaining Expiring Leases(4) |  | Total |
Greater Boston |  | 127,804 |  | 99,201 |  | 25,312 |  |  |  | 364,741 |  |  | 617,058 |  | $42.40 |  | 46,858 |  | 9,874 |  | — |  |  | 391,196 |  |  | 447,928 |  | $54.42
San Francisco Bay Area |  | 245,347 |  | 184,286 |  | — |  |  |  | 308,637 |  |  | 738,270 |  | 73.49 |  | 1,619 |  | 4,753 |  | — |  |  | 511,665 |  |  | 518,037 |  | 66.72
San Diego |  | 144,673 |  | 18,813 |  | 278,606 |  |  |  | 202,285 |  |  | 644,377 |  | 20.58 |  | — |  | — |  | — |  |  | 822,140 |  |  | 822,140 |  | 49.60
Seattle |  | — |  | 12,237 |  | — |  |  |  | 177,932 |  |  | 190,169 |  | 25.16 |  | — |  | 18,205 |  | — |  |  | 102,551 |  |  | 120,756 |  | 43.62
Maryland |  | 51,593 |  | — |  | — |  |  |  | 141,349 |  |  | 192,942 |  | 26.28 |  | — |  | — |  | — |  |  | 321,676 |  |  | 321,676 |  | 23.61
Research Triangle |  | 11,632 |  | 16,334 |  | — |  |  |  | 170,938 |  |  | 198,904 |  | 44.71 |  | — |  | 19,753 |  | — |  |  | 115,221 |  |  | 134,974 |  | 45.64
New York City |  | — |  | 27,912 |  | — |  |  |  | 40,347 |  |  | 68,259 |  | 110.42 |  | — |  | 104,157 |  | — |  |  | 71,470 |  |  | 175,627 |  | 93.58
Texas |  | — |  | — |  | 198,972 |  |  |  | — |  |  | 198,972 |  | N/A |  | — |  | — |  | — |  |  | — |  |  | — |  | —
Canada |  | 22,991 |  | — |  | — |  |  |  | 65,873 |  |  | 88,864 |  | 20.03 |  | — |  | 247,743 |  | — |  |  | — |  |  | 247,743 |  | 22.24
Non-cluster/other markets |  | — |  | — |  | — |  |  |  | 2,300 |  |  | 2,300 |  | 40.17 |  | — |  | — |  | — |  |  | 38,112 |  |  | 38,112 |  | 70.34
Subtotal |  | 604,040 |  | 358,783 |  | 502,890 |  |  |  | 1,474,402 |  |  | 2,940,115 |  | 41.78 |  | 48,477 |  | 404,485 |  | — |  |  | 2,374,031 |  |  | 2,826,993 |  | 50.73
Key 1Q25 lease expirations(5) |  | 23,522 |  | 112,831 |  | — |  |  |  | 631,727 |  |  | 768,080 |  | 61.67 |  | — |  | — |  | — |  |  | — |  |  | — |  | —
Total |  | 627,562 |  | 471,614 |  | 502,890 |  |  |  | 2,106,129 |  |  | 3,708,195 |  | $45.91 |  | 48,477 |  | 404,485 |  | — |  |  | 2,374,031 |  |  | 2,826,993 |  | $50.73
Percentage of expiring leases |  | 17% |  | 13% |  | 14% |  |  |  | 56% |  |  | 100% |  |  |  | 2% |  | 14% |  | 0% |  |  | 84% |  |  | 100% |  |

Contractual lease expirations for properties classified as held for sale as of December 31, 2024 are excluded from the information on this page.
(1)Represents amounts in effect as of December 31, 2024.
(2)Excludes month-to-month leases aggregatin g 136,131 R S F as of December 31, 2024. Refer to “Leasing Activity” in the Supplemental Information for additional details.
(3)Primarily represents assets that were recently acquired for future development and redevelopment 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 December 31, 2024, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $7.0 million and February 18, 2025,
respectively. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(4)The largest remaining contractual lease expiration in 2025 is 98,741 RSF in our Sorrento Mesa submarket, where we are in early discussions to renew the tenant for a short-term extension, and in 2026 is 163,648 RSF in our University
Town Center submarket, where we have an ownership interest of 30.0% and are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy.
(5)Includes expected temporary vacancies aggregating 768,080 RS F in four submarkets with a weighted-average expiration date of January 21, 2025 and annual rental revenue aggregating approximately $47 million with our share of this
annual rental revenue aggregating $35 million comprising the following: (i) 182,054 RSF at Alexandria Technology Squ are® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street, where we have an ownership
interest of 25.0%, in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties aggregating 247,246 RSF in our Austin submarket. We expect downtime on the 768,080
RSF to range from 12 to 24 months on a weighted-average basis. Our guidance assumes these properties remain operating properties and are included in our same property pool for the year ending December 31, 2025. As of December
31, 2024, 23,522 RSF was leased, 112,831 RSF was under signed letters of intent to re-lease, 527,196 RSF was involved in ongoing discussions for re-lease, and we expect to favorably resolve the remaining 104,531 RSF over the next
several quarters.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 25

Top 20 Tenants |
December 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 (in billions) |
|  |  |  |  |  | Moody’s |  | S&P |  |
1 |  | Eli Lilly and Company |  |  | 8.4 |  |  |  | 1,122,777 |  |  |  | $90,259 |  |  | 4.3% |  | A1 |  | A+ |  | $769.8 |
2 |  | Moderna, Inc. |  |  | 11.3 |  |  |  | 634,045 |  |  |  | 90,103 |  |  | 4.3 |  | — |  | — |  | $35.1 |
3 |  | Bristol-Myers Squibb Company |  |  | 5.4 |  |  |  | 999,379 |  |  |  | 77,188 |  |  | 3.7 |  | A2 |  | A |  | $100.6 |
4 |  | Takeda Pharmaceutical Company Limited |  |  | 10.4 |  |  |  | 549,759 |  |  |  | 47,899 |  |  | 2.3 |  | Baa1 |  | BBB+ |  | $44.2 |
5 |  | Roche |  |  | 8.2 |  |  |  | 647,069 |  |  |  | 37,405 |  |  | 1.8 |  | Aa2 |  | AA |  | $232.8 |
6 |  | Illumina, Inc. |  |  | 5.9 |  |  |  | 857,967 |  |  |  | 35,924 |  |  | 1.7 |  | Baa3 |  | BBB |  | $20.6 |
7 |  | Alphabet Inc. |  |  | 2.8 |  |  |  | 625,015 |  |  |  | 34,899 |  |  | 1.7 |  | Aa2 |  | AA+ |  | $2,032.2 |
8 |  | 2seventy bio, Inc.(2) |  |  | 8.7 |  |  |  | 312,805 |  |  |  | 33,543 |  |  | 1.6 |  | — |  | — |  | $0.2 |
9 |  | United States Government |  |  | 5.6 |  |  |  | 429,359 |  |  |  | 28,861 |  |  | 1.4 |  | Aaa |  | AA+ |  | $— |
10 |  | Cloud Software Group, Inc. |  |  | 2.2 | (3) |  |  | 292,013 |  |  |  | 28,537 |  |  | 1.4 |  | — |  | — |  | $— |
11 |  | Novartis AG |  |  | 3.5 |  |  |  | 448,690 |  |  |  | 27,958 |  |  | 1.3 |  | Aa3 |  | AA- |  | $235.1 |
12 |  | Uber Technologies, Inc. |  |  | 57.8 | (4) |  |  | 1,009,188 |  |  |  | 27,787 |  |  | 1.3 |  | Baa2 |  | BBB- |  | $147.7 |
13 |  | AstraZeneca PLC |  |  | 4.8 |  |  |  | 450,848 |  |  |  | 27,226 |  |  | 1.3 |  | A2 |  | A+ |  | $226.6 |
14 |  | Boston Children's Hospital |  |  | 12.2 |  |  |  | 309,231 |  |  |  | 26,154 |  |  | 1.2 |  | Aa2 |  | AA |  | $— |
15 |  | The Regents of the University of California |  |  | 6.4 |  |  |  | 372,647 |  |  |  | 23,515 |  |  | 1.1 |  | Aa2 |  | AA |  | $— |
16 |  | Sanofi |  |  | 6.0 |  |  |  | 267,278 |  |  |  | 21,444 |  |  | 1.0 |  | A1 |  | AA |  | $127.9 |
17 |  | Merck & Co., Inc. |  |  | 8.5 |  |  |  | 337,703 |  |  |  | 21,401 |  |  | 1.0 |  | A1 |  | A+ |  | $300.0 |
18 |  | New York University |  |  | 7.1 |  |  |  | 218,983 |  |  |  | 21,056 |  |  | 1.0 |  | Aa2 |  | AA- |  | $— |
19 |  | Charles River Laboratories, Inc. |  |  | 10.3 |  |  |  | 255,635 |  |  |  | 20,578 |  |  | 1.0 |  | — |  | — |  | $11.1 |
20 |  | Massachusetts Institute of Technology |  |  | 5.0 |  |  |  | 237,849 |  |  |  | 20,228 |  |  | 1.0 |  | Aaa |  | AAA |  | $— |
|  | Total/weighted-average |  |  | 9.3 | (4) |  |  | 10,378,240 |  |  |  | $741,965 |  |  | 35.4% |  |  |  |  |  |  |

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 December 31, 2024.
(2)Includes approximately 195,000 RSF, or 62.8% of the annual rental revenue generated from 2seventy bio as of December 31, 2024, that is subleased to Regeneron Pharmaceuticals, Inc., an investment-grade publicly traded biotechnology
company. As of September 30, 2024, 2seventy bio, Inc. held $192.4 million of cash, cash equivalents, and marketable securities. Additionally, 90.2% of th e annual rental revenue generated by 2seventy bio is guaranteed by another related
public biotechnology company.
(3)Consists of one lease at a property acquired in 2022 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 R S F) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregatin g 586,208 R SF) in our Mission Bay submarket owned by our
unconsolidated real estate joint venture in which we have a n ownership interest o f 10%. A nnual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue
from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants w a s 7.5 y e ar s as of December 31, 2024.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 26

Summary of Properties and Occupancy |
December 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 |  | 9,260,235 |  | 632,850 |  | 1,601,010 |  | 11,494,095 |  | 26% |  | 64 |  | $760,564 |  | 36% |  | $86.67 |
San Francisco Bay Area |  | 7,680,005 |  | 394,781 |  | 366,939 |  | 8,441,725 |  | 19 |  | 65 |  | 443,345 |  | 21 |  | 66.78 |
San Diego |  | 7,382,450 |  | 921,510 |  | — |  | 8,303,960 |  | 19 |  | 79 |  | 326,925 |  | 16 |  | 45.97 |
Seattle |  | 3,186,812 |  | 227,577 |  | — |  | 3,414,389 |  | 8 |  | 45 |  | 136,014 |  | 5 |  | 46.19 |
Maryland |  | 3,849,928 |  | — |  | — |  | 3,849,928 |  | 9 |  | 50 |  | 144,032 |  | 7 |  | 39.53 |
Research Triangle |  | 3,802,204 |  | — |  | — |  | 3,802,204 |  | 9 |  | 38 |  | 116,808 |  | 6 |  | 31.53 |
New York City |  | 921,774 |  | — |  | — |  | 921,774 |  | 2 |  | 4 |  | 73,534 |  | 4 |  | 90.26 |
Texas |  | 1,845,159 |  | — |  | 73,298 |  | 1,918,457 |  | 4 |  | 15 |  | 44,022 |  | 2 |  | 24.99 |
Canada |  | 888,189 |  | — |  | 139,311 |  | 1,027,500 |  | 2 |  | 11 |  | 19,661 |  | 1 |  | 23.08 |
Non-cluster/other markets |  | 349,099 |  | — |  | — |  | 349,099 |  | 1 |  | 10 |  | 15,027 |  | 1 |  | 59.35 |
Properties held for sale |  | 600,870 |  | — |  | — |  | 600,870 |  | 1 |  | 10 |  | 13,056 |  | 1 |  | N/A |
North America |  | 39,766,725 |  | 2,176,718 |  | 2,180,558 |  | 44,124,001 |  | 100% |  | 391 |  | $2,092,988 |  | 100% |  | $56.98 |
|  |  |  | 4,357,276 |  |  |  |  |  |  |  |  |  |  |  |  |

Summary of occupancy

|  | Operating Properties |  | Operating and Redevelopment Properties
Market |  | 12/31/24 |  | 9/30/24 |  | 12/31/23 |  | 12/31/24 |  | 9/30/24 |  | 12/31/23
Greater Boston |  | 94.8% |  | 94.6% |  | 94.9% |  | 80.8% |  | 80.9% |  | 84.7%
San Francisco Bay Area |  | 93.3 |  | 94.1 |  | 94.8 |  | 89.1 |  | 91.1 |  | 91.4
San Diego |  | 96.3 |  | 96.0 |  | 94.1 |  | 96.3 |  | 96.0 |  | 94.1
Seattle |  | 92.4 |  | 92.3 |  | 95.2 |  | 92.4 |  | 91.3 |  | 90.7
Maryland |  | 95.7 |  | 96.2 |  | 95.6 |  | 95.7 |  | 96.2 |  | 95.6
Research Triangle |  | 97.4 |  | 97.5 |  | 97.8 |  | 97.4 |  | 97.5 |  | 97.8
New York City |  | 88.4 | (1) | 85.1 |  | 85.3 |  | 88.4 |  | 85.1 |  | 85.3
Texas |  | 95.5 |  | 95.5 |  | 95.1 |  | 91.8 |  | 91.8 |  | 91.5
Subtotal |  | 94.8 |  | 94.9 |  | 94.9 |  | 90.0 |  | 90.0 |  | 90.7
Canada |  | 95.9 |  | 95.5 |  | 87.1 |  | 82.9 |  | 82.6 |  | 73.0
Non-cluster/other markets |  | 72.5 |  | 72.8 |  | 78.5 |  | 72.5 |  | 72.8 |  | 78.5
North America |  | 94.6% | (2) | 94.7% |  | 94.6% |  | 89.7% |  | 89.7% |  | 90.2%

(1)Th e Alexandria Center® for Life Scien ce – New York City Megacampus i s 98.7% occupied as of December 31, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for
Life Science – Long Island City property, which wa s 45.7% occupied as of December 31, 2024.
(2)Includes temporary vacancy as of December 31, 2024 aggregating 278,528 RSF that is leased and expected to be occupied upon completion of the tenant improvements to the spaces. The weighted-average
expected delivery date of these spaces is May 12, 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 27

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

Our Mega c ampus™ Properties Account for 77% of Our Annual Rental Revenue

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
Greater Boston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cambridge/Inner Suburbs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® at Kendall Square |  | 2,199,030 |  | — |  | — |  | 2,199,030 |  | 7 |  | $228,062 |  |  | 100.0% |  |  | 100.0% |
|  | 50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 First Street, and 300 Third Street(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® at One Kendall Square |  | 1,281,580 |  | — |  | 104,956 |  | 1,386,536 |  | 12 |  | 145,576 |  |  | 94.8 |  |  | 87.6 |
|  | One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Technology Square® |  | 1,185,190 |  | — |  | — |  | 1,185,190 |  | 7 |  | 110,969 |  |  | 97.7 |  |  | 97.7 |
|  | 100, 200, 300, 400, 500, 600, and 700 Technology Square |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: The Arsenal on the Charles |  | 776,781 |  | 36,444 |  | 308,446 |  | 1,121,671 |  | 13 |  | 47,730 |  |  | 99.4 |  |  | 71.2 |
|  | 311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street, 1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue(1) |  | 633,056 |  | 204,395 |  | — |  | 837,451 |  | 6 |  | 28,173 |  |  | 98.4 |  |  | 98.4 |
|  | Cambridge/Inner Suburbs |  | 6,075,637 |  | 240,839 |  | 413,402 |  | 6,729,878 |  | 45 |  | 560,510 |  |  | 98.2 |  |  | 91.9 |
| Fenway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Fenway |  | 1,291,019 |  | 392,011 |  | 137,675 |  | 1,820,705 |  | 3 |  | 100,587 |  |  | 89.7 |  |  | 81.1 |
|  | 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 |  | 44,143 |  |  | 81.8 |  |  | 81.8 |
|  | Seaport Innovation District |  | 441,396 |  | — |  | — |  | 441,396 |  | 2 |  | 44,143 |  |  | 81.8 |  |  | 81.8 |
| Route 128 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Waltham |  | 466,094 |  | — |  | 596,064 |  | 1,062,158 |  | 5 |  | 36,659 |  |  | 100.0 |  |  | 43.9 |
|  | 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 19, 225, and 235 Presidential Way |  | 585,226 |  | — |  | — |  | 585,226 |  | 3 |  | 13,937 |  |  | 100.0 |  |  | 100.0 |
|  | Route 128 |  | 1,051,320 |  | — |  | 596,064 |  | 1,647,384 |  | 8 |  | 50,596 |  |  | 100.0 |  |  | 63.8 |
| Other |  | 400,863 |  | — |  | 453,869 |  | 854,732 |  | 6 |  | 4,728 |  |  | 59.7 |  |  | 28.0 |
|  | Greater Boston |  | 9,260,235 |  | 632,850 |  | 1,601,010 |  | 11,494,095 |  | 64 |  | $760,564 |  |  | 94.8% |  |  | 80.8% |
| 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. © 2025 | 28

Property Listing (continued) |
December 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Science and Technology – Mission Bay(1) |  | 2,005,369 |  | 109,435 |  | — |  | 2,114,804 |  | 10 |  | $90,452 |  |  | 95.1% |  |  | 95.1% |
|  | 1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mission Bay |  | 2,005,369 |  | 109,435 |  | — |  | 2,114,804 |  | 10 |  | 90,452 |  |  | 95.1 |  |  | 95.1 |
| South San Francisco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Technology Center® – Gateway(1) |  | 1,408,022 |  | — |  | 259,689 |  | 1,667,711 |  | 12 |  | 76,705 |  |  | 81.9 |  |  | 69.1 |
|  | 600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco |  | 812,453 |  | — |  | 107,250 |  | 919,703 |  | 5 |  | 52,990 |  |  | 100.0 |  |  | 88.3 |
|  | 213(1), 249, 259, 269, and 279 East Grand Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – South San Francisco |  | 504,053 |  | — |  | — |  | 504,053 |  | 3 |  | 32,767 |  |  | 93.9 |  |  | 93.9 |
|  | 201 Haskins Way and 400 and 450 East Jamie Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Advanced Technologies – Tanforan |  | 445,232 |  | — |  | — |  | 445,232 |  | 2 |  | 3,829 |  |  | 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 |  | 3,325,445 |  | 285,346 |  | 366,939 |  | 3,977,730 |  | 24 |  | 176,971 |  |  | 91.4 |  |  | 82.3 |
| Greater Stanford |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – San Carlos |  | 738,038 |  | — |  | — |  | 738,038 |  | 9 |  | 41,671 |  |  | 94.5 |  |  | 94.5 |
|  | 825, 835, 960, and 1501-1599 Industrial Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Stanford Life Science District |  | 704,560 |  | — |  | — |  | 704,560 |  | 9 |  | 75,771 |  |  | 98.5 |  |  | 98.5 |
|  | 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 |  | 23,603 |  |  | 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 |  | 198,558 |  | — |  | — |  | 198,558 |  | 3 |  | 15,902 |  |  | 89.4 |  |  | 89.4 |
|  | 2100, 2200, and 2400 Geng Road |  | 78,501 |  | — |  | — |  | 78,501 |  | 3 |  | 4,803 |  |  | 100.0 |  |  | 100.0 |
|  | 3350 West Bayshore Road |  | 61,431 |  | — |  | — |  | 61,431 |  | 1 |  | 4,770 |  |  | 100.0 |  |  | 100.0 |
|  | Greater Stanford |  | 2,349,191 |  | — |  | — |  | 2,349,191 |  | 31 |  | 175,922 |  |  | 94.5 |  |  | 94.5 |
|  | San Francisco Bay Area |  | 7,680,005 |  | 394,781 |  | 366,939 |  | 8,441,725 |  | 65 |  | $443,345 |  |  | 93.3% |  |  | 89.1% |
| 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. (3)In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 29

Property Listing (continued) |
December 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: One Alexandria Square |  | 840,192 |  | 241,504 |  | — |  | 1,081,696 |  | 10 |  | $47,915 |  |  | 99.0% |  |  | 99.0% |
|  | 3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road, and 3545 Cray Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Torrey Ridge |  | 299,138 |  | — |  | — |  | 299,138 |  | 3 |  | 13,263 |  |  | 79.7 |  |  | 79.7 |
|  | 10578, 10618, and 10628 Science Center Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ARE Nautilus |  | 218,459 |  | — |  | — |  | 218,459 |  | 4 |  | 12,184 |  |  | 97.7 |  |  | 97.7 |
|  | 3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Torrey Pines |  | 1,357,789 |  | 241,504 |  | — |  | 1,599,293 |  | 17 |  | 73,362 |  |  | 94.5 |  |  | 94.5 |
| University Town Center |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Campus Point by Alexandria(1) |  | 1,594,463 |  | 426,927 |  | — |  | 2,021,390 |  | 10 |  | 86,469 |  |  | 98.0 |  |  | 98.0 |
|  | 9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135, 4155, 4161, 4224, and 4242 Campus Point Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: 5200 Illumina Way(1) |  | 792,687 |  | — |  | — |  | 792,687 |  | 6 |  | 29,978 |  |  | 100.0 |  |  | 100.0 |
|  | 9625 Towne Centre Drive(1) |  | 163,648 |  | — |  | — |  | 163,648 |  | 1 |  | 6,520 |  |  | 100.0 |  |  | 100.0 |
|  | University Town Center |  | 2,550,798 |  | 426,927 |  | — |  | 2,977,725 |  | 17 |  | 122,967 |  |  | 98.8 |  |  | 98.8 |
| Sorrento Mesa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: SD Tech by Alexandria(1) |  | 878,805 |  | 253,079 |  | — |  | 1,131,884 |  | 12 |  | 39,988 |  |  | 93.6 |  |  | 93.6 |
|  | 9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, and 10075 Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Sequence District by Alexandria |  | 801,575 |  | — |  | — |  | 801,575 |  | 7 |  | 28,766 |  |  | 100.0 |  |  | 100.0 |
|  | 6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pacific Technology Park(1) |  | 544,352 |  | — |  | — |  | 544,352 |  | 5 |  | 9,352 |  |  | 92.8 |  |  | 92.8 |
|  | 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 |  | 4,581 |  |  | 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 |  | 2,968,203 |  | 253,079 |  | — |  | 3,221,282 |  | 35 |  | $114,198 |  |  | 96.8% |  |  | 96.8% |
| 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. © 2025 | 30

Property Listing (continued) |
December 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 |  | 151,406 |  | — |  | — |  | 151,406 |  | 6 |  | $3,970 |  |  | 54.0% |  |  | 54.0% |
|  | 11045 and 11055 Roselle Street |  | 43,233 |  | — |  | — |  | 43,233 |  | 2 |  | 2,203 |  |  | 100.0 |  |  | 100.0 |
|  | Sorrento Valley |  | 194,639 |  | — |  | — |  | 194,639 |  | 8 |  | 6,173 |  |  | 64.2 |  |  | 64.2 |
| Other |  | 311,021 |  | — |  | — |  | 311,021 |  | 2 |  | 10,225 |  |  | 100.0 |  |  | 100.0 |
|  | San Diego |  | 7,382,450 |  | 921,510 |  | — |  | 8,303,960 |  | 79 |  | 326,925 |  |  | 96.3 |  |  | 96.3 |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Union |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Eastlake |  | 1,152,644 |  | — |  | — |  | 1,152,644 |  | 9 |  | 77,461 |  |  | 95.6 |  |  | 95.6 |
|  | 1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – South Lake Union |  | 381,380 |  | 227,577 |  | — |  | 608,957 |  | 3 |  | 21,890 |  |  | 99.6 |  |  | 99.6 |
|  | 400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 219 Terry Avenue North |  | 31,797 |  | — |  | — |  | 31,797 |  | 1 |  | 1,339 |  |  | 56.9 |  |  | 56.9 |
|  | Lake Union |  | 1,565,821 |  | 227,577 |  | — |  | 1,793,398 |  | 13 |  | 100,690 |  |  | 95.8 |  |  | 95.8 |
| Elliott Bay |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 410 West Harrison Street and 410 Elliott Avenue West |  | 20,101 |  | — |  | — |  | 20,101 |  | 2 |  | 710 |  |  | 100.0 |  |  | 100.0 |
| Bothell |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park |  | 1,061,778 |  | — |  | — |  | 1,061,778 |  | 22 |  | 21,482 |  |  | 87.7 |  |  | 87.7 |
|  | 22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522, 22722, and 22745 29th Drive Southeast, 21540, 22213 and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 463,449 |  | — |  | — |  | 463,449 |  | 6 |  | 12,290 |  |  | 90.3 |  |  | 90.3 |
|  | 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Bothell |  | 1,525,227 |  | — |  | — |  | 1,525,227 |  | 28 |  | 33,772 |  |  | 88.5 |  |  | 88.5 |
| Other |  | 75,663 |  | — |  | — |  | 75,663 |  | 2 |  | 842 |  |  | 98.5 |  |  | 98.5 |
|  | Seattle |  | 3,186,812 |  | 227,577 |  | — |  | 3,414,389 |  | 45 |  | $136,014 |  |  | 92.4% |  |  | 92.4% |
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. © 2025 | 31

Property Listing (continued) |
December 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Shady Grove |  | 1,692,350 |  | — |  | — |  | 1,692,350 |  | 20 |  | $79,076 |  |  | 97.5% |  |  | 97.5% |
|  | 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 |  | 4,323 |  |  | 100.0 |  |  | 100.0 |
|  | 1405 and 1450(1) Research Boulevard |  | 114,849 |  | — |  | — |  | 114,849 |  | 2 |  | 3,029 |  |  | 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 |  | 3,082 |  |  | 100.0 |  |  | 100.0 |
|  | 5 Research Court |  | 51,520 |  | — |  | — |  | 51,520 |  | 1 |  | 1,976 |  |  | 100.0 |  |  | 100.0 |
|  | 12301 Parklawn Drive |  | 49,185 |  | — |  | — |  | 49,185 |  | 1 |  | 1,598 |  |  | 100.0 |  |  | 100.0 |
|  | Rockville |  | 2,194,623 |  | — |  | — |  | 2,194,623 |  | 28 |  | 94,928 |  |  | 96.7 |  |  | 96.7 |
| Gaithersburg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg I |  | 619,061 |  | — |  | — |  | 619,061 |  | 9 |  | 19,603 |  |  | 93.6 |  |  | 93.6 |
|  | 9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg II |  | 486,301 |  | — |  | — |  | 486,301 |  | 7 |  | 18,816 |  |  | 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 |  | 2,107 |  |  | 100.0 |  |  | 100.0 |
|  | 401 Professional Drive |  | 63,154 |  | — |  | — |  | 63,154 |  | 1 |  | 1,949 |  |  | 90.1 |  |  | 90.1 |
|  | 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 |  | 1,327,472 |  | — |  | — |  | 1,327,472 |  | 20 |  | 44,916 |  |  | 96.6 |  |  | 96.6 |
| Beltsville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 8000/9000/10000 Virginia Manor Road |  | 191,884 |  | — |  | — |  | 191,884 |  | 1 |  | 2,974 |  |  | 97.7 |  |  | 97.7 |
|  | 101 West Dickman Street(1) |  | 135,949 |  | — |  | — |  | 135,949 |  | 1 |  | 1,214 |  |  | 69.9 |  |  | 69.9 |
|  | Beltsville |  | 327,833 |  | — |  | — |  | 327,833 |  | 2 |  | 4,188 |  |  | 86.1 |  |  | 86.1 |
|  | Maryland |  | 3,849,928 |  | — |  | — |  | 3,849,928 |  | 50 |  | 144,032 |  |  | 95.7 |  |  | 95.7 |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Durham |  | 2,214,887 |  | — |  | — |  | 2,214,887 |  | 16 |  | 55,242 |  |  | 97.6 |  |  | 97.6 |
|  | 6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle |  | 687,824 |  | — |  | — |  | 687,824 |  | 6 |  | 31,939 |  |  | 99.4 |  |  | 99.4 |
|  | 6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Sustainable Technologies |  | 364,493 |  | — |  | — |  | 364,493 |  | 7 |  | $11,979 |  |  | 91.8% |  |  | 91.8% |
|  | 104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle 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. © 2025 | 32

Property Listing (continued) |
December 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Alston |  | 155,731 |  | — |  | — |  | 155,731 |  | 3 |  | $4,126 |  |  | 94.7% |  |  | 94.7% |
|  | 100, 800, and 801 Capitola Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Innovation Center® – Research Triangle |  | 136,722 |  | — |  | — |  | 136,722 |  | 3 |  | 4,235 |  |  | 99.2 |  |  | 99.2 |
|  | 7010, 7020, and 7030 Kit Creek Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2525 East NC Highway 54 |  | 82,996 |  | — |  | — |  | 82,996 |  | 1 |  | 3,651 |  |  | 100.0 |  |  | 100.0 |
|  | 407 Davis Drive |  | 81,956 |  | — |  | — |  | 81,956 |  | 1 |  | 3,323 |  |  | 100.0 |  |  | 100.0 |
|  | 601 Keystone Park Drive |  | 77,595 |  | — |  | — |  | 77,595 |  | 1 |  | 2,313 |  |  | 100.0 |  |  | 100.0 |
|  | Research Triangle |  | 3,802,204 |  | — |  | — |  | 3,802,204 |  | 38 |  | 116,808 |  |  | 97.4 |  |  | 97.4 |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – New York City |  | 742,586 |  | — |  | — |  | 742,586 |  | 3 |  | 67,864 |  |  | 98.7 |  |  | 98.7 |
|  | 430 and 450 East 29th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – Long Island City |  | 179,188 |  | — |  | — |  | 179,188 |  | 1 |  | 5,670 |  |  | 45.7 |  |  | 45.7 |
|  | 30-02 48th Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | New York City |  | 921,774 |  | — |  | — |  | 921,774 |  | 4 |  | 73,534 |  |  | 88.4 |  |  | 88.4 |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Intersection Campus |  | 1,525,359 |  | — |  | — |  | 1,525,359 |  | 12 |  | 39,955 |  |  | 99.2 |  |  | 99.2 |
|  | 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 |  | 895 |  |  | 100.0 |  |  | 100.0 |
|  | Austin |  | 1,724,331 |  | — |  | — |  | 1,724,331 |  | 14 |  | 40,850 |  |  | 99.3 |  |  | 99.3 |
| 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 |  | 44,022 |  |  | 95.5 |  |  | 91.8 |
Canada |  | 888,189 |  | — |  | 139,311 |  | 1,027,500 |  | 11 |  | 19,661 |  |  | 95.9 |  |  | 82.9 |
Non-cluster/other markets |  | 349,099 |  | — |  | — |  | 349,099 |  | 10 |  | 15,027 |  |  | 72.5 |  |  | 72.5 |
North America, excluding properties held for sale |  | 39,165,855 |  | 2,176,718 |  | 2,180,558 |  | 43,523,131 |  | 381 |  | 2,079,932 |  |  | 94.6% |  |  | 89.7% |
Properties held for sale |  | 600,870 |  | — |  | — |  | 600,870 |  | 10 |  | 13,056 |  |  | 39.6% |  |  | 39.6% |
Total – North America |  | 39,766,725 |  | 2,176,718 |  | 2,180,558 |  | 44,124,001 |  | 391 |  | $2,092,988 |  |  |  |  |  |  |

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. © 2025 | 33

Investments in Real Estate |
December 31, 2024

ALEXANDRIA’S FUTURE GROWTH IN
ANNUAL NET OPERATING INCOME FROM
DEVELOPMENT AND REDEVELOPMENT DELIVERIES
$395 MILLION
(1)
P laced Into Service
Expected to Be Placed Into Service

2024 | 4Q24
$118M | $55M
1.5M RSF | 602,593 RSF
98% Occupied

2025 | 1Q26–2Q28
$83M | $312M
89% Leased/Negotiating |  |
Aggregating 4.4M RSF

(2)
(3)
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 measure 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 1Q25 through 2Q28 is projected to be $334 million.
(2)I ncludes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. 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)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 34

Investments in Real Estate |
December 31, 2024
(Dollars in thousands)

Investments in real estate

|  |  |  | Development and Redevelopment |  |  |
|  |  |  |  |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |  |  |
|  | Operating |  | Under Construction |  | Priority Anticipated |  | Future |  | Subtotal |  | Total |
Square footage |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | 39,165,855 |  | — |  | — |  | — |  | — |  | 39,165,855 |
New Class A/A+ development and redevelopment properties |  | — |  | 4,357,276 |  | 2,134,948 |  | 23,696,280 |  | 30,188,504 |  | 30,188,504 |
Future development and redevelopment square feet currently included in rental properties(1) |  | — |  | — |  | (213,524) |  | (2,843,150) |  | (3,056,674) |  | (3,056,674) |
Total square footage, excluding properties held for sale |  | 39,165,855 |  | 4,357,276 |  | 1,921,424 |  | 20,853,130 |  | 27,131,830 |  | 66,297,685 |
Properties held for sale |  | 600,870 |  | — |  | — |  | 2,390,856 |  | 2,390,856 |  | 2,991,726 |
Total square footage |  | 39,766,725 |  | 4,357,276 |  | 1,921,424 |  | 23,243,986 |  | 29,522,686 |  | 69,289,411 | (2)
Investments in real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Gross book value as of December 31, 2024(3) |  | $28,878,752 |  | $3,893,557 |  | $510,372 |  | $4,452,537 |  | $8,856,466 |  | $37,735,218 |

(1)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.
(2)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2025 with dispositions and sales of partial interests primarily focused on sales of properties and
land parcels not integral to our Megacampus strategy.
(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 sheet. 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. © 2025 | 35

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries |
December 31, 2024

500 North Beacon Street and 4 Kingsbury Avenue(1) |  | 201 Brookline Avenue |  | 840 Winter Street
Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway |  | Greater Boston/Route 128
211,574 RSF |  | 512,749 RSF |  | 139,984 RSF
100% Occupancy |  | 98% Occupancy |  | 100% Occupancy

10935, 10945, and 10955 Alexandria Way(2) |  | 4155 Campus Point Court |  | 9808 Medical Center Drive
San Diego/Torrey Pines |  | San Diego/ University Town Center |  | Maryland/Rockville
93,492 RSF |  | 171,102 RSF |  | 95,061 RSF
100% Occupancy |  | 100% Occupancy |  | 69% Occupancy

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 36

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

Incremental Annual Net Operating Income Generated From 2024 Deliveries
Aggregated $118 Million, Including $55 Million in 4Q24

Property/Market/Submarket |  |  |  | Our Ownership Interest |  | RSF Placed in Service |  | Occupancy Percentage(2) |  | Total Project |  | Unlevered Yields
| 4Q24 Delivery Date(1) |  |  | Prior to 1/1/24 |  | 1Q24 |  | 2Q24 |  | 3Q24 |  | 4Q24 |  | Total |  |  |  | Initial Stabilized |  | Initial Stabilized (Cash Basis)
|  |  |  |  |  |  |  |  |  | RSF |  | Investment |  |
Development projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | N/A |  | 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 |  | 11/1/24 |  | 100% |  | — |  | 100,624 |  | 37,913 |  | — |  | 73,037 |  | 211,574 |  |  | 100% |  |  | 248,018 |  | 427,000 |  |  | 6.2 |  |  |  | 5.5 |
201 Brookline Avenue/Greater Boston/ Fenway |  | 10/30/24 |  | 99.0% |  | 451,967 |  | — |  | — |  | — |  | 60,782 |  | 512,749 |  |  | 98% |  |  | 512,749 |  | 787,000 |  |  | 7.3 |  |  |  | 6.6 |
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | 11/1/24 |  | 100% |  | — |  | — |  | — |  | — |  | 93,492 |  | 93,492 |  |  | 100% |  |  | 334,996 |  | 503,000 |  |  | 6.2 |  |  |  | 5.8 |
4155 Campus Point Court/San Diego/ University Town Center |  | 11/7/24 |  | 55.0% |  | — |  | — |  | — |  | — |  | 171,102 |  | 171,102 |  |  | 100% |  |  | 171,102 |  | 184,000 |  |  | 8.0 |  |  |  | 6.4 |
1150 Eastlake Avenue East/Seattle/ Lake Union |  | N/A |  | 100% |  | 278,282 |  | — |  | 2,079 |  | 31,270 |  | — |  | 311,631 |  |  | 100% |  |  | 311,631 |  | 442,000 |  |  | 6.6 |  |  |  | 6.7 |
9810 Darnestown Road/Maryland/ Rockville |  | N/A |  | 100% |  | — |  | — |  | 195,435 |  | — |  | — |  | 195,435 |  |  | 100% |  |  | 195,435 |  | 135,000 |  |  | 7.1 |  |  |  | 6.2 |
9820 Darnestown Road/Maryland/ Rockville |  | N/A |  | 100% |  | — |  | — |  | — |  | 250,000 |  | — |  | 250,000 |  |  | 100% |  |  | 250,000 |  | 177,000 |  |  | 8.7 |  |  |  | 5.6 |
9808 Medical Center Drive/Maryland/ Rockville |  | 12/31/24 |  | 100% |  | 26,460 |  | — |  | 25,655 |  | 13,056 |  | 29,890 |  | 95,061 |  |  | 69% |  |  | 95,061 |  | 114,000 |  |  | 5.4 |  |  |  | 5.4 |
Redevelopment projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
840 Winter Street/Greater Boston/ Route 128 |  | 11/22/24 |  | 100% |  | — |  | — |  | — |  | — |  | 139,984 |  | 139,984 |  |  | 100% |  |  | 168,214 |  | 224,000 |  |  | 7.9 | (3) |  |  | 6.7 | (3)
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | N/A |  | 50.0% |  | — |  | 44,652 |  | — |  | 22,365 |  | — |  | 67,017 |  |  | 100% |  |  | 326,706 |  | 487,000 |  |  | 5.0 |  |  |  | 5.1 |
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell |  | 12/31/24 |  | 100% |  | 65,086 |  | 115,598 |  | — |  | — |  | 34,306 |  | 214,990 |  |  | 90% |  |  | 460,934 |  | 216,000 |  |  | 6.3 |  |  |  | 6.2 |
Canada |  | N/A |  | 100% |  | 44,862 |  | 9,725 |  | 23,900 |  | — |  | — |  | 78,487 |  |  | 100% |  |  | 250,790 |  | 113,000 |  |  | 6.4 |  |  |  | 6.3 |
Weighted average/total |  | 11/7/24 |  |  |  | 910,225 |  | 343,445 |  | 284,982 |  | 316,691 |  | 602,593 |  | 2,457,936 |  |  |  |  |  | 3,646,445 |  | $4,277,000 |  |  | 6.7% |  |  |  | 6.2% |

Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.
(1)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(2)Occupancy r elates to total operating RSF placed in service as of the most recent delivery.
(3)Represents initial stabilized yields upon completion and delivery of the project in 4Q24. However, we are actively negotiating with our existing anchor tenant to potentially relocate them to another Alexandria property to accommodate their
future growth, and if this occurs, our future returns on this asset could change as we backfill this building with a new tenant.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 37

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

99 Coolidge Avenue |  | 500 North Beacon Street and 4 Kingsbury Avenue(1) |  | 311 Arsenal Street |  | 401 Park Drive
Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway
204,395 RSF |  | 36,444 RSF |  | 308,446 RSF |  | 137,675 RSF
62% Leased/Negotiating |  | 92% Leased/Negotiating |  | 21% Leased/Negotiating |  | —% Leased/Negotiating

421 Park Drive |  | 40, 50, and 60 Sylvan Road |  | 1450 Owens Street |  | 651 Gateway Boulevard
Greater Boston/Fenway |  | Greater Boston/Route 128 |  | San Francisco Bay Area/ Mission Bay |  | San Francisco Bay Area/ South San Francisco
392,011 RSF |  | 596,064 RSF |  | 109,435 RSF |  | 259,689 RSF
13% Leased/Negotiating |  | 31% Leased/Negotiating(2) |  | —% Leased/Negotiating(3) |  | 21% Leased/Negotiating

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket.
(3)I mage represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership
interest of 75%, after which it will contribute its respective share of additional capital. Additionally, in 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or
approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to
be 25% at completion of the project.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 38

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

230 Harriet Tubman Way |  | 269 East Grand Avenue |  | 10935, 10945, and 10955 Alexandria Way(1) |  | 4135 Campus Point Court
San Francisco Bay Area/ South San Francisco |  | San Francisco Bay Area/ South San Francisco |  | San Diego/Torrey Pines |  | San Diego/ University Town Center
285,346 RSF |  | 107,250 RSF |  | 241,504 RSF |  | 426,927 RSF
100% Leased |  | —% Leased/Negotiating |  | 100% Leased |  | 100% Leased

10075 Barnes Canyon Road |  | 701 Dexter Avenue North |  | 8800 Technology Forest Place
San Diego/Sorrento Mesa |  | Seattle/Lake Union |  | Texas/Greater Houston
253,079 RSF |  | 227,577 RSF |  | 73,298 RSF
70% Leased/Negotiating |  | —% Leased/Negotiating |  | 41% Leased/Negotiating

(1)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 39

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

Property/Market/Submarket |  |  |  | Square Footage |  | Percentage |  | Occupancy(1)
| Dev/Redev |  | In Service |  | CIP |  | Total |  | Leased |  | Leased/ Negotiating |  | Initial |  | Stabilized
Under construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | Dev |  | 211,574 |  | 36,444 |  | 248,018 |  | 92% |  |  | 92% |  |  |  | 1Q24 |  |  | 2025
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | Dev |  | — |  | 285,346 |  | 285,346 |  | 100 |  |  | 100 |  |  |  | 1Q25 |  |  | 1Q25
Canada |  | Redev |  | 111,479 |  | 139,311 |  | 250,790 |  | 73 |  |  | 75 |  |  |  | 3Q23 |  |  | 2025
|  |  |  | 323,053 |  | 461,101 |  | 784,154 |  | 89 |  |  | 89 |  |  |  |  |  |  |
2026 and beyond stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Hampshire Street/Greater Boston/Cambridge |  | Redev |  | — |  | 104,956 |  | 104,956 |  | — |  |  | — |  |  |  | 2027 |  |  | 2028
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs |  | Redev |  | 82,216 | (2) | 308,446 |  | 390,662 |  | 21 |  |  | 21 |  |  |  | 2027 |  |  | 2027
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | Dev |  | 116,414 |  | 204,395 |  | 320,809 |  | 40 |  |  | 62 |  |  |  | 4Q23 |  |  | 2026
401 Park Drive/Greater Boston/Fenway(3) |  | Redev |  | — |  | 137,675 |  | 137,675 |  | — |  |  | — |  |  |  | 2026 |  |  | 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 |  | — |  | 596,064 |  | 596,064 |  | 31 |  |  | 31 |  |  |  | 2026 |  |  | 2027
Other/Greater Boston |  | Redev |  | — |  | 453,869 |  | 453,869 |  | — |  |  | — | (4) |  |  | 2027 |  |  | 2027
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | Dev |  | — |  | 109,435 |  | 109,435 |  | — |  |  | — | (5) |  |  | 2026 |  |  | 2026
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | Redev |  | 67,017 |  | 259,689 |  | 326,706 |  | 21 |  |  | 21 |  |  |  | 1Q24 |  |  | 2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco |  | Redev |  | — |  | 107,250 |  | 107,250 |  | — |  |  | — |  |  |  | 2026 |  |  | 2027
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | Dev |  | 93,492 |  | 241,504 |  | 334,996 |  | 100 |  |  | 100 |  |  |  | 4Q24 |  |  | 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 |  | — |  | 253,079 |  | 253,079 |  | 70 |  |  | 70 |  |  |  | 2025 |  |  | 2026
701 Dexter Avenue North/Seattle/Lake Union |  | Dev |  | — |  | 227,577 |  | 227,577 |  | — |  |  | — |  |  |  | 2026 |  |  | 2027
8800 Technology Forest Place/Texas/Greater Houston |  | Redev |  | 50,094 |  | 73,298 |  | 123,392 |  | 41 |  |  | 41 |  |  |  | 2Q23 |  |  | 2026
|  |  |  | 409,233 |  | 3,896,175 |  | 4,305,408 |  | 35 |  |  | 37 |  |  |  |  |  |  |
Total |  |  |  | 732,286 |  | 4,357,276 |  | 5,089,562 |  | 43% |  |  | 45% |  |  |  |  |  |  |
(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)We expect to redevelop an additional 25,312 RSF of space occupied as of December 31, 2024 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. (3)During 4Q24, we shifted the strategy of our 401 Park Drive redevelopment project to focus on the largest, most significant phase of the project. This phase aggregated 137,675 RSF and is expected to initially deliver and stabilize in 2026. Accordingly, we placed the less significant portion of the project that aggregated 22,284 RSF back into operations. (4)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses that will address demand from other non-Alexandria properties/campuses. (5)Represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership interest of 75%, after which it will contribute its respective share of additional capital. In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 40

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
December 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | 100% |  |  | $378,021 |  | $37,026 |  | $11,953 |  | $427,000 |  |  | 6.2% |  |  |  | 5.5% |
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | 48.2% |  |  | — |  | 404,591 |  | 105,409 |  | 510,000 |  |  | 7.4% |  |  |  | 6.4% |
Canada |  | 100% |  |  | 50,235 |  | 51,596 |  | 11,169 |  | 113,000 |  |  | 6.4% |  |  |  | 6.3% |
|  |  |  |  | 428,256 |  | 493,213 |  |  |  |  |  |  |  |  |  |  |  |
2026 and beyond stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Hampshire Street/Greater Boston/Cambridge |  | 100% |  |  | — |  | 164,957 |  | TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs |  | 100% |  |  | 60,649 |  | 240,342 |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 75.0% |  |  | 136,635 |  | 196,917 |  | 134,448 |  | 468,000 |  |  | 7.1% |  |  |  | 7.0% |
401 Park Drive/Greater Boston/Fenway |  | 100% |  |  | — |  | 151,301 |  | TBD
421 Park Drive/Greater Boston/Fenway |  | 99.8% |  |  | — |  | 463,079 |
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | 100% |  |  | — |  | 449,484 |
Other/Greater Boston |  | 100% |  |  | — |  | 151,464 |
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | 25.1% |  |  | — |  | 121,957 |
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 50.0% |  |  | 87,376 |  | 258,708 |  | 140,916 |  | 487,000 |  |  | 5.0% |  |  |  | 5.1% |
269 East Grand Avenue/San Francisco Bay Area/South San Francisco |  | 100% |  |  | — |  | 66,184 |  | TBD
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | 100% |  |  | 100,944 |  | 323,993 |  | 78,063 |  | 503,000 |  |  | 6.2% |  |  |  | 5.8% |
4135 Campus Point Court/San Diego/University Town Center |  | 55.0% |  |  | — |  | 347,039 |  | 176,961 |  | 524,000 |  |  | 6.6% |  |  |  | 6.2% |
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | 50.0% |  |  | — |  | 183,733 |  | 137,267 |  | 321,000 |  |  | 5.5% |  |  |  | 5.7% |
701 Dexter Avenue North/Seattle/Lake Union |  | 100% |  |  | — |  | 234,908 |  | TBD
8800 Technology Forest Place/Texas/Greater Houston |  | 100% |  |  | 59,794 |  | 46,278 |  | 5,928 |  | 112,000 |  |  | 6.3% |  |  |  | 6.0% |
|  |  |  |  | 445,398 |  | 3,400,344 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | $873,654 |  | $3,893,557 |  | $2,740,000 | (2) | $7,510,000 | (2) |  |  |  |  |  |  |
Our share of investment(2)(3) |  |  |  |  | $800,000 |  | $3,180,000 |  | $2,400,000 |  | $6,380,000 |  |  |  |  |  |  |  |
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. © 2025 | 41

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

68% of Our Total Development and Redevelopment Pipeline RSF
Is Within Our Megacampus™ Ecosystems

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  |  |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Priority Anticipated |  | Future |  | Total(1) |
Greater Boston |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® at One Kendall Square/Cambridge |  | 100% |  |  | $164,957 |  | 104,956 |  | — |  | — |  | 104,956 |
One Hampshire Street |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs |  | 100% |  |  | 288,993 |  | 344,890 |  | 25,312 |  | 34,157 |  | 404,359 |
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue/Cambridge/Inner Suburbs |  | (2) |  |  | 285,870 |  | 204,395 |  | — |  | 902,000 |  | 1,106,395 |
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway |  | (3) |  |  | 614,380 |  | 529,686 |  | — |  | — |  | 529,686 |
401 and 421 Park Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128 |  | 100% |  |  | 512,996 |  | 596,064 |  | — |  | 515,000 |  | 1,111,064 |
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® at Kendall Square/Cambridge |  | 100% |  |  | 204,128 |  | — |  | — |  | 174,500 |  | 174,500 |
100 Edwin H. Land Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Technology Square®/Cambridge |  | 100% |  |  | 7,907 |  | — |  | — |  | 100,000 |  | 100,000 |
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District |  | 60.0% |  |  | 288,527 |  | — |  | — |  | 1,040,000 |  | 1,040,000 |
10 Necco Street/Seaport Innovation District |  | 100% |  |  | 105,106 |  | — |  | — |  | 175,000 |  | 175,000 |
215 Presidential Way/Route 128 |  | 100% |  |  | 6,816 |  | — |  | — |  | 112,000 |  | 112,000 |
Other development and redevelopment projects |  | (4) |  |  | 405,145 |  | 453,869 |  | — |  | 1,365,496 |  | 1,819,365 |
|  |  |  |  | $2,884,825 |  | 2,233,860 |  | 25,312 |  | 4,418,153 |  | 6,677,325 |
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 75.0% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF. (3)We have a 100% interest in 401 Park Drive aggregating 137,675 RSF and a 99.8% interest in 421 Park Drive aggregating 392,011 RSF. (4)Includes a property in which we own a partial interest through a real estate joint venture.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 42

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

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  |  |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Priority Anticipated |  | Future |  | Total(1) |
San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/ Mission Bay |  | 25.1% |  |  | $121,957 | (2) | 109,435 | (2) | — |  | — |  | 109,435 |
1450 Owens Street |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Life Science – Millbrae/South San Francisco |  | 48.2% |  |  | 568,776 |  | 285,346 |  | 198,188 |  | 150,213 |  | 633,747 |
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Technology Center® – Gateway/ South San Francisco |  | 50.0% |  |  | 285,334 |  | 259,689 |  | — |  | 291,000 |  | 550,689 |
651 Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco |  | 100% |  |  | 72,839 |  | 107,250 |  | — |  | 90,000 |  | 197,250 |
211(3) and 269 East Grand Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco |  | 100% |  |  | 406,586 |  | — |  | — |  | 1,930,000 |  | 1,930,000 |
1122, 1150, and 1178 El Camino Real |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford |  | 100% |  |  | 455,849 |  | — |  | — |  | 1,497,830 |  | 1,497,830 |
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road |  |  |  |  |  |  |  |  |  |  |  |  |  |
3825 and 3875 Fabian Way/Greater Stanford |  | 100% |  |  | 156,602 |  | — |  | — |  | 478,000 |  | 478,000 |
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford |  | 100% |  |  | 37,264 |  | — |  | — |  | 240,000 |  | 240,000 |
Megacampus: 88 Bluxome Street/SoMa |  | 100% |  |  | 397,952 |  | — |  | — |  | 1,070,925 |  | 1,070,925 |
Other development and redevelopment projects |  | 100% |  |  | — |  | — |  | — |  | 56,924 |  | 56,924 |
|  |  |  |  | $2,503,159 |  | 761,720 |  | 198,188 |  | 5,804,892 |  | 6,764,800 |
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. (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. © 2025 | 43

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

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  |  |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Priority Anticipated |  | Future |  | Total(1) |
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: One Alexandria Square/Torrey Pines |  | 100% |  |  | $382,913 |  | 241,504 |  | — |  | 125,280 |  | 366,784 |
10935 and 10945 Alexandria Way and 10975 and 10995 Torreyana Road |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Campus Point by Alexandria/University Town Center |  | 55.0% |  |  | 492,221 |  | 426,927 |  | 333,414 |  | 634,043 |  | 1,394,384 |
10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165, and 4224 Campus Point Court |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: SD Tech by Alexandria/Sorrento Mesa |  | 50.0% |  |  | 346,929 |  | 253,079 |  | 250,000 |  | 243,845 |  | 746,924 |
9805 Scranton Road and 10075 Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |  |  |
11255 and 11355 North Torrey Pines Road/Torrey Pines |  | 100% |  |  | 153,104 |  | — |  | 153,000 |  | 62,000 |  | 215,000 |
Megacampus: 5200 Illumina Way/University Town Center |  | 51.0% |  |  | 17,443 |  | — |  | — |  | 451,832 |  | 451,832 |
9625 Towne Centre Drive/University Town Center |  | 30.0% |  |  | 837 |  | — |  | — |  | 100,000 |  | 100,000 |
Megacampus: Sequence District by Alexandria/Sorrento Mesa |  | 100% |  |  | 46,323 |  | — |  | — |  | 1,798,915 |  | 1,798,915 |
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |
Scripps Science Park by Alexandria/Sorrento Mesa |  | 100% |  |  | 42,417 |  | — |  | — |  | 154,308 |  | 154,308 |
10256 and 10260 Meanley Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |
4075 Sorrento Valley Boulevard/Sorrento Valley |  | 100% |  |  | 19,130 |  | — |  | — |  | 144,000 |  | 144,000 |
Other development and redevelopment projects |  | (3) |  |  | 76,843 |  | — |  | — |  | 475,000 |  | 475,000 |
|  |  |  |  | $1,578,160 |  | 921,510 |  | 736,414 |  | 4,189,223 |  | 5,847,147 |
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in this property. (3)Includes a property in which we own a partial interest through a real estate joint venture.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 44

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

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  |  |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Priority Anticipated |  | Future |  | Total(1) |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – South Lake Union/Lake Union |  | (2) |  |  | $516,743 |  | 227,577 |  | 869,000 |  | 188,400 |  | 1,284,977 |
601 and 701 Dexter Avenue North and 800 Mercer Street |  |  |  |  |  |  |  |  |  |  |  |  |  |
1010 4th Avenue South/SoDo |  | 100% |  |  | 59,996 |  | — |  | — |  | 544,825 |  | 544,825 |
410 West Harrison Street/Elliott Bay |  | 100% |  |  | — |  | — |  | — |  | 91,000 |  | 91,000 |
Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/ Bothell |  | 100% |  |  | 18,066 |  | — |  | — |  | 230,000 |  | 230,000 |
21660 20th Avenue Southeast |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other development and redevelopment projects |  | 100% |  |  | 144,644 |  | — |  | — |  | 706,087 |  | 706,087 |
|  |  |  |  | 739,449 |  | 227,577 |  | 869,000 |  | 1,760,312 |  | 2,856,889 |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville |  | 100% |  |  | 22,593 |  | — |  | — |  | 296,000 |  | 296,000 |
9830 Darnestown Road |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | 22,593 |  | — |  | — |  | 296,000 |  | 296,000 |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/Research Triangle |  | 100% |  |  | 106,906 |  | — |  | 180,000 |  | 990,000 |  | 1,170,000 |
4 and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle |  | 100% |  |  | 158,277 |  | — |  | — |  | 2,060,000 |  | 2,060,000 |
Megacampus: Alexandria Center® for NextGen Medicines/ Research Triangle |  | 100% |  |  | 109,368 |  | — |  | — |  | 1,055,000 |  | 1,055,000 |
3029 East Cornwallis Road |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle |  | 100% |  |  | 53,941 |  | — |  | — |  | 750,000 |  | 750,000 |
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |
100 Capitola Drive/Research Triangle |  | 100% |  |  | — |  | — |  | — |  | 65,965 |  | 65,965 |
Other development and redevelopment projects |  | 100% |  |  | 4,185 |  | — |  | — |  | 76,262 |  | 76,262 |
|  |  |  |  | $432,677 |  | — |  | 180,000 |  | 4,997,227 |  | 5,177,227 |
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 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. © 2025 | 45

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

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  |  |  | Future Opportunities Subject to Market Conditions and Leasing |  |  |
|  |  | Under Construction |  | Priority Anticipated |  | Future |  | Total(1) |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – New York City/New York City |  | 100% |  |  | $168,423 |  | — |  | — |  | 550,000 | (2) | 550,000 |
|  |  |  |  | 168,423 |  | — |  | — |  | 550,000 |  | 550,000 |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston |  | 100% |  |  | 49,118 |  | 73,298 |  | — |  | 116,405 |  | 189,703 |
8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |
1001 Trinity Street and 1020 Red River Street/Austin |  | 100% |  |  | 10,533 |  | — |  | 126,034 |  | 123,976 |  | 250,010 |
Other development and redevelopment projects |  | 100% |  |  | 56,798 |  | — |  | — |  | 344,000 |  | 344,000 |
|  |  |  |  | 116,449 |  | 73,298 |  | 126,034 |  | 584,381 |  | 783,713 |
Canada |  | 100% |  |  | 51,596 |  | 139,311 |  | — |  | 371,743 |  | 511,054 |
Other development and redevelopment projects |  | 100% |  |  | 121,396 |  | — |  | — |  | 724,349 |  | 724,349 |
Total pipeline as of December 31, 2024, excluding properties held for sale |  |  |  |  | 8,618,727 |  | 4,357,276 |  | 2,134,948 |  | 23,696,280 |  | 30,188,504 |
Properties held for sale |  |  |  |  | 237,739 |  | — |  | — |  | 2,390,856 |  | 2,390,856 |
Total pipeline as of December 31, 2024 |  |  |  |  | $8,856,466 | (3) | 4,357,276 |  | 2,134,948 |  | 26,087,136 |  | 32,579,360 |

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 3,056,674 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”
under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our
option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our 2024 Form 10-K filed with the Securities and Exchange
Commission on January 27, 2025 for additional details.
(3)Includes $3.9 billion of projects that are currently under construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 46

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

Construction spending |  | Year Ended December 31, 2024 |  | Projected Midpoint for the Year Ending December 31, 2025 |
Construction of Class A/A+ properties: |  |  |  |  |  |  |  |  |
Active construction projects |  |  |  |  |  |  |  |  |
Under construction(1) |  | $ | 1,791,097 |  |  | $ | 1,220,000 |  |
Future pipeline pre-construction |  |  |  |  |  |  |  |  |
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) |  |  | 426,948 |  |  |  | 500,000 |  |
Revenue- and non-revenue-enhancing capital expenditures |  |  | 273,377 |  |  |  | 415,000 | (2) |
Construction spend (before contributions from noncontrolling interests or tenants) |  |  | 2,491,422 |  |  |  | 2,135,000 |  |
Contributions from noncontrolling interests (consolidated real estate joint ventures) |  |  | (343,797) |  |  |  | (230,000) | (3) |
Tenant-funded and -built landlord improvements |  |  | (129,153) |  |  |  | (155,000) |  |
Total construction spending |  | $ | 2,018,472 |  |  | $ | 1,750,000 |  |
2025 guidance range for construction spending |  |  |  |  | $1,450,000 – $2,050,000 |

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction |
Timing |  | Amount(3) |
2025 |  |  | $230,000 |  |
2026 through 2028 |  |  | 454,086 |  |
Total |  |  | $684,086 |  |

Average real estate basis used for capitalization of interest |  |  |  |  |  |  |  |  |
|  | Average Real Estate Basis Capitalized During the Year Ended 2024 |  | Percentage of Total Average Real Estate Basis Capitalized |
Key Categories of Real Estate Basis Capitalized |  |  | 2024 |  | 2025(4) |
Construction of Class A/A+ properties: |  |  |  |  |  |  |  |  |
Active construction projects |  |  |  |  |  |  |  |  |
Under construction(1) |  | $2,924,369 |  |  | 36% |  |  | 35% |
Future pipeline pre-construction |  |  |  |  |  |  |  |  |
Priority anticipated projects |  | 508,108 | (5) |  | 6 |  |  | 50 |
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) |  | 3,710,741 | (5) |  | 46 |  |  |
Smaller redevelopments and repositioning capital projects |  | 981,589 |  |  | 12 |  |  | 15 |
|  | $8,124,807 |  |  | 100% |  |  | 100% |

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes projects under construction aggregating 4.4 million RSF that are expected to generate $395 million in annual incremental net operating income primarily commencing from 1Q25 through 2Q28.
(2)Represents r evenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements for the year ending December 31, 2025. Our
share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected to be $370 million at the midpoint of our guidance for 2025 construction.
(3)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
(4)Based upon the midpoint of our guidance range for 2025 capitalization of interest.
(5)Average real estate basis capitalized related to our future pipeline pre-construction activities includes 29% from four key active and future Megacampus development and redevelopment projects. Refer to the next page for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 47

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

Key Active and Future Megacampus™ Development and Redevelopment Projects
Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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 subject to market conditions and leasing.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 48

Joint Venture Financial Information
December 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% |  |  |  | 388,270 |
100 and 225 Binney Street and 300 Third Street |  | Greater Boston |  | Cambridge/Inner Suburbs |  |  | 70.0% |  |  |  | 870,106 |
99 Coolidge Avenue |  | Greater Boston |  | Cambridge/Inner Suburbs |  |  | 25.0% |  |  |  | 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% |  |  |  | 996,181 |
1450 Owens Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 74.9% | (4) |  |  | — | (2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 50.0% |  |  |  | 851,991 |
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 |  |  | 51.8% |  |  |  | — | (2)
3215 Merryfield Row |  | San Diego |  | Torrey Pines |  |  | 70.0% |  |  |  | 170,523 |
Campus Point by Alexandria(5) |  | San Diego |  | University Town Center |  |  | 45.0% |  |  |  | 1,496,181 |
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% |  |  |  | 798,860 |
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 |  | Seattle |  | Lake Union |  |  | 70.0% |  |  |  | 206,134 |
199 East Blaine Street |  | Seattle |  | Lake Union |  |  | 70.0% |  |  |  | 115,084 |
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 |
1450 Research Boulevard |  | Maryland |  | Rockville |  |  | 73.2% | (9) |  |  | 42,679 |
101 West Dickman Street |  | Maryland |  | Beltsville |  |  | 58.4% | (9) |  |  | 135,949 |

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 three other real estate joint ventures in North America.
(2)Represents a property currently under construction or in our development and redevelopment 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, 967 5, 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 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 49

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

|  | As of December 31, 2024 |  |
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs |
Investments in real estate | $ | 4,240,036 |  |  | $ | 109,756 |  |
Cash, cash equivalents, and restricted cash |  | 163,799 |  |  |  | 3,218 |  |
Other assets |  | 416,997 |  |  |  | 10,019 |  |
Secured notes payable |  | (37,330) |  |  |  | (77,345) |  |
Other liabilities |  | (274,083) |  |  |  | (5,775) |  |
Redeemable noncontrolling interests |  | (19,972) |  |  |  | — |  |
| $ | 4,489,447 |  |  | $ | 39,873 |  |

| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
| December 31, 2024 |  | December 31, 2024
| Three Months Ended |  | Year Ended |  | Three Months Ended |  | Year Ended
Total revenues | $ | 112,690 |  |  | $ | 448,476 |  |  | $ | 6,282 |  |  | $ | 15,754 |
Rental operations |  | (35,776) |  |  |  | (132,785) |  |  |  | (994) |  |  |  | (3,978) |
|  | 76,914 |  |  |  | 315,691 |  |  |  | 5,288 |  |  |  | 11,776 |
General and administrative |  | (644) |  |  |  | (2,912) |  |  |  | (79) |  |  |  | (159) |
Interest |  | (361) |  |  |  | (1,114) |  |  |  | (841) |  |  |  | (3,648) |
Depreciation and amortization of real estate assets |  | (34,986) |  |  |  | (129,711) |  |  |  | (1,061) |  |  |  | (4,238) |
Gain on sales of real estate |  | 5,025 |  |  |  | 5,025 |  |  |  | 3,328 |  |  |  | 3,328 |
Fixed returns allocated to redeemable noncontrolling interests(1) |  | 202 |  |  |  | 805 |  |  |  | — |  |  |  | — |
| $ | 46,150 |  |  | $ | 187,784 |  |  | $ | 6,635 |  |  | $ | 7,059 |
Straight-line rent and below-market lease revenue | $ | (2,821) |  |  | $ | 12,767 |  |  | $ | 159 |  |  | $ | 902 |
Funds from operations(2) | $ | 76,111 |  |  | $ | 312,470 |  |  | $ | 4,368 |  |  | $ | 7,969 |

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. © 2025 | 50

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

|  | December 31, 2024 |  | Year Ended December 31, 2023
|  | Three Months Ended |  | Year Ended |
Realized gains |  | $11,788 | (1) |  | $59,124 | (1) |  | $6,078 | (2)
Unrealized losses |  | (79,776) | (3) |  | (112,246) | (4) |  | (201,475) | (5)
Investment loss |  | $(67,988) |  |  | $(53,122) |  |  | $(195,397) |

|  | December 31, 2024 |  | December 31, 2023
Investments |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount |  | Carrying Amount
Publicly traded companies |  | $188,653 |  | $24,262 |  | $(107,248) |  | $105,667 |  | $159,566
Entities that report NAV |  | 518,074 |  | 126,077 |  | (34,285) |  | 609,866 |  | 671,532
Entities that do not report NAV: |  |  |  |  |  |  |  |  |  |
Entities with observable price changes |  | 99,932 |  | 77,761 |  | (2,956) |  | 174,737 |  | 174,268
Entities without observable price changes |  | 400,487 |  | — |  | — |  | 400,487 |  | 368,654
Investments accounted for under the equity method |  | N/A |  | N/A |  | N/A |  | 186,228 |  | 75,498
December 31, 2024 |  | $1,207,146 | (6) | $228,100 |  | $(144,489) |  | $1,476,985 |  | $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)

14%
Public
26%
Tenant
86%
Private
74%
Non-Tenant
(1)Consists of realized gains of $32.1 million and $117.2 million, partially offset by impairment charges of $20.3 million and $58.1 million during the three months and year ended December 31, 2024, respectively.
(2)Consists of re alized gains of $80.6 million, offset by impairment charges of $74.6 million during the year ended December 31, 2023.
(3)C onsists of unrealized losses of $43.6 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and $36.2 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 December 31, 2024.
(4)P rimarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024.
(5)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 NA V 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.
(6)Represents 2.8% of gross assets as of December 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. © 2025 | 51

Key Credit Metrics
December 31, 2024

Liquidity |  |  | Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
|  |  |  |  | (in millions) |
$5.7B |  |  |
(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 |  | 560 |  |
Availability under our secured construction loan |  | 46 |  |
Investments in publicly traded companies |  | 106 |  |
Liquidity as of December 31, 2024 |  | $5,712 |  |
Net Debt and Preferred Stock to Adjusted EBITDA(1) |  |  | Fixed-Charge Coverage Ratio(1)

4.0x to 4.5x

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 52

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

Weighted-Average Remaining Term of 12.7 Years

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 53

Summary of Debt (continued) |
December 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 | $587 |  | $149,322 |  | $149,909 |  | 1.2% |  | 7.51% |  | 1.9 |
Unsecured senior notes payable | 12,094,465 |  | — |  | 12,094,465 |  | 98.8 |  | 3.81 |  | 12.8 |
Unsecured senior line of credit(2) and commercial paper program(3) | — |  | — |  | — |  | — |  | N/A |  | 5.1 | (4)
Total/weighted average | $12,095,052 |  | $149,322 |  | $12,244,374 |  | 100.0% |  | 3.86% |  | 12.7 | (4)
Percentage of total debt | 98.8% |  | 1.2% |  | 100.0% |  |  |  |  |  |  |

(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)As of December 31, 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 December 31, 2024, we had no c ommercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the
consolidated weighted-average maturity of our debt is 12.7 years. The commercial paper notes sold during the year ended December 31, 2024 were issued at a weighted-average yield to maturity of 5.30% and had a weighted-
average maturity term of 18 days.

|  | Average Debt Outstanding |  | Weighted-Average Interest Rate |
|  | December 31, 2024 |  | December 31, 2024 |
|  | Three Months Ended |  | Year Ended |  | Three Months Ended |  | Year Ended |
Long-term fixed-rate debt |  | $12,172,262 |  | $12,049,708 |  | 3.79% |  | 3.77% |
Short-term variable-rate unsecured senior line of credit and commercial paper program debt |  | 1,160,969 |  | 643,545 |  | 4.90 |  | 5.40 |
Blended-average interest rate |  | 13,333,231 |  | 12,693,253 |  | 3.89 |  | 3.85 |
Loan fee amortization and annual facility fee related to unsecured senior line of credit |  | N/A |  | N/A |  | 0.13 |  | 0.12 |
Total/weighted average |  | $13,333,231 |  | $12,693,253 |  | 4.02% |  | 3.97% |

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 54

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

Debt covenants |  | Unsecured Senior Notes Payable |  | Unsecured Senior Line of Credit
Debt Covenant Ratios(1) |  | Requirement |  | December 31, 2024 |  | Requirement |  | December 31, 2024
Total Debt to Total Assets |  | ≤ 60% |  | 29% |  | ≤ 60.0% |  | 29.5%
Secured Debt to Total Assets |  | ≤ 40% |  | 0.4% |  | ≤ 45.0% |  | 0.3%
Consolidated EBITDA to Interest Expense |  | ≥ 1.5x |  | 11.0x |  | ≥ 1.50x |  | 3.91x
Unencumbered Total Asset Value to Unsecured Debt |  | ≥ 150% |  | 330% |  | N/A |  | N/A
Unsecured Interest Coverage Ratio |  | N/A |  | N/A |  | ≥ 1.75x |  | 10.38x

(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
1655 and 1725 Third Street(3) |  |  | 3/10/25 |  |  |  | 4.50% |  |  |  | 4.57% |  |  | $600,000 |  | $599,930 |  | 10.0%
101 West Dickman Street |  |  | 11/10/26 |  |  |  | SOFR+1.95% | (4) |  |  | 6.36% |  |  | 26,750 |  | 18,884 |  | 58.4%
1450 Research Boulevard |  |  | 12/10/26 |  |  |  | SOFR+1.95% | (4) |  |  | 6.42% |  |  | 13,000 |  | 8,637 |  | 73.2%
|  |  |  |  |  |  |  |  |  |  |  |  |  | $639,750 |  | $627,451 |  |

(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2024.
(3)The unconsolidated real estate joint venture is in the process of refinancing approximately $500 million of this debt with a new secured note payable, which is expected to close in 1Q25. The remaining debt balance of
approximately $100 million will be repaid through contributions from the unconsolidated joint venture partners. We expect to contribute our share of approximately $10 million in 1Q25. As of December 31, 2024, our investment in
this unconsolidated real estate joint venture was $10.6 million.
(4)This loan is subject to a fixed SOFR floor of 0.75%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 55

Summary of Debt (continued) |
December 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 |
|  |  |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  |  |  |
Secured notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater Boston(3) |  | SOFR+2.70% |  | 7.52% |  |  | 11/19/26 |  | $— |  | $149,594 |  | $— |  | $— |  | $— |  | $— |  | $149,594 |  | $(272) |  | $149,322 |
San Francisco Bay Area |  | 6.50% |  | 6.50 |  |  | 7/1/36 |  | 34 |  | 36 |  | 38 |  | 41 |  | 44 |  | 394 |  | 587 |  | — |  | 587 |
Secured debt weighted-average interest rate/ subtotal |  |  |  | 7.51 |  |  |  |  | 34 |  | 149,630 |  | 38 |  | 41 |  | 44 |  | 394 |  | 150,181 |  | (272) |  | 149,909 |
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | N/A | (4) |  | 1/22/30 | (4) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Unsecured senior notes payable |  | 3.45% |  | 3.62 |  |  | 4/30/25 |  | 600,000 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | (296) |  | 599,704 |
Unsecured senior notes payable |  | 4.30% |  | 4.50 |  |  | 1/15/26 |  | — |  | 300,000 |  | — |  | — |  | — |  | — |  | 300,000 |  | (532) |  | 299,468 |
Unsecured senior notes payable |  | 3.80% |  | 3.96 |  |  | 4/15/26 |  | — |  | 350,000 |  | — |  | — |  | — |  | — |  | 350,000 |  | (653) |  | 349,347 |
Unsecured senior notes payable |  | 3.95% |  | 4.13 |  |  | 1/15/27 |  | — |  | — |  | 350,000 |  | — |  | — |  | — |  | 350,000 |  | (1,067) |  | 348,933 |
Unsecured senior notes payable |  | 3.95% |  | 4.07 |  |  | 1/15/28 |  | — |  | — |  | — |  | 425,000 |  | — |  | — |  | 425,000 |  | (1,312) |  | 423,688 |
Unsecured senior notes payable |  | 4.50% |  | 4.60 |  |  | 7/30/29 |  | — |  | — |  | — |  | — |  | 300,000 |  | — |  | 300,000 |  | (1,027) |  | 298,973 |
Unsecured senior notes payable |  | 2.75% |  | 2.87 |  |  | 12/15/29 |  | — |  | — |  | — |  | — |  | 400,000 |  | — |  | 400,000 |  | (2,064) |  | 397,936 |
Unsecured senior notes payable |  | 4.70% |  | 4.81 |  |  | 7/1/30 |  | — |  | — |  | — |  | — |  | — |  | 450,000 |  | 450,000 |  | (2,057) |  | 447,943 |
Unsecured senior notes payable |  | 4.90% |  | 5.05 |  |  | 12/15/30 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | (4,730) |  | 695,270 |
Unsecured senior notes payable |  | 3.375% |  | 3.48 |  |  | 8/15/31 |  | — |  | — |  | — |  | — |  | — |  | 750,000 |  | 750,000 |  | (4,348) |  | 745,652 |
Unsecured senior notes payable |  | 2.00% |  | 2.12 |  |  | 5/18/32 |  | — |  | — |  | — |  | — |  | — |  | 900,000 |  | 900,000 |  | (6,967) |  | 893,033 |
Unsecured senior notes payable |  | 1.875% |  | 1.97 |  |  | 2/1/33 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (7,109) |  | 992,891 |
Unsecured senior notes payable |  | 2.95% |  | 3.07 |  |  | 3/15/34 |  | — |  | — |  | — |  | — |  | — |  | 800,000 |  | 800,000 |  | (7,236) |  | 792,764 |
Unsecured senior notes payable |  | 4.75% |  | 4.88 |  |  | 4/15/35 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (4,958) |  | 495,042 |
Unsecured senior notes payable |  | 5.25% |  | 5.38 |  |  | 5/15/36 |  | — |  | — |  | — |  | — |  | — |  | 400,000 |  | 400,000 |  | (4,109) |  | 395,891 |
Unsecured senior notes payable |  | 4.85% |  | 4.93 |  |  | 4/15/49 |  | — |  | — |  | — |  | — |  | — |  | 300,000 |  | 300,000 |  | (2,872) |  | 297,128 |
Unsecured senior notes payable |  | 4.00% |  | 3.91 |  |  | 2/1/50 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | 9,985 |  | 709,985 |
Unsecured senior notes payable |  | 3.00% |  | 3.08 |  |  | 5/18/51 |  | — |  | — |  | — |  | — |  | — |  | 850,000 |  | 850,000 |  | (11,227) |  | 838,773 |
Unsecured senior notes payable |  | 3.55% |  | 3.63 |  |  | 3/15/52 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (13,673) |  | 986,327 |
Unsecured senior notes payable |  | 5.15% |  | 5.26 |  |  | 4/15/53 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (7,592) |  | 492,408 |
Unsecured senior notes payable |  | 5.625% |  | 5.71 |  |  | 5/15/54 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | 600,000 |  | (6,691) |  | 593,309 |
Unsecured debt weighted-average interest rate/ subtotal |  |  |  | 3.81 |  |  |  |  | 600,000 |  | 650,000 |  | 350,000 |  | 425,000 |  | 700,000 |  | 9,450,000 |  | 12,175,000 |  | (80,535) |  | 12,094,465 |
Weighted-average interest rate/total |  |  |  | 3.86% |  |  |  |  | $600,034 |  | $799,630 |  | $350,038 |  | $425,041 |  | $700,044 |  | $9,450,394 |  | $12,325,181 |  | $(80,807) |  | $12,244,374 |
Balloon payments |  |  |  |  |  |  |  |  | $600,000 |  | $799,594 |  | $350,000 |  | $425,000 |  | $700,000 |  | $9,450,068 |  | $12,324,662 |  | $— |  | $12,324,662 |
Principal amortization |  |  |  |  |  |  |  |  | 34 |  | 36 |  | 38 |  | 41 |  | 44 |  | 326 |  | 519 |  | (80,807) |  | (80,288) |
Total debt |  |  |  |  |  |  |  |  | $600,034 |  | $799,630 |  | $350,038 |  | $425,041 |  | $700,044 |  | $9,450,394 |  | $12,325,181 |  | $(80,807) |  | $12,244,374 |
Fixed-rate debt |  |  |  |  |  |  |  |  | $600,034 |  | $650,036 |  | $350,038 |  | $425,041 |  | $700,044 |  | $9,450,394 |  | $12,175,587 |  | $(80,535) |  | $12,095,052 |
Variable-rate debt |  |  |  |  |  |  |  |  | — |  | 149,594 |  | — |  | — |  | — |  | — |  | 149,594 |  | (272) |  | 149,322 |
Total debt |  |  |  |  |  |  |  |  | $600,034 |  | $799,630 |  | $350,038 |  | $425,041 |  | $700,044 |  | $9,450,394 |  | $12,325,181 |  | $(80,807) |  | $12,244,374 |
Weighted-average stated rate on maturing debt |  |  |  |  |  |  | 3.45% |  | 3.78% |  | 3.95% |  | 3.95% |  | 3.50% |  | 3.69% |  |  |  |  |  |  |

(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 December 31, 2024, this joint venture h as $45.7 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. During 4Q24, we extended the maturity date of
the secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue to November 19, 2025. We have a one-year option to extend the maturity date to November 19, 2026, subject to certain condition s.
(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. © 2025 | 56

Definitions and Reconciliations
December 31, 2024

This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-
GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Adjusted EBITDA and Adjusted EBITDA margin
The following table reconciles net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the
Adjusted EBITDA margin:

| Three Months Ended
(Dollars in thousands) | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Net (loss) income | $(16,095) |  | $213,603 |  | $94,049 |  | $219,176 |  | $(42,658)
Interest expense | 55,659 |  | 43,550 |  | 45,789 |  | 40,840 |  | 31,967
Income taxes | 1,855 |  | 1,877 |  | 1,182 |  | 1,764 |  | 1,322
Depreciation and amortization | 330,108 |  | 293,998 |  | 290,720 |  | 287,554 |  | 285,246
Stock compensation expense | 12,477 |  | 15,525 |  | 14,507 |  | 17,125 |  | 34,592
Gain on sales of real estate | (101,806) |  | (27,114) |  | — |  | (392) |  | (62,227)
Unrealized losses (gains) on non-real estate investments | 79,776 |  | (2,610) |  | 64,238 |  | (29,158) |  | (19,479)
Impairment of real estate | 186,564 |  | 5,741 |  | 30,763 |  | — |  | 271,890
Impairment of non-real estate investments | 20,266 |  | 10,338 |  | 12,788 |  | 14,698 |  | 23,094
Provision for expected credit losses on financial instruments | (434) |  | — |  | — |  | — |  | —
Adjusted EBITDA | $568,370 |  | $554,908 |  | $554,036 |  | $551,607 |  | $523,747
Total revenues | $788,945 |  | $791,607 |  | $766,734 |  | $769,108 |  | $757,216
Adjusted EBITDA margin | 72% |  | 70% |  | 72% |  | 72% |  | 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,
provision for expected credit losses on financial instruments, and significant termination fees. Adjusted
EBITDA also excludes unrealized gains or losses and significant realized gains or losses and
impairments that result from our non-real estate investments. These non-real estate investment amounts
are classified in our consolidated statements of operations outside of total revenues.
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, provision for expected credit losses on financial instruments, and significant
termination fees allows investors to evaluate performance from period to period on a consistent basis
without having to account for differences recognized because of investing and financing decisions
related to our real estate and non-real estate investments or other corporate activities that may not be
representative of the operating performance of our properties.
In addition, we believe that excluding charges related to stock compensation and unrealized
gains or losses facilitates 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 the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to
the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions
outside of our control, including the timing of dispositions, capital events, and financing decisions, as
well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-
real estate investments, impairment of real estate, impairment of non-real estate investments, and
provision for expected credit losses on financial instruments. 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. © 2025 | 57

Definitions and Reconciliations (continued)
December 31, 2024

Annual rental revenue
Annual rental revenue represents the annualized fixed base rental obligations, calculated in
accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and
tenant-built landlord improvements, for leases in effect as of the end of the period, related to our
operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our
consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint
ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of
100% of the RSF of our consolidated properties and our share of the RSF of properties held in
unconsolidated real estate joint ventures. As of December 31, 2024, approximatel y 92% of ou r 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. These
properties are typically well-located, professionally managed, and well-maintained, offering a wide range
of amenities and featuring premium construction materials and finishes. Class A/A+ properties are
generally newer or have undergone substantial redevelopment and are generally expected to command
higher annual rental rates compared to other classes of similar properties. AAA locations are in close
proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is
important to note that our definition of property classification may not be directly comparable to other
equity REITs.
Development, redevelopment, and pre-construction
A key component of our business model is our disciplined allocation of capital to the
development and redevelopment of new Class A/A+ properties, as well as property enhancements
identified during the underwriting of certain acquired properties. These efforts are primarily concentrated
in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other
strategic locations that support innovation and growth. These projects are generally focused on
providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide
range of tenants. Upon completion, each development or redevelopment project is expected to generate
increases in rental income, net operating income, and cash flows. Our development and redevelopment
projects are generally in locations that are highly desirable to high-quality entities, which we believe
results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value.
Development projects generally consist of the ground-up development of generic and
reusable laboratory facilities. Redevelopment projects 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.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 58

Definitions and Reconciliations (continued)
December 31, 2024

Development, redevelopment, and pre-construction (continued)
Revenue-enhancing and repositioning capital expenditures represent spending to reposition
or significantly change the use of a property, including through improvement in the asset quality from
Class B to Class A/A+.
Non-revenue-enhancing capital expenditures represent costs required to maintain the current
revenues of a stabilized property, including the associated costs for renewed and re-leased space.
Dividend payout ratio (common stock)
Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends
on our common stock (shares of common stock outstanding on the respective record dates multiplied by
the related dividend per share) to funds from operations attributable to Alexandria’s common
stockholders – diluted, as adjusted.
Dividend yield
Dividend yield for the quarter represents the annualized quarter dividend divided by the
closing common stock price at the end of the quarter.
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,
less amortization of loan fees and debt premiums (discounts).
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:

| Three Months Ended
(Dollars in thousands) | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Adjusted EBITDA | $568,370 |  | $554,908 |  | $554,036 |  | $551,607 |  | $523,747
Interest expense | $55,659 |  | $43,550 |  | $45,789 |  | $40,840 |  | $31,967
Capitalized interest | 81,586 |  | 86,496 |  | 81,039 |  | 81,840 |  | 89,115
Amortization of loan fees | (4,620) |  | (4,222) |  | (4,146) |  | (4,142) |  | (4,059)
Amortization of debt discounts | (333) |  | (330) |  | (328) |  | (318) |  | (309)
Cash interest and fixed charges | $132,292 |  | $125,494 |  | $122,354 |  | $118,220 |  | $116,714
Fixed-charge coverage ratio: |  |  |  |  |  |  |  |  |
– quarter annualized | 4.3x |  | 4.4x |  | 4.5x |  | 4.7x |  | 4.5x
– trailing 12 months | 4.5x |  | 4.5x |  | 4.6x |  | 4.7x |  | 4.7x

We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This
is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market
conditions outside of our control, including the timing of dispositions, capital events, and financing
decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or
losses on non-real estate investments, impairment of real estate, impairment of non-real estate
investments, and provision for expected credit losses on financial instruments. 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, impairment
of real estate primarily consisting of pre-acquisition costs incurred in connection with acquisitions we
decided to no longer pursue, gains or losses on early extinguishment of debt, provision for expected
credit losses on financial instruments, significant termination fees, acceleration of stock compensation
expense due to the resignations of executive officers, deal costs, the income tax effect related to such
items, and the amount of such items that is allocable to our unvested restricted stock awards. We
compute the amount that is allocable to our unvested restricted stock awards 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. © 2025 | 59

Definitions and Reconciliations (continued)
December 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:

| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
| December 31, 2024 |  | December 31, 2024
(In thousands) | Three Months Ended |  | Year Ended |  | Three Months Ended |  | Year Ended
Net income | $46,150 |  | $187,784 |  | $6,635 |  | $7,059
Depreciation and amortization of real estate assets | 34,986 |  | 129,711 |  | 1,061 |  | 4,238
Gain on sales of real estate | (5,025) |  | (5,025) |  | (3,328) |  | (3,328)
Funds from operations | $76,111 |  | $312,470 |  | $4,368 |  | $7,969

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

(In thousands) | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Total assets | $37,527,449 |  | $38,488,128 |  | $37,847,865 |  | $37,699,046 |  | $36,771,402
Accumulated depreciation | 5,625,179 |  | 5,624,642 |  | 5,457,414 |  | 5,216,857 |  | 4,985,019
Gross assets | $43,152,628 |  | $44,112,770 |  | $43,305,279 |  | $42,915,903 |  | $41,756,421

I ncremental annual net operating income on development and redevelopment projects
Incremental annual net operating income represents the amount of net operating income, on
an annual basis, expected to be realized upon a project being placed into service and achieving full
occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied
by the project’s total cost at completion.
Initial stabilized yield (unlevered)
Initial stabilized yield is calculated as the estimated amounts of net operating income at
stabilization divided by our investment in the property. For this calculation, we exclude any tenant-
funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized
yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment
projects are generally expected to increase over time due to contractual annual rent escalations. Our
estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion
represent our initial estimates at the commencement of the project. We expect to update this information
upon completion of the project, or sooner if there are significant changes to the expected project yields
or costs.
•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent
concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any
amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.
•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental
concessions, if any, have elapsed and our total cash investment in the property.
Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-
grade rated or publicly traded companies with an average daily market capitalization greater than $10
billion for the twelve months ended December 31, 2024, as reported by Bloomberg Professional
Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the
tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s
lease obligation upon such tenant’s default. We monitor the credit quality and related material changes
of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10
billion, which are not immediately reflected in the twelve-month average, may result in their exclusion
from this measure.
Investments
We hold investments in publicly traded companies and privately held entities primarily
involved in the life science industry. We recognize, measure, present, and disclose these investments as
follows:

|  |  |  | Statements of Operations
|  | Balance Sheet |  | Gains and Losses
|  | Carrying Amount |  | Unrealized |  | Realized
|  |  |  |  |  | Difference between proceeds received upon disposition and historical cost
Publicly traded companies |  | Fair value |  | Changes in fair value |
Privately held entities without readily determinable fair values that: |  |  |  |  |
Report NAV |  | Fair value, using NAV as a practical expedient |  | Changes in NAV, as a practical expedient to fair value |
Do not report NAV |  | Cost, adjusted for observable price changes and impairments(1) |  | Observable price changes(1) |  | Impairments to reduce costs to fair value, which result in an adjusted cost basis and the differences between proceeds received upon disposition and adjusted or historical cost
Equity method investments |  | Contributions, adjusted for our share of the investee’s earnings or losses, less distributions received, reduced by other-than-temporary impairments |  | Our share of unrealized gains or losses reported by the investee |  | Our share of realized gains or losses reported by the investee, and other-than- temporary impairments

(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same
issuer. Observable price changes result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including subsequent equity offerings or other
reported equity transactions related to the same issuer.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 60

Definitions and Reconciliations (continued)
December 31, 2024

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

(In thousands) |  | Investments in Real Estate |
Gross investments in real estate |  | $37,735,218 |
Less: accumulated depreciation |  | (5,625,179) |
Investments in real estate |  | $32,110,039 |

The following table presents our new Class A/A+ development and redevelopment pipeline,
excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental
revenue as of December 31, 2024:

|  |  |  | Percentage of
(Dollars in thousands) |  | Book Value |  | Gross Assets |  | Annual Rental Revenue
Under construction projects |  | $3,893,557 |  | 9% |  | —%
Income-producing/potential cash flows/covered land play(1) |  | 2,965,853 |  | 7 |  | 1
Land |  | 1,759,317 |  | 4 |  | —
|  | $8,618,727 |  | 20% |  | 1%

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

Space Intentionally Blank

The square footage presented in the table below is classified as operating as of December 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 |  |  | 2025 |  | 2026 |  | Thereafter(1) |  | Total
Priority anticipated projects: |  |  |  |  |  |  |  |  |  |
311 Arsenal Street/Cambridge/Inner Suburbs |  | Redev |  | 25,312 |  | — |  | — |  | 25,312
10210 Campus Point Drive/University Town Center |  | Dev |  | 9,558 |  | — |  | 52,620 |  | 62,178
1020 Red River Street/Austin |  | Redev |  | 126,034 |  | — |  | — |  | 126,034
|  |  |  | 160,904 |  | — |  | 52,620 |  | 213,524
Future projects: |  |  |  |  |  |  |  |  |  |
446, 458, 500, and 550 Arsenal Street/Cambridge/ Inner Suburbs |  | Dev |  | — |  | — |  | 375,898 |  | 375,898
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, and 2400 Geng Road/Greater Stanford |  | Dev |  | — |  | — |  | 78,501 |  | 78,501
960 Industrial Road/Greater Stanford |  | Dev |  | — |  | — |  | 112,590 |  | 112,590
Campus Point by Alexandria/University Town Center |  | Dev |  | 269,048 |  | — |  | 101,966 |  | 371,014
Sequence District by Alexandria/Sorrento Mesa |  | Dev/ Redev |  | — |  | — |  | 686,290 |  | 686,290
410 West Harrison Street/Elliott Bay |  | Dev |  | — |  | — |  | 17,205 |  | 17,205
Other/Seattle |  | Dev |  | — |  | — |  | 75,663 |  | 75,663
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
|  |  |  | 341,986 |  | — |  | 2,501,164 |  | 2,843,150
|  |  |  | 502,890 |  | — |  | 2,553,784 |  | 3,056,674

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 61

Definitions and Reconciliations (continued)
December 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.

Space Intentionally Blank

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 and provision for expected credit losses on financial
instruments 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.
Megacampus™
A Megacampus ecosystem is a cluster campus 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 development
and redevelopment pipeline RSF as of December 31, 2024:

(Dollars in thousands) |  | Annual Rental Revenue |  | Development and Redevelopment Pipeline RSF
Megacampus |  | $1,605,730 |  | 20,130,433
Core and non-core |  | 487,258 |  | 9,392,253
Total |  | $2,092,988 |  | 29,522,686
Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF |  | 77% |  | 68%

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 62

Definitions and Reconciliations (continued)
December 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) |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Secured notes payable |  | $149,909 |  | $145,000 |  | $134,942 |  | $130,050 |  | $119,662
Unsecured senior notes payable |  | 12,094,465 |  | 12,092,012 |  | 12,089,561 |  | 12,087,113 |  | 11,096,028
Unsecured senior line of credit and commercial paper |  | — |  | 454,589 |  | 199,552 |  | — |  | 99,952
Unamortized deferred financing costs |  | 77,649 |  | 79,610 |  | 81,942 |  | 84,198 |  | 76,329
Cash and cash equivalents |  | (552,146) |  | (562,606) |  | (561,021) |  | (722,176) |  | (618,190)
Restricted cash |  | (7,701) |  | (17,031) |  | (4,832) |  | (9,519) |  | (42,581)
Preferred stock |  | — |  | — |  | — |  | — |  | —
Net debt and preferred stock |  | $11,762,176 |  | $12,191,574 |  | $11,940,144 |  | $11,569,666 |  | $10,731,200
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
– quarter annualized |  | $2,273,480 |  | $2,219,632 |  | $2,216,144 |  | $2,206,428 |  | $2,094,988
– trailing 12 months |  | $2,228,921 |  | $2,184,298 |  | $2,122,250 |  | $2,064,904 |  | $1,997,518
Net debt and preferred stock to Adjusted EBITDA: |  |  |  |  |  |
– quarter annualized |  | 5.2x |  | 5.5x |  | 5.4x |  | 5.2x |  | 5.1x
– trailing 12 months |  | 5.3x |  | 5.6x |  | 5.6x |  | 5.6x |  | 5.4x

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

|  | Three Months Ended |  | Year Ended
(Dollars in thousands) |  | 12/31/24 |  | 12/31/23 |  | 12/31/24 |  | 12/31/23
Net (loss) income |  | $(16,095) |  | $(42,658) |  | $510,733 |  | $280,994
Equity in earnings of unconsolidated real estate joint ventures |  | (6,635) |  | (363) |  | (7,059) |  | (980)
General and administrative expenses |  | 32,730 |  | 59,289 |  | 168,359 |  | 199,354
Interest expense |  | 55,659 |  | 31,967 |  | 185,838 |  | 74,204
Depreciation and amortization |  | 330,108 |  | 285,246 |  | 1,202,380 |  | 1,093,473
Impairment of real estate |  | 186,564 |  | 271,890 |  | 223,068 |  | 461,114
Gain on sales of real estate |  | (101,806) |  | (62,227) |  | (129,312) |  | (277,037)
Investment loss (income) |  | 67,988 |  | (8,654) |  | 53,122 |  | 195,397
Net operating income |  | 548,513 |  | 534,490 |  | 2,207,129 |  | 2,026,519
Straight-line rent revenue |  | (17,653) |  | (41,586) |  | (143,329) |  | (133,917)
Amortization of deferred revenue related to tenant-funded and -built landlord improvements |  | (1,214) |  | — |  | (1,543) |  | —
Amortization of acquired below-market leases |  | (15,512) |  | (23,684) |  | (85,679) |  | (93,331)
Provision for expected credit losses on financial instruments |  | (434) |  | — |  | (434) |  | —
Net operating income (cash basis) |  | $513,700 |  | $469,220 |  | $1,976,144 |  | $1,799,271
Net operating income (cash basis) – annualized |  | $2,054,800 |  | $1,876,880 |  | $1,976,144 |  | $1,799,271
Net operating income (from above) |  | $548,513 |  | $534,490 |  | $2,207,129 |  | $2,026,519
Total revenues |  | $788,945 |  | $757,216 |  | $3,116,394 |  | $2,885,699
Operating margin |  | 70% |  | 71% |  | 71% |  | 70%

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 63

Definitions and Reconciliations (continued)
December 31, 2024

Net operating income, net operating income (cash basis), and operating margin (continued)
Net operating income is a non-GAAP financial measure calculated as net income (loss), the
most directly comparable financial measure calculated and presented in accordance with GAAP,
excluding equity in the earnings of our unconsolidated real estate joint ventures, general and
administrative expenses, interest expense, depreciation and amortization, impairments of real estate,
gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment
income or loss. We believe net operating income provides useful information to investors regarding our
financial condition and results of operations because it primarily reflects those income and expense
items that are incurred at the property level. Therefore, we believe net operating income is a useful
measure for investors to evaluate the operating performance of our consolidated real estate assets. Net
operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line
rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue
related to tenant-funded and tenant-built landlord improvements, and provision for expected credit
losses on financial instruments 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
and tenant-funded and tenant-built landlord improvements.
Furthermore, we believe net operating income is useful to investors as a performance
measure of our consolidated properties because, when compared across periods, net operating income
reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not
immediately apparent from net income or loss. Net operating income can be used to measure the initial
stabilized yields of our properties by calculating net operating income generated by a property divided by
our investment in the property. Net operating income excludes certain components from net income in
order to provide results that are more closely related to the results of operations of our properties. For
example, interest expense is not necessarily linked to the operating performance of a real estate asset
and is often incurred at the corporate level rather than at the property level. In addition, depreciation and
amortization, because of historical cost accounting and useful life estimates, may distort comparability of
operating performance at the property level. Impairments of real estate have been excluded in deriving
net operating income because we do not consider impairments of real estate to be property-level
operating expenses. Impairments of real estate relate to changes in the values of our assets and do not
reflect the current operating performance with respect to related revenues or expenses. Our
impairments of real estate represent the write-down in the value of the assets to the estimated fair value
less cost to sell. 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 and provision for expected credit losses on financial
instruments, as these charges often relate to corporate strategy. Property operating expenses included
in determining net operating income primarily consist of costs that are related to our operating
properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;
contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and
property-level salaries. General and administrative expenses consist primarily of accounting and
corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as
part of corporate office management. We calculate operating margin as net operating income divided by
total revenues.
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%, excluding RSF at
properties classified as held for sale, for all properties in which we have an investment, including
properties owned by our consolidated and unconsolidated real estate joint ventures. For operating
metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.
Same property comparisons
As a result of changes within our total property portfolio during the comparative periods
presented, including changes from assets acquired or sold, properties placed into development or
redevelopment, and development or redevelopment properties recently placed into service, the
consolidated total income from rentals, as well as rental operating expenses in our operating results, can
show significant changes from period to period. In order to supplement an evaluation of our results of
operations over a given quarterly or annual period, we analyze the operating performance for all
consolidated properties that were fully operating for the entirety of the comparative periods presented,
referred to as same properties. We separately present quarterly and year-to-date same property results
to align with the interim financial information required by the SEC in our management’s discussion and
analysis of our financial condition and results of operations. These same properties are analyzed
separately from properties acquired subsequent to the first day in the earliest comparable quarterly or
year-to-date period presented, properties that underwent development or redevelopment at any time
during the comparative periods, unconsolidated real estate joint ventures, properties classified as held
for sale, and corporate entities (legal entities performing general and administrative functions), which are
excluded from same property results. Additionally, termination fees, if any, are excluded from the results
of same properties.

Space Intentionally Blank

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 64

Definitions and Reconciliations (continued)
December 31, 2024

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

|  |  |  | Redevelopment – placed into |  |  |
Development – under construction |  | Properties |  | service after January 1, 2023 |  | Properties |
99 Coolidge Avenue |  | 1 |  | 20400 Century Boulevard |  | 1 |
500 North Beacon Street and 4 Kingsbury Avenue |  | 2 |  | 140 First Street |  | 1 |
|  | 2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive |  | 3 |
1450 Owens Street |  | 1 |  |  |
230 Harriet Tubman Way |  | 1 |  | 9601 and 9603 Medical Center Drive |  | 2 |
10935, 10945, and 10955 Alexandria Way |  | 3 |  | 840 Winter Street |  | 1 |
|  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 6 |
10075 Barnes Canyon Road |  | 1 |  |  |
421 Park Drive |  | 1 |  |  |  | 14 |
4135 Campus Point Court |  | 1 |  | Acquisitions after January 1, 2023 |  | Properties |
701 Dexter Avenue North |  | 1 |  | Other |  | 6 |
|  | 12 |  |  |  | 6 |
Development – placed into |  |  |  | Unconsolidated real estate JVs |  | 4 |
service after January 1, 2023 |  | Properties |  | Properties held for sale |  | 10 |
751 Gateway Boulevard |  | 1 |  | Total properties excluded from same properties |  | 70 |
15 Necco Street |  | 1 |  |  |
325 Binney Street |  | 1 |  | Same properties |  | 321 |
9810 Darnestown Road |  | 1 |  | Total properties in North America as of December 31, 2024 |  | 391 |
9820 Darnestown Road |  | 1 |  |  |
1150 Eastlake Avenue East |  | 1 |  |  |  |  |
4155 Campus Point Court |  | 1 |  |  |  |  |
201 Brookline Avenue |  | 1 |  |  |  |  |
9808 Medical Center Drive |  | 1 |  |  |  |  |
|  | 9 |  |  |  |  |
Redevelopment – under construction |  | Properties |  |  |  |  |
40, 50, and 60 Sylvan Road |  | 3 |  |  |  |  |
269 East Grand Avenue |  | 1 |  |  |  |  |
651 Gateway Boulevard |  | 1 |  |  |  |  |
401 Park Drive |  | 1 |  |  |  |  |
8800 Technology Forest Place |  | 1 |  |  |  |  |
311 Arsenal Street |  | 1 |  |  |  |  |
One Hampshire Street |  | 1 |  |  |  |  |
Canada |  | 4 |  |  |  |  |
Other |  | 2 |  |  |  |  |
|  | 15 |  |  |  |  |

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 |  | Year Ended
(In thousands) | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23 |  | 12/31/24 |  | 12/31/23
Income from rentals | $763,249 |  | $775,744 |  | $755,162 |  | $755,551 |  | $742,637 |  | $3,049,706 |  | $2,842,456
Rental revenues | (566,535) |  | (579,569) |  | (576,835) |  | (581,400) |  | (561,428) |  | (2,304,339) |  | (2,143,971)
Tenant recoveries | $196,714 |  | $196,175 |  | $178,327 |  | $174,151 |  | $181,209 |  | $745,367 |  | $698,485

Total equity capitalization
Total equity capitalization is equal to the outstanding shares of common stock multiplied by the
closing price on the last trading day at the end of each period presented.
Total market capitalization
Total market capitalization is equal to the sum of total equity capitalization and total debt.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 65

Definitions and Reconciliations (continued)
December 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) | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23
Unencumbered net operating income | $547,921 |  | $553,589 |  | $544,268 |  | $546,830 |  | $533,382
Encumbered net operating income | 592 |  | 4,753 |  | 5,212 |  | 3,964 |  | 1,108
Total net operating income | $548,513 |  | $558,342 |  | $549,480 |  | $550,794 |  | $534,490
Unencumbered net operating income as a percentage of total net operating income | 99.9% |  | 99.1% |  | 99.1% |  | 99.3% |  | 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 development and
redevelopment projects, and for general working capital purposes. While the Forward Agreements are
outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under
the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted
stock awards (“RSAs”) with forfeitable rights to dividends in the calculation of diluted shares.
The weighted-average shares of common stock outstanding used in calculating EPS – diluted,
FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as
follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with
nonforfeitable rights to dividends used in calculating amounts allocable to these awards pursuant to the
two-class method for each of the respective periods presented below.

| Three Months Ended |  | Year Ended
(In thousands) | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24 |  | 12/31/23 |  | 12/31/24 |  | 12/31/23
Basic shares for earnings per share | 172,262 |  | 172,058 |  | 172,013 |  | 171,949 |  | 171,096 |  | 172,071 |  | 170,909
Unvested RSAs with forfeitable rights to dividends | — |  | — |  | — |  | — |  | — |  | — |  | —
Forward Agreements | — |  | — |  | — |  | — |  | — |  | — |  | —
Diluted shares for earnings per share | 172,262 |  | 172,058 |  | 172,013 |  | 171,949 |  | 171,096 |  | 172,071 |  | 170,909
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 172,262 |  | 172,058 |  | 172,013 |  | 171,949 |  | 171,096 |  | 172,071 |  | 170,909
Unvested RSAs with forfeitable rights to dividends | — |  | — |  | — |  | — |  | — |  | — |  | —
Forward Agreements | — |  | — |  | — |  | — |  | — |  | — |  | —
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 172,262 |  | 172,058 |  | 172,013 |  | 171,949 |  | 171,096 |  | 172,071 |  | 170,909
Weighted-average unvested RSAs with nonforfeitable rights to dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted | 2,417 |  | 2,838 |  | 2,878 |  | 2,987 |  | 2,734 |  | 2,779 |  | 2,325